Good morning and a warm welcome to our third quarter financial results meeting broadcast to you live from our headquarters in Reykjavík, Iceland. My name is Tinna Molphy from Investor Relations, and I will be your moderator today. We will start with presentations from CEO Árni Sigurdsson and CFO Sebastiaan Boelen, who will go over the third quarter results, our outlook, and provide an update on the JBT merger. We will then conclude with Q&A, and if you would like to ask a question, please use the raise your hand feature in Zoom, or you can also email us at ir@marel.com. With that, I'd like to hand over to our Chief Executive Officer, A rni Sigurdsson. Thank you, Tinna. Good morning, everyone, and thank you for joining us today. There are three key points that we want to share with you this morning. First, it is our financial results for the third quarter. Second, it is the 2024 and midterm outlook. And third, an update on the recent milestones reached towards the potential combination with JBT. Starting with the financial results, it was very encouraging to see the strong pickup in orders received in poultry, which was key in driving total orders in the quarter to EUR 403 year-over-year and the book-to-bill to 1.04. We had some softness in the other segments due to continued challenging environments, elevated short-term uncertainty, and timing of orders, especially in plant, pet, and feed. Revenues in the quarter were EUR 387 million, declining sequentially, like we had outlined in our second quarter results due to the soft orders received in previous quarters and the low order book. Our profitability in the quarter improved to 13.8% EBITDA and 9.4% EBIT, despite the revenue decline. We had continued cost discipline in the quarter, evidenced by a 2.5% reduction in the workforce. Market fundamentals in the industry continue to stay relatively healthy, and our pipeline overall gives us confidence that we will see further pickup in orders received in the coming quarters. Growing the order book from the current low level of 33% of revenue is instrumental for us to deliver revenue growth and improved operational performance. I will cover our outlook and the JBT update later on, and with that, I will hand it over to Sebastiaan to provide more insights into our financial results. Thank you, Arni, and good morning. I'll start with orders received. In quarter three, we saw an improvement in orders received to EUR 403 million, up 2.3% from quarter two and up 3% from last year, and driven by good project orders. Poultry had the material step up in the quarter, closing some large projects, mainly in Europe. Orders received for fish, PPF, and meat, on the other hand, were softer. The orders received are expected to trend upwards over the coming quarters, and market fundamentals continue to stay attractive. Outlook is positive for poultry and PPF. The meat and fish segments, however, continue to be soft, and even with a healthy pipeline, conversion to orders keeps shifting to the right, with different segment demand, inflation, and the high interest rate environment only slowly abating, and continuing geopolitical tension. Also, the time to secure down payments and provide financial security on orders continues to take longer. Revenues were EUR 387 million, 6.8% down compared to quarter two, and down 4.1% year-on-year due to the low project revenues on the back of lower project orders in the recent quarters and the soft order book. Project revenues were EUR 188 million this quarter, down 12% sequentially, and down 9.3% year-on-year. Recurring aftermarket values, however, remained solid, with good underlying momentum at EUR 199 million, with a small seasonal decline of 1.1% quarter on quarter and a growth of 1.3% year-on-year, reflecting Marel's strong focus on quality service, and that with the trailing 12-month level staying again above EUR 800 million this quarter. EBIT at EUR 36.2 million came close to quarter two level, but notably on the lower volume, and at an EBIT margin of 9.4%. EBITDA margin also improved sequentially to 13.8%. EBIT was driven by a solid gross profit margin, albeit at lower volume, combined with a lower OPEX in the quarter. The gross profit margin was 36.6%, with a higher mix of aftermarket and improved efficiency, and that despite a 6.8% drop in revenues. OPEX came in at EUR 106 million, a lower level than in quarter two, with a continued focus on improvement efforts, on cost discipline across the business, including personnel and non-product related spend. Consistent with past practice in quarter three, we also had the release of accruals related to holiday, partially explaining our OPEX drop compared to quarter two. Due to the short-term uncertainty and the potential business combination with JBT, a hiring freeze was implemented in July to ensure further cost control and attentive workforce planning. Furthermore, in the quarter, we did some targeted restructuring in a number of locations to lower our annual cost rate. The cost incurred reflected in the restructuring cost, with nearly all those costs FTE related. We would normally expect to get an annual run rate cost saving of around three times on those restructuring costs. FTEs at the end of quarter three were 7% lower year-on-year and 2.5% lower than in quarter two. This continued cost discipline has resulted in a cost base of EUR 337 million in the first nine months, EUR 6 million down from last year despite inflationary pressure. On order book, our order book was up to EUR 554 million, with the book-to-bill ratio about above one this quarter. That is still a soft order book, representing 33.3% of trailing 12-month revenues. With the orders received level that we have in this quarter, we do see an improvement in the order book from the low level in quarter two, and building up order book and getting and maintaining a book to bill ratio above one is a key priority, as this order book profile determines to a great extent our revenue forecast, our working capital profile, as well as cash generation and the ability to deleverage. Our operating cash flow in quarter three turned positive to EUR 57 million, with year-to-date operating cash flow standing at EUR 79 million. The increase since last quarter is mainly attributable to the orders received increase in quarter three, driving improved net contract liabilities, though partly offset by a higher receivable position. The working capital focus program initiated last year continues to progress well. Control over AR and AP continues to show good improvements. AR is slightly up this quarter on a high level of down payment invoice issued just before quarter end, and these are part of orders received process of financially securing our orders and higher VAT and import duties due. Inventory continues to trend downwards with EUR 6 million this quarter, and the fourth element, net contract liabilities, had a EUR 17 million net positive impact on working capital. This is explained by the fact that net contract liabilities are driven by the higher level of orders received. This all resulted in a net decrease of working capital of EUR 7 million in the quarter. CapEx, excluding capitalized R&D, was at EUR 5 million in the quarter, equivalent to 1.2% of revenues. This is well below a normalized level of 2%-3% and due to continued focus on cash flow. The leverage covenant decreased to 3.75 on lower net debt in the quarter. We have good headroom and ample liquidity consisting of cash on hand and committed credit facilities, and we are well within our covenant, which was 4.25 in quarter three, and this will step down to 4.0 for quarter four. Poultry, very strong project orders received, with growth in all regions and very strong in Europe, with closure of some large projects. Revenues declined 7.6% to 191 million EUR, driven by a drop in project revenues. However, the revenue decline was less than expected. EBIT margin improved to 15.8%, driven by increased efficiency and OPEX coming in lower due to the seasonal impact. The outlook for poultry is good. Operational performance for quarter four will be solid, but still be impacted by the low orders received in the first half. The overall pipeline is healthy, also in North America, and project orders received are expected to be at a good level in the next quarter. This will support improvement in operational performance in 2025. Meat. The orders received are soft in the quarter, mainly due to delays in projects to quarter four and into 2025. Meat did have an improved operating performance despite continued challenges in the market environment. Revenues were stable quarter on quarter, and aftermarket revenues remained resilient. EBIT turned positive as a result of continued cost action initiatives, the before-mentioned holiday accrual releases, and a better mix. The outlook for the meat segment continues to be challenging. Focus is on quarter four and building up the Order Book and continued cost measures to improve profitability, and even though market fundamentals in pork are showing signs of improvement in some geographical areas, beef continues to be challenging. We reiterate that the recovery in the meat segment will take time, in particular for beef. Fish. Fish had a weak performance in quarter three due to soft order book and low revenues, and with unfavorable project mix, and with orders shifting to the right. Revenues were down 19.4% compared to quarter two due to a drop in project revenues. Aftermarket revenues remain resilient. The EBIT margin was negative in the quarter, driven mainly by lower revenue base and headwind due to cost overruns on a few projects from an acquisition. Operating cost discipline continues, and reductions due to action on workforce and footprint are starting to flow through. Fish has completed consolidation of four production sites into one in Iceland. OPEX was lowered due to run rate improvements and holiday accrual releases. Focus remains on improving profitability, increasing orders received, and continued cost control. However, the order book is soft, impacting revenue levels in the coming quarters. There are some signs of fundamentals improving, especially in the salmon industry. The white fish segment remains challenged. Plant, pet, and feed. PPF operational performance, pipeline, and outlook remain solid. Orders received were soft compared to a strong quarter two, partially due to the timing of orders. Revenues are stable quarter on quarter for both projects and aftermarket, following a soft start of the year in terms of orders received. The EBIT margin was driven by a slightly lower volume and headwinds on mix. Outlook remains solid for PPF, with good opportunities in the pipeline. Fundamentals are solid and improving somewhat in the pet food industry, while the plant-based segment faces more headwinds. And with this summary, I would like to hand over to Arni for an update on outlook and JBT's offer. Thank you, Sebastiaan. Turning now to the outlook. We have been showing progress year-over-year in the first nine months of 2024. Our gross profit margin has improved by about 100 basis points through mix and improved equipment margin based on better price cost and overall efficiency. The EBITDA margin has improved by more than 30 basis points, and EBITDA without any capitalization of R&D has improved by about 80 basis points, and also in absolute terms. Due to this progress, we are reiterating our outlook for the full year 2024 to show adjusted EBITDA of 13%-14%, adjusted EBIT of 9%-10%, and revenue decline in the low single digits. Market conditions have remained challenging, and despite positive signs and improved fundamentals on both macro and micro level for our customers, there is continued short-term uncertainty. As such, we do expect to come in at the low end of the range. Our markets have attractive long-term growth prospects driven by favorable trends focused on increased protein consumption, automation, and raw material utilization. We also see opportunities to continue to partner with our customers to improve their operations with innovative solutions, digital offering, and quality service. We are therefore very excited about our future and reiterate our midterm outlook. Moving to the update on the potential combination of Marel and JBT. Several milestones have been reached in the past few months. Shareholders of JBT supported the merger. Regulatory workstreams are progressing well, and JBT is targeting to close the transaction no later than January 3rd, 2025. But more on that later. We've also been working hard on pre-integration planning together with the JBT team, ensuring that we are ready for day one to capture the great opportunities that JBT Marel will have. Together, as a world-class team of experts across technology, markets, products, and processes, we will have the opportunity to provide industry-leading solutions and services. We approached our combined organizational design to ensure that we have a platform in which we can achieve great success together with clear focus on our customers. Both organizations have been deeply involved throughout this process, working together to align on the structures that will best serve our current and future customers and strengthen how we go to market. As previously communicated, Brian Deck will be the CEO, I will be the President, and Matt Meister will be the CFO. Brian and I will each lead two business divisions, and I'm very excited to learn more about the Diversified Food and Health business and continue on the journey with the recently combined division of Fish and Retail and Food Service Solutions. Looking at the business divisions, our focus here is on the value proposition and aligning on the structures that will best serve our current and future customers across all our end markets. In Poultry, we are combining our greatest strengths to serve poultry customers better than anyone else in the industry. In Fish and Retail and Food Service Solutions, we are building what we believe to be the most comprehensive primary and secondary Fish business in the market and strengthening our foothold in fresh processing. In meat and prepared foods, we are leveraging strong track records and respected brand names with trusted leadership to drive excellence in primary cut-up, deboned, and prepared foods. Then, last but not least, in diversified food and health, we already have a strong global portfolio across a diverse set of end markets such as citrus juices, beverages, and ready meals, and this combination opens the opportunity for industry leadership in the high-growth pet food market. Moving now to the timeline. We have made very good progress in the last months. First, over 99% of shares voted at the JBT special shareholder meeting were in favor of the issuance of JBT shares for the model transactions. Second, JBT has secured long-term financing to complete the merger, which includes the cash portion of the transaction, refinancing of Marel's outstanding debt, and payments of transaction-related fees and expenses. Third, the regulatory workstreams are progressing well. JBT has now reported that following an in-depth pre-notification process with the European Commission, a formal review of the regulatory merger filing began last week. That review is subject to a standard 25 working day phase one review period. Additionally, JBT is targeting to receive regulatory approval from the Australian competition authorities during a similar timeframe as the European Commission. And fourth, the offer period has been extended to December 20th to accommodate for this updated timeline for the regulatory review. As a result, JBT is targeting to close the transaction no later than 3rd of January in 2025. So, all the workstreams are progressing well, and we are finally starting to see a more concrete timeline. Therefore, I encourage our shareholders to prepare accordingly. If you plan to tender your shares, I would also want to highlight that it is beneficial for all parties that you don't wait until the last days to tender your shares. And please note that you can, of course, always change your mind after tendering your shares during the offer period. There is strong rationale for the combination, and not without a reason, that the Marel Board of Directors unanimously supports the combination and recommends that Marel shareholders tender their shares into the offer. Together, we are expanding our solutions and service offerings, providing holistic solutions expertise, leveraging line solutions, and offering expert support across resilient and growing food and beverage end markets. Our complementary digital platform enhances this value, delivering insights that drive efficiency, reduce downtime, and optimize performance for our customers worldwide. And with the unmatched talent and operational scale of the combined company, we have the expertise, global reach, and resources to make a lasting impact in these high-growth markets that have great long-term prospects. This partnership gives us a unique opportunity to bring two great organizations together and create value for our shareholders and industry alike. Before I hand it over to Tinna, I want to thank our team for their dedication, hard work, and resilience during this challenging market and as we prepare for the potential merger with JBT. Their commitment and teamwork are instrumental in driving us forward, and I couldn't be prouder to lead such an exceptional group. Their efforts truly make a difference. Thank you. Thank you, Arni, and thank you, Sebastiaan. We'd like to move into Q&A now. As a reminder, if you'd like to ask a question, please use the raise your hand feature in Zoom, or you can email ir@marel.com. First question that we have is from Klas Bergelind from Citibank. Please go ahead. Yes. Hi, thank you, Tinna. Hi, Árni and Sebastiaan. It's Klas from Citi. So, some good progress there on the cost side given the weaker volumes, which is good to see. You are talking about continued sort of improvement efforts, cost actions, and I'm trying to understand the magnitude here. I heard, Sebastiaan, the three times payback on the restructuring, but what kind of incremental number are you thinking on OPEX into next year and also if you have that at the COGS level? Thank you. Yeah, thank you. Good question, Klas. We have been working on it for a time in targeted improvements and restructuring. We're still looking at going further, especially in the divisions that are struggling with their operating performance. Of course, next year, provided the combination with JBT will continue, we will have to combine those two companies, and that will give us another chance to actually reset a base for the OPEX cost. Absolutely. No, so I asked, I mean, it's a potential combination, right? So I asked if as a standalone, but maybe you can't provide us those info, yeah, those numbers. No, so I think kind of what we have been doing, and we will see some of the actions that we've been taking over the last couple of quarters starting to kind of flow through more. We're starting kind of on the fish side. We took actions both in Q2 and Q3. We saw the numbers kind of improving in Q3 and we expect to have some tailwind. And I think kind of Sebastiaan provided kind of that context. We're probably looking at, based on the actions in Q3 alone, probably somewhere in the range of kind of close to EUR 8 million run rate. So that will be a tailwind. And then what we are obviously following closely is how the commercial side is developing. We saw very good intake on the poultry side, softer in the other segments. I expect that it was exceptionally kind of soft in the other segments in Q3. So we're also just making sure that we are ready. We've been taking actions on some footprint, but nothing major on the footprint side. So we're still very well invested from an infrastructure standpoint to be able to use that kind of infrastructure and capacity to capture the growth, which should help us when the market turns in terms of operating leverage. Okay, that's good. My second one is on the order intake. A lot of project orders there in poultry. Was this sort of pent-up demand from a couple of quarters ago that came at once as sort of feed costs came down, prices went up? I'm trying to figure out if we will have a slowdown in orders into the fourth quarter below 400 again, just because we had this unusual catch-up effect in poultry in the third. Yeah, poultry was, I would say, poultry was kind of strong across the board. Europe was really strong in poultry. We also saw improvement in North America. I don't think North America is fully back on the poultry side, and the pipeline looks good. Kind of what we did say is we expect to see, let's say, the headline orders received number go kind of trend upwards. As you know, it's always tough to be spot on for each quarter. So kind of if poultry will, if poultry is kind of peaking and coming down a little bit, I expect that the other segments would compensate for that. Okay, my third and final one is on the cash flow. Good progress on the prepayment side there given the orders, but receivables saw a build. Sebastiaan, is this just a timing issue or is it something else going on? Do you expect to sort of collect more on cash in the fourth? Yeah, the control efforts will continue, and I do expect to be able to keep the receivables at this sort of level, same as the payables. And I also expect inventory to sort of decrease further and therefore help with the working capital picture. But as mentioned before, the main driver for working capital will be the order book or the order intake that we will have in the next quarter. And as Arni said, that also looks upward from this quarter. Thank you. Thank you, Klas. Next up, we have a question from Andre Mulder from Kepler. Please go ahead. Can you hear us, Andre? Yeah, can you hear me now? Okay, start anew. On the order intake again, looking at the pipeline with the exception of meat where it's soft, would you expect also improved order intake for the other parts and maybe poultry staying at the same level or coming down a bit? Yeah, great question, Andre. So if we look at just the quarter itself, I do think it was exceptionally kind of quite soft in the other segment considering how strong we were in poultry. So I would expect kind of overall for the other segment that will show improvements going forward. And just as an example, in plant, pet, and feed, that segment had a soft quarter on the intake side, but that was kind of very much due to timing. We're kind of, as we look into October already, it was kind of, let's say, on the fence, and we saw some good orders coming in in October in that segment. So it is sometimes around kind of quarter end, and it's hard to time that exactly. So I do expect some tailwind from the other segments while we could see maybe poultry kind of softening a little bit, but nothing compared to the first half. It was a really strong quarter also with some large projects. We have a good pipeline of healthy projects there. So there's kind of, I think the outlook is good. The fundamentals continue to be solid in the industry, and production is even increasing. So that's why we're kind of confident despite the strong quarter in poultry to say that we expect the orders received to trend upwards. Would it also include meat? Yes, compared to this quarter, we expect it to be somewhat stronger in Q4. The dynamic that is in the meat market at the moment is we've seen improvement there. The pork processors are showing better results, and it's clear kind of that lower input cost, quite okay demand and pricing. It's kind of remaining at a decent level. So the packers or the producers, kind of our customers are profitable at the moment, but there is, there will be, like we've said, it's going to take a little bit longer. Kind of the processors have gone through a quite deep cycle, so I feel they will wait a little bit before they start to kind of increase production and capacity. So we're kind of very cautious due to that and due to the pipeline, but I would say there are some more positivity in Europe because we have gone, the rationalization on capacity that we've talked about. I feel like that's reached a peak. It's not fully done, but the landscape is becoming clearer how that will kind of play out. And that just when that clarity starts to increase, that always helps. Okay, two financial questions. Firstly, on CapEx, you're now down to 1.2% of sales. What's the level of maintenance CapEx? We expect normally to be sort of the 2%-3% of revenues, so slightly higher, but with the demand at this level, we've been able to sort of push out a few of the Capex projects and concentrate it on some of quality improvements on it, but on a run rate, yes, I would expect this to be almost double. Andre, kind of just how I would think about that. I mean, in the environment where we're not showing growth, we should be able to be at kind of, let's say, somewhere in between the 1-2%. Kind of when we've talked about the kind of normalized CapEx, which is north of 2% or 2-3%, that's in the context when we're growing with the market, in line with the market or faster, which we have talked about being kind of 4-6%. So we've also seen exceptional kind of high CapEx in the past where we have been investing in our distribution center. We expanded capacity in Nitra and kind of have done other projects like that. And that's why you've seen our CapEx being high historically. But on a just pure maintenance side, it is kind of. It's maybe slightly lower in the quarter, but it's not far off what we would be able to do in a pure maintenance mode. Okay, understood. Last question. You mentioned a release of holiday accruals. What was the impact of that? Yeah, it's quite difficult to sort of determine exactly overall the different jurisdictions, but what we see, it's a normal trend the way we account for. You can see it in last year's as well, and it is a number of million euros that we released during the vacation period as accruals, so it does help us in the quarter three picture. We expect quarter four OPEX to be more in line with quarter one and two. Having said that, we do see a run rate improvement on the underlying OPEX as well. Okay, thank you. Thank you, Andre. Many thanks. We also have received a written question from Felix Wienen from SFO, and it reads, "Can you also comment on the order intake for PPF, please? In particular, please give some more color on the pet food side pipeline and why the environment has been more difficult over the past quarters while pet food manufacturers talked about good demand. Great, great, great question. I think it resonates that good demand because what we've been seeing in that business is kind of the retail channel has been improving a bit with kind of after kind of quite a cycle on pet ownership during COVID and after COVID. I think we're reaching kind of going back a little bit again and reaching a more normalized level. So that has kind of shown now in the numbers that I think Felix is referring to. The soft orders in the quarter in Plant, Pet, and Feed were mainly due to timing. It was kind of, it is these projects, they are kind of, it's not like you're 100,000, kind of that's not a normal project there. It's in the millions how we kind of most of the projects in Plant, Pet, and Feed on the Wenger side. So it was more timing, and we already see October being kind of quite strong compared to Q3, even though it's only a month so far. So it's more around that timing. We're confident around the resilience of that business. The outlook is good, and the pipeline has been, let's say, over the last six months, it actually has been improving. It is, though, we have struggled timing exactly when the orders come in. So we're also just trying, we're also kind of striking a just conservative tone and that we show you the results when they are in the books. But outlook is good there. The pipeline is healthy, and we expect to deliver in line with past performance there. Okay, thank you. His second question is, "Can you please update us on the status of the new distribution center in Eindhoven and the production footprint optimization in the Netherlands, both of which have seemed to cause quite some inefficiencies over the past 18 months? Are both behind us now? Can you already see benefits from the new distribution center financially and in terms of customer satisfaction for spare parts? Yeah, so maybe I start and you chime in. On the global distribution center, we started that at the end of quarter two, and we've put, let's say, a small part of our business into the distribution center to make sure that we are learning and working out the kind of the startup phase and the issues and so on, because it is truly a state-of-the-art facility with new systems across ERP and transport management system and so on. So we are still, let's say, kind of we've been working through those, we call it teething problems in Q3. We feel good kind of on the progress that we're making. There's still a few things outstanding on kind of just adopting the system, making sure that we are kind of having the right information to match the data, suppliers, and so on. So, I would say it's not fully. We've not fully started to see the benefits, but I would expect that. How did you word it, Felix? You said it's behind. I expect it to be kind of more in the rearview mirror in Q4. So that's kind of what we're aiming for. And once we've kind of done that work and it works very smoothly, then we'll take the next steps in putting more into that facility. Yeah, to that, I want to add in terms of financials, of course. Yes, we are investing in it. It is a transition program, and the real benefits on the financial side will come when we have moved more of the warehousing in and be able to close the other warehouses, so that's one, but on the operational side, we can also already see some of the improvements and the potential that the warehouse like that is showing. As we said, we had some teething problems, but those orders that go through correctly get out of the plant really, really fast, very well automated, and with complete tracking and the like, so we're really happy with the happy flow that we can see. Having said that, and as I already said, it is rewiring of a lot of systems, a lot of processes, taking it from all the local warehouses, spare parts warehouses to one central one and making sure that we still do it right. But we do see the promise for it, and we will continue putting more warehouses in it. And then also the financial benefit will start coming through in that sort of and in customer satisfaction. Okay, fabulous. On that note, I think we will conclude the Q&A. On behalf of the team, thank you very much for your time and attention. Takk og bless.