Good afternoon to all of you, and welcome to Ahlstrom's full-year earnings call. My name is Johan, and I'm responsible for investor relations here at Ahlstrom. We will start the call with a presentation from our CEO, Helen Mets, and our CFO, Niklas Beyes. After the presentation, you have the opportunity to ask questions in the chat box or over the lines. Once again, welcome, and over to you, Helen. Thank you, Johan, and good morning, good afternoon, good evening, everyone. Delighted to get the opportunity to present both the highlights of 2023 and also how we closed out Q4. But actually, before we get into the financials, I actually wanted to take the opportunity to share with you how we are both positioning and focusing our company as we're on our transformation journey towards the sustainable specialty materials company. And I think the slide that you've got in front of you actually is just a great way to tell the company positioning. So if you look at the, the first part of this, we all know that the world that we are operating in, and certainly the, the markets that Ahlstrom operates within, are facing a number of big issues, and actually, we refer to them as the mega trends. These mega trends require sustainable material solutions. The ones that are material for us or relevant for us, and the materials and the technology that we have, are namely the increasing need for clean air, clean water, the move towards electrification, the shift towards personalized healthcare, the decarbonization of materials for sustainable buildings, and that entire shift away from single-use plastic to alternative sustainable packaging solutions. So I think even as I am talking about it, you can see how these trends are very relevant for us. Not only do we have the solutions, 'cause we've got the technology, but I think, you know, I always say we've also got the responsibility to address these big issues. If you just look at the three bubbles here, you know, the reasons to believe. So first of all, we've got 170 years of history in understanding fiber technology, how to overlay fibers, how to create strength, how to create performance, how to convert. We've got some of the most agile assets around the world in the industry. Now, you combine that with our ability to co-create with customers, because that's also something that, as a company, we've got a very strong reputation. So through the ups and the downs, through the economic cycle, we've got very strong customer relationships with Ahlstrom. And I actually smile, because my relationship actually with Ahlstrom, as a customer, goes back almost 30 years. So I think it's also a very nice personal proof point. And then, those two things combined give us the ability to create safe and sustainable solutions to address the global challenges. And that's why we are confident that as we're transforming, our ambition to grow above GTP with healthy margins and strong cash conversion is a very realistic set of ambition levels. Now, I also say it's why I have huge confidence in getting 7,000 of our employees out of bed every day with a purpose to purify and protect with every fiber for a sustainable world. Now, I just wanna dig a little bit deeper, because if we go to the next slide, while I'm not gonna go through all of the details, what I do wanna do is actually just show how we bring it to life, because the external trends that I've just mentioned are all tied to SDGs, so they're all part of the world's sustainable strategy. So just have a look at some of these. If we look at clean air and clean water, we are a leader in the material science for filtration. If you look at that whole sustainable packaging solutions, that are a big requirement for the big brands, we have probably the widest toolbox of solutions and material science for alternative packaging, including our ability to dial up or down transparency or grease resistance, barrier coating, along with, as I've already mentioned, that highly agile asset base. The same with personalized healthcare. We've got the most comprehensive range of absorbent materials for blood, for saliva, for urine, combined with our converting capabilities, which position us really uniquely. Actually, I'd like to end just the next slide with some of the proof points from last year with our focus on safe and sustainable by design solutions, which I have to say is only accelerating. So a few just really good examples, again, to bring it even closer to life. In food last year, we launched our fluoro-free, grease-resistant range, and we've made really big inroads into a couple of the consumer goods segments. Here we've got the popcorn segment, and I have to say, we are a big player in popcorn in the U.S. We also see a growing need for compostable parchment paper, so areas like margarine and butter, again, a growing segment for us. And we're also actually growing in a number of the big coffee brands, where the first applications for the compostable lids for those coffee capsules are Ahlstrom materials. You can see here also in filtration, we've launched a new range for lead acid batteries, and also for the HVAC, so the clean air segment. In fact, actually, we just made an announcement around some of the technology investments, which will further accelerate the developments there. So we're creating a number of large innovation platforms that allow us then to constantly develop products to address the big trends in the market tied to those mega trends, and as a consequence, as growth. So super excited about our positioning, our innovation platforms, how they're actually translating into product launches. But how does that translate into our financials? I think that's a very nice segue to actually look at how we ended in 2023. And what we've got here, actually, is the last three years of our financial performance as we've been on our growth transformation journey. And I have to say, I'm incredibly proud of the performance that the team delivered in 2023. You all know the backdrop of the industry that we're operating in, and as a result, you see, our net sales were down by 11%. However, our margin on variable cost per ton improved by 8%, so we actually reached EUR 933 per ton in 2023. Now, we've also shown consistent improvement through our commercial and operational excellence initiatives, which has almost offset the impact of that lower volume. So as a result, we closed the year at EUR 420 million of comparable EBITDA, which was 5% below 2022, 21% above 2021. I think you see on the right-hand side here a one full percentage basis point from 13.1%-14.1% in terms of our EBITDA margin, which really does demonstrate the resilience and the specialty nature of the Ahlstrom portfolio. Now, I also want to, before diving into how we closed the fourth quarter, I also wanna share some of the non-financial KPIs for 2023, because they're equally as important if you think about the health of the company on our transformation journey. Starting with something that I have to say is very close to my heart, because I think it's a leading indicator of the performance of our plants, and that is safety. We hit a TRI of one, which is the lowest ever recorded in Ahlstrom. 27% of our revenue came from innovation sales, so product launched within the last five years. We actually started a customer loyalty pulse, and we are almost top quartile with our customers. Our CO2 emissions were reduced by 7% per ton of production, and we doubled the employee engagement in Ahlstrom in 2023. So I think a solid 2023 with some great steps forward in the overall transformation journey, and it positions us very well as and when the markets return. Now, before I actually hand it over to Niklas, let me give a little bit of the context of how we closed Q4. Without giving any guidance, of course, in terms of 2024, I do like to give a little bit of color behind the divisions. But let's have a look at Q4 2023, and where we closed. So I would say despite the demand being slow, I have to say, as I'm sitting here in February, it seems a long way off, Q4. Demand was still slow as we closed the year. But again, despite the volume being down, we managed another quarter of improvement in our MOVC per ton. That is incredibly good news because what it constantly now demonstrates to me is that we've really internalized our capability, both from a commercial excellence standpoint, so our pricing, our sales pipeline, and our operational excellence initiatives. Because what Niklas will show you is you will see our transformation costs again are reduced. So we really are building up the internal capabilities, delivered another strong MOVC per ton in Q4. Our comparable EBITDA for the quarter was actually up 35% from Q4 2022, so we reached EUR 112 million, and we had a huge 6% EBITDA margin improvement, Q4 2022, Q3 2023 - Q4 2023. We also, in the quarter, delivered solid net cash from operating activities. As you know, we've been investing in growth both in 2022 and 2023, so Niklas will talk you through the CapEx. CapEx was high. We were investing in growth in 2023, but our net working capital management, again in Q4, was incredibly strong. So we closed Q4 the way that we'd expected to close Q4, rounding off a solid 2023. Now, if we can go to the next slide, I'm actually gonna use this slide just to give you a little bit of context of the divisions or a little bit of color in the divisions. So let me start with Filtration. So Filtration, in 2023, volume was down in line with the overall group volume, so circa -11%. What we saw across the board in Filtration was that in all of our segments, we saw the destocking. It was a very consistent narrative for us. Now then, what we do see as we're coming into 2024 is in, I would say, in almost all of the value chains for Filtration, we're getting to a normal level of stocking of, let's say, order entry. So we are starting to see some uptick in the volume. I do wanna say, though, on Filtration, we've still got very low visibility on the order book. So that's where we are with Filtration. Now, as I mentioned earlier, we did announce an investment that we're gonna be making in the molecular filtration capability, and that is for fuel cell air intake and cabin. So that's something that we're really excited about for later on in the year. Now, in food, what I would say in food, in general, food is a little bit more stable. I think constantly, as we went through each of the quarters last year, I gave the narrative, Food North America remained pretty strong throughout. Q4, it was the same. Q1 of this year, it's the same. We've got a nice specialty mix in our Food North America. Food Europe, it was a bit slower in Europe in 2023. Again, we start to see some order book return. Definitely starting to see the value chain, or we consider the value chain, yeah, pretty empty, and the orders starting to come through. Now, in food and consumer packaging, we've also got release liners. In release liners, it was actually 2023 was a challenging year. I would say we probably had a volume drop slightly less than we saw across the overall industry. And what we do see there is the orders are starting to come through. So January was a pretty okay order book. We see the same in February. Shifting a little bit in protective materials or our technical materials, this is where we've got the electrotechnical applications. That was solid in 2023. We see it solid as we come into 2024. What we do see in this segment, we've got the insulation and saturation papers. Those were down because of the building and construction. Order books are slowly, we're slowly starting to see improvement, as we come into 2024. In our healthcare and life science, I would say most of our customers are telling us that the value chains now are destocked, so we start also to see, in medical and life science, some volume return. So I think what I wanna say overall is, as we come into 2024, across the segments, we anticipated growth. We're starting to see some growth, however, with the caveat that it is still very difficult to actually, the order book outlook is still low, so the visibility that we've got is still difficult to predict. I just wanted to give you a little bit of color, and of course, as we get a Q&A, I can, I can give a little bit more context. But what I'd like to do now is to hand over to you, Niklas, so we can go into a little bit more depth of what are behind the financial results. Over to you. Thank you, Helen. Yeah, welcome also from my side. Let's dive into the facts and figures of Q4 and the fiscal year 2023 in total, and somehow we basically continue what we presented in the Q3 investor call already. You might remember, Q3 showed a record high EBITDA margin of 16.9%, with a significant lower sales volume of 90%, if you want to say. If you look now at Q4, you see on the left side of the page that the net sales year-over-year, comparing Q4 2022 to Q4 2023, show a significant volume drop, if you want to see, of 9%. On top of that, we had negative impact of price and mix and some negative FX impact. So to say price and mix, of course, you might remember the first two quarters, basically, you had there, of course, also a significant positive improvement. But due to moderate decline of the selling price, in, as a result of lower market price and energy costs, we see here a negative impact. Of course, mixed with, to combine with some mixed effects. But all in all, we lost here on the sales side, 17% from Q4 2022 compared to Q4 2023. But despite of these -17%, which were basically spread across all divisions, so in all divisions we saw, let's say, a drop. We increased our EBITDA on an absolute amount and also on a relative basis, which shows our, as Helen already mentioned, improved result quality. We achieved, again, going right now to the middle part of this page, an EBITDA margin of 16.2% compared to 10% last year in Q4. So it's, I think, let's say, great achievement. It means also EUR 30 million more EBITDA generated in Q4 2023 compared to last year's quarter four. Despite of the volume impact, which was negative, of course, you see there the negative impact, but our margin on variable cost, plus little bit also the first signs of, let's say, reduced fixed costs coming out of transformation projects basically offset these lower volume or this lower EBITDA from the declined volume. Our MOVC margin in Q4 is basically 43% compared to 35% last year. So there you see how, let's say, well, we were basically working on our pricing retention, on our cost control, also combined with some energy grants still. So all in all, I think a very positive development in Q4, which also is, let's say, if you look at the whole year, coming from Q1, 10.9% EBITDA margin with EUR 88 million EBITDA, Q2 13.1% EBITDA margin with EUR 101 million EBITDA. Q3, the EUR 119 million EBITDA, with leading to a 16.9% margin, and right now, EUR 112 million EBITDA with a 16.2% margin. So I think it's a also very good development, which shows that over time, of course, our transformation activities are becoming stronger and stronger, so to say. This is they're kicking in, let's say, step by step more, which also, of course, leading into 2024, gives us some good, let's say, progress going forward into the next year. Reported EBITDA, on the right side of this page, you see we are here taking out mainly the transformation costs, if you want to say, from the items affecting comparability. Even there, of course, shows that the reported EBITDA was much stronger than in Q3, Q4 2023 versus last year. Due to the fact that, of course, we have lowered our transformation costs significantly, like Helen already mentioned, due to internalizing capabilities and driving the saving progress, basically, the saving processes and the saving projects on our own. That's Q4, but let's have a look at the whole year. On the next page, you see here that same message, basically, comparable EBITDA margin, better than last year overall, so we increased by 1%, and the transformation cost significantly decreased. So on the left side, you see again the net sales, 12-month. 11% we lost, basically, in terms of sales year-over-year. Basically, those 11% are coming from volume because the price mix effect and the FX effect at the end, they are offsetting each other, but it is more or less coming from the volume side. Looking at the regions, of course, biggest drop we have in Europe, basically, and North America also, but not as significant as in Europe. When we look at the middle side of this page, you see that the EBITDA margin increased by one percentage point. EBITDA in general, negatively impacted by lower volume, is clear. Margin on variable cost is offsetting this to a big extent, so to say we achieved 40% and we see margin compared to 37% in 2022. Again, price retention and cost control are the big topics, if you want to say, and that's showing, of course, our resilience or the resilience of our business, even though absolute number is a little bit lower in terms of EBITDA. But looking at the drastic, let's say, volume downturn of 11%, you see that a 1% higher EBITDA margin, of course, is a great achievement. Reported EBITDA also there, with lowering our transformation cost, also there, even on the absolute number, our reported EBITDA is better than 2022, so EUR 350 million versus EUR 300 million, which is, I think, a great result. As said, I mean, we've cut our transformation cost or IAC in total, basically in half, 2022 versus 2023, and this will continue, of course, going into 2024. We switch now the page and look a little bit at our margin on variable cost per ton, basically, which is the difference between the net sales and the variable cost per ton, if you want to say. Since Q2 2022, we are on a very high level, reaching EUR 900+ per ton, if you want to say, and, especially this year, Q1, EUR 876 per ton in Q1, then EUR 944 in Q2, Q3, EUR 936 for some on the same level as Q2. And right now in Q4, we even increased it to EUR 987. We have a peak margin on variable cost per ton, which I think is a great achievement in Q4. And overall, also, if you compare year-over-year, we have EUR 935 per ton for 2023, compared to EUR 871 per ton in 2022. So I think, continuing, basically, our pricing discipline combined with our cost reduction measures and of course, the input cost control is basically helping us here to achieve this kind of results. And this, keeping this level, of course, is more and more challenging in this market, with also lower, lower, let's say, input cost, but it's meanwhile the strength of Ahlstrom, so therefore, we are very positive going forward that our margin on variable cost is, let's say, will contribute significantly to further, let's say, result improvements. Next page. You know, we have, even though we talked a lot about all the proceeds we generated out of our, let's say, transformation activities, that's not all. We don't stop, of course, in this whole process. We generate additional opportunities on an ongoing basis, on a daily basis, you could say. We are identifying additional opportunities that's part of our culture, meanwhile. So therefore, if you look here on the, let's say, adjusted EBITDA, where we include also the initiatives or the proceeds out of the initiatives, which we have not realized in 2023, and we, we know already which will come in 2024. So even there, we are a little bit higher than what we presented in end of September, with EUR 487 million adjusted EBITDA on a 12-month basis, if you want to say. And as I said, it's not stopping, so it's a continuous process. Also for 2025, we have identified already a couple of items which we haven't included here. So, this is definitely giving us also the strength going forward to not only build our reside development on additional volume, but also basically on further, let's say, saving measures. Besides that, of course, if volume comes back, then we have also implemented capacity improvements. We have implemented, let's say, supply chain, let's say, measures, so that we can fully use our capacity as soon as volume comes back. So there's a significant potential also on top of what you see here in those saving measures. Yeah, cash is king. At the end, cash flow, let's have a look on this. I think we can say that even though, like Helen already mentioned, we have continuously invested significantly into our growth capacities, if you want to say, growth equipment and for growth. We have achieved in Q4 a positive net cash net change in cash, if you want to say. It's the first quarter, which is very positive. Even though looking on the left side, you have seen the comparable EBITDA, we have still some IACs on a lower level than 22, like I already mentioned. The change in net working capital was very positive in Q4, driven by inventories very much, and I show this on the next page, how much we have improved there. So that's, that's of course, a very, let's say, a great story. Knowing that, at the end of 2022, we had huge payables, so to say, which we had to pay in 2023, which over the whole year, of course, led still into a negative change in the net working capital, but in Q4 was very positive. Typical interest payments, it's clear, net cash EUR 86 million, and then still high CapEx amount of EUR 58 million, leading us at the end, still on a positive net change in cash for Q4. If you look at the complete year, you see that, still negative net change in cash, majorly driven by the high CapEx number of more than EUR 200 million. Like you see there, and the negative change in working capital. As I already mentioned, the decrease in payables was the biggest part. We had to do some very significant payments in the first half of the year, specifically, which, of course, is done right now in line with all the CapEx items we have incurred in 2023. Going into 2024, we have a very high focus on cash flow. We will continue our, let's say, reducing Net Working Capital. We will also adjust our CapEx level since we have spent for the last two years above industry average level in terms of investments. This will change right now going forward, since we have now really fill up our capacities we have in place. That's the major, let's say, focus of us going forward. And transformation costs also will come further down, as already said. Going then into on the next page, please. Maybe one word, forgot maybe about our leverage ratio. Leverage ratio, we improved a little bit compared to September number, 3.8 to 3.7. It's above, well, it's above what we reported end of December 2022. But as mentioned, we intentionally invested into CapEx, into future growth, if you want to say so. Our cash flow, as we've seen, was negative over the whole year, 2023, and we also went out for another financing tap, if you want to say, as you know, middle of the year, 2023. So that led to this point, of course, our utmost focus is also to bring down the leverage ratio in 2024. If you go to the last page, you see here the last page for the financial part, let's say it this way. Capital expenditure, I think I don't have to say much to it. You see in Q4, a big spike, if you want to say, and you see a continuous high level throughout the quarters in 2023. And on the right side, you see the working capital number. You see that receivables have come down, of course, due to also lower sales. You know that we are doing to a big extent factoring. Basically, 60% is factoring, so as soon as, of course, volume comes back, of course, we see a very good cash improvement. On the contrary, like we have been faced with in 2023, as soon as, let's say, sales come down, of course, we have direct effect also on the cash flow without any delay, if you want to say. You see the inventories have come down very nicely, EUR 90 million. We decreased our inventory. I think that's a great achievement, 22% of inventory we reduced, and this will be followed up on an ongoing basis to try now to further, let's say, reduce our bound cash here. On the payment side, you clearly see that by the end of last year, we had a high payable amount with significant payments. We had to do, especially on the CapEx side, so payments are very much down on a, let's say, now adequate level. So those, with this, I would like to end the financial deep dive, if you want to say. I would like to hand over back to Helen for the conclusion today. Thank you. Thank you, Niklas. Let me conclude. I think how I view this is we ended 2023 with a strong quarter, a solid quarter. For me, I think as Niklas said, you saw the quarter-over-quarter improvements that we're driving in Ahlstrom. And I really think where we're demonstrating the resilience and the specialty nature of the portfolio when you're looking at our MOVC per ton. We also, for me, a big one is the EBITDA margin that 14.1%, a new record as we ended 2023, and as important, the non-financial metrics, really strong progress in all of those critical KPIs, which also shows you the health of the business and the organization. Already mentioned, we are off and have internalized our commercial capabilities, our operational capabilities, so we're driving internally these initiatives that continue to give us the confidence in the MOVC development. And as a result, with those internal capabilities, we're reducing the transformation costs overall. That will continue this year. So we've been investing in growth. We are very well positioned now, that as volume does come back, as markets rebound, we can take advantage of that and also, at the same time, managing our cash effectively. So I'd love to wrap it up there and take some Q&A. Thank you, Helen. Thank you, Niklas. Let's move on then to the Q&A session. Operator, do we have any questions on the line? If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Senan Kiran from Muzinich. Hi, good afternoon. Just on the, I know you're always a bit wary of giving guidance, but, when it comes to cash flow items, you said you have some work to do on working capital and also on CapEx. Are you able to quantify for 2024? As I said, we are going back to industrial benchmarking, if you want to say, in terms of CapEx, this will be significantly below the EUR 200 million we spent the last two years, without giving you right now a concrete number. In terms of Net Working Capital, we continue our way of, let's say, reducing our cash conversion cycle, if you want to say, by a couple of additional days. So, cannot give you right now concrete numbers, but in general, you will see positive effects from both of those items, if you want to say, in 2024. Okay. So all you're saying is that it's going to be less than EUR 200 million, which you have spent over the- Yes last two years, per year. As I said, significantly less. Yeah. Significantly less. Thank you. Just maybe I can add as well. If you look at over the last two years, we've made some really big investments in a big Glass Fiber Tissue asset in the U.S. You know, I think we were very public around saying this was close to the EUR 80 million-EUR 90 million investment mark. That's invested in, that's done. So those large investments, we don't also see moving forward because, as Niklas mentioned, we've got most of those big capacity requirements now are in place, so very well positioned for future growth, but also gives you a little bit of indication on some of the bigger investments as well, that we've been doing over the last year or two, and the magnitude of those. Those won't be coming, you know, we don't have those in our 2024, 2025 outline. Okay. For cash restructuring and for 2024, what sort of a number we should expect? You mean in terms of transformation cost or IAC? Is that what you're asking for? Yes. Okay. Yes, but- I mean, you saw us, let's say, cutting it in half in 2023 compared to 2022, and we are planning for, let's say, adequate, same, somehow same step, if you want to see, going into 2024. Yeah, so we there also, you will see a significantly lower number. Okay. So since we're internalizing all the capabilities, we're driving further consulting costs out, so to say, and so therefore you will see another significant step downwards on the IAC and transformation costs. Okay, got you. In terms of the margin, we spoke about this in Q3 during Q3 call, and now you in your prepared remarks as well, around like 16, 16.5 on average. How sustainable are these margins from what you're seeing right now? I mean, you should always look at the whole year, not only at quarters. I mean, the last quarter was very positive. You see overall, the margin improved from 13.1% to 14.1%, and with some growth going forward, additional volume, we should see another step forward also on the margin level for the whole Ahlstrom Group. Okay, from the 14.1%? Yeah. Yeah. Yeah, from the 14.1%, it's still upwards, if you want to see. Okay. Lastly, on this minority interest case, my understanding is there was an appeal in the Supreme Court, and you are still waiting to hear whether the appeal will be accepted or not. And is there like- Correct. A timeframe when you think you would know what, what the verdict will be on that one? If the Supreme Court grants the leave to the appeal, so the estimated time for this appeal proceedings can lead until the end of 2024 or first half of 2025. So this will take some more time. Okay, thank you very much. We are expecting a decision on this in March, April, sometime. Yep. Okay, exactly. That was my question, March, April, for the decision on the appeal, right? Yeah, I think it's- Between the next four to six months, and then it will take time till basically it will finally being settled to end of 2024, beginning of 2025. Okay, thank you very much. Yeah. The next question comes from Saul Casadio from M. Hi. Hi there. Thanks for taking my question. Just want to ask a clarification on your slide. Let me get the slide first. One second. It's slide nine. Just want to double-check that I got my notes right. You mentioned a volume drop for Q4 of 9%, and I wrote down a price mix of -17%. That seems to contradict the, the- No, no the size of the bar- The overall On the slide. So I just want to double-check. Yeah. The net sales in general went down by 17%. Yeah. Therefore, more than half, 9% is volume, the rest is price and some negative FX effects impact. Okay, so let's say, let's call it 8%. Yes, price. Price mix, more or less. Yeah. Okay, thank you. Yeah. The other question I have. You have identified five mega trends that will drive your growth profile going forward. Just interested to have a better sense of how much of your revenue base today is already linked to those trends. Great, great question, and I'm gonna say, on the upside of 80%, of the portfolio is linked to those mega trends. Eighty percent? Yeah. Okay. Thank you. Thank you. Thank you very much. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Quincy Namanya from BlackRock. Please go ahead. Hey, hi, this is Prateek for taking place for Quincy, and thanks for taking my question. So just I wanted to understand the M&A plan for going into 2024 and in the short term, please. You say it again, please. Could you repeat? Yep. Yes. Yeah, sorry. Yeah, I'm- Yeah, sure. Just... Can you hear me now? Yeah, we now can. We can now, we can. Yeah. Cool. So I'm—I was just trying to understand how you're thinking in terms of, you know, acquisition, M&A, what is the plan going into 2024 and for the near term, please? Yeah. So maybe I can answer on the M&A. So actually, we did a very small M&A, got across the finishing line for one of our power facilities in the U.S. We actually have an active pipeline on the M&A side, and of course, focused on some of those mega trends that I talked about. And it's always difficult, Pratik, to actually say who, where, what, and how on M&A, but I would like you to know we're active in the pipeline development. I would say things are evolving, but there's nothing specific. I think I answered it the last time. There's nothing specific that you're gonna see in the next couple of months in terms of an M&A announcement, but it's something certainly that we've got a lot of activity around. Got it. Thank you. There are no more questions at this time, so I hand the conference back to the speakers. Thank you. All right, all right. Let's then continue with questions in the chat box here, and the first question concerns the volume development for the full-year, how much it was down in 2023, and also if we have some comments regarding the geographical development. I think overall, I think we clearly said it's 11% down, the volume, year-over-year, 2022 to 2023 versus 2022. And I a little bit elaborated on the sales part, so to say, how the different regions have developed. Europe with -17%, the biggest drop, North America, -7%, Asia, -5%, and South America, -14%. That's on the sales side, how it has developed over the years. The next question concerns the outlook for volume in 2024 and at what pace we are expecting a normalization and then growth in volumes through the quarters. And particularly then, a question on Europe, how weak is the situation? Yeah, I think, you know, what our customers and markets are telling us is that this... It, it's more likely to be in the second half of 2024 that we get back to normalization. I have to say, I'm not sure what normalization is gonna be, 'cause I think in general, value chains are relooking at their whole stock, et cetera, et cetera, their service levels. But I think, in general, what the industries and the markets that we're playing in are telling us is, you know, expect the second half of 2024 to be the more normalized demand. What I would say is we are already starting to see, 'cause there's another question there around, are all of the value chains through their destocking. What I would say, in general, yes, most of the value chains are through what we would consider the destocking period. There's a couple, maybe in construction, building, et cetera, is a little bit slower, and that's how I'd answer it. So all right, we're a little bit, you know, we're seeing some uptick, low visibility still. Market narrative is second half of 2024. Right. And the next question concerns pricing for 2024, and specifically, if the weaker volumes and demand in 2022 and 2023 is impacting the price outlook and the margins for 2024. So you know, how I would answer that is, because it's also related to the demand. So what I would say is that the pricing ability that we've got in Ahlstrom is strong. So I actually, What we will see is, as deflation happens, then, of course, pricing will go down in relative terms. What I think for sure, we will continue to push for is that we still protect our margin because of our pricing capability. I think there's a couple of segments, for instance, like the release segment, which is a little bit more competitive, but other than that, So we will certainly start to see some of the, let's say, the selling prices come down in line with inflation. I do have to say, though, we are also starting to see again this rebound of inflation, and so actually, as we speak, are putting prices up in several of our segments. The next question concerns the leverage ratio, if we have a target. Yeah, the clear target, we are working towards the 3 again, Leverage Ratio of 3, when we had it at the end of 2022, 3.1. And, we'll do the utmost, of course, with all our cash focus right now, to come as close as possible, basically, into this direction. All right, and then the next question concerns the transformation projects that are ongoing. Can you give some more color to what actions are we actually taking? I can. And I think, you know, just let's think about them in a couple of buckets. So one of them is a whole bucket around procurement initiatives, and we built a very strong procurement organization over the last couple of years. And there, we look at a number of different things in terms of a set of initiatives around alternative supplies, different ways to take lighter weight products, those types of things. In our operational excellence, we've got a really strong focus in all of our plans on continuous improvement on Lean Sigma, and of course, particularly focused on assets where we have capacity constraint, and we can put more volumes through. So of course, that results in margin improvement. We've got projects like recipe optimization, where we're using digital tools to actually allow us to maximize the ingredients that we put into recipes to actually enhance performance but also to reduce costs. And then we've got the commercial excellence, which are around our pipeline management, our margin or pricing capabilities. So procurement, operational excellence, commercial excellence, and those are the type of projects that we see in those pipelines. Very well monitored. We do pipeline management on all of them. We have targets set out for 12, 18 months, what we expect to deliver. That's why also Niklas can show a, you know, shows a little bit of the forward thinking on these initiatives. And maybe to add to that, is the fixed cost side, of course. Now, fixed costs, we have also several measures ongoing. You have seen already that our fixed cost, SG&A costs in total have come down, so to say, and we further strive for, of course, let's say, reducing those very, very, very realizing basically those fixed costs as much as possible for, at the end, also, basically being more flexible and for any downturns or, or whatever might come, that basically we cannot really influence on the market side. Maybe I can just build on that. Yeah. 'Cause I'm just also looking at a question there that says: "Do you have a pass-through mechanism? Yeah. We absolutely have a pass-through mechanism. It's actually a, I think it's a very sophisticated one in some respects, but it's also very practical in terms of we have a pricing management organization. We've got tools that drive pricing, pass-through, outlooks, and tracking. We have pricing war rooms that are actually just part of our DNA on a weekly basis. So it's a very structured approach to pricing. All right, then there is also a last question there concerning the rating agencies and what's management's view on their negative outlook? Yeah, I mean, you see the performance in the last two quarters, which show, I think, is a very good improvement. We still need to, especially on EBITDA side, of course, cash flow, we explained why it has been a little bit, or where we have had a negative cash flow because of all the investments we did. Going forward, of course, there's huge, huge focus on that, and we are in constant, let's say, communication with the rating agencies, basically, to show them our performance, if you want to say. I think right now, even though we have one or the other, a negative outlook, we are, let's say, on a good way, to, let's say, move this negative outlook away. If you're going forward, if you perform like this, you continue to perform like this. So we can just say, I mean, we are working constantly with the rating agencies also. I think our performance in the last two quarters showed that we are on the right way. So therefore, our clear expectation is that we get the negative outlook away going into 2024. Maybe, Niklas, I can also add. Yeah. So for me, I think there's two elements of it here. One is around the transparency on our performance and what we're doing, how we're doing it, and why we're doing it, and I think that also is something that we're also trying to bring here as well, is more transparency. I mean, we've made very conscious decisions around the investments and the level of investments that we've been making on growth and why, and then the outlook, because that doesn't last forever. So I think just being, you know, as we say, on our communications and the transparency, and then showing the delivery. Exactly. The delivery on the performance quarter-over-quarter is also very important. All right, so what I can see is that we have covered all the topics in the chat box, so I think I can hand over to you, Helen, for final remarks. Yeah. Let me just, So thank you. Thank you for the questions and the interaction. I leave just by wrapping up, saying for me, we're really positioning the company strongly. I am very happy and, yeah, highly confident in the technology that we have and the mega trends, and therefore, the growth trajectory that we're on. I also, you know, wrap up by saying, we've controlled, I think, quarter-over-quarter well, what we control internally, and we're building those capabilities. There's some signs of positivity on the volume, so very much looking forward to seeing that materialize and looking forward to giving you an update on how Q1 develops. See you all then. Thank you. See you. Thank you. Thanks for dialing in.