Welcome back everyone to ABG Investor Days. My name is Henric Hintze, and I'm an equity research analyst here at ABG. With me now, I have Henrik Höijer, the Chief Executive Officer of CTT Systems. Please, go ahead. Thank you, Henrik. Welcome, everybody, to this presentation of CTT. See if I can handle two computers here. No? Yes. So I'm Henrik Höijer, Chief Executive Officer of CTT. I was gonna have Markus Berg with me, our Chief Financial Officer, but there's budget times, and we prioritized that he stayed home in Jönköping and worked with the budget, so. I think I can handle it myself and try to briefly go through where we are on the market and the market drivers, and also the opportunities that we have in front of us. I'm not gonna go through our quarterly report. I think you've seen it, and but I would like to calibrate where we are a little bit. So just looking at some rolling twelve months numbers, our sales was up to SEK 295 million, compared to SEK 215 million previous year. That's up 37%. Earnings per share was SEK 6.85, up from 4.22, that's 62%, and our operating cash flow was SEK 104 million, up from SEK 64 million. Looking forward then, in Q4, we will resume our quarter-to-quarter growth. We had a temporary dip in third quarter, so we forecast our net sales to be between SEK 80-85 million. That's up 17%-25% compared to last year. Our OEM market will increase, and so will our aftermarket, whereas our private jet, we foresee a little bit of weaker quarter, because there is some delay at the completion centers projects. With this forecast, we will reach SEK 308 million-SEK 313 million Swedish crowns, trailing twelve-month sales, and that's compared to a pre-pandemic high of SEK 365 million. If we then start looking at our aftermarket, our installed base are generating revenue from consumables, repairs, and spare parts. Short term, aftermarket sales again will grow quarter to quarter in Q4. Looking at the rolling four quarter, we are currently at SEK 228 million, compared to a trailing twelve months high of SEK 148 million and a low of SEK 62 million in 2021. Going forward, underlying demand is normalized again and track the changes in our population growth by, driven by Airbus and Boeing deliveries of new aircraft that enter into service. We also, to a large degree, benefit from a continued growth, growing demand of repair and the spare parts, from a population that is out of warranty. Today, I will not go into depth in the private jet market. I think I'll come back to that at a later stage. But in short, it's an untapped market, and it has its own cyclical behaviors with low, low correlation to normal economic cycles. In this market, Airbus Corporate Jets is really leading for us, promoting our humidification system and also installing it as part of their green aircraft. The growth in private jet comes from us convincing the OEMs to actually put this on their aircraft, and that is needed to unlock the market. If looking at the numbers, a trailing twelve months, sales range usually between SEK 10 million-SEK 30 million. We are currently at 22, so somewhere in the middle. We forecast that the demand and the sales on the private jet market will be a little bit lower the next couple of quarters compared to we previously expected, and that is because there is some delays in the projects that we have seen coming in. Medium to long term, we're quite optimistic on this market. The industry is positive. Our part of the industry is driven by this ACJ and this endorsement of humidification. And as stated before in the beginning, it's important for us to get this OEM availability to get a high market penetration, and we're working really hard on that right now. As soon as we have something more to communicate, we will come back on this one. And then I realized that I... Yeah, I showed the right slide. Good. But now we went too far, so can we go back? What's happening? I have to be really careful here. Good. Anti-condensation. So this business remains very low, and it continues to underperform, but our strategy is unchanged. We are aiming for OEM availability. We can only accomplish that with bringing major customers to Airbus and Boeing. Right now, we have a trial ongoing with one of the low-cost carriers, the one major one. We also work with the two big customers that we have, Jet2 and Transavia. They're both transitioning from 737 to an A320 family fleet. In this transition, both of them want to have our Anti-Condensation System on, but it's not available for line fit as it was on their Boeing 737 NG. So instead, we're trying to do this together with them at the first C check, which is usually roughly two years out from delivery... Then together, trying to convince Airbus that they should have this available when they deliver the new aircraft to our customers. We will remain confident that that Airbus and Boeing will allow this later on, but it's really hard to predict when we can do that, and it's also super important that we come with a big customer to convince them to do that. But as you know, Airbus and Boeing are super busy trying to reach their targets. I think Airbus is right now roughly on 45 320s per month. They want to go up to 75, and, and, they're not really seeing that adding one more system would help them with that target. But as they reach their targets, I think this is the system that will come back into play. If we then go something extreme - more positive, that's the OEM market, and it's really strong now, and I will spend quite a lot of time on talking about that. And on the following slides, I will try to explain how this drives our market down for several years. But if you first look at some numbers, trailing twelve months, we are on SEK 31 million compared to the pandemic low on SEK 20 and a high of SEK 166. So, I mean, I really like this picture. It looks terrible, but it's really where we can grow back, and we will grow back. The ramp-up of wide- bodies is happening right now, and it will take a few years to peak, but it's starting now. Boeing is targeting 10 aircraft on the 787 per month in 2025-2026 timeframe, compared to what they started with this year, one to two aircraft. They're currently on four and will go up to five end of the year. Airbus has similar goals for their A350. We have a super strong business environment, and it's stronger than we have had in several years, and there's several growth drivers in this market that we'll talk through. We're of course watching how this geopolitical instability is affecting us. And for instance, we see now that travel demand has gone down after the Gaza conflict started. You can see Middle East is, of course, the most affected. Bookings has fallen 26% compared to three weeks before and three weeks after. In that region, tickets to Saudi Arabia, Jordan, Lebanon, Egypt have dropped. Bookings outbound of U.S. is also dropping 10%, from being above the 2019 level to below, actually, a few percentages. And this is a trend that is, we can see it historically. As soon as something happens in the world, it, U.S. travel goes down, and they stay back in the U.S. And of course, other things can hit the bookings on the flight industry, like high interest rates and stuff like that. But when it comes to CTT, our position is quite strong, and the aircraft that we are on will remain in service even if the demand goes down, because we are on the most modern platforms, and they will keep flying, even if the demand is a little bit lower. Airlines will put other older aircraft on the ground if needed. Right now, they fly everything they have, actually. We also see that the private jet market is not affected by things like that, like this. It goes on, and it has its own cyclical behavior, so totally unaffected of this. And I think this shows that we are quite robust in an unsecure world around us. If I then go back to the main driver of our business in the close future, it's the wide-body aircraft market. Today, we have 85%-90% penetration on flight deck on Boeing 787, and the selection rates on A350 are actually the same more or less now on the new airlines that take A350s. In total, we have flight deck and humidifiers installed on more than 1,000 aircraft at more than 50 airlines. We actually have a few more crew rest humidifiers installed, and the essential part of our growth strategy now is to convince them to not only have this comfort for their crew, but also move it into the cabin for the premium passengers. One part of that is to actually convince Boeing to have this opportunity for cabin humidification also on their 787. Airbus A350 can offer it, and Boeing will also be able to offer it on the 777X that will come into service in 2025. Last week, we were at the Dubai Air Show, and we witnessed the best wide-body order intake ever at that show. Emirates placed an order for 110 wide-body aircraft, adding 90 new 777X to their already ordered, so I think they have a backlog of 205 777X. Emirates, this is A380 and 777X customer, with humidifier selected for first class on 777X, and that's part of their first order of 115. We are, of course, not yet sure how the next 90 will look, but usually, they take the same selection over the whole fleet, so we're quite optimistic on that one. Emirates is expected also to take their first A350s in 2024, and then they will start flying 787s in 2025. Ethiopian, that is also ordering more aircraft, are already operating A350s and Boeing 787s with flight deck and crew rest humidifiers, and order an additional 11 A350s and 11 Boeings. So we're quite happy with what happened that week, and that was actually on top of what has happened earlier this year, where it's extremely strong. And I think now with Dubai, so with what happened in Q4 and the rest of the year, Airbus and Boeing has received more than 500 orders for wide-body aircraft so far. And they're actually talking about getting more even this year and also continuing next year. And we have an extremely strong position on all these new modern platforms. And what is the market dynamics, then? I mean, first, it is to understand the success we had on 787, where we have an average of 2.5 humidifiers per Dreamliner aircraft, and the global fleet has just passed 1,000 aircraft, and we have 85%-90% penetration on flight deck. The data, reliability data and performance is excellent of the system, and, we're super pleased to hear from pilots that they won't-- they really don't want to fly an aircraft without our system. And as you know, pilots are a shortage, crew is a shortage, and we're quite sure that the airlines want to protect their people, making happy and stay with their airlines. They're investing quite a lot of money right now in especially salaries for pilots and crew in the U.S, driving the market. The same actually true for Europe and Lufthansa, as an example. We're now trying to get this behavior in and that the airlines are mirroring this behavior on the A350, and we see that happens. On this picture, there are some examples on the Chinese airlines, but also on Etihad, Ethiopian, Turkish, and Air France that are using our systems. So the market for flight deck and crew is established. The next step is then to migrate this into the passenger cabin, which will then be another growth section for CTT. Here on this picture, there are two airlines that already operate cabin humidification on their A350s. It's Turkish, and it's China. Now, I never remember if it's China South—yeah, China Southern. So they do this, China since 2019 and Turkish since 2022. And then we were super happy, beginning of October, when Airbus told us that there's one more undisclosed airline that has selected cabin humidification for the premium cabin on their A350-1000. These aircraft will come out in service in 2025, so we will hopefully then, or hopefully we will get the orders from Airbus in 2024 and deliver our systems. And they have this in the three cabin zones, so if, if you don't have a full selection on the A350, you can have two crew rest, one flight deck, and actually three humidifiers for the cabin. So a fully equipped would be six humidifiers for us. And this is a trend that we have now started, and we've worked very hard on this for a long time, but now we see that cabin humidification is coming into play. For us now, the job is to convince more airlines to join this trend and not miss out on it and try to compete and see how it really enhances the value of their brand. Then we're also finally getting closer to in-service date of the 777X. It's now in 2025. You see the airlines on the picture here, that several of them are ordered, and as I said, Emirates, more than 200 aircraft. And in the case of Emirates, as I said, they have selected this on their 777X for their first-class cabin. But they're still flying roughly 100 old 777s that they will retrofit to get the same cabin. Of course, this is an opportunity where we try to get them to retrofit our system so that they have the same offering to their passengers, rather if-- doesn't matter if they fly the new triple seven or the old one, it should be the same. This is a market that we're really trying to get into as well. And that comes into the retrofit opportunity, which we see is, is now finally getting more reachable for us. We've been trying for a long time, but with this trend, that they actually get cabin humidification at delivery of the new aircraft, we see a better opportunity to move into this market. See how we're doing on time here. Pretty good. And since they have to fly older aircraft for a longer time than planned for the beginning, since the demand for new aircraft is quite high and there have been problems delivering, they are planning to upgrade their premium cabins... the whole cabins actually. And as a consequence of this, we will try to get them to retrofit our system at the same time, to have this fleet commonality, to have the same customer offering to the customers. So the conditions are quite strong, and I expect that we will start seeing aircraft awards on this finally, after really trying to get there for a very, very long time. As I said, I mean, these aircraft will come into service in 2025, and if you want to have common fleet, you have to start these projects during next year, and then continue to do them over time so that you reach this commonality. Now I see I'm starting to get out of time here. I think we can skip this one. This one is really important, and I talked a little bit about it before. Boeing 787 cannot offer cabin humidification at delivery right now. We are, of course, in discussions with Boeing to try to get them to match the 777X, and of course, the A350, which has an advantage here. Boeing is interested, so again, I think we will get there. The question is how long it will take. And we really need to get one of the big operators to join on us on this journey. So then I'd use the last minute to summarize. Our OEM business will continue to grow for years. We will follow the ramp-up at Airbus and Boeing. Airlines are planning to use their older aircraft for a longer time. They have the plans to upgrade them, and I'm sure that we can join them and retrofit our humidification system, both on flight deck, crew rest, and in the cabin. Private jet market is untapped. We're really working on getting OEM availability at all the airlines, not only Airbus Corporate Jet, and there are several of them, and we're in those discussions. And the aftermarket will continue to grow, with us delivering more systems on new Airbus and Boeing aircraft, and we're quite positive that demand for flying is still out there, even if we see a small temporary dip right now. We're on a solid track to build momentum, to continue to deliver growth in 2024 and beyond that. And with that, I hand it over for questions. Thank you very much for that. So looking at Q4, you're forecasting a bit of a step up in sales compared to Q3, and you've said that's driven by aftermarket and OEM, mainly. Would you say that the OEM growth is mainly driven by a step up in production, or is there some sort of backlog catch-up effect here? And when do you think new Airbus and Boeing production will contribute to OEM deliveries? I mean, we had—we saw a temporary dip in Q3, the ones that follow us saw that we talked about it already in Q2. We also saw that that dip, which was because they had ordered more things from us, and they had problems in production, that dip went away quicker than we thought. It—so it's already gone, and now we're really tracking the growth rates of Boeing and Airbus, and we see that they're pushing us harder than they were in the past. But they're also more confident when you listen to them on their Q3 report, and also... So the ramp-up is happening. On Boeing, they will be on five end of this year, and then I'm pretty sure that somewhere already in 2025, they will be on 10, even if they talk about 2025-2026 timeframes. The delivery rates, they tell us, is 10 in the beginning of 2025, but I mean, they they've seen problems before. But this is happening now, and it- it will then, of course, affect us. And if we can then reach in 25, a delivery rate on 10 Boeing 787s per month, nine Airbus per month, A350s, and then adding 777X, which is today, they'd make five to six 777s per month, which I know is their target for the new one as well, and then ramping up, then we have a 25-per-month rate with an 85%-90% hit rate on flight deck and crew rest. And on the aftermarket side of things, one reason you, you see growth here is because a reduced headwind from inventory adjustments and things like that. Do you think that effect is completely gone now, or is it just less noticeable? No, I mean, long term, the aftermarket is growing at the speed that we deliver new systems. We are on all the modern wide bodies, which means that these aircraft will fly plus 4,000 hours per year, meaning that they need consumables, they will need spares, and they will need repair on this. And, and, and all those three segments of our aftermarket is actually growing. And, and, and in this, I mean, we have our dip, and they've delivered low volumes. Our warranties are running out, so, so our, our repair business is really picking up as well. Now, you have a, a not insignificant portion of your, installed base in Asian countries. Do you think that the lifting of COVID restrictions in China will start driving aftermarket sales? And when do you think you could start seeing this? Oh, I mean, that's if you look at the numbers, beginning of this year, I mean, you see that. You saw that the rest of the world, except Asia, was on or actually some places above 2019 numbers, but Asia, including China, was I think they were on 60% running up to Q1. We were actually in China two weeks ago, visiting all the four major airlines and some of the MROs. They're quite concerned still. They're way behind, and they say they're struggling because, I mean, long haul is what they make money on. They're flying like before internally in China, but long haul is restricted due to several things, political, most of them actually. But they still have a lot to pick up, actually. All right. Thank you very much for that, Henrik. I think that's all we have time for today. Thank you.