All right, let's make a start. Welcome, everyone, to Ahlstrom's second quarter earnings call. My name is Johan Lindh. I'm responsible for investor relations. We will start with a presentation from our CEO, Helen Mets, and CFO, Jorn Jensen. At the end of the presentation, you have the opportunity to ask questions, either using the chat box or in the audio cast, in person, or over the lines in person. With these words, over to you, Helen. Thanks, Johan, and good morning, good afternoon, good evening, everyone. I actually want to start by saying that I hope you all had a wonderful summer and got some rest and relaxation. Now, we're going to walk through the Q2 results, which I also have to say feels quite a long time ago, given the speed that time is moving. So let me jump straight into the highlights. Now, the good news is that in the quarter, we continued to drive our transformation initiatives in a market environment that was actually quite similar to the first quarter. So I'm particularly pleased with the sequential improvement in our comparable EBITDA, and that improvement was underpinned by the ongoing increase in our margin on variable cost per ton, which, of course, was supported by cost efficiency, so lower variable cost, our transformation initiatives, and ongoing disciplined pricing. We did start to see some signs of deflation in the quarter, for instance, in pulp and energy, and I'll talk to that in a little bit. Now, compared to last year, Q2 was a record high, so we were lagging behind, as we expected, on the development of volumes. So we did see the lower delivery volumes versus Q2 of 2022. Now, customer activity has stabilized during the second quarter, albeit at a low level, and I'm going to give you some more context in a moment on what we see in the various segments. Initiatives such as our strategic purchasing, our pricing, our operational excellence, so all of our transformation initiatives are on track. As you see, as we go through this, they continue to deliver positively to the financial performance. Now, at the same time as they're delivering positively to the financial performance, what you also see is the actual transformation costs continue to be lower than last year. That's a trend actually that we're pleased with. It's a trend that we expect to continue, and what you do see is we're internalizing those capabilities, which, again, is good news for the transformational change. It means it's embedded in our organization, so good for the short term and the long term. We also, in the quarter, improved our operating cash flow. Now, that was from a weak first quarter, and that was as a result of very strong focus on our inventory management, so that was across our 38 manufacturing facilities and strong capital management. Now, aside from the financials, just another couple of highlights. We strengthened our leadership team with top talent in two big positions, so our innovation, sustainability, and commercial excellence arena, which of course, is critical for our growth agenda, as well as bringing in a new leader for our people and culture. Again, really about sustainably building our people and culture capabilities. I think another highlight is in terms of our business portfolio management, and you may have already seen that we recently signed an agreement to divest the Stenay plant. So I think that's a decision that demonstrates our strategic ambition to operate in niches where we can reach a leading position. Now, we started that process with consultation with employee representatives in March, and I have to say, we've been very committed to achieving a positive outcome, and I think the outcome that we're landing on is the win-win for all parties involved. The deal is expected to be completed at the end of September. So right now, we're currently working to ensure the successful handover of the plant. Now, if we can go to the next slide, let me just dig a little bit deeper in a couple of areas. So first, in terms of the net sales. What you can see here on the left-hand side of the graph is what I was talking about. So you see that our net sales actually had decreased by 11% to EUR 774 million, which was strongly influenced by the lower volumes that I talked about. Now, if you go to the middle of the page, this is the sequential quarter-over-quarter, and what you can see here is that our volume has stabilized. In fact, you see it just a little bit on the positive side of it. As I mentioned, we started to see just a little bit of a deflationary environment, so you see price and mix here, but I do want to call out that in that price and mix, the majority of it is from our pulp pricing. What I did promise to do on request, I think, of several, was to give a little bit more context into the different segments and what was going on underneath the high level. So I really want to try and bring that transparency into these calls. So let me give a bit of context on, or a bit of color, on what we see in the segments, and just a little bit of flavor around the order book. So let me first of all start with Food and Consumer Packaging. And let me start with the release liner segment within Food and Consumer Packaging. So customers are telling us, and actually you see it highlighted in their Q2 narratives, that the destocking is coming to an end. And we do start to see what I term a bit of warmth in the order book. So staying very close to customers to see when and by how much, but certainly seeing a little bit more development in the order book for release liners. We see the same dynamic in the parchment portfolio, so a slightly stronger pipeline. And Food North America, which I talked about in our last quarter earnings, actually, we've got a very good specialty mix there, and we continue to see good momentum Q2 and order book-wise. If we move to Healthcare, and the Medical section of Healthcare, then again, customers are telling us pretty similar story in terms of the destocking has come to an end. And again, we see it in the order pattern. And actually, what we see there is we actually see shorter delivery requests starting to happen. So again, I think a good indication that the value chain stocking is coming to an end. And then in our lab and life science business, under Healthcare, it's stable. Now it is at a lower level than we saw in COVID times. Filtration, I would say there, again, also stable. Here, our big customers are all coming back as we speak from the summer. July and August, particularly in Europe, are slower months, so I would say a little bit too early just to say how the order book is going to develop in the coming weeks. In Building and Materials, a different story, actually, because in Building and Materials, actually, as we speak, we're starting up our asset in Madisonville for the glass fiber tissues. So this is a big milestone for us. We expect to be fully operational towards the end of the year. The pipeline there is strong. We've got customers actually waiting for us, very willingly, to ensure that we're up and running as quickly as possible. And I do wanna give a shout-out there, because this is a, it's a big investment, it is a big project. Excellent safety performance throughout the whole installation and great teamwork and expertise from across the organization. It's no mean feat, these assets and all going well. Then in Technical Materials, what I would say on Technical Materials from a top-line growth perspective, our tape business, we continue to actually see year-over-year growth. We saw that in the first quarter, we see it in the second quarter. And then protective materials, more stable, with some warmth in the order book, for instance, in our Electrotechnical Materials. So overall, the message was stable in Q2. We do expect to see the gradual recovery as we work through the second half of the year. This is supported by some of our customers who we are very close to and some of the market signals. I would say as well as the past patterns that we've seen, where destocking in these sort of situation typically takes a few quarters for us to get through. I do want to caveat, though, that visibility remains low, and it's just too early to say when and by exactly how much. But hopefully, it gives you a little bit more context and flavor of what's going on across the portfolio of segments that we've got. Now, moving on to the comparable EBITDA slide. So again, compared... If we start on the left-hand side, compared to the previous year, which again, was a record quarter, you see the EBITDA decrease, and that is driven by that reduction that you see there in volumes. However, we've continued to manage cost inflation. Our transformation initiatives are influencing the financials, lower variable costs, strong pricing discipline, all of which is reflected in that positive contribution of the higher margin on variable costs per ton. Again, I think very easy to see in the bridge schedule. If you look at the quarter-over-quarter, so the Q1 over Q2, so the middle graph, of course, I just want to say, satisfied with the direction, because here you see clearly the volume stabilization and the ongoing strength of our margin on variable costs. Now, what you do see there is a increase in the fixed costs, and I want to say a couple of things there. Because there, our manufacturing fixed costs were heavily affected by our inventory reduction across the facilities, to improve the cash flow. So that's what you see in the fixed cost. On the right-hand side, what we're showing here is back to those actual transformation costs. And you can see in the first half of 2022, actually, we were spending EUR 54 million on the transformation costs. First half of 2023, it is EUR 21 million. So significant reduction in the transformation costs as we internalize our capabilities. Then if we can go to the next slide, this is, of course, the slide that says it all on the margin of variable costs per ton. And again, the development is favorable. So in 2022, what you see is that we managed to improve the margin as a result of the ongoing transformation initiatives, so pricing, procurement, our operational excellence. During the first half of 2023, our lower costs have also contributed to that further development. Really pleased with the development of our Margin on variable cost per ton. At this point, I'm going to hand it over to you, Jorn, to continue. Thank you, Helen. We now then look at the reconciliation of comparable EBITDA to adjusted EBITDA. At the end of June, adjusted EBITDA was EUR 477 million. Since the start of the transformation, initiatives have delivered, in total, EUR 135 million in savings. Currently, at hand, we have additional EUR 85 million identified savings potential for the coming years. The work of filling the savings pipeline continues, which means that further savings opportunities will possibly be identified within this scope. In this table, we show the improvement potential based on the current market environment. In addition to this, there is a volume component arising from implemented capacity improvements. These savings are expected to deliver results when the market recovers, and we are able to optimize our supply chain and make full use of the operational improvements. These potential benefits are significant in relation to the estimated savings in the table on this slide. For the sake of clarity, the potential benefits of implemented capacity improvements should not be confused with the other business and market-related profit-driving factors, such as pricing, costs, volumes, and so on. In addition, due to the current market environment, we have an intensified cost control across the organization as part of our day-to-day operations, which is also not captured in the initiatives in this table. On the next page, to cash flow. IACs, or Items Affecting Comparability, relates to the transformation initiatives that in 2021 and 2022 impacted reported EBITDA, and our cash flow are now much lower. Gradually, we are building stronger capabilities internally and have passed the most intensive transformation phase. With this, we see the development to continue and supporting reported EBITDA. Moving down to working capital. In the second quarter, net operating cash flow was a positive EUR 50 million, showing a significant improvement from a weak Q1 of minus EUR 23 million, which was again heavily impacted by an increased working capital, affected by short-term incentive payments relating to the strong results in 2022. On CapEx, the first half of the year was comparatively investment heavy, driven by growth and energy conversion-related projects, but also efficiency improvements and maintenance. The single most important growth project is the completion of the new glass fiber tissue line in the U.S.. The commissioning of the new line is underway, and we expect the machine to be technically fully functional before the turn of the year. Overall, adjusted net debt of EUR 1.787 billion at the end of June, an increase from the beginning of the year due to the negative cash flow in the first quarter. And finally, from me on debt structure, as most of you will know, we entered into an agreement to raise EUR 75 million as an add-on to existing senior term loan facility on June 30. On July 12, the total amount, net of the transaction cost, was drawn. Proceeds from this we will use for general corporate purposes, including acquisitions. On the reporting date, the add-on is shown as an available committed facility in note 15, from the release yesterday. Otherwise, there's not been any material movements in the debt structure. Liquidity was satisfactory, and cash and cash equivalents of EUR 178 million, and we have no major refinancing needs in the coming years. With that, over to you, Helen. Thank you, Jorn, and let me then wrap up, and then we'll move into the Q&A. So now I'm wrapping up by saying that overall, pleased with our achievements in the second quarter. You know, as I started at the beginning, I think we've achieved several key milestones during Q2. So we successfully increased our margin on variable cost per ton, so that is a result of our ongoing cost-pricing transformation initiatives, so we continue to make progress there. At the same time, we're actually reducing the actual cost of the transformation for the company, and as importantly, we're building the internal capabilities. We improved our operating cash flow, albeit off a difficult Q1. We strengthened the leadership team in growth and capability functions. We've continued actually taking the step in evolving the business portfolio. You also may have seen that we launched several new applications, sustainable applications, that allow the transition of plastic to paper, the use of renewable fiber. So we've got several launches of new products that have come out in the quarter. So I would say direction is right, and absolutely, though, the momentum is there. As we speak, we are seeing some early signs of the recovery, which of course, is encouraging. That would be encouraging for everybody. Too early to say exactly when and by how much, but actually, whether the turning point comes in Q3 or it comes in Q4, I know that we, as a company, Ahlstrom, are actually benefiting from the improved margin, the strong position across the portfolio that we've got with exposure to several different end user markets, and that really strong specialty materials technology play, which addresses many of the sustainability challenges in the world. So very comfortable also with the long-term outlook of Ahlstrom. I would love now to open up the floor to questions and answers. Thank you, Helen. Thank you, Jorn. Let's then move over to the Q&A session and start with questions on, in the chat box here. And there's one question concerning the production level in the second quarter, how the low production impacted our fixed costs. Jorn, a question for you. Yes, thank you. So I think we talked about that after Q1, that we did come out of Q1 with higher inventories than what we would have liked to see coming out of Q1. Hence, we decided to balance that better, much better in Q2. And of course, leading to lower inventories, which is a positive working capital factor in Q2. However, of course, it also comes with, call it, less operational leverage in the P&L on fixed cost in the second quarter. So there was, as Helen was also alluding to, there was by significantly, we just look at kind of quarter-over-quarter, negative fixed cost coverage in the second quarter. That was then in in a cash flow terms, offset by positive inventory movements on working capital. So, no doubt that the second quarter on the P&L, on EBITDA, was negatively impacted by the lower production in the quarter due to our wish to reduce our inventories. Very good. Thank you, Jorn. Let's then move on here. There's a question on the CapEx for the second quarter and also the outlook for capital expenditure for 2024. Would you, Jorn, like to comment on that one? I think it is a little, it's a little too early to kind of guide too, too precisely on 2024. But no doubt that, as we have also talked about in the past, that we, over the coming years, as we expect to spend less and less on transformation costs, we also do expect to spend less and less on CapEx, over the next years. So at this point in time, with everything that we see, we definitely do expect to spend less next year than what we will be spending this year on CapEx. Very good. Maybe you could continue commenting on the restructuring costs outlook for the full year 2023? No change to what we've talked about previously, much lower, significantly lower than last year. That was also very high. And then same logic as on CapEx, when it comes to the future years, we're still planning to spend less and less on transformation, actually, significantly less on transformation in the coming years than what you have seen, of course, especially in 2022, but also what you will see in 2023. Very good. Then there's a question on the litigation in the U.S., Helen, for you. Yeah, you know, let me take that one, because we are, of course, actively reviewing the recent complaint. And just a little bit of context, it focuses on the PFOA and the PFOS. And actually, Ahlstrom acquired the Rhinelander mill back in 2018, and has not used either PFOA or PFOS in the Rhinelander mill's manufacturing process. So you know, my comment here is that we are actively reviewing it. On the rating hedges, can we confirm that there is one third of our floating rate debt exposure, that it's unhedged? Jorn, would you like to comment on this one? Yes, no change. No change whatsoever to how it has been all along. All right, then, the following question concerns the redemption, ongoing redemption, and to that point, we can comment that, based on the current information, we are expecting the court's judgment on August 31st, so end of this week. We will come back to that then. All right, shall we then move on to the operator, and do we have any questions on the lines? If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Samu Wilhelmsson from Nordea Markets. Please go ahead. Hi, and, thank you for the good presentation, and especially for the transparency. That's very, very welcomed. I had two questions. I could take them one by one, if that's okay. First, related what you started, the presentation, by showing us that the lower pulp prices have indeed improved your margins a ton, but also there has been a negative pricing, pricing effect also due to the in price indexations. But is the pricing something that you would expect to weigh down your earnings development also during H2? Or would it be a reasonable presumption that some kind of a sweet spot in terms of input costs and pricing could be reached in H2, in case that this stock indeed would have reached this low? I mean, it's a great question. You know, how I would answer that is, you know, of course, everyone recognizes that we're seeing partially the deflationary environment, and as a consequence, some of the pricing does get impacted. However, I can't say enough in terms of the pricing discipline that has been developed as we've gone through the transformation of Ahlstrom. So I'm very confident on our ability to, I would say, stay close to market, stay close to customers, and continue to drive that pricing discipline. Of course, it's a different discipline in deflationary versus inflationary, but we've built a strong capability there. Where you also do- All right. See the specialty nature of the portfolio. Yes, sure. Thanks for the answer. Then, another question concerning your working capital position. You already described it a bit, but what I would like to get some color on that, are you happy with your, for example, your current inventory levels? Or would you be willing to continue to decrease your inventory levels further, reflecting the current market conditions and your custom inventory levels? Yeah. Let me take that one, Jorn. So again, how I would... You know, what I would say there is, we have got a laser focus on our working capital management as a company now, and we've demonstrated that, the organization's demonstrated that strongly in Q2. What that does, it gives me confidence that we have got, let's say, more agility to flex our stock across all of the locations based on where the volume trends. So if you think about, you know, S&OP management, et cetera, we've been building that capability out, which is giving us much better agility to respond. I will also say that, of course, we want to make sure that, while we are able to respond quickly on the volume downturns, which we've demonstrated in the second quarter, we also want to make sure that as and when volumes come up, we are there to respond quickly. The good news about us as a company, as Ahlstrom, is we're very close to customers in terms of being able to read those signals. I don't... All right. I hope, I hope that answers the question. Yeah, yeah, I think that was exactly what I was getting on. So, thanks for the answers, and no more further questions from me. The next question comes from Brian Gaffney from Neuberger Berman. Please go ahead. Great. Thank you for taking my question. Just a quick question, just in terms of the EBITDA. You sort of started the presentation sort of highlighting the fact you're able to grow EBITDA sequentially, which I agree is very impressive. Given sort of Q3 is another sort of impossibly tough comp, you did so well last year. Do you feel you can sort of grow EBITDA or at least maintain EBITDA at sort of around the existing levels? An interesting... Jorn, do you want to take? No, but- Yes. So, of course, if you think about quarter-over-quarter this year. Then, of course, we had a weak Q1, as we have talked about, a sequential better Q2. Again, expecting a tough comparables, as you are alluding to, for Q3, but still closing the gap to last year in the quarter, more than we were able to close the gap in Q2. And then, of course, again, having much easier comparables for Q4. So we continue to work on improving quarters sequentially, including Q3 this year. Yeah, and Brian, what I can also add to that is, you know, of course, where we are focused on heavily is on margin, on variable costs and the transformation initiatives, the pricing discipline. And I think, you know, expectations there are. You know, it is strong, and it will continue to remain strong in Q3. Okay, 'cause I can see, obviously, on slide three, I think it is, you... No, not slide three. There. You do reference your variable cost per ton, and that's been very positive, obviously, despite the fact your prices have declined sequentially. Do you feel, again, you can sort of maintain those levels, because of the fact costs are reducing, maybe, potentially quicker than prices? I think it's, you know, the margin on variable costs. We've got the transformation initiatives, which I think will continue, as well as our cost reductions, will continue to absolutely support that strong margin on variable costs into the third quarter. Great. And just one final, just for clarification, and I appreciate, again, that you went into detail on the different divisions. That's been really helpful. But can you just again touch on healthcare? That's obviously the weakest performing division. And I know in Q1 it was referenced that you had some COVID revenues going through last year, but I presume that's not relevant for Q2 of 2022. So can you just, again, just explain why that, that's the worst performing division? It's just not that intuitive. Thank you. Yeah. No, absolutely. So it's the one. Yeah, and that's always - I absolutely want to continue to give the transparency, which is what was asked for, and I just think it's helpful for us to give context. So I really appreciate the positive feedback on this one. And then that's always the danger of there's been lots of follow-up questions that you go deeper and deeper into. But let me make sure, so the area that we saw the biggest decline is on the lab and life science business, which is our applications, where it's the paper for the COVID testing, for the pregnancy testing, for the saliva testing. And actually, we were still seeing last year, still on COVID testing, a pretty strong order book. And so the reference there is just a very totally different, reference level. It was a big peak last year, and it's more normalized this year. Thanks. The next question comes from Tuan H. Thai from Signal Capital. Please go ahead. Yes, good afternoon. What is the current trading for Q3 looking like in terms of sales and EBITDA? Is it looking similar to or a bit better than the second quarter? And my second question would be regarding the Stenay plant, Stenay plant. How much are the net sales proceeds, and what will you do with it? And the third question is, can you let us know what your incremental EBITDA will be like once the Madisonville plant starts operating? What's the contribution in 2023 and maybe for full year 2024? Jorn, do you want to take a stab and then I'll, build? Basically, if you take your questions a little bit across, it is we are not guiding to those specifics that you are trying to get an answer to, to be very honest and to be very blunt. On Stenay specifically, in particular, we will come back on financials when the transaction have closed. It has not closed yet. It's been signed, but it's not been closed. So that will most likely be a Q3 earnings call discussion. The other parts of the questions, we do not guide on all that. Maybe just, thanks, Jorn. Maybe just then a little bit of context. You know, the way that I think, you know, just trying to give a little bit of color on the volume and the order book that I did, which is really the message on Q2. We saw stabilization, albeit at a lower level. What we see in Q3 is, in some of the segments and with some of our customers, more, I call it warmth, more warmth, that the order book is starting to develop the right way, and certainly stronger positions that destocking is coming to an end. So I think just at the volume level, sales level, that is the indicator for Q3, while at the same time, you know, just saying again, that our margin on variable cost per ton is strong, and we expect that to remain strong in Q3. So it gives you just a little bit of a flavor there. And I think with... You know, I'm totally with you, Jorn. Stenay, we've signed, but we haven't closed. In terms of the profitability of Stenay, you know, not only is it strategic, but also the profitability of Stenay was below the average. We'll certainly, as we close Q3, and we'll, you know, have hopefully then also close the transaction. We'll come back with more specifics in the next read of the details of that. All right. Thank you very much. Madisonville is glass fiber tissue, which is a, you know, it's a nice margin part of the business. So without going into details of modeling for 2024, what it will do, it is a good technology for us, our glass fiber tissue technology. Thank you for the color. The next question comes from Omar Omar, from Barclays. Please go ahead. Hello. Thank you very much for your presentation today. I had a quick question on destocking. Do you believe you've reached the end of the cycle, or do you still see it continuing into the second half of the year and potentially 2024 as well? Hi, Omar. Now, I- Hi. It is a bit mixed. I mean, that's the good news about our portfolio is it's exposed to a lot of different end-use markets. That's the bad news about one specific answer to the question, because it's mixed, and that's why I do think it's important that I continue to give the color, you know, to those segments. So I would say, you know, across several of the segments, Omar, our customers are much more convinced and are convincing that the value chain destocking has come to an end. So I used release liners, I used parchment, medical. We do see that not only in sort of the order book trend, but I would say another thing that we watch is how long the lead times are for people placing orders and wanting them, and those lead times are getting shorter, which I think is also quite a nice indicator of how much stock is or is not in a value chain. But in some of the other segments, it's still a bit too early to say, and that's why I wanted to give a bit of context. That's great. Thank you very much. I appreciate it. The next question comes from Senan Kiran from Muzinich. Hi there. I actually tried asking these questions in the chat box, but they weren't really answered, so trying my luck on the phone. Your guidance for CapEx and cash restructuring costs for 2023, please. Yeah, Senan, I also thought, you answer the, the actual specific question from Senan is, the second half of 2023, do we expect more or less, CapEx than the first half of 2023? Yeah. Yeah. Okay. On IACs, now I'm talking cash impact, IAC is pretty much in line, H2 pretty much in line with H1, and CapEx, H2 lower than H1. Okay. So if I double the H1 numbers for both, that should be full year numbers, pretty much? Yeah. Yep. Okay. And I saw there was a shareholder distribution of EUR 8 million, if I'm not mistaken. If you could talk about that and your any further distributions we should expect? But the EUR 8 million is kind of a quarterly distribution, which happened last year as well, and will happen every quarter going forward. There's nothing new, there's nothing additional on the distribution. You said you are going to update us on the litigation. I think you expect a decision tomorrow? That's correct. Yeah. You will be sending a release to the investors? We will review the judgment and, of course, inform investors after that. Yeah, that will be really helpful. Yeah, that will be very helpful. And I guess you're not really, other than your comments about, you know, order books looking warm, especially for some of the segments, you are not really guiding for, the full year in terms of, EBITDA or volumes. That's not what you're going to do right now. No, Senan, that, that's not what we are gonna do. It's not, it's not what we do, but I just wanted to try and give a little bit of, of color. And at the same time, of course, saying, you know, visibility still remains low, so we don't, don't- Yeah, I wanted to ask you about that. When you say visibility is low, I mean, your order books, that covers the next few months, or I guess depends on the business, but how, how far is the visibility? Yeah, it depends. It does depend on the business. So, you know, it can be anywhere from 3 to 6 to 9 months, depending on what the applications are. Okay. You know, it's—I have to say, it's been challenged with the destocking as everybody's, I think, you know, more normal way of looking at outlooks, et cetera, with the destocking that has happened over the last quarters. It's given, let's say, a more difficult way to read it. But we see that, in several of the value chains, is coming to an end. Thank you. And lastly, the EUR 78 million, which you raised for general corporate purposes and acquisitions, any further details you can give on that now a few weeks passed? Anything in the pipeline if, when it comes to the acquisitions? There isn't... You know, since we've done there, you know, it's difficult to talk about what is in the pipeline. But of course, you know, that was one of the reasons that we went out, is we've got a pipeline, so we wanted to make sure that we can use that for corporate use and M&A that's in the pipeline. Okay. Yeah. Thank you very much. I can't give. Yeah, it's the one that we can't really go into much detail, for obvious reasons, Senan. There's nothing more to say than, you know, we have the pipeline, and that's there. Okay. Yeah. Thank you very much. Yeah. And I do like your point about tomorrow, because, you know, of course, the timing is the day after this call, this comes out. So let us definitely take that feedback to see how we communicate. Thank you. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you. There are still a few more questions in the chat box here. One concerning the factoring usage in the second quarter. Jorn, maybe a question for you. Yeah, but if you take... Yeah, Yeah, allow me to compare it to end of last year. Factoring in absolute terms is very similar to how it was end of December 2022. Very good. Then also on cash taxes for this year, any specific comments you wanna give? No. That, those will not be hugely different from last year. And then a third one concerning our leverage, current leverage and de-leveraging plans, and what we're gonna do to avoid a possible downgrade from the rating agencies. Sure. But so of course, the thinking in general in the business is that is a little bit back to how we talked CapEx and transformation costs a little earlier. That we have been making, and we are, to a certain extent, still making quite a lot of investments in total in the business, which of course, everything else being equal, is negative on leverage. And where the logic is, that those will now now starting to come off, the pressure from those investments, including transformation costs, that, of course, with increased and growing EBITDA, will lower our leverage. So the plan is kind of unchanged in the sense that we definitely want to see our leverage continue to come down quarter-over-quarter for the next years. We're doing everything we can to make sure that our leverage is coming down, that we are creating as much cash as we can. All right. Then as final question then, to Helen, concerning the development in Building Materials division, where we see a positive, quite strong, positive development. Yeah. Thanks for the question, for the... 'cause it's a good clarification question. Because, I think we've got, we've got a couple of different segments within the building materials. And like the world around us, the world of building materials, in general, has been down, if you look at previous quarters. However, within our building materials, I would say volume, in general, has stabilized, but it's a different dynamic for us in our glass fiber tissue segment of building materials. And that is because actually we have had what I, what I would term, you know, pent-up demand or a very strong pipeline with the assets that we've had in Europe, and a pipeline of customers that have been waiting for us to start this investment up in the U.S.. So it's a different dynamic because we've got a pipeline, that's there and waiting. And as Madisonville now is coming online, that's where we start to see volume increases as we operationalize the manufacturing. So thanks for the clarification question, because, of course, one of the segments and the investment does give us some positive momentum because of that actual asset that goes now into the U.S. Thank you, Helen. I think we have covered all the questions now in the chat box and also on the line. With these words, over to you, Helen, for final remarks. Yeah. Well, you know, one, let me say, I appreciate the feedback that I've got, or we've got, in terms of providing more transparency. Because for sure, after the last quarter and coming into the role of the CEO, I just absolutely wanted to make sure that we do continue to build that transparency. So appreciate that feedback. And I just, you know, I'm gonna conclude again with actually how I am pleased with the achievements that we've seen in the second quarter, but more importantly, the internal capabilities that we're continuing to drive across the company, whether it be on our transformation initiatives, whether it be on our pricing discipline. And the fact that we've got the diverse portfolio of end-use market exposure, I think certainly adds to both the stability and the growth opportunity for us. And that's in combination with the fact that we've got technology that addresses some of the, the bigger trends, the sustainability trends. So both from the, the quarter results, and the long-term outlook, certainly head into Q3, with a, with good momentum that, that we should be continuing. So thanks very much, everybody, for the, the engagement, the engaging questions, and, we'll see you again after the Q3 results. Thank you. Thank you.