Good morning, ladies and gentlemen, and Welcome to the Third Quarter Results Presentation. My name is Tolle Grøterud, and I have the pleasure of guiding you through today's presentation. Our CFO and Interim CEO, Stein Eriksen, will take you through the results and the key drivers and then followed by a Q&A session. For media, there will be an opportunity to perform separate interviews after the presentation. Please then direct your request to our press contact. Without further introductions, I turn the floor over to you, Stein. Thank you, Tolle. Thank you. Thank you for showing up today for the presentation of the Q3 results for, of XXL. Before going through the results, I just wanted to express gratitude towards the whole XXL organization. During very tough macro conditions, the organization has done a great job cutting both purchasing volumes and costs. I know it has been not a very motivating task, but during this time, it's a very important task. Thank you to the whole XXL organization. Moving over to Q3. As stated, the market is challenging and will be challenging for a while going forward. When electricity, food, and mortgage becomes more expensive, it means that the customers have less money left for everything else. This affects the whole retail sector, and sport is no exception. We saw that, the market for sport retail dropped, in the middle of Q2, and it has continued into Q3. We have used campaign to get some inventory out, and this is reflected in low gross margin for the quarter. Sales ended at NOK 2.3 billion, which was 14% below last year on the weak retail conditions. XXL, during the quarter, prioritized strict liquidity management with sales and inventory actions over gross margin. EBITDA ended, then at NOK 186 million compared to NOK 336 million last year. Liquidity reserves ended at NOK 817 million, and net interest-bearing debt at NOK 983 million, and XXL is compliant with the defined covenants in the loan agreement. Although the macro conditions are very challenging right now, I just want to remind you that the historic growth for Nordic sport retail during the last 20 years has been around 4% yearly growth. During the financial crisis back in 2019, the sports market in Norway had 15% growth and 9% growth in Sweden. That being said, XXL is preparing for a tougher market going forward by scaling down both purchasing volumes and costs. As mentioned, top line ending at NOK 2.3 billion. E-com experienced a more normalization and decreased by 6.7%, representing then 19% of total turnover versus 18% last year. EBITDA, as I said, ended at NOK 186 million, whereof NOK 14 million is cost related to the ongoing strategic review in Austria. Back to the market. The Nordic sport market, as you can see, has been very challenging. All markets so far this year has had strong negative growth with weakening consumer sentiment and reduced demand for sporting goods. Our market share relative to other sporting goods stores are stable, but we are losing shares, especially, to the outlet segments. Of course, we're not happy with the market share development. If you look at the gross margin, the sudden reduction in demand in the market for sporting goods result in higher inventories, both from the supplier side and on the retail side. This creates incentives to sell out products at lower prices, both for XXL and our competitors. As I said, we had strict liquidity control during Q3. This in combination with increased input costs and freight put pressure on the gross margin. The current market demands strict focus on inventory levels and liquidity control, which will lead to fluctuations in gross margin between quarters and season. Moving into Q4, we will protect the gross margin, but campaign activity will depend on both winter and market conditions. Moving over to the different segments, I will go briefly through this one. Total EBITDA for the group ended NOK 150 million below last year, driven by lower revenues and lower gross margin, only partly contracted by lower OpEx. All segments, as you can see, had double-digit like for like decline, and the EBITDA profile for all the Nordic countries was similar. Lower revenues, lower gross margin, but also reduced OpEx. Once again, great work done by the different country organization. Austria somewhat managed higher gross margins and also reduced its cost levels versus last year. Before moving over to the financials, I thought we could also show some of the great work that has been done at XXL. In these energy times, I think it's good that we can also be a little proud of what we're doing at the central warehouse outside Gardermoen. We are currently covering the entire 22,000 square meter roof with solar panels, producing up to 2.2 million kWh a year. Since we only will use 500,000 kWh ourselves, we will sell the rest of the energy to the market. XXL will reduce the CO2 emission with 540 tons as well as it will give us energy cost savings. Great for the environment, great for the finances of XXL, and great work by the team who is putting this together with the landlord. Moving on to the finances. So here is the P&L for the quarter. I've already commented on a lot of the items, but I think OpEx deserves a comment, which as you can see, was up with 0.6 percentage points compared to last year, being driven by the negative like for like growth hampering scale and operations. Once again, the organization has done a great job in reducing OpEx, which actually was reduced in the quarter with NOK 85 million, mainly explained by lower personnel costs as well as lower bonus accruals of NOK 38 million. Net income ended at NOK 42 million. Looking at the net debt development from NOK 707 million in Q4 up to NOK 1 billion at the end of Q3. As you can see, the main drivers was first the positive EBITDA of NOK 453 million. We have a positive change in working capital explained by the fact that XXL chose not to use discounts, cash discounts during the quarter, which explains the positive deviation in working capital. We have quite low CapEx compared to previous years of NOK 112 million, saving CapEx as well. Payment recognized as lease contract was NOK 455 million, interest payments of NOK 92 million, then leading to the net debt of NOK 1 billion. As already mentioned, liquidity reserves then ending at NOK 800 million and net interest-bearing debt of NOK 1 billion. XXL was compliant with the loan-defined covenants in the loan agreement. Moving over to the outlet sections. XXL has six clear priorities in the upcoming quarters. Number one, category strategies. We need to improve our brand portfolio, and we are slowly making progress. Priority number two, private label or control brands. We think we have a potential of reaching up to 30%. Number three, full-fledged omni-channel player create a frictionless shopping experience between online and stores. Priority number four, improve campaigns and marketing. Priority number five, also strategic review, and we need to adapt cost to sales, OpEx 30. If we start with number one, category development and buying. When working with category development and buying, we need to cover product ranges from novice to expert level. I think the beauty of sports is that you can be an expert in one category and a novice in another sport. You can be an excellent runner, but a lousy fisher or skier, and probably you have different needs depending on each sport. As a complete destination for sport, XXL wants to cover all of these needs. We will differentiate products from good, better, best and assign clear product roles and each and every product needs a defined role in our assortment. Our efforts on increasing private label and control brands is making progress. We have mapped each and every category and are confident that we can reach 30% own label, and we are now fast-forwarding alternatives and is currently exploring different paths to 30%. As earlier stated, we believe the potential should be around NOK 200 million in extra margin. When it comes to prices, we need to regain our price leader position. Great brands and great assortment at great prices. XXL is the largest purchaser of sporting goods in the Nordic, which gives us a competitive advantage and that we can use in offering everyday low price. You should always feel that you do a good deal at XXL. Of course, when it comes to buying and buying contracts, we need flexibility in our purchasing agreements, which we have and which is important during these troubled waters. Looking at the omni-channel part and the online part, a significant part of the customers are doing research online before they do the actual purchase. 30% always check online before buying sports, and up to 80% of all customers always or sometimes do research before they buy in store. XXL has more than 350,000 daily visitors to our platform, and hence, many of the purchases starts online before buying in the stores. We have implemented already several tools and devices in order to create or to become a true omni-channel retailer, like RFID to improve and control inventory that makes it easier, for example, to do click and collect. When picking up a package, you can do it in one of our pickup lockers. We have installed electronic price tags that secures equal prices online and in stores. We have launched internally what we call Retail solution that helps our stores, for example, with return handling. That being said, we still have some potential, left, like I said, 350,000 daily visitors to our online platform. We need to be really sharp on how the webpage look like. We still need to improve the commercial expression on the webpage. The customer journey online, that's from search, filter possibilities, picture, videos and so on. We are also working to introduce endless aisles in the stores. We have done a pilot in a couple of the stores. As I said, XXL is the biggest Nordic sports retailer and we are the biggest purchaser of sporting goods, branded sporting goods in the Nordics. We have the lowest prices on branded goods. We should not be afraid of talking about it. We need to improve our campaigns and marketing. First of all, strengthen internal planning processes and execution, define clear tasks and responsibilities. That's extremely important. Also, we are rolling out a new campaign tool during Q4 2022 to make it go away from the Excel sheet and make it more easy for the organization to plan the campaigns. We also need to reinvent ourselves. We will, going forward, use fewer media channels in order to increase return on our media investments, and we need to use more tactical marketing, sales marketing a little bit back to basics. I'm also very glad that we have signed up, Jarle Bråten, a former EVP marketing at XXL and a crucial resource when XXL was at its best, and he will support us for a period of time in the ongoing changes. Austria. The strategic review continues into Q4, but with good progress. I'm very pleased with the project team that has come up with multiple options to be evaluated for XXL in the near future, and our ambition is to have no negative cash effect from the Austrian operation in 2023. OpEx. The race to 30%. As a Nordic sport retailer with the lowest prices, we need efficient operations and this means in all parts of the organization. We are working towards a more flexible cost base, both in store and at HQ. We have implemented some tools that should help the stores in becoming more efficient, and we have also new tools coming up ahead in order to make them even more efficient. In HQ, we have increased focus in all departments. We will, as I stated, in Q2, exit the Austrian Central Warehouse and we have started scaling down some of the HQ functions. Also here, we need to make the cost base more scalable and flexible. The aspiration for a well-run XXL concept is an EBITDA margin of at least 10%. To reach this, we have set up a longer term target of what we call 40/30/10 on gross margin, OpEx and EBITDA respectively, and then excluding the IFRS 16 effects. We believe it's a very achievable goal, looking at both the historic numbers like 2016. As I said, it demands some strict prioritization and control going forward. To sum it all up, two, three takeaways. Reduced demand, not satisfactory results, but we are adapting cost and purchasing volumes to the new reality. Six priorities, as I said, going forward. Categories, strategies, private label, improved campaigns and marketing, full-fledged omni-channel, Austria strategic review and adapting cost to sales. Delivering on these six priorities should get us then to 40/30/10. Okay. Thank you, Stein. We open up for questions and then first from the audience present here at Alnabru. Please go ahead if you have a question. I don't think there are any questions in the audience. I then call upon the conference host for further introductions. Oh, sorry. You have a question? Yeah. Yeah. I'll take it in Norwegian. There is no English people here. Yeah. Okay. Yeah. Jeg tror vi burde kanskje svare. Nå er det en engelsk webcast som går, men vi kan godt svare på norsk. Ja, vi har jo vært igjennom de nøkkel prioritetene vi nå jobber etter, som vi er liksom det vi jobber konkret med nå. De 6 konkrete punktene som Stein gikk gjennom kan jo for så vidt vise på skjermen. Skal vi se om det var den kanskje. Sånn at vi kan utbrodere litt rundt det da. Det er jo disse 6 punktene vi jobber veldig etter som vi skal, som skal gi oss de langsiktige målsettingene våre med 40-30-10. Så bruttomarginen på 40, kostnadsprosenten på 30 og EBITDA på 10% justert for IFRS 16 effekter. De 6 ganske konkrete store prosjekter som vi jobber etter. Utvikle kategoristrategier og sortiment skal jo over tid gi bidrag både på topplinje og bruttomargin, og selvfølgelig da kombinert med at du skal ha sterk kontroll på varelageret. Vi tror vi kan utøke sortimentet på private label. Her har vi ganske mange gode leads vi jobber etter allerede, som er spennende, særlig på liksom entry level price points og nede i pyramiden som vi viste på sliden før. Vi jobber jo hele tiden med å bli enda bedre på omni-løsningene våre i butikkene spesielt. Der har vi jo både innført elektroniske prislapper, RFID, og nå kommer vi også med veldig mye andre automatiserte digitale løsninger for våre ansatte som gjør retur handling effektiv drift i butikk og så videre. Vi jobber mye med kampanjegjennomføring og hele kampanjeløpet, og her har det jo vært mange endringer også i vår markedsorganisasjon. Vi har jo hentet inn igjen Jarle Bråten som strømlinjeformer dette nå og sørger for at det også tas ut i butikk med de salgsstrategiene som vi er kjent for å gjennomføre. Har et stort prosjekt på Østerrike og hvordan et strategisk review på det. Jobber jo etter mange forskjellige typer opsjoner også på det. Den klokka der viser jo at vi har kommet ganske langt i det prosjektet, og at vi har ganske sterk tro på at det skal kunne komme gode løsninger ut av det. Det siste er selvfølgelig at kostnadene det er de lave kostnadene i XXL som gjør at vi kan ha de billigste og laveste prisene til kundene våre. Det gjør at vi har ganske stort fokus på å få kostnadsprosenten våre ned igjen mot 30%. Er det jo denne 40-30-10 som er på en måte en langsiktig målsetting for selskapet. Som er et overordnet bra mål også for ansatte å relatere seg til. Det svarer på kanskje i hvert fall noe av det vi jobber med. Ja, jeg ser at dere jobber med ting. Mm. Jeg ser det, men jeg ser ikke tempoet holde. Nei, det er vi jobber hver dag for å ta både markedsandeler og Få en annen ting da. Ja. Varelageret. Mm. Ikke sant. Nå er det høyt igjen. Mm. Vi hadde den samme runden for en tid tilbake. Nå er vi tilbake der. Hvem er det som har ansvaret for det? Hvorfor klarer man ikke å styre noe så enkelt som et varelager liksom? Dere to vet like godt som meg at retail er ikke forbanna vanskelig liksom. Du kjøper inn i den enden og så selger du i den andre enden, og du har et budsjett derimellom. Ja. Hvem har ansvaret for de greiene her? Er det samme mann som styrer det nå som styrte det sist gang? Altså, det er jo vi som ledelse som har ansvaret og det som skjedde. Jeg prøver ikke å disse dere. Nei, nei. Jeg sier at her er jo folk med forskjellige jobber. Mm. Hvem er det som har ansvaret og jobber han her ennå? Mm. Altså, jeg kan bare si det som skjedde med varelageret er at vi fra midten av mai, som vi sa forrige gang, opplevde en betydelig reduksjon i etterspørselen. Salget nesten over natta falt med 20%, og det fortsatte halv mai og inn i juni. Det er akkurat de store flyttene som har gjort at vi ikke har klart å tilpasse varelageret fort nok. Når det er sagt, Robert, så er faktisk varelageret, hvis du ser på helsen på varelageret over 24 måneder, har aldri vært lavere de siste 4 årene. På en måte helsen på varelageret er fremdeles veldig sunt, men 100% enig. Varelageret er for høyt, og det er cirka NOK 600 millioner for høyt. Det er det vi jobber med nå med å tilpasse innkjøpsvolumene for neste år. Innkjøpsvolumene for neste år kommer til å være betydelig lavere enn det har vært de siste fire årene. Jeg kjenner dere to veldig godt og har veldig respekt for dere, og jeg vet at dere jobber hardt. Nå noe må skje snart. Noen må ta bladet fra munnen og si hva som faktisk er problemet. Jeg skal vise dere en ting. Hvis det her var XXL. Sånn Ferdinand Porsche lagde den der for noen år siden. XXL er som en bil. Hvis dere tar den bilen der og setter folk som ikke har peiling til å forbedre den bilen der sånn, stuper ned i panseret og kikker seg rundt. Så sier de "hva er den greia der til liksom? Nei, den trenger vi ikke." Så hiver vi den ut. Tror den bilen går bedre da? Nei, gjør ikke det. Det er det dere driver med når dere tar lavpriskonseptet ut av XXL og kaster det på båten eller på sjøen. Hva skjer da? 90 prosent av kundene til XXL er vanlige folk. Folk som spesielt i disse dager må snu på krona og kan ikke kjøpe joggesko til NOK 790 til ungene sine. Det har dere gjort, og da går det til helvete. Vi jobber. Nei, Tolle. Hvorfor gjør man slike ting? Det er, altså, jeg jobbet med detalj siden jeg var 17 år gammel. Det er ikke mulig for meg å forstå hvorfor man gjør sånne grep. Det betyr at nesten alle som bor oppover dalen her må finne et annet sted, om det er Sport Outlet eller hvor det måtte være, og kjøpe sko til ungene sine. Lavpriskonsept er to ting. Det ene er at du er, at du har lavest pris på sammenlignbare produkter. Det er den ene, og det er det mest opplagte. Den andre er at du også er med på bunnsegmentet. Likevel så gjør vi det. Dette er helt grepsløst for meg. Det er litt som vi var inne på, Robert. Vi må gjenoppfinne oss selv litt, og det gjelder prispunktene. Enkelte prispunkter innenfor enkelte kategorier må ned. Så må vi gjenoppfinne oss selv når det gjelder markedsføringen. Det er et godt spørsmål som følger opp det, Stein. Mm. Jeg selv og mange med meg har tilbudt å hjelpe dere så mange ganger. Man hører ikke på oss i det hele tatt, liksom. Hvorfor er det? Jeg tror dere to kjenner meg godt nok til å vite at jeg kan de greiene her. Jeg er en av de beste i landet, og jeg tilbyr meg å hjelpe dere. Jeg tar ikke betalt for en gang, og allikevel så møter jeg døve ører. Ja, så vidt jeg vet så vi har jo hatt samtaler, vi to. Ja, vi har det. Vi har jo også Jarle inne. Øivind sitter jo i styret. Alt er klarlagt. Vi er ikke her for døve ører, og nå snakker vi nå også, så du er velkommen til å prate med oss når som helst. Jeg vet det, men det skjer ikke noe. Nei, men da får vi, ja. Okay, I think we should go over to English again. I then call upon the conference host for further introductions. Okay, there are no more questions in the audience, so I then call upon the conference host for further introductions. We are working out some technical issues, maybe. Hello there, dear host. Okay. Thank you. Could you please give some introductions, please? All right. Looks like the microphone connection on your audio quality is breaking. Ladies and gentlemen, as a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. We'll now pause for a moment to gather further questions. Once again, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. It appears there is no further questions at this time. I'd like to turn the conference back to you for any additional closing remarks. Okay, thank you so much. If you have any questions during the day, so please contact the investor relations department or the press department. That ends our session and thank you all and have a nice day.