Good morning, and welcome to the presentation of Orkla's third quarter results. My name is Kari Lindtvedt. I'm head of investor relations. The presenters today will be our president and CEO, Nils K. Selte, and our CFO, Harald Ullevoldsæter. Nils K. Selte will start by summarizing the main financials and then move on to give you an update on the exciting changes that we are implementing here at Orkla. After that, Harald Ullevoldsæter will share the main headlines and details of the financials for the quarter. Then we will move straight to Q&A, and then Nils K. Selte will give his final remarks at the very end of the session. During the presentation today, you're welcome to pose questions on the live chat, and we will address the questions together with any questions from the audience here in Oslo in the Q&A session. Now let's begin. Nils K. Selte, the floor is yours. Thank you, Kari, and good morning, everyone, and thank you for attending our Q3 presentation. I've been looking forward to this presentation and opportunity to share with you more details on the transformation of Orkla. Before I go into the details, let me start with a few words on the Q3 numbers. Today, we reported group EBIT adjusted growth of close to 30%, mainly driven by solid results for hydropower. The EBIT adjusted for Branded Consumer Goods, including Headquarters, was negative by 11%. Adjusted earnings per share increased to NOK 1.58 per share. The current environment that our business are navigating is still challenging, and inflation is affecting costs across our businesses. I have initiated cost out projects for all our businesses, and we will revert in our Q4 presentation with clear and increased ambitions for the future. During the quarter, we announced some M&A transactions. Our most recent transaction was acquisition of 84% of the shares in Denali Ingredients. This is a significant step for our ingredients business into the US ice cream industry. The food ingredients business is fragmented, and we see great potential for further consolidation and growth. Based on these opportunities, we announced that we will initiate the process to find a long-term partner for food ingredients to accelerate growth and value creation. In September, we announced acquisition of 74% of the shares in Da Grasso, a leading pizza franchise chain in Poland. This is one more step on our way to become one of the leading pizza franchise companies in Europe. Now I want to go into details of the changes we have been working on since I came in early April. I will present our future organization, the new management team, and our operating model. As outlined in our Q2 presentation, we believe there is a potential for improved value creation in Orkla. To achieve this, we have decided to change our operating model. Our ambition is to become a leading brand and consumer-oriented investment company with an industrial mindset and a long-term view. As a first step in this transformation, we will change along three main dimensions. We have designed a lean and efficient corporate center focused on active ownership, portfolio management, and capital allocation. We are establishing a portfolio of companies that are autonomous, and we will maintain important synergies across the group through our business service companies in the areas of procurement, IT, and financial services. Just to avoid misunderstanding and to be clear, we have not changed our capital allocation priorities nor our dividend policy. This is the way we will organize going forward. Orkla is founded on an industrial mindset coupled with deep brand and consumer insight and innovation skills. We will have an investment team that includes both investment professionals and centers of excellence. The center of excellence will, as a start, include sales, marketing and innovation, and sustainability. The mandate of the corporate function will mainly be to support the ownership role. On the right side of the slide, you see the three business service companies, procurement, IT, and financial services. Now I want to introduce you to my new management team, effective from mid-December this year. First of all, I'm very proud of this team, and I believe it represent a good balance between industrial experience and active ownership skills. If you start on the upper left corner, I'm really happy that we have ensured valuable Orkla experience in the team through Atle Vidar Nagel Johansen and Hege Holter Brekke. New to Orkla, we have three members that will join the investment team. Audun Stensvold with background from different positions, 12 years within Aker, and recently CEO of Vesta. He takes up his position from November seventh. Maria Syse-Nybråten with background as investment professional with Ferd. She started in Orkla October first. Last, Øyvind Torpp with 22 years with Boston Consulting Group, last 8 years as senior partner. He will start November first. If we continue on the right-hand side with the corporate function, we have Harald Ullevoldsæter who will continue as my trusted CFO. The same goes for Christer Grønberg as EVP Human Resources. A new name on this list is EVP Legal and Compliance, Camilla Robstad, General Counsel in Orkla since 2018. And finally, Håkon Mageli continues as EVP Communication and Corporate Affairs. A very solid team I'm proud to partner with going forward. Let me continue with a few words on what we believe will differentiate Orkla as an investment company going forward. First, we have an industrial mindset, and we will take a long-term view on our investments. We will support our portfolio companies with commercial experience and take lead on structural opportunities and capital allocation. This, coupled with the new operating model and synergies across our portfolio companies will give Orkla a competitive advantage. Last, Orkla standards and code of conduct should serve as a quality stamp for our stakeholders. Here you see the portfolio of companies for the future. As a start, we will have 12 companies. Sorted here by size, from top left, you see Jotun, by definition already a portfolio company and a good example of value creation through long-standing partnership. Orkla Care will be split into three portfolio companies. Orkla Health focusing on developing Orkla's position as a leading player in consumer health. Orkla Home & Personal Care will continue to develop Orkla's position as a leading Nordic player. Health and Sports Nutrition Group will continue to strengthen its position in the Nordic online market. Orkla Real Estate and Hydro Power will continue as important financial investments. Today, we have announced the new top management team and the new design and operating model for Orkla going forward. We expect to give you an update on the progress of the transformation process in our Q4 presentation. The new portfolio company structure will be operational from first of March next year, and we will start reporting on the new structure in the second quarter of 2023. Until then, our financial reporting will follow the same structure as the one we present today. We also plan to host a Capital Market Day late 2023, where we will share more details on the potentials, ambitions, and plans for our portfolio companies. We will share the timing for the event as soon as this has been confirmed. With this, I leave the floor to Harald Ullevoldsæter for an update on our financial performance in Q3. Thank you. Thank you, Nils, and good morning, everyone. Let's have a look at the quarter three financial performance. Let me highlight that we have not made any changes to the financial reporting structure in this quarter, but we have split Orkla Foods into Orkla Foods Europe and Orkla India. In the following slides, the Branded Consumer Goods figures thereby includes Orkla Food Ingredients and consumer investments, just as in previous quarters. Let's kick off by looking at the group figures for quarter three. Reported revenue growth for Orkla Branded Consumer Goods was 7.5% in the quarter. Earnings for Branded Consumer Goods included headquarter decreased by 10.7% in the same period. I will come back to this. Improvement for industrial and financial investment was mainly driven by significantly higher electricity prices for Hydro Power. This resulted in EBIT adjusted for Hydro Power of NOK 773 million, and this is a new record quarterly EBIT for the Hydro Power business. Later in the presentation, I will revert to the effects of the proposed changes in the Norwegian Hydro Power tax legislation. We had a net non-recurring items of -NOK 101 million in the quarter. The largest element was trademark write-down of NOK 64 million related to the acquisition of Harris in Orkla House Care in 2016. Profit from associate was NOK 238 million, mainly related to a strong comeback for Jotun. Net financial items were higher than last year, mainly due to higher interest costs, but also higher debt level. The effective tax rate, excluding associates, was higher in the quarter compared to last year. Most important driver was increased resource rent tax due to strong profit growth within hydropower. Let me highlight that the tax line does not include the proposed increases in hydropower tax legislation as the proposal is subject to approval by the parliament, by the Stortinget. Adjusted earnings per share, as Nils said, ended up 50%, up 50% in the quarter and 10% year to date. Let's then have a look at the cash flow. Cash flow from operations was NOK 2.2 billion in the first three quarters. The cash flow from operations in branded consumer goods was significantly lower at the end of quarter three than for the corresponding period in 2021. Higher net working capital was mainly explained by higher stock values due to higher raw material prices and increased sales resulting in higher receivables. Current capital was also negatively affected by increased inventory levels due to supply chain issues and contingency stocks. Next, let me walk you through the net interest-bearing debt bridge for the first nine months. Net debt, including leases, increased by NOK 3.7 billion to NOK 16.5 billion from year end 2021 to end of September 2022. Cash taxes and financial items total NOK 1.1 billion. The increase in cash taxes compared to the corresponding period last year is mainly related to hydropower. The main cash outlay during the first nine months was a dividend of 3 kroner per share, paid out in the beginning of May, and this total about NOK 3 billion. Net M&A was approximately NOK 1 billion in the first nine months and was related to the acquisition of Healthspan Group and Vesterålen Marine Oil. Additionally, we have expansion CapEx of approximately NOK 228 million. Negative currency effects, translation effects as a result of weaker NOK increased net debt by NOK 578 million. This leaves us with net debt, including lease liabilities of NOK 16.55 billion at the end of quarter three. The corresponding figure, excluding leases, was NOK 14.7 billion. Orkla has a strong financial position, and our net debt level at the end of quarter three corresponds to 1.7 times EBITDA based on the last twelve months when acquired businesses are included in EBITDA. The acquisition of Da Grasso and Denali, as Nils mentioned, are expected to be completed in quarter four. If we were to include these two acquisitions, the net debt figure will be approximately 1.9 times EBITDA. Let's have a closer look at performance in Branded Consumer Goods. Let's start with the top line performance for Branded Consumer Goods. Reported revenue growth from our Branded Consumer Goods business in the quarter was 7.5%, as we have already mentioned. Organic growth makes up 9% of the increase, partly offset by negative currency translation effects of 2.7%. Structural changes have a net positive impact of 1.2%. The 9% organic growth is driven by price increases and offset by a volume mix decline of approximately 3%. The volume decline applied particularly to the Norwegian companies, and mainly as a result of market contraction after extraordinary growth during the pandemic. The volume picture is complicated as there are consumer drivers phasing between quarters and market contraction from strong pandemic levels. Overall, going forward, we see the increased risk of negative volume effects. Year to date, organic growth for Branded Consumer Goods segment was 9.6%. Let's look at how the growth is distributed by business areas. All business areas had organic growth in quarter three. The overall picture is that price increases have been implemented throughout the business areas and markets. The price increases have been taking effect successively during this year, so far with the greatest impact in quarter three. Higher than normal sales ahead of price increases on July 1 in Norway had a negative effect of approximately NOK 100 million in the quarter. This effect is mainly attributable to the business areas Foods, Confectionery, Snacks and Orkla Care. The potential negative volume effects we mentioned last quarter did to some degree materialize. We estimate that the volume mix was -3%, as I said, in the quarter, adjusted for phasing between quarters. As you will see from the chart on the right-hand side, we have split Orkla Foods into Orkla Foods Europe and Orkla India for the first time. The two businesses combined had organic growth of 6%, while Orkla Foods Europe had organic growth of 4.2% and Orkla India 20.1%. The market contraction in certain segments of the Norwegian grocery market continued following elevated levels through the pandemic. This was mainly the case for Orkla Foods Norge, Orkla Confectionery & Snacks Norway, as well as Orkla Home & Personal Care in Norway. Our painting tools business in Orkla Consumer Investments also continues to experience lower activity in the do-it-yourself segment. Before moving on to the profit performance in Branded Consumer Goods, let's have a look at our prioritized growth areas. Our three prioritized growth areas are consumer health, our European pizza franchise platform, and plant-based. All areas experienced progress in the quarter. Consumer health grew sales by 28% in the first nine months of 2022 on a reported basis. This was mainly driven by structural growth from acquired businesses, NutraQ, Vesterålen Marine Oil, and Healthspan Group. Organic growth for consumer health was 3.5%. The digital share in consumer health reached 45% in the first nine months, compared to 37% in the corresponding period last year, also positively affected by acquisitions. In September, we announced the acquisition of Da Grasso, which is a leading Polish pizza chain. Orkla has become a major challenger in the European pizza market through a series of transactions since 2018. With the investment of Da Grasso, Orkla network will consist of 860 pizza franchise outlets in Finland, Benelux, Germany, and Poland. The portfolio will consist of the leading brands, Kotipizza, New York Pizza, and Da Grasso. The acquisition of Da Grasso expected to be completed later in quarter four. The underlying growth in consumer sales for our existing pizza business was 7% in the first nine months. Both Kotipizza and New York Pizza show positive growth rates in consumer sales. Reported growth for plant-based was 18% in the first nine months. Organic growth is 22%, while organic growth for Orkla brand products amounted to approximately 8% for the year-to-date base period. The difference here is a manufacturing contract with support, scale advantages, and capability development. We are committed to the plant-based category and see attractive long-term underlying fundamentals for both the category and Orkla's market position, even with more short-term uncertainties. Let's move on to earnings performance in Branded Consumer Goods. EBIT for Branded Consumer Goods, including headquarters, decreased by 7.7% in the quarter, reflecting an 8.6% underlying decline and 2.3% negative FX effect, but offset by structural growth from acquired companies of 0.2%. The underlying decline in the third quarter was mainly caused by high cost inflation in all business areas and, as we said, smaller volume decline. Cost increases should also be seen in connection with a higher activity level in the period, particularly for Orkla Food Ingredients. On the right-hand side, you can see the EBIT margin decreased by 1.8% on a rolling 12 months basis. The underlying performance in the 12 months period was minus 1.7 percentage points. Let me elaborate a bit more on the cost situation before moving into the business areas. The market imbalances are in the aftermath of the pandemic, and bottlenecks from the Ukraine war are still a reality for our businesses. Commodity prices are still at a very high levels, despite some signs of a leveling off in certain categories in recent months. Due to the contract structure of our commodity sourcing through our centralized procurement function, we are still rolling over to contracts with higher prices. At the same time, energy costs continued to rise in the quarter. In addition to our direct energy costs, we also see that the rising energy prices have indirect effects, as this is a central cost element for producing commodities in many cases. For example, refining of sugar and production of glass for packaging. For our input cost base, which covers raw materials, packaging, traded goods, energy, and freight, we expect to see a 15%-18% increase this year. Additionally, we see elements like SG&A and factory overhead costs increasing. This is mainly due to the general cost inflation, activity levels normalizing post-COVID, and the cost of securing our supply chain. To mitigate this, we will implement further price increases going forward. As Nils said, new cost initiatives will be initiated with an ambition to increase the target we have set. At the same time, we will continue to invest in our brands through A&P and product development, as we have year to date, to maintain the strong position long term. Let's then move on to the business areas, starting with Orkla Foods Europe. Orkla Foods Europe reported a revenue increase of 0.6% in the third quarter, of which 4.2% was organic growth. Sales growth was broad-based across markets, while volumes declined in several markets due to normalization of markets in the Nordics and consumer pressure in Central Europe and the Baltics. Food service and convenience continued the positive trend from the first half of 2022. While sales growth was more moderate, in some places negative in the grocery channel. The positive effects from reopening are diminishing. More people spending their vacation abroad also impacted sales figures negatively. Market shares were stable in the quarter. We see tendencies of contracting markets in volume in some countries. EBIT declined by 19%, largely driven by higher input costs. In addition to higher raw material costs, packaging, and energy, there was increasing cost pressure of non-input costs. Before looking at the quarter numbers for Orkla India for the first time, let me remind you about the strong companies that we have in place in, and the rationale for why we do. Orkla's history in India dates back to the acquisition of MTR in 2007. MTR has since then had a cumulative average growth rate of 13%. India is characterized by a significant regional differences in taste and culture, and there is no global Indian market for our product categories. This is a very good fit with Orkla's operating model, which nurtures unique local uniqueness and local consumer insight. Our two companies, MTR and Eastern, have strong market-leading brands in their home states of Kerala and Karnataka, as well as Andhra Pradesh, with a combined population of about 160 million. In addition, exports make up 18% of sales, primarily targeting the Indian diaspora around the globe, for example, in the Middle East and U.S. Growth is supported by strong underlying consumer trends with a shift from unorganized to organized spice mixes and ready meals, increasing purchasing power and more urban lifestyles. The integration of Eastern is progressing well, and Orkla India is delivering on the synergy plan that was implemented in connection with the acquisition. We are very satisfied with our management team in India, the market positions, and prospects for our Indian business. That said, let's look at the performance in quarter three. India had sales growth of 26.4% in the quarter, where organic growth was 20.1%, driven by both pricing and volume. The progress was broad-based across categories and most markets. Sales to grocery were strong, in addition to which the export market was recovering from the pandemic as Indian expats have returned to work abroad. Both masalas and spice mixes showed stable growth with double-digit growth in quarter three. Cost increases across important input factors is a theme also in India and continued in the third quarter. This has led to a need for further price increases. The earnings growth was partly offset by increased investments in A&P to strengthen the brand's long-term. The EBIT margin in the quarter was 13.5%, up 1.44 percentage points from the corresponding period last year. Moving on to confectionery and snacks. Orkla Confectionery & Snacks had organic growth of 7.5% in the quarter. The growth was driven by price increases, while volume growth was negative. Part of the negative volume growth was related to phasing between quarter two and quarter three. This was, however, offset by positive phasing from quarter four to quarter three this year due to Christmas sales. Market performance in grocery was negative, partly explained by high growth the two preceding years. This was particularly the case for the Norwegian market. Growth outside grocery was more positive. EBIT increased by 2.1% in the quarter compared with the corresponding period last year. Cost increases for input factors was compensated by price increases that took effect earlier in the year and in the quarter. However, costs continued to rise in confectionery and snacks cost base, also successively through the third quarter. Let's have a look at performance in Orkla Care. Orkla Care reported top line growth of 7.4%, of which 3.7% was organic. Price increases, business to business, and growth in international markets drove overall organic growth, despite market contraction in several Nordic markets. This quarter, both Orkla Health and Orkla Home & Personal Care in Norway experienced a sales decline driven by markets adjusting after high demand during the pandemic. The volume decline in Norwegian entities continued in the quarter as the grocery channel is contracting after high levels. The margin was negatively affected by high costs and negative mix effects and volume decline in Health and Home & Personal Care in Norway. Earnings declined by 28% in the quarter. The margin contracted 2.4% compared to last year. Let's turn to Orkla Food Ingredients. Orkla Food Ingredients delivered another quarter with strong organic growth. In quarter three, the organic growth was 20.9%, mainly due to pricing. The growth was broad-based across categories and markets, and mainly price-driven. Sales of ingredients to the ice cream and confectionery industry were negatively affected by lower demand and cold weather at the end of quarter three. The EBIT adjusted improvement of 22.9% was driven by sales growth and negatively affected by significant cost increases. There are continuous challenges related to security of supply in addition to still increasing input prices. High inflation across Europe generates uncertainty regarding purchasing power. Now let's have a look at performance in Consumer Investments. Orkla Consumer Investments reported a sales increase of 6.3%, where the organic growth was 0.7%. Solid growth in chain sales in the pizza franchise business contributed positively, supported by price increases. Orkla House Care had a sales decline in the quarter, driven by negative performance in the U.K. As I mentioned, in the third quarter, we took a write-down of NOK 64 million trademarks related to the acquisition of Harris back in 2016. The reduced demand for painting tools, primarily in the U.K., was the main driver of the 15% EBIT decline. Increased energy and input costs, combined with general inflation, continued to put pressure on margin throughout the companies and Consumer Investments, and drove the earnings decline in the quarter. Let's move on to Jotun. High sales volume and increased prices gave strong top line growth for Jotun in quarter three. All four segments had double-digit sales growth in the quarter. The strong top line contributed to the EBITA increase of 75% in quarter three. Margins are still pressured by high raw material prices. Jotun expect further sales growth going forward. High input cost will continue to be challenging, while there are signs of easing in the commodity markets relevant for Jotun. Finally, let's look at Hydro Power. Third quarter volume in Hydro Power was 26% above last year, while approximately 23% below 10-year average production in the quarter. Prices were over three times higher than the level last year, and this was the main driver of the record high EBIT of NOK 773 million in quarter three. Let me elaborate a bit more on our Hydro Power business. It's a busy slide, but I will try to go through it. We got a lot of questions early in the year on our Hydro Power assets. This has been reinforced by the Norwegian government proposal to increase the effective tax rate on the Hydro Power activities in Norway. I would like to take this opportunity to share some more information about the dynamics of our Hydro Power business and how the proposed tax changes impact us. Let me start by reminding you of some fundamentals. If we use median historical production volumes as a reference, we produce approximately 2.5 terawatts on a yearly basis. Hydro Power consists of our own power plants in Sarpsfoss, Trolldalsfoss, and leased power plants through Orkla's 85% interest in Saudefaldene. The power operation in Sauda is reservoir-based and regulated by a lease with Statkraft that runs until the end of 2030. When the lease expires, the power plants will be turned to Statkraft in return for financial compensation equivalent to the estimated residual value written down for tax purposes of approximately NOK 1.1 billion. Sarpsfoss and power operations are run-of-the-river based on the waterfall rights are not subject to reversion of any kind. Orkla Hydro Power operation produce and supply electricity to the Nordic power market at spot market prices. About 1.1 TWh is sold at a fixed delivery commitment with a net effect of zero on profit, provided that production exceeds the delivery commitments. Please note that the Hydro Power is only subject to resource rent tax on approximately 60% of its total production volume. This is a bit complicated, I know. What makes this less straightforward is that part of the fixed price contract volumes are taxed based on the spot price when calculating the resource rent tax. However, this is subject to clarification with the tax authorities. Regarding the proposed changes to the tax legislation, the proposed effective resource rent tax will increase from 37% to 45% with effect from January 1 this year. The resource rent tax is paid in addition to normal corporate tax of 22%. Additionally, a windfall tax of 23% will be introduced on prices above 70 øre per kWh, and will be effective from September 28, 2022 if approved. This is an excise duty not eligible for any form of tax deduction and will affect EBIT and not the tax line. If the new tax legislation is approved, the pro forma effective tax rates year to date in quarter three would be 55%, of which NOK 85 million or five percentage points of which will be due to the proposed increase in resource rent tax. NOK 85 million so far this year. The estimated effective tax rates under the new tax regime, exclusive of windfall tax for full year 2022, is approximately 54% of reported earnings before tax. That's the end of my presentation. I think we will move on to Q&A. Okay, we have a few questions from the web. All three of them, for now coming from Ole Martin Westgaard, DNB Markets. I'll take them one at a time. Firstly, assuming that current raw material and energy prices stay at the current levels, when should we expect margin recovery? I fully understand the question, and I think it's very extremely difficult to be very precise on. We cannot go into those details because it's still quite uncertain, the environment we are operating in. It will take more time than we thought before. Yeah. Okay, question number two. How should we think of your overall previous strategic targets under the new operating model? I think there will be basically no changes. We will still continue to invest in health. We will continue to invest in out-of-home pizza, and we will continue to work on alternative protein sources. So that there will be basically no changes on that. If there will be changes, I think that we will come back to that at a later stage. Currently, we are focusing on the same as before. I think if I could add. Yeah. I think we will probably make new targets for each portfolio companies going forward if you look for a long period of time after we have concluded on the new strategy for the each of the companies. I guess when we have capital markets next time, we will have more targets on the company level than on the group level. Thank you. Third and last question from Ole Martin. How did your market share perform in Q3? Are you losing share to private label? We don't see any signs today of losing share to private label. The overall comment is that our market shares are approximately the same level as before. Of course, with the differences ups and small downs in all our markets and all our categories. Of course, we are worried about if private label will take market shares going forward, as we have seen in other countries. Thank you. We have a question from Markus Borge Heiberg, Kepler Cheuvreux. Can you please elaborate on the -9% underlying EBIT decline in Branded Consumer Goods? Is it volume or cost the main driver? I think both volume and costs are important in understanding this 10% decline. I think the cost part is a bit higher, but the volume part is of course also significant. Thank you. That seems to be the final question on the web. Before we round off today, I believe you have some final comments, Nils. Yeah, absolutely. that you would like to share. Thank you, Kari and Harald. I should keep this short, but what I really want you to remember from this presentation is that we actually see solid growth in the EBIT-adjusted growth, and that was mainly driven by the Hydro Power. Also that we are seeing that the environment of our businesses that we are navigating is challenging. I want you to remember that we are changing us into an industrial investment company, and I think this is a bold move aimed at step-changing our value creation going forward. Lastly, I'm proud of the new management team. With me, I have a diverse and dedicated team of strong individuals and great team players ready to transform Orkla. Thank you very much.