Hello, everyone. Did you like the start? I hope you like what you will enjoy very soon. A warm welcome to Epiroc Capital Markets Day 2023. We have more than 100 people in this room, and I know also online more than 100 people already now. A warm welcome, and thank you for taking the time. My name is Karin Larsson, Head of IR and Media here at Epiroc, and I have been with this fantastic company for nine years. A few words on safety, as we always do at Epiroc, and the emergency exit, as you know, are marked in green behind you. Also, in your goodie bags, all of you received sunglasses today. Make sure you have your sunglasses at hand during the presentation, because you will need them. If you didn't take a goodie bag, try to sneak out and get one. The agenda today is our strategy. We remain loyal to our strategy. We really like it. We will go through attractive niches, innovation, aftermarket, operational excellence, outperformance, and we will also tell you about our strong corporate culture and our sustainability mindset. The speakers will be presented as we go along, and this to make the best use of time. We will have a short break in the middle of the program, and we will also have time for Q&A in the end. You may also ask questions online. Tonight, to the lucky ones being here, we're gonna have a historical evening. We call it the Throwback Thursday. After all, we celebrate 150 years today, or not today, but this year. We will have my colleagues, Ola Kinnander, Alexander, unfortunately not Jimmy, we will also have myself, and we will have some royalties joining as well. After all, if you celebrate 150 years, you need some fine attendance, you are, of course, included in this statement. The buses leave at 6:15 A.M. from this very house. Tomorrow, that's the highlight of the event, we are going to enjoy parts of what our customers have seen this week. As you see, Epiroc World Expo, that's a event that has been running all week here in Örebro. It just ended at 3:00 P.M. in this very room. Tomorrow, make sure you have had a steady breakfast at 7:30 A.M., because that's when the buses leave, you will get to see parts of what our customers have seen. The buses, it's not updated on this slide, we will have three buses leaving, one quarter to eleven to Arlanda Airport, because the road is closed. One quarter past eleven, we will have 1 to Stockholm quarter past eleven tomorrow. For the ones meeting Epiroc for the very first time today, we are a leading sustainability and productivity partner. You can say it in whatever order you may like, because sustainability always comes first as well as safety. We have revenues in more than 150 countries. We have 18,000 employees. We have an industry-leading margin of 22.3%, that's an EBIT margin. About 2/3 of our revenue stream and orders are from a resilient and fast-growing aftermarket business. Without further ado, I know you're excited to hear everything about this, may I introduce Helena Hedblom, our very much appreciated President and CEO of Epiroc. Thank you, Karin. Also from my side, welcome to Örebro. It's great to have you all here and to finally be able to meet in person after all these years when interacting only digital. I will start off and talk about the attractive niches that we have positioned Epiroc in, but I will also cover innovation, and then my colleagues will cover the other part of our strategy for profitable growth. If we start with the niches, I think both mining and infrastructure, you know, they serve a very important purpose for the society because they build sustainable societies. Our revenue split is somewhere around 80% mining and 20% from infrastructure. Both these segments, you know, they have structural underlying healthy demand for the coming years. It's also clear that our customers, they have more and more challenges really to meet the demand and to do it in a sustainable way. Some comments on the short term, so we are well positioned when it comes to hard rock. We have a favorable hard rock position. A big portion of revenue comes from copper and gold. If we look on our basket of mineral prices, as you can see from a historical level, the mineral prices, even though it has been some volatility lately, they're still holding up very well. When we talked about our Q1 result, we continued to see very strong orders, high activity levels in the aftermarket, strong demand on the equipment side, a lot of focus on the technologies, the new, you can say, the shift towards automation, electrification, and digitalization. Customers are willing also to place larger equipment orders. We have also successfully closed several of the acquisitions that we have been working on, which also now starts to contribute nicely to the growth. In Q1, as many of the quarters, we are delivering profitable growth. What we also saw in Q1 was that supply chain, step by step, is easing up, which is also contributing then, of course, to higher output in our factories and higher revenue. We said our near-term outlook, that we continue to believe that there will be stable, high activity levels in the market. That's the short-term perspective. We are also optimistic when it comes to the long-term perspective. You know, there is a growing population in the world. The middle class is expected to grow even faster. A growing middle class is good because they consume more minerals and metals, for us, this is, you know, one of the healthy underlying trends for the coming years. Also urbanization. More and more people are moving into the cities. If we look on the long-term trend, you know, much bigger portion of the population will live in cities. That also means, you know, of course, expanding existing cities, it's more buildings, it's more tunnels, roads, bridges, et cetera. All of that is also good for us. Our exposure towards the construction market, we expect it to grow between 4% and 5% in underlying growth up until 2030. Another very important long-term trend for us is also the green energy transformation that the world is undertaking, and of course, the new renewable power generation, which requires much more minerals in the coming years. Does also the shift towards battery electric vehicles. You know, that growth is expected to really take off, of course, in the coming years, that also will drive the need then for both copper as well as nickel. As I said, we have a strong, a high exposure towards copper and gold. If we look on copper, you know, we strongly believe that the green transformation will really drive the need for copper in the future, while gold will be, of course, very much dependent on the growing middle class. Healthy growth is expected for both these commodities, where we have already a strong position. We have, as I said, a strong position towards hard formations. When we look at this moving forward as well, there is a clear supply-demand gap, especially on copper as well as on gold, but also on nickel. On the other hand, there is, I will say, there is an overcapacity on iron ore as well as on coal. What could change these long-term trends? What risks could there be that could change the long-term trends here? Of course, if there will be an economical downturn and the world, you know, slow downs on the transformation, on the ESG ambition, that could, of course, be a risk for us. If there will be substitution, you know, other metals that are competing with copper, for example. We don't see this as likely, especially in the medium term. What the industry will focus on is, of course, to increase the supply and close the supply-demand gap. You know, that is what our customers are busy doing, expanding existing mines, increasing exploration activities, so they later on also can start and do greenfield. Of course, technology gives us a huge opportunity and our customers also to improve yield and be much more efficient in the way and how much they actually can extract from what they bring up to the surface. We also believe that recycling will play an even more important role in the coming years. As you know, we also. You know, we have an assortment also for deconstruction with our portfolio towards demolition and our attachments. We also here, we expect, you know, recycling will increase over the coming years, also here we see that, you know, that will play out well because we have a strong position also in this, in this segment. I think it's clear that even if recycling will happen more and more in the coming years, it's not enough. It cannot close the gap there between the demand and the supply. Mining, especially when it comes to copper, when it comes to nickel, you know, that is a clear gap that needs to be closed. Moving over then, a little bit to the challenges that our customers are facing. This is not something new, but I think we have talked about this over many years now, that the productivity in mining is rather low compared to many of the other industries. The utilization of our equipment sits around 30% for underground and roughly 40% for surface. Of course, this is where the biggest opportunity for our customers lies when it comes to productivity. There are many ways of addressing this and, you know, in particular than using technologies, and that is what we will talk a lot about during these days. Also the fact that, you know, it's becoming more and more difficult to find the resources. There is a depletion of ore grades, especially for copper, and it's also becoming more and more complex to bring the same volume of minerals up. We also see the trend that surface mines are going underground. Of course, you always start with a surface mine because it's cheaper when it comes to putting the infrastructure in place. Surface mines are step by step going underground. We also see that the underground mines are going deeper every year, and they are also becoming more and more complex. The ore bodies are becoming more and more complex. That is good for us, because that means that you need to drill more, you need to transport the ore, longer distance, more complex environment underground. There's also a very strong focus in these industries when it comes to safety and when it comes to sustainability in general. Of course, the CO2 is in particular, I would say. If we start with safety, here you see the fatalities in both mining and construction. As you can see, even though both of these industries, they are focusing extremely lot on safety, I would say it's the top priority. If you look on this from a trend, it's not really, you know, it has not really been that much improvements over the years. It's clear that, you know, as an industry, we need to do more, much more, to make sure that the workers in this industry can come home after their shift. Here, I also strongly believe that technology, we have a plenty of opportunities, from a technology standpoint, to make these industries more safer in the future. Also, our customers, they have committed to decarbonization goals. You see, it's a mixed picture, but it's clear that more or less all the large players, they have committed to reduce CO2. Which is good, because we have this clear path towards, you know, a lower CO2 emission now from both these industries. Of course, here we have a very strong set of products and solutions now with our electric fleet, to help our customers really to reach their goals. Moving over then to my favorite topic, which is innovation. When we look into the future, you know, how do we see the future of mining and construction? Well, you know, we would like this to be a safe place, you know, where we have eliminated more or less all the dangerous operations in both these industries. As I said, you know, with the technology, that will be possible in the coming years. It's everything from different type of safety products, of course, to tele-remote and autonomous solutions. We also believe that it will be green operations, with renewable energy and with fossil-free equipment. There is plenty to do when it comes to using the resources in a more efficient way, as I show, improve the productivity. That is everything from the exploration, using data in exploration, and then from drill to mill to optimize the efficiency in the overall processes. We also believe that the mining and construction industry will move towards, you know, a more circular and OpEx-driven environment. That's why we are step-by-step increasing our offering with these type of solutions. Everything from Batteries as a Service, midlife upgrades, remanufacturing solutions is something that we're building our capabilities step-by-step, as well as recycling of consumables. We also strongly believe that, you know, the industry needs to transform when it comes to water efficiency. To then bring solutions to our customers, we invest more than we have ever done in product development. Majority of the innovations that you will see tomorrow and today, you know, that's what we have invested in over the last couple of, I would say, three, four years, organically. We have more than 1,700 engineers now across the organization. A big portion of them sit in U.S., of course, in Örebro. We have big engineering teams in India, in China, but also all these acquisitions that we have done over the last, I would say, two, three years, that has also added capabilities now. With strong engineering capabilities in South Africa, in Australia, for example. That will help us also because that will give us, you know, the closeness to our customers. What we focus on is very much to reduce the time to market or time to revenue. We're not doing everything ourself. We are also partnering up with suppliers, with customers, with startups to find, you know, the fastest way to bring technology to our customers. Louise will talk about that later in the Parts and Services presentation, but we're also working with democratization of innovation, using all the good, the great ideas from the people working closest to our customers, which is our service technicians. That has really helped us to grow the portfolio of service products in a much more rapid pace over the last couple of years compared to previously. Then, of course, M&A plays also an important role here. As I said, it's a lot about safety, and it's, of course, the safety of the workers and the operator. I will share some insights around collision avoidance, but that is one clear safety product that we now have in our offering that will help the industry to become much more safer. But it's also around personal safety, you know, could be situational awareness, to have information in real time, et cetera. And then, of course, everything we can do when it comes to automation, also tele-remote solutions. When you bring the operator, you know, out from the cabin, and you can move that person maybe 30 meters away from the machine, that is also extremely important from a safety standpoint. That might not be the end game, you know, when it's, you know, of course, to go fully autonomous and sit in a safe office environment and run machines autonomous, that's something else. For customers that are not there yet, also, tele-remote solutions is a very important step towards a safer environment. I will then spend some time and talk about collision avoidance. You know, 30%-40% of the fatalities in mining, they are related to failures in the vehicle interaction control. And historically, you know, the technology has not really been there so that the machine or technology can take over if an operator is doing something that is not safe. What we now have in our assortment is then the highest level of collision avoidance, and what that means is that the system will take over. There is an operator running the machine, if a pedestrian is coming too close, the system will take over, and the machine will stop. That's, of course, extremely important for the coming years to turn this industry into a much safer environment. In some parts of the world, this is already becoming legislation, and I do believe that this will happen across the different regions in the coming years. Technology can now, you know, support this safety journey and really, you know, reduce a big portion of the fatalities that are happening in the mining industry. Another, you know, risky operation in mining, that is related to the charging of the blasting, that is done manual today. We have developed Avatel together with Orica to automate this process. This is, you know, breaking new ground. It's the first machine in the world that delivers these type of solutions. I would like to show a film, so you see the first blast. We are here at Agnico Eagle's mine in Kittilä, Finland, to showcase the world's first wireless development charging solution. It's a really exciting and proud moment for us at Orica, and a really proud moment for our partners at Epiroc. When you pull together technologies from two of the world's best innovators in their fields, and we package it up under a partnership like we have here, the outcome, as you can see behind me, can be quite revolutionary. We hope that Avatel can revolutionize the way that we and our customers approach the mining cycle. Avatel is a true game changer in underground development. It's built on proven technology. When we combine them, that's when true magic happens. Firing. That's it? It will be extremely exciting to see this in the coming years, if we can, together with a partner like Orica, really develop something that will take away one of the most dangerous operations in mining. We have talked a lot over the years about the technology trends. There are three major technology trends, and this is where we are spending our R&D investments into. It's automation, it's digitalization, and electrification. When it comes to automation, of course, we have over the years automated our own equipment. What we have been working on the last couple of years now is also capabilities to automate mixed fleet. When it comes to digitalization, we have been focusing on situational awareness, as well as ore body knowledge, to bring much more data driven insights into exploration, and then to bring that data across the value chain, and also mine process optimization. Of course, electrification, which... All these three trends, we see them as crucial. They will change the mining and construction industry in the coming 10 years. Of course, part of our R&D budget also goes into closing some of the product gaps, that there's always product gaps in the different divisions. That could be expanding products or closing gaps or developing new value propositions for different customer segments. If we start with automation, I think for when it comes to automation, you know, what this really brings is, you know, you take away people from the dangerous places in mining. You know, I think first priority is really safety, but it's also about productivity and reducing energy consumption. When we look at... We have a big fleet of Pit Vipers that are autonomous, we see up to 40% cost reduction per meter drilled for autonomous machines. The same goes also for CO2. You know, an autonomous machine becomes much more efficient also from an energy consumption perspective, which is great. Now you will see a movie from Quellaveco, one of the surface mines in Peru that have gone fully autonomous. This operation is fairly unique in the sense that we started off with autonomy, but we don't have a whole team of drill operators. We have drill controllers. We're able to remove operators from the line of fire. We've also seen an uplift in productivity. These machines don't need to take lunch breaks or bathroom breaks. We're also adding capabilities through M&A, and I will stay on the automation topic, but we look at companies with standalone attractiveness, with a strategic fit, and of course, where we can create synergies and where we have the potential to become number one or number two. We have done 23 acquisitions since the listing of Epiroc, and added SEK 7.2 billion in revenue. A lot of this has happened the last couple, last two years. Here you see the set of the acquired companies, and they all fit into the same innovation trends that we have talked about. I see acquisitions as something that contributes to our organic investments. You know, several of them are towards OEM-agnostic solutions for automation, also connectivity solution or infrastructure. They are to understand situational awareness in a better way, onboard the knowledge, mine process optimization, several of them towards electrification as well. We have also used acquisitions to close some of the product gaps, and you see the examples there on the slide. I will zoom in and just talk about RCT, because this is an exciting one. RCT, you know, they have proven solutions in more than 70 countries. More than 150 different equipment models, or, they have already today automated. It's more than 700 systems implemented, and in total 1,500+ machines. If we then add that to all the machines that we have automated over the years, this gives us a very strong position in automation. We have prepared, you know, roughly 8,000 of our own equipment out there, of the fleet out there, is equipped with our RCS system, which means that they are automation-ready. We have now in total, a mixed fleet of tele-remote equipment, which is more than 1,000 machines. We have more than 750 autonomous drills, and we have more than 650 mixed fleet when it comes to load and haul in autonomous mode. To my knowledge, this puts us in a leading position when it comes to automation, both on surface and underground drilling, and load and haul. Both automation, digitalization, they really contribute to profitable growth for us. You know, they give us also recurring revenue. This is hardware, it's software, and it's licensing fees. We see higher service penetration of the automated machines. Of course, also as equipment are being used at a higher utilization, that also increase the demand for the aftermarket. I would say automation brings us closer to our customers. In Q1, we landed the largest single order for automation. It was Roy Hill, SEK 500 million, here we are automating a mixed fleet of surface trucks together with roughly 200 light vehicles. Operators will operate these machines 1,100 kilometers from the mine site in Perth. Let's see a movie from the Roy Hill. Over the next 12 to 18 months, we're actually gonna go from 10 trucks autonomous, that's running at the moment, to the full 90-plus trucks. This is ideal opportunity for us to retrain our truck drivers to actually go and work in the lab, go and become apprentices, trades assistants, go and work at port and rail. It's, it's a, it's a great way for us to actually give a next career, a different career to our truck drivers, so we're absolutely committed to this. To get to this incredible milestone is so exciting for the whole community, and I think as we put that message out today, it's really going to make a seismic shift in what people believe is possible. We are setting a new world standard for autonomous haulage when it comes to automation together. It's very exciting and it's breaking new ground. None of us would have been here, none of us would have been able to do this if it wasn't for the vision of our chairman, Gina Rinehart. This was just a patch of dirt, she saw the potential in it. It's the same with the autonomy, right from the beginning, she actually led the way to actually talk about how important it's gonna be that we are the world's best mining company. I think this is extremely exciting. Here we are taking a technology position beyond our own equipment, which of course is super exciting for the future. It's opened up a completely new opportunities when it comes to new revenue streams. Then just finally, some word on digitalization. I said, you know, we're extremely focused when it comes to really bringing digital into the mining construction industry. This is maybe the easiest way for the industry to address the productivity opportunity. It's about improving safety, but mainly, I would say, productivity. What we are aiming at is very much optimizing drill to mill, the full set, and that's really where the productivity opportunities lies. Of course, also, it's all about big data and, you know, use the predictive maintenance in the best possible way, also to build intelligence for us as a company. Now it's time for electrification, and I will invite Sami Niiranen, the President for Underground, to talk about electrification. Sami is an appreciated member of the management team. Sami and I have been working together since 2014. First, he was a general manager in Ghana, and then in Finland, and now, you know, three, four years as president for the Underground division. Highly appreciated colleague. He's one of the most structured individuals I have met, and he really drives the culture and the diversity in Epiroc in a fantastic way. Welcome, Sami. Thank you so much. Thank you so much, Helena, and hello, everybody. My topic is electrification. Helena has now covered the trends of automation and electrification. I would like to talk more about electrification, which is a common topic in all our customer meetings and discussions these days. Very much related to safety and sustainability, of course. There are many good reasons for our customers to go electric. The operators, for instance, you know, they will enjoy a much better work environment with less emissions and noise and heat, as well as less vibration on the machines as well. The lower emissions, of course, that is another key selling point, and will help our customers to reach their ambitious sustainability goals. On this slide, we can see the emissions from a typical underground mine in Australia. The majority of emissions, they are coming from the use of equipment, as you can see, and mainly related to load and haul. Here we can make a positive impact by providing our customers with battery electric solutions. 2 years ago, in fact, 2021, we carried out a CO2 emissions value chain analysis, which showed that more than 99% of Epiroc's total emissions fall under Scope 3. The majority of Scope 3 comes from the use of products, which equals to 83%, as you can see here. By providing the battery electric equipment, we can help customers to reduce their respective emissions, as well as our Scope 3, which is, of course, part of our 2030 sustainability goals, which Håkan will tell more about later on. Our positive contribution goes actually beyond our scope as well. In an underground mine, the ventilation portion of OpEx, operational expenditures, can be around 40%, in some cases, even higher, and 35% of the emissions, in this particular case, derives from ventilation. As mines go deeper and wider every day, the requirement to increase ventilation capacity, fan capacity, the one that you can see here, really increases continuously. If customer can reduce the airflow or even skip an investment in a new ventilation shaft, of course, there will be a huge potential for savings, both on cost as well as on emissions. Let me show you now how it works. In your goodie bags, as Karin mentioned, you are supposed to have sunglasses, so it's quite bright here in the room. Please put them on. Okay, here we go. Everybody... I can't see anything because. In a closed mine environment, with several vehicles operating in the same mining area, a customer can sometimes need up to 6 meters per second airflow if they are using bat, diesel equipment. If the machines are electric, battery electric ones, it can be scaled down to 1 meter per second. Now we are demonstrating, Thomas, my colleague here, is demonstrating 6 meters per second airflow. So that was, first it was 6 meters per second, huh. Then we have slowly down, you see, slowly we take it down to 1 meters per second. This takes some time. This is the smallest fan that we do. We have fans which are over 2 meters in diameter. This is a typical fan for a small tunnel operation or at the front in the mine as the closest. A mine could then have a primary fan outside, secondary fan on the level, and this in the front. You can just count the numbers of fan we can reduce in energy consumption by running it in this speed instead than we did in the beginning. The beauty with this is that we have the fans, we have the digital tool, ventilation on demand, who do this automatically. We have the equipment like the battery. We can do this step by step together. That's the beauty with Epiroc. Okay, everybody is safe here, hopefully. Did you see the difference? 6 meters per second versus 1 meter per second. 6 meters needed if our customers are using diesel equipment, but we can scale it down to 1 meter per second in case of battery equipment, which is fantastic, of course. Now you can imagine that underground mines, they go deeper, wider, they become more complex all the time when you blast. Basically, their savings potential on ventilation is really meaningful. Of course, ventilation is a huge benefit for our customers and all the savings there. But there are many other benefits, like 5%-10%. With our BV fleet, we can offer, in average, 5%-10% higher productivity, up to 80% lower energy consumption, up to 70% less heat generation, as well as around 30% lower maintenance costs. There are very big numbers that we can gain with our battery electric solutions. In this particular case, we have an example of MT42 mine truck, MT42, 42 tons payload. In an up-ramp, the machine carries 9% more tons per hour while consuming 70% less energy. In a down-ramp instead, it carries 7% more tons per hour while saving 80% energy. It's big numbers here as well. It was proven actually, yesterday, when we had a customer event, Epiroc World Expo, and one customer was talking about the productivity increase that they have gained, and it's a South African customer. As we well know, and you know, the electrification is nothing new to us actually. Of course, since decades ago, we have been drilling with the help of electric cable. In 2012, we started to develop our first battery electric loaders in Canada. In 2018, we went to our new generation solutions with the standardized, modular, and scalable approach. In 2020, we signed the first global Batteries as a Service contract with Vale in Canada. In 2021, we acquired companies, with the focus on, conversions as well as electric infrastructure. By 2025, we will be able, in Underground Division, where I work at, we will be able to offer the full range of or the whole portfolio, in emissions-free alternatives. As you can see... Okay, yeah, sorry, the next one is a film. In the next film, we will see it and demonstrate the complete electrification offering that we have in Epiroc right now. We are leading the charge towards sustainability in mining by offering a complete electrification solution. Let us explain how we are supporting the transition to more efficient ways of mining underground, with reduced environmental impact. By pushing the boundaries within automation, digitalization, and electrification, we are constantly improving safety and reducing our environmental impact. Our battery technology is designed for interoperability and connectivity, providing detailed insights and an instant overview of electric fleets. We have an industry-leading battery system that has been developed with safety and modularity in mind. Individual parts of the battery can be monitored and controlled separately, protected by a built-in multi-layered safety system. Our wide range of battery electric underground vehicles are designed to offer the highest safety and productivity, with a reduced amount of service and maintenance required, built to match and even exceed the performance of traditional diesel equipment, while consuming 70% less energy and producing 70% less heat. Our ambition is to offer the world's greenest machines, using the world's greenest batteries and the world's greenest metals. Within our portfolio, we offer loaders, trucks, and drill rigs, with a commitment of providing a full range of emissions-free underground products by 2025. We offer a comprehensive circular business model, where we can take full responsibility throughout the entire life cycle of the battery. Safety, flexibility, and functionality are at the heart of our offering. Depending on your operation, our battery system can either be purchased as a part of the equipment, standalone, or as Batteries as a Service, offering the full spectrum of options. Battery conversions are a major cornerstone in the journey to accelerate the shift to electric underground mines. Conversions are also cost-efficient and utilize the full potential of a low total cost of ownership. We will support and help facilitate your switch from diesel-powered equipment to battery electric vehicles. With battery electric vehicles comes the need for charging. We offer flexible charging solutions for different types of battery electric vehicles. Our chargers are also connected, which means they can be accessed remotely when they need any attention. Through strategic acquisitions, we strengthen our capacity to connect and build the infrastructure required for mines as they shift to battery electric vehicles. One important part of the infrastructure is our battery swap system. This is a safe and scalable solution that allows multiple machines to swap batteries at a common charging station. Storage is key for the renewable energy transition, helping you proactively manage challenges like peak shaving, frequency stabilization, and power backup. We offer second life solutions, energy storage, as well as recycling, ensuring a complete and sustainable cycle. With our circular business model, industry-leading technologies, and complete electrification offering, we make sure your mining operation focuses on a future of sustainable productivity, significant cost savings, and a healthier workplace. In the movie, you could see, you know, that we have a complete offering when it comes to our battery electric solutions to our customers. Why is it so important then? It's not only about, you know, just to deliver one piece of equipment, but they have to work as well, of course. What we have learned in Epiroc during the years is that, you know, by having a wide, complete offering of electric solutions, with that, we can help our customers to optimize the performance of their equipment fleet. When it comes to the Epiroc battery system, a little bit more details into that. We have compact, high energy density batteries for large payload machines. With NMC, nickel, manganese, cobalt batteries, we can offer longer drive times and balanced charging time, compared to other chemistries. In short, our key partner, Northvolt, they produce the battery cell, which is put into modules, and that is accordingly put into the subpacks. How many subpacks do we need per machine? Varies between the machine models. So for instance, ST14, our 14 ton loader, have four subpacks that can offer up to 300 kWh capacity. Safety is, as always, the most important thing. Since 2018, when we introduced our new generation solutions, we haven't had any incidents nor accidents. Of course, we have a very extensive safety and security system in our battery battery products. They are designed to prevent thermal runaway, yet to capable to handling one. Let me show a short video, it will be very short, 15 seconds, when we make a forces runaway and what happens then. Be careful and have a look. Almost nothing happened, as you could see. Which is good. In the next couple of slides, I'm gonna talk about the standardized, modular approach that we have and what kind of benefits it will create for our customers as well as for us in Epiroc. The design, in general, it's safe and made for harsh environments. It has a smart charging solution that enables equipment to run 24/7. The battery swaps are quick, and the charge time is shorter than the discharge time. In other words, we have a slow charging, but quick swapping. This means low demand on grid, as well as low investments on grid when the customers choose to go for BEV. Finally, we are using a universal charging system, which of course helps when our customers have different vehicles, so they can charge different equipment at the same charging stations when the BEV fleet flows grows, of course, that will create a lot of benefit. For us in Epiroc, this approach has also many advantages. Firstly, it's modular and scalable, which enables quick rollout and monitoring of cells, modules, subpacks, and even fleets. We can also perform the conversions of the existing fleet from diesel to batteries, and we see a strong demand in this, even though volumes are still low. As other OEMs use the same standard, of course, that will benefit in acquiring electric infrastructure solutions. With Batteries as a Service, we can maximize the use of each battery. We use it in the vehicle where it is most needed, and can move it easily to the other vehicles, thereby optimizing the life of the batteries. That will be a win for us, for our customers, as well as for the environment at the end of the day. Of course, all our battery solutions generate new revenue streams for us, as we lately have seen, you know, with our Batteries-as-a-Service offering, as well as electric infrastructure solutions. When it comes to profitability, it bodes well for profitability as well. With the NMC, nickel, manganese, cobalt, battery cells, they are expected to improve density, kilowatt hours per kilogram, 7% a year over the next decades. Also, they will last longer, and as scale of production is increases, the batteries become cheaper and cheaper. How far have we come, then, with our solutions? We have the widest offering in the market today. 39% of the equipment fleet, including both surface and underground, is offered in emission-free versions as per year-end 2022, end of last year, which number is, of course, somewhat higher as of today. By 2025, as I mentioned, all underground products will be available in emission-free alternatives. In 2023, this year, roughly half of the potential revenue stream within loaders are available in battery electric versions. By 2030, including both surface and underground, the whole portfolio in Epiroc will be available in emission-free alternatives. There is a strong demand for our battery electric solutions, and the as well as, you know, generally, low emission alternatives. When it comes to BEV equipment, sold, it represented roughly 3% of the equipment revenues, both underground and surface included here. If we add the vehicles that have low, low emission capabilities, the number goes up to roughly 32%. These numbers are based on orders invoiced. If you look the demand and then, use the orders received, order intake, basically, we actually 3-folded the number of units in 2022. As a Finnish person, there is a nice picture on ice hockey. Ice hockey here, I do like ice hockey, of course. What we see here with the demand in the battery electric solutions is it's showing like a hockey stick growth here. That's why we want to demonstrate it with this picture here. Hopefully you have got a little bit wider understanding of our electrification solutions as of today, and our customers also appreciate what we are offering. Yesterday, we announced 1 very important order for our customer in Sweden, Boliden. You have maybe seen the news about that one. That is a good example of our growing BEV fleet. As of today, we have 25 different sites where we have the BEV machines in operation, and nine out of them have placed us or given us recurring orders. 80% of our BEV orders go together with the Batteries as a Service offering. There is a strong demand for a battery electric conversions as well, from diesel to battery. I will come back to the topic, what Helena touched upon earlier today in her presentation: innovation. As she said, we are investing more than ever in R&D, 3% of our revenues. If you look at it a little bit closer, actually, that 3%, most of that is directed into the capital equipment divisions, surface and underground. There's a lot of money going in there. Of course, as we know, we are producing in Epiroc as little as possible, only the core components, basically. We work with our sub-suppliers, and to cover for the rest. 75% of our product cost is purchase material. Basically, with that, we will get our supplier, if I say even collaboration partners' innovation on top of our internal investments of 3%. One perfect example is on the following slide, MT42 mine truck, MT42, 42 tons. Again, there, Epiroc was the first in the mining industry to sign a delivery agreement with Swedish steelmaker SSAB for fossil carbon emission-free recycled steel, which has been produced using sustainable energy sources. The steel will be used in our load and haul equipment, loaders and trucks, as soon as in quarter three this year. Actually, in addition to saving CO2 emissions, reducing CO2 emissions by implementing battery electric vehicles, we can multiply the positive effect by manufacturing them made of fossil-free steel or low-carbon steel. Again, we make a very positive difference here. This is my last slide, but a very, very important one about partnerships and collaboration that Helena touched upon as well. Here you can see, of course, many companies that we collaborate with, but there are many others. Some of them have been mentioned already today: Northvolt, SSAB, as well as Orica. We are humble in Epiroc by knowing that we are a small player in the global industries, but by having right collaboration partners and right collaboration in our company and with our partners, we can do more, and we can create even greater value for our customers. We truly believe that partnership is the new leadership. Thank you very much. I think the next topic is very interesting as well. We have five minutes break. Let's come back, 5:00 P.M. It is the biggest industry no one's ever heard of. Everyone interacts with mined products every day, all the time. It's an essential role. It's something we do. It's very important. I was brand new to mining. I didn't know what to expect. I didn't realize that there were so many different career paths, that anywhere from marketing to IT, to engineering, to the actual hard workers who are drilling the holes. I mean, you name it, you have an option at Epiroc. I enjoy coming to work. There's never been a day, really, where I woke up in dread coming to the office, or going on a trip, or going somewhere. I knew th at it was the company for me. I wasn't being judged by the way I looked, like you normally are judged when you're a female engineer. I was being judged for my person and my intelligence as an engineer. In Epiroc, you have the capacity to be yourself. You can be authentic, and I think that's a really strong asset that the company culture is trying to promote. I learned within, like, my first week of working at Epiroc that the management really had an open-door policy. If you had a voice, you were gonna be heard. This company is unique because they trust that every one of us, from me down and from me up in the company, is doing the right thing and is doing it for the right reasons. I think that's pretty special. You always have the capability to say, "What is this? Why? Why are we doing this way? Can we do it better? Hey, can we do this differently?" Usually the answer is yes. I've had several different jobs within my career, that I've been fortunate to have been a part of, and part of it just came from curiosity. If you're curious and you wanna learn, I think Epiroc culture really supports that. I love how we're all a united front as a team. We're all passionate, and loyal, and hardworking. We all have the same goal, and we wanna accomplish the same thing. Most individuals we work with, they care. They care about each other, they care about the organization, they wanna do well, they wanna do things better, I think that's a perfect storm for success. I was in Utah to kind of fine-tune a drill rig. Standing there and looking out over this wide-open expanse, I can't believe I get paid to do this. That was a moment for me, where I really realized that I actually love what I do. It is the biggest industry no one's ever heard of. Everyone interacts with mined products every day, all the time. It's an essential role. It's something we do. It's very important. I was brand new to mining. I didn't know what to expect. I didn't realize that there were so many different career paths, that anywhere from marketing to IT, to engineering, to the actual hard workers who are drilling the holes. I mean, you name it, you have an option at Epiroc. I enjoy coming to work, and so there's never been a day, really, where I woke up in dread, coming to the office or going on a trip or going somewhere. I knew that it was the company for me. I wasn't being judged by the way I looked, like you normally are judged when you're a female engineer. I was being judged for my person and my intelligence as an engineer. In Epiroc, you have the capacity to be yourself. You can be authentic, and I think that's a really strong asset that the company culture is trying to promote. I learned within, like, my first week of working at Epiroc, that the management really had an open-door policy. If you had a voice, you were gonna be heard. This company is unique because they trust that every one of us, from me down and from me up in the company, is doing the right thing and is doing it for the right reasons. I think that's pretty special. You always have the capability to say: "What is this? Why? Why are we doing it this way? Can we do it better? Hey, can we do this differently?" Usually the answer is yes. I've had several different jobs within my career that I've been fortunate to been a part of, and part of it just came from curiosity. If you're curious and you wanna learn, I think Epiroc culture really supports that. I love how we're all a united front as a team. We're all passionate, and loyal, and hardworking. We all have the same goal, and we wanna accomplish the same thing. Most individuals we work with, they care. They care about each other, they care about the organization, and they wanna do well, and they wanna do things better. I think that's a perfect storm for success. I was in Utah to kind of fine-tune a drill rig. Standing there and looking out over this wide-open expanse, I can't believe I get paid to do this. That was a moment for me, where I really realized that I actually love what I do. It is the biggest industry no one's ever heard of. Everyone interacts with mined products every day, all the time. It's an essential role. It's something we do. It's very important. I was brand new to mining. I didn't know what to expect. I didn't realize that there were so many different career path. The actual hard workers who are drilling- Okay, now it's time to move over to one of, which is also my favorite topic, which is aftermarket. Aftermarket, as you know, is extremely important for us because this is what creates the resilience of Epiroc. It's also where we continue to see really good growth opportunities, it's when we really make a difference for our customers. This is where we prove the performance of all the great innovations that we are putting on the market. It's really 24/7 proving these technologies. That is what makes the difference. You have seen our offering in the aftermarket. It's a broad offering, both of course, when it comes to Parts and Services and Tools and Attachments. Now Luis, and then later Goran will go into the depth here and really, say, explore the opportunities here, and also share the progress over the last coming years. We have really had a really good growth journey when it comes to the aftermarket, especially since the creation of Epiroc. We have had, of course, a bumpy road there with the COVID situation. That was actually one of the largest drop we saw in the aftermarket, but that was related to that many mines were just, you know, in lockdown. Of course, when you're in lockdown and the machines are not moving, then you have a drop also there. Over the period, you can see that this is a very resilient business for us. We have, over the years, really managed to grow this business in a very, very good way. What we also did now from beginning of January, is that we have set a new structure in place. We have three regional presidents now, heading the different parts of the world, with the ambition to grow, continue this growth journey, and to be closer to our customers, and be even more focused in developing the service business to the next level. To take us through all the initiatives within Parts and Services, we have Luis Araneda. Luis has been working for us for many, many years. The last five years, he has been heading our service operations globally. I think he has visited more or less all mine sites in the world, including all our workshops. This guy, he knows this inside out. You're in good hands. Thanks, Helena. In a way, to introduce myself, I want to share something personal about myself. I have two passions. First one is my family, with two young and energetic kids, sometimes too energized kids. My second passion is my work. Actually, I will be share my passion with you today, talking about service, and I want to try to convince you how fun is service. From the three revenues streams, service is 47% of our revenues. As Helena mentioned, it's a very strategic action. Service allow to us to secure performance of our equipments and all our new technology, allow to us to secure our participation in collaboration with our customer as a productivity partner. Today, I will be show to you why we are maintaining this consistent growth, how we are still growing this year, and how we will be securing the growth for the coming long-term years. In this journey, I'm not alone. As Helena mentioned, we are three presidents. Today I have the honor to show the all three regions for my partners. We have the structure split in three regions, NASA, APAC, and myself, responsible for EMEA. We have a long history in Epiroc about decentralization. This is the next level of decentralization. With this, we are expecting that our people in our sales company will be more agile, more flexible, and with more customer centricity, attending the needs and understanding faster what our customers really want, taking fast decisions. We are working as a facilitators of this work. With this, we are expecting to have a strong competitive advantage. We will be starting with what our customers want. Probably we have a big list, but we can start with the first and more important, that is a common target for both our customers and for us, that is safety. Then, of course, they want higher productivity, and here is where we can play a very key role as a productivity partner. We can summarize that they are expecting best-class operational excellence, and of course, they expect that we are working with customer centricity. This mean that the decisions and actions that we are taking has focus and centricity in our customers. For service is vital presence. In Epiroc, we are doing for several years a strong investment in this presence. Today, we have more than 7,000 people working in service. We have more than 300 service agreements, people on site, close to our customers. I will explain why this is too critical and very important for the future of our business. We have more than 100 workshops, including mobile workshops. We have five dedicated reliability centers. This is very critical for a circular economy. Today, we have eight distribution centers to cover better our distribution of part for our customers. You know, this is a passionate topic for me because I have 23 years in the company. My first role in this company, 23 years ago, was service technician. I know very well how important is to have the knowledge to perform your job. In Epiroc, we are doing a strong investment in competence development with everyone in the company, high level, the first line of workers in contact every day with our customers. We are not considering, or we can say, regardless economical conditions, because we are not stopping competence development, and this is a big differentiator from other industries and other competitors. One demonstration of this is that you can see that during COVID, we still certify our technician. Certification is the more complex competence development because it's taking two weeks, and we are doing this investment. Today, we have 86% of our technicians around the world with one certification. At the same time, we are investing for a long time in a standardization of our activities and process. This is to improve efficiency and to secure customer satisfactions in our workshops, service agreements, and also field service. The next level of competence development is to achieve two certification for our technicians. The second level is more ambitious because it has focus in family model of equipments. With this, our technicians are really advanced experts. Today, we have in this portfolio of training also automation, and we have already the first prototype draft of battery certification for our technicians. We have a big package of training. We have a big matrix of training for our technicians, and this is very critical for the retention plan. Our technicians really appreciate that we are investing in them regardless, bad market conditions or economic conditions. Today, we have 55% of our technicians with two certifications, and we are expecting to complete this year with 65% of our technicians with two certifications. This is a very ambitious target, and I'm very confident that we will be achieve this target. Now that you know our goal and our key to success, we will talking about what we offer. We have a big list of offers, and for the time today, I will be talking just about the biggest stream revenues, the four biggest. Starting with parts, replacement parts and kits, we offer unique parts that secure high reliability of our equipments on site. This is very critical for customers with TCO orientation, total cost ownership, customers that are looking for low cost of production tons. Additional to this, we have other new segment that we are developing, we are very successful here, and I don't really talk too much about this. We have repair kits that are associated to all our scheduled maintainings, making the life of our customer easier. They can order with just one part number, the complete box with the total list of parts that they need for one specific preventive maintenance. We have also today advanced solutions like rig control system. We have our rock drills part, and today we have something additional that is very special for us, that is undercarriage rock drilling equipments. We are the first one in the market to have this kind of undercarriage, and I will be explaining how this idea appeared in Epiroc in the coming slide. You can see the trend is fantastic, also will be shown to you how we are securing that this growth trend will be still fantastic. Now, moving to service. Service agreements and audit is very critical for us because with this, we are moving from one parts supplier to one productivity partner. We are moving from parts suppliers to service supplier. This is aligned with our digital offer today. You know, if we can move to the service side, especially in the digital era, we can be a more profitable company. This is very critical. Service agreements allow to us to introduce new features, new technology, new products faster. This also will be shown in the next slide, what is the strategy action that we are taking to increase this portfolio. We are offering simple service agreements, like care agreements. My favorite one is one technician on site supporting our customer, but super technician that is supporting planning, reliability, engineering, and also corrective maintenance for our customer and supporting all the activities to secure high productivity of our equipments. Today, we have a strong presence. We have a big number of service agreements. During the bad market conditions of the pandemic, we increased service agreement. We don't have reduction of service agreement, and this was a big demonstration how resilient is this business when the market conditions are not the best. Our focus, of course, we have very good understanding of our fleet. We are considering 1-to-1 ratio. We have very good territory management, and we want to go to the next level. We want to incorporate as much as possible equipment within service agreements. Again, benefit of service agreements are very, very big, but I can summarize in this: one equipment within service agreement is obtaining higher customer share. It's very significant. One full responsibility service agreement is 100% customer share, and when we have 1 technician on site, and this technician is a really appreciate for our customer, we almost have a 100% customer share. This is why we are investing in our people, to have just super technicians. Midlife service is business that is associated to this recycle tendency. This is very connect with a circular economy and allow to us to extend or to give a new life to these equipments. This is a win-win. Our customers are using the same equipment for a long time. We are recycling. Actually, we are recovering more than 60% of the steel in these very old equipments, and these equipments are back to the high productivity, like a new. We are offering warranty, and of course, the all support. We are also incorporating in this midlife some additional upgrade, like battery conversion or technology upgrades. You can see the trend. This is growing. However, the tendency is more optimistic with this circular economy and also with the all implications that will be coming, talking about taxes and motivation from stakeholders for the company to go in this direction in the mining business. To understand better what is midlife, let me show you this very small video about one midlife in Mongolia. It's impressed to see the picture before and after, and I show Mongolia to show you that we have the capability to do this kind of job in every place in the world. Remanufacturing solutions is a topic that is coming to when we are talking about recycling, it's time for the truth. This is a booster for what is coming, and you can see today how we are performing, and the potential is very high. Today, we have five big remanufacturing centers dedicated to this job, and we have three pilots already, and we are expecting to grow in amazing way for this tendency. We have larger fleet, and this is increasing more than 30% from 2016. At the same time, how we are extending the cycle life of our equipments, these equipments are older than ever. If we are achieving a extended life for our equipments, we have more needs for care and more potential for business, but at the same time, our customers don't need high OpEx in investment. This is just to graphic that during this the cycle of life of, for equipments, we are starting with some products from the beginning. We can offer from the beginning of the life of this equipment, these products, like electrification, recontrol systems, or automation. When we have this the midlife, also, we can offer additional products like remanufacturing components, battery conversions, also some conversions of diesel engines when customer require this. Automation for customers that really love efficiency is amazing because they can increase the efficiency of this equipment 40%, as Helena showed, but also for us, is additional 32% potential in business for surface equipments and 14% additional revenues for underground equipments, and this is not considering labor or services. Battery equipment, the same. We. Our customers save between 15% and 20% in maintenance, the high cost for diesel consumption disappear, this is amazing benefit. For us, it's one potential of more than 12% considering the all aftermarket business, including electrification infrastructure. Helena mentioned this, in our DNA, we have innovation. In Parts and Services, it's very difficult to do innovation. In a way to make a booster with this, we develop one platform that we call innovation station. In this, every person in the company can provide any idea. Actually, this undercarriage for different equipments is coming from this innovation station. This innovation station is proposing some local parts, ideas or solutions to go global. This is not only for components or part or technical aspect, also is for best practices. Just for your reference, from few developments, last year, we launched 24 new products, like Automatic Big changer, Automatic Tricon Changer. We have the undercarriage and also several light work elimination products. You know, safety products don't need salespeople. These are sold by themselves. Also, one important point that almost 80% of these ideas, you know, are coming from service technicians. You don't know how they proud feel to do this contribution in R&D, and they say, "We are R&D." This is my last slide. I hope so that you can share now my passion and enthusiasm for service and how positive we can see what is coming for Epiroc in this area. This is the summary of the four big revenue streams, and this look very, very promising. Thank you very much. Now I will leave the stage to my colleague, expert in rock drill tools, attachment, and big fan of watch. He don't have any problem with the timing. Thank you, Luis. In that case, I can take off my watch, and I can take as much time as I want to present the Tools and Attachments business, right? Just kidding. Yes, I have very big passion for the watches and time, not because of the item as such, but because it's about functionality, and it's about doing the things on time. What I really love is the opportunities the Tools and Attachments division gives to our company. In this presentation, I'm gonna tell you about the journey, the Tools and Attachments is ongoing in providing the all these great opportunities ahead for all of us in our company. My name is Goran Popovski, I'm part of the company since 2005. Started, the most of my jobs were out there in the customer centers. Luis started as a technician, I started as a salesperson in this company, and that's most probably one of the best places to start. In growing different managerial roles in the company, I'm very happy that I was part of creation of attachment division in that time, and since 2020, have the responsibility and pride to lead the team of 4,400 highly competent and very passionate people that are developing business for the future. Tools and Attachments division is a division with a sizable portfolio. We have the rock drilling tools, top hammer, DTH, rotary, raise boring. We have the attachments, we have the ground support, and since recently, we have also the ground engaging tools. It's a division with a big portfolio, and that's the beauty of it. We are reported a separate segment in our reports, also our numbers are included in the something that we call the Aftermarket. Yes, we have been growing historically for about 4% or 5%, the question is: Can we do better? The reason why I love our company is because in our cultural statement, states, there is always a better way. Yes, I think that we can grow better. In the next couple of slides, I'm gonna tell you how we plan to do it. I strongly believe, I'm aligned with Sami, with Jose, that we have the best equipment out there in the industry. If we talk in the automobile industry terms, we have the Formula One. Fantastic, right? Luis told us that we have the best technicians, the best trained, the most competent technicians out there to serve that Formula One. Pit stop, couple of seconds, formula run again. What's missing? The tires. You can have the best Formula One, but if you choose the wrong tires, that Formula One is not gonna perform like Formula One. The rock drilling tools, in our case, is those tires. That's basically the tools that unleash this huge potential for overperformance of our equipment, service, rock drilling tools. Being customer-centric, easy for our customers to do business, providing the full package. That's my dream, and that's what we are working on together with my peers and my colleagues in our company. It's same applicable for our hydraulic attachments. Best service for our attachments, being put on the best carrier and providing the best hydraulic breaker or silence demolition tools. That's the dream. When it comes to the best products, I'm very actually excited to present to you the product that we call Powerbit X. Can we start the video? Please see on the both sides of the screen. On the left-hand side here, we have the Powerbit X versus the Standard Bit. There is a different type of actions happening on the both screens. Maybe I'm on your way on the screen. Maybe I should remove myself there. Powerbit X is a diamond-coated buttons on the bit. All of us know that diamonds are forever, right? Basically, this bit provides extended service life. When we provide extended service life, that means that we are providing more meters for our customers. When we are providing extended service life for our bits, that means that operator is spending minimal time in the line of fire. It's about safety. It's not just about productivity, it's also about safety. Finally, it is actually enabler for automation. We are really, proud with this product, and we know that this is gonna create some different type of bar in the industry. Profitable growth journey. In the last couple of years, we have worked very hard and smart to bring the division into some certain stability, and we are very proud to bring the division on the certain profitability. We have made a journey from 12% to somewhere around 18%, where we feel very comfortable, and we know that that's the right level. The next step in our journey is growth, and I strongly believe that that growth will happen, in next couple of slides, I'm gonna tell you why I'm so optimistic about that growth. We are gonna grow both organically and through the M&As. We have shown in the last period, with couple of very good acquisitions, that we can see the right targets, acquire them, integrate them, and grow them. On top of that, we have many exciting projects that are gonna help us also grow our business organically. Innovation is in everything we do. We are definitely working on improving our value proposition for our customers and, of course, look for further growth through the next acquisitions. Connecting with what Helena said, we strongly believe that mining and construction business is gonna be in a good place in the coming years. The urbanization is happening, the middle class is growing, people wanna move in the cities, they want a better apartments, better roads, better cars, better mobile phones. All these products are basically coming with the derivatives from the mining industry. We definitely wanna grow with that strong demand and more than that. Mining is not only in the mines, there is some major element of the urban mining, and I'm so happy that many of my products finds application in those urban mining application. We have built a lot of buildings, roads, and everything throughout the previous centuries, and there is a lot of metals, iron, copper, et cetera, steel, et cetera, that is already embedded in the buildings. With the new constructions and the space which is needed in the urban areas, we need to demolish those items, and there is a lot of construction waste. With our products, with the attachment products from our portfolio, we are actually very active in that green agenda and giving a new life to already used products. About 36% of the, of the steel globally is actually coming from recycling. It's about 16% of copper is coming from recycling. Don't be scared, we are not gonna basically compensate for all the needs that the mining operation gives. Mining is still gonna be there. It's been with us since the beginning of the humanity, and it's gonna stay with us until the humanity works in this way. Innovation is not only about innovating products. Innovation is about everything we do, the way we collaborate together, the way we structure ourselves, the way we work together in terms of finding the new solution. At this particular moment, I want to actually brag a little bit about some of the products or ambitions that we are working on. As I mentioned when I was explaining the case of the Formula One, it's actually the rock drilling tools, the bit, the more point or chisel that makes impact on the ground. We are working very ambitiously to convert our working tools into data harvesters, to harvest the data about rock conditions, take this data, package it in a right format, so we give a different type of visibility to our customers so they can improve their productivity. Customers that improves productivity, improve the financial resilience, that's basically more recurring business for us. Happy customer, happy supplier. As Sammy also said, partnering. We are in this game to support our customers. The Powerbit X, I already talked about. I'm very proud that we are also taking these kind of steps in the, in the construction industry, especially in trenching. On the last Bauma, we have promoted their product, which actually consumes 40% less energy and gives much better and faster, actually, trenching application possibilities to the customers. As urbanization is happening with a big swing, we know how big possibilities are in this particular application. The Hatcon and Drilling Tools Optimizer is about the data, it's about traceability, it's about better service, and finally, about productivity for our customers. I have a separate slide where I'm gonna tell you a little bit about very exciting product that we also get through our most recent acquisition. Our products are applied in mining, open-pit mining, underground mining, quarrying, both aggregate and limestone quarrying, civil engineering, urban development, demolition. A lot of application out there. All these segments comes with a different, with a different value proposition, and those segments are also not harmonious. There is customers with a different expectations and different value proposition expectations. What we are working with our team is actually working on widening our ability to give the right value proposition for different type of customers. Of course, that includes the developing further the essential line, extension of the breakers, breaker range and silence demolition tools, and finally, following our good example from our Parts and Services brothers and sisters, creating much more recurring business to different contractual agreements with the customers. That gives stability, that gives predictability and planning, better planning for all our activities. We are working on the managing our inventory in a better way. The first items in our journey was to safeguard the availability. In our business, having the right product in the right time, in the right place is a must. Now we are taking corrective activities that will help us assure the availability by managing our networking capital in a better way. Availability is focus, availability is key. In the next couple of slides, I want to tell you a little bit more about our recent acquisitions, starting with the DNA, the acquisition that happened almost two years ago. With this fantastic acquisition, we have enabled in our portfolio a fantastic complement that has helped us reach customers that we were not able to reach before. The right value proposition for different customers that are in the demolition business. The second one that happened in the second half of last year is basically reflecting our ambitions on the North American market, and also fast-tracking some development projects, and also a lot of synergies within the hydraulic attachment business. The recent acquisition in this year, that basically gave us the opportunity to play on a new market, on a new segment, which opens a major prospect for a growth in the future. We are talking about advanced ground engaging tools product, which opens the possibilities for synergizing with all of our divisions. CR Digital and CR Mining is most probably one of the places we are gonna open collaboration with all of our divisions. We have a major possibilities for collaboration and working together with Underground Division, with the Surface Division, with absolutely the Parts and Services, and with our Digital Division. A product that I'm personally very excited about. It's actually advanced IoT sensory system that is giving real-time data if any of the teeth on the lip of the bucket is lost, and that's something that you don't wanna see in your operation. We are talking about very hard-forged steel, that if ends up in a crusher, can do a lot of financial damage, but also major safety problems with the customer. We have the most advanced system actually in the industry, that in real-time identifies if any of these teeth are lost, and with the scanning system, find that tooth in the pile and avoid this particular item ending up on the wrong place. In combination with the payload system optimization tool, we are actually able to improve the productivity for the loading operations in the surface and underground operations. To summarize, customer is in our focus. We have multiple customers in multiple segments, in multiple industries. Our teams is focused on finding the right value proposition for all our customers. We have a decentralized organization, but yet very synergistic. Decentralized because we have to really deliver the best value proposition for all our customers in different segments, yet synergistic because there is so many common competencies that are needed in all my business lines. We are working on the turning the global production footprint into a clear, competitive edge, producing closer to the customers, and also utilizing and further improving the logistic and transportation procedures to contribute for the green agenda, as well as improve for our customers in terms of availability. If you allow me, I would like to show you one more video. Tired of interruptions? You will love Epiroc DTH drill bits. They last up to 20% longer, which means fewer interruptions, better work days, and higher profits. Epiroc DTH drill bits. Keep on drilling. The right tools matter. I hope that I gave you a little bit of glimpse on what we are working on and how exciting is our journey. Of course, I can spend here much more time, but Luis is going to be angry with me if I take more time. I'm going to stop here, and I'm going to welcome discussions further on tonight. Now I would like actually to introduce one of our colleagues in the company, Håkan Folin, the CFO. He's not just CFO, he's also a person that has a fantastic diagnostical skills. By just looking at the numbers, he can actually open a fantastic discussion with me and my management team, what are the areas where we can do better, so we can prioritize on the right way. Håkan, welcome. Thank you very much, Goran, for those kind words. I hope you truly feel that way when we have the monthly performance review meetings with you and dissect your number. Outperformance, because after all the good things that we do and that you've heard about, they need to generate value for our shareholders as well. One of our financial goal is to have a revenue growth of 8% per year, and also over the business cycle, and also to grow faster than the market. As you can see, since 2015, we're actually been spot on this 8%, and it's coming both from organic growth, and also we've add some inorganic growth to that. We have two reporting segments, but we have three revenue streams. You just heard Goran talk about Tools and Attachments, which is 21% of the revenues. Then we have the service business, which is 47%. It's the biggest one and also the most profitable one. Then finally, to make it up to 100, we have the equipment business with 32%. On the margin side, we only report on two, where Tools and Attachments have 17.3%, and the equipment and service, 24.4%. Another financial goal when it comes to profitability is that we should have the industry-best operating margin, and we should have strong resilience over time. You can see in the graph, we've been around 22%-23%. Actually, last year, we had an adjusted operating margin of 23.7%. I think with those margins on EBIT level, you can say that we are actually best in class. Obviously, it doesn't come easy. It takes a lot of hard work from our colleagues all around the world. It also means that we need to continue to innovate and provide the best solutions for our customers. We don't only want to have a high margin, we want to have a resilient margin, and you see here the resilience that we've had over the years. I would say it's a combination of two things. One is the large portion of aftermarket business, which is more resilient. The second one is the decentralization, which is really built into the genes of Epiroc people, and it means that when the market is turning up or turning down, we are very quick in making decision and making adjustment necessary to keep a stable margin. What you can also see here on this slide is the bars, and they show the adjustment that we've made throughout the years. The gray ones are for the long-term incentive programs, and the yellow ones are for other adjustments, where the biggest adjustments we've made so far are related to provisions for Russia, where we made the last year provisions of SEK 550 million. Any successful business need to be able to translate the profit into cash as well, and we've had a very solid and good cash generation over the last years. In terms of good demand, like last year, then we are building more working capital, and we get less cash generation. On the other hand, in terms when there is less demand on the market, then we free working capital, and we get more cash, as you can see in 2020 here. As a business, we have a low CapEx needs. That's part of our strategy. I would say roughly between 1%-2% per year. What do we do then with the cash that we generate? First of all, we want to drive growth. We want to drive organic growth, and you heard Sami talk about how we want to use innovation in order to continuously drive organic growth. Secondly, we want to invest in acquisitions. We have made 23 acquisitions since the creation of Epiroc. They are adding in total SEK 7.2 billion in revenues. Most of these are small or medium-sized, and they are bolt-on acquisitions. Many examples are that we are looking for new technologies to really add something to our portfolio that we did not have before. We will continue to look to make acquisitions, most likely in the same call it context as where we've done it before, but we will keep our eyes open for everything that basically moves in the space where we act. Lastly, what we do with our cash, well, we give dividend to our shareholders. We have a goal to provide long-term stable and rising dividends to our shareholders. It should be 50% of net profit. As you can see, that's roughly where we've been through these years. We also have, of course, the possibility in times when we're sitting on excess cash, we can also hand out extra cash to our shareholders, as we did in 21. Moving on to capital efficiency and resilience, and also that, of course, our investments acquisitions shall create value. We measure capital efficiency in terms of return on capital employed, where we've been last five years between 21% and 31%. When we were actually down to 21, it was to a large extent given that we were sitting on a lot of excess cash before we did this distribution that you just saw. On the right-hand side of this graph, you also can see the working capital development, and since last year, our working capital has increased 32%, even when we exclude acquisitions and currency, so we will dive a little bit deeper into the working capital development. Working capital have been impacted by growth. You saw the growth that we have done within services, and if we want to have the spare parts available all around the world, that also will drive some inventory. I would say the service growth is enabled by us having good availability. We've also had good demand for our equipment, and even though Helena said supply chain issues are easing up, on the outbound side, we definitely still have them there, and we have issues getting the machines out, and also they are very long on the sea before they actually arrive at our customers. We are also building up regional distribution centers, and the idea is that we will take the inventory basically from the sales companies. We'll move them into distribution centers. In the meantime, while we are doing this, you can say in a way, we are actually having double inventory, but once we get our new way of working in place, that obviously should disappear. Looking here at the ratios then since the creation of Epiroc, on both accounts receivable and accounts payable, we are actually seeing an improvement over the last five years. However, on inventory, then the trend has gone in the other direction, and this is something we need to work harder on. We have actions in place, and we are expecting improvement throughout this year. We also want to have an official capital structure and maintain investment grade rating. We have a rating of BBB+. We don't have a target as such for net debt to EBITDA, but being a cash-generative company as we are, and right now we are at 0.52, I would say that we have plenty of opportunity and room to continue to invest in growth, both organic growth but also inorganic growth. Here is an overview of our funding and our maturity profile. We usually take up debt on group level, we transfer it out into the subsidiaries where it's needed. I'm glad and happy to say that we have emitted two green bonds, one in September last year of SEK 2 billion, and one just about a month ago of SEK 1 billion and a half. With this money, of course, we will continue to accelerate the transformation. All in all, I would say we have a fairly solid maturity profile, 3.3 years on average, and interest duration rate of 17 months. This is what you get when you summarize all the financial goals. I'm not gonna go through each one of them again, since I just talked about all of them. I would say that overall, over the last seven, eight years, I think Epiroc has actually had a very solid and strong performance. It's not only about finance, and since the beginning of this year, I'm also on group level responsible for sustainability. Now I will talk more about our strong corporate culture and the sustainability mindset. For us, sustainability is really a business driver, and having spent the last two days here together with our customers, it's very obvious that the corporate culture we have, the innovative agenda that we have, it really goes hand in hand with how our customers want to drive their sustainability agenda. Our customers in the mining industry, in the infrastructure industry, they are vital in really helping the world to transform into a low carbon society. We heard a lot about it already in terms of recycling, the need for copper and nickel, et cetera. We are vital in helping our customer be vital in doing this transformation. Obviously, operations need to be sustainable as well, being low carbon, having a low environmental impact, safe environment, productive and cost efficient, both for us, but obviously for our customers as well. What we clearly can see is that our innovation, especially within automation, within electrification, and also, excuse me, within digitalization, it really leads to measurable impact, both on safety and environmental. We have set goals for 2030 for both what we call people and planet. I'll get back to those shortly. Also since last year, renumeration for group management includes ESG metrics. Our 2030 goals for planet, the first one we have is that we should halve the CO2 emission in our operations. There we have actually already reached 84% completion, very much by usage of renewable energy, including installing solar panels. The second one is that we should also halve the CO2 emission in transportation. This, a big enabler for this is that we will move transport from air, and we will take it on sea instead. Being a CFO, this hurts a little bit because lead times are much, much longer on sea than they are on air, which means that that will also drive an increase in inventory. Okay, I will need to accept that, and instead be happy that we have actually already accomplished 60% of this target. You've already heard that we want to offer a full range of emission-free products, 25 for underground, 2030 also for surface. There we have reached around 40% completion. As you also heard before, the majority of our CO2 impact is not within Scope 1 or within Scope 2, but it's really within the use of our machines, so-called Scope 3. 83% of our CO2 impact comes from the use of machines. Here we have an emission that we should halve the CO2 emissions from our machines sold by 2030. We've only reached 5% completion. You also heard Sami mention how we expect this to be more of a hockey stick development for the battery electric vehicles going forward. Finally, we also require, put requirements on our suppliers, and we tell them that you need to reduce your emissions by 50% by 2030. Here there are a few large suppliers which play a large portion of this role, and we are working very closely with them and have actions in place to make sure that they will also reach their targets, so we can, all in all, reach our targets. Last but not least, people, and for us, safety comes first and always. We have an ambition by 2030 to have no work-related injuries. We have seen an improvement in our recordable frequency, but it's not moving fast enough, and we have a lot of actions and programs in place to improve here. We want to be an inclusive workplace, and inclusion can obviously be many things, but being in a male-dominated industry as we are, we are focused a lot on increasing the number of women, and especially in operational roles. Here we see a steady improvement year-over-year. We also say we want to walk the talk. We want to have all our employees and all our business partner comply with our code of conduct and also our responsible sales assessments process to be implemented. Again, also here, we are making progress. As an example, we have 98% of our managers last year that complied with our code of conduct, which was up slightly from the year before. One area that we have not mentioned today is operational excellence, and that's also a vital part of our strategy. Here I could definitely give a long list of all the things we are doing, but I think actually you've heard it from our speakers, indirectly. You heard Helena start to talking about the attractive niches that we are in, and also talk about innovation. You heard Sammy talk about the electrification journey that we started quite long ago, and that we are still on, and that we are refining as we move along. You heard Luis talk about the democratization of innovation, and finally, you heard Goran talk about how you're gonna get the best performance by having the best equipment matched with the best tools and attachment. I think actually that our vision, very much summarizes, how we work with operational excellence. Our vision, as many of you know, is dare to think new. In order to be an innovative leader, we must dare to think new in how we work with our customers, how we work with partners, and how we work with suppliers. How we work with our customers, you will get to see tomorrow what they have seen yesterday and today. I can promise you should be glad that you have actually come here to Örebro because it's gonna be really good. You're gonna get to see some good things tomorrow. We also have a special treat for you because you will get to see what our employees have seen when we talk about our strategy and when we talk about where Epiroc wants to be in 2032. Here comes a final video for today. Hi, and welcome to the future. My name is Helena Hedblom, and I am the CEO of Epiroc. You're about to see a glimpse of our amazing company in the year of 2032. Buckle up, and let's go. Our success is due to the courage, the speed, and agility that we embraced during the last decade. Our company spirit, our culture, has been instrumental in transforming the entire industry. Pretty much all of our machines are now fully automated, placing the operators in safe environments. Together with our customers, we have developed mines where not a single person needs to be close to the ongoing operations. This might seem like science fiction, but our machines are on the moon. The majority of our offering has zero emission during operation. We have really come a long way when it comes to taking full responsibility for our footprint. Everything we design and manufacture is fully circular. Together with our customers, we have transformed the industry with smart digital solutions, maximizing our customers' end-to-end processes. Something that makes me really proud is our truly inclusive culture. The people here at Epiroc reflects the diverse society that we operate in. This is one of our superpowers. Talking about superpowers, we had no injuries last year. What an amazing achievement! As you can see, Epiroc is an amazing company, also 2032. We are now better prepared than ever for the future, not only the future of Epiroc, the future of our planet, too. We have achieved our part of the climate goals set by the Paris Agreement. This could only happen because together, we had the courage to explore new ways of working and new ways of thinking. We took steps into the unknown, and we broke new ground. This is Epiroc of the future. Together, we dare to think new. Thank you, Håkan. Please, all great colleagues, come up on stage again. My plan was to read the investment case, but I'm very well aware that all of you can read, and you will flip through this presentation later. It will only be a repeat of what everyone said today. I said also that we would have a short Q&A session, and it's gonna be shorter than I planned, but I will stretch it another five minutes, so we will have until five minutes past six. That also means that you asking questions, please make sure you are precise in your questions. We have three colleagues with microphones, so please just raise your hand. I have. If we start there with Esther. Yes. Present yourself as well, please. Yeah. Hi, Magnus here with Nordea. You showed a slide suggesting that 39% of the models you sell have an emissions-free option or alternative. How large proportion is that of your sales? If I can be so bold, sales of underground as well? Yeah, I think I can take that one, and we have chosen not to disclose that figure at this Capital Markets Day. Mm. Should we take Handelsbanken over here? Jimmy, in the front line. Here. Thank you. Gustaf Schwerin, Handelsbanken. We're of course, here to talk about you, your biggest competitor quite recently were saying that they are the clear market leader on autonomous load and haul. My impression is that you do not agree on that. I'm just wondering here, is the difference in communication simply that you are including autonomy on other OEMs machines, or are you also including open pit here? It looks like you have 70% market share on the installed base that they were referring to. Could you clarify that? It's mixed fleet and, you know, more or less, all of this is underground. 70% market share? We don't- Thank you. speak market shares. We speak our own numbers. Claes at SEB has been holding his hand for quite a while. Thank you. I had a question on the target. Obviously, I guess it's sensible to keep them, but if I could just elaborate a bit. The 8% growth, you said construction should grow 4%-5% CAGR. You should probably outgrow that. Your larger division or share is mining, should probably grow much faster than construction. I mean, the list is long: shift to underground, lower ore grades, upside from RCT on mixed fleet automation, Batteries as a Service. It's a very long list of growth drivers. Why are we keeping the 8%? Because previously you said 5% organic, 3% M&A. Mm. You're not gonna slow the pace of M&A, so the organic should go higher. Is that caution on the cycle or...? Yeah, I just want to hear your- Also that, you know, two-third of the companies is aftermarket, which is more reflecting than the run-of-mine activities. I think, you know, over a cycle, I think 8% growth is a good target. As you have seen, you know, we work very diligent to make sure that we deliver upon that. We continue to see a lot of opportunities in all these areas. I think that is the good thing, you know, with this journey, that we continue to find more and more opportunities. Very quick final follow-up. On the battery service, last CMD also gave a 12% revenue stream, incremental versus ICE over the next five years. Some of your competitors, I'll guess one, guess which one, talks about load and haul being 60% opportunity. Is that 12% still only drilling? If you blend that with load and haul, that should be much larger. Well, I can take that one. The calculations that we have used, we took the most conservative number, as we always do. Really? Christian at Goldman. Yes, thank you. Christian Arauca here from Goldman Sachs. You talked about the recycling opportunity within T&A, and specifically, the crushers product. I know we're here mostly to talk about mining, but at the last earnings update, you very helpfully set out the end market demand levels across infrastructure, demolition, tunneling, and housing. I just wondered if you could scale the respective end markets within that 21% of orders you have in infrastructure, and how we should think about what is the most important driver of revenue for that business? Thank you. I'm sorry, I'm not sure that I understood the question. I could rephrase. You mentioned a lot of drivers and markets, end markets. Correct. If you could just say which one is the most important, maybe the top three ones. In terms of geography or in terms of application? Sorry, just to be clear, 21% of sales from infrastructure. Mm-hmm. Within that, if you could segment demolition, housing, tunneling- Mm-hmm. What are the most important drivers in terms of revenue within that 21%, recycling included? Thank you. Housing and office building space is obviously a driver. In different parts of the world impacts on a different way. At this moment, what we see is that in some particular parts of the world, there is some tendencies for slowing down in that area, but in the same time, we see that alternative applications, like the civil engineering or urban development, are actually going in the right direction through the investments from the government. This is basically offset it to some extent, if that was the question. Maybe we should also add that infrastructure is, of course, also tunneling underground. Mm-hmm. It's also, surface drilling rigs, so the equipment side, as well as, service. Even if Goran took the question, infrastructure actually covers. Mm. -all divisions. There's so many hands. Should we take Olof? Thank you. Olof Larshammar with Danske Bank. One on Avatel, I think you launched that product in 2020 or something like that. Do you have, I guess that it's a new product for the mining customers. Do you have any, you know, competition? Could you say something about, you know, order intake and, you know, potential, you know, market for that product in, you know, a couple of years? Thank you. Yes, I can answer to that. Basically, we are in the field test phase right now. The movie that you saw, that is from Kittilä mine in Finland, and we have taken the second machine, a second prototype now to Australia as well. We are in the field test phase right now. This year, as well as I would say the majority of the next year, goes into the, you know, field testing. Thereafter, of course, we have high expectations, of course, to generate a good revenue stream out of that as well. There's no other solution available from any other OEMs, so we are the first one. This is also, you know, crucial from a safety standpoint, to make sure that this is done in a controlled way, and that's also why we are spending, you know, years now when it comes to the field test, to make sure that there's, you know, it's explosives that we are managing. Number two here on the front row, I pointed to you, and then we have James after that. Thank you. Christian Nygård, Pareto Asset Management. I appreciate that you sort of challenge yourself in the sense that you want to electrify products that reduces the need for maintenance, which may hit your profitability, actually. Secondly, you're extending the lifetime of your equipment, remaking, et cetera. On top of all that, you have, you know, your customers perhaps recycling more metals. You're obviously improving the whole industry, but I question, you know, will that lead to lower profitability for you? Well, we see this rather as opportunities, really, because we find new revenue streams related to these transformations, and also the opportunities to develop completely new business models. As we have said also, that with these new technologies, the machines are becoming more and more advanced. It's more and more difficult for other small players to take that aftermarket and that service portion from us. We see it rather as a great opportunity when we look at it, you know, the full picture, the consolidated picture, we're including all the divisions. That's also why we, you know, we are happy to push this and push the boundaries, because we see that it's. You know, from a business case standpoint, this is actually good, this is good business for us. We take the last question from James, all of you guys raising your hands, they will join us for the dinner. We will have time for mingling. Just, you know, go and ask your questions. Also online, you can send the questions to us, either through this, formula on the web, we will get back to you, or you can also email us, of course. James, please go ahead. Thanks for taking the question. It's really on the new business models inside aftermarket. You've been adding more remanufacturing, more mid-life upgrades, that's a business model that didn't really exist five, 10 years ago in the same way. Why really is the customer heading in that direction? Is it circular? Is it OpEx versus CapEx? In the end, if you rebuild a BMW X5 from spare parts, it costs five times the price of the BMW X5. It's great for you, and do you think that if business shifts in this direction away from OE, that it could drive the group profitability forward from the current levels over time? I think it is shifting towards an OpEx, I think it's mainly related to the speed, really, because we can be quicker. When we can respond with initiatives like this in the region, in the local market, on that site, you know, we are also quicker in responding. As Luis said, you know, we can also constantly now upgrade the machines with the latest technology. We can add the features that we have developed during the last three years and embed them in, you know, the machine that they get back. I think it's also, I would say, the very strong focus from our customers on productivity. Of course, you know, if you to take out a machine for a mid-life upgrade or a larger rebuild, that goes faster than to wait for a new machine. I think it is the, you know I think that's the drivers. We have developed this portfolio over the last, I would say, five, six years. As Luis said, we continue to find more and more opportunities. We are step by step, going away from selling parts and hours, we're selling value now, that's also where, when we can make a big difference. Perfect. Thank you very much. We create value, and we make a positive difference. Thank you very much, everyone, for joining. Thank you online for joining. Thank you. Thank you.