Hello, and welcome to the Jetpak third quarter 2021 earnings call. My name is Jess and I'll be your coordinator for today's event. For the duration of the call, your lines will be on listen only. However, there will be the opportunity to ask questions. This can be done by pressing star one on your telephone keypad to register your question at any time. If at any point you require assistance, please press star zero on your telephone keypad and you will be connected to an operator. I will now hand over to your host, CEO Kenneth Marx, to begin today's call. Thank you. Okay. Good morning to all of you, and welcome to this Jetpak Top Holding Q3 report. Participant from our side is Håkan Mattisson, our CFO, and myself, Kenneth Marx, CEO. What we will take you through today is the highlights of the report, both in terms of the business and finances. We'll talk about the expectations for the coming quarters, and we'll talk about also the targets follow up based on the long-term targets that we have defined. First of all, we had, like, a very satisfactory quarter in line with our expectations. We saw growth, revenue growth of around 15%. Air segment accounted for 18%, and road segment accounted for 12%. What we also saw during the quarter was an operating profit of SEK 24.4 million, which was equal to an EBITDA margin of 9.7%. If we adjust for this long-term incentive program, it all adds up to 10.6%. I think it's fair to say that this was really what we expected, and it's following the path that we have defined. We saw within the air segment, with 18% growth that we had some service improvement due to the fact that there was a slight increase on domestic capacity. This increase was very much related to midday flights, which supported, of course, our ad hoc services on the air freight side. It did not, like, provide full value in terms of that some of the routes where we had, like, a thinner frequency still, especially in Swedish domestic, are still suffering from absence of capacity. During the quarter, we also still continued to see this supply chain disruption path or trend, which made our months relatively bumpy. Looking at it from a total perspective, still satisfactory during the quarter. The supply chain disruption also fueled the growth within the air segment due to the need for more emergency solutions. Within the road segment, we had, like, a continued growth of 12%, very much based on the growth among our large accounts in the business to consumer segment. Pretty satisfactory. We see still quite a lot of competition within the road segment, which has been like unchanged from previous months, but no doubt that this is like more crowded area. We are still maintaining a high quality compared with our competitors. That also means that we are able to attract business and maintain the business also in a long-term perspective. The vaccine distribution that we have had in the previous quarters continued steadily during this quarter, so we're still providing steady revenues and steady contribution. I will come back on our future expectations within this area. We saw like some minor margin fluctuations in the segments. Air segment dipped a little bit and the road segment increased a little bit. That was mainly due to underlying changes in the customer mix and the revenue amounts of the individual customers and products. We saw a stable market share during the quarter. We also saw that even though the competition picture changed some, somehow in the air segment, and we saw some newcomers also entering similar processes, we managed to keep momentum. We are having a strong pipeline. We won some contracts and I think that we are still in a pretty strong position within the air segment, especially based on the fact that we are known as the ultimately highest quality provider within our area. We continued during the quarter to have a strong cost control, and the good thing is that when we look at our comparisons with the last year and also previous quarter, we are still on top of things in terms of maintaining a good overhead cost ratio. That is also a good thing for the future as we expect to keep this level and only increase cost no more than in line with the increasing revenues for the future. Still maintaining an attractive overhead. That's important from our side. We have projects that we have defined for 2021, and one project is one focus area is Europe. Europe and Jetpak Express Europe is slowly picking up. We are still lacking capacity both from participating airlines. We also need to get more airlines on board, and we think that time will work to our benefit, but we still wait to see it really take off. At least we have a positive trend. As we also mentioned in the report, we have started the train routes in Finland, both adding complementary capacity and also being a part of our sustainability focus. We have performed our strategic review, which is performed in September each year together with the board, and we will have focus on especially temperature-controlled and these opportunities for the coming year. Also high degree of optimization and organization, and we will continuously work on improving our organization processes and competencies, which is like always high on the agenda in our company. We think that our long-term targets still remain in sight despite the COVID-19-related delay. You also need to know that even though we believe in our long-term targets, our main focus is still growing the EBITDA in actual numbers. We have this long-term EBITDA target of 12%, but it's even more interesting from our side to grow the numbers. That is what we will be focusing on. I think this is my picture of the third quarter, which from my side was not surprising, but went as expected with the bumps and everything else that we have also expected to see due to this still ongoing COVID-19 situation. With this, I will hand over to Håkan for the financial highlights. Thank you, Kenneth. I will take you through and further elaborate on some of the financial highlights from our third quarter 2021 as they are presented in our interim report. To start with, the total revenue for the quarter just exceeded SEK 250,000, or more precisely SEK 250 million, 428,000. This was more than SEK 32 million more than last year's SEK 218.1 million, but on the same revenue level as Q2 last quarter. Please keep in mind that the third quarter is affected by seasonal downturn in business activity during July and August due to summer vacation. The reported total revenue growth between the years amounted then to 14.8%, while the underlying organic growth amounted to 15.1%. The group was affected by a minor FX net headwind amounting to SEK 575,000, emanating from a weaker Danish kroner and euro, which was then partly offset by a slowly strengthening Norwegian kroner versus Swedish reporting currency. Talking about currencies, keep in mind that the affected geographies, Sweden, Norway, Denmark and Finland, they all have what we call a good level of operational FX hedging, meaning that revenue in one currency to a large extent is being met by OpEx in the same currency, may it be Swedish, Norwegian or Danish kroner. Note also that there were no M&A adjustment effects between the years 2021 versus 2020. The organic Q3 growth of 15.1% represented a significant improvement versus last year, which then, however, had an organic growth of -8.4% versus the pre-pandemic year of 2019. The 15.1% growth is three times our commercial long-term organic growth rate, which is 5%. Shifting gears into the gross margin for Q3, which amounted to 30.5%. This was slightly below last year's 31.0% due to a change product mix within and between the segments, where the Express Air segment's gross margin amounted to 41.3% compared with last year's 42.8%. At the same time as the air segment's relative size grew by 1.3 percentage units up to 47.5% of the total net revenue, SEK 242.8 million. This relative improvement is then supported by an improved underlying and available air capacity and frequency, even if it's still far from pre-pandemic frequency levels as Kenneth mentioned. The operating profit for the period amounted to SEK 24.4 million. That was SEK 1.5 million higher than last year's operating profit of SEK 22.9 million. Also keep in mind that last year's Q3 included both a bit of a business bounce back effect from last year's Q2 lockdown quarter, as well as state support and other actions were starting to have an effect in Q3 2020. In Q3 last year, the direct recognized state support amounted to SEK 1.7 million compared to nothing this quarter. During Q3 this year, Jetpak has instead started to cost-wise provide for the long-term cash-based incentive program that will last up to 2023, which they AGM in June 2021 decided upon. The P&L effects from this amounted to SEK 2.1 million in the third quarter, and that was based on a fair value estimation. The operating margin then amounted to 9.7% versus last year's reported operating margin of 10.5%. The drop in operating margin for Q3 year-over-year by 0.8 percentage points was mainly attributable to the increased top line this year, while last year's OpEx were pushed down thanks to pandemic effects and actions like state support and temporary layoffs in combination with very limited traveling and marketing, et cetera, et cetera. The net income for the quarter then amounted to SEK 16.4 million, SEK 1.3 million or 8% more than last year. The difference between operating profit and the net profit amounts to SEK 8.0 million, and that is mainly attributable to paid interest amounting to SEK 3.1 million on our external loans, which amounted to SEK 160 million by the end of the quarter. Plus calculated corporate taxes with an effective tax rate of 23%. Earnings per share amounted to SEK 1.36 based on our 12 million currently outstanding shares. There were no significant differences between basic and diluted earnings from the only outstanding warrant program which lasts until June 2022. Shifting gears and looking into the cash flow for the quarter, we had a cash flow from operating activities amounting to SEK 24.9 million. That was SEK 13.4 million more than last year. This quarter was, however, positively affected by repayment from the Norwegian tax authorities of earlier paid preliminary taxes. The difference in paid income tax between the years Q3 to Q3 equals more than SEK 11 million. The cash flow from investing activities amounted to -SEK 1.8 million and was only affected by normal investment in tangible and intangible assets, and no M&A effects in the quarterly figures. Also, this quarter's cash flow from financing activities was very clean, with -SEK 5.5 million, which just consists of normal amortization of lease items, and next amortization of loans will occur by year-end 2021. Jetpak's cash position increased by SEK 58 million between the years, up to SEK 112.4 million by the end of this quarter. Finally, our net debt ratio in relation to our adjusted EBITDA on a rolling twelve-month basis amounted to 1.2x, same as the previous quarter, and 0.6 units improvement versus last year's 1.8x figure. As Jetpak have communicated as one of its long-term targets to have a net debt leverage ratio less than 2.5x the adjusted EBITDA on a rolling 12-month basis, we can conclude that Jetpak debt exposure-wise or leverage-wise, now is well below that level. I think that concludes our financial highlights walkthrough. Without further ado, I'll hand the word back to Kenneth for a glimpse into our last quarter. Yeah. Okay. Thank you, Håkan. Not surprisingly, we expect COVID-19 to still make it a bumpy ride for also the coming quarters. In terms of one of the main drivers in our company, the air capacity, we expect actually that the capacity planning from our main suppliers will remain unpredictable for coming quarters and will continue to still be based on a short-term focus. That is the message we get when we are in dialogue with our suppliers, so no firm commitments, even though they would say it's slightly optimistic regarding future growth in coming quarters. Just to be a little bit to look at the prognosis and what we expect by year-end, we think that it will climb up a few% more index-wise compared with the pre-corona capacity. The year-end will end with a quarterly capacity around index of 70-75. That's at least our expectations for the time being. If you look at our need for complementary road capacity, we know that it will still apply to some routes where we have too few frequencies, so we need to add some backup capacity in that way. We also still expect that the demand for the coming quarters will remain volatile due to the long-term supply chain disruptions that we're facing for the time being. We expect still to see an increase in pipeline. We see more activity during these months. We see more discussions with customers, so new prospects coming up, so that will have a positive impact on the quarters. We also expect that the current vaccine distribution, which we're performing in Norway will also take place for the coming quarters due to the introduction of the booster program that we also see in other countries. We expect that the overhead cost ratio will stabilize on the current level. We're still focused very much on the business development, and we need to invest more on that in line with the revenue increase. We have defined commercial initiatives for the coming quarters to continue build up pipeline and ensure stable performance. We know that the air products is currently changing in the favor of this segment, and that also means that should also expectedly improve the margins for the quarters to come. We see that we will have like a continual organic growth. Looking at our expectations for the full year, we expect that this year will have a growth compared with last year of between 10%-15% on the revenue side, with three months remaining. We also believe that this strong cost control and efficiency drive that will be an important prerequisite achieving the results that we expect for the coming year. We expect in terms of EBITDA, not in margin, but in absolute numbers, that we will surpass the performance of 2019. That was our expectations regarding coming quarters, where we still see a large impact from the COVID-19 and also the unpredictability that it causes. With that, I will hand over the word to Håkan and just make a sum up on the status of our long-term financial targets. Absolutely. As Kenneth mentioned, we have a number of long-term targets, which is sales growth, profitability, capital structure. Talking about sales growth, our target is to have 5% average annual organic sales growth over a business cycle. The actual figures for this quarter, short term, so to say, was 15.1%, and year to date, 2021, we are at a growth rate of 15.5%. Going over and looking into profitability, we have communicated to have a long-term adjusted EBITDA margin of 12%, and as per this quarter, our EBITDA level was 9.7%, and year to date it has been 9.4%. On that one, we are below the target. Looking into capital structure, I mentioned that our target is to have lower than 2.5 net debt Adjusted EBITDA on a rolling 12-month basis, and we are at a 1.2x. That is the same figure as we are on a year-to-date basis, 1.2. Thank you. Okay. Thank you, Håkan, and that was like finalizing our presentation of the Q3, and we will be ready to take any questions that we're able to reply. If you would like to ask a question, please press star one on your telephone keypad. Please ensure your line is unmuted locally as I will speak to you directly, state your name, and then introduce you to the call. Once again, that's star one if you would like to ask a question. We do have a question in the queue, so please stand by whilst I take the caller's name. Thank you very much for standing by. The first question comes from the line of Anders Roslund from Pareto Securities. Please go ahead. Yes. Good morning. I had to excuse myself. I have a bad throat here, but I try to ask some questions anyway. Is your target of reaching 10%-15%, is it possible that you will maybe reach the lower end of that part, as your target, for the EBIT level is, as I see, somewhat more cautious than you had previously? You talked about reaching 10.7%, or the level. Now we talk about the absolute numbers in 2020. Good morning, Anders. I think actually we should have been more specific on that because it's right that we have talked about actual numbers. Possibly it has been interpreted in a way that we would achieve exactly the EBITDA margin that we achieved in 2019. Then we also have this long-term incentive program, also like having a certain impact on our achievements. I think it's, you could say, it's more conservative, but I think we will be reaching towards the 10.7%. We don't expect to achieve it, but we will be closing the gap for the coming months, at least that's my expectations. Look- Mm-hmm. Looking at the revenue increase, I mean, from my side, we are still optimistic regarding the revenue increase. We have, like, outstanding couple of months now, but it looks okay. But it's too early to say if it will be in the medium or high numbers. Yeah. The air slides or the air division is about Express Air. It's about on the same level or like slightly lower than in the second quarter. Is this just- Yeah. seasonal effects or is this indicating that you are not growing the Express Air business sequentially? I'm talking about? Well, I would say it's, from my side, I mean, because we also looked into it during the report, and that is due to seasonal effects. If you look at previous years, we see the same trend. We have these seasonal effects during the year, and that is very much related to the number of business days and the holiday season, which is really impacting the Q3. Seen from that perspective, I mean, it looks okay, and it's a trend that we have seen previous years. Okay. You expect then an increased air capacity in the fourth quarter versus the third quarter? Yeah, you could say, as it looks now, it looks good in terms of that expectation. Yeah, excellent. The new initiatives you mentioned in the report about coming on stream probably next year, this international expansion and also, how is that going? I think that's actually we are starting from a low level on the European network. It's a kind of challenge to make like a big marketing efforts as long as we don't have what we expect to be adequate capacity. We are still like lacking frequencies with the partner airlines that we're utilizing today. Mm-hmm. I also need to use all my capability to convince new airlines to get on board because they're really occupied with their own situation. I think time will work for us during the coming months. Even though we are starting from a low level in 2021, I think it will be picking up, but it has been more slowly than what I could have hoped for. It's still an important initiative from our side. That initiative also like, at the same time, we're also having this Nordic Courier set up where we see a strong pipeline building up, but it has taken time to, you could say, to convince customers of going into dialogue and changing their current setup. Also, especially due to the supply chain disruptions we see for the time being, then customers are going for more stable solutions. But it's looking good for the time being. I have some good expectations about our capability to close some of the business potential within the coming months. Yeah, so- The temperature-controlled is a new area. That is, Mm-hmm. Actually an area which was one of the strong sides of the acquisition of 3D Logistik A/S two years ago. We would have speeded up that earlier, but we have simply had too much other activity, so it has been a matter of priority. We still see like a large potential within the temperature-controlled segment. Mm-hmm. That is proven in Denmark, and that is still to be proven in the other Nordic countries. Excellent. When will you see any effects? Is that also for next year? We hope to see effects from that next year. You know, currently, I'm mostly like focusing at getting the effects from the prioritized areas that we defined for 2021. Mm-hmm. I cannot say that when we will have new customer support and get substantial revenues out of the temperature control for next year. Mm-hmm. It's more important with the Nordic Courier Express's focus area and also the Jetpak Express Europe to get it up and running and see revenue. At the same time, we're also still having this huge cost efficiency program where we are challenging the business models that we have with our suppliers today, especially within the Express Road segment. That also looks promising in terms of potential cost savings and defining a win-win for both parties. Excellent. Your European network you talk about, and you're saying that the pipeline is picking up. Yeah. I mean, what is the problem here? Is it to convince new airlines or because, I mean, they are- It, it- They're very linked to each other. Unless you get new airline capacity, you won't be able to offer your services, right? It's like, it's a dual-sided problem because it's also a matter of getting more airlines on board, but that's not like the main prerequisite of closing the pipeline potential. Currently, we have a pipeline based on the current network work that we have available. We are still on certain routes waiting to see a little more frequencies before the customers are willing to close and sign and close the contracts. We have like a kind of commitment. You know, as we're waiting for capacity to increase, they are not willing to take the risk to make a swap. It's, that is, sort of what we're waiting for. That is a little bit out of our control. We're pushing hard all the time, but, you know, you cannot incentivize customers to take a risk. They want to be certain about the stability of the network. In that way, we are very much depending on the airlines. Yeah. I mean, from whom are you taking this market potential? Is it an existing market already, or is it new market opportunities, or how should we see in this pipeline building? In what area did you say? Sorry, Anders. Are you taking market shares from other competitors, or are you building up this potential independently, or how should we see this? Within Europe? Yeah. Yeah. Yeah, you could say that, of course, we are like both building up potential by the fact that customers are swapping from a road-based network and making like another approach to that and having like a kind of dual strategy both utilizing road and utilizing air freight system to minimize their stocks. That's one part. The other part is also, of course, that we are seeing like competitors in Europe doing the same that we are doing. Of course, we're also like expecting to take some market share from them. On the other hand, the market is big and our concept is good when it's up and running, and we have like a sufficiently dense network. I think it's. There's more potential not only taking from other competitors but also like convincing customers of like substituting their current setup with a more air freight-based setup. Okay. Interesting. Finally, the impressive cost control. You say that you expect other costs now to increase in line with revenue, but that means that in absolute terms that you are on a sort of sustainable level now. Yeah. I think that's fair to say. You know, all of us in the company are quite cost-conscious. I mean, we are only doing investments in people and increased overhead costs to proceed the business. I think it's a matter of balancing this all the time. I think cost control has been like a very important prerequisite of achieving the results that we have done during a difficult time, and we'll continue to do that. Of course, we will not like jeopardize any business opportunities. We're just doing a phasing of both cost and business opportunities in a way so we're not taking an unnecessary risk. Okay. Yeah, for the time being, thank you very much for these answers. Thank you, Anders. There are currently no questions in the queue. As a reminder, please press star one if you would like to ask a question. We have no further questions in the queue, so I'll hand the call back to your host for some closing remarks. This was the reporting of the Q3 for 2021 in the Jetpak Top Holding. I hope that you got all the answers that you needed for today and that you were getting what we expected in terms of our results. We will look forward to talk with you again when we have the Q4 report available. With that, Håkan and I myself will wish you a good day. Thank you. Thank you for joining today's call. You may now disconnect your lines.