What if there was one who connects the worlds of food, beverage, and laundry? Who gives you more time to focus on what is truly important? Who understands all your operations and improves your workflows? Who helps you grow your business faster and makes your daily journey a winning one? There is one. One who supports you with planning and installation, with optimizing your workflows, with tailored training, and dedicated service, and creating groundbreaking innovation and services. No matter whether you run a hotel, a restaurant, or a launderette. One who gives you complete control and makes your potential visible. Thanks to real-time access to your operating data. One who is always there for you. With local presence and global expertise. Making your work life easier, more profitable, and truly sustainable every day. Electrolux Professional. The one. Welcome to Electrolux Professional Investor Day with focus on laundry. We are broadcasting live from Sweden, Ljungby, where we have our largest laundry factory. We welcome all of you watching online, as well as all of your guests that are here in our factory in Ljungby. My name is Jacob Broberg, I am Head of Corporate Communication and Investor Relations. Some housekeeping rules before we start. All of our guests, you in the room, but also you watching online, have the opportunity to ask questions during the Q&A sessions. For those of you who are online, feel free to send in your questions throughout the program. You can do it via the phone or just write on your computer. Finally, today's event will be made available online after the event today or later tonight. With that, let's start the day. Today's presenters, you can see them on the slide here. It's Alberto Zanata, President and CEO of our company. It's Torsten Urban, who is Senior Vice President, Product and Marketing. Silvana Johansson, who is Global Head of Category Laundry, of course, Fabio Zarpellon, our CEO. CFO, it should be. Very important to remember. This is the agenda for today. We will kick off with Alberto, will give an overview. Torsten and Silvana will do the deep dive into the laundry product, which is the theme of today. We will end with the financials before Alberto concludes today. For those of you who are here in Ljungby, you will also be able to take the factory tour and also see many of our products afterwards. Unfortunately, we are not able to showcase that through the online video. Let's get started, and the 1st presenter is Alberto Zanata. Please go ahead, Alberto. Thank you, Jacob. Again, good morning and really welcome again, also from my side to you that were here and the ones that are following us via video. We start saying we are open again. I have to say that it's really a pleasure to hold this meeting in person, at least for the ones who had the possibility to come, because at least for me, it's the 1st time we have a meeting with so many people in person. It's one of the few times or the 1st times that I'm traveling, also. This is a sign of the business coming back, and I think we are all looking for that. Now, talking about specifically Electrolux Professional, we have been going through some really challenging year, because it's not only the pandemic, but 2019 was the year of the separation, when we separated from the group. There've been a lot of things that were occupying our mind, our activities. I remember in January, when basically all the things were done and we are ready for the listing, looking at the guys that are here in the back, we said, "Okay, everything is over. Now let's focus on business." Just a few days after, pandemic hit us. I believe you remember March 23rd, that was the listing day, was basically the day when the stock exchange crashed. I don't know, somebody told me that was the luckiest things for us, or some other said that it was the worst, but the facts remain that was what we have been living those days. Clearly, we have been focusing on the pandemic, on managing, navigating the time, and now we are back. Again, this is what was 2020. I've been in this business, in this company for many years, all my professional life, and believe me, I never saw a year like that one. It was really a challenging year with the market dropping, with the business falling apart, and we had to survive, and I believe at the end, we have been able to do it, keeping the profitability at certain level, the cash. What is important, also starting doing things, because it is true that we had to stop a lot of activities, but it's also true that we take this as an opportunity. Please don't get me wrong. What happened in 2020 was terrible personally, professionally, but it's also an opportunity to review processes, review organization. This is what we did, running a restructuring 1st in 2019, so before pandemic hit, but in 2020. I think you heard that a few weeks ago, we also announced additional activities to improve the efficiency and the profitability of our company. All in all, reducing the fixed cost base of this organization. That is always giving us the possibility to be more efficient, productive, and at the end, more profitable. At the same time, the focus was not only cutting cost. That was probably a need during such a pandemic, but we also took opportunity to accelerate some other investment, not all of them, but the clear investment that we're targeting, the important thing on those days that were important last year, but they will become even more important in the future. Particularly, I'm talking about digitalization of the organization and being a more sustainable company with more sustainable products. The thing that we did not change, we did not touch, we reviewed, but we did not touch, was about what we do every day when we wake up in the morning. When we wake up in the morning, we think that our mission is to make the life of our customer easier, more profitable, and truly sustainable every day. This is what is driving all our activities. Nothing more than this. Pretty simple, I would say. We also know how we can do it, making the life of our customer easier, more profitable, truly sustainable every day, but at the same time, growing the profitability of this company. This is sticking around the four cornerstone of our strategy that are around innovative solution. This company is recognized as a leading company for what innovative solution are concerned. Growing the customer care, that is a good way to stay in contact with the customer, but also an amazing way to grow the profitability of the company. Growing the business of the chains, commercial restaurant chains in North America and not only because they are growing more outside North America than in North America. Last but not least, to continue to invest in what makes us different from everybody. That is being the one that can provide solution to our customer in every corner of their operations. This doesn't mean that we have to deliver to our customer everything they have, but this means that we have the possibility to do it, and we do it under one brand. We are not the largest company in this industry, but we are one, if not the largest brand in this industry. The brand is what the customers see or they have in front of them. The other important thing that I'd like to underline is people, because if we have been able to navigate well these days, it's also because of the team, an engaged team, a passionate team, people who cares about the company, about the things that we have been doing. This is the reason why we also reviewed our important things. We call guiding principle, how we want to act every day. I think trust is probably the most important word about that, other than obviously being customer obsessed. Obsessed is a strong word. Somebody could also believe it's a negative perceived. This means that whatever we do is because the customer, they have to be, between brackets, happy. To satisfy the customer, and then really also taking some risk, because if we don't take risk, then probably we don't get anywhere. Doing all these things in a sustainable way. When I talk, you will hear many times the word sustainability, and what sustainability means is not just being green. I'm using the example of a table. This is with one leg, but there are table with three legs, and you know that if one of the three legs is weaker than the other two, then the table is falling apart. Sustainability is like a table with three legs, that they have to be equally strong. One is being green or ecologically friendly, if you want to say. The second one is being economically sustainable. It has to be good also for the pocket. The 3rd one is social responsibility, so it has to be good also for the people who are impacted by the activities, but also the ones that are working, for instance, inside of a company. The other important thing that, in that case, it was impacted by the years of transformation and COVID, is our activities about the inorganic growth. Whatever we will discuss today is about our possibility, capability to develop organically. This is what we do considering our resources, considering what we can do with investment we can put in the business. It's also true that pausing during the year of the separation, pausing during the year of a pandemic, we restarted during the fall of last year, the scouting about possible acceleration of our strategy. The priority are there, are the ones that could help us to grow faster, in particular in North America and in particular with the chains. Why? Because our presence in North America, you saw in the previous picture, obviously is lower or is less significant than the one we have in other part of the world. Not being present significantly in North America, this also means that our presence with a segment of the commercial restaurant chains is more limited. The commercial restaurant chains is the customer segment in our industry that have been growing the most during the pandemic and in particular after the pandemic was over. This is important to talk about the customer. I was mentioning the commercial restaurant chains, but the overall market, what we call hospitality, out-of-home market. I've been in this industry all my professional life, so it's easy to say that I love it, but it's a great market, this one, because it's the market where we all enjoy life when we go outside with parents, friends, whoever. The underlying trends are the strong one. During last year, in particular during the spring when COVID was hitting, there were many people talking about this industry as the most affected, clearly, but also an industry that would not have recovered after the COVID. The reality is that the underlying trends are bringing back the business pretty quickly. We believe that this industry was steadily growing before COVID. It was hardly hit by COVID. I think it was one of the most affected industry because of the pandemic. It also restarted to grow, and restarted pretty quickly. We have data. Again, we don't have a statistic about the equipment. That is obviously our specific business. These are data that are giving us indication. For instance, these are the search that have been done to look for restaurant in Google. You can clearly see the pickup during the past months and years. This one is the number of flights. That is another important thing. I came on Monday, flying through Frankfurt. Frankfurt was busy as it was in 2019. Clearly there is a difference. There is a change, there is a recovery. This is the reason why in this chart that we have been using since Q1 this year, this is based on several search that we have been compiling in order to have a global picture. The blue line is representing the most optimistic view, so the ones that is showing a recovery of the market, recovery to the level of 2019 at the end of this year, beginning of next year. The red line is the more pessimistic view that was basically one year later. I have to say that looking at the trend that we started to experience in June, we are closer to the blue line than to the red one. It is a market that, again, is recovering fast, and it is recovering following trends that were valid before, but probably they get even more important today. I'm not here to repeat the digitalization, the sustainability. These are important things. Flexibility, I believe you heard more than once the famous dark kitchen. I know. Basically, it is a kitchen, nothing more than a kitchen, and the only difference is that typically there are no people going to that kitchen to get the food, but there are the riders that are going there to bring the food at home. What's the difference from a dark kitchen and a typical one? Is that in an Italian restaurant, you have only appliances that are serves to cook Italian menu? I'm using Italian, but the same apply to Japanese, American, whatsoever. Dark kitchen, they have to have appliances to serve any kind of food because they are the ones where people are ordering, one is the burger, one the pizza, one the vegetables. By the way, they are very, very good for us because, again, we are the one that is providing everything that you can need inside of a kitchen. This is the reason why I'm saying that dark kitchen is an example. The life of our customer is getting more complex. If you were used to have, I don't know, run an Italian restaurant, you were used only to have a pizza. Now you need to know how to cook a burger. Japanese is even worse, the difference between others. It's not only, there are several things that are mixing up. Bars that are serving food and not only coffee or drinks or I saw coin shops even, where the owner was taking the opportunity to have customers there for one hour to serve also something to eat or to drink. Their skills are different from being the skills of a restaurant owner. The complexity is increasing, and we can address this one, being the one that can support them in the different area of the business. How are we do it? Because reality is that we are bundling all the solutions that a customer is looking for in food, beverage. Why not in laundry, even if there are customer? Majority of our laundry customer are only laundry customer. We have to say that one. We are bundling this offer all together, and we are encircling the customer with an offer that is in particular taking care of what we call the Customer Care. We don't call after-sales, we don't call service, we call Customer Care because we want to care about our customer. We are even branding this one with a name that we launch four years ago, is Essentia, is the program. That means everything about that one. This is really important. This is the reason why it is one of our cornerstone, the Customer Care. I already mentioned innovation. I already mentioned chains, Customer Care and the one. What we mean with innovation? Innovation means bringing solution to the customer that are improving their operation, their daily operations in a sustainable way, in a profitable way, making their life easier. That what innovation means for us. It's not to be innovative just to be innovative. It's to be innovative, bringing solutions that are making the life of our customer easier, more profitable, and truly sustainable. This is really important. Again, we are investing 4% of our net sales. Now, if you follow other industries, it could be not so much, but if you follow our industry and you look at what is spent also by other companies in this industry, this is far above the average of the industry. Thanks to this investment, 50% of the current sales are done with products we had introduced in the market three years ago. Again, innovation to bring value to the customer. That is the reason why we brought also, last year, in November, our sustainability policy, our sustainability strategy. That is not only affecting the product, it's affecting our way of working with the people. Remember the three legs of the table about sustainability. That means also to be less impactful for the environment. If this is about innovation, then customer care is about, again, making the life of our customer easier and more profitable and truly sustainable every day. It's not just a matter of being reactive, but it's also a matter of being proactive in trying to approach the customer to make the product working longer and in a better way. That is really important, and we believe that this is strictly linked to the 3rd cornerstone, that is the one, where one in this case means the digitalization of our offer and our company. Why I'm linking the two things? More and more every day, customer, they want to have everything under control without being in front of the product. A customer, many times, if you think about McDonald's, the real owner are far away from the restaurants where things are happening, but they want to have control on the things. Not only, they want also to delegate the control, for instance, the service, to somebody else. The dream I have is that sooner or later, our technicians will be the one knocking the door to the customer and say, "Hey, guys, your product will be down in 10 minutes. I'm here to make sure that your operation will not be down." The downtime is the nightmare of our operation. If you go to a restaurant, I don't know, I'm back to the Italian restaurant, and the pasta cooker is not working, you don't get pasta. If you go to an Italian restaurant and you don't get pasta, then you probably get upset. These are the things that are making a difference. We believe we can make a difference through the digitalization of our offer. In a restaurant, you can find 60, 70 appliances. In the staff canteen of our factory, you have more than 100 appliances. You will never have 100 app in your mobile phone. It's unforeseeable, that one. It can't be. You need one, like probably at home. At least I have it, I don't know how much I use it, but I have it, Alexa, that is controlling the things that you have at home. You have somebody that is managing the ecosystem of your kitchen or laundry operations. Digitalization is not just that one. It's also making the process more effective. For instance, we have a target to have 65% of our transactions online with a dealer, with a distributor, with a partner, with a service in two years from now, as well as having 50% of our product connected, not connectable, the colleagues will talk about also the difference between the two, by that time. It's not only the service we provide. You know the information we can get having the product connected? We can make the product working better. We can use this information for caring about our customer much more than today. This is really important, and this is the reason why this is a core picture in our strategy in whatever we do every day. This is what we call OnE Connected. It doesn't mean that the customer need to have all this product, because, yes, there are cases, but not all of them. This means that we are the one that can really manage the ecosystem of the operations of our customers. The last cornerstone, not less important than the others, is the development that we are having with the chains. Why is it important? Today we have only 10% of our business. If you look at the mix in some of our competitors, it's much higher than that, because this is a highly profitable business. It could sound strange, because obviously chains are a really powerful company, and somebody could say, "How can it be that they don't get the best price?" Yes, they have the best price. The cost to sell to a chain is lower than to other customers. The economy you can get with the volume you generate with chains are volume that you can use to have lower cost in the purchasing, in the manufacturing, the other things. It's a great business that we want to grow. How we are going to grow, this is the example of a customer in the United States. We have to enter with a champion product. In that case it was beverage, and I'm back again about the M&A strategy. This is a product that we acquired together with Grindmaster-Cecilware. It is a winning product in the market. We are a leading company for beverage, and then we are proving through the service our trustability with the customer, that we are a good supplier, and then we are adding a 2nd product, and then others in the future. This is how we can develop our business with the chains. It is a step-by-step process. You know that our ambition is to get to the 15% EBITDA. It is an achievable target. It is a target that we did not change. It is still there, and we believe we can get it executing the strategy that we have. Step- by- step, continuing to bring innovative solution to the market, because if you have something that is adding value, then also you can gain price. You have a price premium position in the market. Continuing to serve the customer and encircle the customer with what we call customer care Essentia program. Continue to focus on developing the business with the chains. It's a long shot. It's not easy because they have long time relation with the supplier, and the only way to convince them is to bring value, to change something. Forget to bring a product that is a me-too product. You really need something that is changing something in their processes. Clearly continuing to invest in the digitalization of the offer and of the company, because this is the element to be different. I'm using, again, an example. I like example in the meaning that when I talk about the strategy of a company in the market, I'm used to say that it's like a dancer, where you are dancing with somebody, and it is an easy one. I am not a good dancer, but it's a good one, and I cannot move because they tell me not to move from this place. It's one step towards the customer, being close to the customer, and one step aside, being far away from the competitor. This is what I mean being different. In this industry, like in others, being different means that you have something to say to the customers, and that is truly important. It's a step-by-step process that will bring us to the 15% EBIT that is giving us and will give us the possibility to grow the business. I believe an important step inside of this process is the one that today we will deep dive, because today will be fully dedicated to the laundry business. Probably, I also talk more about the food and beverage business than the laundry one in this initial part of my presentation, because normally it is what you are talking about. Reality, the laundry business is a beautiful business. Look at this one. This was the year of the pandemic, and it was the worst ever year, also this one, and also for the laundry business. It's still a business that is already above our target. More we grow this one, closer we will be to our target, and sooner we will be to our target. It is a resilient business. The decline of the sales was much, much less than what it was in food and beverage. It's probably a business that we couldn't expect to grow as much as the other one. It's surely a business where we have a leading position that is giving us the possibility and the confidence to strongly contribute to growing these sales to reach our targets. Thanks a lot to all of you, and I believe, Jacob, we can open to question if you have any at this stage. Thank you very much, Alberto. We'll now open up for questions, and if you have questions here in the room, please raise your hand and you will get a microphone. You can also send questions online via text or over the conference call. I have one question online regarding aftermarket sales or customer care, as we call it. What is our ambition if we go to 2024, 2025? What is the ambition in aftermarket sale? How is our 15% midterm EBITDA margin depending on that we are improving our penetration with chains? Two questions. Two questions. Yes. Okay. Again, let me answer the second one first. The 15% EBITDA margin, it is influenced by the chains because it's part of our strategic plan. At the same time, we are realistic about the time to develop business with the chains. Later on, you will see also our historical performance. We were already over 14% in the 2017, 2018. At that time, we have less business with chains than what we have today. This means that 15% EBITDA margin is achievable with a limited development of the business with the chains. Second question is about customer care. Customer care currently is roughly 16% of our biz. The net sales of customer care are 16% of the total net sales of this company. We don't disclose the margin that we have with customer care, but I believe it's not needed for you to understand that is significantly higher than the margin we get with the product. We need to grow also customer care. Also with customer care, the transformation is not just a matter of saying, "Okay, now we do more." Because it's a cultural transformation of our people. To move an organization that is used or was used, because we started the process already four or five years ago, from being reactive. Reactive means I just wait to the customer to call me, and by the way, it's a nightmare because this means that he has a problem and I have to fix the problem. To be proactive, that means I go there to try to talk to the customer, to offer to them a maintenance contract, for instance, to offer to them sales of consumable accessories or other things like that, is a mental shift that we have to do in our organization. Also this one is a process that is taking some time, but we have the ambition to do this as soon as possible, clearly. I have one more question from the web, and that's related to our 15% target. Again, do we have a timeline for that target? The 15% EBITDA margin. The midterm. This is what we are saying. We are not fixing a year, internally we have clearly our plans and our targets and our objective, that is what we say. I think we have a question from the phone, so please go ahead, operator. Thank you. That question comes from the line of Mattias Holmberg of DNB. Please go ahead, your line is open. Hi, all. Thanks for the time. My question refers to M&A, and I think M&A was a pretty central selling point when you were spun off from Electrolux in 2019, and I have full respect for that the period since then has been challenging, not only due to COVID, but also working on that spin-off. I think many investors, and I definitely am wondering a bit about what the M&A pipeline looks like, and also if you are satisfied with the work that the organization is doing right now in terms of finding and processing potential targets or if that is something that you want to step up. Thank you. Thanks for the question, and it is a good question, obviously. Again, this is an organization, what in the past was not used to run M&A. We started five years ago, basically, and since then we established a dedicated group, a dedicated team, and we have been able to perform one acquisition per year. That put us among the most acquisitive company. You know that there is one in particular that is very acquisitive. Other than that, we are there, and I believe we are involved or aware at least of not every but most of the transactions that are coming to the table. As I said, the fall last year, we restarted to focus on these things. Before that it was not the case. First separation and then pandemic. Last year was challenging because the market, the business was still down, it was still something that was not easy. It is still challenging, I have to say also because, for instance, if one of our priorities is United States and traveling to the United States, yes, we rely on the colleagues. Here is John, that is Electrolux in the United States, for instance for us is harder to travel. The same apply to the way around. There are still obstacles, I would say that is becoming much more dynamic than what it was in the past. I would expect that something, not necessarily with us, surely you saw the big deal that is nothing to do with the normal M&A activities that happened during the summer. It is moving. That is what I can say. It is moving and I'm pretty sure that we are in the right spot to eventually take the opportunities. Okay. Thank you. Okay, next question from the web is related to customer care. The question is service and repair, in-house or partners, strategy, different geographies. I think a little bit of an explanation of how customer care really works in terms of partners and in-house and so on. Okay. The point is that there is not one answer fitting all in the meaning that, in our industry we have direct service. When I mean the direct service means we are serving the customers with our employee, technicians that are in our payroll. This is done in some geography, mainly Europe, Finland, Switzerland. These are example where we do this with our own people. We have what we call mixed model. This means that, for instance, here in Sweden, where we have our own employee for some businesses and in some cities, but then in others we work with partners that are certified, and they are working for us. We have majority of the service that is done through partners. Clearly, there are cases where Italy is another one, where you have a very high market share, a very large install base, and this partner basically exclusively working with us. There are other countries, United States, where we are working with partners that are also serving other brands, other companies. This is the picture. Geographically speaking, I think I already said it, again, according to the model, also the geography are different. Customer care is a combination of spare parts that is by far the majority. When we were acting as in a reactive way, we were selling parts. The 2nd part is the service. Labor, and obviously this one was part of the business, the customer care business, or it is part of the customer care business when we serve directly the customer. We are enlarging this portion through the maintenance contract that we offering to our customer also through partners. The 3rd part is the sales of accessories and consumable. Consumable is a detergent, for instance, just to make an example. Accessories are things that you don't buy when you buy the product, but you can buy along the life of the product to make the product working better. If you buy an oven, you need trays to operate the oven. You get some when you buy the product, but you can get some special ovens or special connection to cook chicken or whatever, and you buy them later. This 3rd part is the one that was basically zero, some years ago, and that is the one that we can develop nicely and significantly in the future if we stay close to the customer, if we remain in contact with the customer, if we start dancing and being that step ahead and in front of the customer. Okay, thank you. We have a question related to chains. What matters most in getting business with the chains? Is it scale, relationships, breadth, or offering? What do you miss that others have? Okay. The first thing is relation, in the meaning that, most of our American competitor, they've been working with the chains since ever, since the chain started. That is the reason why an acquisition can be an accelerator of our growth with the chains. The second one to be successful with the chains. Sorry, this one we are building. We have been acquiring Grindmaster-Cecilware, as a successful and well-distributed offer of beverage appliances that most of the chains are using. It is something. The example that I showed you is starting from a beverage product, a bubbler that Subway or other customers are using, and they are buying from us. The 2nd element is, I think, is the offering, the meaning that I think I mentioned earlier, it cannot be a me-too product. If I go to McDonald's and I tell them, "Now I have a fryer for you," so what? They have a long relation with the current supplier, that it will be harder to replace them with a product that is not offering something different. You have to come there to tell them that you have something that is making things completely different in their working flow. The example, and it's probably the best-seller product that we have with chains, and I'm talking about large American chains buying it from us, is, for instance, the thawing cabinet. Most of the chains are using frozen food. Frozen food means that you have to defrost the food. To do this, you need 24 hours. You have to put the food in a fridge for 24 hours. They don't put under the hot water like sometimes happen. That's bad. You have to put the food in a fridge 24 hours ahead of serving it to our customer. This means that today is, what? Now is very early in the morning, but 9:00, you have to decide today what to prepare tomorrow for lunch. Tomorrow could be raining, could be a sunny day, could be there is a demonstration. I can have more or less customers. The day I defrost the food, then I have to use it. Otherwise, you throw away. Now we brought to them the thawing cabinet. Thawing cabinet is, it seems to be a fridge cabinet. In two hours, you are defrosting the food. This means today I'm deciding what I will serve today, not tomorrow. This is, I see that there are more customers coming. Great. I start another process an hour from now. I don't lose customer, and I don't throw away food in case I defrost too many or too much. Okay. Thank you, Alberto. We take a final question related to M&A again. Would it be in your strategy to acquire your distributors as well, for example, in North America? Again, I can only say once that when I was in the United States, I spent five years in the United States, 2004, 2009, when we started up the operation. At that time, Electrolux Group owned a distributor over there. We own a dealer, a company that was acting, was already operating, a sizable company in the United States. But then owning the distributors was like to compete with the others. This ended up, after five years, to sell that distributor, that dealer. That is what happened and what I'm saying. Obviously, buying distribution means to change the distribution model. It is a strategy, and it is something that we are always monitoring, but I would say that it is not among the three priorities that we have there. Okay. Thank you, Alberto. That was all the time we have for questions for now. Now let's move over on to the next presentation, looking at the laundry market and the industry, and it's Torsten Urban who will tell you a little bit more about that. Please, Torsten. Thanks, Jacob. The next 50 minutes, I will give you a short overview about the market, the market size, the players of the market, and also about the segments and our customers. After, Silvana will give an overview about the mission, how do we deliver to our mission to make the work life of our customers more easy, more profitable, and every day more sustainable. Now, let's start with the market. The market for professional laundry is around $2.2 billion. It was used to be around $2.5 billion. It was also impacted by the COVID crisis. The market of laundry is much more resilient and much more robust than the market of the food service and beverage equipment. This was also already proven during the financial crisis in 2008. The market was less impacted, the laundry market was less impacted than the food service or the beverage market there. Historically, it's a market which is growing in the area of 2%-3%. The next one-two years, we expect the growth is a little bit higher because of the recovery there. We expect a little bit higher growth there. The biggest part of the market is in Europe, with more than 40%, followed by North America with around 30%, followed by Asia Pacific with around 22%. From this area, from this region, we expect in the future, the biggest growth coming. What are the growth drivers? Look into that, what are the growth drivers for the professional laundry market? This is mainly the population. We're having a growing population. We expect to have 2 billion people more by 2050 on our planet. It's also the growing middle class, and this is mainly happening in Asia, where the middle class is growing much faster, and they can spend the money to travel, to go out there, and also to spend there. Also, we are getting older. Luckily, we are getting older. We also have to take care about our people. There's a big market, especially in the elderly homes and the care homes, but also in the hospitals there. This is also a growing market, and we expect that this is growing also a little bit faster, this segment, than the average of the market. This is also driven, for sure, by higher hygiene standards. This happened already before the pandemic, but it's accelerating really during the pandemic. We have seen that really hospitals, elderly homes, invested into laundry there, and this we expect is continue also after the crisis. We can split the market more or less in three different big areas. One is the heavy-duty segment, the 2nd is the professional segment, and the 3rd is the semi-professional segment. The heavy-duty segment, they use completely different equipment. It's really heavy industrial technical equipment with tunnel washers and processing tons of laundry every day. It's around 25% of the total laundry market, and the global players are Jensen and Kannegiesser in this area. In the professional area, which is the biggest part and where we have our main turnover and net sales in this area, is around 55% of the market. The machines and the equipment is much more similar to what you have at home, how it looks at home, but much bigger. For example, with our biggest washer, you could process up to 120 kg of linen in one hour. It's completely different to the household machines. That brings me to the 3rd big part of the market, and this is the semi-professional market, which is more dedicated to smaller businesses. These are mainly reinforced household appliances, and we were able to enter this market around six years ago very successfully with our semi-professional machines, myPRO. When we look then into the market share, these are internal estimations based on public available data. We don't want to disclose the market share of our competitors because only us and Jensen are public listed. This is the reason there, but probably you can have a best guess there. We took market share last year because our business, and you will see later on in Fabio's presentation, was much less impacted than the total market. Our business last year decreased by around 9% while the market decreased by 16%. What I would really like to highlight is that we have a high concentration rate in this market, in this industry. When you take the top five players, you reach a concentration rate of around 70%. When you look only into the core market where we are acting, the professional area, the concentration rate is even higher. Have a look at our customers. What are our customers? We can provide them in two main areas and two main segments. One is the profit center laundry. That means it is their core business to clean and to wash linen, to process linen. This is their revenue stream. This is where they make the money from. We have the cost center laundry. That means they are having different business. Like I mentioned already before, elderly homes or hairdressers, beauty salons, and you can name so many there, and you can split these two areas. Where are we strong? In which areas we are really strong. This is the consumer-operated machines. This is on one side, it's the coin laundry. Also here in Sweden, we are in Sweden, it's very strong, the apartment house laundry. The consumer-operated laundry. During the crisis, the people had to still wash their clothes. Even many people washed them more often. The business was still going on. This is also the reason why our business performed much better last year than the average of the business. The other important segment for us is the care segment, where we have even a dedicated factory in Troyes where we produce barrier washing machines, where we load the machines from one side and unload the machine from the other side to avoid cross-contamination. This is really an area where hospitals, elderly home invested the last years, and the investment is still going on. We expect also here a higher growth than the average in this segment. This is the reason why our business declined less than the average of the market, and we had a very good performance in 2020, as highlighted by Alberto. It is not only about the products. As I mentioned before, Silvana will really give a deep dive on our innovative and sustainable solutions we provide to the market. It's also how we go to the market and where we add value to our customers there. Add value to our customers. We are quite a couple of years Schneidereit, and we are really strong in Germany, Austria, and Switzerland with rental solutions. Especially when laundry is not your core business. You don't want to care about your laundry, how it's running. You just want to have that it's running and that it makes the job. We take care about this. Also, you have the possibility and we transfer fixed cost for our customers into variable cost. You'll be flexible how your business develops, and you can adjust quickly. You have seen all the different segments, and you can imagine that's a big difference between processing some garments for a hairdresser or washing a firefighter uniform. We have a competence center with the pre-sales who can size also the laundry, especially to your needs, but also the segment manager who are specialist and know what is important for the segment and how to process the garment, the linen, and what are the standards we need there. We have a competence center and special segment manager. Highlighted also already by Alberto, our global customer care offer with Essentia maintenance contract, consumable spare parts, and also here the connectivity will accelerate everything because we'll be closer in the contact with our customers every day, because we can monitor the connected installations. What are the challenges of our customers? Where can we help them? It is with the digitalization. It's not their core business, the digitalization. They don't know how to do this. With our connected solutions, we help them easily connect the appliances and to monitor the performance. At the end, it is like in our factories. If something is going down, you don't have business. You cannot process. You can imagine when you're a five-star hotel, what happens there when the ironing line is not working. It's about the green revolution. Our customers, especially the international customers, they have targets on sustainability. Silvana will show you how we help them to achieve the targets on sustainability. When it comes to productivity, for example, there's always not enough capacity there. With the monitoring, we can see that the machines are either not loaded, not fully loaded, or they're waiting to be unloaded. Also with the connectivity, we will have a demonstration for the people who are here later on. You can see how we are able to advise our customers to increase the productivity and to have a more efficient laundry. Last but not least, also the hygiene and safety. With the connectivity, you have really the possibility to monitor also if the linen is processed in the right way. If you reach the temperature, if it's washed the right time, and if something happen, you can immediately access there and take actions. This picture, Alberto showed already before, but it's really the core of our strategy. It's the OnE Connected solution where the laundry is embedded completely in our solution with the connected appliances, but it's also open and with API, we can also connect 3rd-party products, for example. To really play the role also of the integrator of our industry. Just to sum up, we have innovative, great solutions to reduce the running cost of our customers and to make the work life more easy, more profitable, and everyday sustainable. We have a global customer care, we have a strong digital agenda with OnE Connected solutions. We grew in the last years and outperformed the market with a continuous annual growth of 4.7%. Thank you. Thank you, Torsten. We will now take a closer look at our product offering in laundry. This will be done by Silvana Johansson, who is Global Head of Category Laundry. The floor is yours, Silvana. Please go ahead. Thank you very much. Today, I will have the pleasure of sharing with you how our innovative solutions with low environmental impact generate customer value and profitable growth for Electrolux Professional. Customer value is all about understanding the customer needs and being able to respond to the customer needs with the right solutions. Our customer base, we are a global company, so our customer base is very wide, both geographically but also from a business perspective. You've already heard Torsten talk about it. We have many different businesses that we have to cater to, and they have different needs, for sure. If we take a business to business, that can very well be a commercial laundry. They have a huge need for productivity. A business to consumer has a need to wash the most delicate garments, leather, silk, et cetera. Coin-operated and multi-housing, which are consumer operated, need speed, for sure, and speed of processing. Care, facility management, have a huge need for hygienic solutions. Special OPL needs to wash heavy soiled garments from industries, hotels, restaurant, catering. Hotels, imagine a five-star hotel. They need an amazing finishing result, white linen and flat linen. You should be able to bounce a penny off it. Small businesses need solutions that are affordable because they cannot make huge investments. You understand, in our business, every laundry is different, and there is a difference in the need. Of course, the solution has to satisfy that need. I'm proud to say that we are a full solution provider, we are a global solution provider, and that we are able to offer the full range. We are able to offer the right product mix to respond to the needs, we always have the right product configuration to the customers. Not only are we able to do it, but we are able to do it with speed and with cost efficiency. The reason why we are able to do it with speed and cost efficiency is mainly two things. The first one is the intelligence that we have built up in our equipment throughout the years. The second thing is the modularization that we have built up in the products, actually more than 20 years ago. By being close to our customers, by understanding their needs, it is also much easier for us then to anticipate and also adjust the product configuration based on those needs by, I'm saying simply, combining a standard product together with a couple of modules that we have on the shelf. It's basically, you can imagine it's the principle of a Lego or a puzzle. You just have different elements that you combine. This gives us a huge flexibility in terms of functionality of products. To all these different segments, we can take the standard products and add various functionality. Consumer-operated would need, for instance, a booking system or payment system. Facility management may need a special type of drum. Business-to-consumer needs a process that enables washing leather, suede, silk, and all the delicate garments, wool. Firefighter needs a sort of impregnation in order to make the garments water-repellent and fire-repellent and so on. With all these different elements, adding a front-loaded detergent box or connecting the machines to an external dosing system, offering multiple options either built in the products or also on the field, which also reduces complexity a lot. We are able to cater to those needs. Apart from being able to provide completely to the custom needs, this modularization has also helped us tremendously when it comes to tenders, because tenders are a very important part of our business, and winning a tender is obviously very important. The window of opportunity to provide the right product from the tender release to the actual application is quite short, and we have always been able to offer the right solution. We have also very good track record for tenders. It also enables us to create a certain differentiation for special big customers or brands. The modularization, last but not least, it helps us to create different solutions. Yes, we are price premium as Alberto said, but within the different tiers of pricing, we are able to adjust the product configuration so we can also capture the more price-sensitive customers we have. All- in- all, we have a market-driven modular design that helps us to provide a very fast response to the market requirements. From our perspective, from the factory, from the manufacturing, R&D development, there is no complexity attached to it. You will also have a chance to see more during the manufacturing process. Now, I'm category manager, so I'm very keen to talk about customers, about their needs, and I love our mission that was already mentioned so many times by my colleagues. We are all about making the work lives of our customers easier, more profitable and truly sustainable. I would like to deep dive a little bit more what this would mean in particular to laundry. If we had to split it into two, I would say that first, let's have a look at how we are making the work lives of our customers more profitable. At the end of the day, profitability, our customers are business people. All are businesses. Regardless if you're a cost center or profit center, you are a business. They all are looking for profitability. The way to achieve profitability, like in any other business, would be to reduce the costs and increase the revenue. In any given laundry, in fact, the biggest share of the costs of the laundry are the OPEX of water, energy, and detergent. They are the very same thing that actually fuel the laundry process. Without using water, energy and detergent, you don't have a laundry, right? This is actually the biggest share of the cost. We have a fantastic track record, I think, and there's so much of this thinking in our DNA. We have worked a lot in reducing the consumption of water, energy, detergent, and hereby also reducing the costs. I even would like to say that with the latest generations of products, addressing our customers, it's difficult not to save water, detergent, energy, because we have created solutions that are so much plug and play. It's very effortless. It's not up to the operator. The machines are taking all the responsibility in order to supply this. There is a lot of intelligence behind. You will see much more of this later. The other side of profitability is for sure revenue. Here, regardless whether you're a profit center or a cost center, you want at least productivity. Productivity means obviously being able to process as much as possible in the shortest possible amount of time. If you're a consumer-operated, if you're a coin operator or a laundromat, for sure you want high productivity, so short cycles, so that you're able to have as many customers as possible in that period of time, because every customer means money. If you're a commercial laundry and charge for the linen from other companies, if you're a commercial laundry washing for a hospital, et cetera, then you want to get as much linen done in the shortest possible amount of time, also to control the staff costs. Also here, we have a lot of intelligence built in our equipment. I would like to say that furthermore, what is even more important than intelligence built in the equipment is what has been mentioned several times already, and that's the connectivity. In reality, connecting appliances, which from start are very intelligent, and they provide all the data they have to a computer or to a cloud, and you have the visibility of the entire process, you are really able to see where there are bottlenecks in the productivity process. You see, are the washers and the dryers loaded optimally? Are the operators maybe forgetting to unload the washer once it's done? If you're able to have that bird's-eye view, either from one machine or from thousands, if all your laundries are connected, you're really able to pinpoint areas of improvement, you can improve the process. Data analytics for productivity are extremely important. This is one side, the profitable business. The other side, which we have worked a lot lately, is the peace of mind. That is connected to making the work lives of our customers easier. Here we have two parts. The first one is what we call effortless use, and it's very much related to the customer experience. No matter if you're a customer in a multi-housing and you've never used the machine, you need a super intuitive machine to be able to do the laundry. If you are in a commercial laundry, going back to a commercial laundry or a hotel laundry, and you're an operator who literally day by day after day, week- after- week, year- by- year, you load, unload hundreds and thousands of kg of linen per day, then you need equipment that is taking care of your body, of your shoulders, so you're not worn out. Then there is everything in between, for sure. Ergonomics has played an important part of our product development in the past years, and I'm happy to say in 2018, we were granted the ErgoCert, which is the 3rd-party ergonomics certification, which proves that we have a human-centered ergonomic design. Today, we launched it on a limited product range. Today, we have it under our full range because, of course, you need to cover the full range in a laundry. The other side is peace of mind. It's about trustable safety. When it comes to trustable safety, we've pioneered this area decades ago in all the applications where hygiene is an important factor, and that would be the obvious parts. You have hospitals, you have nursing homes, also facility management. Here it's not just about the product, it's very much about the process. We have a broader process knowledge, dimensioning laundry flow, et cetera. What has happened now in the past 1.5 years, we all know, COVID has forced us to rethink. We understood, again, being close to our customers, understanding their needs, we understood that hotel owners were very keen, the little business they had, to provide and guarantee their customers, just as they provided guarantees in terms of food and the waiters wearing masks, they wanted to assure their customers that their linen is washed accordingly, that the towels are washed accordingly, they can trust it from a hygiene point of view, they are not infected. In multi-housing, our customers were basically afraid, "What happens if the person who washed before me was contaminated or have COVID, and my linen will be contaminated?" Even if the risk would be minimal for sure. We worked very fast, very agile, and developed in a couple of months a complete program of equipment that caters to all these customers that are more in the periphery of what you would call traditionally hygiene customers. Now we have equipment where all the customers, multi-housing, business to consumer, hotels, etc., they can trust that their linen will be processed accordingly. There is no need for contamination. More than that, if the linen has been contaminated, the virus will be inactivated. We worked this not just by ourselves. We have a lot of specialists, obviously, but we also worked with our trusted partner in Sweden, RISE AB Research Institutes of Sweden AB, with their own virologists and experts in order to be able to come to this. You see, all of these value propositions to me are very dear. They are also interdependent for sure, and they do live in a very symbiotic relationship, and all of them are related to sustainability. As time is limited now and we only have a couple of maybe 20 more minutes to go, of all these, I would like to highlight the one that is related to low consumption and low running costs. That's the one that generates a profitable business to our customers, for sure. Because it is related to saving water, energy, detergent, and not just saving costs, it also generates the lowest environmental impact. While the customers have a profitable business because they will save money, it will also generate a sustainable business. In the past years, the need for sustainable businesses have become so evident from all our customers from a pull effect also point of view, because so many of our customers, we are serving big multi-housing companies, we are serving big hotels, big hospitals. All of them today, being businesses, they have own environmental targets to achieve. Right? They are very determined to do it for sure. Many times, they are turning to us for help. By innovating and reducing water, energy, and detergent, on one side, you're generating a profitable business and on the other side, a sustainable business for the customer. It's a win-win. Not only that, but what is even better is the fact that this is all sustainable business, and the profitable business, that means value to our customers. We will come to this, we'll quantify it very soon. Quantifiable value means also that you retain existing customers, means that you are attracting new ones. Not only that, you are able to also justify a premium price. This is how we are able to grow profitably. We are providing value, our customers understand the value, and we are able to grow profitably because we increase sales at premium price. Also, I am happy to say that from that profitability, we do a lot of further development, further innovation that we again re-loop and invest in sustainable solutions. Really, there is a full circle around it. This is a continuous loop. I said that I would like to quantify things. Let us start then with the sustainability of the business. Before doing that, I also want to say that I have been in Electrolux Professional for laundry, at least for 25 years. I'm extremely proud to work for this company because I remember already when I started, I was told about innovation that was making the work lives of the customers better and that was very environmentally friendly. You imagine 40 years ago, this very company in the middle of the Swedish forest, developed the 1st dryer that saved 60% energy. We're talking about 40 years ago. 30 years ago, while there was a huge dry cleaning business in the world with hazardous substances, this very company developed a way to wash garments that are normally not washed in water, but in very hazardous substances. Garments is like suede, leather, wool, silk, velvet, and other garments by pure water. Okay? Completely eliminating solvents. This very company is the company that's found 30 years ago a solution to reduce water at less than full load when everybody was using, nobody was thinking about water resources. This very company, already 20 years ago, developed a solution to save also detergent when it was all about lots of detergent in the linen. This was many decades ago, obviously. I have to say that even though these are great step changes, the true step change maybe happened actually when we introduced the modularization 20 years ago. That enabled us not only to provide all the benefits in terms of operational excellence and customer benefits, but also environmental benefits. That allowed us to continue the development. We reduced CO2 emissions even further by 45% since then. Detergent, 25%, water, 40%, energy, 40%, and still going strong. What is enabling us to do it is exactly what I said earlier. It is the intelligence we built in the equipment. It is the innovation. You see a lot of things that are signature features that are rather difficult to read, but all of them are either by themselves or in combination, contributing to this. It's about everything that happens in a washer, reducing water, reducing energy, in dryers, reducing energy, building in the intelligence, knowing when the dryer should stop drying and not continue when the garments are already dry, and so on. Now that I have spoken about it, finally, let's go to the quantification part. I will start slow. I will start very simple with a washer and dryer. What you see here in front of you is an industry snapshot of a 20kg washer and dryer. 20 kg is quite typical in our business. You will see, also in the Center of Excellence, we have these machines. This could be very well a hotel laundry terry towel concept, where a hotel would wash terry towels all the time. Of course, these products, they are not your average domestic product. These products don't last 2,000 cycles. We are making products to last 30,000 cycles. These products would run from morning until evening, five, seven days a week. Just to give you an idea, by the end of its lifetime, a washer and a dryer like this, they would have processed about 600 tons of linen. Just so you understand the proportions. It's also obvious that if they would process a lot of linen, they would also consume a lot of water, energy, and detergent. Here you see it's about 3,700 cubic meters of water, 300,000 kWh of energy, and nine tons of detergent. It's quite a lot. This would be any industry snapshot. With our innovation, and I'm being very conservative now, we are able to save 25% water, 40% energy, and 25% detergent. You may think, "Okay, that's nice, but how does it help in the bigger picture?" Don't forget that small streams make big rivers. We definitely do not sell one pair of washer and dryer per year. We sell tens of thousands of equipment. If we add all those sales from one year, and this is each year, with the savings generated by us, if you accumulate them, obviously, we sell this globally, but with the savings that are accumulated, this is what you would sell. You would save a lot of water, detergent, energy, and CO2. Because we are in Sweden, I took the liberty of aggregating all these savings and translate them into something that may be more digestible. The water that is saved yearly on the base of our equipment is corresponding to the consumption of Sweden of 14 days. The detergent corresponds to whole Swedish consumption of 120 days. When it comes to energy, it's four days, and emissions is two days. You see, it does really make a difference, and it is also very easy to quantify. Now, of course, as I said earlier, water, energy, detergent savings, you have basically two sides of this coin. One is the sustainability of the business, and one is the profitability of the business. I'm very keen to show you also the value in terms of money. I will use it with an example that I think is quite familiar to you in the financial markets, which is called the iceberg illusion. Basically, the iceberg illustrates a deception in which only a very small perceptible part of a problem is visible with the naked eye, whereas more of that lies hidden under the surface. This is very, very easy applicable to laundry. We have used this analogy for years. How we would apply it, I will show you with an example of a washer this time. In any given washer, the investment of the equipment, which is basically what you see with a naked eye, you see the equipment and you see the price attached to it. That is only 15% of the total cost of ownership of the product over lifetime. The main part of the cost are the OpEx in terms of chemicals, energy, and water. This is where deception is in laundry. Of course, for somebody who is not aware of this can be quite tricky, and it can be quite compelling to just look at the investment cost. Using now this thinking, of course, this proportion can vary between different countries, between different sizes of machine, but they always are between 10% and 20% in terms of investment. Now looking at the same combination, if we go back to the washer and dryer I was talking about earlier, a 20kg washer and dryer, and thinking about icebergs again, of course, just in nature, not all icebergs are the same. The same goes for laundry. The tips and the bottoms are very different. One thing is for sure, though, that we are generally premium priced compared to the industry snapshot. In this case, we are at EUR 3,000 premium priced. For any uneducated customer, it will be extremely compelling to select the cheaper solution, because they would say, "A washer is a washer, a dryer is a dryer. They do the job. They look the same, so I will take the easy way out." If you think about the operational expenditure, in reality, thanks to our innovation, our operational expenditure is much lower than the competition. In fact, it is much lower than the industry snapshot. When you add the CapEx and OpEx together and look at the total cost of ownership, then you will see the difference. At the end of the day, and this is what matters at the end of the day, it is not about the CapEx. At the end of the day, it matters what the cost of ownership will be at the end of the product lifetime. In this case, you already get the return on investment in 1.5 years. This is the return on investment on the price difference. Then the rest of the time from 1.5 year up to 10 or more, the rest is just pure savings in the customer pockets. This is also why while delivering value, we are very seldom talking about the price of the equipment. We are always talking about the value it brings to our customers. We talk about cost of ownership. This is our philosophy. There are many quantifiable benefits. We've looked now into the sustainability of the business, measuring it, quantifying it. We've looked at the profitability of the business, measuring it again. I'm talking about the customers, obviously. I said that it does contribute to our profitable growth. It does for sure because if you're able to justify value, if you're able to quantify value, the customer will understand it. This is also enabling us to capture a lot of opportunities out there. We have so many examples, it was very difficult to choose. I selected just a couple to give you a little bit of a flavor. In the center of excellence, you will see definitely much more. I will start with the U.S. business, which is a very important business for us, and I will start with laundromat business. Now, laundromat business is very big. There are a lot of laundromats out there, and there are many investors interested in expanding and also investing in laundromats. The laundromat business is old in the U.S., very old, very established, is actually also very conservative. At the same time, it is also highly competitive. There are many different laundromats within a visible area. It's enough sometimes to stand on the road then you can see around several of them. The competition is quite fierce between these laundry operators. The products they are offering to their customers have rather limited differentiation or sometimes even no differentiation. It's just a matter of having the right location, probably it could be a little bit around price, but no more. This is starting to change now because also the coin-op owners understand, especially the large business, they understand that they need to offer more customer experience to attract the customers. A success of the laundromat is depending on the customer turnover, obviously. In order to do that, you also need to provide the customer experience. It's done just as we do, understanding the customer pain points and trying to solve them. One large investor understood that customer pain points are about time you spend in laundry. People don't really want to spend two hours in a coin shop. I love washers and dryers, but probably not even I would think it's that much fun. People don't like to bring with them a lot of quarters in their bag because it's sometimes you have bags of quarters with you. Also, customers carrying literally five, six liters of detergent with them in addition to all the garments they have. Also, people not really happy with the user experience in the laundry. A large investor opened up an opportunity. They had done a very good research, and then they had very specific demands in terms of how they would like to be a game changer in this industry. They approached our long-term partner, Laundrylux, in the U.S. We have worked together for six decades. They approached us, and then together we worked on a solution. It turned out, this is actually very interesting because at the same time as they had a lot of ideas on the other side of Atlantic, we were just developing the right product range that would turn out to perfectly correspond to their needs. When we met, we felt it was a great opportunity to test. Their concept is in and out, very quick customer turnover. 35 minutes. In 35 minutes, you have done with the washing and the drying. For all of us who have domestic washing machines, we know how long that could take. It's a huge step changer. Also touchless payment. You should be able to not just use coins, but also to pay by phone. What is really, I think, disruptive, if I may use that word, is the fact that customers do no longer have to bring their own detergent with them, but instead the detergents are provided automatically by the laundromat. Because it is so disruptive, we just wanted to do a test to see if it would work. The 1st test store is what you see there. It was installed in December last year. Of course, we have monitored the savings, the customer value. I would like to say that the reviews on Google are amazing. They have an average of 4.8 out of 5. That is very nice. Customers love the experience. We have offered the latest technology, touchless payment, touchscreen control panel on the washers. Already now it turns out to be a very good business. We will definitely continue now in the years to come. We already have a 2nd installation going and a couple of more next year, and then we will scale up. This is a great, I think, example of our preparation meeting the opportunity, but we could not have done it without our innovation and without understanding the customers. Also, if I may add for this example, can you imagine the environmental benefits? Because a laundromat like this, we're talking about 50 washers, sometimes more. The amount of detergent bottles that the customers who bring the detergents leave there, it is amazing. Thousands of bottles that you're saving, basically. It is really a win-win for us, for the customers, for the environment, for the business owners. We have so many examples from other laundromats. This is an example just from the French part of the Caribbean with, again, where the focus and the reason why we were selected was the sustainability aspect, the effortless use of our equipment, the productivity. Even here, they start understanding they want to do a wash and dry in 60 minutes or less. Even the environmental aspect is reflected in the name of the laundromat. This is expanding now with more and more laundromats. Laundromats can take different shapes, colors in different places. Albert was mentioning about having coffee shops also in laundromats. This is another example with a combined laundromat in Italy. A combination of laundromat, a laundromat for pets, where you would wash fur coats, blankets with a lot of fur. Also a pickup and delivery stop for delicate garments with our lagoon Advanced Care. Here it's an overall business, shows creativity, shows flexibility. We were able to deliver everything the customer requested. Another example that is very representative for us is the multi-housing business. There is a huge installed base in the Nordic countries, Sweden included. In this installed base, you have machines, even though we talk about 10 years, but sometimes you have machines that are 20 years because our machines are very long-lasting. What happens with older equipment? Older equipment is very seldom as efficient as new equipment. Here, this is an example from Söderköping, where our salespeople approach a customer who had an environmental target of 10% reduction in energy. They had to apply this. They had to find some way to get it. We explained that even though, yes, your old equipment is working and it's fine, but if you replace that equipment with new efficient equipment, heat pump drying technology, we save 60% energy, more efficient washes, et cetera, you will achieve this target very soon. The customer accepted the offer. We sold 19 fully equipped laundries. We also sold full service agreement, 10 years, Essentia again. The savings generated by this replacement were staggering, 60% energy, 50% water, 50% detergent, 66% reducing the CO2 footprint. Customer is very happy. They managed actually, instead of those 10%, those 10% turned into 35% of the household energy that they saved. Even the investment was almost fully covered by the savings, which is remarkable, isn't it? Last but not least, I've selected the example of Oxwash, which is a collect-and-deliver laundry in the U.K. Now, collect-and-deliver laundry is all about the jackets, coats, leather, suede, everything, and normal garments that you don't want to do a process at home or in a laundromat, you will leave to somebody else to launder. Traditionally, this business has been run everywhere by mom-and-pop shops. Small shops, mom-and-pop shops trying more or less to make ends meet, unless you're a big commercial laundry, obviously. This landscape is changing very fast because the 2nd, the 3rd generation is not really interested in taking over their parents' or grandparents' business. This is dying out. Of course, the need for laundering these types of garments is still there. Therefore, now there are new up-and-coming investors that are looking into ways of generating these types of businesses. They are not the mom-and-pop shops. They're businesspeople. They have business plans. They have very clear business targets to achieve, and they are very environmental friendly. This is the typical example of Oxwash in the U.K. They had all this. Up-and-coming investors willing to change the industry, literally not just talking the sustainability talk, but also walking the walk. Even their pickup and delivery is done on an electric fleet of cargo bikes. No solvent cleaning, only water-based cleaning. This is again where our innovation preparation met completely their demands. We were able to supply with our lagoon Advanced Care concept, to equip full laundries, 100% environmental cleaning. This is the reason why they chose us. The side benefits were the savings that they noticed immediately, in terms of water, energy, detergent. Because the machines are connected, they were able to pinpoint areas improvement in terms of productivity. They understood, "I can improve the profitability. I can release some time." They also added even more business from other laundries, not just private people. All in all, increased turnover, reduced costs, and more expansion plans in the future. That brings me to my final slide. Again, I am very proud to work for Electrolux Professional. For us, it's all about making the work life of our customers easier, more profitable, and truly sustainable. We're a global full solution provider. We provide whatever the customer needs with speed and cost efficiency. We have a lot of smart innovation. We focus on sustainability. We are able to show our customers how we provide value and quantify it. We have the agility to capture any business opportunities that comes our way to generate further profitable growth for the company and to reinvest it in sustainable innovation. Thank you. Thank you, Silvana. We now will take a couple of questions. For those of you who have a question in the room, please raise your hand. Also we can take questions from the web. Please, the first question is in the room here. We have a microphone coming behind you. Just give it five seconds and you will have it there. Please. Thank you. You mentioned the replacement cycles and mentioning that your equipment doesn't really need to be replaced for technical reasons. How is the replacement cycle for various customer categories looked like historically, and what opportunities do you see with technology to shorten those replacement cycles? That is a very good question. The first question, if I understood correctly, was what the replacement cycles are between different customers, right? Okay. Let me start with that one. The replacement cycles vary a lot geographically and also from the customer type. If you take a commercial laundry hotel in Asia, that commercial laundry would very likely run 20 hours out of 24 hours. Okay. That hotel. Obviously those replacement cycles are shorter. It's not about 10 years, but it's still 30,000 cycles or more. In a multi-housing, maybe where the equipment is not used 20 times a day or in other applications, then the times are longer. In terms of equipment length, the interesting thing is that what we are working on now is do the opposite. For us, it's not just about selling equipment and making a quick buck. Definitely not. For us, it's actually now, and it's very much related to sustainability. What we want to do, we want to extend actually the lifetime of the equipment. I think also connectivity is helping us a lot. We are able to read data from our equipment, we understand where the pain points are, we know how to extend the lifetime. We are starting also several programs with the help of Essentia and the customer care to offer upgrade programs. You are actually upgrade repair kits, et cetera, which we are doing for our customers to extend the product lifetime for a sustainability perspective. I think we are definitely replacing equipment that doesn't do the job anymore, but we are also looking into the future to do that, to extend the lifetime. I think also, again, connectivity has given us a great opportunity to do that. We are starting the programs now. Yes. And maybe to, s orry to jump in. Our customer, and it's normal that during the lifetime of washer and the dryer, there are normal maintenance there. When we extend the lifetime of our washers and dryers, that means we have also the possibility to grow our customer care sales there. It's a good opportunity, especially also related to the connectivity. Thank you. Because we are closer to the customer. Thank you very much. I have a couple of questions from the web. One is about growth prospect, given the fact that middle class increases and more and more people have laundry appliances at home. Is that a risk? Yes. I do not see it as a risk. I would say the opposite because we have seen Now, again, I've been here for 25 years or so, and one of the first things I heard when I came, "You will see multi-housing will decrease in the future. We'll see coin op will decrease in the future." That has not turned out to happen. If I may say, I almost see an opposite effect now. This is because of the fact that especially the young generation, they are so interested in sustainability and shared economy, that they understand there is not really any point in owning a washer and a dryer when they can easily access a commercial type of equipment. To give you an example, in a Swedish multi-housing, there are two alternatives. Either you have, let's say, an example of 35 apartments, just for the sake of the argument. You can either have a professional laundry of four machines, so washer, dryer, and drying cabinet. The alternative is to have 35 sets, so 70 altogether, of home appliances, right? Those home appliances will very likely have to be replaced within five, six years. During the lifetime of the professional equipment of 10 years, you will have to use 140 domestic appliances. This is 4 versus 140. Imagine the consumption the 140 have. Imagine the material that is used in the 140. If you use our solutions or the professional solution, you would save 90% pure material. Okay. Plastic, steel, everything that is part of the material. People now understand that convenience is not just having a washer and dryer at home, but convenience is actually speed, right? Instead of spending eight hours doing your laundry at home, you spend two hours and do everything at once. Okay, thank you. Another question is around how big part of our laundry business is specialized versus standardized products, and if we see the market evolving towards more standardization. Yeah. We have a modular platform, as was underlined by Silvana. Even if you see that we have many different segments with many different needs, the product is very, very similar. It's really very, very similar. The programs, they're completely different. The chemicals can be different. The machine or the 20 kg you were highlighting can be also used in a hotel, but also many other applications. Thanks to the modularization, it is really standardized there. Just to give an example to what you said, for instance, the latest technology of washers we developed with a touchscreen, super intelligent inside. One and the same equipment you can place in a laundromat in Asia, in a commercial laundry in the U.S., in a multi-housing in Sweden. It is the same equipment. Just as on a phone, you just change settings, you change the language, you completely change the segment where you operate, and automatically you get intelligently all the programs. Three clicks of a button and everything is changed. The configuration changes. This is what I meant with the intelligence we build in our equipment. You can have both standardization and modularization is helping. The intelligence for sure. Thank you. We have a question related to the laundromat in Chicago that you explained, and the question is, what premium price, if any, can you get for the laundromat in Chicago? I am not able to disclose the figures, but I can disclose that there is a premium price for sure, compared to any other laundromat, even taking into consideration that you have automatic dosing, which by default you have to charge a little bit more. I would just like to add that in spite of the premium price, customers are super happy. Again, very nice Google reviews. The customer return rate is sky high compared to any other traditional laundry, which goes to show that this solution is the right one. Okay. There is a question again from the web. Appreciate existing laundromat and some multi-family housing need their washers, dryers to be upgraded, but do you have any data on which percentage of new residential settings do not come with a personal laundry outlet? Personal. Yeah. I think this really depends from country to country. It's completely different from country to country. Here in the Nordics, it's really normal that you have a laundry in your basement. I think Silvana it's even mandatory there for public housing there. In Switzerland, there's a big apartment house laundry market. We see this also with urbanization, strong urbanization there, because at the end, the rent for the apartment is very high. It's getting more and more higher and you want really to waste the space for your washing machine in your apartment. Isn't it better then to use the apartment house laundry, or if it's not provided, also to go to a coin shop with the new services customers are offering. It's not the traditional coin shop you maybe know from the 60s, 70s, something like this. It's really very convenient with pick-up services, delivery services, and in many cases, also lockers. That means, also when the shop is even not open, you put it in the locker, you take it out. There are new solutions thfere also enabled by the connectivity. Thank you. We have a question in the room. Yes. Thank you. Regarding the recovery you mentioned in the start above the 4.7% CAGR. Given the strength of the recovery, do you see a chance of a prolonged period of strong growth due to replacements, due to what we saw after COVID? Is the market fairly stable as you see it? We see now a very fast recovery. First it is like this, and you will see some figures later on where we show also the rolling 12 months, but until June by Fabio. You will see at that time that the recovery for laundry started a little bit later because also the impact for laundry was less than for the food service. We recently see now, when you look into the order books, that is skyrocketing and we have a very good order book and it's now coming back very quickly, very fast, the business, what we see. We believe that in some segments, as I highlighted the care segment, for example, that this will be also the elderly home, a longer cycle of higher growth. Okay. Thank you. Another question from the web. Who doesn't want a wash and dry cycle of 30 minutes or less? Are your products much better than competition in this aspect? Is the price premium dramatic compared to competitors? I would say given the value, the price premium is not dramatic at all. The price premium I think is modest compared to the value we deliver. That has to be clear, and that is very easily shown. Return on investment on the difference is very small. Yes, I have to admit, again, this is the truth. We have invested a lot of innovation. We are able to understand in which areas to invest. We are close to our customers. We understand what matters to them, we focus on those areas. For sure, productivity is one of them, the areas where we focus on, because we know how important it is for the overall profitability of the business. Okay. Thank you. One more question. How much of the laundry business is replacement versus new build projects? We can say that the unit sales is around maybe 60% of the unit sales replacement and 40% is project business. The project business is not always a completely new building. It is also, as highlighted by Silvana, also really a project where we really renew the complete laundry and not just replace one dryer or one washer. This is more or less. For sure it is also different by region to region. In Asia, for sure, it is a little bit different because there the project business is a little bit higher because they don't have the big install base. Thank you very much. That concludes the question and answer session for now. We'll take a break. We start again at 10:15 sharp. Thank you for now. [Break] Welcome back to Electrolux Professional. It's now time to hear Fabio Zarpellon, our CFO, that will update us on our financials. Please go ahead, Fabio. Thank you, Jacob, and good morning to everybody. Let me start the financial update with an important message. Our overall financial targets are confirmed. It is about profitable growth, meaning growing the business, going forward 4% per year, reaching the 15% EBITDA margin, but also keeping a strong balance sheet. We are operating with an asset-efficient business, our goal is to reach the 15% in terms of operating working capital on sales. Part of keeping a strong balance sheet is also to keep a ratio in terms of net debt on EBITDA below 2.5 x. To keep really the strength going forward. The combination of profitable growth and a strong balance sheet is creating the opportunity and the condition to deliver to our shareholder, going forward, an average of 30% of the net income in terms of dividend. Now let's dig into how we did perform in the past compared to this important KPI. First of all, if you take a long period since 2013 up to the time of the pandemic, we have been consistently growing this business. We reach SEK 9.3 billion in sales in 2019, pre-COVID time. You see that our profitability in the period pre-COVID and pre-19, where our activity was somehow influenced by all the activities and cost linked to separation, was ranging around 14% in term of EBITDA or SEK 1.1 billion per year. Now, when we move out from 2020 and we enter into 2021, with the market recovery that we started to see already from March this year, we started to improve sales and profitability. In quarter two, we reported a growth of 14%, but also our EBITDA margin was already at 10%. This positive trend and recovery of the market that we have seen since March is now continuing also along the summer up to these days, and my colleagues were commenting about it. We restarted the profitable growth journey. It is about profitability, but it is also about the fact that we are operating with an asset-light business. You see, back in 2017, before the large acquisition, we were running this business with a level operating working capital on sales below 14%. It grew. It grew because we acquired business with a higher rate of operating working capital on sales. Then we started to work on it, and already since September last year, we reverted the trend significantly, and now at the end of June this year, the rolling 12% is around 17%. One important part within the operating working capital that I do remember we were discussing during the call in 2020, in particular at the beginning, was what is happening on account receivable. I have to say that it has been a difficult year to manage the financial situation of our customer, but we put in place immediate actions to protect the quality of our receivable. We scrutinize the customer, we dedicate team and efforts, we cover with credit insurance. I'm happy to report that currently the situation of receivable on sales and the situation that past due, now we are back to the pre-COVID time. This is part of the improvement that you see here in the recent improvement of the asset in term of operating working capital on sales. With this strong profitability, solid profitability, good management of the balance sheet, you see that historically we have been able to deliver strong cash flow every year. Before COVID, the cash flow generation was over SEK 1.1 billion per year, even 2019. We have been able to manage properly and proactively the balance sheet of the company whilst continue to invest. We have delivered this continuing to invest, I mentioned two important investment we did perform in the last couple of years. The digitalization that Alberto and my colleagues were referring to, but also a large investment that we did in a factory in Thailand. We have opened up in June this year a new factory in Thailand, where we consolidated the operation in beverage and laundry, and with an overall larger investment over SEK 200 million. We have delivered this whilst granted strong cash flow consistently quarter- after- quarter. The rolling 12 months cash flow, meaning taking the 1st two quarters of this year and the last two quarters of 2020, was close to SEK 800 million. With a strong cash flow, we make our balance sheet even stronger. Our net debt at the end of June was SEK 400 million, meaning less than 40% that it was at the time of the acquisition. Our ratio, net debt on EBITDA, is at 0.5. This is giving confidence to us. It's giving a confidence to us that not only we have a clear plan to grow profitability business, but we have also the means to finance this growth. Strong cash flow, good management of the balance sheet, we have also in place revolving credit facility for EUR 175 million to finance the organic growth as well as acquisition opportunity that may come on our way. This is how we did perform in terms of stock market performance. Yes, Alberto will mention, we became a public company in the middle of the pandemic. Unlikely, but it is what it is. What I would like to underline to you is the trend. We have been consistently growing the value of the share over time, overperforming the reference market index. I believe this time I dig into one important aspect, that is how we get to the 15%. This is a question that myself and Alberto did receive many times during the quarterly call or the dedicated call that we had with all of you. How do you get to the 15%? Here we have two important legs of our journey to the 15%. Two legs that are equally important is cost out initiative and grow the business with a high margin. Let me dig into them one by one. Starting from the cost reduction initiative. 1st pillar you see here that is ranging roughly 1.5 points in terms of profit on sales is coming from the cost reduction initiative. Alberto mentioned we launched a restructuring plan in 2019. That was a plan aiming to fully compensate the merging cost from the separation. That was ranging around SEK 100 million plan. That plan was executed already late 2019, beginning of 2020. We deliver on the results. Due to the development of the market, we took also proactively the decision to add a 2nd plan in September last year, aiming to reduce our underlying cost base, as well as reviewing the way we work. This plan execution is proceeding according to plan. We have already in place, since quarter two this year, yearly saving for SEK 110 million, an additional SEK 20 million are expected to be adding on in this area since quarter two 2022. The 2nd pillar of the cost reduction is the optimization of our factory and logistics setup. One initiative that I would like to remind you that is already started in this area is what we announced at the end of August. That is the decision to move the beverage production from United States, the beverage production we were manufacture them to Thailand and to Italy. This is a plan that already started in terms of execution and is aiming to be completed by quarter two 2022. We expect additional SEK 30 million yearly cost reduction, yearly product cost reduction. It's part of the journey to improve the gross margin and the EBITDA margin of our group. It is also about continuous improvement. Here I would like to refer to one example that Alberto gave us. Our goal is to digitalize 65% of the transaction with dealers, with distributors, with the service partner. From moving from manual work activities to digitalize activities. With a clear benefit both in terms of efficiency as well as speed and service level to our customer. That was about the cost. As much important will be the volume expansion. Volume expansion that will come overall, but with a clear focus on three areas: innovative products, customer care, and chains. Innovative products, I believe Silvana Johansson was really giving us real insight how much we can improve not only the service level, the retention of the customer, but also the pricing, the margin, thanks to innovation that bringing value to the customer. It is about customer care. I don't have to tell you that not only in the industry, but globally, customer care is the most profitable area in many of our companies. Last but not least, about chains. Chains, that as Alberto was explaining, is the segment that in food and beverage, we are expecting to grow faster, but also is the ones that in our experience, in Professional, as well as in our industry, the ones offering the better overall margin. Now, I believe it's time to move our focus from the overall group, and have a deep dive into the Laundry business. It is a business of roughly SEK 3 billion, business that has been growing consistently along the years, and is offering a very attractive profitability. 16% was the profitability in 2020. It represent roughly 42%. This was a picture of 2020, was slightly smaller in the previous year, and 90% of the EBITDA of the group in 2020. I would just underline that the contribution from internal profitability of Laundry in 2020 was particularly strong on the overall picture, because as you know, the food and beverage business suffer a lot. We decline significantly the business, and therefore the profitability of that segment did suffer. If I take a picture back, let me say pre-COVID time, the historical contribution in term of EBITDA of Laundry was around the 50%. We talk about a global business as is the overall group. Our presence is roughly close to 70% in Europe, close to 20% is our presence in Asia-Pac, and 14% in Americas, mainly in the United States. If I move the attention from a geographical perspective mode into a country perspective, I would list four countries or four regions, Nordic, France, Japan, and the United States. These four countries, or if I call Nordic countries is inappropriate, but just to give you the picture, they represent close to 50% of our overall net sales. How did you perform in Laundry? Torsten mentioned that historically, this business has been structurally growing every year. We took the period 2010, 2018, pre-COVID time, the average growth was close to 5%, 4.7% was the data reported. It was to mention that even 2020, when overall the market significantly drop, our Laundry business show a strong resilience, performing even better than the market. Overall, we declined the sales by 21%. Laundry was -9%, with the market decline 16%. Resilience and taking market share also during difficult time. It is also a pretty profitable business. Here you see in the chart the development our profitability that has been structurally around the 16%. On the right side of the chart, you see the last 12 months rolling. That includes the last two quarters of 2020 and the 1st two quarters of this year. Three out of four of this quarter, we were still in the pandemic time. Despite it, the profitability was close to 15%. Not only if I exclude from, in this picture, the impact from the currency as much as the one-time cost that we had to build up the factory in Thailand, we are back at least to the 2020 level in term of underlying performance. As I said, it's a global business that also enjoy a global footprint. Our source is coming from three factory, three global factory. The main site that is hosting here today, Ljungby. The 2nd is Thailand, state-of-the-art plant just opened few weeks ago, and Troyes that is specialized on barrier washer and ironers. These are dedicated factories that also enjoy the group infrastructure in term of quality, logistic, purchasing, and engineering. Dedicated focus in terms of manufacturing, but leverage the capacity and the capabilities of a larger organization. Here today, we are here in Ljungby, and I would like really to give you some data point to understand the importance of this site for Electrolux Professional and Laundry. Here we produce roughly 65% of the sales of Laundry, roughly 30,000 units. It is a very competitive plant. For the ones that later will have the opportunity to visit the factory, you will see a state-of-the-art plant with strong automation. This is creating the condition that the products that come out of this plant are having even a higher than average profitability. Last but not least, it is our main or the competence center for product development in Laundry. With that, I believe it's time for my conclusion and takeaway. We are a solid group with large potential. We have seen that along the years, we have a track record of delivering solid EBITDA, also during difficult time like 2020, and strong cash flow. Since March of this year, we restarted the profitable growth journey. Profit margin in quarter two was over 10%. We have an attractive laundry business, profitably growing, and with already a strong profitability today, and a clear and focused plan to achieve the 15% EBITDA margin. Thank you very much for your attention. Thank you, Fabio. We will now open up for questions, and as previously, you can raise your hand here in the room, or you can text it on your computer or via the phone. I have a couple of questions I will start with here from the web. The 1st one is, what is the share of sales for customer care business in Laundry? Overall, we have not disclosed the information. I can say and confirm that overall within the group, the weight of customer care on total net sales is around 15%, and the part related to If we take the focus on Laundry, it's not much different. Slightly higher, but not significantly different. Thank you. We have a question from the phone. Please go ahead, operator. Thank you. That comes from the line of Johan Eliason of Kepler Cheuvreux. Please go ahead. Your line is open. Yes, thank you for taking my question. I was just a bit curious, maybe it is for Alberto, but you mentioned here that, or your colleagues have mentioned that you see the market overall being back to the 2019 level, sort of early 2022. Is there a difference between the laundry market and the food and the beverage market you see there? Thank you. Yes. First of all, let me talk about what has happened in 2020. In 2020, we saw overall a decline of the market around 20% to 25%. The decline was slightly less in Laundry, around 16%, but much stronger for what concern Food Service. This is linked to the customer segment served by Food Service and Beverage compared to Laundry. Laundry was much more resilient, thanks to the exposure of segment like the apartment house laundry, the coin, and the care that was holding the volumes. As a consequence, business declined close to 30% in Food and 9% in Laundry. When it comes to this year and the recovery, it's happening exactly the opposite, meaning that with the opening up of the activities, we have seen a much faster recovery of the business in Food and Beverage compared to Laundry. You see this also in the reported figures in the 1st part of the year, where if the overall growth of the group was around 7%, the ones of Food and Beverage was much larger than that. Thank you. Okay, please go ahead. Just wondering, but sort of that does imply that you think the laundry market will be back at the 2019 level later or earlier than the food and beverage? It's difficult to predict this one. As Alberto was mentioning, there are no statistics on the market in terms of detail. What we expect is a faster recovery in Food and Beverage compared to Laundry that, by the way, declined much less than Food and Beverage in 2020. Okay. Thank you. Next question is regarding to the EBITDA bridge that you presented, and the one asking the question understands that it is hard to time the 4% from volume expansion, but can you help us to understand when each of the three other buckets will be fully completed and annualized? This is what we present is the structure of our plan to deliver on the 15%. Internally, we have a granular plan to deliver on the cost bucket as much as on the sales growth bucket. We are not going to disclose the time on it. As we did for what concern the Louisville decision, we will inform you in due time when there is an important decision coming our way. Thank you. Another question from the web. Considering your global footprint with three plants in laundry, can you help us understand how your business is now facing in terms of logistic costs? Any comments on that for food and beverage, and how do you offset this inflationary pressure in 2021 and also 2022? Okay. Let me start saying that, overall, yes, we are facing more difficulties to manage logistic, in particular on the flows from Asia to Europe and United States. This is a fact, and this is also implying some additional cost. I am also happy to report that our logistic team has properly faced the situation, and so far, I would say that from a service level perspective, we are pretty well handling the situation. There is the 2nd part of the question that is referring to the increased logistic cost as much as the increase of the material cost. I have to say that these two ingredients have been impacting our P&L in the 1st part of this year, quarter one and quarter two, but the impact was not really material and fully compensated by price. What we expect, instead, is that in the incoming month and quarters, there will be additional cost increase coming our way on direct material. Here, there are two sides. From one side, we have secured the supply with contracts, with longer term contract, the availability of the components, and the price. From the other side, we took also here proactively decision, and we announced a 2nd price increase this year for all the deliveries from the 1st of July. This 2nd price increase is expected to fully compensate already from quarter two the overall increase from logistics and direct material cost for the remaining part of the year. I'm pretty confident that we will be on time and on target also for this area. Thank you. We have a question in the room. I also had a follow-up on the margin bridge, the 4% contribution from volume. How much of that is leverage and sales returning to pre-pandemic levels, and how much would you say is related to mix improvements? First of all, within the 4% contribution in term of margin, this is mainly related to volumes and mixing up. Meaning, it's not about growing the sales and having operating leverage, but is also within the growth of sales, having a larger contribution than average coming from customer care, innovative solution, and chains that we know by experience, and it is also the practice in the history, having better than average profitability. Stronger, better than average profitability. Thank you. I do not have no further questions. With that, I would like to thank you, Fabio, and welcome Alberto back on stage again. Time for you to give us some final remarks and a summary, please, Alberto. Thank you, Jacob, and thanks, obviously, to all of you to spend the time here in Ljungby and the ones that are on video, obviously following up our broadcast production. What I would like you to remember after these days, and for the ones who have the possibility after the visit of the factory and the center of excellence or the place where we show our product, are basically three things. The first one is in some way generic, applying to our industry. The hospitality industry, the out of home industry, is a good industry. The recovery that we experienced during the summer is proving that it is an industry with strong base, strong underlying trend. I have to say also, honestly, that I was surprised about how fast the market picked up during February, March in the United States and June, I would say, here in Europe. It is a good industry because the underlying trend are there. Our way of living, our way of working, our way of socializing. The reopening that we are experiencing these days in many countries are the ones that are helping us to be more optimistic toward a faster recovery of the overall market. When, I mean overall market, I'm talking about food, beverage, laundry, than what was initially expected when the pandemic hit this industry. Good industry. The second one, you cannot expect anything different than that, a good company. A company that have been able to perform during bad days, because as I said, in my professional life, I never experienced a year like last year. A company that have been able to navigate these things, sticking to the strategic priorities, and not because we didn't think about changing, but because we understood that these are the things that can make this company better. I think this is important. It's not just, "Okay, let's do what we were used to do." On the opposite, I would say, during pandemic, we change a lot. We change our cost structure, and Fabio was explaining what we did, what we are still doing, reviewing the footprint, moving production, trying to be more competitive, more cost efficient. We also reviewed our way of working, investing, not just cutting cost. Investing, there is always a limit to reduce the cost. Investing for the best, that means building the factory. We have been building the Thai factory just in the middle of the pandemic. That was a pretty challenging exercise. We opened June 1st of this year. We merged two factory into one. Now, what we announced at the end of August, beginning of September, is moving additional production to that factory that is very competitive. Is a state-of-the-art factory in a very competitive market with a very competitive infrastructure around that. We invested a lot in digitalizing our offer, and I believe you heard about that when we have been talking about laundry, but the same apply to the other product that we have in our portfolio. Not only the product, also the organization with ambitious target. This is the future. We all have been used to manage meeting virtually. This is coming also because the new generation are the one that are coming to our business always, and they are more used to manage things digitally than what I have to say also myself, I was used. We did a lot, we changed a lot during this year. I believe more than what we did probably many years before, and that is typically what is happening when a crisis hit an industry and a market. It is bad. The strong company are the one that are not just crying, but are the ones that are reworking inside, trying to reinvent what they were used to do in one way, and they start to do in a different one. That is the reason why I'm confident that we have been working on the company, sticking to the strategy. Today, we explain to you that we have a beautiful business inside of this one. This is, remember I said, it's important to be different sometimes. To have a so large and profitable business is something unique of Electrolux Professional. There are commonalities with the food and beverage. You saw the by describing the customer, and there are many customer that they have both laundry and food and beverage and laundry, hospitals, hotels, but not only. There are customers that have only laundry. The facts remain that it was great to have laundry, in particular during a year like 2020. 90% of the profit came from laundry in that year. We have a laundry that is a leading business, or Electrolux Professional is a leading player in the laundry business. Following, by the way, the strategic guideline, innovation, sustainability, digitalization. What is even important is that they are not just words. There is a track record that is proving these things. Good market, a company with this characteristic, let's put it this way. The third one, and I believe Fabio was pretty clear on this, financial strength to continue to invest, to support both the organic and inorganic growth. These are important things. These are the three things, honestly, that I believe you should take away and bring back after the day we spent together here. Concluding, before thanking the guys that have been on video and obviously inviting you to follow us in visiting the factory and the product one is being here all together, this also means that we all see the lights at the end of the tunnel. In a way or another, we see the things getting better. Hopefully, it is not an illusion. Clearly, it is something that the coming weeks or months will confirm being the new reality, and it is new because it is different. The market is recovering. It is much more positive, the feeling, than what we had a year ago, six months ago, even this spring, I have to say. All the situation, the trending, how we went through the crisis, is just giving us confidence to be able to confirm the financial target that we have, that we presented when or before we separated. Remember that we presented this financial target when nobody was even knowing the meaning of the word COVID. Now we are here, the deep knowledge about the meaning of what it is and how these things change our lives, and we are able to confirm this target. We are also able to confirm that we have been able to restart the scouting to explore the market and to see if there are element to accelerate our organic growth with inorganic activities, operations, M&A activities. All these things together, they've been well-structured in the what we call building block to reach the 15% EBIT, because this is our target. Behind our desk, we have a big number in the back. That is what we want to see, what to see happening and going from the back to the front. To do this, we need to do this step- by- step. Last but not least, I hope you really understood I don't hope. I'm sure you got a clear picture of how to have this laundry business as part of this company is an accretive element to help us to reach this target. Again, Jacob, back to you for the conclusion, but from my side, thanks really to all of you in presence and the ones that have been following us on video. Thank you, Alberto. That concludes the presentation part of our program. We would like to thank our online viewers for joining, and I hope you enjoyed the program. Thank you and goodbye.