Good afternoon, Europe, and good morning to those of you who are joining us from across the pond. Thank you for joining us today on this second investor meeting that is centered around our agreement to acquire Wenger Manufacturing. My name is Tinna Molphy, Investor Relations, and I will be your moderator today. I'm of course joined by CEO, Arni Oddur Thordarson and Chief Strategy Officer, Árni Sigurðsson, who will kick off with some key notes. We will then conclude with a Q&A. If you'd like to ask a question, please raise your hand in the Zoom link. You should all be quite well-acquainted with Zoom by now. Alternatively, you can also email ir@marel.com. With that, I'd like to hand over to CEO, Arni Oddur Thordarson. Thank you, Tinna, and welcome to this meeting. Those that were with us this morning, welcome back. The new ones, especially across the pond, welcome here. To say the least, we are thrilled, and we are very excited about this opportunity and introducing the signing of agreement where Wenger and Marel come together. I will give you an overview of the strategic rationale in the beginning from Marel. A little bit, where are we coming from, where are we standing, and where are we going. Then Árni Sigurðsson will, of course, give you all the truth about what we are thinking. Then we, by experience, get even more truth when we go into the Q&A part. I hope this will be enjoyable, and we can give a little bit glimpse into our excitement. We might need some help with the slides. They don't seem to be on screen. Okay. Back here. To recap, Marel started the journey formally as a corporation in 1983. We started here in Iceland, in the fish industry, next to our customers. In partnership with customer, we have been transforming the way food is processed. We started in the middle of the value chain in fish. Now we are global leader in poultry, meat, and fish from post-farm to dispatch. We had a mission from beginning to become a global leader in the fish sector and then in poultry and meat sector. 2006, we formally changed and intensified our vision, focusing on food in general. We are pure play-food player here, and we envision a world where food is produced sustainably and affordably in partnership with our customers. It's very important. 2016, we have had the eye on the alternative meat proteins or plant-based meat proteins. Recently, in recent two years, we got fascinated with the pet food industry as well. The companion animals need the high nutrition and the balanced diet as well as we, the humans. To recap, the key question is if people see it out there, it doesn't matter if I see, I know the subject. However, from startup to a global leader, we have a great growth story here in Marel. In 1992, our shares were listed in the stock exchange in Iceland. We were only 45 employees and only EUR 6 million in annual revenue. Since then, we have enjoyed the growth. The organic growth has been driven by innovation. It has been driven by faster global reach, and of course, by the passion and commitment of our people. We could never have done it without continuing close partnership with our customers, just like Wenger is doing. To recap as well, since 1992 to date, our annual growth rate is 20%. Two-thirds of that, close to that, has been acquisition growth. The rest has been a strong 6% organic growth on average. Why did we need to go through all this acquisition growth? We have to recap. 2005, the industry was very, very fragmented and still is. The largest player in the industry were EUR 130-1 EUR 50 million revenues, and didn't have the size or courage to follow their largest customer in their ambitious journey, and then we can cascade the technology across as well. You see one very important parameters. In 2005, 10% of our revenues were aftermarket revenues, now they are 40%. This means a lot for Marel shareholders, but it means even more for our customers. Because uptime, keeping the factories running, keeping the seamless flow running, more yield, less waste, and more sustainable production. This is what Marel is. Just to give you a glimpse a little bit into our acquisition story. I joined Marel 2005. 2006, we took on quite extensive acquisition when we acquired Scanvaegt. It was our head-on competitor. We gained a lot of scale by this acquisition in the secondary processing. We learned a lot as well. We have two years and one month in acquisition. We learn a lot. Scanvaegt had 30% aftermarket revenues, when Marel had 10% aftermarket revenues, service level agreements, and et cetera. To fast-track start 2008. Global reach from the Dutch in the poultry industry, primary processing equipment interlinked with our secondary processing equipment, and experiences in sales and services around the globe, and standardization, modularization came to a new level. 2016 came on board. MPS gave us the global leadership in the meat sector and driving us well now, the sales in the secondary processing, where our customer wants to have a seamless flow from post-farm to dispatch of the produce. It's important to bear this in mind. It's important to bear as well in mind that proteins will always be the center point of the plate. We have lettuce aside, and me, you, and everybody else, we want a little bit less corn and sugar. That's at least our intention, but we need the proteins in the center point. Wenger is in excellent position in the secondary processing in plant-based proteins, although it's only 10% of total revenues today. You have to bear in mind, the market is only EUR 7 billion at the moment. It's in the making. While the pet food market is EUR 150 billion and aqua feed EUR 50 billion. Very, very interesting time, and it's surprisingly how much we have to offer in the primary processing and secondary processing. Weighing, sorting, inspection, Spectra, no plastic in beginning of the process. Then comes Wenger. Árni will go more in detail in that. Then we have RevoPortioner portioning, coating, ovens, intelligent ovens, and overarching Innova in this. Stay tuned because Árni Sigurðsson will go deeper into Wenger, and this is our fourth pillar in Marel. We will report it separately alongside poultry, meat, and fish. It diversifies our revenue base as well. Remember, when we have been growing, we have been increasing the quality of earnings through processing steps, through industries, and through geographical reach. We are pure play food company, and we stay as a pure play food company, and that is what we are doing. Over to you, Árni. Very good. Thank you, Oddur. As Árni has given you kind of a great overview where we're coming from, I wanna share with you a bit more color and insights into both Wenger and how we view the fit with Marel. I just wanna say that I'm extremely excited and really kind of truly honored that the Wenger family has chosen Marel as the steward for the Wenger business. It is a highly strategic platform acquisition into new markets of pet food, plant-based protein, and aqua feed that are healthy and growing at an attractive rate. Wenger is a global leader in processing solutions for those markets and has an extensive offering in the technologies around extrusion, drying, pre-heating and adjacent equipment needed for the process. It's important to note that the products that we're talking about are really the anchor point in the process because it really defines the texture and the quality of the end products, and that's why it's so important to have a strong offering there that you can then build on and extend. I think the Marel portfolio will speak very well to that, and I'll go through that a bit later on. Wenger has a very strong and impressive history, being founded in 1935 by two brothers focused on the cattle feed industry with a breakthrough technology. They've continued to be pioneers by being a first mover into pet food and aqua feed and have continued to be strong in those markets. That's really kind of the foundation and the culture, is this kind of commitment to innovation and being a leader in the market that they operate. Wenger has over 500 dedicated and strong employees across the world. Their main location are in Sabetha, Kansas in the US, Valinhos in Brazil, and Kolding in Denmark and other locations. It's actually quite interesting that these locations are actually quite close to the operations where Marel has in these countries. I think that will kinda work well as we start to collaborate more in the future. The company has a longstanding history of growth and healthy profitability and is expecting revenues around EUR 190 million in 2022 and an EBIT, EBITDA of 32-35, which is around a 14%-15% EBIT margin. Not only is Wenger a strong company, but it also has a very strong fit with Marel. There is this strong strategic and cultural fit, and we actually had a great opportunity, more than usual, to engage with the Wenger team during the process. I have to say they have a great culture. They have similar ways of thinking and ways of working to Marel, and we share a number of the same qualities between the two businesses. We focus on customers and growth. We're both committed to best-in-class technology and innovation, and we really focus on developing our employee base. With Wenger, we're building the fourth pillar, like Árni has explained quite well. With that, we're also entering new attractive end markets and building a more resilient business and a more resilient business model, both from a revenue stream standpoint and end market standpoint. We're really excited that we're able to have this new pillar in these exciting markets next to our poultry, meat, and fish business segments. I know it maybe sounds a bit surprising to some of you that we do actually have a very complementary product offering. We're excited and convinced that will really strengthen our value proposition towards our customers because we're able to basically develop and offer line solutions in pet food and plant-based protein, and I'll actually give you a bit more insights into that later on. Marel's X factors that we talked so many times about, our global reach, kind of having that infrastructure to be able to reach kind of faraway markets and to accelerate the digital journey will definitely be benefits to the joint effort around Marel and Wenger growing the business. If we go through some of the transaction highlights, we're investing $540 million for the Wenger business. $530 million of that are for the business on a cash and debt-free basis, and the remaining $10 million are split between Marel shares for Wenger employees and a contribution into a not-for-profit private foundation to continue the legacy of the Wenger family and our commitment to the Sabetha local community. The transaction is at around 14x EBITDA, and that is adjusted for a tax asset of EUR 60-70 million, which comes as a result of we're able to amortize goodwill that is tax-deductible over the next 15 years. We basically, since the benefit is not reflected in the EBITDA, we adjust the enterprise value to reflect that, to give you a fair representation of how we were thinking about and valuing the business. The acquisition will be financed through our strong balance sheet. We've had low leverage for some time, and now we're really utilizing our strong balance sheet. We're able actually to finance the acquisition through existing credit facilities. Assuming a full kind of cash payment for the business, we're expecting a leverage around 3x on a pro forma basis. We're still in discussion with the selling shareholders on receiving a partial share, kind of part of the consideration in shares, and we will conclude that discussion before closing of the transaction. It's good to highlight that we've also signed a EUR 150 million bridge facility, just to give us more operational headroom for working capital or other matters. We live in an uncertain world where a lot of surprising things have happened in recent times, so we just want to make sure that we have that operational flexibility so we can make the right decision for the customer and for the long term. Like I said, we have signed the agreement now, but not closed the transaction. It is subject to antitrust approval and shareholder approval. We don't expect any hurdles there and expect we will be closing by end of Q2 this year. If we go and talk a little bit more about the strategic rationale, then I think it's important to highlight that we're buying a very strong and healthy business. The Wenger business on its own is a great company with favorable outlook, very strong history, and we know that good companies tend to be better than we think. We know that the Wenger business is very well invested, so we are excited about the future. Also due to their strong market position as strong and good brand and reputation and the high quality of earnings with a good amount of recurring revenue with over 40% in aftermarket and high return on invested capital. With Marel, it is the platform to enter new attractive end markets and the complementary portfolio. I'll actually give you some of the details on the following slide. I think we should kind of just go and double-click on some of these points. Like Árni explained, we have gradually been expanding the playing field, and this is not something that is kind of out of the blue. We did change our vision in 2016. We did announce that we were more systematically going after adjacent markets in 2020. Last year, I told you about that we had established a formal business development division focused on plant-based protein and pet food. We've also been exploring opportunities with Wenger over the last few years, which really speaks to that we have been thinking about and exploring opportunities in this market. We are very excited because now we can kinda take that to the next level with the acquisition of Wenger, which is a good-sized business, which is kind of large enough to be a platform and a very relevant player in those markets, but not too big that we're betting the house in the Marel context. I'm very excited that we have now this new pillar next to our poultry, meat, and fish business divisions. If you deep dive a little bit into Wenger, then like we talked about, they are a true innovation pioneer, and they've shown that throughout the years, not once, not twice, but more than that in different markets and different segments. They've actually had this strong focus on their extrusion and drying technology that they have used and innovated for the different markets and where they now have the most presence in those three that we've talked about, which are pet food, aqua feed, and plant-based protein. They've built up a very broad and diversified and strong, loyal customer base all the way from, let's say, small startups in the plant-based space to those blue-chip pet food processing companies like Mars. They do have a strong base, a repeat customer base, and a very good reputation with those customers. The commitment to innovation and the long-standing partnership with their customers has really been taken now to the next level where they have invested significant amount of capital. It is kind of upgrade, but I would say it's full rebuild of their technical center in Sabetha. It is a full-service, high-tech center where they can do demos for customers. They actually do. They co-create the products with them. I've had the chance to visit it a couple of times by now, where you can just see the energy when the customers are there and the process specialists are there, and they're just co-creating products and looking at it and so on. I think this is really what is needed in those markets, similar to our prepared foods market, because it's so important that the end product is of the right texture, of the right quality with the right taste. So kind of that knowledge, that process know-how is really a competitive element in the market. We've talked about kind of what we expect on revenue and EBITDA for this year. If we also give you a little bit of insights what they've been doing historically, then since 2017 all the way up to 2021, they've been growing organically around 5%. I think it's kind of fair to tell you maybe a little bit color, like if you would go one year, kind of 2016 to 2021, it would be 6%. If we would take it to 2022, it would be 6%-7%. This is the conservative number that you're looking at here. They've been growing at a very healthy rate and showing very consistent profitability, and they do have a strong cash flow because their return on invested capital is around 20%. Like I said, we wanna continue to build on the success of Wenger, and we want to expand their capacity, manufacturing capacity, because now there's been a tremendous demand for their products. We wanna expand the capacity so we can continue on the organic growth journey. We also want to take next steps to become more proactive in the aftermarket, accelerate the digital journey to kind of better service the customer and become a stronger maintenance partner, as well as utilize the global reach that Marel has. They have a very balanced business model, representation and revenue around the globe. We've talked about these end markets, and to give you details there, then the pet food is above 60%, close to even two-thirds of the revenue if we look at the average from 2019 to 2021. The aqua feed is. It varies between years, but kind of 10%+ of total revenue, I think is a fair assumption. They have been recently selling around 10% of their revenue into the plant-based protein segment. Like I said, they have a strong quality of earnings through high recurring revenue with aftermarket above 40%, and that's been kind of very consistent revenue generator. We do believe there is an opportunity there. I know that kind of if you look at Marel, that is quite high at and healthy compared to general capital goods at 40%, then the life cycle of the equipment is very long or around, let's say, 15 to kind of 20 years probably in pet food at least. Kind of the share of aftermarket in the total market is higher compared to a lot of other capital goods, which explains why there's still an opportunity there, in our opinion. Wenger is a U.S.-based business and has a very strong foothold in the North American market, which is around, let's say, kind of 45%, sometimes up to 50% over the last two years. The North American market is very big and a very attractive market, so we're very pleased with that strong position. The European market is around 20% of revenue, and the remainder is South America and rest of world. We believe that there is an opportunity kind of with Marel's infrastructure and global reach and strong presence in Europe, for example, we think we can potentially grow the markets outside of North America. If we go a little bit into the market, and we start to look at the end market, then the end market is a large and growing market. The pet and aqua feed are around EUR 150 billion, growing at around 4%-6% annually. We have the plant-based protein market, which is growing much faster, around 15%-20%, but from a much smaller base. We're really excited about that growth market. If it takes off, then it could grow even further, kind of even more faster because of the small base. It's gonna have the numbers are very sensitive. If you look at the specific markets, then the pet food market is relatively mature and stable. The drivers in this market have been the pet adoption that has been increasing, and also this humanization of pets and the premiumization. I mean, one family member has a dog, and they're actually referring to their dog as one of their kids. You can just see that they will then start to treat them similarly with high-quality merchandise, with high quality food and so on. This is a market where quality and brand really matters, and that helps our customers to be more profitable, and that also helps our market to be more attractive, and that premium technology plays a role. The aqua feed is also kind of relatively mature and stable, and it's been growing kind of due to increased consumption of fish due to sustainability concerns and preference for kind of high quality nutritious food. That's been mainly kind of the driver there in the market, but it is a volume-driven market, and to be honest, to an extent, a bit of a commodity market. The plant-based protein, I mean, that's such an exciting market because there are so many kind of changing consumer trends happening and so much new happening there. I mean, the main driver being kind of people becoming more of kind of flexitarian and having one, two, maybe three dishes a week of plant-based proteins next to poultry, meat, and fish on the other days. What's really kind of interesting is just the tremendous innovation that is happening in this space. Like, the product innovation is amazing. You can just see all the new kind of end products that are being innovated, and that is alongside kinda increased quality. We have all seen that the accessibility to those products is increasing. I mean, there is a fridge in every retail store now, I think, that has plant-based proteins as an option. The quick service restaurants, Burger King, McDonald's, they are having options on their menu. Even a lot of restaurants that you go to, they have at least one main course that is tailoring to the plant-based space. Kind of that access and quality is really driving the growth here. We're really excited about this market, especially considering it's a human food where quality and branding really matters. If we go and look a little bit on the addressable market of solutions and services, the market that kinda Wenger is and Marel are selling into, the equipment to produce the end product that we've been talking about. That market we're estimating to be around EUR 2 billion, growing around 4%-6% annually. If you look at the pet food market, the extrusion is a key technology, especially on the dry pet food. This market has been driven by the volume growth that we've talked about. It's driven by kind of increased regulation and focus on food safety, which drives the quality upwards, which tailors to kind of the premium technology on the extrusion side, because the technology and the quality on the solution is really a driver for the quality on the texture and the end product quality. Wenger has a very strong position there due to being a first mover and continuous innovation, and so they have a leading position in that market. In aqua feed, the industry is shifting towards extrusion more and more from pelletizing. Not only is there volume growth there, but there's also extrusion is also capturing share of the market from a technology standpoint. This is a regional market to an extent where service matters, so kind of the opportunity here, you are focused on kind of yield and throughput. Wenger is a key player in this market, and especially their strongest market here is North America. I think with potentially stronger service in other markets, there is an opportunity potentially here to capture greater share. If we go to plant-based proteins, most of it is produced through extrusion. Due to kind of this rapid growth, not only on the volume side, but also on the innovation, there is a significant opportunity to kind of differentiate yourself on end product quality and process know-how and technical support. Wenger and Marel together are actually in a pole position to really be a leader in this market. Maybe I just kind of flip to the next one to show you kind of the complementary portfolio in this space and kind of to tell you a bit more why we're excited. You can just see here that Wenger has a kind of premium technology and best-in-class technology and products in the extrusion and cooling and drying part of the value chain, which we would kind of refer to as the secondary processing from Arne's slide. Then the next steps in the process are cutting or traditional steps that you would see in prepared foods, for we do hamburgers and so on. It's similar when you're doing a plant-based protein. It's the forming solution, it's the ovens, coating, frying. Then there are also technologies that we have that are quite innovative, kind of product-agnostic, downstream, such as weighing, batching, labeling and so on. We have a very strong kind of complementary offering here to offer to our customers. There is also this opportunity on the customer base, and I feel like I need to mention that as well, that on the pet food side, obviously Wenger has very good relationship and strong relationships. We also do have kind of offering that fits quite there, especially in wet pet food and the treat segment. Just to name kind of some of the technologies that we can sell and are selling into that space are, it's inspection, it's mixing, it's forming, it's the ovens and so on. We do see an opportunity for Wenger to kind of bring that portfolio to our customers. We're also seeing customers of ours in poultry, meat, and fish. They're expanding into pet food and building new plants to utilize the offcuts, utilize the byproducts. There we have good relationships that hopefully we can kind of utilize also to bring Wenger on board towards those customers. If we look at the pro forma numbers of Marel assuming we close the acquisition of Wenger, then revenue will grow around 11%, which is around 10% of the pro forma revenue of Marel. If we look at EBITDA, it will grow close to 14% or at 12% pro forma. I wanna bring your attention also to the EBIT margin last year of Wenger, around 14.8%. In the 14%-15% range that we talked about. That will improve the pro forma margin of Marel by 0.3 percentage points. On the pro forma basis, Wenger is 10%. As we've talked about, the net leverage, assuming an all-cash transaction, is close to 3x. Our acquisition strategy, like we talked about in the Capital Markets Day last year, is really to enhance our key strategic pillars and drive organic growth. We're not doing acquisitions for the sake of doing acquisitions. We're recapping here a slide from that Capital Markets Day, where the strategic pillars are around kind of the market opportunities and the customer focus. Wenger obviously has that customer focus and attractive adjacent markets that fit quite well with our portfolio. I mean, we're already selling into pet food. We're already selling into the plant-based space. It is very attractive that we're able to kinda strengthen that position. Secondly, we do have complementary solutions like we've shown you, and both companies are focused on best-in-class products and technology. Last but not least, we have a similar strategy and culture. People and culture really matters when you think about acquisitions, and I would say it's the number one factor that determines the success of the transaction after closing. Marel will continue on the acquisition journey. We do have a very strong cash flow profile, and we have the ability to use shares as part consideration for acquisitions. That will allow us to make strategic acquisition in line with our growth strategy. We also do have a strong proposition and a clear proposition towards companies that are looking to find a steward or a home for the future, and that is our clear strategy and vision, our X factors of global reach and our digital platform, and a track record of being a good steward and a good home for family and other businesses. All in all, I can't describe how excited I am about this acquisition. It is really exciting due to all the factors that we've talked about. I think an attractive market, it is a platform that where we're creating a new pillar next to poultry, meat, and fish. We have opportunities to accelerate the organic growth and truly build and conquer the markets that they're focused on. I just wanna say, I'm very much looking forward to the next steps to kinda plan the execution and the strategy that we will focus on after closing. Until we get there, we need to wait for the necessary kind of customary closing conditions of the antitrust approval and the shareholder vote, which we are expecting to come in by the end of second quarter this year. Very good. I think we're moving to questions, Tinna. Yes. Thank you, Árni and Arni Oddur. As a reminder, if you would like to ask the question, please raise your hand in the Zoom window, or alternatively, email ir@marel.com. If we might just give this a few seconds. The first question comes from André Mulder from Kepler Cheuvreux. Can you hear me? Yes. Okay. Yeah, first question is, of course, you're taking over a family business with a lot of Wenger family members there. Will they all stay on board? On management, we have not announced the exact future structure. We will continue to kind of set up the right structure for the future, and we are discussing with key members now of the management and other layers in the business. We are kind of very clear that we will have strong leadership in place that we're confident will be able to execute in line with our plan. Árni, do you wanna share a bit more on that? Yeah. Overall, there are 500 team members in Wenger. Of course, we are excited to join all of them. There are family members that have been there with passion as well, and we have been in connection with most of them and had lovely discussions where the passion is. We expect that quite significant will stay on board. The other half is the shareholders. There are around 90 shareholders in Wenger, consisting of three generational families, second generation, third generation, and fourth generation. It's interesting. I know we will get that question later, how much are you paying in cash, and how much are you paying in equity? The honest answer, we don't know. We do in a competitive environment. We always, for a simplifying comparison, offer a cash offer on the table. Then it's the choice of each individual, how much of the shares, of course, with some limits and et cetera, will they take with equities vis-à-vis cash in the consideration. Overall, we have had exciting discussion with the key employees and quite significant. Usually, when an acquisition, like Arni said, when you talk with key employees, you're not taking so broad-based touch down in it. With so much broad base as well, cross-functional teams in Marel. We are excited about it, and as well excited to see how much of the consideration will be in cash vis-à-vis equity. A question on your portfolio. Yeah, looking at you, it's quite a wide portfolio. Do you aim to make any changes there? Any things that could be disposed of? No. No disposal planned in the portfolio of Wenger. It's rather building up what we have. Then, you know, we are in the Lego bricks business here in Marel. When we are gradually expanding our playing field, we see that we can be in the front and in the back and so on. We will continue, as Wenger has done, continuous innovation, just like Marel has done it, and they are having excellent portfolio. No, no discontinuation of portfolio in Wenger. Like Árni said, we will support as well capital to increase the automation and the flow in the factories so we can shorten the lead times, so we can provide more. Our hypothesis is that the demand is even more than we are seeing. You mentioned that you're already involved in pet foods and in plant-based business. Those activities will be quite small. Do you aim to insert them into the bigger Wenger operations? Yeah. They are. Yes, I would agree that it's quite small in the context of Marel. I have said that last year alone we did sell with, let's say, limited proactiveness. We did sell around EUR 10 million into the pet food space, which is not a small number in the context of Wenger. What we need to do and are planning to kind of outline exactly how we would do that operationally, there are a few different options, and we just wanna make sure that that will be in the most seamless way for the customer, whether that's kind of through a reseller of Wenger or whether we have kind of a joint representation. I think that will just really depend. In the end it's Marel, so it is really around the customer preference there. We do expect that with seeing the sales with this limited effort, we do believe that there are some low-hanging fruit which will help us to kinda grow that number, and that will be a material impact on the Wenger business going forward. And la-last- Maybe, maybe to add to it, because when we say we have four segments, then we have behind the scenes as well, business units, retail and food service, that is serving poultry, meat, and fish, and now the pet food, and alternatives as well. Those sales, we will book them on poultry, meat, fish, and this new pillar. To make that clear and drive that forward, you will see it under the new pillar as sales there. This is very important that we have retail and food service unit because just to recap, I know you know it, that the blockbuster in poultry, SensorX, detecting the bone, was invented in the fish industry. To leverage how we are behind the scenes as well, using economies of scale and moving things and cross-utilizing technology. I mean, last question on the portfolio. You mentioned that food and other is 22%, of which plant-based is then 10%. What's in the rest? Yeah. In the rest, I mean, it's various segments. I mean, the extrusion market is quite big. I mean, the kind of plastic is huge, even though they do not focus on that part of the market. But you also do have kinda cereals and pasta and so on. It's those type of segments that they do a little bit of selling into. Okay. Thank you. Thank you. Great. Next up, we have Aakash Gupta from J.P. Morgan. Yes. Hi, good afternoon, and thank you for your time. I have three questions, please, and I'll ask one at a time. My first question is, if you can tell us more about pet food market in terms of who are the key big players and competitive position of Wenger. Is this an area where you can basically consolidate the market like you did in other industries as well? And then maybe staying on the same topic, can you utilize Wenger production unit to also produce standard equipment that Marel offers in the other three segments? If I pick the first one, the Wenger position on the pet food market is quite strong. I mean, there are, let's say a handful of players that do compete in this segment. We just need to kind of look a bit further into whether it makes sense from a strategic standpoint to really try to consolidate that market. I think that's not part of our thesis. We do believe Wenger is in a very strong position in that market relative to the competition. We're quite comfortable with that. I would say, I mean, I would think about it that you have, maybe kind of similar to some of the poultry, meat, and fish segments, you have like a handful of players that are really playing in the pet food space. Maybe I take the second question. The question was, can Wenger produce some of the Marel equipment? That is not the plan. Our overall strategy is that we have what we call mother sites, where we embed innovation and manufacturing together. Our strategy now is to invest in the platform we have in Sabetha and elsewhere in the Wenger. But let's play out best case scenario, we will get the higher order intake, more revenues and et cetera, then we have a clear co-location strategy in Marel, and we could then take, instead of putting even more load there, we could take part of the production in Nitra, Slovakia or Guarapuava in Brazil, for instance, to take the mass production. That's how we do it with SensorX, for instance, here from Iceland. The extra load is taken out in Nitra, where we have a high scale production. To give insight into the strategy. Secondly, does the acquisition of Wenger changes your future M&A priorities in terms of maybe focusing more on the fourth pillar rather than adding bolt-on acquisitions in the remaining two, where you have potential to add, which I mean fish and meat segments? Maybe if I start. I think it's not really changing the priorities. I mean, we do believe that with Wenger and Marel joining forces, we have a very strong proposition, especially in the pet food and plant-based protein markets. There is obviously some potential opportunities to do acquisition in that market. At the moment, I don't foresee that we'll kind of change our view or prioritization materially in the other segments. We obviously have a quite holistic view on the pipeline and the opportunities and how attractive and likely they are to come to market. I mean, we will obviously have now a bigger pipeline and more opportunities, which I'm very excited about. I don't foresee that there's a material shift that you should be thinking about from that angle. Yeah. Just to iterate it, no, it doesn't change. However, this is the fourth pillar, so that's a standalone acquisition platform and organic growth platform. We have a lot to do in the poultry, meat, and fish segment. Main acquisition pillar there is our retail and food service unit. Although when we go into primary processing, it's poultry, meat and fish. Still, the main targets are family-run businesses with EUR 30 million-EUR 250 million in revenues and 3-800 employees. This is within that space, clearly, but it's a new pillar as well. It doesn't change the strategy at all. I'm very glad you asked this question because this is important. Quite many of investors and analysts have been asking us in recent two years, "When will you change the EUR 3 billion target 2026?" Remember, it's as well three S's as 50% spares, service, and software. It's a very similar questions as we got 2014, 2015. Then we were EUR 600 million in revenues and had a target of EUR 1 billion. Those questions stopped when we took on MPS. Sometimes we are slow-moving. We do it gradually. Sometimes there are periods, especially in recent two years, when the price expectation was extremely high in a market out there that we slowed down. We believe that there are now opportunities and forces in the industries, the global reach and digital platform that will drive further consolidation. Organization-wise, we are ready. Financial trust is there out there. We will not stop now. We will continue, but we need to do it step by step. Thank you. My last question is on your remarks, Árni. You said in your remarks that Marel is a pure play food equipment provider of food equipment company, which is different than previous comment of provider of pure play animal protein equipment industry. The question I have is that in order to reach 2026 revenue target of EUR 3 billion, would you need any additional pillars to get there similar to Wenger? Or do you think we can get there with these four pillars that you have after completing acquisition of Wenger? Thank you. Yeah. We can get there within those pillars. Even though we are in feed segment, aqua feed, that's the basic for the food. We are feeding to get food. We are not in some other capital goods industry. We are here in the food industry. Even though our main focus has been on the animal proteins sector, as was our mission, until three months after we acquired MPS, then we changed the vision into food in general, and we have been having more and more excitement about this industry. Within this space, and don't forget Innova as well as a pillar as well in the software arena that goes across and so on. We have, I believe, the structure in place to drive it now forward. Thank you. Great. We've also received a question via email, and that follows quite well with the talk about aqua feeds. How big is the overlap in the customer base? Yeah, that's a very good question. I would say that today there is limited overlap in the customer base. Let's say kind of below kind of I would say 5%-10% probably of the kind of customer logos that you would look at would kind of have a bit of overlap. I think, though, what's important also to highlight is some of the customers that we talk about do have a number of different plants. A customer that is maybe active in poultry, meat, or fish maybe wants to go into pet food kind of builds a pet food plant, then that might be a different decision maker and a different stakeholder from the animal protein. Even though sometimes it's the same logo, it can be a different plant. We also do have, just to highlight kind of, that we do have customers where we have kind of both sold into, to name both on the pet food side, but also on some of the kind of well-known startup companies in the plant-based space. I think kind of, to me, the customer overlap proves the potential, and the limited overlap shows the potential. That's also why we're excited, and we believe there is this opportunity where we can kinda leverage relationships on both sides. On headquarters levels, by the customers and our for instance, in the aqua feed, if that was as well there, then of course we see our customers on fish processors, it's Cargill and et cetera, et cetera. And same in the other segments. It is interesting, and retail stores even in U.K. announcing that they are going into plant-based. They went as well into fish and poultry a few years ago. People are thinking, how can I serve my customers better? Where to head next? There is, of course, a lot of strategic discussion. On a day-to-day basis, it is separate. Correct, Bjarne? Yeah. I think you touched on an interesting point because maybe the question is also coming from that one of the big fish processors have been insourcing the feed production. You are seeing that kind of they are kind of in that case going more kind of to an integrated value chain. That, that's a clear kind of customer overlap there. I think it's quite an interesting point, and I think it's worthwhile to mention that that is something that has been happening on the fish side, at least with one of the real big players in the industry. Right. Many interesting questions raised here today. I think in the interest of time, we'll have to conclude here. I sincerely thank you all for your time and attention and continued support for Marel. Make sure to follow us at the various upcoming events, be it trade shows or investor conferences. We hope to see you back here in a few months for our Q2 results. Until then, on behalf of the team, thank you and goodbye. Thank you.