Welcome to the CTT Systems Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. I will hand the conference over to the speakers, CEO Henrik Höjer and CFO Markus Berg. Please go ahead. Thank you. Good morning. Welcome to CTT's quarterly earnings call. I'm Henrik Höjer, CEO, and with me today I have Markus Berg, our CFO. We will present CTT's financial results for the second quarter and outlook going forward. Next slide. Starting with the highlights in the second quarter, we continue to see momentum in our OEM business with higher volumes. Sales in U.S. dollar increased sequentially 21%, driven by aircraft build rate ramp-up and higher content value per A350 ship set. We foresee next ramp-up in volumes in Q1 2027. Aftermarket demand remained resilient despite higher jet fuel prices and flight disruptions. A positive highlight was that spares demand surged with higher order intake and sales late in the quarter. Next slide. Looking at the financial performance in short, comparing the same quarter last year, net sales were in line with our currency-adjusted outlook. Net sales decreased 4% to SEK 76 million. Negative FX impact with SEK 2.5 million. EBIT decreased to SEK 14 million compared with SEK 18 million. The EBIT margin was 19% versus 23%. Earnings per share decreased to SEK 0.79 versus SEK 1.19. Operating cash flow improved, SEK 24 million versus SEK 3 million. Next slide. Net sales bridge from comparable quarter last year shows growth driven by SEK 12 million in OEM and SEK 3 million growth in retrofit, offset by a SEK 10 million decline in private jet and SEK 8 million lower aftermarket sales. If adding some perspectives onto the numbers. OEM. Growth reflects the ongoing wide-body production ramp-up and remains supported by strong structural demand. While growth is not linear and occur in steps, the underlying trend remains positive and is driven by structural increases in aircraft production. The year-on-year increase is 125%. Private jet sales temporarily impacted by the absence of deliveries during 2026. Activity has been largely dependent on ACJ programs. Given the limited number of VIP projects in the market, however, quarterly sales can be volatile. We have a better setup going forward. The combination of ACJ and BBJ programs supports a higher long-term activity level. The reported decline in aftermarket sales requires some additional context. The year-over-year decline is primarily explained by approximately SEK 9 million of distribution inventory buildup in the comparable quarter last year. Adjusted for this effect, underlying aftermarket sales increased by roughly SEK 1 million. A breakdown of reported sales shows that aftermarket sales accounted for 64% and 28% COM system sales. I now hand over to Markus for some more detailed financials. Thanks, Henrik, and good morning. Starting with the EBIT bridge. Compared with Q2 last year, EBIT decreased SEK 4 million- SEK 14 million, positively impacted by SEK 1 million in FX, SEK -2 million from lower exchange rate on sales, SEK +3 million from accounts receivables, accounts payable valuation. Negative sales mix volume decreased EBIT with SEK 1 million and sales mix resulted in an EBIT decrease of SEK 6 million. Lower costs, mainly from cost savings, increased EBIT with SEK 2 million. Currency effects remain a wild card that is hard to predict, with major impact on CTT sales and earnings. Even though CTT has all loans in dollar and implemented cost savings, it is not enough to compensate for the negative currency effect on sales. Expected volume growth and cost control will gradually drive the margin upwards to 25% or above. Let's move on and look at the cash flow. Operating cash flow was strong in the quarter, SEK +24 million, compared SEK 3 million last year. Working capital, SEK +13 million, where account receivables benefited from the receipt of previously overdue payments during the quarter. A new loan of SEK 9 million was obtained during the quarter to finance the expansion of the Nybro facility. Dividend payments of SEK 30 million compared SEK 67 million last year reduced cash flow during the quarter. Let's continue and look at the net debt. Net debt amounted to SEK 34 million, compared SEK 35 million in Q2 last year. Cash closed at SEK 12 million. In addition, CTT has SEK 48 million in available credit facilities. Equity ratio at 71%, same level as Q2 last year. Return on capital employed at 17% compared 23% last year. Let's move on and look at the year-to-date numbers. Year-to-date, net sales increased 6% to SEK 142 million, compared SEK 134 million. Currency adjusted + 13%. Sales higher mainly due to the increase in the OEM area. EBIT increased 9% to SEK 24 million, compared SEK 22 million. Given an EBIT margin of 17%, compared 16%. Operating cash flow increased to SEK 15 million, compared SEK 8 million. I now hand back to Henrik for the outlook. Thanks, Markus. Let's move to the updated outlook for Q3 and the full year 2026. For the third quarter, we expect revenue to be modestly below the previous quarter. We repeat the full year outlook provided in the previous report, with strong demand growth in OEM, estimated revenue to increase 45%-60% in U.S. dollars compared with 2025, and an improved aftermarket business estimated revenue growth in U.S. dollars of 5%-15%, partially offset by weak year in private jet with few deliveries. I will now give you some more details. OEM. The next ramp-up in OEM production volumes is scheduled for Q1 2027. While not all deliveries for the year are firm, it now appears increasingly unlikely that revenue growth will reach the upper half of the estimated range. Comparing the second half of the year with revenue generated in the first half, the outcome expected to be approximately the same level or marginally lower in U.S. dollars. Aftermarket. The outlook for the aftermarket business strengthened somewhat during the quarter, primarily driven by spare parts sales. If this trend continues, revenues should reach the upper end of the outlook range or exceed it. However, we do not yet have full visibility or predictability across all parts of the aftermarket business for Q4. We maintain the outlook range of 5%-15% for the time being. Private jet. In private jet segment, projects previously scheduled for late 2026 have been postponed. As a result, full year 2026 is now expected to be the weakest year in several years. Looking ahead, however, we expect to benefit from a broader pipeline as Boeing Business Jets now sells the BBJ 737 MAX with our system as baseline configuration. Both Airbus Corporate Jets and BBJ have several projects scheduled for 2027 with our systems in the spec. In addition, there is an extensive pipeline of VIP projects planned for 2027. Taken together, these factors position us for a very strong recovery year next year. Retrofit. For retrofit, we repeat the full year revenue in U.S. dollar is expected to remain at the same level as in 2025, as no further deliveries are currently scheduled for 2026. Next slide. In Q2, our aftermarket business remained resilient, supported by healthy underlying demand. Our delivery volumes were well-aligned with the end customer activity, resulting in a sequential 5% increase in U.S. dollar revenue. Spare part orders were particularly strong in the end of the quarter and continued to gain momentum into early July. The first half of 2026 reflected the underlying demand environment well. Looking beyond 2026, we expect a growing installed base to continue to support demand for consumables and spare parts. While the entry into service of the Boeing 777X is expected to create new aftermarket opportunities. Historically, revenue from IP and spare parts increased during the first years of new aircraft program. As the fleet enters operation and airlines take first delivery, we expect the 777X to follow a similar pattern. Next slide. The OEM business is our resilient growth engine, with production volumes trending upward. In Q2, we had a strong quarter. While the ramp-up may continue to fluctuate from quarter to quarter, we expect sales to increase steadily over the coming years. CTT's OEM growth is primarily driven by two factors. One, wide body production rates and deliveries. Two, our ability to expand the average shipset content value per aircraft. Production rates per month is currently at eight for the 787, with the target of 10 later this year. Airbus is producing six to seven A350s per month and aims to reach 12 by 2028. In addition to aircraft rate hikes, we see opportunities to accelerate growth through higher shipset content. We have already begun to benefit from an increased A350 selection rates, and we expect this positive mix effect to continue building through 2026 and 2027. Taken together, increasing OEM production rates and higher content per aircraft provide a strong foundation for sustainable growth in the years ahead. Next slide. As expected, the quarter was weak for private jet's business, reflecting the absence of system deliveries. Although certain ACJ progress have shifted from 2026 into 2027, the underlying market outlook remains highly attractive. Supported by our strong partnership with ACJ and a recently established collaboration with BBJ, we are well-positioned to benefit from a growing pipeline of large cabin VIP aircraft projects. Both ACJ and BBJ currently plan several aircraft deliveries in 2027 that include our system as part of the aircraft specification. Combined with a substantial pipeline of additional VIP opportunities, this provides a solid foundation for a strong recovery and supports our ambition to establish a structurally higher level of activity than in the past years. Next slide. In the quarter, we delivered the second system batch to Jet2.com. No more deliveries are scheduled for 2026. Full year 2026 will be unchanged compared to 2025. I repeat messaging from previous calls. We need additional orders, and we need to obtain availability to install the system on new aircraft. Together with Jet2.com and other airlines, we try to convince Airbus that it should be possible to install our green technology system in a new aircraft before delivery, either as line fit or provisioning for post-delivery modification. I now hand over for questions and answers. 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 Karl Bokvist from ABG Sundal Collier. Please go ahead. Thank you, and good morning. First one is on the ramp-up phase here from Q1 2027. Just wanted to understand that, if you're mainly talking about the ramp-up phase among the OEMs, and therefore, the kind of lead times as you typically deliver your systems a bit before that ramp-up occurs among the OEMs? Good morning, Karl. Yes. It's actually both. As Boeing and Airbus is ramping up their production rates, of course, they are ordering systems from us to correspond to that ramp-up. Of course, we are delivering some months before our equipment is installed in the aircraft. When Boeing goes to 10, we have probably gone to 10 a little bit earlier. Understood. Also on the content per aircraft, it's something you've highlighted and talked about for some time now, so good to see. This is perhaps more of a housekeeping question, but the content per aircraft on the 787, is that one still stable? Or is there anything happening on that platform? It's very stable over the years. Maybe I could see a slight increase, but we are already on a very high level, trending around 2.5 out of three possible humidifiers per aircraft. Very stable, I would say, and a very good selection rate. On that same topic, if or when it happens, maybe that will be more kind of in the retrofit channel. Anything to say here about the opportunity now as we get more and more A350s flying around with humidity on board, and that it could increase the potential to create interest in installing humidifiers on the Dreamliner? That's a clear target for us and has been for years, both to convince Boeing to, at some point, have the option on line-fit aircraft with cabin humidification to match A350 and the 777X, which both has it. We see an increasing logic in retrofitting our system as the number of airlines with our system in the premium cabin flying is increasing. We see opportunities arising on both the A350 and the 787. Understood. On the VIP, when reading your remarks in the written report, the deliveries scheduled for the third quarter, you talk about some projects towards the end of the year being postponed into 2027, and that VIP overall for the full year will be a bit slower. Can you just give us a bit of color on those projects expected for delivery in Q3? Because my interpretation then is that there will be some revenues booked in Q3 related to VIP then. You're correct that we postponed some deliveries from Q2 to Q3. That's going to happen. I reiterate that the full year will be a quite weak year, maybe one of the weakest years in a long time. I also reiterate that the pipeline is really good. Our baseline is, of course, the systems on ACJ320 family and now BBJ 737 MAX, where our system will be baseline. That has been extremely weak this year, but it looks really good for the next year. On top of that, there's quite a few other VIP projects that should start end or beginning of next year, with deliveries later on in 2027. Pipeline looks really good, but it's been shifting to the right. Understood. On the aftermarket side, something you talked about also, how you try to get or that you have been now closer to the distributors to understand the level of inventories and so on. How would you assess the kind of inventory level at the moment, given the uncertainty in the world? Is it possible that they could do another kind of round of inventory restocking and thereby create this kind of volatility once more? I mean, when we look now at our distributors, and as you actually pointed out, we have a lot better visibility on all parts of our distribution chain and their stock levels. We see that stocks are at the normal level. Our sales is in line with their sales to the airlines. Even if you can have smaller fluctuations, we don't foresee that it should be any big upsets. We also commented that in the speaker notes here today, that even if we have had disruptions in the first half due to the war in the Middle East, we have not seen an effect on our sales, and we have not seen a large effect on the end customer demand either. Hopefully we're in a good position where stocks and demand is on the right level. All right. Thank you. My final one, well, to both of you, I notice in the cash flow that there's been an increase in the investment pace. Not that much on the tangible side, but more on the intangible side. Is it possible to shed some light on what that increased investment in intangible assets refers to? Of course. Good morning, Karl. I can take that one. A large part of the investment in the second quarter is related to the expansion in Nybro facility. We are expanding our facility there for higher volumes in the future. That's the biggest part of the investment. All right. Okay, correct me if I'm wrong here. Sorry, my mistake here. I saw that it was a tangible increase. My mistake. On those investments, just to understand, that's more about capacity, do you also, going down to the other side of things, the personnel that should handle that increased capacity, how do you think about recruitment needs in the upcoming years? That's totally right. I mean, we need more space to handle the ramp-up from Boeing and Airbus. I mean, Boeing is building a new factory for the 787, with that, we need to have some more space to follow that expansion that Boeing is doing and also Airbus following closely behind. Far, we've been very successful recruiting people for our production in the region of Nybro, where there's lots of skilled people, we have good cooperation with the schools and also with everybody in that area. I'm pretty positive that we can handle this expansion on the people side as well. All right. That's all from my side. Thank you. Thank you. Thank you, Karl. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. We have got one question from the activity feed. It's about PMA. The question is: Is PMA available to A350 already or only for 787? That's a good question. As we see the market develop and as we get more successful on the A350 platform, there has been PMAs for parts of our system for the A350 platform as well. We talk about the paths, of course, to be stringent, but not fully out. There is some PMAs available for the A350 platform as well, yes. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. Thank you. Before closing, let me summarize our outlook. OEM demand remains our primary growth driver. We foresee significant volume growth over the coming years. As discussed, the OEM business is characterized by long lead times and high barriers to change. While this requires patience, it also provides exceptional visibility and resilience through market cycles. Importantly, continued growth in the installed base supports sustained expansion of our aftermarket business. At the same time, we see additional growth opportunities in the emerging. As more airlines introduce cabin humidification in business class, we expect an increasing retrofit market. In private jets, we expect a rebound following a transitory year. Our partnerships with Airbus Corporate Jets and Boeing Business Jets will generate a structurally higher activity level than in the past. We also remain focused on expanding OEM availability of our products on large-cabin business jets and narrow-body aircraft. Overall, we believe CTT is well-positioned for delivering profitable growth, supported by strong OEM demand, a growing installed base, and an emerging and new growth opportunities. Thanks for listening. Have a wonderful summer.