Welcome everyone to Ahlstrom's Second Quarter Earnings Call. I'm Johan, responsible for IR. We will start with a presentation from our CEO, Helen Mets, and our CFO, Niklas Beyes. After the presentation, you have the opportunity to ask questions either in the chat box or in the telephone conference. Let's begin. Over to you, Helen. Thank you, Johan. Good morning, good afternoon, everyone. Welcome to the Second Quarter and the First Half-Year Results for Ahlstrom. Now, before handing over to Niklas to go through the financial results in detail, I'd like to share with you some of the performance highlights. So let me start by saying, first of all, that we've delivered another strong quarter with increased EBITDA performance, with close-to-record margin on variable cost per ton, and another quarter of solid cash flow. Now, this performance is a result, I would say, of yet another quarter of strong execution on our transformation initiatives, which, as many of you know, are very strong on our pricing, our procurement, our operational excellence, but also on our working capital initiatives. Now, in the quarter, we also did see improved market activity. So, excluding Stenay, we saw a 3% volume growth in the quarter, and that was actually quite broad-based. Partly as a result of improved market conditions, but we're also starting to see good conversion of our sales pipeline, our commercial excellence initiatives. And we've also launched several new safe and sustainable innovations in the quarter, which I'm just going to take in a moment the opportunity to show a couple of those highlights. Now, during the Q1 update, I actually shared with you all the launch of our refined strategy and the simplified organization structure. So, our three-divisional structure is now fully in place, and we'll actually start reporting under this new framework as of this quarter. So, as of July, so second half of the year, we'll start reporting, and I'm going to remind you in a moment of that divisional structure. I also want to highlight in the quarter that we again reduced our transformation costs. Why is that important? Because, as well as then driving the transformational initiatives internally, driving the execution, we are constantly reducing those costs, so really internalizing those high-performance capabilities. On Friday, we also announced that we've come to a final agreement with the unions to close our site in Bousbecque. This is allowing us to consolidate our parchment technology in our more efficient Saint-Séverin site, and of course, allowing us to reduce our manufacturing costs. I also do want to say, though, these are difficult decisions to take, and we're working intensively to support the affected employees. Then finally, talking about employees, I always say employee engagement is one of our leading indicators of the health and performance of the company. During this quarter, we completed one of our, we call it employee pulse checks, and reached an all-time high. Actually putting us close to the top 10% of companies in the quarter, which is certainly a metric that we're all very proud of. If we can go to the next slide, let me just remind you, first of all, of what we shared in the last quarter, which is the new simplified divisional structure. We're moving from our five divisions to our three divisions: our Filtration and Life Science, which combines what was the former Filtration and Healthcare division, our Food and Consumer Packaging, and our Protective Materials division, which combines the former Technical Materials and our Building Materials business. Now, the size of these divisions in terms of net sales is roughly, on the filtration and life science, 26%-27%; on our food and consumer packaging, 42%; and protective materials, circa 32%. And as I've said, we'll be sharing more details in the second half of the year under this new structure. I want to re-emphasize that this new structure is, what I say, is aligned to the external growth trends. So, I think we're well aligned to the market growth opportunities, and it is a natural evolution from our operating model of today, but it provides more simplification, resource allocation, and a pretty intense focus on growth. Now, what we also announced last month in line with this move to the three divisions is the leadership of the divisions. So, Daniele Borlatto is head of our filtration and life science; Sophie Haan of protective materials. If we can go to the next slide, we announced in June that Konraad Dullaert is our new EVP of food and consumer packaging and Chief Innovation Officer. So, Konraad joined the company last year. He's got a very strong track record as a growth leader running businesses in the specialty materials segment, and he will do the food and consumer packaging division, also together with Chief Innovation Officer. Now, we've also announced that Wouter Hut, who is our CPO today, will take on an extended role, taking the enterprise leadership also of our sustainability agenda, which is a critical part of our growth and innovation. So, a strong, diverse leadership team with P&L responsibility driven through the businesses and supported across the units by strong functional leaders. We also, if we can go to the next slide, shared with you all during the last results call, our refined strategy and our what we call our five strategic pillars for growth, which are leading us towards that sustainable specialty materials company. This has landed very well internally, externally. We're working now with each of the business units on exactly what those pillars mean for everybody. I just wanted to highlight a couple of things. If you look at our safe and sustainable innovation leadership and you look at what we've launched in the last quarter, and if we can go to the next slide, just a couple of the callouts, because I think it's just a really good way to show how we're driving that safe and sustainable by design innovation. So, in filtration in the quarter, we've launched a new safe and sustainable product portfolio that is fluoro-free, but still gives very strong liquid repellency. So, we're not giving up on the high level of performance required for filtration, but we're finding new and alternative coatings and additives that are more safe and sustainable. We also, in our food business, launched our next generation of products for the pet food segment, and this is really addressing that requirement to still have good barrier coating, grease resistance, but having print quality, exceptional print quality that gives off-the-shelf appeal. So, we're working with some of the very large US brands and actually launched in the quarter a new portfolio for the pet food segment. Then finally, the third callout is that we are progressing well with the commercialization of our GFT line in Madisonville, U.S., and we're now supplying a range of products in the luxury vinyl tile segment, which is a really good milestone in the commercialization of our GFT line. So, I think just some very nice highlights in the quarter around that second pillar of safe and sustainable innovation. Then finally, a callout on our pillar of engaged employees, which is the last slide before I hand over to you, Niklas. But we had, in the quarter, a record participation in our latest engagement survey, 85% participation rate across the company, which is really fantastic. And the actual results put us almost at the top 10% of all companies. So, a really big step change over the quarters on our employee engagement. I always say engaged employees drive performance. I think that's a really nice segue, Niklas, to you to actually share with everyone a more detailed overview of the financials in Q2. Yeah, thank you, Helen. Warm welcome also from my side to today's call. Q2 2024, we saw increased profitability and solid cash flow, starting with the top line, growing quarter to quarter, basically, with increased deliveries, both compared to first quarter 2024, as well as compared to the second quarter of last year. Of course, excluding Stenay. We come to the exact numbers in a minute. Second point, Comparable EBITDA increased further. You see it also on the right side of this page and the graph, 13.1% up to 14.7% margin, and also absolute numbers, increase of 13%. So, that's, of course, let's say, nice results, supported by an increasingly strong margin on variable cost per ton. And there you can see if volume continues to increase, so to say, there are good conditions for really positive earning development of Ahlstrom since our transformation programs continuously delivering. Our transformation cost is also mentioned by Helen already, are further down, basically due to our internalization. Of course, the more volume we have, the better, also the fixed cost coverages. Cash flow remained very solid, driven by all elements, if you want to see higher profitability, efficient working capital management, and also on the CapEx side, the investment side, a sustainable lower run rate, if you want to say, which I will also show in details in one of the next slides. If you go to the next slide, the net sales development improved by improved market activity, if you want to say also. You see it clear, if you look at the left-sided graph, a clear turning point, basically, starting in Q1 2024, basically where we see the turning point in the market, volumes are improving since then, if you want to say. We talked already about volume growth, excluding Stenay, of 3% roundabout, also sales up 3% compared to Q2 2023. If you look at the comparison between Q1 and Q2 this year, we have another 6% increase, so to say, we see here. This relates to almost all business, basically, showing this growth. Even if you take out our, let's say, specific paper business, basically, it's even higher increase of almost 6%, basically, year over year. On the right side, you see the divisional breakdown. I don't go further into it right now since Helen already mentioned the reorganization being valid right now by the 1st of July, and we will report on the three divisions going forward then in the next Q3, let's say, report. If you go to the next page, and again, I have here three graphs shown. We start with net sales on the right side, in the middle, comparable EBITDA. On the right side, items affecting comparability, which is then, let's say, below comparable EBITDA, the bridge to, let's say, EBITDA itself. So, comparable EBITDA and margin better than last year. It starts with the net sales on the left side. You see there, EUR 774 million sales Q2 last year compared to EUR 780 million Q2 this year. It's, of course, a 0.3% growth only, but if you take out Stenay, which then would lead to EUR 757 million in Q2 2023, we have seen a 3% growth, basically, in Q2 2024. And this is then majorly, of course, driven by volume. You see price and mix, basically, average sales prices largely on last year's level, so there's not a big change, if you want to say, and also a big not a significant impact. So, it's really about volume here on the sales side. If you look then to the Comparable EBITDA, and that's, of course, a nice thing, Comparable EBITDA itself and absolute numbers increased by 13% from EUR 101 million- EUR 140 million, or 13.1%-14.7%, which is, let's say, the first two quarters better than last year's quarter, quarter to first two quarters, as mentioned. And this is majorly due, you see it again there, it's not the volume part, it's really the margin on variable cost, like mentioned before. The margin on variable cost increased by 1.4% to now 41.5% in Q2 2025, or in terms of, let's say, Euro per ton and we see per ton EUR 982, if you look at it on the next page, versus EUR 936 in last year's quarter. And this is majorly due to all our transformation activities, which are further delivering here. It's the price retention, it's the cost control, and it's, of course, the cost management in general, if you want to say. Fixed costs are also a positive sign, I think, on the same level as last year, so no increase despite of inflation. So, that leads to the point that at the end, our comparable EBITDA is the 13% better than last year. Now, below comparable EBITDA, there are the items affecting comparability. And that's the look I would like to have here on the right side of this page. You see three areas of items affecting comparability. Again, H1, first half of the year 2023 compared to first half of 2024. You see the light pink area, those are the transformation costs, also Helen talked already about. Yeah, transformation costs have significantly come down from last year's first half to this year's first half, EUR 21 million down to EUR 5 million. Yeah, to make it very clear, significantly down. The restructuring costs are slightly up from EUR 4 million- EUR 6 million. You see the middle part of these columns, knowing that right now with the announcement of the Bousbecque closure, there will be an, let's say, a major impact then in Q3 coming on these items affecting comparability for restructuring, for this restructuring cost, for the closing cost. And then last but not least, we have a specific, let's say, part this year that's another, and those are the losses from financial hedges we incurred as a result of the exceptional natural gas market situation in Europe at the end of 2022, beginning of 2023. These, the variation of those financial hedges we had to step into at this point of time are exceptionally out of the market, which basically leads us to the point to basically put it into items affecting comparability. Therefore, this will continue also in the second half of this year, but in a lower amount, basically. But those are the components of items affecting comparability leading to an EBITDA of EUR 177 million compared to EUR 159 million last year. So, also there, the positive trend of, let's say, more than 10% basically also increase. So, let's have a look on the next page on the main driver of the positive result development. This is the margin on variable cost per ton. Since Q2 2022, we are basically on a, let's say, high level. And high means for me keeping the level of more or less more than EUR 900 million, no, 900, sorry, EUR 900 per ton, leading to healthy margins for us, if you want to say. And you see on the right, the right column, the far right column, this is from Q2 2024 with EUR 982 per ton. It's almost the second highest, so to say, margin on variable ton, margin on variable cost per ton after Q4 2022, where we had 987. So, very close, close to the record level, if you want to say. And this shows basically that we are offsetting the increase in input costs since we had further inflation also in Q2 by adapting our sales price and by improving our cost efficiency. I think this shows the really strong resilience of this business also in volatile times. If you go to the next page, we see the reconciliation of comparable EBITDA to adjusted EBITDA. Here, looking at last 12-month result, you see that on the comparable EBITDA side, we have increased, let's say, for the EBITDA by EUR 13 million from quarter, from the end of first quarter to now end of second quarter. But then comes all the initiatives, basically, which are on the pipeline, which will be in the process of being implemented right now and proceeds. We will see on harvest over the next weeks and months, if you want to say. And we have now, let's say, for 23-25 initiatives, another EUR 68 million by the end of this quarter, leading to an adjusted EBITDA of EUR 512 million, which is EUR 6 million higher than in the previous quarter. As I always emphasize, that's an ongoing process for us with new ideas, with new initiatives, new opportunities. We We are coming up on a daily or weekly and monthly basis, if you want to say. Those implementations basically are leading to the additional results and proceeds here. Those are in the fields of direct material, of course, fibers, indirect spend, freight, production cost optimizations, chemicals, energy, and other, let's say, continuous improvement projects internally, which are driven by procurement, operational excellence, and also commercial excellence. So, what about cash? Let's look at the next page. You know, and you've seen on Helen's slide, cash conversion is one of our strategic pillars. We are continuously driving cash discipline throughout the whole organization. If you start on the left side of our indirect cash flow statement here, you see Comparable EBITDA 213, like you saw on the previous page. So, the increased result, of course, helped us to show solid cash flow. Then the impact, the items affecting comparability are coming with -36 included there. As mentioned before, the losses on financial hedges, if you want to say, with around about EUR 15 million. So that, let's say, increases them exceptionally this year. Then the change in working capital is basically our big contributor to a very positive cash flow again, also in the second quarter, but of course, you're shown as the first half cash flow. You might remember Q1, we showed EUR 27 million positive change in working capital right now at the end of the first half of the year in EUR 63 million even. So, we even became better there. Just a comparison, first half of 2023 last year, we were at -EUR 49 million. So, there's a significant turnaround being seen. The interest and tax are like normal, as expected, if you want to say, leading to a net cash from operating activities of, let's say, a strong EUR 156 million. We had in the first quarter EUR 78 million. So, we basically did the same right now in Q2 again, which is a 73% cash conversion if you come from comparable EBITDA. So, strong operating cash flow. Next step, CapEx, as I said, we have a normalized run rate level right now with -EUR 72 million. As a comparison, mid of last year, we were at -EUR 112 million. Of course, there were still the GFT investments and Madisonville, the GFA additional line, which contributed to this growth investment. But I think we are right now on a really, let's say, sustainable run rate level. Then we had the power plant acquisition in North America, like mentioned last time already, with EUR 18 million, leading to a free cash flow of positive EUR 66 million and on a net change in cash of EUR 53 million. So, positive trend going forward, if you want to say. You see also on the right side, the last three quarters, you see the strengthened active and active working capital management, as well as also CapEx sustainable run rate, helping us to basically showing a very stable operating cash flow over the last three quarters already. This helps us, of course, also on our leverage ratio. You see the note below there, but I will also show on one of the next pages. We came down from 3.7 end of last year, 3.6 in Q1, now 3.5 in Q2. So, there at the end of Q2, so therefore also there, the positive trend is being seen. Next page, brief look on the capital expenditure. Like I mentioned already, the intensive investment phase has passed, if you want to say, we are on a sustainable level. You see it there, Q1, Q2, we had in Q1, of course, the power plant acquisition of America on top with EUR 18 million. But I think it's the, let's say, sustainable run rate we are on there right now. So, that's also, that's what we, let's say, want to keep going forward. The working capital itself, you see on the right side, the, let's say, higher payables are offsetting the higher receivables and inventories, basically due to the market upturn, so to say. So, we have of course got then higher receivables, higher inventories, I think, following this. Everything is under, let's say, tight control, if you want to say, to continue basically having the positive impact from the working capital side. We switch to the last, let's say, number slide, if you want to say, the net debt and leverage, both are decreasing, as I mentioned already beforehand. The adjusted net debt is since three quarters right now on a downward trend. Since four quarters already, our, let's say, leverage on a downward trend. So, net debt to adjusted EBITDA last 12 months. Adjusted EBITDA is taken here, as you know. So, this higher adjusted EBITDA combined with the lower indebtedness, of course, are leading to a, let's say, decrease of the leverage from 3.7 down now to 3.5 at the end of the first half. And of course, we're working further on reducing our leverage. So, with this, I hand over back to Helen for the summary and conclusions. Yeah, thank you, Niklas. And let me just conclude with a couple of key highlights or key takeaways then. So, I think another strong, solid Q2, a good first half year with increased profitability, strong margin management, almost record margin on variable cost per ton, and continued solid cash flow across the company. The market activity continues to improve. And I think that combined with our focus on markets, our customers, our pipeline, and our commercial excellence, of course, is good news. And then, as we've said, internalize a lot of the capabilities now, and we're driving strong, disciplined progress on all of our transformation initiatives while reducing the transformation costs. So, we'd love to open up actually for Q&A. Thank you, Helen. Thank you, Niklas. Before we move over to the Q&A session, we have learned here during the presentation that unfortunately our service provider is sharing the wrong picture of our CFO and actually sharing the former CFO's picture on the webcast. I apologize for that. Our current CFO, Niklas Beyes, is of course joining here in the room, the call. But now let's go over to the conference call and operator. Do we have any questions on the lines? 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 Chris K from Barclays. Please go ahead. Hi guys, thanks for taking my question. I've got two questions on my side. The first one is on the working capital dynamics. It looks like sort of for the first half of the year you've done, call it around EUR 75 million of levered free cash flow, and of that is around EUR 63 million of working capital release. So, my question I guess is twofold. How sustainable should we view that in the second half of the year? And then would you be able to break out the factoring by reverse factoring and then non-recourse in the second quarter? I think for the first quarter you said it was unchanged versus December. And then my final question is just on the outlook. We've seen a couple of your peers last week, Stora and UPM, cautioning a little bit on pulp and input costs in the second half of the year. I think it seems like your margin for variable tons seems to be holding up better. But could you just comment on sort of outlook and how we should expect that to develop in the second half of the year? Thanks a lot, guys. First question. So, I think just to go through your questions, I mean, I think the first one was working capital, correct? What you're referring to? Yeah, that's right. Or how sustainable it is, no? Basically the question there. I mean, it is sustainable. We see that on the payable side that we are offsetting receivable increase and inventory increase. We're hoping, of course, for, let's say, further increasing sales, but we have factoring to a major extent, basically, in our we do in factoring to a major extent. We have factoring of around EUR 244 million, if you want to say, thereof recourse, let's say, just a minor amount of around EUR 10 million or EUR 9 million, if you want to say, plus some customer finance programs, which all overall, basically 70% of our receivables being somehow factored or customer financed or running through customer finance programs. So, that's the positive thing around receivables. Inventories have increased right now, also with the uptake of the business, some power audits we had, some audits we had on our plans, so to say. So, we are working on these ones also to, let's say, coming down again. So, therefore, it's a sustainable number you've seen over the first two quarters, basically, which we'll also, let's say, continuing over the next quarters. Next question was around. Yes, I can take the next question because the next question was a little bit around the outlook for the second half of the year in terms of input costs and, let's say, some of our other, let's say, peer comparisons, being cautious about it. I think, of course, we got, let's say, similar input levers across the industry. I think your comment around what you said on the management of our margin on variable cost per ton being strong, we still see that without giving guidance in terms of the second half of the year. I think we are constantly demonstrating our ability to actually manage the, let's say, input costs up and down with our pricing. So, I wouldn't say we're giving any level of nervousness or caution in Q3 or Q4. Great. Thanks a lot for that. Does that answer your question? Yeah, it does the second one. The first one on working capital, I think the balance you guided to it first quarter was EUR 325 for factoring. Is that not right? End of December, EUR 325. I think that's what we had. It was quite stable in the first quarter, so on the same level. Now it's about 10% up since year-end. Okay, got it. So, it's 10% higher than the. Okay, okay. Fine. Fine. Got it. Thanks a lot, guys. Cheers. Cheers. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers. All right. Then let's move over then to the chat box, and there are a few questions there. First question concerns our business in South America and how it has developed recently over the quarters. The question concerns why it appears to be a bit bulky in nature. Is there any particular trend behind the bulkiness? No, I think no. Let me just answer it because it tends to be that there's some cyclicality around our South American business, particularly in some of the food and the release liners. So, I think if you take the first half of 2023 and the first half of 2024 and do the comparison, I think you'll see it's quite a natural, it's quite a stable comparison there. The second question concerns more details around the volume price and mix development in the second quarter, and if we would like to share more light on that. Like we said, I mean, the volume side, if you take these 10A sales out, which were in there in the first, and then Q2 2023, basically you come with a volume increase of 3% when it comes to net sales, if you want to say. The price mix is basically on the same level, especially the average price as last year's Q2, and it fixes no major impact. So, that explains the sales line, if you want to say, and on the EBITDA line, it's more or less the margin on variable cost driving the result upwards, if you want to say. It's not the volume so much, it's really the margin on variable cost. Hope this answers the question. Yeah. Maybe I could just provide just a little bit more color on how we're seeing the volume in the businesses, just because I made the comment that it's pretty broad in terms of the volume development. And I would say if you take the businesses just a bit of a snapshot, I would say that all of the businesses are showing some form of volume growth, with the exception of two businesses, which is Food Europe, sorry, Food North America, which is slightly down because of the quick service retail business, which we, I would say, have good exposure to. So, it's just slightly down. And then the lab and life science, which again was predominantly due to significant testing, etc., we see a slight decline. The rest of the business units, we're seeing volume increase. Filtr ation in Food Europe, in Beverage & C asing, it's single digit, but then in our non-woven, our abrasives, our precision coating, actually we see some double digit growth there. So, it is from a volume perspective across the broad portfolio, we are seeing growth, volume growth there. So, just adding a little bit of color because I know we kept it at a high level. The next question concerns our items affecting comparability and specifically our energy, financial energy hedges. Yes, would you like to comment on that? I mean, of course, usually financial hedges versus physical hedges are part of the, let's say, Comparable EBITDA. However, since it was just in such an extraordinary time at the end of 2022 or the beginning of 2023, we stepped into those financial hedges. And since they are so much out of the market in terms of the valuation, we decided basically to move the under, let's say, items affecting comparability to have really comparable EBITDA numbers, so to say, since otherwise they would be completely distracted. So, therefore, that's the reason why we have them right now here shown. And the other, because it's really a one-time topic, if you want to say this year, due to this extraordinary timeframe we had back in 2022, end of 2022, beginning of 2023, with all the significant inflation of the, especially the energy cost, as you all remember. Thank you. Apparently, there seems not to be a further question. So, over to you, Helen, for final remarks. Yeah, well, like I said, thank you everyone for the time. Pleasure to share the results. And let me just then wrap up by, it's the end of July, so I'm wishing you all a happy vacation, if you're having it in the middle of it or about to have it, and looking forward to talk to you all around our Q3 results. So, have a good summer, everybody. Thanks. Thank you. Bye-bye.