Good morning everyone, welcome to this second quarter earnings call for Hexatronic. I'm Rikard Fröberg, Group CEO, and with me as usual, I have Martin Åberg, Deputy CEO and Head of the Data Center business, as well as our CFO, Pernilla Lindén, and Patrik Johannesson, Head of Investor Relations. We have a strong quarter to present today. Net sales were SEK 2.2 billion, which is 18% growth, of which 11% organic. Adjusted EBITDA was right on 10% margin, SEK 224 million, which is a 33% increase year-on-year. We will talk about adjusted EBITDA in this presentation, but I just want to mention that there are no adjustments in the quarter. This is for consistency with previous quarters. What you see is what you get. The strategic business shift continues where we see that, in particular, the Data Center business continues to play an ever-increasing role at Hexatronic. As of now, Data Center and Harsh Environment business representing about 40% of net sales and about half of the adjusted EBITDA. On a geographical note, there is a shift in the business that's going on. The North American business is growing rapidly, and it now accounts for 44% of the total, and it was 34% a year ago. We saw, in particular, strong organic growth in the Data Center business, which grew at 27% organically, and Fiber Solutions, which was 11% organic, as was the whole group. For Fiber Solutions in particular, it was very pleasing to see that we turned a corner. We saw a 56% improvement in the EBITDA level year-on-year, as well as the third consecutive quarter of sequentially improving EBITDA. Cash flow was strong at just over SEK 180 million with 84% cash conversion, and this is despite a seasonality where we're typically more busy in the summer half. Normally, there's a bit of building inventory and accounts receivable, but this has been a focus for the organization, and we're very pleased that we saw strong cash flow also in this quarter. Because of that and some other factors, the net debt as well as the financial gearing was reduced in the quarter. Looking at the quarterly result a little bit more in the perspective of recent quarters, on the left-hand side here, we have the net sales, where we can see that the blue bars, it's rather constant. For a number of quarters, it's been relatively flat. Now in the last quarter here, we do see a step up in that. Perhaps more importantly, if we look at the gray line here is where we take out the effect of acquisitions and also currency. This is the underlying organic growth. Very clearly over time, this trend has been improving. There are some ups and downs in the quarters. At the end of the day, this is a project-based business. We did talk about last quarter that we saw slow start to the year in January and February, but with an impact from the cold weather. Since then, we've seen a gradual and pretty significant ramping up of the business activity. On the right-hand side, it is the adjusted EBITDA by quarter. Here we can see very clearly that what started as a modest improvement sequentially in last quarter now continues with a stronger sequential improvement, but also a quite strong year-on-year improvement compared with the Q2 of last year. Some of the key events in the quarter, we completed the acquisition of JOWO in Germany. This is a defense-oriented, Harsh Environment business that was completed on 1st of April. We have a full quarter numbers in the results here today. In May, we raised some equity, about SEK 600 million, and roughly half or a little bit less than half of that was used to fund the second acquisition, which was Superior Fiber & Data Services in Texas. This is in the Data Center business area and was closed on June 1st. There's one month of numbers in this quarter. Regrettably, Martin Åberg has announced his intention to leave Hexatronic after 12 years, we are working on that succession planning, we actually announced this morning an interim head of the Data Center business in Oscar Wärme as an internal solution, and that will take effect on August 1st. Last, but certainly not least, we're very excited about announcing a strategic partnership with the Danish company NKT. Associated with this partnership, there's also an investment in submarine cable production in our facility in Hudiksvall, Sweden. Let's take a little bit deeper look on that one. As some of you may know, we have one production line in Hudiksvall making the submarine cables already. It's an old line. It's large and strong and big, and it's called The Hulk, therefore. We have talked for a while now about the growth in this strategic segment. It's not huge in terms of revenue today for Hexatronic, but it is strategic, and it's also a high-margin business. Gradually, we have been squeezing more and more capacity out of that one production line. Now we're at the point where we need to invest in more capacity. With an additional line, it will be roughly the same size, but a faster line than the existing one. We will more than double the capacity from, depending a little bit on product mix and pricing today Our capacity is in the range of SEK 150 million-SEK 200 million. We will have capacity to serve over SEK 500 million when this line is completed, which will be sometime during 2028. It creates a strong growth platform, with the partnership that we're entering with NKT, we have a very good base loading for many years to come on this production line. The line is also faster, as I mentioned, therefore we will get higher productivity in that production, which is important. Also very importantly, we'll have two parallel lines, so we can now take two projects in parallel, which will give us more flexibility and shorter lead times and better service level to NKT and other customers. We're not disclosing the exact CapEx amount here, but it is roomed in the previously communicated about 3% of CapEx to total sales, ±1%, that we have talked about previously for Fiber Solutions. We're running a bit lower today, but this is one driver that we will approach that 3% going forward. I mentioned the diversification, here on this page, we see that it continues. On the top, we see the group sales and Data Center and Harsh Environment business areas now account for about 40% of group sales, which is five percentage points higher than a year ago. On the bottom, it's the adjusted EBITDA, here they account for about 50% of sales. They are above average margins, also above average growth level. However, this is actually lower than it was a year ago, the reason for that is the restoring of profitability in Fiber Solutions, which we will talk about in a second. It's going the opposite way, but it's for a very good reason. Diving in then to the business areas, starting with Fiber Solutions, which I consider to be the overperformer in this quarter. We saw 11% organic growth, we saw an EBITDA margin of 9.1%, which was 56% absolute terms growth in EBITDA over last year. Then sequentially, it was pretty much a doubling of the EBITDA, there's some seasonality here as well. Q2 should always be a bit stronger than Q1. Clearly, things are moving in the right direction here, we saw already a modest EBITDA margin improvement in the first quarter. We talked about that was largely driven by the cost reduction program that we launched six months ago. We see continued effect of those cost savings. Now in the second quarter, on top of that, we also start to see the growth in the business. That volume growth is really turning into operational leverage that's flowing through to the bottom line. The growth momentum, as we have talked about before and flagged, is coming from the North America market where we have invested for several years in plant capacity. We've also, in the last year, invested quite a bit in our commercial footprint, sales and marketing resources, new products launched, et cetera. This is continuing to show effect. We see strong growth in the U.S. market, it's both in the fiber to the home segment, which is still the majority of the business. Increasingly, we're also seeing strong growth in the transport network segment that we have talked about before. What's driving this is indirectly is actually the Data Center build-out with the almost explosive growth in Data Center builds in the U.S. market. We see that simply that data traffic is growing so quickly that the digital infrastructure needs to be upgraded on a pretty big scale. This drives sales in the middle mile and the long-haul segment, not only in the fiber to the home. We're not yet seeing that effect translating in Europe. Europe market is still quite challenged, we expect that to continue in the short term. We have a belief that over time, if Europe catches up on the Data Center growth, that also we would see a similar effect here on the transport network. Moving on. Sustainability is an important strategic pillar for Hexatronic, we have made a very clear commitment to be climate neutral in our own facilities by 2030. In the quarter, we took one small but important step towards this by installing solar panels in our facility in Korea. You see a picture of that here. We expect to generate about 430 megawatt hours of fully renewable electricity for that facility going forward. Next business area is Harsh Environment, and here the net sales grew 9%. However, that was largely driven by the inclusion of JOWO acquisition. Organically, it was a 4% decline year-on-year, but it was a sequential improvement over the first quarter. We continue to see strong performance for connectivity solutions, which is largely defense-oriented business. However, the dynamic cables we've seen slightly mute the demand in the start of this year. There was I would say some level of improvement in the quarter versus the first quarter. We have seen a modest pickup also on the order book here, a little bit ironically, perhaps that with the turbulence in the Middle East and the oil price volatility, even though long term, clearly a higher oil price is good for the customers here, in the short term, the uncertainty leads to a little bit of hesitation for some of the CapEx projects. That's what we have seen. We have an outlook that we think there will be a modest stabilization of this business also going forward and we expect second half to be a little bit stronger than the first half. Innovation, another one of our core strategic pillars. Here's an example from the harsher environment space, where we have launched a new jacketed wireline. A wireline is basically, it's a long cable that is inserted into a drilling hole, and it's used for sensing and measuring applications, either the cable itself or it's connected with some kind of measuring device at the end of the cable. Although these wirelines are armored with steel wire, they have a certain lifetime, and they tend to break. The new product here, which is called VIRIDIS, it was launched in April, and it's a jacketed. The secret sauce here is the proprietary polymer formulation and technology that we're coating this cable with. It may not be rocket science, but it's a proprietary formulation, and we know that it increases the lifetime by about 2X versus conventional cables. Knowing that these are cables that are typically, they're tailor-made, always made to specification, and typically from SEK 1 million and upwards in price. It's a big piece of equipment on the drilling site. If you can double the lifetime, even if it's a little bit more expensive, it's a very obvious customer value and a total cost of ownership argument. We launched in April, and we're pleased to say already several customers have placed pilot orders or test orders. They order one cable, and they're fully testing those cables now, and as soon as they reach what's considered the benchmark of 500 cycles, we expect repeat orders. For bigger Hexatronic, this might not be a huge business, but certainly very promising for Rochester Cable and the dynamic cable business. We are moving on to the Data Center business area. I will hand over to Martin to walk us through yet another very strong quarter of growth. Thank you, Rikard. Let us look then at the development of our third business area, the Data Center. The strong growth continued in the quarter, including the acquisition of Communication Zone that we closed end of last year and Superior Fiber & Data Services that we closed last month. Sales growth totaled 56% in the quarter. We're especially pleased with the strong organic sales growth of 27%. As in the previous quarter, it is predominantly the U.S. market that drives this growth, even if we have growth in all regions. Looking at the EBITDA margin, we ended up at 15.5%. As you can see from the graph, profitability has been in the range of 15%-17% over the last four quarters. Well in line with our financial targets for the Data Center business area. Last year, we had a number of larger products with higher margins that drove the profitability, which we also highlighted in the report as of last year. Going forward, we expect margins to be at similar levels as over the last four quarters. As always, there will be variation between the quarters. Moving over to the market outlook, same message as last few quarters. There is generally a very high activity in the market. The market is expected to continue to be driven by the build of the very large data centers, and this is typically the hyperscale and the colocation segment of the market. If we look at our business, we have a healthy mix with a hyperscale and colocation segment that is our largest customer group. This is followed by the more local data centers, which we often refer to as the enterprise data centers. Going forward, there will be a continued strong focus on organic growth, but also a focus to continue our structured search for especially service businesses. We have a very interesting pipeline of potential targets and several ongoing dialogues. Superior Fiber & Data Services was one of the targets on our list that we successfully closed last month. Superior is a service business. It's based in Dallas. It's a short drive, no more than five minutes from our largest Data Center office we have in the U.S. This was a typical Hexatronic acquisition in the sense that our U.S. colleagues have cooperated with them for many years and introduced the owner and the opportunity for a deeper collaboration to the M&A team. In terms of financials, Superior has annual sales of approximately $40 million and at an EBITDA margin of 12%-13%. As the overall Data Center business area, the company has strong cash conversion. On the right-hand side of this slide, you see a slide that we presented last year, and this highlights our ambition to broaden our service offering and also the type of customer segments that we serve in the market. Both acquisitions that I just talked about, Communication Zone acquired end of last year and the more recent now Superior Fiber, 1st of June. Those companies' service offering include audiovisual wireless solutions as well as security and access control. Basically ticking all the boxes on the application or services side that we presented. Looking at the customer segment side on the same slide, Superior has a very strong position towards the school and campus environment. This is a customer segment that we previously identified as strategic, but prior to this acquisition, we did not have exposure to. Looking at the transaction and purchase price, the fixed purchase price amounted to $29 million. Then there is a potential earn-out of up to $3 million. In terms of transaction multiple, it is 5.8x-6.4x EBITDA, and this depends on the performance of the business over the next few years. Since we acquired a U.S. S corporation, the transaction could be structured as if it was an asset deal from a tax purposes. This effectively reduces the valuation with roughly 0.4x. Finally, Superior and Data, and also the previous acquisition for Communication Zone. Those both are very good examples of the company that we actively search for in our group strategy. With that, I hand over to Pernilla to summarize the financials of the quarter. Thank you, Martin. Overall, we had a net sales of SEK 2.2 billion in Q2. That is an overall growth of 18%. Organically, we had a growth of 11% due to strong organic growth in our Data Center business, but also in the Fiber Solutions that fully offset the organic decline in Harsh Environment. We had an 8% acquisition-driven growth, that is coming from Communication Zone within our Data Center business, JOWO Systemtechnik within our Harsh Environment business, and last but not least, our recent acquisition, Superior Fiber & Data Services within our Data Center business. We continue to have a 2% negative effect on exchange rate compared to last year. Adjusted gross margin at 38.7%, which is 1.4 percentage points lower than Q2 2025, and that is due to the mix between business unit and an exceptionally strong margin in Data Center during Q2 2025. Adjusted operating costs were at 25.8% of net sales in the quarter, compared to 27.6% in Q2 2025. It is higher in absolute numbers, and that increase is mainly related to new acquisitions, but also, as Rikard said, small investments for future growth. Adjusted EBITDA of SEK 224 million, with an adjusted EBITDA margin of 10%, compared to 8.9% last year. The higher EBITDA margin was primarily driven by Fiber Solutions through the performance improvement program launched in Q3 2025 and higher net sales in relation to the cost base driven by higher volumes. Earnings per share at SEK 0.61 compared to SEK 0.38 previous year. If we're looking at Fiber Solutions, we had a total sales of SEK 1.3 billion in the quarter, an overall growth of 9%. Organically, increase of 11% in the quarter, and the difference between of the 2% is headwind of FX. Net sales in Europe decreased by 10%. It is a decline due to weaker demand in the FTTH market, primarily micro duct, and price pressure exacerbated by overcapacity in the industry. In North America, net sales increased by 44%, mainly due to increased activity in U.S., both due to ongoing FTTH build-out, but also because of an increased investment in transport networks as Data Center build-out continues. In the APAC region, net sales grew with 9%, driven by all primary markets. Adjusted EBITDA of SEK 122 million or 9.1% compared to 6.1% prior year. The increase in absolute percentage is primarily driven by higher sales in relation to the cost base, driven by higher volume and by the performance improvement program. CapEx investments in the quarter, SEK 16 million or 1.2% of sales. That is mainly related to maintenance. If we take a look at Harsh Environment, total net sales for Harsh Environment of SEK 361 million, a growth of 9%, primarily driven by the acquisition of JOWO Systemtechnik. Organically, we had a 4% decline. The strong performance in Connectivity Solutions could not fully offset the lower sales within our dynamic cable business. We also saw a negative currency effect of approximately 2%. As previously communicated, the companies within Harsh Environment have an international customer base and a majority of revenues from large projects, which means that sales per geography can fluctuate between the quarters. Adjusted EBITDA at SEK 36 million and a margin at 10% compared to 12% previous year. A decline compared to previous year due to different product mix and timing of some projects. CapEx investments in the quarter, SEK 11 million or 2.9% of sales, that is related to both capacity and maintenance investments. A record quarter in total net sales for Data Center of SEK 538 million, an overall growth of 56% with an organic growth of 27%. Strong development, especially in the U.S. I would also say that it is pleasing to see that overall all operating units grew in the quarter. Acquired growth of 32% stemming from Communication Zone and also from Superior. Adjusted EBITDA of SEK 83 million or 15.5%, 16% growth in absolute number, but lower percentage compared to prior year. The decline in adjusted EBITDA margin compared to last year was driven by continued investment into organic growth initiatives and exceptionally strong margin last year. CapEx investment in the Data Center business is quite low, SEK 3 million or 0.7% of net sales. Cash flow from operating activities before changes in working capital of SEK 214 million. A small negative effect from working capital of SEK 33 million in the quarter. That is mainly related to increased accounts receivable due to strong sales in the quarter, and a small increase in inventory, which is partly offset by increased accounts payable. Cash flow from operating activities of SEK 181 million, representing 84% cash conversion. Maintenance and capacity investments of SEK 30 million, equivalent to 1.3% of sales. SEK 524 million is mainly attributed to the acquisition of JOWO and Superior, as well as a payment of earn-out related to KNET and an acquisition option related to Qubix. SEK 408 million from financing activities, mainly explained by net proceeds from a new share issue of SEK 583 million. This was partly offset by amortization of lease liabilities of SEK 33 million, while borrowings of SEK 160 million and amortization of loans of SEK 302 million. If we go to next slide and look at our net debt. Net debt, which corresponds to net debt excluding lease liabilities, amounted to SEK 1.5 billion at the end of the quarter, which is a decrease of SEK 202 million compared to last quarter. Overall leverage at 1.7x compared to 2.2x at the end of Q1 2026, a reduction of 0.5x. Leverage was negatively impacted by earn-out payments, as earlier communicated, and acquisitions of JOWO and Superior completed during the quarter. That was offset by the share issue completed during the period, plus a positive effect from increased EBITDA. At the end of Q2, we had SEK 694 million of cash and a SEK 1.2 billion unutilized backup facilities, which gives us a liquidity of SEK 1.9 billion, we have a solid financial position. Okay. Thank you, Pernilla. Time to wrap things up here before we move on to Q&A. If we summarize the quarter first, it was a strong quarter. Net sales of SEK 2.2 billion, double-digit organic growth, as well as an EBITDA improvement both sequentially and year-over-year. Fiber Solutions came back to organic growth, driven primarily by the U.S. and also a strong EBITDA margin improvement, both year-on-year and also for the second consecutive quarter sequentially. Harsh Environment was slightly down in the quarter, it was also a little bit better than the first quarter. Sequentially was an improvement, we do expect that slow gradual improvement to continue. Data Center continued its string of strong growth. Again, strong organic growth in the quarter, for the very first time broke through the half billion SEK in the quarter in terms of net revenue. We do, as Pernilla just pointed out, we have a strong financial position to invest for growth, that's acquisitive growth, it's also increasingly organic growth that we are investing in. If we take a little bit of a step back, not only about the quarter, but I've been here 16 months now, we have been very busy in the last year or so on working on, I would say mainly two things. One is a turnaround of Fiber Solutions, we're now clearly seeing things moving in the right direction for Fiber Solutions. The other big strategic initiative has been to grow and boost the Harsh Environment and Data Center business so that we have a better diversification and balance in our portfolio. I think we're seeing also the effect of that now with those businesses at 40% of net sales and 50% of the profitability. There's a lot of things that are moving in the right direction. We are proud of that. We're proud of the results this week, this quarter. We also know that there's a lot more work to be done. We're not resting on any laurels, we hope that there's more to come in terms of performance. On that note, just a few words of guidance on how we see the outlook going forward. Starting with Fiber Solutions, we do expect continued organic growth in the U.S. We've been clearly seeing this for a while now, we expect that to continue in the short to midterm. However, equally, we expect the lower activity level in the European market to remain in the short term. We have, I think, a speculation or an expectation maybe that at some point, the transport network growth that we see in the U.S. should also translate over in Europe at something similar, we're not seeing any signs of that as of today. The submarine cable order book is strong for 2026, the majority of the revenue will be in the second half. We previously said third quarter. What we see now is that some timing of some orders have been moved a little bit, so we think it will be more spread between Q3 and Q4. All in all, if we look at all the puts and take for Fiber Solutions, as of today, we expect that this third quarter will be rather similar to the second quarter. For Data Center, strong market, strong order book, strong outlook. Organic growth to continue there. In terms of the margin, we have seen that margin sort of converging towards the 15% longer-term financial target that we have issued. For the last four quarters, it's been relatively stable in that range or slightly above. We also don't see that would change materially going forward. Harsh Environment, there's overall robust activity. The defense sector is seeing strong demand. The temporary effect of some government shutdowns that we saw Q1 and Q2 is now behind us. However, as mentioned, a little bit softer demand from the oil and gas industry. All in all, we expect a modest margin improvement in the second half compared to the first half of 2026. Overall, we continue to prioritize Data Center and Harsh Environment for M&A activity, where we have room to continue to do acquisitions. We're also taking an opportunistic view on Fiber Solutions. I think we now earn the right to grow in Fiber Solutions, if something comes up, we will take a look at that, it's not where the focus is today. Would be more of an opportunistic approach. With that summarizes the presentation for today, I think we can move over to the Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. Please limit your questions to a maximum of two. If you have additional questions, feel free to rejoin the queue. The next question comes from Max Bacco from SEB. Please go ahead. Good morning, and thank you for taking my questions. Only two this time, so I will have to prioritize. Perhaps on the Harsh Environment segment. You have a target of 15% EBITA margin in 2028. How should we think about the trajectory here in, perhaps, say, 2027 and going into 2028 as well, given the current development? Any comments on that? You want to take that, Pernilla? No. I will start, and then Pernilla can correct me. As we've been pretty clear before, most of the companies in this business area, also the new one, are in that range. We have one company which is a larger one in the group that's lower. They didn't have a good start to the year. Things are improving a bit right now. We still feel quite strongly that this is a type of business that should make 15% longer term. We haven't really proven it to date, but we have a modestly improving trend right now. We also have activities and plans in place to get us towards that target. I don't want to be more specific than that. Okay. Understood. Turning to the Fiber Solutions segment, which of course, the growth in North America, very impressive. Perhaps a few questions in one. First, you mentioned that Fiber Solutions was the overperformer here in the quarter. The question, should we interpret it as it was perhaps a bit too strong here in the quarter? Also, if you could have some comments on the capacity utilization in North America, given the very strong growth. Also how you serve the U.S. market in terms of middle mile and long-haul solutions, given that you previously have been very focused on the fiber to the home segment. All right. A couple of questions. Starting with utilization, we have seen volume growth in the U.S. market for a while. Also last year. Last year, it was offset with price declines year-over-year. That's now behind us. The volume growth translates into revenue growth as well. In fact, for most of the duct, because of the resin price increases going forward, there might be some help on the pricing side. We've talked about that. How we serve the market is we sell directly and we sell through distribution. We are working to expand our distribution. We think there's room, and we have expanded the distribution. There's definitely room for us to continue to sell direct to some customers, but also get a broader reach through an expanded distribution network. Particularly when it comes to the middle mile, we have launched a product line, you may recall, Max, called Viper Core. This is a type of product that is directly aimed at that middle mile with a high fiber count. It's looking pretty promising. Okay, understood. Just circling back to the question on capacity utilization. As you stated, you have seen volume growth both in 2025, but also now as well, of course. The question being, do you have much more room to grow within existing- We do factories. Yeah. Okay. Understood. As you know, we don't disclose utilization numbers, but we still have ample opportunity to grow. I think also now I remember you asked, is it an exceptional quarter? Yep. As you know, this is a project business, so we always say, don't look too much on a single quarter, look more at the trends. I think we talked about the first quarter being a little bit soft, and there was some weather impact on that, and now that's catching up. You probably should look at the half in total. I don't think there's anything exceptional in the quarter, but you always have a little bit of these swings. Like we also said, as of today, it looks like the third quarter will be similar to the second quarter. Understood. Okay, I will jump back in the queue. Thank you. Yep. The next question comes from Adrian Gilani from ABG Sundal Collier. Please go ahead. Yes, hello. I'll use my two questions to just clarify some things about your outlook comments. First of all, on Fiber Solutions, as you said, you're guiding for similar results Q3 as in Q2. As we know from before, you're expected to have significantly higher subsea cable deliveries in Q3. I guess I'm interpreting this as you are sort of guiding down fiber to the home sequentially a bit. Is this a fair interpretation, and if so, what is sort of driving that sequential decline? Yeah, I understand the question. I think fair or not, I think you're perhaps reading a little bit too much into it. We're what? We're 10 days into the quarter. There's a number of factors here, right? You got product mix, you got geographical mix, you got pricing, you got volume, and it gets very complicated if we start dissecting all these different levers. Clearly, if there's a big bulk of submarine cable in one quarter, that can have an impact. As I also mentioned, we now see that more spread out over the half, not only in third quarter. As of today, when we look everything taken together, we think that the third quarter will be roughly similar to the second quarter. I don't think you should interpret that as there's an underlying softness there. There will always be some pluses and some minuses. Overall, we don't see that the pluses or the minuses will be in a strong majority, so to speak. Okay, that's very helpful. The second one is on Data Center margins. When you say that margins are going to be similar to the past four quarters going forward, is this for the coming couple of quarters? Because as we know, H2 or second half margins tend to be lower than first half. Is this sort of an annualized margin guidance, so to say, or is it for the coming couple of quarters specifically? I think generally, as Rikard said, I think we're trending towards the long-term financial targets. There will be variation between quarters. It's a bit early to say exactly where it will be for the current quarter. Again, we're just 10 days into the quarter. Okay, understood. In that case, that's all for me. Thank you. Thanks, Adrian. The next question comes from Jacob Edler from Danske Bank. Please go ahead. Hi, Rikard, Martin, and Pernilla, and thanks for taking my questions. The first question is on Fiber Solutions. In Q1, you were talking a bit more about the potential negative timing effect on the gross margin related to the price increases we've seen on resin and fiber. Given that you're not as explicit in your commentary regarding this now, should we interpret it as that your view on the timing effect has improved, or is it more related to the mix from the submarine cable orders? How should we read that? Yeah. Again, going back to my earlier, there's pluses and minuses. This is one of the minuses, potentially. I think we're not overly concerned about it. It might be a small minus, but again, that's something that we would then expect to be offset elsewhere. I think in general, we're seeing that the price increases that need to happen are happening. There's always here and there's some customer contracts that there's some time delay. Again, overall, all things taken together, we see that the third quarter would be expected to be roughly in line with Q2. Okay. Is that in terms of top line and EBITA, or what do you mean when you say- Yes just, yeah, in line with Q2? Hello? Hello. Yeah. Yes. Yeah, sorry. The answer. Yeah. Sorry. Yeah. Okay, great. My second question, I guess, is on Data Centers then. Here in Q2 and in H1, we've seen that North America has been the primary driver of this Data Center growth. Should we expect North America to continue to lead the way here in H2? Can we expect positive growth for Europe as well? Are there positive growth to be seen in Europe as well, or mainly North America driven? It will be quite similar in the sense that, we expect U.S. to continue to drive, but it has been positive in Europe as well, and we expect that to continue. Yeah. You expect positive there as well then? Yes. Okay. Perfect. Those were my questions. Thank you so much. Thank you. The next question comes from Fredrik Nilsson from Redeye. Please go ahead. Thank you. Hi, everyone. I want to start with the investments in sales and marketing in Fiber Solutions in North America. As you mentioned, it has gained a few new customers. Could you perhaps elaborate a bit on those initiatives? What are you doing? Looking ahead, what does the pipeline look like for new customers in Fiber Solutions in North America? Yeah. We have a pipeline, of course. I'd rather not be too explicit about that, because you never know who's listening to that. We have a promising pipeline. In terms of what the investment looks like, it is manpower. We've hired and expanded the team, mainly on the sales side. We're putting a little bit more emphasis also on branding and marketing to really establish Hexatronic as a credible and major player in the market. It's sales resources. It's a big country, and you need to have some key accounts resource. You need to have some people who are dedicated and focused on the channel or the distribution. You need to have a regional organization that can visit and find customers in all the corners of what's a rather large country. Okay. Thanks. Regarding Data Center, you continue to grow well above your expected long-term levels. Could you help us understand the growth rate in the different segments? Is it basically hyperscalers driving all of the over-performance, or is it somewhat more even? I think it's a bit broad, but the larger customers, the hyperscalers, or the broader cloud segment, has the highest growth. Okay. I see. That's all for me. Thank you very much. Fredrik, actually, you asked about investments, not only in the North America and U.S. market. We're also investing a bit in Fiber Solutions in emerging markets, and we're seeing some good traction there as well. There are many markets, particularly in Asia, but also Middle East, and potentially other parts of the world where there are opportunities. We're putting some focus and some investment into also putting commercial resources to go after those opportunities. As a reminder, if you wish to ask a question, please dial pound, key five on your telephone keypad. The next question comes from Max Bacco from SEB. Please go ahead. Thank you. Two more from my side, two quite short ones, if that's okay. Circling back to the Data Center segment and what you said in connection with the Q1 report, you pointed to slightly better profitability here in Q2 versus Q1, and in Q1, you did 16.8%. Of course, since then, you acquired Superior, which came in with dilutive margins. Of course, that changed the picture somewhat. Was that the entire explanation why the margin was down here sequentially, or was it something else to it that could be worth highlighting? Between quarters, it's always a mixed question also. Which type of products and customers that are growing. It's also a mix there, I would say. As we know, Max. Okay. Understood. As you know, we don't have a crystal ball. We don't know exactly where we're going to land. Yeah. Guidance is always given earlier. In this case, we thought it would be a little bit higher, on the other hand, the growth came in stronger than we thought. I think in absolute numbers, we're pretty close to what was the expectation. Okay, understood. Also a question on price. I listened to you this morning, Rikard, in an interview where you said that the price increases from your side had very slim impact in this quarter, Q2, perhaps slightly more going ahead. Is it possible to quantify on a group level how much price might support organic growth ahead? No, I don't think we should go into that in total. As Rikard said, we have a situation where we are pushing our price increases. At the same time, we also have rates, for example, that is increasing. Let's look at it then from a profitability standpoint, we will manage that. Okay, understood. Thank you. Thank you. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. Thank you for that. We have received a few written questions as well. We will go through them. The first question is, what is Hexatronic's value proposition to customer and its competitive positioning when it comes to middle mile and long-haul fiber cables for Data Center deployment in the U.S. market? I think, mark, that our value proposition is rather unchanged. We are providing everything that a customer needs to build a fiber optic network, and that hasn't really changed. I think there's a nuance in the change that as this becomes perhaps more important or equally important as the fiber to the home or the last mile, we have refocused a bit. We have upgraded our product offering in the middle mile and long haul, and we've launched some new products. You can find them on our website under Viper Core primarily. But the fundamental value proposition, and one that does distinguish us from most of our competitors, is that we provide everything. We're not only a cable manufacturer, only a duct manufacturer, only a connectivity provider. We have the whole suite of products that you need to build a fiber optic network, whether long haul or last mile. Thank you for that, Rikard. The next question is, when I look at the Superior Fiber & Data Services acquisition, their main business activity seems to be connected to schools and local government buildings to the Internet. What, if anything, does this have to do with the boom in AI data centers? If you look at the U.S. schools, they make major investments into the IT infrastructure. It's very similar installation work. It's like their own IT campus mini data center infrastructure that they're building. It's very similar in terms of scope as what we're doing in other, and it provides a good diversification in terms of customer base for similar type of work. Thank you for that, Martin. We'll take the next question. EBITDA margin in Data Center fell to 15% from 21%, despite sales being 56% higher than last year. What explains this negative operating leverage? You say that it was a result of greater investments, but depreciation at a group level was flat year-over-year. In the same quarter last year, we commented on a number of larger products with high margins and explained there was two to three percentage points higher than above margin for that quarter. That explains most of it. Adding to that, we have made investments in the organization for further growth to really harvest from these great growth opportunities. Investing in all parts of the organization. Thank you for that, Martin. Next question. Following operational improvements and rationalization in several production facilities, what initiatives are still ongoing, and do you expect them to yield material improvements to operating margin and cash flow going forward? The big ones were the performance improvement program and the first step of that we launched last year, where we closed one facility and moved volumes, and also restructured the commercial business a bit in Fiber Solutions. From here on, it's more of the daily and incremental work on things like lean manufacturing. Scrap reductions is a big one. There are some purchasing initiatives that we have. I do expect these to yield improvements. We have said that they are, for example, part of closing the gap towards the 10% EBITDA margin in Fiber Solutions. We were at 9% now in this quarter. I think we are getting both volume leverage but also some productivity improvements. It's more of a daily grind than big one-off moves that we do. I think they're already incorporated in the guidance and the targets that we have set. Thank you for that, Rikard. We have a final question. You are delivering a very strong organic growth of 11% in Fiber Solutions, particularly driven by the U.S. market. Is this performance primarily driven by customer restocking, or are you seeing a genuine, sustained increase in underlying demand and new field projects? It's not restocking. There's growth in the market, and there's new customers that we are onboarding. There's always an element of customer mix here. We saw last year that some of our larger customers had a lower activity level, and they now have a higher activity level. There's an element of that, but there's no restocking that I'm seeing. Thank you for that, Rikard. We don't have any more written questions, so I want to take the opportunity to thank everyone for joining this webcast, and hope to see you again for the next quarter.