Good afternoon and a warm welcome to this 360 Capital Markets Day event, broadcast to you live from our headquarters in Reykjavik, Iceland. I'm Tinna Molphy, head of IR, and I will be your host in today's session, which is focused on global reach. This is our third event in the 2021 Capital Markets mini-series, all aimed at giving you a 360 view of how we will deliver growth globally, digitally, and sustainably. Today, I'm joined by our Executive Vice President of Global Markets and Services, Ulrika Lindberg, and Executive Vice President of Marel Fish, Gudbjörg Heiða Guðmundsdóttir. Both will present in just a moment. Moving into Q&A in about 40 minutes' time, David Bertelsen, the Regional Managing Director for Asia and Oceania, and Diego Lages, Sales Director for the fish industry, will join the panel discussions from Singapore and Spain. I'm certain they will bring a nice flavor to the session with real-life examples from our customer relationships around the world. Marel's strong global reach is greater than its global presence. It relies as much on what we offer, value-enhancing solutions, local knowledge, installation, and service expertise, as it does on who we are: entrepreneurial innovators, reliable partners, and dependable service technicians. Yes, some important factors set the scene as to why today's topic is important in terms of our 12% growth target. Marel has the largest install base in our industry. Aftermarket revenues consisting of stable and recurring revenues from spares and services account for 40% of total revenues, up from 10% in 2005. With the addition of software to the mix, we expect aftermarket revenues to increase to 50% by year-end 2026. M&A has and will continue to stimulate growth in this area, both in terms of sales, but also where we apply our global reach to further unlock aftermarket potential on the acquired installed base. First, a few housekeeping details. If you would like to ask a question live on camera, please visit the link below or 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/cmd360. If you've any problems with downloads or posting questions, please do email the IR team and we'll do our best to help. Marel's unique sales and service network is the key constituent of our strong global reach. We have 7,000-strong workforce of 40 different nationalities based in 30 countries, speaking a myriad of languages with customers in more than 140 countries. Customers can reach us from anywhere in the world, confident that they are getting the best local advice from the best global experts. With that, I'd now like to hand over to our EVP of Global Markets and Service, Ulrika Lindberg. My name is Ulrika Lindberg, and I am the Executive Vice President for Global Markets and Service. Our vision is to transform the way food is processed in close partnership with our customers. We aim to be a truly global company with strong local presence. Our global reach is important to Marel, our customers, as well as our investors. In our growth journey, we will drive both organic growth and acquisitions. In both of these cases, our global reach is important, giving us the opportunity to scale up, give acquired company access to our global reach, and strengthen our competitiveness of being global as well as local. Marel's organization have three strong elements related to our global reach. We have six regions. These are the home of our sales and service employees. With our current structure, we cover the world with strong local presence. We have colleagues with 40 nationalities located in 30 countries serving customers in more than 100 countries. These local teams are not only responsible for the customer journey and the customer experience, but they also ensure that we have a very good understanding of the market, the customer's customers, retailers, and trends in the food industry in general. Global industries and strategic business units, this is where we innovate, develop, and nurture our expert knowledge. Our global teams are working hard to further standardize and modularize to simplify for our customers as well as for our employees. This is also the home to our true experts who provide support to customers and colleagues around the world when needed. Thirdly, our supply chain. Our supply chain have two legs today, manufacturing and spare parts. Some of our manufacturing centers are located close to our global industry centers to ensure that we have a very close collaboration between innovation, manufacturing, and service. We call these sites mother sites. We also have sites that are focusing on being close to the customers and in cost-optimized locations. We refer to them as co-location sites. Let me dive into our regional structure a bit more. We have six regions covering the world with a strong local leadership. North America, Latin America, North Europe and Russia, South Europe, Middle East and Africa, our team China, and the region of Asia and Oceania. Our local presence is the foundation of our global reach and is absolutely key to our success in terms of staying ahead of the market trends, growing these markets, and securing that important long-term partnership with our customers that we both enjoy. It has proved to be a key differentiating factor for Marel during the last year when the world came to halt with the pandemic, lockdowns, and travel restrictions. Let me focus on Latin America, Asia, Oceania, and China. Here you can see how we have strengthened our teams in the last 12 months. We have invested in both sales and service and moved customer ownership closer to the customers themselves. We have inaugurated demo centers in both Campinas in Brazil as well as in Shanghai in China to provide a venue to meet with our customers at the same time as we show our current offering. As I mentioned earlier, our supply chain covers both manufacturing and spare parts. We have a strong footprint for our manufacturing with 15 sites strategically located close to innovation or close to our customers. For us to be a true maintenance partner of choice for our customers, we need to have a global distribution setup for our spare parts. We are currently investing heavily in making sure that we improve our spare part end-to-end performance. We are preparing for the future where we know that most of our sales will be online, but also make sure that we can be fast, flexible, and reliable to our customers. As many, we are currently experiencing some challenges in our global supply chain, which is why we are very happy that we have already taken many actions that have helped us and hopefully our customers. We hope to show even more to our customers in the near future. Supporting our customers to get the most value of the solution from Marel, we need to proactively work with our customers over the full life cycle. We have a clear plan for our service journey, and that is one of the reasons why we have reached 40% of our revenue. Our current scope is spare parts, services, as well as service contracts. We aim to grow the 3 S's, service and spares, with the added value coming from software to 50% by the end of 2026. Now I need to take a step back and talk about the last year and a half. COVID-19 came with stronger force than anyone could predict. The pandemic accelerated the need to be at the forefront of digital, end consumers setting high expectations to food safety and traceability, but also expecting our customers to be able to produce and deliver to new markets, largely driven by e-commerce and digitalization. The pandemic accelerated some of the digital platforms we had and have used to connect with customers. As the world shut down, we were fast to introduce our Marel Live platform to ensure that we can continue to show our equipment and solutions despite the fact that no one could travel or meet up physically for trade shows and events. We continued with our equipment demos and customer trainings. We made them online and sometimes took both customers and our employees into a virtual world. A few weeks back, we had more than 200 customers and VIP events online seeing our latest development in meat cutting equipment. We connected three of our sites in Europe and within a few hours showed customer after customer what we can offer, saving them both the travel, but ensure also a full experience. All of these efforts have many benefits, being sustainable with a lower carbon footprint, as well as giving us instant feedback from customers. We want to be easy to do business with, responsive, reliable, and trustworthy. Our dedication to create and nurture the customer relationship has proven its case over and over again. We aim to be the maintenance partner of choice, and by establishing a strong relationship, we build trust to cross-sell and upsell. I have asked some of our colleagues around the world to help me explain what we have done in terms of global reach and working with our customers. Let me start with building that local knowledge, getting to know our customers, getting to know the market and the customer's customer, the end consumer. This is one of many things that we have focused on in China, a market in rapid development. Let's listen to Denver Lu, our Regional President in China, in terms of what we have done to prepare us for the future. Thank you, Ulrika. The Chinese food industry has been undergoing significant transformations in the last two years due to an increase in disposable income of the Chinese consumers, but also unexpected events such as ASF and COVID. We see a surge in industry consolidations and integrations, and also the emergence of new business models, processes, products, delivery methods, and dietary preferences, oftentimes empowered by e-commerce and digitalization. In China, animal proteins are more diverse. For Marel, it is an attractive market for new species. China accounts for three-quarters of the global duck production, which is largely handled manually today. The gains within automation and modern processing are very high. With the recent acquisition of PMJ, we now have first-mover's advantage for this market. Location is also key for us in China, and we are very proud of our sales and demo center in Shanghai that just opened on November 8th. Our demo center serves two major purposes. First, to showcase our top-notch product and digital solutions in action to help our customers on decisions that are outcome-based. Second, we also use this facility to co-create new food products together with customers with emphasis on developing commercial solutions for traditional homemade Chinese cuisines. We also take pride in supporting our local customers to develop sometimes in extremely expeditious manner. Marel is well poised to make sure we continue to partner with the industry and support our customers in achieving this goal in an affordable, safe, and sustainable manner. I want to follow up on what Denver said and speak about a customer in China that we have had a long relationship with, Muyuan, the world's second-largest pig breeder, which is located in China. With two projects started in 2020, we have successfully built sophisticated full-line processing facilities close to the pig farms for sustainable and efficient production and animal disease control. We are really proud to be part of this process and excited to have a total of 11 lines commissioned within just 18 months together with Muyuan. We are global because our customers are global. We have customers in more than 140 countries. These customers range from large international leaders to local processors within the poultry, meat, and fish, as well as many developing in alternative proteins. Interestingly, no single customer accounts for more than 5% of our total revenue, and our customer retention is exceptional, a testament to our great product offering and value-enhancing solutions and services. Going back to the customer journey, in my view, this gives a good illustration of why we need to have a strong region working in close collaboration with our strong global industries and business units. Because once we know the market and our customers, we need to work closely with our local customers. What needs do they have, and how do we translate that and present a valuable solution for Marel? I have asked Diego, our sales director for fish, to illustrate this. Our local presence is absolutely key for understanding the customer needs and developing solutions that fit to the market, but that is still standard and modular. Pay attention to our vision when it says, "In partnership with our customers, we transform the way food is processed." How we are gonna make this transformation if we are far from the customer? We have to be with them to really understand their pains, to really understand their needs, and develop these solutions together. Eight years ago, we had a very limited presence in Latin America. All of our assets were put in Chile because of the salmon industry. We look around. We were thinking about where we could basically expand our presence and at the same time, you know, do it with minimal efforts in innovation. We found in Peru a very good case. As I said, eight years ago, zero business, no profits at all. The market had a demand, it had a need, and it was how to increase the value and the profits of two local species: the mahi-mahi and the giant squid. We look at our product portfolio, and we found out that all of our hard work, it was very suitable for that need. However, we had to make some small modifications into the software part. We did it, and we modified cutters, batchers, also some graders that end up fitting very, very well to the customer need. We managed to basically move a zero business into a profitable business for Marel today. Based on this experience, we decide to extend our local presence in more countries. Today, we have people in Mexico, in Brazil, in Ecuador, and some other places. The cherry of the cake, it came this year at the beginning when we receive a phone call from Altamar Foods, a very loyal customer, who decide to build up a complete new processing line for prepared foods, and they did it with us. Today, they are supplying Peruvian products directly to the supermarkets in the U.S. The partnership with our customers is truly a key differentiator in terms of developing and transforming the way food is processed for Marel. It is the collaboration with our customers in which we are able to help them advance in a market together with us. Our standard equipment portfolio continues to form the basis for us to be able to answer to the changing needs and requirements of customers, even when a pandemic forces our customers to change their production almost overnight. We have also worked closely with our customers to make sure they understand the need for maintenance and the value of signing a service contract with us. The next phase in the customer journey is the installation. This is the critical phase when our customers receive the equipment or solution that they have purchased from Marel. It is a very important milestone, making sure that the customers are off to a good start. We need to ensure that we can do that as much as possible locally with the help of global support when needed, but also initiate the close customer relationship locally. April is our Service Director in Asia and Oceania. April has a key role to ensure that customers in her region are taken care of by the local team, but also to ensure that the team reach out to our industries and business units when they need help. April has recently had more challenges than any other regional service director since many borders have been closed for all international travel. Despite this, we have been able to do local installations with remote support of our global colleagues. Let's hear from April what she can tell us on this topic. Thank you, Ulrika. The COVID-19 pandemic has produced significant challenges for us in our region in Asia and Oceania. Again and again, we have faced disruptions in our ability to deliver service across the region. The show must go on, and we have strived to look for new ways to keep our customers' businesses running. With the realization that COVID was not short-term, we accelerated our strategy to place Marel closer to our customers and to deliver on service and implement technologies to support both the employees and the customer. Innovation has been key to many of our installations. We've used video and augmented reality capabilities to do multiple installations and services across most countries in our region. The result has been continued business growth. Successful installations have ranged from forming equipment in Vietnam to line upgrades in India, as well as retail greenfields in New Zealand. It hasn't been easy, but in all cases, we have been able to use local engineers, supported by European specialists when required. Remote service has had some great advantages. We've reduced our unutilized time due to travel and still have been able to have expertise on hand when required. This has benefited the customer. These tools and new ways of working have reduced our carbon footprint while still growing the business and supporting our customers. It is a sustainable model with benefits both to Marel and the customer, and therefore, a strategy that will be continued. Technology has been a key factor, and it has shown us that paired with our strong global reach and our local presence, we can continue to grow our business. We have stretched ourselves these last months, done things that we did not think we could do. We have also realized that there are many more opportunities around our digital offering. We have a specific session on this topic, but for us to grow to 50% revenue in software, service, and spare parts, we need to continue to do new things, do things differently, and dare to challenge ourselves. Our focus right now is to ensure that we continue on our journey together with our customers. We would like to transform the way food is processed around the world in close partnership with our customers. Thank you, Ulrika. Next up is Gudbjörg, EVP of Marel Fish. Before I hand over to Gudbjörg, I would like to give you a glimpse of our demonstration centers worldwide. Demo centers, as we call them, make it easier to provide hands-on experience of Marel machinery and software in a controlled factory environment during training, demonstrations, and other events. It encourages the exchange of knowledge where customers interact with product specialists as well as frontline sales and service people. These centers are especially important in new markets. As Denver Lu mentioned earlier, conversations at demo centers can be starting points for new innovations, partnerships, and co-creations of new products which can be tuned to the local consumer preferences. The RoboBatcher box that you can see on stage with us here today, in addition to the SensorX Magna, the I-Cut 610 portion cutter, are just a few examples of revolutionary innovations launched this year and have been showcased to our customers in the demo centers. Hello, I'm Gudbjörg Heiða, and I'm the EVP for Fish at Marel. I've been with the company for over 10 years, where most of my time was spent in innovation, which fit well with my engineering background. I'm passionate about the food industry and what we do at Marel. I want to share with you how we work with our customers and how that's helping us grow our market share in the attractive EUR 12 billion market which we serve. We have customers across the globe. They vary in size, in proteins, and their position in the value chain. Our local presence in the individual markets with all of these customers enables us to live and breathe their experience and really understand the challenges that they're facing. This way, we are present in our customer decision-making when it comes to invest. Needless to say, our customer processing plants need to be up and running every single day, almost every hour of the day. Being close to them and with on-hand support for them is imperative. Our strong global presence in the fish, meat, and poultry industries give us the power to build scalable platforms, adapt technology across the industries, build strong ties with key technology providers, allowing us speed to the market. In other words, to be the one-stop shop for our customers. An excellent example of how we recently transferred our technology globally is our fish filleting machines. They're highly successful in the salmon market, and we have now adapted them to the tilapia fish market, our first stop being Brazil. Being global gives us the speed and knowledge to transfer between markets, and being local enables us to support our customers on site. Most importantly, we are growing with the market. Over the past five years, the global market for tilapia has grown year on year with Brazil leading the way around 10% annually. Our ability to enter markets with scalable platforms is a core differentiator for Marel. The key global drivers in our industry are yield, efficiency, and automation. When I say global trends, that means even if our markets around the world operate differently, these drivers are the ones you can't ignore. Our customer have responsibility to bring their products to the consumer. They need to be able to do this efficiently and sustainably. I learned about this with one of our customers in the fish industry in Iceland. He was looking to increase his throughput and of course, increase his yield. After we installed our equipment, he was able to move his factory from 60 tons per day up to over 100 tons. He also managed to go from two shifts into one shift on the factory floor. With automation came the flexibility which helped him meet the changing demands in the food retail market. He was able to offer different products at higher yield, providing the retail chain the exact product they needed every single day. For Marel, we are able to leverage the value play as technology opens up and understand better the possibilities we actually have on the factory floor. This same customer called me last week with his next challenge around the need to become more sustainable, and now we're working on this together. Our global positioning enables us to leverage on these key drivers. The food processing industry in the developed markets, and increasingly in the Asian markets where they're playing catch up, is on an automation and digitalization fast track. COVID-19 has without a doubt accelerated this demand. Access and availability of labor has been a challenge, placing more emphasis on the need for automation and agility in the operations. The need for flexibility also became apparent in the restaurant, hotel, and catering industries when we saw closings during COVID-19 and then our customers needed to move into retail. As lockdowns impacted foodservice and people stayed at home, we saw a jump in retail of salmon. In quarter two this year compared to quarter two last year, consumption in the U.S. increased 24%. Now when we see reopening of the markets in the food service, this will bolster the strong underlying retail demand for salmon, which became the go-to fish to cook at home through COVID. The importance of our global reach and how it is valued by our customer is something I experienced in a recent meeting with a customer. We were discussing a greenfield factory that should be up and running in two years' time. What does our customer ask in a meeting like this? What is he aiming to achieve? What I learned is that he wants more product options, more quality, efficiency, and sustainability. He wants to trust that we share his vision, that we can enable him to adapt to the changing consumer trends over the coming years, that we will bring the sustainable angle and the digital platform, and that we can help him bring products to the market that make an impact. The consumers, of course, are driving demand, whether it is a healthy fish, duck salad, vegan burger, or a chicken nugget. They want to make the choice in the store or at the restaurant every single time. The retailers, they need reliable supply channel, and for this to be a reality, the processing needs to be stable and consistent. By being global, we have the investment strength and the innovation power to meet our customer and consumer needs in the years to come. At Marel, we have an excellent team of people with huge depth and breadth of the industry knowledge, global innovation, technology, and processing know-how. It's amazing after having been in innovation all these years now to be able to sit down with the customer, the local team out in the region, and have really a conversation around translating the needs of the different markets into line solutions, whether it is tilapia in Brazil, catfish in the U.S., or salmon in Norway. To be able to do this and have impact on the market, our focus is around digitalization, automation, sustainability, and line solutions. These are key to building scalable platforms that meet market requirements in a sustainable way, meaning efficiently and affordably. Of course, at the same time, these are the key enablers to facilitate efficient manufacturing, installation, and aftermarket. Once the line solutions are up and running, the value also becomes more tangible for our customers. Using our global strength, we are able to team up with pioneering companies, such as the technology company TOMRA. Our partnership means we are able to bring technology to the market at high pace. With our processing knowledge and TOMRA's cutting-edge vision technology, we were able to launch a uniquely valuable solution, Marel Spectra, in the foreign material detection. This significantly reduced time to market. It took us only two years to develop the solution using a technology that has been in the development for other markets for years. We also team up with pioneering technology and startups. They have sometimes great ideas that we can deploy into our platforms and scale up. This has proved to be a very smart move in the virtual reality work that we have been doing. We are smart about what we innovate and who we partner with. I'm keen to show you the real benefits of our innovation pillars. Innova is a great example of where we are pioneering a successful implementation of new industry concepts. Innova software is the tool for our customized primary lines in real time and keep production equipment at the highest level. It's not about knowing at the end of the day how the day went, but actually know it real time, so you can adapt right away. Our digital platform enables customers also to shift from supply-driven to demand-driven production. This way, they can meet the orders of the day by switching easily between programs. Let's say that we have a normal production planned for the coming week, and the weather forecast changes, or even the order for tonight is changed. We need to be able to change in real time the production and meet the demands of the market. This is a game changer. We are also leveraging our innovation pillars within our merger and acquisition activities. With the recent acquisition of TREIF, we are now opening up new retail customer channels and an entry point to the new industries to cross-sell and upsell Marel products. We've now filled the application gap of bone-in cutting, which is a very important step in the secondary processing of meat. We can now upsell products such as end-of-line equipment, packing solutions, and skinners. This gives us a seat at the table in the existing exciting secondary meat market and to be able to increase the sales ticket. For the fish industry, we have also good examples of how we're transforming the way food is processed. Our RoboBatcher is able to pick and stack into b-boxes directly after cutting. This reduces waste and manual handling. We've been using them now in poultry, and we just transformed them to fish industry. We installed the first RoboBatcher during COVID. Our team in Denmark remotely supported the team in Iceland, helping them to install the robotics. From these three examples, you can truly see how our global reach plays such a key role in our business, and it's just magic to see things like this happening. The market is, of course, much larger than our existing relationships, and we need to be tapping into new markets, new areas, new processing steps. With the latest technology and market intelligence, we can tap into unknown markets and start to explore what's out there. What is the attainable market? How can we work out how we can use our existing solutions to meet those market demands? Let me remind you why our global reach is making an impact. Marel is positioned to win on the global stage. As the global population continues to grow, along with the rise in the middle classes in India and China, the rise in consumption of meat, fish, and poultry will continue, as will the need for automation in the food processing industry. We stretch ourselves faster and further. With our global strength and local knowledge, we continue to help our customers to meet the challenges and demands of the industry. Our technology is recognized for transforming the way food is processed, and we are established leaders in our markets. This will see us become truly the one-stop shop supplier. Great. Thank you, Gudbjörg Heiða. With that, we have concluded the formal presentations of today, so let's move into the Q&A. The speakers in today's panel truly represent our global reach and strong industry backbone. As well as Ulrika and Gudbjörg Heiða, we are joined live from Singapore by David Bertelsen, who is the Regional Managing Director for Asia and Oceania, and Diego Lages, Sales Director for the fish industry, who joins us from Spain. Fingers crossed that the technology now works. While everyone is getting settled, let's pay a visit to our key clients in the meat industry, Westfort. Like many processors, they strive for worldwide market access for their variety of pork products. Using Marel's innovative solutions and software, they can optimize yield, but no less importantly, we give them the flexibility to cater to different market channels and consumer preferences worldwide. Marel is also their trusted maintenance partner, ensuring smooth operations. Let's hear what Westfort have to say on today's topic, global reach. My name is Robbert van 't Hof. I'm CEO of Westfort. Well, we're happy for this invitation to show you all the new equipment and way of production. We have three production principles. We call it flow, flex, and control. Flow is very important, but you never can lose your flexibility. In the design of the process, we really looked at all points where we could need flexibility in the future. That was our goal to achieve with this plant. As a company, we strive for worldwide market access. There's a lot of changes in the last 10 years which now make it possible to make value of the total product, to adapt to all market circumstances and sell every piece and part of meat. That is the factory of the future, and a factory that is not only creating top-notch uptime and yield from the start, but is able to maintain this for a longer period of time. It is, of course, very appealing for our clients. I think we are for sure ready for the future, not only to be competitive in speaking a way of cost, but also to be competitive in our concepts and brands. I think our current standard we should be able to sell this worldwide. Glocalization is, in essence, bringing together the strength of an industrial backbone while at the same time being close to your customer. Very important, the after-sales. When you buy this equipment, there's a lot of IT involved. You will have changes, so for that reason, it's very important you have a partner and that should bring us a good future. Brilliant company, Westfort. Now, let's dive into Q&A. Ulrika, Gudbjörg, David, and Diego, are you all set and ready to go? Absolutely. Ready to go. Fantastic. As a reminder to our audience, you can of course ask a question by visiting the link that should be on your screen below or via email by sending an email to ir@marel.com. I see that the first question is from Akash Gupta of J.P. Morgan. Akash, are you ready to ask your question? Yes. Hi, Tinna, and good afternoon, everybody. It's Akash here from J.P. Morgan. I have three questions, please, and I will ask one at a time. The first one is on your demo center. The question I have is that how much does it take to build one, and how long does it take to, in terms of time and money, to build one of those? Looking at your current footprint, are you satisfied with what you have or you are looking to further invest in demo center in the coming years? That's question number one. Fantastic. I think that question is for yourself, Ulrika. Okay. Well, it's a very interesting question because building a demo center has shown us during the last year when we have actually inaugurated one in Campinas in Brazil and one in Shanghai that speed is very different. I'm not saying that one is fast and one is slow, but I think China has proven again to show us how fast we can do something if we really put our efforts behind it. I will answer the question by saying that you know we see this as an investment w e see that this is something that we continuously need to look at in our global footprint to see where do we need to have them. The two that we've had on the radar has been, like I said, Campinas and Shanghai. Campinas took a bit longer, but because it was also a much bigger site. We have actually built a completely new office for the team in Brazil. It was also therefore a demo center within a bigger facility. In Shanghai, as I said, we did this in record months, and I am really proud of the team in China. In terms of the investment, I think it is very different depending on how we build it. We're tailoring that market by market depending on the needs of the customers and where we see the potential. Okay. The follow-up question from you, Akash? Yeah. The second one is on China, and if the customers are not buying your offering, then where do they normally go to? What are the other alternatives they have? And maybe if you can talk about competitive dynamics or landscape in China, and if there is any risk or threat of some of these Chinese company may go and sell their solutions outside China. I'll continue to answer that one as well. Yeah, yeah. You know, China is a market in enormous rapid growth, and we know that. I have myself been working in China for more than 20 years, in and out of, you know, in various companies, of course. I think the competitive landscape in China is there, as it is in the rest of the world. I think, you know, we need to focus on who we want to be in China. We want to focus on working with our customers in China. We have competitors in China, yes, both international and local. But I think actually our model proves again to be very successful. We build a very strong relationship with our customers, and by doing that, we then establish a strong partnership. We are very pleased with our progress in China so far, even though, as Denver pointed out, there is many more opportunities to come, and it is a truly exciting market, for sure. Okay. Akash, any more questions from you? Yes. The final one is on the slide 21, where you have a chart that shows initial investment followed by brownfield and service. The question I have is that, is this after-sales opportunity, how does it compare in three different segments? Is it same in all three segments, where 1/3 is, basically, new or greenfield, and rest 2/3 is brownfield and service opportunity, or does it vary, these numbers by segment? I'll have to direct on that one as well to Ulrika as our aftermarket guru. No, that's okay. I think it is a very interesting question, and aftermarket is something that I can talk a lot about, of course. I think there are differences between the three industries, but I would say that there are even more differences in our portfolio as a whole. We have everything from very standardized equipment, could be a bread cutter, or it could be a nice machine, very standalone equipment today, up until big solutions where we sell a whole greenfield. Of course, the service offering is very different, depending on that range in all of our industries today. I would say it's actually more what kind of solution do we want to provide, and again, finding that right match with the customer, that is what determines. We've really tried to work closely with our customers to make sure that we build the trusted maintenance partner, that concept that we have, and then by doing that, there are differences between the industries. It's not so much the difference in the industries as depending on the focus of the portfolio, I would say. There are differences, but at the same time, you know, it's also. It ranges from standalone equipment to big solutions. Okay, fantastic. We've received a question here via email as well, and it touches on a lot of the stuff that the presentations talked about and how the pandemic has changed the technology and what are the drivers that are now behind the demand that we see. I want to direct this one to Gudbjörg Heiða. What are the key drivers behind customer decisions to invest in Marel technology? Thank you. When our customer is thinking to invest, it starts with he's running a factory, and he, she wants to increase the yield, the throughput, and the efficiency. Usually, we start there. We go more into that he wants to have more flexibility in his product offering, and then when we start the conversation, you feel he's looking for a trusted relationship with a partner that will be with him in the years to come. One thing is to decide to invest, and then the next is to give us a call, and then these are the factors he's looking into. How do I make sure that what I invest today is going to be fit for the future? That you will be with us when consumer trends change, when I need more flexibility, when I need a digital platform. This is the short answer to why somebody would invest. Maybe it'd be interesting to hear a real-life example from Diego Lages, our Sales Director for Fish. Yeah, absolutely. Let me tell you some stories from customers. I mean, I have a lot of good ones, but I think I will put my focus now, for example, in Argentina. I remember, I still remember that phone call from one of the supermarket chains there, where they were looking for to improve not only their processing facilities but also to keep their consumers. 50% of the decision factor of a consumer in Argentina depends on the quality of the protein in the shops, right? So that phone call made us to think differently in a way that how we could really support them and stay with them in a very long period of time. What we did, it was to travel. We traveled to there with our local resources, and we didn't end up in Buenos Aires. We end up in a place in the middle of La Pampa. Just to highlight that we are not only working in the capitals, we're working also in the harbors and the farms because we really want to understand the complete value chain. You know, after the initial, let's say, understanding of the needs of the customer, which it was like 10 years ago, we managed to build up for them like three complete top-class factories in different places, and today it's a truly partnership. This is just one of the examples where we stay with the customer from the very beginning until, you know, today. Maybe if I can just add to it as well, because I think getting that local connection and making sure that we have those people around the world that the customers will call, that we are that trusted partner with our customers, that's really what we're trying to do now by having more local presence around the world. I think Diego's example is perfect in the sense that, you know, they know who to call. I think that is actually something that, you know, the whole global reach is all about. It is about creating that local relationship with our customers all around the world, wherever they are. I just want to emphasize that I think that is really a starting point to the investment is also that we have that relationship. They know who to call. Absolutely. The next one is perhaps on how your digital solutions benefit the customer and any real-life examples to that end. Maybe Gudbjörg Heiða, if you could start, and then I'm sure we have some fantastic examples from David and Diego. Absolutely. I mean, what the digitalization is doing for our industry, it touches almost everything. It's coming everywhere. You see it. For our customers, I do foresee we will see big changes in the service, in the aftermarket. You know, that our customers can have a real life preventive maintenance packages, the spare parts available, how exactly is the health of the machine that they're running. I do think we will see a great transformative solutions in the digital when it comes to aftermarket. Also, if we come to running the factory floor, our customers will take more decisions in real time. For example, in production planning. Now, let's say we need to meet the demands of the customer, the weather changes, it's raining, and we need to change the plan right away. The retail store is changing the order. We can now do real time changes in the plant based on the exact demands needed in the day. I think these will be, like, the key topics on digitalization we will see in the near future. Yes. Of course, I mean, we've seen a lot of our customers talk about this need for this shift in consumer preferences and the different channels that- Yeah. ... they are buying their end products. I mean, this importance will only grow, I'm imagining. Yeah, I mean, we are seeing new products in the food market. I think 50% of food products released in the last few years are health related, you know? There are demands to our customers to make sure they meet those needs and of course also to be reliable, that when we go to the store or order online, we need to have always available what we aim to cook. That will be the challenge that they are aiming to meet. Brilliant. Anything to add from our guys out in the field? I can maybe share a small example where we've been developing, for example, the water jet, the FleXicut, and installing it in places which couldn't be more remote from Iceland. Down in New Zealand, where we've had different species running, removing pin bones from fish fillets. Digitalization, what that has meant is that our service engineers up in Iceland can really see, can work with vast amounts of data to constantly be improving the effectiveness of the solution as far away as the other end of the world. It really makes a difference for our customers, and our service people feel great because they can do a much better job of supporting those customer needs. Mm. Thank you. Fantastic. Yeah, Diego, please go on. No, I was about to say that, you know, our digital offerings, yeah, not only helps in the service department, but also of course in production. We have seen that traditionally, the way of our customers operates is they have, like, the service department, they have the production department, the quality department, and the production department, right? Our digital products, basically what it does is they connect everything into one single platform, meaning that allows them to have more visibility. You know, our customers, they have to make the first cut right. There's no possibility to basically, you know, to move backwards when they discover at the end of the day or at the end of the shift that that cut, it was not correct. There's no possibility to buying the salmon again, you know, or to buying a pig again and recut it. I think this, you know, digital products and having the possibility of real-time monitoring, it definitely improves, you know, all the key drivers that Guðbjörg just mentioned about, you know, the yield, the productivity, and of course the quality of the products. Exactly. So we have a question via email here, which I'll read out. "The United Kingdom has to drastically changed due to the Brexit situation. Manufacturers across the U.K. have heavily invested in modern technology to comply with customer demand. How can Marel sell itself inside the U.K. region, and where does Marel put itself in terms of U.K. market leaders for fish, red meat, and poultry sectors?" Please repeat the last part, Tinna. How can Marel see itself inside the U.K. region, and where does Marel place itself in terms of U.K. market leaders for fish, red meat, and poultry sectors? We love the U.K. market, and we have had presence there for years, and it's a market that is growing fast. They are really in the retail and consumer branding. They're moving way ahead of the curve, so we've always been very careful to have a strong presence in the U.K. It continues to be strong in that sense. We're building relationships with key processors in the U.K., and we place ourselves right there with them. I think Ulrika, if you want to add to it. Yeah, but I think it was also. I mean, we all knew Brexit was coming, so we of course worked very closely both with our supply chain to make sure that we were prepared for whatever could happen as a result of Brexit, even though it was unclear to very late in the process. Then we also worked very closely with our customers in the U.K., and we have some really long relationship like Gudbjörg is saying. And I think together, again, we've really focused on what did we need to do in the partnership because they've had challenges and then, you know, we've really tried to work with them together to make sure that we can get the most out of this. As it turns out right now, we have some really exciting times in the U.K. because we see a lot of great opportunities in the U.K. in all industries, I would say. Just because also the U.K. market is of course now looking at itself in a different way than maybe historically. I would say that we tried to prepare as much as we could and we have actually seen that the partnership again with our customers locally has really proven to be the success. Absolutely. We of course had the video from Cranswick in our session last week, which showed how we are vertically integrating with our customers from one processing stage to another. Please take a look at that if you have a chance, and you missed last week's event. Fantastic. I think next question comes from Fraser Donlon from Berenberg, and it reads, "Could Ulrika give an update on the share of aftermarket wallet, Marel is having in Europe versus the U.S., and also run through the contribution of aftermarket in the three industries of poultry, meat, and fish?" I can start by then talking about the different European or different regions that we have. I would say that Europe and North America are quite similar in the sense of aftermarket revenue. It is of course because we have a lot of large, you know, customers with a very long relationship as well with Marel, so we have a very established solid, you know, presence in those two regions. We do have, in some other regions, definitely more of a growth potential. We are targeting of course China, Asia, Oceania, and I, you know, I'm looking at David here, maybe he can comment on it later. I think that, you know, between the regions, North America and North Europe and Russia is actually quite similar. I would say that all the other four regions is where we see quite a potential in the aftermarket. Between the industries, again, I'm sorry I'm gonna come back to the same answer as I did earlier. There are differences between the industries, but it's not necessarily because they are different industries, but actually because of the offering that we have. If you take meat industry, for example, where we have standalone equipment and we have the big solutions as we've just seen as well in one of the videos, you know, the difference in the aftercare and the aftermarket in that context is very different. So the potential in aftermarket is not so much relevant or not so much dependent on what industry, but rather what portfolio we are selling in those three industries. I would say that the biggest opportunity, I mean, there is a big opportunity in service. I will say compared to some other companies that I've worked for, 40% revenue in aftermarket is very, very high. I think we also need to realize that. But we've already touched upon digital and, with the digital and data element coming into spare parts and service, there is even more room to grow. And again, it is in partnership with our customers that we really want to make sure that we focus on becoming not only proactive but actually predictive in terms of what needs to be done. We can do that much better now with accessibility to data, local presence with the global experts supporting. There is a lot of opportunities. I'm very optimistic always when it comes to service, and I can, as I said, I can talk a lot about it. There are regional differences, there are industry differences, but I would almost dare to say that there are opportunities everywhere. Absolutely. If I may add to it, like we, the 40%, in our M&A activity, sometimes when we're buying smaller companies- Yes We do see it in a lower, maybe 20%. We also see opportunities in growing through our M&A activities in this market and also to really understand the value proposition. Maybe the customer is used to handling his smaller facilities on his own, but if you really get to the value proposition, what we can offer him, then there are lots of opportunities, like you say. I just wanted to add it on the- I think actually we can ask David to comment on as well for Asia, Oceania, because that is of course a region where we have done some large installations lately, but where we haven't really. You know, we have just started to build on the aftermarket journey there. I don't know if David wants to comment on it, but- Absolutely. I think within our region, we are lucky to have both developed markets like Asia and like Oceania, which has a very similar level to Europe and North America in terms of the aftermarket sales, and then the other markets which are growing very fast. I think in the opening segment, Ulrika, you mentioned, you know, that 10 years ago before the acquisitions of other, Scanvaegt et cetera, we were sitting around 10% of the aftermarket. The challenge in Asia is to work with customers to see the benefits of being a true maintenance partner with Marel. That means we have to connect with them in the factories, on the ground, in every country, in many countries, in Thailand, and Singapore, and Philippines, et cetera, start understanding the way that they buy service and convincing them that we can be a long-term partner for them. That's happening. It takes time. It will develop faster as we build those connections with the markets. As we heard earlier, we've increased by 30% our sales and service coverage outside of United States and Europe, and definitely in Asia, we own a similar share there. That's all helping us to build those concepts with the customers. Absolutely. We have the second question from Fraser Donlon from Berenberg, and it is around fish, so I'll direct that one to Guðbjörg Heiða. Could you discuss the competitive positioning in salmon versus whitefish, and what does Valka bring to the table? Salmon. For the audience, Valka is a company that we recently acquired in the fish industry and is pending certain closing conditions at the moment. Thank you. A very interesting question which we are answering ourselves. The salmon industry is a little bit more mature you could maybe say than the whitefish industry, so you see more global players and more our customers that are gaining a big momentum. Salmon is becoming a reliable consumer product around the world. You have salmon in every store in breakfast. It's the competitive landscape in the salmon industry, we are closing important gaps. We have said we're going to be the full-line supplier in salmon, and that brings us in a very good position against in the competitive landscape. Then we can mention Valka, and of course our partnership with Stranda. We have been taking some significant steps in that position. With the whitefish industry, it's more scattered around the world. You have the cod in Iceland, you have the catfish in North America, you have the tilapia in Brazil. There you have more maybe competitors that are more niche players. We are the only one that are fully integrated with the full line and can offer the full one-stop shop. We do see the value proposition becoming more important in that sense, but you have to know those market very well, so you hit the target. You know, you don't go into any whitefish market and offer them something. You have to be super specific and hit the target, and then our value proposition against any competition is very strong. Mm. On the Valka, only recently approved by the antitrust authorities, but I do see that, the two rivals in the past now coming together will offer, you know, when we bring those strong technology leaders in the market together and, we foresee all the innovation projects we can do, it's very exciting. We close important gaps, we expand the portfolio, and also we will increase speed to the market when it comes to innovation. It's to be acting as a consolidator in a market like this that is maturing like, it's a fantastic journey. Absolutely. You know, we did acquire Curio back in 2019 with the aim to close some of the gaps that we have in primary processing in the very beginning to become full line. Absolutely. Stranda was another piece into that puzzle. Yeah. Now we have Valka as well. Yeah. In terms of, 'cause we've spoken a lot about the vertical integration within the chain, within the value chain and, for salmon, for example, which has become more farmed salmon, how important is Stranda in that perspective? Stranda, you know, we want to be from the farm gate to the retail package, and Stranda is exactly there where we were missing, you know, the insights. It means you can have better control of the value chain. It means that together with Stranda we can take full control of the product throughout the process. It will open up a significant cooperation, like with the digital platform, if we come together in one digital platform. That will. Stranda will bring us that. Of course there are other options with Stranda solutions into markets that they have not been in where we are in. If you talk about that as well, then you have endless of opportunities. Exactly. We've spoken a lot about the vertical integration that's happening in China as well, just bringing the discussion back to China. We have a fantastic company, I think it's the world's second-largest pig producer in the world, Muyuan, and they've been buying lines, the same lines across multiple locations. How does that impact, for example, the aftermarket? Well, it will, and it is of course already, you know. Actually, we also have a very big focus on attachment rates to make sure that when we now sell many of the large—whether it's a large installation or a standalone equipment—that we actually focus on selling the value proposition of Marel very early in the sales process. This is something that I think Diego can confirm as well, that we are working very closely together now, sales and service, to make sure that we explain that to the customer, so that the customer understands the value of actually working with us over the whole life cycle. This is of course, again, I want to highlight, I think it is, it's a cooperation, it's a partnership, it must be a win-win. We are very closely working with Muyuan and other large customers that are entering into a new field like this to really make sure that we do this together. That is one example, but we've done it in many other countries as well around the world, where we have really focused on from installation, commissioning, and making sure that we then have a close partnership throughout the life cycle of the solution that they've purchased from Marel. I don't know, Diego, if you have some good examples from around the world that you can share. Yeah. Yes, I can. Of course. I mean, the collaboration in between sales and service has been awesome, and it increased greatly in the last, I would say, 2-3 years. We are bringing them t o the table much earlier, meaning that we are able to explain our value proposition from the service side in a pre-sales phase. We make the customer understand that it's not only about, you know, buying an equipment, install it, and then let it go or let it run, you know? We have to be with them. We have to be close to the customers and basically ensuring that all this drivers, you know, especially the yield, you know, it is kept at the max, at the higher level. I mean, I cannot share with you any specific example at this moment, but, I mean, this is a common practice between sales and service department in Marel. Absolutely, of course it rhymes really well with the message here told last week about being a one-stop shop and the effortless business for our customers, and of course the end consumer. A question we have now received via email. I think this is a question for David, actually. Are you seeing any of the multinational players that you have a relationship with entering China? How are the opportunities? How advanced are they over there in terms of technology? Certainly. I'll probably talk a little bit more to Asia than I will to China. We're absolutely seeing that these companies that we have global relationships with, you know, the Tysons, the Cargills, etc., Hilton, they are connecting with us in Asia. We also have to work very, very closely with the people that are working for those organizations in the countries because there is a certain degree of autonomousness. We need to be able to work with their local requirements and convince their local production staff of the benefits of working together with us. It definitely gets us the feet in the door. What's important to note is that these customers are very much looking for a similar experience with Marel, no matter where they're buying. They are understanding already from their experience in North America, Europe, et cetera, what the value of a maintenance partnership is, and they're much more willing than perhaps local companies initially to invest in the life cycle of their product. It's working really well for us, and I think that's small, perhaps, but growing share of our business in Asia, definitely, and I can't talk so much to China. Okay. The second question is, could you give us an update of the supply chain issues you are seeing in the market? Most capital goods companies have been referencing supply chain costs, logistics costs, and it'd be interesting to hear your take on that. I can start, and then I'm sure Gudbjörg can fill me in or you know. I think one of the things again that we've done is we've tried to be proactive and ahead of the game. So actually already when COVID came, we started quite some initiatives in and around with our suppliers, both innovation and supply chain together, really trying to make sure that we were proactive. So we established some really close. We had close relationship with our suppliers before, but we went into some really close discussions to make sure that we monitored the situation very carefully. There has been challenges, yes. Thanks to some of these proactive measures that we put in place, having very regular feedback with our suppliers, making sure that we got innovation very early involved in the process to make sure that they could also support in case we needed to do some changes of suppliers in the machines. We've done that as well. We've done quite a few things to actually try to stay ahead of these challenges. We also built up inventory on strategically specific parts that we knew that we were going to be needing. I think all of this has actually again proved to be a very good thing and for that reason, we've actually been able to do quite well during some of these last few months and challenges. Still, there are challenges in, you know, logistics. There are for sure challenges as well, but I will say that that partnership that we've had with our suppliers within innovation and in supply chain has really proven to help us a lot. Absolutely. If I add to it, you know, this is a fact, like you say. What we have been doing, I really want to come into culture now because we in Marel, we have a strong sense of teamwork, you know. When you go through difficult times, teamwork is what gets you through it, you know. We started to be more iterative in our communications. We learned from COVID when 3,000 people moved to a home office overnight, so people are like, we know how to be agile and adaptive. The best way to go through a challenge is to stay close, stay connected, and make faster decisions. I feel a strong sense of that taking place in our company, and I do believe we will continue on this path while we're having these challenges. Already I can feel almost the energy coming off when you have a meeting with a supplier and you go to the customer and people just. There's always a way. If we come together, we find the way. On a practical matter, because we talked about building stock, we also have 1,000 engineers in our companies. We have different platforms to work from, and of course we have plans as well to adapt our platforms to different solutions. Maybe one more thing, actually, talking about global reach. One thing that we've also done now lately is with some of these suppliers that many of them are of course close to our innovation centers, et cetera, but some of them are quite global with head offices in other locations. Here we have also used our global reach and our local network to make sure that we have established even stronger relationship with some of our international suppliers. I think that's something else that I think it just proves the value of our local then global reach that we have at the moment. Absolutely. Great point. Fantastic. Maybe bringing those sort of pandemic related issues to our orders received, which were up 20% in the first nine months of the year compared to the same period last year. Maybe you could give some more color on that, Gudbjörg Heiða. On the pickup? Yeah. As to the biggest drivers behind those orders received coming in when you speak to customers. Well, I mean, we speak about the general trends and when something like COVID is a little bit slowing down, the catch-up effect comes because there is need in the industry to invest. Even now, when you have, like we mentioned, 8,000 people working in a meat factory, so the trends that we have are strong, they're underlying, and if something is momentarily picking at them, you see the catch-up effect coming immediately. COVID supported as well, like it became more obvious, of course we need to automate, of course we need to have the right machines in the plant so we can make sure we're up and running all the time. Absolutely. Thank you. Anything to add, Diego or David? Yes, I would say that, you know, when we talk about pandemic, our global reach, it really prove how solid our business model is. You know, Gudbjörg Heiða spoke about this catch-up effect, and this is happening because through pandemic, thanks to our local teams, we managed to keep our conversations with the customers. We managed basically to develop the projects together, you know, and that differentiates us versus our competition where they are, you know, basically located in Europe or located only in the U.S., the impossibility of traveling and not having the possibility of rising up the level of intimacy up to the point that we have through the pandemic with our customers, it made us Marel like the very, I mean, like the perfect choice for them. Maybe just to add to that, and I know it's a slightly different angle, but I am so proud of what we've been able to do as well in these last nine to 12 months, and I'm gonna refer to David in a second. We have actually onboarded employees around the world. We have recruited and onboarded employees during a pandemic, when, you know, we have had travel restrictions, and David, again, working in Asia, many different countries, not possible to travel. I think we've just been able to do that also in a very, very strong way during the COVID, and I don't know, David, if you want to comment on some of these challenges that we've had. Yeah, absolutely. We've been onboarding people in places like Korea and Japan and Thailand, et cetera, where the direct manager is not in the same country, but we've managed to put together a program that brings them on board. What we have noticed is that it's more important than ever to have those close relationships with customers in times like pandemics. The customers that we already had are coming back and buying more. The customers we don't know about, we can't yet develop the relationships. Where we have had a gap in the past, and we've been building up our sales teams, it couldn't come soon enough. We really need to build that even further, and that's gonna be more and more what differentiates us from anybody else. Thank you. Maybe one to add to the pickup in the order book. We also saw the food service market coming, you know, a little bit down in the pandemic and retail being stronger. Now when we did see COVID restriction being lifted, like in Europe, the food service market picked up again. You can really see this now in the strong order book of the poultry industry that we have. They're starting to pick up strongly again, and we definitely see this happening in fish. It's very nice. Excellent. I think your mention of the poultry order book pickup is a fantastic bridge into the next question that comes from Eric Wilmer of ABN AMRO Oddo. His question reads, "If I'm not mistaken, services and spare parts sales as a percentage of total sales are highest within the poultry division. While fully realizing that the meat division is more diverse than the poultry division for various reasons, among other, the underlying species differ materially, what kind of annual sales base for the meat division would you be looking at in order to bring the services and spare parts contribution to total sales in line with poultry? Aftermarket revenues for meat up to the level of- Yes. ...poultry. I think, again, we need to look at the mix of what these industries are selling. I'm sorry, I keep repeating myself here, but I think it is very important that we see that in poultry, you know, we have a very standardized modularized portfolio. We've been very successful in building very large installations around the world with poultry producers. We have definitely, you know, expanded our portfolio to these customers. While in the meat industry we have a much wider portfolio, so it's not that we don't see the same aftermarket potential if you compare like for like in the large installations and the large customers. Again, as I mentioned earlier, there's some standalone equipment in the meat industry, where, you know, it's just gonna be a less percentage of aftermarket that we have there. I actually think that there is a lot of opportunities in the meat industry, absolutely. We need to bring that up. Will we reach the poultry numbers? I mean, that, you know, I don't see it that way. I rather would like to see the opportunities in each one of these industries where can we grow, and it's either by geography or by being closer to customers and make sure that we get that close partnership with our customers so we are that maintenance partner. Absolutely. I think this one will fit perfectly with Gudbjörg Heiða Guðmundsdóttir and her innovative background. Global chip shortage is an ongoing crisis in which the demand for semiconductor chips is greater than the supply. How does Marel protect itself from future spare parts shortage? Future spare parts shortage. It's coming back to the cooperation we have with our suppliers, and we build trust now with our suppliers. We make sure we have the trust that we specify exactly the needs that we have. We are great in forecasting actually. We are in the conversations with our customer. We have a good understanding of our pipeline, so we make sure we connect the dots from the customer investment decision and all the way into the supply chain. How do we secure it in the future? By continuing, doing it as we have been, building on the relationship, being very specific on what it is that we need, and grab opportunities on the engineering, building stocks, and making sure they are allocated correctly with what we have out into the regions. Now I will also then add the same comment as you did earlier. We have 1,000 engineers that are working in a very different way today than they were in the pas I think if there is one thing that COVID has taught us very well is to work agile and to really be quick in sort of moving resources and moving in terms of taking quick decisions and doing that. I actually think that has also been a really good success for us, that we have been able then to quickly make adjustments if needed to really make sure that we can work on the pipeline, deliver on our promise to our customers. It's just been a very, very high priority also from all of us to make sure that we deliver on our promise to our customers. Absolutely. I think on this positive note, we will have to conclude the Q&A. A big thank you to our panelists today for participating, and of course to our audience, thank you very much for your time and attention. We of course have two more Capital Markets 360 events coming up. On the December 2nd, we have Digitalization, where our Chief Strategy Officer, Árni Sigurðsson, the EVP of Innovation, Anna Kristín Pálsdóttir, and the VP of Software, Hjalti Þórarinsson, will go over all our exciting stuff in that area. On December 9th, we have Sustainability, where our very own Chief Executive Officer, Árni Oddur Þórðarson, and Head of Sustainability, Þórsteinn Kári Jónsson, will cover that area to the greatest extent that we can. Until then, thank you all very much and goodbye.