A warm welcome to our audience who's joining us online, and to those of you present here within our headquarters today. It's great to see so many of you in person, go and dive in, and welcome. Today's investor meeting is gonna be focused on the third quarter results and some key business highlights. Our CEO, Árni Oddur Þórðarson, and CFO, Stacey Katz, now returned from her maternity leave, are gonna go over the strong results. We'll then conclude with a Q&A, and the full session should last no longer than an hour. If you would like to ask a question, please do so via the conference call. Alternatively, you can also email ir@marel.com, and we will then read out your name, your company, and your question. Onwards and upwards, over to you, CEO Árni Oddur Þórðarson. Thank you, Tinna, and welcome as well in the headquarters. We have not done this for, I think, three years here physically meeting. We will usually have the online meetings just to have that, but once a year it's nice to see all of you. Especially I recognized after the listing in Amsterdam, I have not been meeting many investors here in Iceland, so it's good to see you as well here physically. Stacey Katz with us here first time as a CFO in our quarterly results. I have to give you a little bit. It has been nice to see Stacy grow with us in recent nine years, develop and as we grow with our customers, we give opportunities here within the company to move forward and develop. We have been working extremely well together in recent days. We have, I would say our meetings, they are maximum 10 minutes. You speak and think fast, Stacey, but welcome on board, and you will hear that when she go through the presentation. I'm a very proud CEO that is standing here today. It is in the quarter, it was always on Friday evening when I was looking back on what Team Marel was achieving, I was amazed. You know, I was not feeling the same in the springtime. It was my own performance, the performance of the team and et cetera. It's not about the performance. It is when the headwinds are and et cetera, sometimes you need to just synchronize, move forward, and it happens to be every five years in organization. However, looking at how the team is working, what the projects they are bringing to the table and professionalism in pricing. We were talking about pricing of our product and our services and software. We are moving miles here in refining the operating model, refining how we work. Notably, there is a time lag between actions and results. I'm not only talking about the result in the quarter, I'm talking about what we were doing to improve and move forward. Look at the results. We had a lot of discussion about whether the order book and order intake is valid. When is Marel going to deliver revenues from the order book. I've said approximately ballpark you should see a revenue recognition in each quarter. The average of the last three or four quarters in order intake should be the revenues. You see that in recent 12 months we are EUR 40 million-EUR 50 million behind. We got a question: Are you behind toward your customers? The answer is no. Other suppliers and our customers were late as well in the turbulence in the supply chain, global supply chain. This means that we need to deliver an order intake three, four recent quarters in revenues, plus a catch-up, some would call it catch-up, but a catch-up into that. Remarkable to see 451 in revenues, up 36% per year, 20% organic growth there. EBIT of a little bit ahead of 10%, double-digit. It's far below what we are used to. It's good to see the improvements that we are having. In the quarter, we needed to take a very difficult decision to cut down 5% of our workforce. Those cost savings are not included in the quarter. It will start to tick in the coming quarters. It is annual savings of EUR 25 million. The total cost will be EUR 10 million. We adjust for that in the quarter and no other matter except the PPA and acquisition-related cost. EUR 5.5 million is adjusted in the quarter, EUR 4.5 million in next quarter, adjusted EBIT of 10.3%. We are paving the way toward our 14%-16% EBIT in back end of next year. To oversimplify, our gross profit is 36% in this quarter. To achieve 14%-16%, we need 38%-40% gross, 36%-38%. Our target is still 40%. It's a complete home run to take the SG&A from 96% to 18%. We are at strategic level in our innovation cost 6%, although we have never, ever pumped out so many new pioneering solution as this year. We are having solutions that are the keys toward inflationary environment. We are having consumer-ready products, and we are here to stay with our customers, move forward while consumers start to trade down, moving from meat to poultry. This is the first time I have seen kilos in meat going down, kilos in any industry going down in the quarter, in pork, in Europe. However, we have never, ever witnessed as much demand in the poultry. This means we need to be in portfolio management, product people, and show discipline in operation when we breathe in, breathe out. Regarding the 5% reduction of the workforce, I have heard from some journalists and investors as well that we were admitting that we were having fat in running the companies. I hope that people that are running companies and have been building infrastructure know that you need to duplicate the work to take no risk. When we are building the sales and service network around the globe, now we can go for unifying, synergizing, and et cetera, the back end. Microsoft Teams was not here in 2020. The digital solutions were not here. Automating, digitalizing our customers and ourselves is the way forward. It's license to operate, and it's as well right to win. Remarkable, you can read yourself the balance here. Remarkable to see 42% service revenues in the quarter. We are having record project revenues. We are having 11 quarters in a row where we are increasing the service revenues. We had a good cost in second quarter. We had a good cost in the previous quarters. We got a question, what are you doing by splitting the part handling in manufacturing services and et cetera? Is it a real good cost? At least we are delivering more now. The demand is more after the services, and we are seeing now the first fruit of those actions. Sometimes you need to take the short-term profitability down and move forward with infrastructure project. We are investing 5% of our revenues, and we request here a return on that. Poultry back on track, 16.5% EBIT. We are having superior profits in poultry going forward and backward. 18%-21% profitability EBIT, it's unique in the capital world when you are growing so much as well. Some capital goods companies are delivering around 20%, but with this growth and this growth outlook, it's a real return on capital. Even though we are now investing more, putting the money where the mouth is in the poultry, improving the flow of flex, robotics, automation, and et cetera in Boxmeer, backed as well by our single biggest investment in the global distribution for all the industries. However, poultry is of course, when we are average 42%, we are far above that in poultry. The other picture is in the meat. Challenging environment. However, I'm not at all satisfied with that when we are having those fabulous solutions in secondary meat. Accuro, Magna, that is fat lean, contamination-free, and et cetera, that we are not selling more. Geographically, the market is hot in Americas, soft in Europe, still not ready in China, but that's around the corner and so on. Anyhow, we can do more here. People are trading down to poultry. People are trading down into minced and et cetera. We have the solutions here. My dear friend, David Wilson, stepped down yesterday in meat, running the meat. We have been working here together. I have been 17 years. He has been 25 years in the company. Very close friend here. However, we need now a new leadership in the meat. We are having excellent people in the management team, head of innovation, head of service, and manufacturing, sales, and so on. Now we need to move forward with leadership in the meat. We are in onboarding process, but temporarily Roger Claessens, head of poultry, will jump into the meat for three to six months, and we have excellent team in poultry and sales and service that will co-lead poultry in that temporary period. You know what we have been talking about. Standardization, modularization, cross-selling, and up-selling. All the recipes that we are doing in the poultry, and now we want to go fast-tracking this. Fish, you see a big minus here. You see as well I'm not worried. People ask me, "Why are you always giving fish the benefit of the doubt? Is it because you are from the fish industry and 14 years old in the fish factories, and et cetera?" No. We are moving here forward. We are integrating Valka, Curio, and Marel. We were only having EUR 45 million in revenues in fish compared to EUR 55 million what we should have. We are on speed working on resolving bottlenecks in Støvring, in our salmon business there. That will improve the revenue recognition covering the cost. We went as well pretty deep here in the integration with around 60, 70 less people in the total fish. After those integration, we are having not a perfect idle or utilization in the three manufacturing sites here in Iceland that we will unify and synergize. It's strange to have three manufacturing plants in Iceland, but we will change that. It's not a big country. You see the new pillar, plant, pet and feed. It's pet food, just nota bene. And plant-based foods, we are talking about. We are all changing to flexitarian. We all need proteins. It will be the center point of the plate. We are the world leader, global leader in solution, service, and software for all the proteins that human consumption is having available commercially. Although we are not yet in the eggs, but everything else, we are global leaders here. It's very, very important. CO2 targets by some retail stores. Biggest contribution will be when you move meat balls into plant-based balls. Why should we not be at that table? Pet food is the biggest here. Wenger, welcome once again, Team Wenger. Similar culture, 6% constant innovation throughout the years. Excellent solution that are taking care of the nutrition of the material. Higher nutrition out of each kilos is the biggest CO2 contributor. We need to eat and consume less. Having solutions, and I'm sometimes surprised when I see all the solutions out in the market that crunches the meat or other material and take all the enzymes and all the proteins out. We have been innovating less water, less energy, higher nutrition, more safety, Wenger as well. Fabulous together in a full-line systems. I've touched on the operational performance before and the EBIT bridge. It's a little bit shorter, 10%-16% than 6%-16%. Stacey. Thank you, Árni. Yeah. Thank you, Stacey. Nice to be here today. For those that I haven't met, I assume that we will meet in the coming period, and I'm just looking forward to get to know people both on the phone, but also in the room as well. I do not plan to talk as fast as Árni had mentioned previously, but it is correct that I'm a New Yorker. I am known to speak fast. Let's put it that way. I wanna first start with financial highlights in the quarter. We are pleased with the results in the quarter, showing operational improvement if you compare to Q2, and seeing part of the actions that we have taken starting to kick in with further improvements to come to get to the 14%-16% EBIT at the back end of 2023. Intake of EUR 427 million, lower than last quarter's record intake, though still solid, with a continued good pipeline showing the need for automation and digitalization in food processing. Revenues hit a new record in the quarter, EUR 451 million, both including and excluding Wenger. An increase of 36%, where we have 16% acquired growth, 20% organic growth. Hard work by Team Marel has gone into this revenue ramp-up with solid customer deliveries in the quarter, so really thank you to Team Marel. We are continuing to work on balancing between our manufacturing sites, and while we do see some signs of parts availability issues easing, we are still experiencing supply chain inefficiencies in the current environment. Both intake and revenues at a new level compared to a few quarters ago when we were working to break through the 370 barrier. Now we are above the EUR 400 million barrier. Wenger is fully built into the numbers in Q3, introducing our new segment, plant, pet, and feed, as Árni had mentioned previously, which also includes sales of retail and food service solutions into that segment, which were historically in our other segment reported. Book-to-bill in the quarter of 0.95, showing the revenue growth coming in. Healthy order book of EUR 751 million, representing 47% of trailing twelve-month revenues. Adjusted EBIT of 10.3%, as Árni has gone through, moving in the right direction. We're seeing better coverage of our costs at higher volume levels, and we're seeing orders at new price levels coming in through the order book, resulting in improved gross profit. Difficult decision regarding the 5% headcount reduction that was executed in the quarter. As Árni mentioned previously, we have adjusted for EUR 5.5 million of costs in Q3, with the remainder to come in Q4. The reason here is local laws and accounting regulations in terms of when you can book the provision on if the individual is off on garden leave or not. We do expect a total of EUR 10 million one-off for annualized savings of up to EUR 25 million going forwards. These savings will start to kick in in Q4, but then mostly towards the beginning of next year. There is a currency tailwind in the quarter, due to the strong US dollar, and Marel does have a higher proportion of its revenues in US dollars than its costs. Cash flow is below expectations in the quarter. Operating cash flow at EUR 1 million, free cash flow at EUR -35 million. This is impacted by the book-to-bill being below one, higher levels of investments, and we also have unfavorable working capital movements, particularly due to timing of invoicing and payments, and we are expecting gradual improvements in the coming quarters. Our cash flow model remains in place, and in our order book is orders that are secured with down payments. We are continuing to invest in our infrastructure in the quarter, in our manufacturing locations, as well as our end-to-end spare parts journey with the associated goodwill costs. We have officially opened our Łódź Shared Services Center that Árni will show you a picture of later on. As well in the quarter and in the coming week, we will be officially opening a production facility that is adjacent to our current operations in Nitra, allowing us to scale up in a better cost location. Leverage at 3.9x net debt to EBITDA, which is above our targeted capital structure. Increase in the quarter in net debt is majority due to the strong US dollar, which is pushing up the debts. We do have a plan to deleverage, and we are expecting to enter 2024 with a leverage that is closer to 2.0 times within our capital structure of 2-3x net debt to EBITDA. An important point, in Q4, we are expecting similar levels of results as Q3, and we then expect a gradual ramp-up towards the 14%-16% run rate in EBIT at the end of next year. Healthy order book, as already mentioned, EUR 751 million, representing 47% of trailing twelve-month revenues. Book-to-bill in the quarter of 0.95, showing the increased volume in the quarter. We will still see the price increases of 2022 filtering in through second quarter of next year. Good to remember that the orders that are in the order book are financially secured with down payments, a key item to our cash flow model. Earnings per share, we do target earnings per share to grow faster than revenues. Earnings per share in the quarter is affected by one-offs. We have the 5% head count reduction, we have the Stranda insolvency, we have a higher level of investments that we are currently making to enable future growth, and we have a higher rate of the purchase price or amortization for Wenger going through. We did run a share buyback program, which was initiated in Q2 and finalized in September, with the purpose being to meet Marel's obligations to employees under incentive programs that we have regarding shares. Now we go to the income statement of Q3. Revenue growth, 36% year-over-year, as mentioned, EUR 451 million in revenue compared to EUR 332 million at this time last year. Gross profit, 36%, moving up towards the target. Sales and marketing expenses, 12.6%, moving closer to the 12% target year-end 2023. Here we are seeing both the higher volume that is covering costs, as well as lower marketing costs after we did meet quite a few of our customers in a number of exhibitions in the first half of the year. G&A at 7.1%, including some goodwill costs as well as some doubling up related to our shared services transition, which will ramp down in the coming quarters. R&D, 5.9%, close to our strategic level and pumping out quite a lot of new innovations. Non-IFRS adjustments are higher than they have been, and I do want to walk through that. Of the EUR 27 million that you see here, we have EUR 16 million in purchase price allocation expenses. Here we will see elevated levels going through the income statement because we have built the inventory uplift to fair value, which will be amortized through this year and next year. We have EUR 5.5 million of restructuring costs, which were related to the 5% global headcount reduction. Then we have EUR 5.6 million of acquisition-related costs, which are related to Wenger and are part of the previously announced $540 million purchase consideration related to bonuses paid to employees. Our net finance costs are elevated, though it does not really look like it in this picture because you have FX tailwind that is going against the cost. Base rates have been increasing in the quarter. Our latest estimate is that we are at EUR 10 million- EUR 11 million interest on borrowings for each quarter. This will come down as we deleverage and repay our drawn debt. Stranda, EUR 7 million, declared insolvency in the quarter write off, and here you see it in the line impairment result of associates. For the nine months, here you see a 23% revenue growth, EUR 1.2 billion in the nine months compared to EUR 993 million. For the rest of the income statement here, I have highlighted the main points already on the previous slide, so I will continue. Assets, there is more to discuss on the balance sheet in terms of assets than there is for equity and liabilities. In Q2, we brought in Wenger to the balance sheet, which is the majority of the change from end of last year until this year. Our purchase price allocation activities are underway, and in this quarter, we booked the inventory uplift. Property, plant, and equipment include investments to digitize and automate in the quarter, such as the new building we mentioned in Nitra, the manufacturing parts warehouse in Boxmeer, and our end-to-end spare parts journey. Inventories are relatively flat in the quarter, although they might not look so. The Purchase Price Allocation uplift for inventory is included in there. There is some FX tailwind as well, as well as some cost price increases, which have been priced through in our current price levels. Focus is on bringing inventory down, which Linda has previously stated. However, this will take time, and our first priority is on revenue ramp-up. Receivables have been increasing in the quarter due to A, additional volume, but B, timing and invoicing of payments. This is unfavorable at the moment, and there is high focus on collections. Equity and liabilities, the main thing to mention here is the increase in borrowings quarter-over-quarter, which is majority driven by the stronger US dollar due to the purchase of Wenger. We move over to the cash flow bridge. As already mentioned, cash flow below expectations in the quarter with operating cash flow at EUR 1 million and free cash flow at EUR -35 million. The book-to-bill being below one times drives a lower cash inflow. We have unfavorable movements in net working capital, as well as higher investments that are the biggest drivers of cash flow in the quarter. We have already mentioned the FX impact on borrowings, which is driving the increase in net debt. Our cash flow model remains unchanged as previously, and we have shown historically that we can deleverage quickly after transformational acquisitions. Cash conversion. Historically, our cash conversion, and then we're talking about operating cash flow compared to adjusted EBIT, has been strong at around 125% average, showing our strong cash flow model. Our objective is to move gradually to 120% of operating cash flow to adjusted EBIT by year-end 2023, though the cash flow is expected to fluctuate quarter to quarter. Marel has deployed capital since 2016 in a number of acquisitions listed here on the slide, and we have successfully used our cash flow model to deleverage after those acquisitions, and we expect we will be able to do the same now. Jumping into leverage. Leverage at 3.9x temporarily above our targeted capital structure of 2-3x net debt to EBITDA. Focus on deleveraging so we can enter 2024 at the lower end of that range, closer to 2.0 than 3.0 within the range. We have seen this model work well for us in the past, and our strong cash flow model is still in place, though we are seeing temporarily elevated working capital that we expect to normalize as we see the EBIT improvements coming through. New syndicated term loan of $300 million was signed yesterday. This has a three-year term with a two-year uncommitted extension. Initial margin is 250 basis points on top of the standard financing rate, and the rate will move in line with leverage. The facility will be used to repay the EUR 150 million facility that we drew for operational headroom when we were acquiring Wenger. As well, at the same time, we have agreed with the banks on additional covenant headroom as a safety measure for FX volatility and for temporary swings. We are complying with our covenants currently using the acquisition spike that we have built in. This new loan will increase our available liquidity to as well fund future growth. With that, back over to you, Árni. Thank you, Stacey. Usually she speaks faster, but you were fast if you look at the clock and all the slides you went through. Stacey was touching on our cash flow model. It is a unique model. It is that our customers, they finance the projects. Projects are around 40% of our revenues. 20% is standard equipment, and we tend to run them faster and faster, although lead time is now around six months. Target is going forward four months. We are having more standardization, modularization. We are investing in automating and digitizing our innovation, our product lifecycle management systems and et cetera. Then we can share the drawing and the knowledge between the sites. Even though we innovate here in Iceland, Denmark, we can make the products in Nitra, Slovakia, later on in Brazil and China and so on. We are investing in the business, and that is how we are going to be ahead of the growth curve. If we keep this on when I'm talking as well, then you can use two sides of the brain, reading and listening. It is so important to capture the markets here in a perfect storm in the world economy. We are creating a perpetual revenue streams of service and software. 42% now growing and capturing the market share. Investing in the front and synergizing then in the back end, but we do that with our people and our culture, best-in-class products, and so on. The customer focus is key. It's always from time to time that companies become inward-looking when they go through the processes and et cetera. Remember though, 2014, 2015, we went in refocusing at the customer, for the customer, we gained 25% organic growth in the following two years. We are doing the same now. We are here out in the field with the customers. Innovation through partnership, we have been using that in the capital goods side. Then we have been talking to our customers. Why on earth have we not been co-creating the service packages? The question mark and surprise is the same on the face of the customers. We have, though, co-created now digital products, and we had a really, really good launch of new digital products in the poultry industry in this quarter. We are moving forward in capital goods, in services and software. What are we meaning by the infrastructure projects? I need to look here because no glasses now and. End-to-end spare part, what does it mean? It means that now what we are doing in recent quarters is making all the Lego bricks. You cannot just open a building in the middle year of 2024, and now here in fish, poultry, and Boxmeer, you just move it to the warehouse. We have to split the warehouses. In the shipping business, planning and scheduling in the manufacturing, and then in the airline business where you use quantum forecasting in the spare parts and et cetera. You have to have the IT system behind, you have to have the capabilities of the people behind, and then you move gradually into the global distribution system. However, we are simultaneously starting to pave the way as well in U.S. by splitting it and making the core pillar for the regional distribution system in the U.S. We are doing the same then in LatAm, China, and Asia, and so on. You do it step by step, and we all know as kids, it's a little bit easier to build a house with Lego bricks than doing it from scratch. We are a Lego company when we go for organization design and as well in our investment. The back end, what are we talking about? It's easier to think about Joe and Susan, our salespeople out in the field with the customers. What happens then behind the scenes all the way back? While we make some of the product in Denmark, other in Iceland, then in Netherlands, then in Nitra, and we have a seamless flow. 15,000 chicken per hour that goes to multiple swimming lanes. Whole chicken, roasted chicken, three chicken breast in a pack, depending on the weather forecast and et cetera. There are multiple touch points in the company. If you do it in a structured, systematic way, and you map out the processes, you can automate and digitalize them. If you start to automate, digitalize from the back to the front, you end in spaghetti. It's another Lego bricks. It sounds a lot, Nitra expansion, but that's the consumer-ready product. Boxmeer, our poultry hub, where we are now building a new class and sustainable energy and et cetera around the warehouse. The flow, flex and the flow for the standard equipment needs to be just like we have here, standard equipment pumping out and the projects in the other half. Støvring, we touched on that. We are making oxygen as well for the salmon industry in Støvring in Denmark as we are doing for the poultry industry in the Netherlands. Lichtenvoorde, we are moving meat activities from Boxmeer into Lichtenvoorde, making the clustering effect and so on. Lot of investments that are paving the way for more scalability and more speed. We are seeing first time since 1975 an inflationary recession, a real inflationary recession. I'm not talking about like in Iceland, we have seen that every six, seven years in the past. 1975, the oil crisis, they lasted for six years. Everything is happening faster now, so why should this not last for two to three years? It's not easy for many people in Europe with the energy prices. Probably 25% of the people in Europe seriously need to trade down. The other 75% are reading the papers, and we are trading a little bit down, traveling a little bit less and going, dining in, meaning dining at home rather than dining out. We see it in the number, we see it in the airline business, we see it in the hotel business. What does that mean for Marel? We have extremely strong market position, competitive position, interlinking primary processing into the consumer-ready. We are here, we are as well having solution with less water, less energy and et cetera. That is really needed. Inflation is the best friend of sustainability. At the same time as we need to show discipline in operation, break down, break up, primary processing meat. We have the vast, largest installed base, modernization in that installed base, but go after the secondary processing. Make acquisitions in poultry, like I said, and go after the volume growth there. There will always be proteins on the center point on the plate, then we have some vegetables, and then we decorate the plate with something else. Marel is 100% focused company and moreover 96% proteins. There is an ease in the supply chain. It is easing even though we are not yet out of the woods. I'm not talking about Marel. I'm talking about the global economy, meaning that there will be more availability of parts, but it's much more that we have reorganized ourselves how we purchase the part and the partnership with the suppliers. We are seeing logistics cost of freight going dramatically down. The only piece is that the energy prices is still up. All in all, I cannot say that I'm looking forward to the inflationary recession. It is a tough environment for many consumers, but we are having the keys to tackle that environment, and we will be out in the field here and taking markets here in this environment. Focus first operating model. We have been working with McKinsey and others here, analyzing how can we increase the end-to-end visibility, accountability. Behind the scenes, we are setting up seven business divisions, poultry, meat, fish, retail and food service, Wenger, service, software, and so on here that will all have internally their own P&L responsibility. We have as well customer centers out in the field that we are clarifying, having apples to apples to compare, same way of working and et cetera, et cetera. Very important that this is behind the scenes. We are moving forward here to increase the speed and the scale of the operation. Our clear target is EUR 3 billion in revenues in 2026. It's only one and a half year ago that we were having discussion, investors, analysts, are you not going to restate the targets? EUR 1.2 billion for two years in a row. What nonsense is this three billion target? We're having EUR 2 billion next year in revenues, around that. It's much shorter from EUR 2 billion to EUR 3 billion. The EUR 3 billion target was not a target in itself for the number either. It was how does Marel need to look like to be a one-stop shop in U.S., in Europe, in Asia, in LatAm. Our largest customers are having EUR 60 billion in revenues, heading to EUR 100 billion. To grow with them and do it different than 15 years ago, where our customers were just going for a low cost, now they want to replicate around seven factories at the same time into Asia from U.S., then you have to have this economic scale. If we think forward, it is a much larger number that you need to be the real one-stop shop throughout beginning to end. We have been working and growing like Lego bricks. We started in the middle of the fish sector in secondary processing, and then gradually from the boat to delivery. Same we have been doing in meat and poultry. Same journey is forward in the plant-based. We introduced yesterday as well the new sometimes called top structure executive board that is the top of the pyramid in the governance. In the executive team, the executive team remains. This is as well to increase the speed and the scale in current world economy. It is as well freeing up time for me personally to take care of many other things and the daily operation, the public affairs, the risk management, and so on. Moreover, give me time to focus on the people, systems, structures, and et cetera. Stacey Katz, CFO, Linda here with us, COO, head of the functions that are the key enablers for the business division to drive the growth at an appropriate cost in the. With Linda is, for instance, innovation underneath the customer centers, the supply chain, all the disruption that we have been tackling and et cetera. Then we formulate the seven business division, service, software as a standalone business, that we have a clear P&L responsibility in-house, although we will report four pillars toward investors and the outside. Good to see Árni Sigurðsson here stepping in as chief business officer. It was translated very strange in the Icelandic newspapers yesterday, but we didn't translate it ourself. CBO and deputy CEO here. Davíð Oddsson coming closer to me and the people and culture, really looking forward to it. It's becoming not only a business passion and et cetera. I'm recently now chairing the Nordic CEOs as well for sustainable future, where we are looking at better world with less CO2, more diversity, more inclusion, and so on. We will be very good here together, Davíð, when we start to talk about how to drive even more diversity, more learning and development, and et cetera in the company. We will explain this better, the top structures. However, we have as well the same excellent people, for instance, running poultry, running the fish division, Guðbjörg Heiða, Roger Claessens, and so on. Same leverage toward the customers, toward leading the people, and I will continue to discuss as well with you investor about the strengths of those people. This is more in line with other capital goods companies that we are comparing our w ith when you are reaching this size. Everything has its maturity. 2005, I remember clearly, EUR 129 million in revenues, 10% service revenues. You need a different operating model then. We went to EUR 600 million when we took on Scanvaegt and Stork. You move into another operating model. EUR 1.2 billion, we were stuck there for two years, then you have another operating model. Now, we are moving at speed toward the EUR 3 billion target, 2026, and this is the conclusion. After comparing with best in class, how to operate, how are we going to target our day, what are we going to achieve, and so on. I talked about the targets quite a lot. You know this slide, they remain both of the targets, 14%-16% EBIT in back end of next year. EUR 3 billion, 50% from recurring revenues 2026 and onward, you will start to see more digital revenue starting to ticking in. From 2024, although we will not split it, who knows 2026 and beyond what will be service revenue and software revenues when we are traveling from reactive to proactive to preventive maintenance. Back to Q&A. This is a travel, this is a transformation of the industry and ourself as individual and company. Tinna, you're going to steer the Q&A. Fantastic. Moving on to Q&A, we're gonna start with the online audience, and then we're gonna take questions from the room and via email. Handing over to the conference call operator. Thank you. If you wish to ask a question, please press zero one on your telephone keypad. Our first question comes from Klas Bergelind at Citi. Your line is open. Thank you very much. Hi, Árni and Stacey. Klas at Citi. Good to see the margin improvement and not only driven by accretion from Wenger. Question, though, is to what extent is it sustainable into year-end and beyond? You got operating leverage out of the backlog, better revenue recognition that help your OpEx. You have less one-off costs linked to the warehouse automation. Your gross margin is improving, which is driven by mix, but also better pricing. I would like to zoom in on the pricing. Can you talk through how much pricing you had out of the sales growth in the quarter and how much more pricing in the P&L we can expect in the coming quarters? I know we're still waiting for the savings to kick in, but keen to understand the pricing movement better. Thank you. Thank you, Klas. Maybe I start on, good question. To recap, around 40+ now in services, around 20% in standard equipment and around ballpark 40% in project. It fluctuates between quarter a little bit, the project and standard equipment. This quarter, to recap, it was only half month that the pricing of the services and spares were in. It's full effect of the 42% in this quarter in the new price level. Notably, we are not overpricing, we are on a right price level adjusting to the cost levels in the world. We are at similar price levels overall compared to when we were delivering 14%, 15% EBIT. Flowing through in this quarter, the 42% as pricing. Flowing next quarter is the standard equipment. Not fully, it's fourth quarter and first quarter. Full effect coming then in, not included so much in this quarter. The project business that have 12 months lead time will start to kick in in second quarter next year. Pricing and availability of parts are the far biggest EBIT driver in taking us further up, plus pricing execution, meaning that we go after when we have an agreement with our customer that they take the freight cost, then they should take the freight cost and so on. I would just reiterate that for Q4 we are expecting similar levels in terms of results as Q3, and then we expect gradual improvement up to the 14%-16% run rate in the back end of 2023. Our current pricing actions are still filtering through, as Árni mentioned. We're then in a regular drum beat in terms of evaluating our pricing and as well looking forward towards cost forecasts into next year. While we do see some signs of supply chain easing, we do also see an inflationary environment costs continuing to rise in other areas. We really are balancing all things, which is why we also expect similar results for next quarter. Yeah. On the actual sort of combined level in the P&L, you're not willing to say how much of the growth was pure pricing? Yeah. It is—I said that 20% were organic growth, but ballpark now quarter by quarter, the organic growth is 50/50 pricing and volume. You can say it that way and so on. How to calculate it then quarter by quarter, Klas? We are compensating the cost here with a higher price, and this is the new price. Today is day one, and then we go forward. Pricing is quite significant in the organic growth. Got it. My second question is on meat. I still think you talked a lot about the growth, Árni, you know, EUR 2 billion next year, EUR 3 billion potential, maybe more. I still think that you're targeting the 16% group margin longer term when we leave 2023. What kind of level do you think meat should deliver at within that level? It's pretty clear to me that the poultry margin can return to previous peak. I'm keen to understand if you think the opportunity to drive the meat margin closer to poultry has changed versus the time of the IPO. I'm thinking about aftermarket penetration, modularization, a more broader full-scale offering and so forth. Good question, but let me start with the good part. Poultry is going to 18%-21%, higher proportion than we thought before. Plant, pet, historically 14%, 15% cross-selling, upselling there, pretty straightforward to 16%+ there. Meat and fish are now in low margins. The trend forward is clear in fish. However, in back end, when we enter 2024, part of the 14%-16% EBIT, fish will probably not be higher than around 10%, 8%-10%. Meat at that point in time, realistic now it's similar level, although there is nothing that excludes that we will be in 15%+ in meat long term. We will not take any shortcuts here. We have a fabulous portfolio in the secondary meat too for us to ask the questions, key for the current environment, and we need to be out in the field. We need to have portfolio management of product and people. This is ballpark. This is not forecasting based on numerical insight. We have other numbers here, but if we just look at it at a helicopter level, around 10, 18, 21, 14%-16% in Wenger, hopefully, and cross-selling, hopefully 16%+. All in all, our initiatives go across all of those and the gross profit across 36% to 38% to 40% and back end of that year and home run in the SG&A. Nothing that excludes that we will be in those segments and all of those segments around 15% EBIT. Traveling from now to the back end of next year, and we get closer and closer to the end of this year, it's around 10, 18, 21 and around 16%. Got it. Very, very quick final one on the interest charge going forward. What did you say, Stacey? EUR 10 million-EUR 15 million per quarter until you start to delever? 10 to 11. EUR 10 million-EUR 11 million per quarter interest on borrowings at the current leverage rate and debt. Obviously includes the $300 million now that you'd- Correct. Raised yesterday, right? Cool. Thank you. Thanks, Klas. Thanks. Thank you. We have no further questions on the phone line at this time, so I'll hand back to the floor. Right. Before we move on to the audience, we have an email question from Akash from JP Morgan, and the first question reads: The cost of debt financing has significantly gone up since you gave the 2-3x leverage target during your secondary listing in Amsterdam. Can you tell us your latest thinking on leverage ratios? And would you consider lowering the medium-term leverage target ratio if the cost of debt stays at current high level of 4%-5%? Perhaps I start, Árni, and then you jump in. No, we do not consider changing our leverage target at this time. We are at 3.9x. Last quarter, we were at 3.8x. The difference between the quarters is due to majority currency effect on the borrowings. We do expect to be deleveraging, which we have done successfully in the past with our cash flow model and transformational acquisitions, and we expect to enter 2024 closer to the 2.0x than 3.0 in our targeted capital structure. We do not plan to change that at this moment. Now, we have a wonderful cash flow model, 125% cash conversion compared to EBIT. Just to repeat once again, we will be back on track there. The 2-3x leverage is not a coincidence. It's a lot of thinking behind it and scenario planning. When you are having so high quality of earnings, 40%+ in recurring revenues, you are having geographical spread, you are processing step spreads, portfolio strategy, dealing with flexitarian, vegetarian as well, poultry, meat, or fish. 2.5x leverage, you are really, really safe in all kind of scenarios. If we go much below 2.5, we are not yielding enough to our shareholders. We are here to make value for our stakeholders, customers, and shareholders, and our employees. We were too long at 1x leverage, so 2.5 is the number that is fitted for this high-quality company. Now, we are temporarily above. We have made a agreement with our trusted financial partners with acquisition spike, with extra liquidity and et cetera, and we delever fast. Remember when we acquired MPS, 2.9 leverage. 12 months later, 1.9. We are going to repeat that game, be back on track in the acquisitions journey, before end of next year. When we are closer to two, we will start again to accelerate our journey to be the one-stop shop. This is our game and has been since 2005. No changes. Great. His second question reads, the logistics costs are coming down very rapidly. Supply chain headwinds are easing, resulting in additional savings in Q4 from restructuring and higher pricing benefits. Is it fair to assume that Q4 margin could be up sequentially in decent amount? Was there any positive one-off items in terms of customers restocking spares that boosted Q3 mix so much that Q4 could see limited increase in margin? Just short. We expect similar levels in fourth quarter as third quarter and then gradual pickup in the coming quarters. We will not go in further details there. We have, of course, tailwind in the currency. We have a tailwind in many other items that we have been touching on, pricing of the standard equipment and et cetera. We are in a volatile environment, and short term we are looking at fourth quarter at similar levels in all aspects and then gradual build up. Okay. Handing over to the conference call where Andre Mulder from Kepler Cheuvreux has a question. Two questions. First, you gave a split of the drivers of sales. Could you also split the order intake in terms of acquisitions, organic and possibly the Forex part? Second question is, yeah, again, on Fish. Where I do see an improvement of the sales, it's still not delivering the results there. In the past it was said that it was mostly volumes that should drive earnings there, but it's still not happening. What's the reason behind it, and do you expect any further measures to be taken there? Yeah. I start with order intake. There is very, very important to stay focused and here in this environment. There is a first time, like I said, kilos in pork industry in Europe down 5% in this year-on-year. How do our customers react? They increase the prices, so probably we are going down there 10%. That's all shifting into poultry or plant-based and so on. The pork industry, though, and beef industry in U.S. is on uptick, so it's important to have balance in the geographies and et cetera. There was 100% increase in order intake between years in first and second quarter in the fish industry. We are not seeing that in the revenue levels because we were in EUR 45 million. We should tap in like EUR 55 million. We have explained we have been working on initiatives now in Støvring, moving the food preparation that was named meat preparation before, but it's handling all kinds of foods there. We are moving that out to make room for the salmon industry and so on. Salmon taxation in Norway will put a temporary turbulence in the order intake there for the time being. I had sushi yesterday and on Friday as well. I will not stop having the salmons, and the growth is still there. We will have an investment in land-based here in Iceland. We are seeing 36% increase in export from Chile to U.S. in last quarter of salmon and so on. We are geographically spread. Just to give you a little bit barometer and heat in the order intake, would I like to see even more sales in the secondary where we have been pumping out the new products? Yes. We need to go after it with a more rigorous, more focus because we have been pumping out in meat. Now we are moving the intensity, the center of gravity in innovation into the poultry secondary and so on. To give you insight, but we don't split it further, the order intake. Yeah. I think it's also good to mention that the product mix has been shifting a bit within Fish for the last two record quarters. We're heavier on the projects than standard equipment as historically. That is something that we are also paying attention and focusing on going forward. I think as already mentioned, we don't split the order intake, but Poultry is strong as expected for plant, pet, and feed, softer in Meat and Fish at a good level, although softer than the record quarter last quarter. I think additional question. I believe yesterday I saw the statements of the USDA that they're pumping $250 million into increasing the processing in meat and poultry. I assume you will benefit from that. Is there any time frame given? No. How the government, et cetera, jump in. The biggest transformation is when we work in triangles and pairs here in the value chain. We have been working on sustainable journeys here. For instance, one of the best stories is when we looked in the Benelux, where you are from as well, in the Netherlands, where the supermarkets, our processors and us were working together. How to utilize the animal and the produce within the region. Supermarkets take on the wings and et cetera on display. Our processors make new recipes, and we make new solution for our processors. Then of course, those supplementing or charging by taxes, the government, this is all intervention that is short-term and not driving the long-term transformation. Of course we will be at the table when those are here. I was previously talking about taxation in Norway that is probably above what is acceptable levels. We are talking about pumping in money into the meat and poultry. In general, I'm rather a free market trade guy, as you know, but we will be at the table here. Okay. Now turn to the audience here in Iceland. Any questions from the room? Okay, thank you. I think that concludes today's session. Again, our sincere thanks for your time, attention, and continued support for Marel.