I believe it's 9:00 A.M. I think we can start. Good morning, everyone, and welcome to Doro's Q3 report. This is Isabelle Sengès, our CFO. I'm- Morning. Morning. I'm Jörgen Nilsson, and these are our numbers. We'll start off today, as always, with some key highlights. Then we'll zoom in on the Q3, and then we'll conclude with some remarks and open up for a Q&A. Please remember that your microphones are now automatically muted, so when we come to the Q&A, you first have to unmute if you want to ask questions. Thank you. Moving into the key highlights. It's been... Sorry. Somebody coming into the room. Must be like that. It's been a very busy quarter, which is normally the case in Q3. Normally, we go to a lot of fairs, typically IFA in Berlin, and we also have a lot of marketing and sales preparations for Black Friday and Christmas. This is nothing strange, and we always do it. Of course, this year was exactly the same, but this year, we also managed to launch our new HearingBuds products, which we worked really hard and long on. We're super happy and proud to now be able to deliver this product, which we really believe can make a difference for people, especially those who suffer from minor to light hearing problems, and don't want to be stigmatized by a normal hearing aid. Then at the same time, the HearingBuds are, of course, not only helping hearing impaired, but it's also a very stylish product, and it has excellent, crystal clear sound and works like just any other pair of headphones. And of course, they work with both Doro and non-Doro products. So they look like a normal pair of AirPods. They work like that. You can use them with your TV, you can use them with your phone, and then on top of that, it's also a hearing aid. I'll tell you a little bit more about it a bit later. Although the first units have not really reached our customers, we have sent out some test samples, and so far, we've been very happy about the positive media coverage we had, and also very good feedback from both reviewers and customers. So to further help our commercial launch, we've also developed a hearing simulator, which we put on our website, so there people or users can actually go in and experience what it's like to have them, although it's, of course, not the same thing as having the real bud. Also like to say that when you start up the HearingBuds the first time, you have to conduct a hearing test, whereby you actually set up these HearingBuds exactly for your hearing capabilities. And then they are also 100% ambidextrous, so you can put the left one in your right ear and the right one in your left ear, and they will automatically switch to the right preset profile. So I'm really proud of that and really looking forward to it. Other than that, in this quarter, we also opened our first pop-up store, and the pop-up store is basically a purpose-built store that we opened at one of Scandinavia's biggest malls in Malmö. For us, this is an excellent meeting place for our staff to meet directly with seniors and their relatives, so we can try and learn more about their potential pleasures and pains. Then, of course, to add to that, it's also been, you know, a boost for our brand awareness and helped us promote our products. So very positive to see the feedback, and this is definitely something we will consider for more places in other regions. Then finally, also during the quarter, we launched our forthcoming Doro Bell product, which we released officially in Barcelona. Then the second major thing is that the 4G transition continues. We've spoken to you guys about it before, and now we see that not only is in the Nordic, but also in France and U.K., the transition has really picked up. Both France and U.K. is now running at high speed towards 4G in the same sort of way Sweden did before. And we are very happy because we've managed this transition from 2G in a great way. We had some concerns with regards to inventory, et cetera, but we do not foresee that we will have one single 2G product sitting in our warehouses when the migration is over. To add to that, our 4G range have been very well-received, and some of the current ones are really best sellers at customers in both France and Sweden. They also generate a very nice margin for us, which we're of course super happy about. And finally, on the 4G, we can also say that in this quarter, we launched, before time, by the way, our latest range of 4G phones, and these are maybe even better positioned to cater for the 2G migration that is still left. And if you look at a country like France, we still estimate that there are some 1 million active 2G subscribers left only in France. So we still think there is a nice chunk of customers that we can migrate. Not only have we been active and have seen very good transition results from 4G, but we also have had a very robust quarter when it comes to the financial parts. We've grown our market share, despite mainly all the other markets declining. We've increased our sales, we've grown our profit, and also our cash flow. Once again, all this despite that the regional markets for both feature and smartphone are declining compared to last year. So we also once again enjoyed a very solid margin this time. Once again, thanks to favorable portfolio mix, where 4G really picks up over 2G. We've managed to keep our freight costs down very much because we also delivered our 4G, new 4G range ahead of time, so we didn't have to put anything on flight. We could put it on boats. And then once again, we also enjoyed a very positive forex effect. In addition, we managed to keep our operational costs in line with our budget plan, so our EBIT came in at almost SEK 39 million this quarter. And the EBIT margin then came in at 14%, compared to 11% the same quarter last year. Those are the key highlights, and we're super happy to be able to report this. If we zoom in a little bit more on the details, and I think some of this will be a bit repetitive, but as I said, we reached net sales of almost SEK 273 million, so up by some 13% compared to last year. Once again, this is although there is still a decline overall in both feature and smartphones in the market. Overall, we saw very good momentum in three out of our four regions and across all sales channels. Last year, we had a sales dip during the summer months, but this year we maintained a very strong performance, and we even saw a late additional, late quarter push at the end of Q3, which of course, of course, helped deliver the sales growth further in the quarter. As I just alluded to, the success of our 4G phones really contributes to our sales growth now, and it's very nice for us to see how the, how well the 4G investments are paying off. I will say that we already today have a great 4G portfolio, and as I mentioned, some of these products have really become best sellers at some of the customers. But now the new range that we launched are probably even better positioned, especially if you want to take a further stab at the remaining 2G customers. Also, once again, we'd like to reiterate that just the fact that we were able to release this 4G range ahead of time contributed, of course, positively to net sales, but also had a very positive effect on the transportation costs. So in short, we can say that with the 4G feature phone, we sell less number of phones. That's true, but then we sell them at a higher price and with a better margin. So, you know, by selling more 4G and also increasingly selling more smartphone, we grow our share of higher value products, which has a positive effect on our turnover. So the volumes go down, but we sell more of the high-value products. Then also just want to say a final word about 2G/4G. It's not like we walked away completely from 2G. We are still very much present and active in the 2G category, but only in the regions and countries where 2G remains strong, and especially this is in Germany. So we maintain both. But for the three other regions, it's pretty much 4G going forward. As just said, it's also very nice to see that our positive trend in the smartphone market sales market continues, and I think that's very much thanks to the success of our latest Doro 82 series. That's been very good. Speaking of the ranges of the regions, we can quickly see that three of our four regions performed very well. Our DACH region is still plagued definitely by the pangs of the integration transformation that we're doing in order to convert DACH to full-fledged Doro company, like all the other regions. That said, it's important to remember that the main drop in Germany is actually only with what we call non-strategic products, i.e., those are bulk shifting products, so to say. So they are non-Doro branded, and they normally have a low margin, and this is according to plan as we are transforming the region. When it comes to our own range in DACH, there sales is down also, but that's only by 6%. And here, the majority of this quarter was actually attributable to the slow performance of our web sales, 'cause we changed our setup on Amazon from a so-called Seller Central to a Marketplace. So Seller Central is basically where Amazon takes care of the whole thing, and they just buy from us, and they can set the prices, and they can own the customer and arrange the business. Now we've implemented a marketplace, so basically we use Amazon in Germany as a portal in the same way we do successfully in the other regions. On the, should we call it sunnier side? We have Nordics, which have made an impressive jump by almost 50%. So that's really great. Then again, we, of course, have to remember that Q3 last year was abysmal. We saw many of our customers consolidating their Nordic warehouses, and they didn't restock at all. But this year, however, demand has remained good, and once again, especially thanks to the transition to 4G. Also, our B2B customers in the Nordics, especially the major mobile fixed line operators, are placing some very nice orders as they're replacing their fixed line portfolio. UK and Ireland had another positive quarter. They were up by almost 16%. So it seems that the good momentum that we had in Q2 is now also being enjoyed in Q3 and hopefully for the rest of the year. Here in the U.K., we've also increased our spending, marketing activities like radio, online, social media adverts, et cetera. And of course, it has resulted in more sales, but also much more traffic to our local doro.co.uk website, as well as the regional Doro Amazon webshop. Also now in the U.K., we see a very positive trend in terms of 4G. And we're particularly happy that our largest retail customer has now migrated from their 3G to 4G, and that's been working out very well. Finally, looking at Western and Southern Europe and Africa, up by 10% and 11%. Here, the transition to 4G has also really accelerated, and I would almost say, it almost came as a surprise to us how fast it kicked off because the operators were talking about 2025 or later. But now we see it's really accelerating across all distribution channels. And as I mentioned before, we estimate there are still some 1 million 2G customers active only in France, so we will naturally try our best to capture those as well. Otherwise, in the French or in the southwestern Europe region, the retail sector has demonstrated quite a strong resurgence compared to last year. And also there, we see a good trend in terms of smartphones picking up very good. With that, I think it's time for us to have a look at the cash flow and final financial position. Yes, thank you. Let's go again through the quarter with some figures. So the net sales landed at SEK 272.7 million, 13.1% increase compared to same quarter last year. While a part of the sales increase is attributable to currency, we do show a good growth in three of our regions, as Jörgen mentioned. Gross margin was 43.4% in the quarter, compared to 37.7% same quarter last year. The main improvement year-on-year is again, the gross margin on products, and the second best improvement is inbound freight. We can also mention good inventory management. This has helped us decrease the inventory now for several months in a row, and it also helps by keeping down the costs linked to stock of sslow sellers, which helps the margin. The only item of the margin increasing in proportion of sales is the cost for licenses or royalties, which we had anticipated as it is linked to the increase of sales of 4G and smartphones, categories which have higher license costs than 2G. The EBITDA for the Q2 was SEK 48.4 million, compared to SEK 37.7 million last year. The EBIT landed at SEK 38.9 million, compared to SEK 26.9 million last year, and the EBIT is in percentage of sales at 14.3% versus 11.2% last year. Our operational costs have increased the way we planned with the many sales and marketing activities of the quarter. However, the high sales and the strong margin could cover for the cost, thus leaving us with a comfortable result for the quarter. The profits after tax ended up at SEK 22 million, compared to SEK 16.6 million last year, leaving earnings per share of 4.90 SEK, compared to 0.68 SEK last year. Yes, if we go to the cash flow. The cash flow from operating activity was very high this quarter, SEK 73.1 million, compared to -SEK 4.4 million last year. The improvement was driven by high EBIT and a low working capital. The lower working capital is mostly due to lower inventory level and higher accounts payable. Investments for the quarter were SEK 7.3 million versus SEK 13.8 million last year, and the free cash flow for the quarter ended up at SEK 65.8 million, compared to -SEK 18.2 million last year. On the liquidity side, we had a bank balance at the end of the quarter of SEK 167.4 million, compared to SEK 117.4 million last year. During the quarter, we have lowered the further the utilization of our bank loan, now down at SEK 20 million. The equity ratio is 55.9%, was 47.7% end of Q3 last year. We finished the quarter in a net cash position of SEK 135.3 million, which is an increase compared to the previous quarter, where the net cash position was SEK 74.9 million. It's also an increase compared to same quarter last year, when we had a net cash position of SEK 27.2 million. This was my last number. Okay. So if we try to wrap it up before we open up for Q&A. Obviously, it's been a fantastic quarter. We're really happy. I've said now a couple of times that it's been tough for both feature and smartphones. Overall, we see that everybody is struggling. At the same time, we've managed to grow our market shares. We've grown our sales. We've been able to remain with high margin. We haven't spent more OpEx than we had planned, so we can really say that we generated a robust operating profit, and we are super happy about that. At the same time, you have to remember that we also invest in new products development, and some of that is not CapEx yet because it's not activated, therefore, it doesn't show up as traditional investments. But we are investing in both people and new products. Once again, the new products, the HearingBuds, super happy that we now launched them. Waiting for the first units to come into stock. We have customers waiting for them. I'm really gonna look forward to that. Also happy to see that so many, including our chairman, is using them today as his own earphones. And I think that's a testament to how very good they are also for people who don't have a hearing impairment. Then can I say again that we launched the Doro pop-up store? And one thing I forgot to tell you, by the way, before, was that our pop-up store is also populated by senior staff. So we also have senior staff whom we've employed now since we opened the pop-up store. So that will make it even easier for seniors who are a bit reluctant maybe to ask for technology center. They can go to the Doro Store and find out what it's like to work with different types of technology together with somebody who is in their own age group. So if you have the possibility to come to the Emporia Shopping Mall in a moment, do pass by at the bottom there. Really, really nice. 4G transition, I've talked about it a lot, but of course, it continues to be very positive for us, and several of our 4G products are really best sellers with strong margin. So I think we've handled that 2G to 4G transition in a very, very good way. And of course, also, Isabelle was just saying we have a free cash flow, which reflected the strong EBIT and also the positive development of the working capital. It's not only sunshine, of course, there are also some challenges. I would say that there is still a continued economic consumer worry, maybe especially in a stagnating Germany. We all think that the big engine of Europe's economy is has a tougher time, and that, of course, puts a further strain on our German business transformation. But we hope to be able to conclude that business transformation by end of this year or early next year, and after that, to have a full-fledged sales region in Germany, like in the other regions. Then, the sales numbers, when it comes to the non-phone product, what we call the innovation product, so let's say the tablets and the watches, are still not where we want them to be. We're quite disappointed. So we just have to continue investing in more sales and marketing activities relating to those. But fortunately, as I said, the 4G and the phones are doing very well. And there are lots of other things that happen recurringly, and one thing, of course, is the new EU Ecodesign Directive, which is being implemented. We think it's a really good directive, but of course, there's a major impact on us, as well as the entire industry, when it comes to, for example, durability, energy efficiency, recyclability, et cetera. In a shortness, you basically need to be able to replace every part of a telephone, and we need to keep spare parts for that. Thinking of our target group, it's kind of hard maybe to foresee an 80-year-old coming in and saying, "I'd like to buy a speaker or a receiver for my feature phone and replace it." But that's one of the implications, so. Priorities ahead, finally. One, we would like to now successfully sell out the HearingBuds as well. We've done good sell in. We have to deliver the doorbell. I'm not worried about that because it's basically ready. And then, of course, continue the implementation of our coming and future products on the roadmap to diversify ourselves. We would like to continue our very good momentum in 4G on feature phones in general, because we need that sales to continue to be stable so we can fund expansion into other product areas. And then also, once again, we really would like to be able to finalize our streamlining of the DACH business, because as you saw, three regions out of four are really performing, and the German region has a lot of potential, which we feel we can deliver on. I think that's pretty much a summary of the quarter. Once again, super happy, very, very strong. We're proud of the gang, what we've been able to do. I think if we can get the camera on again here. There we go. We should be able to open up for you guys to have questions, and then please just remember to unmute your microphones before you start talking or ask for the word. I think, Baptiste, you are there now to let everybody be open. Please, fire away. I think there is one there from Fredrik. I can't really say the full name, but please, Baptiste, will you help them? Good morning, this is Fredrik from Redeye. Good morning, Fredrik. Congratulations to a very solid report. First of all, Thanks. Why do you think the pace and the exploration behind the, the phase out to 4G phones, especially in the Nordics and West Europe, now happens this quarter? I mean, it, it's been ongoing, but it really, really looks like it's been boosted heavily. And then my next question is: How long do you think this will continue, and at what pace? So, so when it comes to the Nordic, I wouldn't say it has increased in Nordic. It's been a very good pace all the time. The Nordic operators, especially Norway, they started off very, very early. So the Nordic countries, they were way ahead of, of rest of Europe. When you take France, for example, there they were all talking about it. Most of the mobile operators started communicating, "We will switch off by this date of the year." Now, all of a sudden, they started really putting some, pressure behind it. And obviously, this is, you know, financially, viable or financially understandable for them too, because today they maintain two 2G network, 3G network, 4G networks, and a 5G network. They would like to reharvest all of that bandwidth. They don't really want to spend money in it. At the same time, when it comes to 2G, many of these, machine-to-machine, let's say the vending machine for Coca-Cola or, parking machines, et cetera, they've been on 2G. So I think there are big parts of the mobile operators who have been reluctant to switch off 2G, but at the same time, the network guys, they don't really want to maintain it. And maybe the network guys now finally won the internal discussion. But also with the transition to 5G, they need the bandwidth. And then maybe finally, I would say that if one or two of the big operators start doing it, then maybe the others follow suit and say, "Okay, our worst competitor is now switching off, then we'll do the same." Then how long will it continue? Yeah. How long is a piece of string? We check now, and we think there is at least 1 million 2G subscribers still active only in France. We have super good cooperation here with the biggest operator in France, where we have a migration package, et cetera, for them. So, I think definitely we'll see migration for the coming 6 months, but I shouldn't be making these forward estimations. Okay, good. How large part would you say is left until the full replacement is done? I mean, can you give us a percentage number or...? You mean in Europe, so? Yeah. That is really hard to say. But as I said, I mean, when we sat with the biggest operator in the UK, I think they talked about them having, like, 500,000 subscribers, only them on 2G still. But then it ranges differently from operator to operator. I also think, I mean, when they say an active subscriber, this might be most of the times, those active 2G subscribers are seniors. They basically just use their phone for making and receiving phone calls. So they don't really generate any revenue for the mobile operators, 'cause they maybe make perhaps 10 calls a month or something. At the same time, especially ex-incumbent, let's say BT, France Télécom, Orange, they cannot afford politically, so to say, to just disconnect them. They have a moral as well as a political responsibility to migrate them. But how big those are, I think it's probably a well-kept secret within... we can see if we can dig up a little bit more information about it. It's also different from country to country- For sure ... because in Germany, there must be a much bigger part of 2G still there. I would say all of Germany— Yes ... in theory, is still 2G. There, we see a much, I mean, so a very good point. But if we think we complete the 2G migration, let's say, next year in the Nordic and France, but I think it's going to take longer, then there's all of Germany, too. They basically have not migrated their feature phone customers at all. Yeah, interesting. I have two more questions, and I'm gonna step back in line. Historically, the Q4 is a very strong quarter for you, and with the new HearingBuds, I guess, and the strong momentum that we saw, we should expect this to be the case this year as well, right? ... Well, we shouldn't make forward statements. But I would say traditionally, you're right, Q4 used to always be the strong. But I would say the last couple of years, Q3 has come up more and more as the strong quarter, and that's probably because Christmas sales have moved earlier, especially with regards to Black Friday. So maybe not so much in the Nordic, but in the big countries in Europe, if you wanna sell for Christmas, that goods probably have to be ready in our customers' warehouses by September, maybe first weeks of October. So now with Black Friday, that's moved even earlier. So a lot of what we would call Christmas and Black Friday sales happens for us in Q3. So hard to say. I think I can't remember now, maybe you can check, but I think the last couple of years we've seen that Q3 is becoming stronger and stronger at the expense of Q4. It's stronger than Q4. Yeah. Q4 should still be- It should definitely still be our- Strongest. But it evens out between the two. Mm-hmm. Yeah. Interesting. And, finally, on the HearingBuds, you talked about product launch, but, can we expect this to be in store before Christmas, or? Yes, that is the plan. They are on the boat, so to speak. Okay. They should be in store. Good. Thank you. That was all for me. Thank you, Fredrik. At least, again, you can check if there are other people. We can't see if there's somebody raising their hand for questions. Looks fine. If there is anyone, please maybe then just speak up instead. Oh, seems everybody happy with the quarterly report? Then we thank you for your attention, and thank you for attending, and we'll see you again in February. Have a nice weekend, everyone. Thank you. Goodbye. Bye.