Hello, and welcome to the Jetpak Top Holding second quarter 2022 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, and you'll be connected to an operator. I will now hand over to your host, Kenneth Marx, CEO, to begin today's call. Thank you. Okay. Thank you, and good morning to all of you, and welcome to this presentation of the second quarter results in Jetpak Top Holding. As usual, the participants from Jetpak will be Håkan Mattisson, our CFO, and myself, Kenneth Marx, CEO of the company. We will be going through, first of all, the business highlights for the last quarter, also the financial highlights, followed by expectation and then like a review on our long-term targets. After that you have the possibility of shooting with the Q&A session. We look forward to interesting questions. First of all, looking into the business side as of the quarter, it's fair to say that we are, like, quite satisfied about the strong growth and also the increased profitability, despite the fact that we still have some obstacles in terms of factors outside our control, increasing costs and also the great uncertainty that we see in the market with increasing inflation and interest rates, and so on. The total revenue increased with 27.7% or 26.7% to SEK 325 million. That was including the acquisition of CTS that we had from January. We achieved actually a 17.4% organic growth, which is very satisfactory from our point of view. The operating profit grew with 30% and equals SEK 32.1 million, with a margin of 9.9%. The strongest growth was experienced in the Express Air segment with a growth of 46%, and we achieved a gross margin of 40.1 compared with 42.9 same quarter last year. It is obvious that the reality regarding continued supply chain disruption and also the fact that we have added some capacity also fueled the growth and improved the mix compared with the road segment. We did see some margin fluctuations, and some of you will possibly notice that the margin is decreased a bit on the air segment, and that is due to the fact that we have seen quite a significant growth in Europe with our business, especially in Belgium and in Holland. This growth is more based on what we call systemized business. You know that we have this high margin business called Jetpak Direct, the same-day business, but having more air business in the other products also had like an impact on growth. Nevertheless, as the mix changed in favor of the air segment, had like a positive impact on the overall margin of the company. This is actually something that we know about, and we want to achieve growth even though, I mean, we sometimes would focus on a slightly lower margin in some of the segments. The main revenue growth was primarily in Europe, as I said, but also Finland and as well as Denmark was contributing very well in terms of growth. I'm very happy to say that the company CTS Express that we acquired in January this year has really been a positive surprise in terms of growth and in terms of profitability. That is always nice to see. I mean, doing acquisitions and also now when we are on this acquisition path, I mean, we need to have a good track record both to build confidence internally in what we're doing, but also like proving that our decisions are on the right level. The domestic markets in Sweden and Norway have limited growth and we have some capacity issues in these markets. One thing is looking at capacity figures, which actually in the second quarter grew from the first quarter, but still compared with the pre-corona capacity in terms of number of frequencies on the most important routes in Swedish and Norwegian domestic showed that we had still a decrease compared with 2019. Another thing which is very important to state is that actually SAS started to operate smaller aircraft and also operating regions. Yes, it was very intense during the strike, the 15-day strike in July. But it has also been seen prior to the strike, and that provides some limitations on the capacity on certain routes, which makes it a challenge. Nevertheless, a strong growth in the Express Air segment. The Express Road segment was on much smaller growth path with 10.3% at a gross margin of 20.1%, improving from 18.2%. We had expected to see during the quarter increased demand for retail home deliveries due to the reopening of the Nordic markets. We also expected that the test and COVID-19 vaccine transport would continue on low level, which is also a reality for second quarter. On the positive side, I mean, we were in Denmark positively affected by a contract with SAS on luggage distribution. Luggage distribution is primarily delayed or lost luggage, which has become a quite big business in Denmark. Introduction of the fuel and sustainability surcharges on the road segment positively affected the revenue starting from April. You also need to keep in mind that one thing is the revenue, the other thing is also that we needed to neutralize the costs, the increasing costs from suppliers due to the war in Ukraine. That has developed successfully in terms of neutralizing that. For the reader who is very updated on the report and the figures, you will see that the overhead cost ratio increased slightly quarter-over-quarter from previous year. That was mainly due to the fact that we had some further provision for management bonus. In addition to that, we also made some decisions on both improving competence and up-staffing within certain areas of the company, where we see a strong growth potential also in coming months. We continue to work with ESG issues and optimizing our CO2 in terms of our supply chain solutions and are still considering and in dialogue with customers of extending the number of electrical vehicles that are operated by our subcontractors. Also getting more and more into the HVO, which especially is in Sweden, as we do not in Denmark and in Norway see HVO used to the extent that it's done in Sweden. The M&A activities continued during the quarter, and we know from previous presentations that this is an integrated part of our growth strategy. We are building the target pipeline, and we have had a number of initial meetings, where some of them are very interesting and will be continued. Of course, we cannot disclose which companies we are talking with or the size of the companies because we are still in these initial phases. The SAS capacity was further downgraded in June, and you all know that we had this spike during July. The main concern, which was also a concern during second quarter is, as I said earlier, the utilization of the smaller aircraft types, which only leaves limited space for air freight as space are used for mainly luggage in smaller aircraft. Anyhow, a good and a strong Q2, which was really what we had hoped for, and good to see that business is growing in both segments, even though strongest growth is in Express Air segment. Also good to know that we are building a strong pipeline also for coming quarters. With this, I will hand over the word to Håkan, and he will take us through the financial highlights of Q2. Thank you, Kenneth. As mentioned, I'll try to put some color to the financial highlights from Jetpak's second quarter 2022 as they are presented in our interim report. The consolidated total revenue for the quarter amounted to close to SEK 325 million, or more precisely SEK 324.891 million. As mentioned, this represented a total revenue growth of 26.7%, equal to an increase in absolute numbers by SEK 68.5 million compared with the same quarter last year. The underlying organic growth for the quarter was 17.4%. Apart from the acquired growth from CTS Express, the Danish acquired company, which amounted to SEK 17.7 million during the quarter. Jetpak also benefited from a continued FX tailwind, which amounted to SEK 55 million, which came from both the strength in Norwegian and Danish kroner as well as from the euro versus last year and versus Jetpak's reporting currency in Swedish krona. It's also worthwhile noticing that the individual Jetpak countries have a high degree of what we call a natural currency hedging, since most of each country's revenue is matched by operating costs in the same currency. Looking further down into the segments, Express Air's net revenue growth amounted to 46.2%, and, as Kenneth Marx mentioned, supported by the impact from CTS Express's inclusion into this segment. While the underlying organic growth for the segment Express Air was 28.7%, mainly driven then by the growth within Jetpak's European business. The Express Road segment then had a growth by 10.3% after adjustment for foreign currency effects, the underlying organic growth for the road segment amounted to 7.8%. Shifting gears and looking into the total consolidated gross margin for the second quarter, it came in at 31.8%, corresponding to gross profit amounting to SEK 103.4 million. The overall increase in gross margin versus last year's 30.5% was explained by changed segment mix as the Express Air revenue in relation to the total net revenue amounted to 54% for the quarter, which was an increase by 7 percentage points versus last year's air segment share, which then was 47%. This change between the years was driven by the, as I mentioned, the acquisition of CTS Express into the air segment business, as well as the increase of the European air segment revenue. Gross margin for the Express Air segment decreased by 2.8 percentage points down to 40.1 percentage points, driven by a shift in product mix, higher share of systemized revenue from Jetpak's European business. The Express Road segment, on the other hand, saw a slight improvement in their gross margin, up by 1.9 percentage points, up to 20.1% for the quarter. Looking into the cost side of the income statement, that was also affected, of course, by the inclusion of CTS Express and also the negative side of the FX effects, also costs from a generally increased business activity level, not least from Europe. While last year's corresponding figures instead benefited from SEK circa half a million of direct state support for COVID-19, plus that Jetpak utilized short-term layoffs up until the end of May last year. Also note that this quarter's personnel cost was burdened by provision for the long-term incentive program that is scheduled to run up until next year. The provision for this long-term incentive program amounted to SEK 2.4 million in this quarter, and that was on the same level as the previous quarter. The operating profit for the quarter amounted to SEK 32.1 million. That was an increase by SEK 7.4 million, which also corresponded to a profit improvement by 30%, compared to last year's profit of SEK 24.8 million. The operating margin took us to 9.9%. That was 0.2 percentage points higher than last year. More or less on the same level. The net income, or profit and loss after tax for the period, amounted to SEK 22.6 million. That was an increase by 36% over last year's SEK 16.6 million. Dividing this profit into number of shares takes us to basic earnings per share, which for the quarter amounted to 1.88 SEK per share. Please note that Jetpak in July increased its number of shares by close to 188,000 new shares, adding up to an exact number of 12,187,675 shares. You can find the exact figures on our homepage, of course, jetpakgroup.com. The reason for this increase was that the three-year warrant program, which was launched back in 2019, reached its closing subscription period during June 2022. This also means that from now on, there are no future dilution effects on the Jetpak share as the current three-year long-term incentive program is a cash-only based incentive program. Talking about cash flow from operations this quarter amounted to SEK 33 million, while cash and cash equivalents amounted to SEK 132 million. That represents a liquidity net increase by SEK 45 million between the years. As per end of this quarter, Jetpak's outstanding external bank loans amounted to SEK 143.3 million plus an additional DKK 4.6 million. Taking us back to a rolling 12 months net debt leverage ratio of 0.7. All remaining loans will fall due by the end of this year. We're close to a new refinancing solution for the coming years together with Nordea Bank. This is however something which I will be able to disclose in more detail in a coming report and earnings call. That actually concludes this quarter financial highlights walkthrough. Without further ado, I'll hand the word back to Kenneth for a further glimpse into the rest of this year. Yeah. Thank you Håkan for providing some more flavor to the figures. Looking at the expectations and focus areas for the coming quarters. First of all, I mean, it has been a strong quarter that we are leaving, and that builds expectations also for the future. The main concern from our side is more like what is the situation both in terms of the macroeconomic development? Will we see a potential slowdown and when will that happen? We don't foresee it within the next couple of quarters, but we know that it could be around the corner in a not too distant future. We also, of course, have some concerns that we are addressing regarding air capacity development. That is like mainly due to the situation of SAS and the fact that SAS is in a Chapter 11 situation now. That could have some implications on both the future network and the capacity that they're going to utilize. We see that in the second half of the year, it will be a stable market situation. We also see that lowering growth is like a risk after the second half of the year. We do believe that we will continue to see a certain degree of continued supply chain disruption, which will hardly, you could say, neutralize some of the negative impact from the macro, potential macroeconomic development and lowering demand. We will focus on both like developing new, but also geographically expanding existing products within the coming quarters. One part of this is, for example, the learning that we have from the takeover of CTS to utilize their concept also in other countries in the Nordics. We're seeing exciting potential in that. Then of course talking about M&A. I mean, it's obvious that an exploration and realization of the most interesting targets in the M&A pipeline will be a high priority. As I said earlier, we are like still not in the completely initial phase because we have started some meetings, but we need to see this materialize within the coming quarters. ESG initiatives are exciting, especially when we see some of their initiatives are like more proven concepts and can be utilized in our business. As I also said earlier, we have started to use electric vehicles more and more, but we are still limited by the range of the vehicles. I think that the technological development within this area will support us in the future to also find a more cost efficient way of distributing to our customers. We're also waiting like that drone technology will be like proven concept both commercially and operationally. Still, it's in the trial phase. Of course we are participating and following some of the projects. There is a risk that we'll see a slowdown on the road logistics segment because we have seen some structural changes among some of the key accounts which have taken over parts of the business and then operating this business themselves. Nevertheless, of course, we still expect some growth, but potentially on a lower level. As I also said earlier, continued implications from the SAS FORWARD plan and also Chapter 11 could be expected, but that is mainly a stipulation for the time being. That also means that the close monitoring and securing of air capacity as well as contingency planning is a key priority. Seen from that perspective, it was pretty positive that we have signed a 5-year contract with Widerøe covering both some of the Norwegian domestic operation, but also partly Europe. We are also exploring other alternatives, and we have contracts with other suppliers in Nordics, so we are able to compensate for a potential decrease in capacity from SAS. Not a big risk for the time being as we have initiatives in place, but of course, a concern. We expect to strengthen the organization further within the coming months, also to be more prepared for driving M&A. In addition, we have still a lot of important focus areas and products which focus on both cost efficiency and also focusing on introducing new value-added products to the customers. From that perspective, we will need even more execution power and organization for the future. Despite all concerns and business disturbances, we do expect like a two-digit organic growth also in the coming quarter. That also means that looking at our expectations for the year and also for the time to come, that we are maintaining our long-term organic growth and EBITDA target. That was the main takeaways from our expectations for the future and the focus area. With that, I will hand over the word to Håkan just to briefly go through the long-term financial targets. Yeah. Thank you, Kenneth. As you know, we have a number of long-term financial targets that we have communicated to the market that relates to organic growth, profitability, and capital structure. As you know, we have communicated that we should have at least 5% average annual organic sales growth over a cycle. As you now know, the second quarter figure was 17.4%. We beat that target by more than three times. That has been a little bit of the trend looking back during the last previous quarters. Looking then into the profitability level, there the statement has been that the long-term adjusted EBITDA margin should be 20%. There we have been a little bit under that level with the second quarter 2022 actual landing in 2.9%. Regarding capital structure, it has been said that we should be less than 2.5x net debt versus the adjusted EBITDA on a rolling 12-month basis. As I mentioned, our leverage ratio right now is 0.7, so we're well below that level. That also relates, of course, to the carried out amortization, and that the fact that we have not spent, you could say, used our capital to acquire M&As or companies, apart from the CTS Express that was from that perspective a limited M&A acquisition. With that, I hand over the word back to Kenneth. Yeah. I think this concluded our presentation, and I think now we are, like, ready to take any question, at least the questions that we can answer. We are prepared for the Q&A. 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, take your name, and then introduce you to the call. Once again, that's star one if you would like to ask a question. The first question comes from the line of Anders Roslund from Pareto Securities. Please go ahead. Yes. Good morning. Good morning. I have just a quick one in the beginning. I missed the outlook forecast for the sales for the second half. Did you say double-digit growth or what? Yeah. Exactly. That is our expectation. Okay, good. I would like to come back to the sales development in the first half and what we could expect for the second half, more in qualitative terms. Sweden and Norway seems to be restrained by air freight capacity. Is that going to change to the worse or to the better? That's one question. Of course, the impressive sales growth to Europe, which is obviously something you have had for the full half, first half year now. Is that also structurally long-lasting? As it is a systemized business, it would be rather predictable. That's my first two questions. Okay. First of all, regarding Sweden and Norway on the capacity side, I mean, I would like to be a lot more knowledgeable about what will happen in future. I also have to admit that our dialogue with especially SAS being the biggest provider on these two geographies are not like in a way, so they can, like, tell us precisely what to expect for the future. What we have seen, Anders, is that we have seen SAS is putting more and more these Canadair CRJ regional jets into the network. That is, of course, a concern from our side because that means that we need to utilize bigger capacity more carriers because most of these aircraft capacities is used to load it. You know, especially in Norway, I mean, we have customers which have, like, bigger shipments. Either the shipment will get on board or it cannot get on board. Then very often with these small jets, it cannot get on board, and then we need to find other capacities. I think that it's fair to say that we need to find a way to utilize other carriers capacity even more in the future, and also hope that, for example, the Norwegian capacity and the Widerøe capacity in Norway, that will increase in frequencies and so on, so we are maintaining and even improving the customer offer that we have today. Because otherwise, I mean, it will be difficult to achieve growth, especially on the systemized segment in Norway. Also the fact what we experienced during the strike with SAS, and that is something which will influence of course Q3. It to a limited degree is that when you have like a smaller aircraft, you have less frequencies, then you're also hitting on the what we call the Jetpak Direct product. I'm uncertain about the capacity future in Norway and Sweden and how that will drive business. We don't expect the situation to deteriorate compared with what we see in this quarter. We also, as a part of our M&A strategy, moving towards also finding other solutions to provide like a backup capacity, especially on, you could say, air and road services and these kind of areas. Regarding Europe, I think it's fair to say that the business that we have been growing in Europe for the recent months and quarters is a long-term sustainable business. It's a big niche scope within the automotive and windmill industry, and we expect that to grow even further in the future. The good thing is that it's money on the bottom line. The best thing is, of course, that it's not like direct business, it's systemized business. When we look at systemized business, it has a margin which is more or less half of what the direct same-day business would be. That's also the reason that you do not see like all this increasing business converted into even or higher contribution margin. It is like deteriorating the contribution margin on the air segment a bit. Possibly you could also have hoped for a higher margin on the EBITDA, but anyhow, as I have said many times, we have the long-term charges. What we prioritize most is money on the bottom line. I don't know if that was like the answer you expected, Anders. Yes. Perfect. Coming more to the cost situation, I mean, the gross margins were or contribution margins were better, that's due to the higher Express Air business. Other costs were significantly higher in the second quarter than in the first quarter. What should we expect this level to be the new normal or what is the character of those cost increases between the quarters? I would say that we have like, if you look at the overhead cost ratio, so see, looking at the overhead expenses compared with the, for example, the total revenue, we have seen like, the overhead cost ratio increases with around 1%. This 1% in second quarter of this year is partly due to the fact that we had increased the provision for management bonus, and I'm not talking about this long-term incentive program. It's the yearly bonus, and in addition to that, we have done a ramp up of the organization. We have been strengthening the organization, especially in Belgium, because we see that we'll gain more business there in the future. I also need to prepare ourselves even more like in terms of having the right competence and the resources on board to be prepared for this M&A drive that we are running. Because for example, we see with CTS that we acquired in January, that it's very much the same people in the organization both running the company and also doing integration at the same time. That means it's like slowing the pace of getting out synergies and so on. I would say this is an investment in the future. We also need to look into that also in the coming quarters. What we are trying to do all the time is we are trying to balance it towards the revenue increases. Okay. Of course, you mentioned that the launch in Belgium. You indicated that there were maybe other markets in focus in Europe. You could say that, from our perspective, Benelux is like, the main focus, but we also like extending our activities in Europe. I mean, we are driving this Jetpak Direct project in Europe where we are still like lacking more capacity. That would like when getting other major airlines on board, and we are in dialogue with at least one major airline you could say, will like safeguard a further network expansion in Europe and will also enable us to be positioned in other countries in Europe. You know, being in Benelux is attractive for us, and we still see a lot of growth potential in the Benelux area. A lot of you know, also looking into more pharma business in the future, you know, automotive and windmills are fine, but we would also like to focus more on the pharma segment. We see even with a limited geographical scope in Europe for the time being, we still see a lot of potential. Okay, that's good. For that case, I stop for the time being. Thank you. Okay. Thank you, Anders. We currently have no questions in the queue. As another 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. Yeah. Thank you for listening in to this second quarter call. I'm at least satisfied about our results, and we hope to get back to you after third quarter and show like continued strong growth and growth in terms of revenue and in terms of profitability. We have a lot of interesting things in pipeline, but of course, we also have uncertainties, as I mentioned before. I think these uncertainties we are sharing like with many other parties, both in our industry and in other industries. The future will tell what direction it will be going, but we will at least do our best to continue this growth path that we have like managed to do within the recent quarters. Thank you to all of you, and wishing you a nice day. Thank you for joining today's call. You may now disconnect your lines.