Good morning. Welcome to Alfa Laval's earnings call for the second quarter 2026. Fredrik and I will give you a rundown on the quarter. As always, we open up for Q&As. Let me start with a few introductory comments. First, obviously, it was a quarter with solid demand across almost all of the part of the business, with a new all-time high of just above SEK 22 billion. It was another step forward in our SEK 100 billion growth plan for 2030. In addition, we had some very important project wins in all three divisions, strengthening the growth plan further. I will come back to those wins shortly. Finally, the investments into our product offering and our capacity increases continued and will continue for the coming quarters, as our main challenge remains to scale together with our leading customers. With that, let me go to the Energy Division. Sorry, to the key figures. As indicated, a very strong order intake quarter with solid growth across almost all of the businesses, Service included. Note that despite the large SEK 1 billion biofuel order, large orders were, as a whole, on a normal level, was not the main growth driver in the quarter. Sales grew on a steady pace. A record order book of SEK 53.5 billion and good momentum in the transactional business indicates a healthy outlook for continued invoicing growth. The profit margin was overall stable at 17%. Some headwinds in the Energy Division impacted the quarter somewhat. Let's go to the Energy Division. The 70% growth was, I have to say, even a bit above our own expectations. All parts of the division grew, with data centers leading the way. The growth contribution from Cryo this quarter, recorded as inorganic growth, was substantial, with a total order at about SEK 1.5 billion totally in the second quarter. Of special importance was a large Cryo order for LNG in the U.S., a breakthrough order for large-scale cold boxes in this market where we previously had been relatively small. The demands on Alfa Laval to scale in the data center market are high. Current CapEx levels within Alfa Laval will be kept in place in the medium term to support customer agreements past 2027. Currently, for your information, the 12-month order pace in data centers in the Energy Division is approximately at around SEK 5 billion. The margin was negatively affected by a slight negative mix and uneven load in some manufacturing units. The low utilization in parts of Welded and Cryo was impacting the results somewhat. The situation with Cryo, however, is quickly resolved with the order book from second quarter. Moving on to the Food & Pharma Division. It was another all-time high quarter, with solid growth across almost all of the businesses in the division. We have indicated several times that the biofuel project pipeline was getting stronger. The large Brazilian project, amounting to SEK 1.1 billion, was booked in the second quarter. It is an exciting project with a clear path towards a competitive pricing versus fossil-based fuels. We are honored and excited to be selected for this milestone project. Earnings were stable at just below 15% as we continue to invest in the future growth and positioning of the division. On to the Ocean Division. It was another strong quarter, with demand growth driven by ship contracting, including the tanker segment. Cargo pumping again had a strong quarter, with orders now being booked well into 2028. It was also a breakthrough quarter with orders for the LR tanker segment, a segment of similar size to MR, where we typically are strong. Although the competitive dynamics is very different for the two applications, it is a very meaningful step towards a larger addressable market long term. The conditions for a strong CapEx cycle in the offshore business are in place, and while the project pipeline is getting stronger, it is not yet visible in the order book in the second quarter. The margin developed well in the quarter, just below 25%. It was a clean quarter with some tailwinds and a positive mix driven partly by Service. The order stock remains strong for the second half of 2026. On to Service. After a period of slowing demand, the growth returned with a solid 10% organic growth in the quarter. With a growing install base and a stronger Service capability, we expect to continue on a stable growth path in all three divisions. I'd just like to highlight to you that with the exceptional growth of capital sales, especially in the Energy Division, the share of Service in the mix gets smaller, while staying very healthy at 40%+ in the Ocean Division. A few comments on our key markets. U.S. and China continue to make up for 40%+ of total orders on a 12-month rolling basis. In addition, in top 10 markets, some important Asian and European regions accounts for the rest. Specifically, in the regions, North America is the clear growth driver in the quarter, and the main growth clearly in the U.S., supported by the data center growth. Northeast Asia, and especially China, had a solid growth quarter as well, with the marine applications as the main contributor. India and Middle East recovered well in the second quarter, but still the year-to-date is affected by a weak start in 2026. Southeast Asia is clearly affected by the fuel shortage and energy crisis, so the first half 2026 is flat, and larger projects are barely compensated for by the growing transactional business. Europe remains rather stable with a good growth in Eastern Europe. LatAm is good, obviously partly driven by their large bio-fuel order. With that, I hand over for some further details to Fredrik. Thank you for that, Tom, and good morning, everyone. Adding some additional dimensions to a record high quarter of order bookings with a total growth of 35.2%, of which 28.5% is organic, 8.6% through structure, mainly from BU Cryogenics, and an adverse currency effect of almost 2%. In the quarter, beyond the already highlighted growth in data centers and biofuels, we also have some good growth in fossil gas applications and conventional power, dairy and prepared foods, and marine digital solutions. Order intake for the first half of the year amounted to SEK 39.8 billion, a growth of 16.4%, where 17.1% is generated from existing businesses, where data center and all fuels, fossil, sustainable, and biofuels outpace other end markets. 5.5% positive impact from acquired businesses and a negative currency impact of 6.2%. The record high order intake in the quarter yields a book-to-bill for the quarter of 1.23x, which increases the backlog to a record SEK 53.5 billion, of which SEK 29.1 billion is currently planned to be delivered in 2026. The current order book supports a continued good invoicing level, and the order book is assessed to be in line with current input cost levels. SEK 24.5 billion is already booked and planned for deliveries in 2027. Sales development in the quarter and year-to-date are far more linear in growth than order intake as it mirrors the manufacturing capacity planning and delivery. SEK 18.1 billion in products and services were delivered to our customers in quarter two, representing a growth of 7.7%, of which 5.9% organic, almost 4% from acquired businesses, and a negative currency impact of 2.1%. Ending the first half of the year with a growth of 2.3%, indicating an increase trend of delivery in the quarter that we expect to sustain into quarter three and quarter four as supported by the order book. Organic and structural growth both contributed with 3.8% growth respectively, and currently impacted by - 5.4% from currency. Now to some commentary on the result. Quarter two gross profit is well supported by a continued good manufacturing utilization rate, good purchasing price variances, and impacted negatively by cautionary provisions and guideline reserves. Sales and administration costs are within the expected ratio to sales, where the increase of 7% is to large part driven by added costs of the Cryogenics business. R&D costs increased with almost 19% in the quarter, which is in line with a continued high innovation pace of our products. Operating income improves to yield SEK 2.9 billion in the quarter, with an EPS of SEK 4.91, which also represents a marginal improvement. Year-to-date operating income is impacted by the lower invoicing we carried from quarter one and accumulates to SEK 5.6 billion, with an EPS of SEK 9.5. The adjusted EBITDA margin, which in the quarter is equivalent to the EBITDA margin of 17%, is in line with the target level of the group and communicated external targets. Some negative impacts in the quarter could not be offset by the good transactional and service business development. Currency impacted positively with SEK 209 million, one-off costs of SEK 75 million related to the change of organizational structure implemented in quarter one, and the structural impact cost of acquired businesses. In total terms, SEK 3.1 billion in adjusted EBITDA in quarter two ranks as the third highest quarter. Debt compared to quarter two 2025 has increased, and they did not include the financing of the cryogenics acquisition at that time. However, when compared to the closing level of 2025, SEK 17.2 billion, the increase is marginal and to a substantial part driven by currency. Cash and cash equivalents have decreased, and the cash flow analysis on the next slide provides further detail. Lease liabilities remain on a similar level, yielding a net debt, including leases to EBITDA of the last 12 months ratio of 1.1x to be compared to a level of 0.92x. The average funding rate remains competitive, and headroom remains to allow for continued inorganic growth ambitions. On to cash flow. Cash flow from operating activities trended sequentially up in the quarter to SEK 2.4 billion, with a year-to-date SEK 3.6 billion impacted by lower invoicing in quarter one. Investment programs continued on a planned pace, however, with a facing uptick in quarter two reaching SEK 1 billion. No acquisitions in the quarter and year-to-date, reflecting the acquisition of a heat exchanger company in China. Financing activities in the quarter reflect the net of newly issued commercial papers and the record high dividend to shareholders of SEK 3.7 billion. For the first half of this year, the net finance activities shows a net position of debt close to zero after repayment and refinancing, the paid dividend, and higher financing cost. We expect to be cash flow positive for the year. Finally, some customary financial guidance. In quarter three, CapEx up to SEK 1 billion, amortizations of SEK 170 million, and a tax range of 24%-26%. For the whole year, CapEx within the range of SEK 2.5 billion-SEK 3 billion, amortizations of SEK 680 million, and a tax range between 24% and 26%. With that, I hand over back to Tom for an outlook on quarter three. Thank you, Fredrik. Then, to sum up how we look at the business situation and context right now. Overall, we believe we are in a time of strong growth across several of Alfa Laval's end markets. We do expect quarterly variations on order intake, as always, but business conditions are expected to remain positive in the short to medium term. Specifically, the third quarter in 2026 is expected to be somewhat lower sequentially, compared to the strong second quarter this year. Specifically on the divisional level, Ocean is expected to remain on about the same level, whereas the Energy Division and Food & Pharma division are expected to be lower. Finally, please note that we are comparing ourself to a record second quarter, which came in significantly stronger than we expected. All in all, the outlook is not reflecting deteriorating market conditions. With that, we open for Q&A. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode while asking a question. Anyone who has a question may press star and one at this time. The first question comes from Meihan Yang from GS. Please go ahead. Hi. Thank you for taking my question. I have two questions. First of all, can you give us a bit more color on data center orders margin? Are these dilutive to your Energy Division? Second of all, what's the level of fixed costs and headwinds you're expecting from the investments into pharma into 2027? Thank you. We're not giving margin comment specifically on all parts of the business, we don't believe that we will have a general margin deterioration per se, in moving into the data center business. On the pharma side, I'm not sure I picked your question exactly, complement to me, if needed. The investment into pharma is a long-term growth strategy. My experience is, it takes a couple of years to go through. I think in terms of sales and revenue growth, other than what we're already doing, of course, in the pharma business, which should be somewhere close to maybe SEK 500 million or something like that. Yeah. I think the turbo or additional growth that we may get out of that segment going forward, I think we have to expect it's going to take some time, and possibly beyond 2027. Yeah. Thank you very much. The next question comes from Magnus Kruber from Nordea. Please go ahead. Hi, Tom, Fredrik. You have Magnus here from Nordea. A couple of questions from me. Can I first start where you left off around the guidance level? Obviously, very reasonable to expect Q3 to be slightly lower, marginally lower, compared to the very solid Q2 number. We have a very broad-based activity level across end market, it seems to me. Is it fair to say that the underlying activity in the market is now perhaps a bit higher than you anticipated before over the coming quarters and year? Yes. I confirm that. Perfect. That's great. A couple of questions on the margin side. On the Energy Division, first, could you please help us unpack a little bit the margin dynamics that we saw in the quarter and what we should expect going forward there on those headwinds that we saw you alluded to, for example, Cryo essentially easing a little bit those headwinds in the coming quarters. A little bit more color on that would be very helpful. Yep. There's a couple of things that happen. It's, of course, a lot of variables moving at the same time. It's not a singular item that's creating the margin levels that we see in quarter two. To give you a few of them, of course, we have a bit of a shift in mix. There's a little bit of less service content, a lot more capital sales content in the invoicing that we saw in quarter two. Therefore, the mix effect, we have an impact of provisions and reserves that we do according to guidelines and according to how we see projects develop. Those come out a little bit heavier in quarter two than what we had expected. Finally, of course, there is an element of cost that have to do with the reorganization. Those are marginal, but there's still some small effect of that. We should also add that there's some inflationary impact. Last but not least, there is also an impact of currency. Got it. That's helpful. Just finally, on the group costs, I think we had a SEK -250 from the two, should we say, underperforming businesses that we have there at the moment. How should we think about those businesses in the coming quarters and maybe strategically down the line? How are you treating those businesses going forward? Well, those businesses are in the other category because we are looking at them to see if we develop them further or if they should have an exit. That's a conclusion that we haven't reached yet. First, we want to see where these businesses operate on a standalone basis. Yes, they are part of the SEK 250 million. They're not really the full impact that you see on the SEK 250 million. There's other things that are propping up those SEK 250 million. There is an element of costs that have not been invoiced out into the sales companies, therefore you have a lower cost in the sales company. For a group point of view, it's even, it doesn't appear in the divisions before we invoice it out into the sales companies. Those are really the impact. The contribution of the two businesses that are in other is more how it looks per row. If you look at the level between the two years, it's about SEK 250- SEK 245 on a year-to-date basis between 2025 and 2026. Okay. Reasonable to expect they should remain there, at least for now. Yes. Yes. Thank you. I don't think you should expect a big difference from last year. Got it. Cheers. Thank you so much. The next question comes from Sebastian Kuenne from RBC. Please go ahead. Thank you for taking my questions. My first is on the biofuel, let's say, Food & Pharma division. You had this large order in Brazil. Do you generally see the pipeline for biofuels coming up or getting stronger as a result of the Middle Eastern crisis? Or maybe you can just give us generally your view on the momentum now for biofuel projects. That would be my first question. Yeah. I would broaden it a little bit. I think what happened was during the previous peak and cycle, we had a fairly strong investment cycle into biofuels in general, and the blending directives, internationally, it didn't quite meet the expectations, there was an oversupply. The supply side just sort of cut a number of projects out of the CapEx plans that were quite advanced at the time. That happened in several markets. The only biofuel market that held up reasonably over the last two years, was the ethanol market, where both the U.S. and India particularly, maintained on blending directives, and there were further capacity investments there, and that's a segment that matters to us, but not to the same degree as vegetable oil-based processes. As underlying markets were continuing to grow and the CapEx didn't go into full-blown projects for a period of time, the pipeline was sort of building, we believe there are quite a number of companies that were sitting on the sideline and to a degree still are, waiting for the right moment. That's why we've been talking for at least six months of the fact that a number of projects are starting to move again. Let me say that I don't expect a lot of SEK 1 billion orders from our point of view going forward. There are sizable projects that are still under discussion, under quotation. I believe we are moving into a cycle that's going to be certainly stronger than the last two years. How far and how long it will go remains to be seen, there are ample opportunities for projects over the next couple of years in several parts of the world. I think that's sort of our general reading. I think the Middle East crisis and the energy crisis as such, is probably going to be a co-driver of the energy transition together with the climate impacts. I find that energy security and what will be required in terms of electrification, biofuels, and fossil independence, will play part of the future energy agenda somewhat stronger than in the past. I don't want to overestimate the impacts from the Middle East crisis per se, obviously the belief of, in terms of the energy prices as a result of these problems and the security issues, are likely favoring a somewhat more accelerated energy transition than what we were looking at a year or two ago. Very helpful. Thank you. The other question is on shipping, especially the shipyard ramping speed. Clarksons always says, okay, volume's going up to 12%-15% this year, also above 10% in next year's. Value has to go up even faster. Are these numbers that you can confirm when you look into the shipyard activity in China? Can they ramp as fast as Clarksons implies? What would that mean for order intake for you? Contracting levels are very strong currently. Do you think that you can maintain that kind of growth of 10%-20% in order intake outside of the pumping business? Thank you. I would say right now that if we look at the current speed and what we're experiencing at the moment, of course, there is a quite big share of contracted vessels at the yards where we still have not booked orders in businesses outside of cargo pumping. As you know, the cargo pumping tends to go very early, sometimes ahead of Clarksons data, whereas the other parts of the marine business normally is coming into play somewhat later. I think we have, as is, a reasonable pipeline on that level. If we look at the ramping on the yard side, we have been a little bit surprised about the agility in China. We see that specifically with yards that previously have not built complicated and advanced vessels who are now entering into that market. We have commented on that earlier also from the point of view that when it comes to commissioning, we have significantly ramped our commissioning capabilities in order to support yards with less experience of our equipment than some of the well-established known yards in Korea, Japan, and China. We do see this development. Our hope has been that we are not ramping too aggressively the shipyard capacity. We have said during at least a year or two that if we look towards 2030, we see a pretty stable demand cycle, not least because the scrapping will need to go up and we need a lot of replacement ships coming in over the next few years. We have estimated that the demand cycle could be relatively stable, but of course, that is also dependent that we are not seeing a raise to extremely high delivery numbers in this year or next year based on ramping, but that we are rather containing global capacity somewhere north of 2,000 ships a year, but certainly not at the three. I would hope that we see going forward, I'm leaving quarter aside right now, but my hope and expectations is that we will see somewhat of a less cyclical business, somewhat more stable. With that, we should see a reasonable but perhaps a slightly slower growth than we've been at the moment. Yeah. My last question, very brief. We had this pre-ordering situation for the pumps in the past couple of years, and then the unwinding of it. Do you currently notice a kind of a trend towards pre-ordering again, or it's the orders that you get the marine, the equipment that is actually needed for the next six months in the shipyards? Thank you very much. Yeah, I wouldn't call what we see pre-ordering. What we do see is that some ships are contracted on speculation. We see some people entering into the market who are not long-term operators or ship owners in that sense. From that point of view, the numbers are perhaps somewhat elevated, but with the current capacity, the current ton mileage situation on the global trade, we certainly don't feel that there is- Even with the current level, if we look at the age of MR, LR tankers, specifically, the aging of those fleets is normal. It's not exceptionally young. We don't, in the context of a couple of years, see a big shift in that market. I would still say that, of course, when orders are coming in very high over a year or over a number of quarters, typically, it should come down a little bit, reflecting more of the delivery output and invoicing cycle than just an elevated order intake situation. I hope that gives some clarity to it. Perfect. Thank you so much. The next question comes from Klas Bergelind from Citi. Please go ahead. Yes. Hi, Tom and Fredrik. Klas at Citi. My first question was also on marine, and I'm thinking about lead times. Obviously, strong orders on the cargo pumping side following the strong contracting of product tankers, and you talk about solid demand from the LRs. When you look at the Framo order book now, how should we think about the sales growth ahead? You're obviously now backfilling for the second half 2027, where we previously had expected some softer sales. Is growth in the P&L in Framo likely here, or are we going to see flat 2027 and 2028, or can we grow Framo revenues? That is my first question on the current order book as you see it now. Well, if we start with our own capacity, we are going at full speed at the moment. As you know, we are in the biggest CapEx cycle for the Framo operations in their history. It's a SEK 4 billion program over five years or so, covering a number of areas. Cargo pumping is just one of them. The offshore is another, and there are some other things, and Cryo and others that is affected by this CapEx program. We put priority to execute the productivity program and capacity program for cargo pumping as a first step in that program, and we've come quite far. It is a tough situation in Bergen when it comes to replacing old equipment and automate a whole range of processes at the same time as our delivery machine is going at the all-time high level. Credit for the team. We haven't missed a single delivery yet, we don't expect to do it. We can't go much higher than we are right now, and I would not see that for 2026 or 2027. I think the question on the cargo pumping specifically is going to be related to a possible long-term position in LR tankers, which is an area where we have had a minor presence so far. Some opportunities have opened up. We've taken advantage of that, and that will potentially provide a structural growth option for the cargo pumping business in the coming years. I'm a little bit hesitant to predict that too strongly or to make a call on the market share changes in that market long term. Of course, it has been a very important milestone for us in this quarter. I have to recognize that, we will see where we go from there. It sounds, Tom, like flattish sales growth maybe from 2027, and then 2028 depends on new capacity and how you can utilize that potentially. I'll leave the interpretation to you. Yeah. My second one is on Food & Pharma. Not only larger orders there on biofuel driving this growth, base orders solid as well. I want to come back to the capital markets day in November last year. You launched a new intelligent separator, the single-use separator geared to pharma, et c. I'm trying to understand how much of this growth is market share versus market improvement. I guess it's a combination of both. Any comment here on reception around the new launches, et c, would be interesting. Yeah. I think at the capital markets update, which with all likelihood is a digital event this time and slightly shorter, I think we will be in a better position to comment on that development specifically. I think my overall sense is that our product program, you saw some on the high-speed separation development when you were in Flemingsberg. On the fluid handling side, it's been a massive two years of product launches as well, and our feeling is that we have strengthened our market share, we have strengthened our distributor network, and our feeling is that we probably are somewhat growing our market share. Yeah. What we've seen in this quarter and this year is, especially on the transactional side, which is somewhat easier to measure in terms of pace, we have been quarter- for- quarter just running on an all-time high level that we haven't seen before. We are running a very tight ship when it comes capacity and output versus customer demand. I might add, I don't want to make a too big thing of this, coincidentally, when we talk about the data center market, it actually is a hygienic application when it comes to the white room applications, when it comes to handling fluids. At this point in time, our channel partners are also working into the data center area, and we're ending up with some products from our valves business that is now starting to flow in some volume into that. On top of a fairly healthy market in dairy and some new orders in brewery and our traditional business, we actually have a bit of flow into the famous data center business also here, in fact. It makes the growth, I think, more understandable, and potentially structurally, as an important component in the coming years. Very quick, final one here on HVAC. Sorry, Klas, I think we could also add that we have capacity coming online in the U.S. in the form of investments that were done a year ago, or almost a year and a half ago, that comes online, and that should also give us an ability to better meet the expectations of the market when it comes to lead times, when it comes to fluid handling. Yeah. Sorry. Sounds good. My final one is on HVAC. Within HVAC, what size is the heat pump business today, if you would annualize it? It must be more than SEK 1 billion now versus SEK 2 billion at the peak in 2023. I'm just trying to understand the size and what you're seeing into the second half, Tom. Let me see. I think we. We're trending towards SEK 2 billion. Trending towards SEK 2 billion? Yep. Yeah. I- Already? Okay. Yeah. Yeah. With that said, it is a very competitive market at this point in time. Everybody built capacity, it's a market where the OEM business shows its typical sign of volume, price pressure. That type of situation. We are not returning that business on the same level of profitability as it was. However, we are very focused on, and execute on, a plan where we are maintaining our market share long-term for the heat pump business in Europe. It is not the best contributor of profitability right now, but we believe it's the right thing to do. Thank you. The next question comes from Akash Gupta from JP Morgan. Please go ahead. Yes. Hi, good morning. Thanks for taking my question. It's actually Jeremy asking on Akash's behalf. I've got two, please, if I may. The first one is just on margins. You've talked about an uneven load in some manufacturing units across the company, which impacted margins in the quarter. After those record Q2 orders, how should we think about the load across the various businesses in the coming quarters, please? Well, I think the general comment is that, in the whole group, and in the Energy Division specifically, most of our load factors are really high. They are high to a level where it starts to become less productive, air shipments and whatnot, in order to manage lead times and customer delivery programs. It is a high utilization period, and consequently, we also guide that the CapEx program will most likely remain in place on the current level of SEK 2.5 billion- SEK 3 billion a couple of years going forward. All in all, if we look at the decisions made and some of the ones that are coming now, this year, beginning of next year, I think we probably have created the basis for a supply structure for the SEK 100 billion plan. That's sort of where it is. There's a couple of areas where we are low on utilization. There is the odd spot on the Marine side, and there is the odd spot in the Energy side, particularly on welded products. The Cryo utilization was affected by, partly, the shutdown of the business in Russia some years ago. Then on top of that, we had the Middle East crisis, where a fair amount of our product typically goes. With that recovering and with the breakthrough in the U.S., the Cryo situation is more or less resolved. We may have another quarter before we are sort of fully up and running on the order book, but the order book on Cryo and the pipeline for Cryo looks promising and good. On the welded side, in Europe particularly, we are a bit on low utilization. We may remain there for a while. With that said, if I look at the overall supply system in Alfa Laval at the moment, I would not blame low utilization as a specific factor pushing us down. It's a very good situation for most of it. As Fredrik was onto when we reviewed the Energy Division, there were a couple of headwinds that, all put together, had some impact on the margin. This was one of them. We will work to fix it. Half of the problem is fixed, and half of it, we need to think through. The second one, just on Ocean, where you obviously had a strong quarter in terms of orders driven by Marine pumping systems. Can you please also comment on the pricing side? I'm especially interested on what you are seeing in terms of pricing of those equipment and how it compares to the margins that you currently are delivering in the P&L. On the pricing, I don't see a lot of change in Marine. We are long-term strategic partners in most product areas with the ship owners, we don't typically try to take advantage of high demand cycles. We try to do our job properly, and price correctly. There's not in the order book a different gross margin perspective than what we've been having, looking backwards. The one area where we have been a bit concerned on the pricing side is probably more than anything on the Energy Division, and we have, in parts of the group, not only in the Energy Division, but maybe the effect is biggest there. We did do some price adjustments as of July 1st, and that was mainly driven by the cost inflation, driven by energy costs and fossil fuel costs. We had some significant cost escalation in those supply chains, we did a modest compensation for that in July 1st. That's sort of, on the pricing side, the one action that we have been taking during this year. Understood. Thanks very much. The next question comes from Andreas Koski from BNP Paribas. Please go ahead. Thank you very much, and good morning, Tom, good morning, Fredrik. I want to come back to something you touched on earlier. Can you maybe share a bit more information about your expansion in the long-range tanker segment? What have you done? What kind of products? How is the value opportunity increasing for you here? Well, again, maybe we come back with a bit of a review on this when it comes to the Capital Markets Day. Just shortly, I would like to say that from a product point of view, an LR tanker is, from an engineering standpoint, a product standpoint, very similar. We are not developing a completely new system that is totally different from the MR side. It's a large installation. It has some implications for product design and engineering solutions and all of that. I think what is different partly, if you look at the tanker situation, the value of our offering in MR is a very speedy time in harbor in changing cargo. In MR specifically, with small tanks, there is a lot of variations of what products they are carrying and consequently, our pumping solutions are providing a very clean tank and very short time at harbor, in order to pump out and pump in the new products. The value proposition is very high in a hydraulic pumping solution to our customers compared to a lot of other applications, compared to the electrical pump solutions, which will leave a lot of contamination in the tanks as they are evacuated. The business model for MR is completely developed on our hydraulic pumping solution value proposition. Now, if you go to the other extreme and go to crude oil, obviously the value of cleaning out the crude oil tanks is relatively limited because the contamination will be zero. There will always be a new crude oil coming in and the crude oil variations are not that important when it comes to the decimals. All in all, we don't expect that hydraulic pumping solutions will have any particular impact on large crude oil tankers, now or in the future. You have the LR side, which in my mind comes somewhere in between. It is larger tanks, larger ships, more continuity in the load they are carrying and the cargo that they have. Consequently, the value proposition there on our solution historically has been a bit less. For that reason, a lot of ship owners have stayed with the solutions they are used to. Now that we are in and we have provided a number of cargo pumping ship sets, our hope is that a number of ship owners will reconsider the technical solution they have. Although the value proposition and dynamics may be a little bit different in LR, the validity of the hydraulic pumping solution is certainly there. We will see how the market dynamics plays out here. We are hopeful this is the beginning to a change in our market position long-term for LR. Understood. Thank you. Jumping to data centers. You mentioned that your order run rate LTM is now SEK 5 billion or so. I think that must mean that you had an order intake of more than SEK 2 billion now in the second quarter. Maybe if you want to confirm that, does all of that fit in light industry and tech? It does essentially sit in light industry and tech, at least the orders that are coded as data center orders. There may be some product creeping in from other areas, from channel partners and others. The lion's share is certainly. The light tech gives you a good feeling. We are not at SEK 2 billion in the quarter. We are below that. Maybe it's more correctly to say that, in the pace we are at, look at this year in the SEK 5 billion sort of level. We don't see it going dramatically up from. As you know, we've been guiding you a little bit the last couple of quarters on running rates of SEK 2 billion, SEK 2.5 billion. I think this is kind of where we are right now. What will determine the order intake numbers right now when we look at the data center is essentially how far out in the future we book the orders. Right now, it's not in our interest to do full order booking late into 2027 and 2028. You could say we are managing the order intake level from our point of view quite closely. What you will see in the coming quarter is a managed number from that point of view, in that we are not necessarily extending the time period where we book orders right now, and that's why I think it's relevant for you to think about it a little bit in terms of running rate, and not so much about the order intake. We try to give you a reasonable clarity on approximately the size of that business in terms of the underlying dynamics right now. This SEK 5 billion that it sounds like you expect to stabilize at that level, that does not include the capacity expansion that you're working on, or does it include that? It- If it doesn't include it, where will it go? No, it certainly does. There are a number of capacity increases that are coming online, not least in the beginning of 2027. When we book the orders now into 2027, we are already pretty much fully booking up the capacity increases that short term will come on stream, partly in this year and an important part in the beginning of 2027. The invoicing rate right now is not on that level, and we could not reach the full five at this point in time. However, we will in 2027. We are making additional capacity investments decisions more or less as we speak. Right now those capacity investments decisions, they are looking at what we believe is the underlying demand situation in 2028 and going forward. Understood. Just quickly on your outlook, do you want to confirm that somewhat lower demand should still imply an order level above SEK 20 billion? Well, you saw how exceptionally incorrect we were in the guidance last quarter. I will not give you a good indication of what it's actually going to be. The way we express ourselves, in terms of somewhat lower, would historically indicate that we would end up above SEK 20 billion. Yes. Understood. Thank you very much. Thanks. The next question comes from Anders Idborg from ABG Sundal Collier. Please go ahead. Yeah. Morning, Tom and Fredrik. Just another one on data center, and a bit on your market share and how you think about your position there. I get the sense that you have become gradually more confident about keeping a very high share, and I see that you have good growth, not only in North America. Do you think you're growing or outgrowing the market at this point, or growing with the market, and do you feel more confident about basically technology evolving in the sense that you can keep this high share? We are very confident that our market share has increased during this year. It's not only about technology. I think the industry struggles in many areas, including thermal, to scale with the demand growth that we're looking at. It is a tough situation for the hyperscalers and the people who are working with system installation in this area. I think our ability to scale, being the world leader in this area, sitting on an already very strong global footprint, and ability to time-wise and balance sheet-wise, go all in to support the CapEx plans required in order to deliver into this, makes us somewhat unique. I think it's fair to say that we are the go-to partner and the anchor partner for most of the data center expansion plans when it comes to the data center side. You may look at this as a fantastic thing and all of that, and of course it is, but it is also a place of huge responsibility that we carry in making sure that we are not the place where the bottleneck appears when it comes to the biggest industrial investment program that we have ever seen in history. We are very committed to go with this and play our role in the supply chain. Okay, that's good to hear. As a follow-up, perhaps, do you see the opportunity to increase your scope here? You are working with products that would fit into more parts of the entire water loop, I suppose. Could you do that organically and, if not, inorganically perhaps? Well, I don't think we will have very high on the agenda to do M&A work in order to increase our exposure into data centers. I think part of the beauty of our business and our company is that we have many legs to stand on, and we're not seeking a position where we become a one-legged animal. I think our growth opportunities in data centers is good enough in the product assortment that we have. I indicated earlier that the data center is starting to creep into the flow side as well. We do have a product assortment for clean water applications in flow that are relevant. It starts to become a meaningful volume. I think it's fair to say that there is an opportunity of SEK 1 billion here or so, in terms of long-term, what we can do on complementary products other than the thermal control. In the thermal control, there may be some further expansions opportunities when it comes to thermal technologies that we are working with in parallel. I think we haven't reached the plateau on five. We are where we are. There are some reasonable growth opportunities above and beyond going forward. Of course, the big question is, where is the underlying demand going to be, not this year, next year, two years from now, but five years from now? Where are we plateauing? How do we need to long-term strategically plan our capacity in the various areas? That's a little bit a challenge we will have in the coming years. For now, we are a ll in with the key customers to make sure that we meet our commitment. Very helpful. Thank you. The next question comes from Gustaf Schwerin from Handelsbanken. Please go ahead. Yes, good morning. I have a follow-up on the long-range tanker comment, Tom. Can you help us on how much that drove pumping systems order growth in Q2, and perhaps how much of that you think is driven by shift in contracting to more LRs and what is actual market share gains? Thank you. I'm a bit cautious to go too much into details. We would have had a very good quarter, without the LR side, let's not overdo it. We can follow up with you separately, to give you an order of magnitude. I'm not sure in percentage terms when it comes to the cargo pumping side exactly how it fell in there, but it's certainly not the lion's share. It's obviously MR tankers that is driving our underlying demand growth, overall, we can give you a comment on that. I think the numbers that you should have in your head is that, if you consider the LR tanker segment in general being approximately the same size as MR, we have historically been close to zero in that area, we've been on a very high number, on the MR side, it gives you the order of magnitude of where is the market opportunity. As I said, the dynamics, the margins, the whole host of things are different between the two segments, I wouldn't equate them, it gives you a sense of an order magnitude opportunity for us. Okay. Thank you. I think we'll take the last question here. Today's last question comes from John Kim from Deutsche Bank. Please go ahead. Hi, good morning. Thanks for the opportunity. I was wondering if we could go to invoicing for a second. If we think about the Q2 results, would you argue that late invoicing featured at all, or is the cadence of invoicing really more driven by the client side at this point or in this quarter? If we look at the invoicing, it is very much driven by a transactional business. There is, of course, an element of percentage of completion there for larger projects. Since larger projects, of course, have been on a lower level now for about at least the last 12 months, of course, the incidents or the share of project invoicing decreases. We have it still a little bit in the Food & Pharma side, and we have it a little bit on the welded side. Other than that, it is mainly transactional business. Our ability to invoice is very much dictated by capacity, and as you've heard, we have quite a few factories that are operating now on a very high level. That means, of course, that the invoicing that we have is on a higher level. It probably has a little bit more space to go, but it will require the capacity investments that we're doing towards the end of the year or that are coming online towards the end of the year to see a step change in the invoicing pace. Any color on how that capacity add towards the end of the year expands volumes, just in quantums or percentages? It depends a little bit how it comes online. It doesn't ramp up from zero to 100 either, so it is a little bit of a linear ramp-up over a period of time. One last question. Can you just remind us on the payback period or how we should think about the restructuring costs versus OpEx savings on a go-forward basis? We haven't really spoken about the reorganization costs as a form of a saving, as a form of something that's going to yield a calculable saving space there. We have spoken about the reorganization as an enabler to scaling for growth. It's more about positioning ourselves where we can have a better drop-through from every euro of growth that we have on the top line. Understood. Thank you. Thank you. Thank you very much. Thank you for the interest in taking your time. If we don't speak before, I think, the Q3 earnings call in October will be the next time we meet. Thank you very much and have a good day. Thank you.