Good morning from Reykjavik, Iceland, to our Q3 investor meeting, where CEO Árni Oddur Thordarson and CFO Stacey Katz will go over the Q3 results and some key business highlights. My name is Tinna Molphy, Investor Relations, and I'll be moderating today's session, where we start off with presentations and then move into Q&A. If you would like to ask a question, please use the Raise Your Hand feature in Zoom, or alternatively, you can email ir@marel.com. Now, over to you, Árni Oddur Thordarson. Thank you, Tinna, and welcome all to this Q3 results. In this quarter, and in recent periods, we have been intensifying our journey toward the market, be at the customer, for the customer, increase the customer proximity. We need all to lead here by example. I have enjoyed myself, for instance, going deep in China with our customer there, our great team there. Going into Turkey, around Europe, and as well, nice visits here in Iceland to all of these customers. We have been focusing as well on getting a leaner operation with a new operating model. We have been helped now by easing of the supply chain, and as well, seeing some of our price action filtering through. Getting the cost down and remarkable EUR 9 million year-on-year down the operating cost, and solid 9% EBIT. The cash flow is back on track here. As we know here in Marel, we have a great cash flow model, and it's nice to see that back here. Trailing twelve months, though, only at 100%, but very high in this quarter and going forward. So let's look at, and I want to start in the order intake, in that we are feeling better when we go into the Q4. We are seeing more activities. We are seeing as well more customer wins out there. It is in all segments, like we are securing a good orders in beginning of the quarter in the fish segment. We are seeing robotic sales secured in the meat sector. Plant-based as well, but then the remarkable large-scale transformational greenfield in Australia with the respected long-term partner, Baiada. This compensates for the soft order intake of EUR 391 million in the Q3. We have seen four to five quarters where we have been on soft side in the project order intake, and moreover, they have been coming extremely late in the quarter. So positive signs in beginning of the Q4. In recent quarter, we have had around EUR 200 million in project order intake, so a greenfield, large greenfield in beginning of Q4. You can see how proportional that weighs in. However, in the service, we have seen around and above order intake, EUR 200 million per quarter. So that's the base, recurring, increasing by 12% a year, year-on-year, last five years. We have been investing well in this business. It has costed non-recurring cost, but now it's harvesting time, going forward, and enhance the margins here with more speed, more operational efficiency, and further growth. This is one of the intrinsic value that we believe that we have been creating here significantly. So last quarter, a little bit higher even order intake in the service business than in the project business. Of course, we are targeting in the project business orders to be on the level in projects around EUR 250 million to 300 million, on top of the EUR 200 million in the service business. I would say, compared to the lower revenues in the quarter, that is a reflection on the order intake in the past quarters. We are delivering solid 9% EBIT. We are seeing our actions filtering through. The price cost ratio is improving. Stacey will go much deeper through this, and as I said, EUR 9 million down in the operating cost. It has not always been easy, and we are as well just streamlining our back ends and being out in the field here, but 9% EBIT compared to the target of sustained 14% to 16% EBIT and back on growth track. I want to stop a little bit here on this page. We have always highlighted how important it is, our cash flow model. If you study all the capital goods companies, and I challenge you to find a company that has a track record of 118% to 120% compared to EBIT in operating cash flow. This has been under that in recent quarters because we are in low volume, high mix business. We needed to ramp up safety inventories, because we are not going to sacrifice our business. We were able to deliver on time to our customers. Now, with the easing of the supply chain, we can ramp down the inventories. Model is that our customer finance the project business, and we run faster and faster, the spare part and the standard equipment. In this quarter, it's much higher than the 98% here. This is the trailing 12 months, and we are going back on track on our historic levels, but Stacey will explain that better. I will be back with you after Stacey goes through the financials. Thank you very much, Árni, and thank you for joining us today as we present the results for Q3. Major highlights in the figures this quarter are the strong cash flow, showing steps towards our historical cash conversion, the lower operating expenses on our journey towards a sustainable lower cost base, and the improvement in working capital rebalancing after the last few years. These highlights are showing that the actions that we have been working on diligently are materializing. I would also like to mention a softer highlight in the quarter. Linda, our Chief Operating Officer, and I took a two-week trip around the world to visit Marel's locations in Singapore, China, various locations in the US, and Brazil. It was really inspiring to meet with and listen to our engaged employees and passionate team, leÁrning more about the opportunities and the challenges that they are faced with each day on our united journey towards transforming food processing. Revenues of EUR 404 million, compared to EUR 422 million last quarter. Lower project revenues due to, as Árni mentioned, the level of projects orders received in the past quarters, and also due to a parts availability issue in Wenger that we expect to resolve in the Q4, mitigated by continuing momentum in aftermarket revenues at EUR 196 million. Continued progress on our investments in our end-to-end spare parts journey. Orders received at EUR 391 million in the quarter. EUR 391 million is below where we had wanted to see it, due to timing of investments, with orders shifting between quarters. Book-to-bill of 0.97, closer to the parity level, though we would like to see this continue to rise in the next quarters. Pipeline is strong and outlook is improving in the coming quarters. This quarter started off on a stronger note, as Árni mentioned, than the last quarter. Order book at EUR 562 million, or 32% of trailing twelve-month revenues. Gross profit improving in the quarter, 35.6% on a lower revenue base. We are seeing improvements in price, cost, and mix, which are then offset by volume and cost coverage. I will cover more on this shortly. Operating expenses are trending downwards with the focused effort of our team in relation to strong cost management and right sizing of resources. Total operating expenses are EUR 9 million down year-over-year, EUR 7 million down quarter-over-quarter. In Q3, we do have the benefit of releasing holiday accruals in, for example, Europe, which will go in the other direction in Q4. However, we are continuing to turn over each stone to ensure we are spending our money wisely. EBIT of 9% or EUR 36 million in the quarter, improving from last quarter on a lower revenue base. Operating cash flow of EUR 62 million, as Árni already mentioned, very positive, and free cash flow of EUR 32 million. Good improvements in terms of rebalancing our working capital. In the quarter, capital expenditures normalized and cash flow was strong, despite timing of tax payments. Bank leverage per our credit agreement remains below 3.5 x Net Debt/ EBITDA. That being said, finance costs are elevated. In the Q3, we also paid fees for the new term loan and the extension of the revolver. We expect to continue our cash and EBITDA generation, as well as improving working capital, to reach our targeted capital structure. Finance costs expected around the EUR 14 million level in Q4. If we look at our diversified revenue base, the revenue by segments picture shows the impact of lower volume in the meat segment year-over-year. The revenues by geography picture shows as well, proportionally higher revenues in EMEA, particularly South Europe, than the Americas year-over-year, in line with market conditions. The revenues by business mix shows the resilience of the aftermarket business, which has now grown to EUR 776 million trailing twelve-month revenues. It also shows the relatively lower project revenues. We are committed to our targets of achieving a sustainable 14% to 16% EBIT, made up of 38% to 40% gross profit and 24% operating expenses in the course of 2024. We have been working to achieve our targets, despite the headwinds in the environment. The chart to the right, I believe, shows it well in terms of the bridge between Q2 and Q3 EBIT, where we see a negative effect from the lower volume that is then compensated by improvements and positive movements in price, cost, and mix, as well as lower operating expenses, leading to the 1% improvement in EBIT. The initiatives mentioned on this slide that we are working on to get to our targets are the same ones as we have mentioned last quarter and are ongoing. We are seeing results materializing in the quarter on numerous items on this list, like the price cost discipline, the mix, the continued aftermarket revenues, ensuring our workforce is the right size, our added focus on our product portfolio, ongoing actions on our footprint optimization, and procurement savings campaigns, which are linked to the easing of the supply chain and our stronger cost management for a sustainable lower cost base. As already mentioned, strong operating cash flow of EUR 62 million in the quarter due to moderating capital expenditures and focused improvements on the working capital. Free cash flow at EUR 32 million in the quarter. Very good improvement, both quarter-over-quarter and year-over-year, despite tax payments being on the higher side in the quarter. Interest payments elevated in the quarter, including the cost for the new term loan and extension of the revolver. Bank leverage remains below 3.5x net debt to EBITDA, which is connected to the interest rates bracket that we are paying. In terms of CapEx, we aim to continue at a normalized level of 2% to 3% to be prudent in relation to being above our targeted capital structure. Focus now is on reaping the benefits of our investments in, for example, the manufacturing parts warehouse in Boxmeer, which is ramping up in efficiency and continuing our end-to-end spare parts journey. Let's now walk through the segments. Good improvement in orders received in poultry in the quarter, and pipeline is improving. Outlook is improving as input costs are moderating and profitability is improving at the processors. The Q4 started off on a stronger note than Q3, with the greenfield order that Árni mentioned previously. Revenues were stable quarter-over-quarter, and aftermarket continued strong. EBIT margins slightly down in the quarter compared to last quarter. This is due to costs associated with ramping our manufacturing parts warehouse to the desired efficiency level. Meats continues to face a challenging environment that is not yet moderating. EBIT ticks slightly upwards in the quarter to 1.3%, still below expectations, that is clear, though it does show that the focused actions to lower the cost base of the Meat team are materializing. EBIT increases despite the lower volume, as you can see in this picture. Orders received were soft in meat for the first nine months of the year. Beef is outperforming pork. North America continues to drive orders, and there is more activity within consumer-ready in secondary processing than primary. There are, though, quite a few interesting projects in the pipeline for meats, though elevated uncertainty in terms of the timing of conversion of those projects. Processors are interested in automation investments with value-added solutions in secondary processing. Priorities in meat are to be at the customer, to focus on driving commercial activity with a focused portfolio of value-added solutions, as well as ongoing actions to lower the cost base and improve profitability. In fish, like in meat, we do see improvement in the EBIT up to 0.9%. Still below the expectations, though, on a lower revenue level. So it's very good to see EBIT moving in the right direction with the focused actions of the Fish team in the quarter. Orders received in the quarter were soft. Demand in salmon continues to be impacted by clarity on the resource taxes. Demand in whitefish is impacted by inflation and by shifts to cheaper proteins by consumers. Outlook for orders received and the pipeline is improving and expected to pick up. Processors are focusing on value-added solutions and further automation. Fish continues efforts to finalize projects from previous acquisitions. The team is making progress, though it's also clear that this is taking time. The dedication by the Fish team is really admirable. Further actions to expand EBIT margin focus around operational efficiency and optimization. These are ongoing. Plant, Pet, and Feed at 13% EBIT in the quarter. Solid orders received in the quarter, driven by pet food, while outlook is softer in plant-based and aqua feed solutions. Revenue and EBIT in the quarter was affected by a parts availability issue that is expected to resolve in the Q4. Operational for performance for Wenger for the year is expected to be within the 14% to 15% EBIT. This means that they are expecting strong deliveries and favorable mix in the Q4. Order book at EUR 562 million or 32% of trailing 12 month revenues. Book-to-bill in the quarter of 0.97 or 0.91 for the first nine months of the year. We are expecting stronger conversion of pipeline into orders in the coming quarters. I already covered quite a bit of the income statement here. On the gross profit development, I did want to mention that we do see pricing on steel, logistics, and other materials coming down in line with indices. There is a timing delay in those benefits, hitting our figures with the current usage and income level. Operating expenses, as we have mentioned, EUR 9 million down year-over-year, EUR 7 million down quarter-over-quarter. We have continued to focus on reducing our cost base sustainably, and the percentages here, of course, are being impacted by the volume. Non-IFRS adjustments are back to normalized levels, with the purchase price allocations around the EUR 7 million mark, limited acquisition-related expenses, and we did adjust EUR 1.5 million relating to severance and right-sizing actions in the quarter. Further detail on the non-IFRS adjustments are included as an appendix, both to the presentation and the press release. Finance costs elevated, as previously mentioned, connected to the debt level. Looking at the balance sheet, on the asset side, the property, plant, and equipment is increasing related to our investments. Inventories continue to trend downwards, making good progress with focused targets and efforts by the team. Contract assets are decreasing between quarters, showing solid customer deliveries based on our order book. Cash is increasing in the quarter with strong cash flow, a good sign for us to be able to pay down our debt. On borrowings, there are limited movements between the quarters aside from currency. As already mentioned, in July, we signed a two-year extension to the revolver and a new EUR 150 million term loan to create headroom to repay the upcoming maturity on the Schuldschein. An appendix with further information on financing is included in the presentation. Trade and other payables decreased due to volume, timing of payments, and payments due to investments. It's really great to see here in this picture the big difference year-over-year in terms of free cash flow and the improvement. As well, as already mentioned, bank leverage remains below 3.5 x net debt EBITDA per our credit agreements. We are focused on staying the course towards reaching our targeted capital structure of 2x to 3 x net debt EBITDA, with improvements in working capital, as well as expecting a pickup in order intake. Back over to you, Árni. Thank you, Stacey. As always, very well explained, line by line, how we are driving our financials, getting back on track in the cash flow and our operational, results. So, last time, I had the main focus on our technologies and how we are transforming the way food is processed. This time I will deep dive a little bit into our customers, but we are very proud. SensorX came 20 years ago into the market, started in the fish industry. Very difficult to detect the bones and hard contamination in the fish industries. The species varies quite significantly. It's a blockbuster in the poultry industry, just to recap, and now we are moving with our Accura system, Magna system, into the meat, where it is very much needed in the meat. You have seen the kilos or tons going down in Europe and the U.S. in the meat sector, while the primary focus is on the consumer- ready, fresh or prepared, and of course, it needs to be safe, fully traceable, contamination-free, and with a fat-lean ratio on a good level for our delicious burgers. One of the uniqueness in Marel, alongside the digital, our pioneering portfolio, is how close we are to the customers. We have built up, second to none, a global reach with the customer centers in six continents. We are seeing wins in the market. Let's start the air chilling here in North America. I cannot name the customers, but here we are riding on the wave of Lincoln Premium Poultry or Costco and Bell and Evans, that are reference plants in the U.S., where we are transforming the way poultry is processed. With air chill, with seamless flow at higher line speed than has been seen before, and we will step by step transform and get the U.S. poultry business to the next level in servicing the delicious chicken over weekends and every single day. Lonac in Mexico, Ayvalık in Turkey, long-term customer there, partner out there. Bremnes in the fish sector in Norway, and then Tempe today in India, in the pet and feed industry. Just to give you a glimpse on customer activities, in last quarter, Ayvalık came in, though, in two tranches, in Q1 and Q3, as ordered. As I said, we started the Q4 with a blast, with Baiada in Australia, in the Q4. Warming up for air chilling, we have to have some humor here, Tinna. I believe this comes from you. But this is changing the game. We are not in the water business. Adding water in beginning of the process, we want to air chill it. It's more carbon neutral in doing it that way. Otherwise, as well, the water drips out in the supermarket or at the pans of the consumers. So we are having the portfolio here, and we are seeing it warming up, and we are expecting a lot from increased line speed and the air chilling in 2024 in the poultry industry in U.S. Recap. Beginning of the year, our customers were facing inventories and lower prices, when this has been stabilizing throughout the year. And actually, now there is more demand than the supply, and the prices of the end products are starting to pick up, improving a bit the operation profits for our customers. And to stay competitive, you have to have the best-in-class seamless flow. Turkey, it was a great visit, dear customers and dear team. I had the opportunity to go both with the Meat team, visiting our meat customers that are planning a large-scale investments, and as well, the Poultry team, visiting, like, seeing when Ayvalık is halfway through. They have built the infrastructure. They are now starting to install our equipment and the solution there. As well, it was nice to visit the fast food restaurant chains. The biggest one, having 1,600 outlets in Turkey, is actually owning as well 1,600 outlets in China. Very many similarities with those market, and good to take them in one go in, in Shanghai and Istanbul. Lonac in Mexico, we have gone through that, that case in the beef market. So even there is a softness in North Europe and North America in the kilos and tons, then we are moving forward. Overall, globally, we are seeing a flatness this year in kilo and tons, and people need to move on with automation. There is labor scarcity all over, even in Turkey, even in China, and the salary increase is quite significant at the moment, and we need to automate. When I say we, the, the value chain as a whole. Bremnes Seashore in, in, in, in Norway, let's move on. There is now... Though here we are talking about salmon. You have seen that we have been talking about the tax resolution in, in Norway. That went through the parliament in May. It's still affecting the order intake in Q3. However, the Norwegian salmon industry and the Faroe Islands one with the North Atlantic salmon is the most profitable and will continue to invest, and then you invest in other geographies, such as land-based here in Iceland, that is in large-scale investment. And then we are very proud to move forward with Tempe in India. This is testing the market and how we can take the plant-based industry there on the next level. We have talked about our targets, 14% to 16% sustained EBIT. Best-in-class EBIT, with best-in-class operating cash flow. This is not done without dedication, commitment, and hard work of our people, and I really want to thank you. We have as well been putting the money where our mouth is, continue to innovating and investing extensively in our infrastructure. Of course, that has colored the books. Now, we take those capital expenditure down to normalized level. Our infrastructure is second to none in this industry. We are the global leaders in solution, services, digital software toward the market. There is needed economical scale here. The market is quite fragmented, and there is a need for ongoing consolidation in the market. Our customers, the largest one, are EUR 50 billion to EUR 80 billion in revenues, and we are seeing as well Muyuan targeting similar levels. We are seeing Tyson, we are seeing TPS, and then we are seeing prominent supermarket, such as Costco, Walmart, moving into the value chain and going with us in partnership to transform the value chain. But let's go to Q&A. Thank you, Árn i, and thank you, Stacey. Yes, very keen to open this up to the floor. And so if you want to ask a question, again, raise your hand in the Zoom feature, or you can, alternatively, email ir@marel.com. First up, we have Claes Berglund from Citigroup. Please go ahead. Hi. Hi, Tinna, can you hear me? Yes, we can. Okay, perfect. Hi, Árni and Stacey, Claes at Citi. So, it looks like the underlying self-help is coming through, which is great to see, but you need to get around EUR 450 million in sales per quarter here for this to shine through properly. Orders are below EUR 400 million at the moment. You obviously signed a big greenfield order, start of the Q4. The pipeline looks solid. Can we talk about the pipeline a bit more? Are there enough orders here in poultry to push you up to the EUR 450 million level, say, within six months, given that the outlook for meat is rather flattish from here? I'll start there. Yeah. So Claes, thank you very much for the question. We were a little bit softer in Q3 and a little bit later coming in than we were targeting. That has been the case for four to five quarters. That was as well the case, 2008, 2009. Five quarters in softness, and the following four quarters, 21% increase. Just to recap, very important, there is a catch up, catch up, on top of the underlying growth of 4% to 6%. The pipeline is there, and it's strong and building up in all industry, mainly though in our highest profitable industries, the poultry, plant-based, and pet. So yes, there is enough, and it's only question of time when we start to reach what we don't define softness, but we reach above EUR 450 million in order intake, comprising of our great service, EUR 200 million, EUR 200 million plus, and then comprising the EUR 250 million in solution and equipment. So we will probably not reach the EUR 450 million in Q4, but, but you asked about, is that enough to reach our targets? You see, we would be very close to 24% OpEx in this quarter. It's EUR 450 million in operating cost, and we are taking further actions to, to get it leaner and then automate and digitalize the back end. So, so yes, it's a question of time. We are not yet out of the woods in how long time it takes to, to do the lateral credits. It seems like it will. It's all now easier and easier for our customers to make the prepayments. So yes, we will gradually go there, and that is a part of the assumption to get back on track in the 14%-16%. Thank you. Then, I had a question on the warehouse expansion, infrastructure, as you call it, in poultry. When do we expect these investments to drop out? The sales in poultry wasn't too different versus my expectation, but the margin came in lower than I thought, and if you could quantify these investments in poultry, please. Over to you, Stacey. Yeah, sure. No worries. So I think the team is really working dedicated on ramping up the efficiency, let's say, to the desired efficiency level. Of course, when we're making investments like this in the manufactured parts warehouse in Boxmeer, it is also not to get to the same efficiency level, it is to really increase our efficiency level. So I believe we're taking diligent actions, and I would say we're looking for ramp down, let's say, towards the end of the year. And I think it's a fair comment, Claes, but at the same time, I would say volume was the same in poultry quarter over quarter, and the difference is really, let's say, the additional costs on investments that we have been incurring. Thank you. So we implemented the new warehouse in beginning of Q2. It is about the operational improvements, different flow on the flex, and we will continue in our great business. So yes, soon we will get this out, like Stacey said. Perhaps it's also good to mention that we recently visited this manufacturing parts warehouse, so it was really brilliant to see the automation, the investments, et cetera. That's good. Yeah, and staying with the team as well- Yeah On the commercial front in Boxmeer, and thank you, team. It was really nice to see. We are having 1,700 people in the Boxmeer site. It's our largest site, and there is a lot of spirit and passion. Go get in the growth market of the chicken. Yeah. I'll get back in line, but I have more questions. I'll jump on later. Thanks, Claes. Okay, next up, we have Akash Gupta from JP Morgan. Please go ahead. Yes, hi, good morning, everybody, and thanks for your time. I have two as well. The first one is on 2026 target, so you still have EUR 3 billion in revenues, and when I look at your last twelve months sales figure of EUR 1.76 billion, I mean, you need 19% CAGR in the next three years to get to EUR 3 billion by 2026. Again, I mean, this has both organic and inorganic growth included in this EUR 3 billion figure. But I was just wondering, Árni, if you can provide a bit more color on how you see the pace of growth in the medium term and the direction to get to EUR 3 billion by 2026? That's the first one. Yeah, very good question. And, of course, you have seen that it was softer than we expected in recent quarters. We have, based on experience, based on bottom-up the pipeline business division by business division, based on interaction with our customer, based on discussion with the CEOs in the global banks that are actually financing our customers, we believe it's a matter of time when we will bypass the 450 level. Why am I always talking about the 450 level? It's because our pro forma revenues were EUR 1.8 billion in 2022, and we can define growth back on growth track when we get two consequent quarters above 450 level in order intake. So we expect a very good growth in the coming years. However, we don't want to define the timing there. Our primary focus, as well, in 2026 target, was to reach 50% recurring service on software revenues, and we said with you investors, towards 2017, dear investor, it is systematic investment, and you can start to see increased software revenues 2024 and onwards in our books, and we stick to that. This quarter, 49% are service revenues, but the product revenues are lower, so underlying, we are moving closer from 40% to 50% in our target there. We got similar question towards the 2014, 2015, 2016, "Are you going to abandon your EUR 1 billion target?" When we were only EUR 600 million. Then we finalized a large-scale acquisition. The timings are uncertain, but we will be back on track as well in the consolidation game in the industry, because we need the economies of scale to have the digital software solution. I don't want to go into details how we see it, and let's revisit it again after our Q4 full year results. Thank you, and my follow-up question is on meat business. So you mentioned in the release that the quarter had soft orders and profitability is also lower than expected. Can you tell us the path for recovery in both meat demand and profitability? And when do you think we may be going back to the normalized margin range of mid- to high-single-digit in this segment? Thank you. ... Yeah, to be fair, then it's hardest to predict in the meat sector. We have said clearly that we are strengthening the commercial focus. We are focusing on the secondary portfolio here in the consumer ready, where it's much needed. At the same time, there are large-scale greenfields in our pipeline. It's hard to have the timing there as well, but we are coming closer and closer. At the same time, we are ramping down the cost in the primary meat because we don't expect a capacity expansion in EU North Europe and North America. So the team is working here hard. There are opportunities in the meat sector out there, so gradually we will move that, but we wanted first to stabilize the cost base, and we have pioneering solutions that are the question to current market environment. Then, of course, we have a high plans with Muyuan in China, where the market is starting to stabilize, building not only primary processing but secondary processing as well. I mentioned Turkey as well, with Namet working on projects there, and so on and so on. So there are pockets there. We need to increase both the service revenues in meat and as well getting the base orders. Thank you. Okay, next up we have an email question from Sævar Karl Jóhannesson from Arion, and the question reads: In the Q2 report, management announced that forecast indicated 12% to 14% EBIT in Q4 2023. Is that still management's forecast for the Q4? I think there's room there for it. Yeah. So the 12% to 14% is still reachable. It's more stretched than when we reported the Q2. The reason is how late the orders came in in Q3. However, if the pattern of the order intake as well in Q4 will be different than the last quarters, like in poultry or plant-based, where we are very standardized, modularized, then we can accelerate the build of those modules. So we remove the 12% to 14% as a primary watch out here, but we are focusing on the 14% to 16% sustained level next year. Some would say, "How can you reach 14% to 16% if you, you are not as well sure about the 12% to 14%?" Things don't work in that direct that way. We need to have a stickiness in what we are doing. That's why we took 18 months in rebalancing and getting us leaner from middle of last year, where we were 8,500 people, to end of this year, where we are 7,500 people. And then we are looking at the scalability, meaning when we ramp up, we want to have less marginal cost than marginal revenues. So this is what we are looking at, and we are talking about sustained 14% to 16% EBIT going forward in a growth scenario. Okay, next question is from André Mulder from Kepler. Please go ahead. Can you hear us, André? Can you hear me now? Yes, we can. Okay. Two questions. First question on the price to cost ratio is improving. I would expect that the large part is really coming from the lower cost level in terms of raw mats, energy, logisticals, rather than pricing, in the absence that you have taken further actions on pricing. Is that right? So, I would actually say no. I would say the larger percentage is coming more from, let's say, the pricing improvements filtering through and overall coverage than on the, let's say, overhead. We do see that the materials and those indices are starting to go down. However, I think we also see at the usage and volume level that we're at currently that it will take some time before we are really seeing those benefits in our results. Okay, second question is on restructuring. Do you expect any further restructuring costs in Q4? I would perhaps mention that I think we're still on our journey in terms of making sure that we are headed towards a sustainable lower cost base, that we can do things more efficiently, et cetera. So, I wouldn't rule it out, although I wouldn't also give guidance on it at the moment. I mean, I think these, these costs that we are taking, we feel are, let's say, to set ourselves up for resilience for the future, to be able to get to also our 38% to 40% gross profit and our 24% operating expenses targets. Yeah. Okay. There will be some cost in Q4, but it is. We are very prudent in how we classify that, and you can see it best now by our EBIT 9% and our operating cash flow is 170% of EBIT in last quarter. For two reasons, we have a great operating cash flow model, and secondly, we are very prudent in how we adjust the EBIT. Coming back to this pricing thing, this is the result of actions you've taken in the past, so you've not taken any further pricing actions recently? Yeah, our last price increase is, the increase was at the beginning of the year, as we've stated previously. We do run, let's say, quarterly cycles, and we are also focused on value-based pricing, so that means that we are also really looking at, let's say, the deal and deal pricing within that. We have run our quarterly cycle for Q4, and yeah, I don't really think we will go into, let's say, each quarter now. But we are both conscious of, let's say, the material prices coming down, but also the wage inflation for ourselves and for our suppliers also remaining at a higher level. Yeah, very important. Quarterly cycles, quotes outstanding 30 days instead of months before, team in place, system in place. And to recap, purchase price index, wholesale index is usually 6six months ahead of the CPI consumer index. We have seen now five, six, seven quarters in a row, purchasing price index going down throughout the system, depending on geographies. There is deflation in China, actually, and so on. And now the CPI is nearly only consisting of energy and salaries. Salaries are, are, are, and then the turnover rate of, of the people is our business biggest business opportunity because our, our customer need to automate. It as well request discipline on our operation. And once again, EUR 9 million lower year-on-year OpEx, despite the global 6% salary inflation last year, is a pretty good milestone, and then we will continue to become leaner with more optimization on digital in the backends. Great, thanks. Thank you. Next up, we have Martijn den Drijver from ABN AMRO Oddo. Please go ahead. Can you hear us? Martijn? Yep. Yes. You can hear me now? Yes, we can. Yes. Sorry about that. Most of my answers, or most of my questions have been answered. I have two left. You talked about the costs associated or inefficiencies associated with the automated warehouse. Can you do the same for the global DC in Eindhoven and the regional DC in Beaufort? When will those cost or inefficiencies come down? That would be question one. Sure. So, Beaufort has been in operation, and it was actually one of the sites that I visited when we were with Linda passing through the U.S. Beaufort is already above efficiency level compared to how we were handling spare parts previously in the North America region. So there are not further costs being incurred in relation to Beaufort, and it's actually like, Beaufort is not a state-of-the-art automated facility, but you can really show that the team has been very dedicated in how they have run their processes, and I think you also see that back in the continued momentum in the aftermarket revenues. In relation to the global distribution center, I mean, that has not started up yet. That is still being invested in. I think you can see those costs then coming through in terms of the capital expenditures. There are also associated operating expense costs in terms of people that are working to get the global distribution center ready. But the plan is for that to start being in operation in the first half of next year, and then it will be like a gradual roll-in. Got it. And then, just a small bookkeeping question: the cash taxes were high this Q3. Is that just a timing issue, or should we take into account some more structural change? No, it was just a timing matter. So it was EUR 3 million higher than last quarter. I think also if you then saw, let's say, how we made estimated tax payments in last year, it was a bit of a catch-up effect. It was all already booked in terms of the balance sheet, so yeah, just a timing matter. All right. Thank you very much. Okay, next up, we have a couple of questions from Haldor Kristjansson on the, and the question reads: "Has Marel appointed an investment bank as an advisor? If so, what is their role? And please also clarify if investment bank or advisor has been appointed by Eyrir, not Marel. So first of all, Marel doesn't comment on market rumors. The chairman answered that clearly toward the request that came from the journalist. As always, we have the fiduciary duty of being adequately advised in the financial markets. Nothing more to comment. His second question is: Much focus is on improved cash flow, so, and presented as operational improvements. How much of the net cash flow improvement in this quarter can directly be explained by lowering R&D from historically 6% to only 2% to 3%? And what can investors expect will be the R&D ratio in 2024? I think there's probably a mix-up there. Yeah, so I think we're mixing two things up. So one is, let's say, the R&D percentage, and the second one is the capital expenditures percentage. If you actually look at R&D, R&D is 6% in the quarter, so that is, let's say, similar to historical levels. You do see that it goes down EUR 2 million quarter -over -quarter, and that's very much about efficiency in relation to how we best use our resources, et cetera, like we said. I do think it's good to run through, let's say, the improvements in the cash flow. These should be clear from the cash flow statements, but if you look at improvements in the cash flow from operating activities, it's about 30% from a higher EBIT level result from operations, about 30% also from contract assets being worked through the order book and getting payments from customers, and then about 40% due to the inventories decline. So that's basically how you break down operating cash flow, and then the journey from that to free cash flow is basically EUR 3 million higher in taxes paid, like we just discussed. And then EUR 6 million lower in relation to the capital expenditures, where we are aiming to be at normalized levels of 2% to 3% of revenues to be prudent while we are above our targeted capital structure. Then perhaps, Árni, if you wanna take any further comment on the R&D, but I would actually say it was probably just a mix-up. Yeah, so you maybe see as well going forward that we are seeing the R&D going forward 5% to 6% level, when we have been stating the 6% in the past. Of course, when our service revenues get closer to 50% and are above 40%, we don't need as high percentages to get the same. Although, one of our biggest investment in R&D is to move from into the preventive service from the proactive service. We were reactive, proactive to preventive. So digital, connected, and digital, but overall, we will see R&D balancing out, maybe long term in 4% to 6%. Here we are cautious in 5% to 6%. We as well might be slightly higher than 18% in SG&A for the Q1 because we have so wonderful portfolio to display out there in the field with our customers, but then we will take as well the digitalization, optimization of the backend. OpEx, 24%, clear target. Gross profit, clear target of 38% to 40%, with a long-term target of 40%. Okay, and since we have time, I think we have, Claes Berglund with his follow-up question. Please go ahead. Thank you, Tinna. Yeah, so just on near-term expectations, last quarter, Árni, you helped us a bit with the near-term trading. You said you saw sales likely in the Q3, similar to the second, at a lower cost base. Obviously, sales came in lower and largely drove the margin miss. There is some seasonality, I think, into the Q4, with typically higher sales versus the third. Do you expect this to play out, and do you think you will have a further lower cost base, which perhaps could push the margin over 10%? Perhaps not all the way to 12% to 14%, but, you know, further margin progression. Thank you. We are expecting margin improvements in Q4 compared to Q3, and the market situation is turning positive. That's clear. Activities have seldom been as high as they are now, and of course, internally, we have very ambitious target to now crystallize this. We have been gaining market share in recent quarter in the softness in the market, so we are going to both do it systematically, long term, and then go and get the, as well, out there in the standard equipment. Yeah. And then perhaps I just comment on your comment regarding the lower cost base. I mean, I think we also have to realize that in Q3, we have the benefit of the releasing holiday accrual. So, we are, let's say, continuing on that journey to lower our cost base. Whether it ends up exactly the same, slightly different, you know, I can't exactly say at the moment because there are also other actions that we are currently taking to also positively affect it as well. Yeah, so the absolute will, in OpEx, will be slightly higher than Q3, and then we have more volume coverage. But you will have higher quarter-on-quarter volumes, right? Because you typically have Yeah, yeah, yeah in the Q4. Right, yeah, and we have a higher volume coverage Exactly against that, so percentages wise, so. Yeah. Okay, clear. Very quick final one is on, on price cost. Obviously, good to see that the gross margin is improving quarter-on-quarter a bit. We can see the OpEx improvement of EUR 9 million, and then on slide 10, you have shown the 3.5% margin improvement from price mix. I don't know, Stacey, if you can help us just within sort of COGS here a little bit. You are price, cost positive now at the COGS level, but by how much, and how should we think about the next couple of quarters? Because we know the logistics raw mats are gradually coming down. You have good visibility on pricing trending through the backlog, right? So I guess the gross margin from here should gradually, quarter-on-quarter, step up unless something strange happens. I'm just trying to sort of. Yeah Yeah. Yeah, no, I think that's a fair assessment, I would say. We do envision a step up. I would say, though, the impact of the volumes here does really affect in terms of if you also look at the picture. What we also see in this environment, where we talked about it in fish and meats, let's say, also more focused on value-added solutions and secondary processing, that is also positive in terms of how it affects the mix if we have the volume. So, Yeah. We are really trying to balance quite carefully in terms of, on the supply chain side, how we're managing our sites at the moment, et cetera. I think we also need to realize that, we need to make sure we take the right decisions, so we're not just then going quarter by quarter. We need to be able to ramp up when we can ramp up, and so on and so forth. But we are following it very closely with scenario planning with our team. Thank you. So the power, the power curve is clearly shifting in industries by industries. It was good to be in transportation in the pandemic. Shanghai Freight Index went from 1,000 to 5,000 on the spot in the middle, back now to 1,000. The oil price, energy price was as well extremely low in the pandemic. Now, that is going up. This is how power curves shift industry by industries, and we should get filtering on lower cost, get filtering on fair price. We are following it very, very diligently because we don't want to overshoot either, so we do it quarterly. Thank you. Thanks. We also have a follow-up from Martijn den Drijver from ABN AMRO Oddo. Please go ahead. Yes. Can you hear me? Yes. Yes, indeed. Okay. What is the order of magnitude of this holiday accrual release in the Q3, Stacey, could you share that with us? Is that- Mm low single-digit, mid single-digit, high single-digit EUR millions? Just to get a bit of a sense of what the reversal impact will be in Q4. Yeah, yeah, below single digit. Yeah, but you can see it last year, so that's why we compare year-on-year- Yeah EUR 9 million down with the same seasonality. Yep. You can see the movement into the Q4. Got it. But now we are taking additional action as well to get leaner. Last year, Thank you we also had inflation in the Q4, perhaps, so it is a mix. Yeah. So, I understand the question Yeah but low single digit. Thank you. Indeed, many questions raised here today. On behalf of the broader team, thank you all for your time and attention and continued support for Marel. We'll see you back here in Q4. Until then, take care and have a great day. Thank you.