Good day, and thank you for standing by. Welcome to the Concentric presentation of the results for Q3 2022 webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Martin Kunz, CEO. Please go ahead. Good morning, everybody. I'm very pleased to welcome all of you to the Q3 presentation for Concentric. I'm very pleased to have an audience here as well in Stockholm in person and all the people out there on the phone. I'm here with Marcus Whitehouse, our CFO, and we will update you on the latest quarter for Concentric. Next slide, please. Okay, here we go. We had another strong quarter in sales, SEK 1.068 billion, which corresponds to an increase of 107%. If we net out the impact from the EMP acquisition and the foreign exchange effect, we have achieved a strong, solid underlying 9% sales growth. If we speak in particular about electric products, so we reached SEK 200 million in sales, which is 19% of our group sales, and that has been an increase from 16% in quarter two. We'll talk about that later on also in the growth section of the presentation. Operating income has reached SEK 175 million, which is up 54% versus the same period last year. We have maintained a strong margin of 16.3%, and our operating income has been SEK 175 million in the quarter. Cash flow from operations was SEK 163 million, significantly up versus last year. We're also reporting an important increase in earnings per share versus the same period last year. When we speak about the order book, our book-to-bill has been at 107%, and that confirms the strength of our order book. In the next slide, important for our strategy to achieve profitable growth is also having a strong leadership team. In the quarter we have completed new appointments of both vacant positions as well as new positions. Fernando Palmeiro and Boris Gavrilovic have joined as Senior Vice Presidents for two of the three divisions. Riccardo Cavallari is an addition to the team, so he is coming with a strong background in operational excellence. We talk about that in a moment as well. I'm very pleased to also inform that Jennifer Todd-Wilson will join us on first of January 2023. She will not only look after human resources, she will also define our sustainability strategy for the group, and she comes with a strong background in sustainability. Let's look a moment at how the markets have performed in the last quarter. In general, we're seeing a very mixed picture in the different markets. When we look at the market indices, we have seen an ongoing strong market in the U.S. for basically all of our end markets. The European markets are stagnant or slightly contracting, particularly when we speak about off-highway sectors. Positive is that the India construction equipment segment remains strong, and we are talking about growth in India in a second in the strategy chapter. We are seeing an ongoing weak economy in China, which, as Marcus later on will highlight in his details, has in particular impacted our Alfdex business, which is basically strong in China. For the moment, when we look into the markets for the fourth quarter, we see an ongoing mixed picture in our end markets. We don't think that this picture will change. Let's talk about transformation to enhance value creation. In particular with the leadership team now completed, we're looking to enhance our Concentric Business Excellence program. We are creating a strategic sourcing organization, and we're increasing our focus in operational excellence. This will be important enablers to maintain our operating margins. One example is strategic sourcing. With the acquisition of EMP, we have now significantly higher purchasing volumes, in particular in the Americas region. There are synergies that we are realizing with this new organization, based on this larger purchasing volume, which gives us also a stronger buying power. We also talk about lean transformation. With the enhancement of the Concentric Business Excellence Model, and in particular, Riccardo Cavallari joining the team for operational excellence, we have also started a lean transformation in two pilot sites in the group, which will also help us from a process point of view, to improve our margins and be prepared for whatever comes in a difficult year, 2023. When we look at systems and processes, we have also started to invest in the implementation of a new ERP system. This is currently being implemented in the first pilot site. We will replace legacy systems, but at the same time also carry out the business process re-engineering. Let's look for a moment at growth. One of our pillars of growth is emerging markets. Many of you know that Concentric has a strong presence in India, and we are very pleased as we have announced on Monday, that we have achieved our first on-highway win for new business in India. Concentric stands for quality, reliability, and efficiency. This is also for what we will stand for in the Indian market. We will look for business opportunities for profitable growth in areas where we can, with these values, add value to our customers. This is all based on an India for India engineering and manufacturing. The second big pillar of growth is electrification. As already mentioned before, in the third quarter, 19% of our sales came from electrified product, versus 16% in Q2. I have to say that in the third quarter, this has been supported by an improved availability of electronics components in the quarter. However, there are additional KPIs on electrification that are worth mentioning here, and one of them is prototype orders. We have made excellent progress in the first nine months of the year, and we have in total received 97 prototype orders for electrified products. In particular, there's one group of products that is standing out, which is our high-voltage solutions, in particular, high-voltage fans and systems. We are receiving excellent feedback on trade shows and in customer interactions about these innovative solutions. In the third quarter only, we have shipped 183 units of high-voltage fans and systems to customers. Obviously, these customers are testing those products in their new application. The more prototype orders we ship, the bigger is the likelihood that our products end up in serial manufacturing programs in the years to come. There's another area of profitable growth that I would like to mention here, and this is coming from cross-selling. As we have the EMP organization with a strong footprint in North America and the legacy Concentric organization with a strong commercial footprint in Europe and parts of Asia, the Concentric teams in Europe have been further progress in selling EMP products into the Europe region. Several of those prototype orders and shipments have actually ended up with customers in Europe. At the same time, we're also taking advantage of sales synergies in North America for Concentric products, where the EMP commercial footprint in the region helps us to achieve a stronger and a deeper market penetration. I wanna go back for a moment to the press release we published on Monday about our first on-highway contract awarded in India. It's important. Electrification is an important part of our growth strategy, but we also continue to grow our conventional business because new customers for conventional products in the future may well become customers also for electrified products. Very proud of what the team in India, together with our global engineering team, has achieved here. This is, you see that from the picture, a mechanical coolant pump. It supports the very important emission reduction program and legislation in India. This contract will contribute over five years with SEK 220 million of new revenue to our group sales. Another win is EMP has been recently awarded a key contract for machined components with a global multinational customers who developed energy-efficient technology. This product will be used for an off-highway application. It is in line with our growth strategy for the EMP machining product line, where we go after high level of complex products, where we can add with the EMP capabilities value to our customer. This contract also over five years will contribute to SEK 55 million in additional sales. With that, I hand over to Marcus, who will walk us through the financials. Thank you, Martin. Good morning, everybody. Let me take you through the Q3 financial results for the group. We'll start with sales. As Martin stated at the start of this presentation, sales for the third quarter are reported at SEK 1,068. They are up a smidge on what we reported for the second quarter and broadly in line with what we guided the market for Q3. It is a year-on-year increase, though, of 107% and can be made up of four clear buckets. The largest and most significant is the acquisition of EMP, which has increased the sales by 84%. However, our engines division, excluding EMP, were pretty much flat year-on-year. Hydraulics continues to perform well and contributed an overall 9% to that movement year-on-year at the group level. We still have that tailwind of FX, our fickle friend, but at this moment in our advantage, that has increased sales by 14%. It is another record quarter. Just having had a second record quarter reported in Q2, but a really pleasing performance in what continues to be a challenging environment. The operating income bridge. We reported our operating income at SEK 175, an operating margin of 16.3%. Underlying was SEK 166 and 15.5%. We've got a 54% increase year-on-year, again, with both our engines division and our hydraulics division contributing in pretty much equal measures of circa SEK 30 million. Alfdex has been a little bit of a lag year- on- year, down 9%, and that is predominantly associated with China. They have got ongoing COVID issues and generally a weak environment and a slight delay to the implementation of the China VI engine program. That's just giving the Alfdex business a headwind. Offsetting that is the sale of our Concentric cable coil business. Those that have followed us know that we closed that operation in January of 2021, and it was pleasing to see that the completion of that sale of the legal entity in China was completed in July of this year with a one-off profit of SEK 9 million. Overall margins have remained broadly strong, again, what is a particularly difficult market. To move to the two divisions, we see that the engines division sales, as we touched on, are flat year-on-year. When you look at that upper chart and the bar chart of it, you can see that sales pretty much increased quarter-on-quarter for the last four reporting quarters as we brought in EMP in the fourth quarter of last year. There's still been growth within that business through quarters one, two, and three. Book-to-bill ratio is healthy, 109% taking us into the fourth quarter. The operating income has been reported at 102, or 31% year-on-year, with an operating margin at 14.2%. When we move on to the hydraulics division, it's performed very well, consistently well over a series of quarters. That upper graph in the sales shows a really good, steady growth within our hydraulics business. When we look at this particular quarter against the prior year, we're up 17% in constant currency. Book-to-bill ratio isn't quite as strong as engines, but still is above the 100% threshold taking us into the fourth quarter. Those extra sales have really impacted both operating income and operating margin. We are up at SEK 64 million in the quarter, 78% increase, and an operating margin at 18.1% in the quarter. Again, notably look over the last three quarters that we've reported in this year, and the margin on that business has been pretty much well managed and stable. Cash flow, working capital, and gearing. This one is particularly pleasing. You know, as we all know, cash is the king of any business. We have had three quarters that we've reported prior to this quarter where cash has lagged, and working capital, and particularly inventory, has been the anchor to that particular ship. This quarter, however, cash has been strong. We've reported SEK 163 million, representing a cash conversion ratio of 108% in the quarter. It brings the year-to-date to 85%, which is far closer to where we want it to be. The working capital percentage in the quarter also dropped down to 14.2%. While there was an absolute increase in working capital, it was nowhere near the levels that we had seen over the last three reporting quarters. Net debt and gearing. We report our net debt at just over SEK 1 billion, and it's benefited again with pension liabilities, which have been remeasured based on the new ever-increasing discount rates. In the quarter, we've seen a remeasurement gain of SEK 26 million, year-to-date a remeasurement gain of SEK 217 million. That's brought our gearing ratio now in at 45%, down on the previous quarter at 56%. The all important measure of liquidity within the business is what's our cash position. Our cash position within the business is SEK 448 million, which is more than enough for what we need for our short-term operational needs. The business is in a good, strong position, taking us into fourth quarter and beyond into 2023. That concludes the financial section. I will now hand you back to Martin to talk about outlook in Q4. Thanks, Marcus. When we look into Q4, first of all, we estimate that sales remain largely at the same level as we have performed in the third quarter. The markets will continue to be at a high level of volatility. We have the ongoing war in Ukraine. We have high inflation still. Obviously, when we look at China, which in particular impacts our hydraulics business, but even stronger, the Alfdex business, we are still in an environment of COVID-19 restrictions that impose basically limitations to the economy in China. We continue to see supply chain bottlenecks across different products we buy. The supply chain remains, in general, a constraint. Through our Concentric Business Excellence program and the enhancement that we just presented, we continue to maintain our strong trading margins in this difficult climate, and we improve our cash performance by reducing inventory during the coming quarter. Basically, this is how we see the fourth quarter to come. With that, we're at the end of the presentation, and we are more than happy to take your questions, and we would like to start with the questions here in the room. Once we have concluded questions from the room, move over to those questions we get from the phone. Hi, Mats Liss. Mm-hmm. Kepler Cheuvreux. A couple of questions. First, looking at the organic growth there of 9%, I just wondered, what kind of mix you have there between the price and volume? We have a healthy mix between both. There's still volume growth. As Marcus has outlined in the financials, mainly the hydraulics division has performed well in organic growth. There is a difference between the engine division and the hydraulics division, as you have seen from the numbers. This is particular when we look at the markets due to a weakening market in Europe in the engine division. To your question, Mats, we continue to drive price increases up the value chain to compensate for the still, let me say, incoming inflation, but there's also organic growth in the business. Regarding the price increases there, would you say that you have fully compensated for the cost increases now or so far, or could you say something there? It's a good question. I mean, we need to look into the details of the business. In the hydraulics division, we have a different customer portfolio. We have a much broader customer base, which makes it easier to pass on price increases up the value chain. While in the engine business, we're obviously dealing with large OEMs where we have contractual obligations. There is always a time lag between when inflation occurs in the supply chain and when we can pass it on to the customers, and that hasn't changed over the quarters. Our teams are working very, very hard as we speak to basically get further price increases in the fourth quarter. About China there and the impact you have on Alfdex, for instance. Do you see that the impact is sort of or creating some sort of pent-up demand now if the COVID restriction would ease? It could be. There probably is. The China VI regulations were supposed to kick in, well, two years ago, and certainly were supposed to be in by July of last year. We saw a buildup of China V engines that's been the supply chain that then coincided with the shutdown with the COVID-19 restrictions. We know it will go at some time. The question then is when. There'll be a little bit of a pent-up delay because there is stock of China V engines within that pipeline. Once that has burnt off, then hopefully we'll start to see the China VI engines being pulled through, which will include the Alfdex separator. Timing, vague, but yes, there is pent-up demand. Unfortunately, there's also an awful lot of stock in the pipe of old engine technology that needs to be passed through first. Okay, great. Just finally, I mean, you talked about the electrification trend there and that you have 97 prototypes delivered. Could you give some sort of, well, indication of the momentum there? I mean, what was the figure a quarter or a year ago? We're happy to report out that it's significantly higher than a year ago, and that has basically two root causes. The first is, in general, basically, we're making progress in penetrating the customer base with new product, but also the launch of the High Voltage eFan, which is a very innovative e-EMP product. Those of you who follow also our press releases, we are right now basically the only supplier that has this technology ready, available for the market. The feedback we're getting from the trade shows in September, we had the IAA in Hannover, in Germany, and very recently now, the bauma, which is the largest trade show in the world for construction equipment, confirmed that there's a tremendous interest in this technology because it is efficient. You can basically reduce components and weight on a, let me say, vehicle using high-voltage fans. We are very confident that this pipeline will continue to grow. We cannot measure basically the market share or the sales yet, but we can measure KPIs and the progress in certain KPIs that get us there. Prototype orders is a very good KPI to measure, let me say, future sales, because the more prototype orders we get into the market, the more likelihood we will get production nominations once those vehicles ramp up. Do you feel that you sort of increased their customer base, so to speak? Can you address more customers? Clearly, yes. Yeah. Clearly, yes. I'm I wanna connect here to what we also said in the cross-selling. One of the very favorable trends is EMP has been mainly focused on the North American market, and we are getting now an increased amount of interest and prototype orders from European customers for EMP technology. That's, I think, a very positive sign. We can measure that, and the interest in these solutions is really increasing very positively. Great. The cost to sort of leverage these sort of opportunities, is it the similar way you do it sort of with the, or you share the cost with the customer to a large extent? It's slightly different because the EMP high voltage technology is our IP. We're not developing a product for a specific customer solution. We're developing a product, and then we're going broad, basically to the entire market, which is a slightly different approach to what we do usually in our conventional engine business. It allows us to take advantage of the market in a different way because we're offering an IP-protected solution that is not part of, or is not owned by the customer. Okay. Thank you very much. Thanks, Mats. Great questions. Thank you. Julia Utberg with SEB. Firstly, a few questions on the e-products. Your target, you're coming close to the goal of 20%, already 19%. It's great to see that it's ramping up. Firstly, I'm curious about, are the e-product shares directly attributable to EMP, or do you also increase the share of e-products in the legacy business? It's both. What we see, obviously, the EMP product they have electric water pump, electric oil pump, and basically the thermal solutions. In the legacy Concentric range, we have just, let me say, the pumps. The product portfolio coming from the legacy EMP side is broader. That's why we're seeing there basically a stronger growth. We are simply going to the market with a broader range. There are good synergies also between let me see, the two product lines, where we're also now offering to EMP customers Concentric electric products and vice versa. All right. The customer of the e-product, can you say something about the split there? Is it to hybrid vehicles or any fully electric vehicles yet, or mainly the diesel engine-driven vehicles? I mean, you wanna take the question, Marcus? Yeah. Well. Yeah It's a combination of both. We've got some where we've announced development contracts for fuel cells, which is taking both ePump and fan systems. We have fully battery electric vehicles, where again, there's been recent launches where we've had product on fully battery electric products. We've got some of our, what we term that electrified diesel engine, where we've got some ePumps on diesel engines. It's a whole combination, but touching all aspects of the way that these vehicles are now being developed and move forward to zero emissions. It's probably fair to say that, when you look at the hydrogen or the fuel cell technology, it's obviously behind the battery electric vehicles. We're right now prototyping a lot for fuel cell vehicles to come in 2025 and afterwards, while battery electric, there is already serious production going into the market. We are basically, as Marcus has said, on all the segments because, whether it's this or that technology, our products are needed there. We know, and we've talked about previously, it won't be one final solution. Each region will move at different speeds. Each application will move at different speeds, and each application may use a different type of technology depending on what's right from total cost of ownership for them. Some, it may be fuel cells and hydrogen. Some may be battery electric. Some may be electrified diesel. What we need to have as business is that we're touching all of those customers and all of those technology types to make sure all bases are covered, and that's what we're doing. Thank you. On EMP and the integration, can you say anything about the margin, how the development is going? We saw a strong growth in sales from EMP, but maybe it was also a bit dilutive for Concentric group margin. Yeah. Margins, if we look at EMP, we haven't disclosed them and we won't disclose what margin level it operates at, but it is growing. We've seen over the last few quarters, a lot of that is driven by volume. We're starting to get some leverage within the fixed overheads. Also as Marcus touched on, starting to look at some cost synergies that we may have within that North American business. It's. We said it would be slow. It can keep rolling. It'll be linked to the growth that we've got within the business or the transition of the product mix that we have within EMP, away from conventional and more towards the advanced product type. It's moving, it's growing and it's growing steadily, but in line with our expectations. In particular, if I may add here, when we look at the cost base, as we have a much stronger buying power now in the region, we see synergies where both legacy businesses are basically buying same products. This will be also a good instrument for margin protection, joining those purchasing volumes, in let me say, in the months to come. Should we expect a few more quarters of dilution on margin from EMP? I mean, we have a lot of external impacts right now on margin that make it very difficult to basically give a straight guidance on margin. At this moment in time, I think we do everything to protect our margin through the actions, both strategic as well as tactical, as we outlined. Understood. Thank you. One last question on EMP. Your recently announced order was mainly single components. Do you see an opportunity here to add more products? Or, how can we view those orders with only single components? I'll have to take this question, Julia Utberg. We have growth plans for all parts of the business, and EMP has defined capabilities in this area and capabilities that are recognized in the market, highly complex products. We will grow basically all parts of the EMP business, as Marcus Whitehouse has said, to leverage existing overhead structures. There are customers in that part of the business who are also customers for e-products, who are also customers for mechanical products. We have to see the customer base in its entirety and not just one piece, let me say, of the business. Short answer, we will grow all parts of the business. Focusing on those particular, if you're talking about, we're growing at the right price point with the right level of complexity with key strategic customers that we want to support and grow. We'll touch them, whether it be on mechanical pumps. We'll touch them, whether it be on fan systems. We may touch them on e-products as well. But if they are a key strategic customer with the right profit levels that we can enjoy, we're happy to support. Usually when those bits of business are as complex as they are, they require something like an EMP, which usually do bring the right price point for us to be able to supply. Many thanks. Okay. Any more questions from the room? No? I think let's move over to questions coming from the phone. Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. There seems to be no questions from the phone lines, so we'll hand back to Mr. Kunz for closing remarks. Thank you very much, Heidi. We're very pleased for basically the session this morning here and the good questions we got from the audience. If there are no further questions, we conclude the presentation of our Q3 results and wish you a nice day and hope to see you back in February. Back in February. -when we are talking about the fourth quarter and the full- year 2022. Yeah. Thank you very much. Thanks all for coming.