Hello and welcome, everyone, to Inission's Q3 presentation. My name is Henric Hintze, and I'm an analyst at ABG Sundal Collier following the company, here to help moderate this call. We will start with a presentation by CEO Fredrik Berghel, and then we'll move on to a Q&A session. Throughout the call, feel free to type your questions in the chat, and I'll read them out for Fredrik later on. With that, please go ahead, Fredrik. Thank you very much, Henric. Ladies and gentlemen, welcome to Inission Q3 presentation. My name is Fredrik Berghel. I am one of two co-founders and one of two principal owners of Inission. Myself and Olle Hulteberg started this company 18 years ago, and we are still both active. I am the CEO, and Ulla is the chairman of the company. Inission Group consists of two business areas: Inission EMS, contract manufacturing of industrial electronics, and Enedo, which is a company developing, marketing, and selling power supplies. Both these business areas are operating with customized high-end, high-mix, low-volume industrial electronics. Today, I will present our Q3 financials performance. I will go through some highlights from the quarter. I will also comment on our financial targets. At the end there, as Henric said, we will have a Q&A session. To the market and to the numbers for Q3. Reported sales increased 13.5% to SEK 531 million. Adjusted for the Selteka acquisition, the organic growth was 4.1%. High-level explanation of the Q3 result. Net added value came out SEK 30 million higher, of which Selteka contributes with 28. Higher volume, slightly higher material share, 54.5% compared to 53.5% last year. We also have a cost level significantly higher, SEK 26.8 million, but most of that comes from Selteka with 21.1. Depreciations, SEK 0.9 million higher, of which Selteka also contributes with 1.4. This gives an EBITDA of SEK 29 million, which is 2 million better compared to last year. If we adjust back for Selteka, it's 2 million lower. If we have a look there on the cost side, if we take out Selteka and if we adjust for 3% inflation, our cost level year on year is sort of flat out, 167 to 167. We are, as you well aware, of doing a restructuring program, especially on the Enedo business area. We have restructuring costs in the period. We also have extra costs for IP projects. If you add those together, it is about SEK 6 million that we have extras here. I will revert further to the explanation per business area. With a lower financial net of SEK 4 million, including a currency loss of SEK 2.3 million, this gives an earning per share of SEK 0.7, which is EUR 0.10 better than last year. Year on year, as the last picture shows, we are back on the growth tracks, which we are very happy for. If we look at the quarters in sequence, as this picture shows, it shows even clearer that sales and profit are recovering. I'm as sure as anyone can be that we have passed the lowest point now and that we are increasing in revenue and in profit. So far, a lot of our cost-cutting actions have been eaten up by restructuring costs, as I just mentioned. Q4 will also be in this way. But then Q1 next year, it will be clean, and then we see the full effect from the cost cut, and we will have no restructuring cost. So hopefully the recovery will improve even further in 2026. Looking at the big picture, we are almost 100 persons less employed, Selteka adjusted, compared to last year. So it must show up in cost. If we look at the LTM numbers here, it certainly doesn't look like recovery, but I think I've proven my point with the two previous pictures. Net sales LTM was close to SEK 2.1 billion, and EBITDA for 12 rolling months amounts to SEK 19 million or 4.3% as a margin. If we take a few, half a minute or so to zoom out, if you look at this picture, it clearly shows the overheated market, 2022 and 2023. For Inission, we also had, if you remember, a really good first quarter 2024, so that is a little bit Inission specific. It illustrates the development of the market. If you look at the long-term trend, I would say that if we reach our targets now for this year, meaning that we will have between SEK 2.1 billion and SEK 2.2 billion in sales and SEK 105 million-110 million EBITDA. If you look at the long-term trend there, I think it aligns quite well. 2025 will align quite well with the long-term trend. Looking at the financials per business area, Inission EMS did a good quarter. All in all, a really good quarter. Turnover much higher, even adjusted for Selteka, which contributed with SEK 44 million. Compared to last year, 405 over 355. Then Selteka adjusted, it gives an organic growth with 13.9%. We have higher salary cost in the period. That comes back to that we actually ran, we took away a backlog that we have in our Inission South company. A very interesting customer, Falcom, that at last have started to order big volumes. Now we are falling behind. We are catching back those volumes. We were running the South factory more or less full speed in July. We also have some differences in the salary vacation debt booking, which comes out a little bit. Year to date, I think it's all correct. Perhaps it was a little bit too low salaries in the second quarter then. EBITDA amounting to SEK 34.6 million compared to SEK 25.3 million last year, which gives 7.7% as a margin compared to 6.3%. Which is clearly over our target of 7%. Volumes for the rest of the quarter look stable. This together with further cost decrease should improve EBITDA even further. If EMS did really well, Enedo is, of course, a sad story. We are shipping much lower volume Q3 compared to last year, EUR 82 million compared to EUR 115 million. That is 29% down. Of course, anyone understands that it is difficult to sort of catch up with the shrinking in the situation like that. Compared to last quarter, Q2, however, it is slightly up, EUR 7 million higher or 9%. Gross margin a little bit lower. This together with the volume drops gives a net added value. Decrease of SEK 15 million. Costs are coming down. We have a cost saving of SEK 7 million. However, of course, not enough. We also have the restructuring cost included here, which I talked about earlier, of SEK 3.7 million. We will also take restructuring costs during Q4 about this magnitude, SEK 3 million-3.5 million. From Q4, the factory in Tunis will be included in the EMS profit reporting. For Enedo volumes, however, look improving to the future. Q4 looks good. It is still lower than last year, but we are constantly building our order book here. Book to bill have actually been both year to date and in the third quarter, 1.3. We are on a, from a low level, also an improvement track with Enedo. We are glad to report that our latest family member, Selteka, have performed really well in the quarter. I just report some numbers from last presentation. We acquired 100% of UAB Selteka last June, which is a company that had a turnover last year of EUR 16 million, earning on EBITDA level, 8.9%. The plant and the factory is located in Kaunas, Lithuania, with 260 employees. We really think that we have an interesting acquisition here. Very complementary and very interesting customer base, stable financial history, complementary geography in Northern Europe, which means for us a new market partly, good size of the company. It is EUR 16 million, but they have very little material share because one of the bigger customers is providing material. If you count that back, it corresponds more to a SEK 300 million operation. Strong and very efficient lean culture and very efficient production. We also sympathize a lot with the management culture and values in the company. We are also, as I have said. Very happy that the seller took a big portion, 25% of the value in Inission shares. So Arunas have become one of the biggest shareholders in Inission Group in this way. Some other highlights for the quarter. Now, the factory in Tunis is also formally owned directly under Inission AB, which, and that also means, as I said, we will report in the operations in the segment, in the EMS segment from next quarter, Q4. We have also appointed Ali Blel as the new MD for the Tunis factory. Ali has a very relevant production and management background. He has been operational responsible for quite big operations. We really hope Ali will be a good contribution there. To our financial targets, and as a background to our financial targets, I would like to show this picture, our long-term performance. Since we became listed or public in 2015, we have been growing. In average 25%. 2015 measured to 2024. And we have, as you can see on this picture, been like a 5-ish company. EBITDA. Then we have this severe drop. Counting in the Enedo losses, 2021, and then the turnaround of Enedo, and now we are sort of back on the 5-ish track here. Two weeks ago, we sent out the PM. The board of directors decided to revise the targets somewhat. It's not no drama, but somewhat for 2025. Compared to what it was earlier. We have taken down the revenue from between SEK 2.1 billion and SEK 2.2 billion. We think it now, so close to the end of the year, we think it's going to divide between the business segment here as SEK 1.8 billion-2 billion for Inission EMS and SEK 330 million for Enedo. We took down also the EBITDA target here, and this is now we're talking about reported numbers, no adjustments in this. So we think EBITDA will come out close to or very around 5%. And the split there, the EMS sort of followed the track, 7 over 7 compared to the old target, but we revised then the Enedo target quite a bit, as you can see. They will not be able to do black numbers this year, unfortunately. The other targets are unchanged, meaning that we target for a net debt EBITDA ratio of 2.5, having now including, I want to say, also 2.9. And where the, of course, the Selteka acquisition is included. If we count back on proforma Selteka, we are a little bit lower, 2.8. Equity ratio, 30, same, same. And also, we want to be a. Company that pays out dividend, of course, if the financial situation allows for that. Over to our long-term targets, or not, sorry, midterm targets, and there are no changes. We really think with organic growth, 10%, and we top up with acquisitions, 5%, meaning that we will have a total growth over the years of 15% if we can stabilize around there. Organic growth is extremely helpful, of course, for the profitability. Then moving now from our 5-ish up to this 9, having in mind that we are doing the strategic changes that we are doing, we think that should be really doable. From capital structure, equity ratio point, and dividend, midterm targets are the same as the short-term targets. Over to you, Henric, have we got any questions for today? Yes, we do. I'll start off with some questions from the chat. If anyone else listening in has a question, feel free to type it in the chat now. First question. You have previously talked about a medium-term goal of achieving an EBIT margin of around 9%. What would be required to get there? I assume a better market and higher volumes, but in terms of your own performance and company structuring, what would be needed to reach a 9% EBIT margin, given that historically you have been lower than that? Obviously, the turnaround of Enedo, we have to be successful there. Obviously, we have been thinking in Enedo, so we have placed a cost level that should match the income there. That is, of course, number one, number one. In Enedo, when the EMS business area is growing and we are also making acquisitions there, the Enedo portion of the company shrinks, fades away almost. Still, we will, of course, look into also structural alternatives for Enedo. One of these days, we will not continue the Enedo struggle forever, of course. We will look into alliances and other possibilities. Either do something offensive, go forward, or give it up. We are, the board and the management are looking into structural alternatives for Enedo. That is number one. If we look at the EMS segment by itself, I think there are, it does not look so, sounds so perhaps dramatic to go from 7.9, but it is, of course, quite a bit of a journey. There, I think, there are those items that we have talked about. The most important there, that is organic growth. If we can, and we have focused over and focused on and investing time, energy, and money in organic growth, because that is extremely helpful for the possibility to make a little bit better margin. Apart from that, there are all these classic things. EMS is a tight and tough industry. You have to be smart and good. I normally, when I talk internally about this, we have these 12 wheels that you have to adjust. It is a matter of having the right amount of people, the right amount of square meters. We do the smart investments, continuously improve, of course, efficiency in the factories. You have to be constantly maneuvering here. Of course, also in the environment when prices are changing on the material, we also have to be extremely alert since we are buying material on behalf of our customer. We have to be extremely alert and actually moving those extras further to the customer. Yeah. In short, I could talk the rest of the day, of course, about this, but that is an extremely condensed version of why we think. If we take the Inission EMS alone, should be able to move from this 7-9. That is not a rocket. It's not rocket science, but it's hard work, yes. All right. I mean, sort of following up on this, there was also a question if you could specify a bit more what Enedo needs to do to reach positive margins and also what your long-term hopes are for the two segments. Margins. We have been on a declining journey, and that is. As good as it is with increasing the volume, as bad and as difficult is when you decrease the volume. Of course, stabilize the volumes and also to start to increase there. Now, first, what you have to do, and also that is an internal thing I always talk to my managers about, we can't have the time against us. We have to create a situation where we don't have time as an enemy. We have done it once for Enedo, and then the market fell even further, and now we have done it again. We have created a situation where income and cost match so that the management and all our coworkers actually can focus the energy of actually doing these improvement items. When I talk to Enedo customers, the products are good and extremely appreciated. It's a matter of finding more similar customers that really appreciate this good and smart technology that we actually have invented. Being a product owner, looking at it generally, a product owner that has good products and are rightly placed in the market should, of course, be able to earn more than a contract manufacturer. That is our logic. It has been a tough journey, and we will keep on struggling and do these changes that are needed, absolutely. As I said earlier, we are looking into structural alternatives here for the whole business segment. Shall we add something to get the scale of the economy? Shall we divest? Shall we look into the segments, the sub-segments of Enedo? There we have clear ideas of that. Perhaps this segment is even more cost-pressed. We fade that out, we take the cash flow, and we fade it out, and we focus. I think focus is a good word here when it comes to how to improve Enedo, because they have been too wide. Now, what we talk about in the board and with the management is focus. We have to do less, for less various type of customers, and be more focused. I think we will have the clue there. All right. When do you envision Enedo contributing to overall EBIT? Our absolute ambition, and our absolute ambition is, of course, they will not be losing money next year. Absolutely not. When will they pass? If the question is when will they pass EMS business area in profitability, four-five years ahead. Four-five years ahead, because that is the long term. That is the long term. I think the question was about when it will be break-even. Yeah, that is next year. Absolutely. Absolutely. One does not have to forget that we have done this factory shift that I have talked about. Enedo have contributed with an extremely nice, highly efficient factory in a low-cost region where now we have moved it over to the EMS segment. We are putting quite a bit of energy in scouting that type of customer. We scout in our own customer list because we have customers that are running higher volumes that we sometimes lose out, or they ask other colleagues of ours in the industry to run those volumes when they get a little bit more cost-pressed. Those are perfect to be moved then into our Tunis factory. We see also quite a bit of an opportunity there. Just to be super clear here, when you say next year, I think you wrote in the report that you hope already in Q1 that it will be break-even. Is that correct? Absolutely. Already in Q1. Absolutely. Okay. If If you could just repeat the one-off costs that you mentioned in Enedo, what exactly were those for and how much was there? As I said, we have been shrinking the factory quite a bit. In Tunis, it is close to 100 coworkers that have gone home. We have been shrinking the cost in Tunis quite a bit, and also Finland a little bit, but in Italy, we have been going there. We have taken down the amount of coworkers from 55 to 36, with 19 people. The organization has been right-sized. That, of course, comes with a. When we decrease in countries like Italy, it comes with a retainment package. You cannot like in Sweden just work and then you go. You have to pay like a retainment package there. It comes with cost. All in all, we talk about EUR 6,700,000. We have taken half of that when it comes to the Italian operation. EUR 3.7 million, to be very precise, EUR 3.7 million of those are in Q3 now. That is extras that we do not get any. Yeah, of course, we have to take care of our coworkers when they have to go home and try to do something else. That is their cushion, so to say. Of course, in this situation, when you have very little money and you are even on the minus, these three or almost four million in the scheme here, that makes a big difference, of course. That going off the table from Q1 forward will make a big difference. Together with volumes coming back, because we see now we have a break-even case here. EUR 2.6 million, EUR 2.7 million per month for Enedo. We have the order book there now, and we see perhaps more of a EUR 3 million-ish going forward here. If we can run over this EUR 2.6 million-EUR 2.7 million, then we have certainly a break-even case. From Q1, we should count on costs being almost EUR 4 million lower then. Is that correct? Or is this only the cost for the reductions? How much will the ongoing costs be? Yeah, the ongoing savings is EUR 1.1 million starting. This shrinking we started in April. EUR 1.1 million, that is what we talk about. That is how much Italian costs have come down. That is these 19 people. Maybe I misheard you, but at the beginning of the call, did you say something about IT costs as well? Yes, we are. That is minor in the situation, but still, and that is on the EMS leg. We are investing money in actually connecting our CRM system with the ERP. That is not a standalone. We want to have that so all the data, all the orders, all the invoicing, everything, the salespeople, and also the management should see in real time to connect the CRM. We are spending energy and money on that, and that is also like an investment. That is also, we do not put up there. I am mentioning it, but that is cost of doing business, of course. It comes extra, a little bit extra now, because we will not connect monitor with Salesforce next quarter also w e are mentioning it. How much was that? All in all, because also the mother company also has an IT project. That is SEK 2.3 million, I think, totally. Extras. Extras. Yeah. If you run a company, you need IT systems. Yeah. We just got a question from the chat now. What are the total one-off costs this year, including the listing change, and the split between the listing change and restructuring costs? I do not have all the numbers, but if we take big numbers, we are on extras, about SEK 20 million, I think. Seven. Now I am also counting in this Q4 extras, what is the rest there. SEK 20 million for the total year, about SEK 20 million. Half-half, if you make it simple. Half-half. About SEK 10 million. Then also, we have external extras for the list changing. Then being on NASDAQ main market also requires more from our IT security program. That comes up as extras there. We have to follow CSRD requirements so that we pay extra. Those we do not count in that money. That is more like we are on a different level. That is also a little bit more costly, but those are not included in that money. That is also part of growing the company. Yeah, it comes a little bit in steps like that. Twenty-ish, that is my answer to the question. Half-half. Yes. Follow-up on that question also. What was it you were expecting in Q4 for one-off costs? Three and a half. That is what is left in Italy. Yeah. Speaking of Enedo, any update on how customer interest for your Tunis factory is developing? We have had a handful of visits. We have produced an equal amount of quotations because we do not quote. If they do not spend the time and energy coming visiting us, we would not quote. That is where we are. We have quite a few leads, though. Ten, fifteen. We have a long list of, I think, 20-30 names in our customer catalog that should be interested. Out of that, we have a short list of perhaps 15 companies that we work a little bit more focused on to make them understand that they should utilize our Tunis factory. We will get there. We will get there. We have long lead times in our industry from the first discussion until we actually have volume production. If it is a new customer and a new project, we talk years. We have to be patient also. We have to be patient also. On your latest acquisition, Selteka, how has the integration been going there? We have a very decentralized structure, but we have started to work together with them, especially when it comes, of course, to reporting. That is the next week so that they follow our schemes and we follow them up. We put in our monthly financial review and budgeting process. All of that is right away. Now we are also making a plan out of the, I think I have told the story, but when we do the due diligence, we, parallel with that work, make this list of things that we want to look into and improve. Now we have taken that list and converted that to an onboarding program. The obvious and first things that we look into and where we have also started, that is sourcing. Because normally we have the same suppliers. Selteka is a little bit different, though, since they, as I said earlier. Their customer is providing quite a bit of material. They have less material share. If an EMS company in that part of the world should have 70%-75% material share, that would be typical. They are more like a 40% company. The synergy in sourcing is less since the customer provides material. We also have integration in the other direction. They are extremely efficient in production. We are sending Inission EMS people there to study because they do good things. Next, what we are looking into is that some of the equipment they have is a little bit on the older side. Now we are discussing for the investment program. Of course, we are cooperating so that we use our knowledge and our contacts and also our price list when it comes to investments. Yeah. And it's a whole scheme of activities. Yeah. And did Selteka contribute with, would you say, a normal margin in the quarter or anything special? They are quite defensive people there in Lithuania, but even on the EMS scheme, they were above average. They were above average. They contributed, as I said, with EUR 4 million EBIT. And they had EUR 44.2 million, I think, in turnover. So higher than average. That is one quarter. You have to see it over time. Yes. It is always good with a nice start, isn't it? One like that. Good start. It sure is. All right. I think those were all the questions from this time. With that, Fredrik, I leave it to you to say some final words. Thank you, everyone that have listened in. That was all from me today. Have a nice day and take care. Bye.