Good morning to you all, and welcome to Marel's third quarter financial results, broadcast to you live from our headquarters in Iceland. Today, Chief Executive Officer EO Árni Oddur Þórðarson and CFO Linda Jónsdóttir will go over the third quarter results and some key business highlights. We will then conclude with a Q&A. If you would like to ask a question, please do so via the conference call. You can also send us an email to ir@marel.com. My name is Tinna Molphy, investor relations. Without further delay, I would like to hand over to CEO Árni Oddur Þórðarson. Thank you, Tinna. Welcome everybody to this third quarter result 2021. The highlights are clearly the continuous high level of order intake. We are seeing robotics intake, we are seeing portioning intake, we are seeing sensoring, securing the food safety, and overall seeing software order intake. Poultry ultra strong in the quarter, continues from second quarter. Salmon strong, softer in meat. We will deep dive a little bit more into that. We are having hampering results with 37% gross margin. It's the logistic challenges out in the field. We are having, on purpose, higher operating cost, where we are gearing up for growth in the coming quarters. In beginning of the year, we said that. We are seeing that crystallizing, we will see higher volume in fourth quarter, first quarter next year, where the product mix is as well better than we have seen here. The reason is simple. We are seeing more standard equipment sales, robotics, sensoring, et cetera. In first nine months, in some of those fields, we are seeing higher sales than we have had our record year before. Of course, we are aggressive in our market coverage. We are increasing sales and service coverage outside Europe and U.S. by 30% year-to-date out there. We took this stance when we were looking outside in on the market, how would the market develop? It is crystallizing that the automization need is escalating in our food industry. We are seeing turnover rate by our customers, 30% in Germany in the meat factories, 50% in U.S. There is a need of replacement of the historical shoulder to shoulder work environment. Social distancing is needing and so on. Sustainability is as well driving factor. Marel is a key enabler to collect, elect, and distribute data. Without the data, you cannot do the Task Force on Climate-related Financial Disclosures reporting or assurance on where you are heading. We have, and many of our customers, committed toward the sustainability journey. Order intake continues on a new level. We are aiming even higher next year. That is at least what we are targeting. Now we have ramped up the sales coverage. Now learning and development have been taking place, and we have continued to pump out new innovations. This is looking attractive. However, the risk remains in the field. Our suppliers, components, semiconductors, went on a new high three, four weeks ago, with domino effect to some of our suppliers. What we have been doing is ramping up inventories. You see that in this quarter, EUR 26 million extra inventories of EUR 50 million year to date. The cash flow year to date is robust despite the inventory buildup throughout the year. We need to work around those matters. To give you insight why is this hampering our gross profits, we deliver very often in 9- 18 months our solutions. We start engineering, then procuring and making the modules. When a component arrives on day 60 instead of day 30 or day 90 instead of day 60, it creates inefficiency in the system, overtime, and et cetera, and we don't move as fast throughout the factory floors. This is one kind of it, but we mitigate it with building up, using our strong financial, building up the inventories. We are looking into next year, and we have to do like many famous car manufacturers that are at speed, best in class other companies, we need to redesign some of the things that are under the hood. Doesn't matter for the performance if we get similar, but we need to change, in some cases, the suppliers. This is ongoing work, and I can say I'm very pleased with Team Marel, how energized, how cooperative or united we are in this. Highlights order intake. Pipeline is still building up. Our aim is to convert the pipeline into orders, as we have been doing in recent three quarters. It's time to convert the orders into revenues in fourth quarter. Very interesting to see now the industry mix changing again to normality with a higher proportion into poultry. If we move into fourth quarter, because we say ensuring customer delivery is the most important, I will touch on it after Linda, that we are opening up our customer in U.S., Bell & Evans reference plants in the U.S. on time. As well, our Costco factory is used as a reference plant now when it's more open after a little bit ease in the pandemic. We are seeing a lot of interest out in the market there. The fish industry starts with, I would say, blast in beginning of fourth quarter with the largest order in the salmon industry or the fish industry that we have seen. We are taking a seamless process with those robotics, with those cutting solutions, and so on, as I explained. Let's move on, and I believe I've touched on nearly all those numbers in first nine months as well. Order intake, it's good to just look at the picture to see that we really believe that we are on new level in order intake, meaning somewhere between EUR 350 million, EUR 380 million in order intake, and then we are aiming higher next year. That doesn't mean that we cannot fluctuate under or over, but it is changing from the EUR 300 million-EUR 350 million level into EUR 350 million-EUR 380 million level. That is the growth company. We have very many interesting avenue to stimulate further the organic growth with acquisition and strategy partnership. I will touch on that later here in the presentation. Let's start with the industries. Poultry, I said before, very strong in order intake. A little bit improving the EBIT. We strongly believe that we are now gradually reaching our historical level. We will and we target fourth quarter higher volumes with better mix. We were quite a lot in the live bird handling system in last quarter. Now we are delivering quite a lot in the secondary processing with those standards out there. Very important, higher volumes, higher revenues. Let's move into Marel Meat. There was a softness in the order intake. That is not a surprise in the quarter. We were seeing high turbulence in meat prices in China, for instance, 30%-60% down in the quarter. The livestock is building up domestically, and then there is need for less imports. At the same time, there is a high scarcity of labor in USA, and our customers there need to go for automation. They are not able to pump out all the demand out there in the market for their products. That is meaning if we move back to Europe, European players, the largest players that are all our customers, they have been focusing on domestic market and export to China. Now they need to export to U.S. at even more attractive prices, but there are different cuts there. They need different solutions as well. This is the most important, being at the customer sites at each time and partnering up with them. Of course, the order intake went down in third quarter, but now we are targeting higher again in fourth or first quarter. What I'm disappointed with is, though, the EBIT margin in meat. We should have been higher than 10%, and that is maybe explaining some of the miss compared to the analysts. We are working on several improvements here, and we see as well the mix changing to better. The fish results, we are satisfied with them, although they are lower in EBIT. We are investing quite significantly in the R&D and the roadmap in taking on, we are seeing the highest pipeline, highest willingness ever in the salmon industry to invest, and it seems like it's crystallizing what we are doing. We have been ramping up as well our sales coverage outside of Europe, U.S.A. Historically, our strong foothold has been U.S.A., Chile, though, in Latin America, Iceland, Norway, and Scotland. Now we need to go for more geographical expansion, and so on. We are quite significantly building up the fish industry, but we will get more volume to cover those OpEx in the coming quarters. All in all, the most important for you dear investor is we believe that the poultry is on a very good track in gradually increasing volume and mix and the profitability, and that means a lot for the total. Linda Jónsdóttir will deep dive much better into this. Thank you, Árni Oddur, and good morning, and thanks all for calling in. I will go through the highlights of Q3 2021, the financial highlights. I think in very short summary around the quarter, we are seeing very good order intake, both in the quarter and for the three last quarters, which is leading to 20% growth in order intake. If you compare the first nine months of 2021 compared to 2020, which is, of course, excellent to see. That does underpin very much a good sign for the outlook. What we do see in the quarter is that poultry and fish are driving the order intake while we see some softness in meat. Order book at a level of EUR 528 million, which is roughly 39% of trailing 12 months revenues. Revenue still around the EUR 330 million level, and they do need to increase when you look at the order intake level. That has our high focus at the moment, and we are firmly targeting higher revenues in Q4 and also in Q1. Even though we are seeing all kind of supply chain challenges that are disturbing us a bit at the moment in that journey, at the same time, we are delivering aftermarket at a level of 40%. We are having record quarter in spare parts. We do see pressure on gross profit from mobility and logistical challenges and higher component cost. We also see that the supply and demand imbalance for semiconductors and raw materials is impacting the prices and also the lead times to us. That has our highest attention at the moment, like semiconductors at higher risk levels now in the recent weeks than before. The good thing is that we have full house of innovative and solution-oriented people working on this and to solve the matters with us. That is on new orders and will filter through now than in the coming period. Profitability at a level of 10.8%, below our targets for sure. There we also see impact from step-up ahead of the growth curve on the operating expenses where, for example, we are taking steps on the sales and service coverage, adding to the frontline, very much in line with our earlier communication, where we are more following the trends in order intake and making sure we are ready for the growth that is coming. Very importantly, pipeline continues to grow across all industries, across all processing steps, which gives a good sign for what is coming. Also looking at the order book we have already in house, and both the product mix, the industry mix, and our focus on volume, we should see on the back of healthy order book improvements in volume and margins in the coming period. Cash flow is impacted by inventory build-up in the quarter. If I look at the operating cash flow before inventory build-up, that's on very healthy levels and in line with last year. If you look at the year-to-date numbers for cash flow, we are having very good and strong cash flow and leverage at a level of 0.9. If we briefly go through the figures, good quality of earnings here highlighting the importance of having the industry mix, the good geographical split, and the business mix. On the industry part, here you can see very clearly what we are talking about when we talk about the industry mix. We have 47% of revenues coming from poultry this quarter compared to 55% last year. That is impacting quite a lot, the total profitability. With the good orders now in Q2 and Q3 on the poultry side and the good order book we have now in poultry, this should change. Also if I look at the order intake coming in, the split is much more similar to what we saw in the past with poultry above the 50% levels. On the geographical areas like Asia and Oceania going from 9- 13%, we have been securing good orders in this area in the prior quarters, especially on the meat side. You also see that Americas is moving from 33%- 39%. Aftermarket still at similar levels, 40% in Q3. Here to underpin again, spare parts at record levels now in this quarter. Looking at the operational performance, gross profit 37%, below our midterm target, is impacted by increased costs that we do see with respect to supply chain and logistics. There is a clear imbalance that is impacting us, we do see that also very much with other companies. Price increases going through in the quarter, 4%-6% on new orders, offsetting part of the increased costs. SG&A at a level of 20.3%. Here we are, as we have communicated before, stepping up in the frontline. We are focusing also on streamlining the back end. For example, now in October, we opened up a shared service center in Poland. In the beginning, focusing on finance transactional activities. I think there is a lot of potential to extend that also going forward. This is one of the examples where we are focusing on making us a more scalable organization. R&D at the strategic levels, 6%. Here on the picture, you see the trends in EBIT throughout the period. As before, we are not adjusting results for non-recurring costs apart from the Purchase Price Allocation and acquisition-related cost. Strong order book at a level of EUR 528 million. Started the year on a level of EUR 499 million. Roughly 39% of trailing 12 months revenues. Book-to-bill 1.09, so compared to 1.04 in the past four quarters. Only financially secured orders are in the order book and we feel good at this level, around the 39%, 40%+, where planning and scheduling becomes easier for us. Earnings per share, here the target is to grow earnings per share faster than revenues. We continue investing cash flow in the business and the infrastructure, preparing for continued growth. Basic earnings per share at a level of EUR 3.10 in this quarter compared to EUR 3.93 last year. On the income statement, looking at the revenues at a level of EUR 332 million. Here we are comparing to a quarter in 2020, which was relatively low on revenues, but still with good profitability. We do see increase in the revenues around 15.6% compared to Q3 2020, roughly split equally between acquired revenue growth and organic revenue growth. You also see here in the income statement, the point that I raised before that we see OpEx increasing in all areas in line with our plans. Net results at the level of EUR 23.2 million compared to EUR 29.4 million last year. Midterm targets unchanged. You see here the gap in gross profit. We have the target of 40%. We are now at a level of 37%. Looking at the order book, the mix, and the industry mix, we should start seeing improvements from the levels we are at now. In addition, we are working on a number of improvement projects to get us to the midterm targets. On the SG&A side, at the level of 20.3%, compared to a targeted level of 18%. Here, we are focusing on also a number of improvement projects. One of them, the shared service that I already mentioned. In R&D, we are at strategic levels. We will continue stepping up, especially on the digital front, et cetera. Looking at the balance sheet, the asset side, not a lot to mention. I think the highlight here to mention is the inventory part that you do see growing quite a lot from the beginning of the year. We did that a sizable part in Q3, around EUR 26 million. If I look at the full year, it's around EUR 52 million for the first nine months, which is, as stated before, impacting our cash flow in the quarter. This is very important for us. We are using our financial capabilities to ease as much as possible the supply chain issues that are happening in the world and making sure we have as much of components available for our products at site. That is what we have been working on now throughout the year. Looking at the liability side, here you see contract liabilities. They are also increasing in line with the higher order book because we do get the down payments in the beginning of the projects while we have the financial security. We have committed liquidity of around EUR 674 million at the end of Q3. Our leverage is at a level of 0.9, so we have sufficient financial flexibility also to support the consolidation that is happening in our industry. If we look at the cash flow, continued strong cash conversion, looking at the cash flow from operating activities at a level of 19.7. If I add the inventory buildup of EUR 26 million, we are at similar levels as last year. Healthy cash flow, very strong cash flow if I look at the total year. We are paying taxes in the quarter. We continue investing in our business in line with our strategy, free cash flow at a level of 0.1 because of the impact from the inventory buildup. The key performance indicators that we are following of course, very carefully is the earnings per share that we are targeting to grow faster than revenues. If I look at the revenue trends, the growth from 2017, the Compound Annual Growth Rate is around 7%. It's clear, looking at our target of 12%, that we need to grow faster in the coming period. We do here have very much focus on margin expansion in Marel Meat and in Marel Fish, and overall operational improvements has our focus every day. Free cash flow, as mentioned, strong cash flow year to date, and we're using part of that to secure operations in the times we are in. Net Debt to EBITDA 0.9 and underpins our financial strengths. I think I've covered the highlights of the quarter and hopefully a bit also on the first nine months of 2021. As underpinned, looking at our healthy order book, we are firmly targeting higher revenues and improved margins in the coming period. Timing for us is slightly tricky because of the environment, but we try to give you as good insights as we possibly can. I'll give now the word back to Árni Oddur Þórðarson. Thank you, Linda. It is clear that we are operating at 11% EBIT when we are used to the 15%. 2% of that in the operating cost is by our purpose. We are driving the growth going forward, and we will see increased volume and better mix. We are as well mitigating, like Linda went through, and me, some of the cost increase by 4%-6% increase in third quarter that will filter immediately through in the spare part business and then in the project business gradually filter in. We will use that when the demand is so high that it is fair that our customer and us share the cost here out in the game. We are innovating pioneering solution, continuous pumping in a new solution. We are learning as well across the industries. For instance, in the order intake in last quarter, interesting to see the fish industry doing the same as we have been doing in the poultry industry, where robotics, the twin sister or the brother and the sister to the cutting machines, we are having intellectual Automated Breast Cap Filleting-i in the poultry. We are having the FleXicuts in the fish. We connect them with our digital twin and similar things, the same robots, et cetera, in the fish industry as we have been doing in the poultry, and next in place is the meat industry. This is how we are working. Our customers are more and more, instead of maximizing each silos in the steps in the factories, they are then looking at the seamless flow. We have been analyzing this back and forth and pushing as well. Take out, scrap the old system. You don't put a navigation system into 15-year-old cars. Put a new system, seamless flow with connectivity where you can collect the data. We scrap the steel, of course, of the old system, but the CO2 footprint throughout the life cycle of the new solution is totally different, plus more operational efficiency and et cetera. When you are digitized preventive maintenance, we don't need to fly in, fly out. Our customers that some are running 20 factories or up to 60 factories, they can use the data in the same way throughout. Labor scarcity is still now the far biggest driver in investment needs. However, if you look at the right side on it is as well that e-commerce, food service, supermarkets, different Stock Keeping Units, different accessibility to the products, where you want to have a balanced diet in a home delivery, meaning salad, proteins, and et cetera together, then you have to have a lot more agility in the consumer products out there. Let's move on. I gave you time to look at the sheet. Just to finalize strategic partnerships, very important, and the Spectra is getting out in the field where we are taking the contamination, soft plastic, and et cetera out, not only the bones as we do with SensorX or hard contamination. Acquisitions are as well highly strategic for Marel and are driving organic growth. We have done it again and again, Scanvaegt, Stork, and Meat Processing Systems. Let's look once again to our newly acquired companies. Poultry Machinery Joosten in the duck market, we acquired it in beginning of this year. We said by combining the technology skills from PMJ and the equipment and from Marel, we can make a full line offering in the duck market. No one else can do that. You can imagine how big the duck market is becoming in China, for instance, where it is as well a home delivery market instead of the wet markets or open air markets. We are seeing in Siberia, Russia, one full line in this quarter. It is where our team, the front end team, comes together building on the technology behind. We are seeing as well very interesting movement in the U.K. market. The U.K. is dealing with a high labor scarcity in the plants. There is a Brexit on top of the pandemic. Now we are helping the U.K. market to become self-sufficient in supply of food, just as we have been doing in Russia, for instance, in recent 10 years or in LatAm or in U.S. This is what we call partnership and how acquisition drive organic growth here. Meat TREIF, a great company that we acquired early last year, and we are seeing the fruits now coming into play. Cross-selling and upselling. The main driver is that we use our X factor of our global reach in Marel, localizing the teams. Therefore, we increased 30% this year outside of Europe and U.S. to make us more attractive for acquisition as a consolidator and, of course, first and foremost, to get closer to the customers and understand their needs and navigate them in this different market environment, what to choose, and then we need to install. Cross-selling and upselling, like in TREIF, it has happened this way in Oceania, in LatAm, in U.S. We are seeing as well, very interesting, where the TREIF team was already in close contact negotiation with the customers around cutting solutions. Even customers that are in our customer base. Eyes sees more than I, and here we got the customer to enlarge the purchase to get a seamless flow and a line instead of buying first the cutting solution. Thanks Team TREIF and Marel for the great cooperation. In Curio, where we are heading into more and more as one company, we are seeing now cross and upselling in the whitefish market, in the salmon, and in the tilapia market. MPS is, of course, our best example, where we are getting then the seamless flow from beginning to end throughout the system. We didn't have this to offer, and you can imagine how we cover our sales and marketing cost out in the field, especially in markets outside of Europe, where we are having the full array of solution and the ticket size of our greenfield becomes large. It's a great example of how we think about acquisition. We want to be better one-stop shop for our customers and fit into the lines and then drive the organic growth forward. There is where we create the value. Maybe next slide. Bell & Evans, I cannot see the date. The camera is here 38 days now until Bell & Evans opens up in the U.S. I challenge you to go to the website of Bell & Evans. There you can see much more about it than I can explain because there is a virtual tour around the factory that is going to be opened up. This is very important for us. Bell & Evans is serving various supermarkets and the high-end food markets out there, so the SKU variation is quite significant. This is our second new and transformed greenfield out there that is our reference plant. Lincoln Premium Poultry is out there as well, and this is our best-selling tool out in the market. Please visit the site of Bell & Evans and stay tuned now, and we will bring some of our other customers into those plants, Costco and Bell & Evans. Let's move on because we will tell you more about this. We are trying and testing a new way in Capital Markets Day that is coming in four series. We have published it on our web. We believe in this environment, the digital environment, that it's better than taking a whole day, that we take 90 minutes together, where we deep dive into those subjects that we have been talking about, our growth story, sustainability, digital, and give you a little bit more color with more people than me and Linda on what we are thinking. Very important, for instance, for you investor to understand what are we meaning by we are going to take our capital expenditure up by 200 basis points for four years. We are doing exactly the same as our customers. Instead of silo maximization, full line seamless flow. Our focus, for instance, is on the spare part deliveries. The new generation out in the field wants to know on the spot, when will the spare part arrive and how can I keep my value chain running? We are having record spare part delivery in last quarter, so this is a highly important, and this is driving the growth. We can as well get much larger share of the wallet out in markets outside of Europe and U.S., but then we have to have the same service level. We see it as immense growth opportunity in organic as well, and this is stimulating that, those capital expenditures. If we move on, we firmly state our targets 2023, 2026. Maybe you will ask us questions now, why are you willing to sacrifice short-term profits to reach your targets 2023 and 2026? In the end, that is what will create value. We are here to transform this industry. We are here to deliver long-term value creation. We took a judgment call in beginning of the year that we would step on the pedal in the OpEx. We can control those costs, but you see it in the order intake that is going to convert into revenues, and we are aiming even higher. We will be cautious, though, here. We want to have now the volume crystallizing with more coverage against those cost levels. Let's go just into Q&A. Fantastic. Many thanks, Árni Oddur and Linda. I would like to hand over to the conference call moderator then for the Q&A. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypad. Please limit yourselves to one question and only one follow-up question per person. Our first question comes from the line of Akash Gupta of JP Morgan. Please go ahead. Yes. Hi, good morning, everybody. I have a question regarding component shortages. How are your smaller competitors that don't have global reach are dealing with this situation? Clearly, this is not just specific to Marel, but I would say everybody in the supply chain and industry would be facing the same issue. Do you think that this current situation could become a trigger for consolidation as some of your smaller competitors may realize that by being part of Marel, they can benefit from global reach? That's question number one. Akash, it's a good question. We clearly see in component shortages how important it is that you have systems in place. You have the financial strengths as well. That gives you courage, you see our inventory buildup, we have had war rooms inside Marel since February last year. It's a clear order that you build up all those critical parts because the inefficiency to delivery is quite significant. Semiconductors has been escalated to even new levels in this, we see as well new lacquer companies, if they would not be part of the system, in what situation they would be. We are as well using alternative sourcing, not only direct from those suppliers to source exactly the same part. We use our sales network to be a procurer, sometimes our agent as well and et cetera. You have to use the power out there. In acquisition, the main X factors are our global reach and our digital platforms, where the great family-run companies that are out there with a great standard equipment out there, they don't have the courage or the economic scale for the digital platform or the global reach. The procurement of the parts and keeping them ongoing and delivery installation out there. Sometimes you are able to take the parts and make your solution. And most of our smaller competitors have one plant in Europe or U.S. They are not able to deliver on time in installation. As to recap, last year, very proud that our China team installed complex factories with a remote assistant from Europe. This will drive, that is at least what we are doing now, to capture markets here organically and as well to make us an even more attractive consolidator in the market. Thank you. My follow-up question is for Linda on inventory position that, can you tell us how long will it take for this inventory position to normalize? Is this something structural that we should see for foreseeable future in terms of increase in inventories? Thank you. Yes. I think we have already taken good steps on the inventory ramp up. I would expect the increases to slow down, so I would not be expecting the same level of increase in next quarter. How long will this last? I think it has a lot to do with the external environment. I feel we are very much using what we can, and that is our power of the balance sheet now and our financial strengths to be a bit ahead of the game, making sure we limit the impact on operations. As you can imagine, having machines on the floor that are almost ready and you're missing a component is creating a lot of operational inefficiencies. That is what we are trying to limit. Hopefully, this will start trending in different direction, but that has very much to do with the external environment. I think on inventory levels in general for Marel, when we are out of the woods with the material crisis, we will start focusing on if we have opportunities to improve on the inventory levels. Not until then. Basically, it's fair to say that, let's say, in 12-18 months time, if current situation normalized, then inventory could be lower than what they are today as a percentage of revenues. Yeah. Yes. Thank you. Our next question comes from the line of Raj Singh of Star Group. Please go ahead. Raj Singh, you may go ahead and ask your question. If you have your line muted, please unmute. It seems we have no question from Raj Singh. May I remind everyone that if you want to ask a question, please press zero one on your telephone keypads. There are no further questions at this time. Please go ahead, speakers. Okay, fantastic. We've actually received a couple of questions via email, and the first one is from Fraser Donlon of Berenberg, and the question reads: Strong organic growth in meat has not led to meaningful expansion of the margin yet. Given the positive comments on salmon orders, would management be more confident in enjoying some operating leverage in the fish business near term? Yeah, maybe I start here. We are, of course, seeing a lot of attractiveness now in the salmon industry. This is why we are in fish, poultry, and meat, that we will compensate each other, and we are in all the processing stages. We are gearing up for growth in the fish industry. We have said it again and again, we are having higher innovation costs there than in the other fields and et cetera. We will see that crystallize now. To recap, the 16% EBIT 2023 is compensating go back on track in poultry, 18%-20% level. We were having maybe realistic around 10%-12% in the fish industry because we are still in the build up there in 2023. Of course, we request from meat that we go to 12%-40%, and we should not forget the opportunities in meat. It is the Magna, it is the Accuro, it is the Spectra that is coming out in all of those industries that is a high gross margin, and we can improve as well on the spare part delivery. The path in meat 2023, 2024 is pretty clear. However, we are not satisfied with last quarter result, but remember it was closer to 11%-12% in the quarter before. This is the fluctuation we are dealing with and overall. We are eager to move forward. There are as well very attractive acquisition targets in the meat segment that is focusing on the secondary processing. All in all, we are confident with all the industries. Okay. The next question is from Andre Mulder of Kepler. You said that you would raise prices 4%-6% to partly compensate. What level of the higher cost is covered by this? Is it 50% or higher or lower? Hello. Just remember as well that if 4% would go straight throughout your 4% + 11% is 15%. However, it doesn't work that way fully because there is dynamic in inbound costs and et cetera. Remember that we are having 40% after care in our total revenues. That goes pretty fast through the system, then it filters out in new orders. Usually, we raise prices annually by around 2%-3%. Now we took extraordinary step here. We will go for even more value-based pricing like we are doing with the Spectra and so on. Then maybe we need to be more aggressive in pricing of the tail out there. As well, the manpower business might be the service to go higher. Many of our customers are seeing 25%-30% increase in the salary per hours there. They should understand that we need to pay for our service as well, people, when there is a scarcity of software and service people. To recap, the scarcity of blue collar in various geographies, that's leading to automation demand, that is leading to fight over talent in service and software. Our wages will go up on those fields and et cetera. We need to be dynamic in the pricing because we are quality company with innovative product, and we need to be dynamic in that. Most likely, we increase the price a little bit too late this year. We were always just looking at how the pandemic would resolve. We were not optimistic about that, but we have seen before skyrocketing prices that go very fast down, like happened in 2013. Some of our customers were fixing prices too long, so we decided to wait, but we executed the price increase in Q3. Now it will be more dynamic. Okay, his follow-up question is on CapEx and the increase to 200 basis points over the next four years. Could you provide a bit more detail on what and where? Okay. Perhaps I start and then, Árni, you can jump in. Perhaps just a bit on the prior question on prices, where we're standing now and looking at the trends ahead, the indication is that we will continue to see cost pressure, as Árni was touching, both with respect to raw materials but also with respect to labor. That will, of course, impact our decisions on the price front, and we need to keep high attention on that. On the CapEx 1, there we are already busy and planning ahead, and there are a number of things we're working on, a big part is related to our end-to-end spare parts journey, where we need to take steps improving our efficiency and making sure that we can support the growth that we are foreseeing there, like shortening lead times to our customers, et cetera, investing in the platform. We are also investing in our manufacturing sites, investing in the flow in the factories, also adding capacity in relevant areas, et cetera. It is very much across, and we are already planning and scheduling the next steps there and taking steps on that front. Yeah. It's limited that I will add, but bear in mind, like in Nitra where we are having our growth platform, we are then extending potentially the capacity in the assembly area. We have already built all the infrastructure around it, so the expansion, the marginal cost, vis-a-vis the marginal revenues is very attractive. We have a very clear model of manufacturing and innovation sites in Europe and U.S., and our growth sites in Nitra, Brazil, and China. Therefore, we see that we can serve nearly all geographies in sourcing, manufacturing, and logistics. Based on the size of Marel, only heading to EUR 1.5 billion at the moment and target of EUR 3 billion in 2026, we are pretty well sized in this and geographical spread. Remember 2014, 2015, we optimized as well our platform from 19 to nine sites, and then we have been building it up again with organic further on in Nitra and with acquisitions. Overall, the marginal increase in existing sites is less costly than if you were building from scratch all the infrastructure. Great. I understand we have a couple of more questions from the conference call, so please go ahead. Our next question comes from the line of Eric Wilmer of ABN AMRO. Please go ahead. Good morning, everyone. Thanks for taking my questions. My first question, I was wondering if you could talk a little bit about your plant automation in your own plants. Do you see difficulties hiring your own staff as well? Is this one of the reasons behind your automation plans? That's my first question. Yeah. The main reason for automation in our plants is not scarcity for labor. It is to secure continuous and more agile operation. Simultaneously, we are changing the flow because the composition of our equipment is changing. It's leaning more into consumer-ready products for the end consumers, and et cetera. The flex flow, for instance, in the factory needs to be better. It is as well, we are splitting the warehouse and the spare part delivery. We are making a global spare part hub, a regional hub in U.S., LatAm, and China instead of having it by every single factory. We are having a manufacturing warehouse hub, and we will explain this very well in our Capital Markets Day. We have to change the flow. The requirement are different. In the standard equipment, we are moving to lines, not only full lines, but lines to make sausage, burgers, and et cetera, into the U.K., into China, and so on. The delivery requirement is such that we all need to work in the same direction. That is the main driver. Of course, we should do what we are preaching and automate where we can automate and replace the people. Usually when you are not here fully in shoulder to shoulder, but when you have a better environment and more optimization, not heavy lifting, then you get as well access to both genders out there, and you get much more reach of people and much more better culture in the company. We are always trying for that, and so on. It's same thinking as by our customers. While their most drive is to replace the salary cost, of course, we need to think of it, and if you look at salary cost per revenues in Marel, we have a opportunity to take that down. Linda is working on more access. Like she said, we are opening up shared services and so on. Okay. Thank you very much. My follow-up question is looking at your standard equipment sales. I was wondering, at the current time being, how long a client now needs to wait for products, and how long does it normally take? If you could give some more color in terms of weeks, I think that would be very helpful. Normal circumstances in the standard equipment business is 8- 16 weeks delivery requirement. We need constantly to be working on this so it doesn't escalate further down there. It's very interesting. For instance, now you have read in the newspapers some shortage of breakfast sausage in U.K., for instance, over the Christmas, and people cannot believe that they are not having it. We are having similar stories on this. Delivery time sometimes now is requested just As Soon As Possible, therefore, we have built to stock some of our standard equipment and etcetera. The focus from the customers goes completely from discount into please deliver as soon as possible. When we can show this agility and save as well that our customer can deliver into the requirements in e-commerce and supermarkets, then we are doing really great. However, we have to have a constant focus and the management of the businesses, it is about everyone on the factory floor to the salespeople feel that they are transforming the food industry. Even though you are assembling or in the warehouse and so on, we are all here together, all the links in the company, and so on. It's very important. Delivery times are hopefully not escalating. We have still some inventories in our hottest selling item, but this is why, well, I say hopefully not. I say it every single week in Marel, and we are having here focus on the delivery times, and we believe it will be competitive edge for Marel out in coming weeks. Okay. If I'm not mistaken, you mentioned something like 19 weeks, also at the beginning of the call, and you just mentioned 8- 16 weeks. Is it? No. In greenfields, it's 9-1 8 months requirements of delivery. In standard equipment, when you are buying a standard line, it is typical eight weeks plus requirements of delivery. That's the difference. We run spare part and standard equipment faster and faster. We have built to stock SensorX, then we can deliver in one or two weeks in some cases, and so on. Making a greenfield, that is 9-1 8 months delivery, and even two years in the case of Bell & Evans and Costco. That's the difference. Okay. Thank you very much. Our next question comes from the line of Akash Gupta of JP Morgan. Please go ahead. Thanks for taking the follow-up. The question was on SG&A cost. This year or this quarter, we have seen around 200 basis points impact on margins because you are investing in sales organization as well as service footprint. How should we think about these costs going away in 2022? You have your SG&A target for 2023. I'm just wondering if you can help me with a bridge for 2022 in terms of how we should think about some of these investments going to play out. Exactly. On the S&M, there we have been investing in the frontline, very much in line with our plans. I would say we are still not done on that front. We need further additions there. We will continue on that journey. On the G&A side, there we are focusing on optimization, and we are working on those plans. What will change in 2022 is that the revenues should go up looking at our order book. The% should get into more balance because we are very much looking at the order intake and not revenues when we are thinking about those cost levels at the moment. I would say continued investment in the frontline, not at the same scale as we have been seeing, but it should volume out because of increased revenues. Just to add to it, you should see revenues now soon as maybe average of order intake in three quarters, last quarter. You can calculate 7%-8% increase in revenues, even 10% in revenues against the cost base. We will continue, as Linda Jónsdóttir said, to build up our sales and service coverage if we see that we can crystallize another level in order intake, plus EUR 400. The good thing now is that we are ramped up to secure that we are in this EUR 350 milllion-EUR 380 million level in order intake. We can, on purpose, slow down the ramp up now. It was necessary to take up this ramp up, and so on. We can steer this, but of course, we are optimistic when we are seeing all the result from discussion with customer, official statements from customer regarding capital expenditure in automization and et cetera. We are at the center point with our Planex portfolio. Why should we not be able to head to another level, +400, and then we will go again a little bit ahead of the growth curve in building up our sales and service network. Of course then filter in economic scale and better coverage of the OpEx Thank you. Fantastic. I think the last question of today comes from Hugo Mas from Sycamore Asset Management, and it reads, "Could you give us a more precise idea of what kind of step-up you expect in the margin in coming quarters? Should we be thinking to come back to historical level of 14% EBIT margin is feasible in 2022?" Yeah, it's a good question, and of course, it depends on the ease of the system, but you hear that we are having a grip on the finger, both in pricing and our agility. We believe we are taking markets here. There is a firm belief that 2022, whether it will be middle of the year, where we will reach our historical level, and then we will reach 16% EBIT 2023. Like we said, gradually, we will see it now in poultry based on the order book that we are having, the mix and et cetera. It's with confidence that we will see that tick up. We are as well having better order intake in the fish. We are having a little bit softer order intake in meat in the quarter. However, the pipeline is looking good. All in all, I have to say, I feel more confident than we now than theee, six months ago that we are reaching the historical levels. Overall, there is a disclaimer on the general situation that has nothing to do with Marel as such. We are having comparable advantage in how to deal with it, we believe, but the general situation could get worse before it get better. Overall, we should see a lot of ease middle of next year in the general environment. This is how it is, and we strongly believe in the 2023 target. That is even the most important. Thank you for this great meeting. I know that Tinna is supposed to say it. I am looking at the clock, one minute to half past, but maybe Tinna, you tell us about the great Capital Markets Day, and then we close it. Thank you, Árni. As Árni mentioned, our passion for innovation also extends to our IR activities, and we are very excited about our upcoming 360 mini-series of virtual Capital Markets Day events. We have already premiered our first event, the virtual site visit to Marel in Iceland, including our headquarters, manufacturing, and innovation cluster. Our next event is focused on Marel as a growth company, scheduled for the 11th of November. Stay tuned. More information and registration is already available on marel.com/CMD360. Until then, I thank you for your time and attention, and we look forward to seeing you again in November. Thank you, and enjoy the rest of your day. Thank you.