Good day, and thank you for standing by. Welcome to the Hexagon Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ola Rollén, Chairman of the Board of Hexagon, and joined by Interim President and CEO, Norbert Hanke. Please go ahead. Thank you very much, and good morning, everyone, and welcome to this information call. If we go to slide number two, what has been announced today? Hexagon has announced the appointment of Norbert Hanke as Interim President and CEO of Hexagon AB, and he will assume this position with immediate effect, and as a consequence, we also announced that Paolo Guglielmin is stepping down as CEO. The board has started the process of recruiting a new CEO for Hexagon AB, so what's next? 10 days ago, we announced that we are evaluating the potential separation of the ALI division from the Hexagon Group, and this has been a discussion within the Board of Directors and Management for quite some time. The Board of Directors has decided to evaluate a potential separation, and we will update you as we get news on that process. But to give you some background information on this decision, if we rewind the tape some 14 years ago when we acquired Intergraph, just to connect a point cloud to a piece of visualization software was amazing. And we're proud to say that Hexagon is one of the inventors of so-called digital twins. But today, the requirements are completely different. It's not good enough to have a digital twin. You have very different demands on the digital twins in the Hexagon AB core business and ALI. So in Hexagon AB, the digital twin might be an autonomous car driving down a motorway at 150 km /h. You need to update that digital twin every millisecond. Whilst in ALI, you digitize a plant, a process, and maybe you re-digitize it every five years. In ALI, it's very much about connecting to a different set of sensors where you measure pressure, current, flow, and so on. So it's two distinctly different digital twins that we can foresee. Now, if we go to slide four, for Hexagon AB, the core is really about measuring objects in the physical world, and the growth opportunity is to address the skilled labor shortages we see in all areas of society. Pro forma numbers for the first nine months is EUR 4.4 billion in sales, gross margin of 64%, an EBIT margin of 28%, and some 19,600 employees. Recurring revenue is currently running at 35%, and software and services is roughly 50% of the revenue in this business. So it's definitely not about giving up the software content. If we move to NewCo or ALI, it's roughly EUR 980 million in sales, 80% gross margin, 100% software, and recurring revenue is running at 75%-80%. And the growth opportunity for this business is asset management and asset performance, lifting productivity and sustainability in flows. So before we turn to the Q&A session, we've already decided to answer five quite common questions, and that is, what is the reason for the management change? Well, the Board of Directors believe that a change in leadership is the best course of action for the future direction of the company. We have a strong management in ALI, and we need a strong management when we enter the next phase in Hexagon's development, and we feel the timing is right. Is Hexagon's strategy changing? Yes, to some degree, you have to admit. The execution of the strategy is entering a new phase, and we're planning to structure, as already described, two new entities with a laser focus to invest, grow, and innovate their individual spaces. It's a change based on company performance. It's not based on anything that the market is not aware of. All guidance and reporting is current and accurate, and the future of Hexagon is very bright. Does the company stand by the long-term targets set for 2026? Yes, absolutely. We have conviction around the existing targets set for 2026. When will you announce a new CEO? Well, the board started the process this morning, and we will communicate as appropriate. So, with that, we've come to the short presentation I had for you this morning, and now Norbert Hanke and I are open to answer any questions we might be able to answer. So Operator, let's start the Q&A. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take your first question. One moment, please. And your first question comes from the line of Mikael Laséen from Carnegie. Please go ahead. Thank you. Good morning. Yeah, a couple of questions. First of all, you've answered some of them actually here, but if you could be more specific about the factors that led to this decision to replace Paulo as CEO and what new leadership approach the board is looking for, that's the first one. I won't go into details because I don't think it's appropriate to comment on what factors led to this decision, but what we're looking for is obviously to grow top-line aggressively for both businesses, and we also want to see a continuous margin expansion. All right. Can you say something about if there were any disagreements regarding this NewCo spinoff and if this influenced No The leadership change? No, no. I can absolutely reassure that it's not about strategy. We simply believe that we need to focus both businesses on top-line growth going forward. Thank you. Thank you. We will now take the next question. And your next question comes from the line of Andre Kukhnin from UBS. Please go ahead. Good morning. Thank you very much for taking my questions. Maybe I could just begin with a simple one. In terms of the permanent CEO role, are you considering internal and external candidates, and what is your forecast timeline on the announcement? It's very, very difficult to have a forecast timeline, but I expect it to be a fairly quick process, and we're looking at all opportunities for new recruitment. Thank you. And if I may ask, in terms of the key skill sets or kind of culture character characteristics, can you share with us what is that you're really looking for in the new permanent CEO for Hexagon? We're going into a new phase where labor shortages that we're all going to get used to in society is going to be the overriding theme for Hexagon AB. So we need a visionary leader to be able to drive large-scale projects that we are looking at, and obviously strategic, adaptable to shifting market conditions, customer-centric, cost control, and so forth. Got it. Thank you, and if I may, just a very quick last one. In the way you talked about Hexagon versus NewCo just now in introductory remarks sounded, if you forgive me, very much like a done deal, well, I think the announcement said that you started to kind of consider a potential spinoff. Have you moved on in that thinking since the announcement? Is it becoming more probable that it goes ahead, or are there any still kind of factors or question marks there that may prevent it from happening and ALI staying within Hexagon? No, nothing is certain. There are always factors that one has to consider in the process, so it's definitely not certain. But I shared with you the view that management and board have discussed over the past year, where we see two distinctly different challenges and markets for these two entities and what they respectively need to do to become world leaders and remain competitive in their respective fields. Great. Thank you. Appreciate your time. Thanks. Thank you. Your next question comes from the line of Joachim Gunell from DNB Markets. Please go ahead. Thank you. And good morning. So can we just discuss a bit the timing here, since when the NewCo spinoff plans was announced two and a half weeks ago, why you didn't call it announced these types of changes in conjunction with that? First of all, they're not linked. And secondly, given the new market abuse regulations, you have a certain way that you have to communicate to the public markets. Okay. And just to follow up here with regards to that, the NewCo is, of course, a route to maximize shareholder value here. So can you discuss just a bit about what strategic options or what alternatives you are considering for the RemainCo or Hexagon AB because implicitly the market puts a pretty low stub valuation on that in its current structure? Yeah, and I think that's going to change once you see what RemainCo can do. Okay. Look forward to that. Thank you. Thank you. Me too. Oh, sorry. Thank you. Your next question comes from the line of Alexander Virgo from Bank of America. Please go ahead. Yeah. Thanks very much. Good morning, Ola and Norbert. I guess the question really is, this obviously represents quite a significant step change in terms of strategy, the spin of ALI, given the time you've spent in putting the portfolio together over the last 20 years, Ola. I appreciate your point on timing, and I appreciate your point in terms of differentiation of the two kind of different times, I suppose, the refresh rates, etc., etc., that you've referred to. But my understanding is that actually part of the issue in terms of growth or lack of growth in the portfolio over the last few years has actually been because the businesses were kind of operating independently or perhaps not as integrated as they perhaps could have been. And part of what you were doing in the last sort of two to three, four years of your tenure as CEO was integrating them with a view to being able to extract some better growth rates from the combination. So what is it that we didn't do before that we're going to get from this? What is it that making these two businesses separate is actually going to change that growth potential, I guess, and a little bit to why now, but I hear your point on why now. So what is it that's really going to change? No, nothing is going to change really. It's like relationships. Sometimes you grow apart, and we got five divisions in Hexagon at the moment. Four out of five divisions are integrated heavily in terms of sensor technologies, software technologies, and sharing point cloud standards and so on. The fifth division, i.e., ALI, has a very different challenge going forward. It needs to integrate more to other types of technology platforms rather than point clouds, so it's just a change in the market where 10 years ago, it was amazing to take a point cloud from a laser scanner and import it into a piece of CAD software. Now we have standard interfaces between us and all sorts of software products in the market and other sensors and all sorts of software products, so it's just evolution, Alex. Okay. And can I ask in that sort of context, how does this or where does this place Nexus and the development of Nexus? Because again, I understood that to be a platform into which you were integrating all the various capabilities within the Hexagon portfolio. Is this a reflection that perhaps that strategy needs to evolve again and therefore that isn't the right strategy in the first place, or is it a reflection on how successful that has been in the marketplace? Or how does it look in a spin of both the spin of NewCo and RemainCo? No, I think Nexus is the platform which is well suited for four out of the five divisions once again. If you think about the sales process and the educational process with the very few key accounts we have in ALI, it's more personal selling, physical meetings where you convince people through taking them through your product and your capabilities. While in many other businesses in the four remaining divisions, you can actually do transactions online and you can do remote selling and education. Right. Okay. And if I could ask one final question, which is when you bought Infor EAM, Infor or Koch Industries took a stake in Hexagon, would they stay with SpinCo? Are they going to stay within Hexagon overall? What can you say with respect to the strategic investment that they took within Hexagon at the time? I would never answer questions on behalf of Mr. Koch, so I suggest you call him. Okay. I will. Thank you very much. Thank you. Thank you. As a reminder, if you'd like to ask a question, please press star one and one on your telephone keypad. Your next question comes from the line of Balajee Tirupati from Citi. Please go ahead. Good morning. Balajee Tirupati from Citi. Thanks for taking my questions. Could you kindly elaborate on what the focus of Group's current strategy has been from which the firm is looking to change to focus towards accelerating growth? No, I think the focus has been the same all the time, and that is to make sense of the real world, to digitalization of the real world into a digital model and where you can draw conclusions and improve productivity. The big difference between ALI and the remaining four divisions is that that exchange of information sometimes happens every millisecond in Hexagon, whilst in ALI, it's good enough to do it maybe every fifth year. Understood. Just in terms of release this morning, as you have mentioned, that group is seeking for new leadership approach to accelerate growth. I was just trying to get a bit of color toward that. What do you expect to bring with change in CEO in terms of change in strategy or change in focus toward the growth for the remaining Hexagon business, which will result in accelerating growth? No, I think we expect organic growth to increase. Okay. Thank you. Thank you. Thank you. Your next question comes from the line of Viktor Sunnemark from EFN. Please go ahead. Hi. I have a question here. The decision to separate with the former CEO, how long has that decision been discussed? I'm sorry. Could you repeat that question? I didn't understand it. The decision to exit with the former CEO, has it been discussed for long, or has it come in the short term? Do you understand me now? No. I think as a board, you constantly evaluate management, and this is not something that happens overnight. This is a process that goes on, and it evolves, and eventually, you have to make a decision. Okay, so why do you and the board feel that CEO is not the right leader for the future of Hexagon? I don't want to go into that because I don't think that would be appropriate in a call like this. Okay, so there is some kind of reason that you don't want to tell us about why you exit with him? It's not a sinister reason. It's more how we think the company should evolve, perform, and grow. All right. So the way it's been leading the firm and developed the last couple of years is not your ideal? No. We think we can do better. Thank you. Thank you. Thank you. As a reminder, if you'd like to ask a question, please press star one and one on your telephone. We will now go to the next question, and your next question comes from the line of Johan Eliason from Kepler Cheuvreux. Please go ahead. Good morning. I was appreciating your recreating the commitment to the 2026 targets, including the growth and margin targets. Now, obviously, if your timeline for the spin-off of 12-18 months will become reality, there will be two companies at that point in time. How should we consider the targets for the different entities at that point in time? Will they be significantly different? I mean, we see where the margins are today in NewCo and RemainCo, obviously. I think previously, when Hexagon as a whole was around 64%-65% gross margin, you said there was probably another 10% upside potential in the business as it is today. Will that imply, as you're spinning off the 80% gross margin business, that the potential is less on the gross margin in the remaining company? Thank you. No, I think it's hard to improve the gross margin much further in the ALI division. 80% is world-class for the software business. So the gross margin improvement should be seen in Hexagon AB. Do you think sort of a realistic longer-term 10% on top of the 64 is still a realistic target? We'll see. It's early days to set targets for it. Yeah. Okay. Thank you. Thanks. Thank you. There are currently no further questions. I will hand the call back for closing remarks. With that, we close the conference, and thank you all for your participation and your questions. Bye. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.