Good day. Welcome to the Jetpak Top Holding third quarter 2022 earnings call. Today's call will be hosted by Kenneth Marx, CEO, and Håkan Mattisson, CFO. At this time, I'd like to hand the call over to Kenneth Marx. Please go ahead, sir. Yeah, welcome and good morning to all of you, and welcome to this Q3 presentation in Jetpak Top Holding. Presenters from our side today is, as usual, Håkan Mattisson, the CFO of the company, and then myself, Kenneth Marx, CEO. The presentation is in line with the agendas that we have also introduced previously with business highlights, financial highlights, expectations for coming quarters, and then followed by an intense Q&A where you can shoot. I will start off with the business highlights of the quarter. First of all, I'm happy to say that we're very satisfied about a continued strong growth, and also that the profitability follows in line with the growth despite that we are, like, experiencing cost increases, cost pressures, and as to the continued high degree of market uncertainty. The total revenue increased during the quarter to SEK 308 million, and that was equal to a growth of 23%, and that was including the acquisition of the company CTS in Denmark. It all added up to a little bit less than 12% growth. Also under our operating profit, we had a growth with a margin of 10%, and actually got SEK 35.7 million. What we have seen during the quarter is actually that we managed to continue the growth from previous quarters, despite the fact that we are seeing like a more, a high degree of demand volatility month by month, so we can have a relatively high fluctuation on revenues on month to month. Also we had the SAS strikes, which was like creating a burden for our customers for a period of 15 days. During that time, we needed to find alternative solutions, which was not very cost efficient, but nevertheless safeguarded the quality towards our customers. Despite the fact that we had the strike, we managed to achieve a growth of little less than 37% in the Express Air segment. The gross margins slightly decreased to around 39% compared with 41% last year. The reason for that was that in the air segment growth, we are still seeing like a very impressive growth in Europe, very much driven by spare part logistics, and also Denmark with the acquisition of CTS and Norway was like pushing growth in the air segment. We also saw that the capacity remained on same level as same quarter last year, but it decreased compared to second quarter this year due to the SAS strike, and we saw a decrease a little above 15%. That was in terms of frequencies on the top 10 lines on domestic Norway, Sweden, mainly, which is the largest area. We also saw that the capacity during the quarter was further restrained by changing aircraft types, especially from SAS, and also frequent schedule changes. In the past timing, we could like rely on that the schedule was more or less fixed for the summer and winter traffic program, but now it's rapidly changing due to due to the current situation and optimization in SAS. That is what is like what is one of the main struggle, strongest looking at the air capacity. Also at the same time, we're seeing SAS utilizing smaller jets on certain routes. Nevertheless, we have managed to deal with that based on the backup solutions with other carriers. We saw a lowering gross margin during the quarter, mainly due to the successful growth on the European spare part logistic, but also due to the fact that the strike was causing additional cost to other airlines and also it causing additional cost for all feeder services. A small decrease on the gross margin level for that reason. Within the road segment, we saw a stable growth around 12% and a gross margin of 18.3, decreasing from 19.2. Main reason for the growth was that we had large accounts up-trading, and also at the same time, we had the fuel and sustainability surcharges that fueled the revenue growth. Especially up-trading large accounts also meant that the margins were slightly restrained because the large account had better prices due to their high volumes. Positive on the growth side and of course, a small concern on the margin side, even though the margin development is expectable looking at the customer mix. Looking at the situation with SAS and Chapter 11 and also that we see like these air capacity disruptions during the quarter, we have put contingency plans in place to mitigate any future challenges on that side. I think I would say that even though we're very depending on the airlines, I mean, we have managed to make backup solutions, so we don't see that as being any big risk also for the months to come. We are facing a further cost pressure, especially due to the increase in fuel prices and inflation. That has, as we also said during last quarter, been mitigated by pricing initiatives. One thing which is really a focus for Jetpak is the growth and also the M&A growth. We have had dialogues with M&A candidates during the quarter, but currently, we haven't seen any transactions materialize. In my view, it also boils down to the fact that very often that when we are looking at acquisition potential, it is acquisition of owner-managed company. It's my experience that dealing with owner-managed companies have a longer maturity phase, I mean, to agree upon the valuation of companies. We have had some interesting discussions, but we do not expect to conclude anything during Q4. We'll wait and see. Long-term financing agreement has been discussed previously on the quarterly calls. I'm happy to say that our CFO, Håkan, has successfully closed the long-term financing agreement for the coming years. We have a long-term agreement in place, also providing a good flexibility and supporting our future growth. All in all, looking at the highlights for Q3, we are on safe track, and we have also had a session with the board. We have looked over our strategic plans for the quarters to come and also the targets, and that has been reconfirmed during the quarter. A good strong quarter from our side. I will hand over the word to Håkan regarding the financial highlights. Thank you, Kenneth. As mentioned, I will take you through and try to put some further color to the financial highlights from Jetpak's third quarter of 2022 as they are presented in our interim report. The consolidated total revenue for the quarter then amounted to SEK 308 million. This represented a total revenue growth of 23.1%, equal to an increase in absolute figures by SEK 57.9 million, then of course, compared with the same quarter last year. The organic growth for the quarter amounted to 11.8%. Apart from the acquired growth from the Danish business CTS Express, which amounted to SEK 18.8 million during the quarter. Jetpak also benefited from a continued FX tailwind, which amounted to SEK 9.4 million. That was coming from both a strengthened Norwegian and Danish krona, as well as from the euro versus last year and versus Jetpak's reporting currency stated in Swedish krona. It's also worthwhile noticing that the individual countries, within the Jetpak Group have what we call a high degree of natural currency hedging, since most of each Jetpak country's revenue is being matched by operating costs in the same currency. Going deep down in the segments, Express Air's net revenue growth amounted to a high 36.8%, then supported by the effects from CTS Express's inclusion into this segment. The underlying organic growth for the Express Air segment was 16.5%. Still strong with Jetpak Belgium and the Netherlands as significant growth contributors with a combined revenue increase of SEK 14.9 million from just those two countries. The estimated negative impact from the SAS strike during the first half of July affected this segment by circa SEK 3.5 million of lost higher-margin revenue. Shifting gears into the Express Road segment, they had a growth by 12.3% after adjustment for foreign currency effects, no M&A effects in this segment. The underlying organic growth for this segment amounted to 8.7%. Here we had larger Swedish customers that contributed to the growth, further also supported by Jetpak Finland. This segment's overall growth was then partly offset by this 3.7% drop for the Danish road business due to some lost customers. The total consolidated gross margin for the quarter then came in at exactly 30%, corresponding to gross profit amounting to SEK 92.5 million. The overall drop in gross margin by 0.5 percentage points versus last year's 30.5% was then explained by effects from the SAS strike, plus the increase of systemized revenue from Belgium and the Netherlands, which on average has a lower gross margin. Both those factors affected the segment Express Air's gross margin, which then dropped by 2.4 percentage points, to 38.9% versus last year's 41.3%. The Express Road segment's gross margin dropped by 0.9 percentage points, down to 18.3%, mainly due to a positive revenue development on bigger but lower margin accounts. Looking at the revenue balance between Jetpak's two measured segments, it can be concluded that the Express Air revenue accounted for close to 53% of our consolidated net revenue of SEK 301 million, meaning that the share of air segment revenue has increased by circa 5 percentage units from last year's close to 48%. Obviously, the inclusion of the acquired CTS Express from January this year have played a significant role here as they contributed with the equivalent of SEK 18.8 million Swedish kroner in this quarter. Year to date, after nine months, CTS have contributed with SEK 50 million Swedish of revenue and with SEK 6.7 million of operating profits. Looking further down in the income statement, to the indirect cost side, that was also impacted by the cost inclusion of the CTS Express and FX effects, hitting the cost side, plus impact from a generally increased business activity level during the quarter, which is, I would say, not pandemic restricted as was the case last year. Note that this quarter's personnel cost was burdened by provision for the Jetpak's long-term incentive program that is scheduled to run up until next year. The provision for this LTIP program amounted to SEK 2.2 million this quarter, and this was on par with the previous quarter. The operating profit for the quarter amounted to SEK 30.7 million, an increase by more than SEK 6.3 million, corresponding to a profit improvement by 26% compared to last year's profit of SEK 24.4 million. The operating margin for the quarter amounted to exactly 10.0%, 0.3 percentage points higher than last year. The net income, or profit and loss of the tax for the period, amounted to SEK 21.2 million, an increase by 29% over last year's SEK 16.4 million. Basic earnings per share for the quarter amounted to SEK 1.74. Please note that Jetpak in July 2022 increased its number of shares by close to 188,000 new shares, adding up to an exact number of 12,187,675 shares in total. The reason for this increase was that the three-year warrant program, which was launched back in 2019, reached its closing subscription period by the end of 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 that runs up till the end of 2023 is a cash-only based incentive program. This means that from now on, there are no differences in the current KPI basic earnings per share and the diluted earnings per share. They are both SEK 1.74. The cash flow then from operations amounted to SEK 34 million, while cash and cash equivalents amounted to SEK 140.6 million. That's a liquidity net increase by SEK 28 million between the years, despite the fact that Jetpak since last year then have both acquired CTS Express as a pure cash deal, and during this quarter also amortized the loans and refinance the company. Talking a little bit about the refinancing for your info, the current refinancing setup consists of a three plus one plus one year term loan of SEK 115 million, meaning that it can maximum be extended up until September 2027. On top of the term loan, we have also a revolving credit facility amounting to an additional SEK 105 million. This means that Jetpak currently have a total credit frame amounting to an equivalent of SEK 220 million at our disposal. The RCF that I talked about can then be turned into loans in euros, Swedish, Danish, or Norwegian kroner, depending on what we may need for future potential acquisition purposes. Our sole lender to this refinancing setup was the Swedish branch of Nordea Bank. I think that concludes this quarter's financial highlights walkthrough. Without further ado, I'll hand the word back to Kenneth for the further glimpse into the rest of the year and possibly also a bit regarding our outlook. Growth expectations into 2023. Okay. Thank you, Hakan. Coming from a strong quarter also creates expectations of the coming quarters. As you all know, I mean, we are, like, facing a high degree of continued market uncertainty, and that's not only in our business, but I think it goes for most businesses based on the current conditions. The focus for the coming quarters from our side will very much be in addition to the M&A that we talked about be on ensuring further cost efficiency and also utilizing our pricing power to utilize what we are seeing of cost increases for the coming quarters. Of course, we are, like, seeing an increasing pressure from suppliers, and we also see that the labor costs are increasing due to inflation and interest rates. We expect that the air capacity would or will stabilize during the coming quarter. We do not expect to see any big bumps on that. The challenges we have had during this quarter with the aircraft types and frequencies will continue, but we do not expect it to be any worse during the quarter. We will be creative regarding ways of dealing with cost in a more efficient way, also for quarters to come. We will, as I said, utilize the pricing initiatives in line with what our other players are also doing in the market to neutralize the impact from increasing costs. We see that the demand volatility will continue for the quarter. We are seeing that the demand is a kind of shaky from month to month. Nevertheless, I mean, even though it's fluctuating a bit, we managed due to the variables are very much high degree of variable cost and also the asset light nature of our business model to create still, I mean, satisfactory results, and that's also expectation for the coming quarter. I touched on the M&A activities also during the quarterly highlights, and we expect that will increase in the coming quarters. We also expect there will be a certain impact on the valuation of these businesses because we are facing increasing financing costs, which in turn could mean that more companies would come up for sale. Also it would expectedly be on lower multiples than what we have seen in the past. All in all, a continued stable growth for the quarter, even though we will not predict exactly what it will be. We'll wait and see. There are some uncertainties in the market. We are, like, more moderate on our growth expectations for the coming year. That is still related to the macroeconomic uncertainty. I think it's too difficult to predict for the time being how it will end up in 2023. It's also, I think, both for Jetpak and also for many other companies, a big challenge to make like a, you could say, high quality budget. All kind of scenarios are in place. The good thing is that we are, like, keeping our creativity and also like our focus to find other ways of preparing contingency plans and to minimize any kind of risk of potential downturns in the market. 2023 is unpredictable, but I believe that the business model of Jetpak, the nature of our business, and also that we are pretty agile will ensure that we are continuing also in 2023 with decent results. That was the final word from my side regarding expectations for the upcoming quarters. With that, I think we will go into the Q&A session. Thank you, sir. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one on your telephone keypad. The voice prompt on your phone line will indicate when your line is open to ask a question. Please state your name and the company name before asking your question. Again, it is star one to ask a question. We will now take our first question. Please go ahead. Your line is open. Yes, good morning. This is Anders Roslund speaking from Pareto. Do you hear me? Good morning, Anders. Yes, good morning. This was both a little bit better growth than I expected and also better margins. We come back to the growth, do you expect to keep this sort of 10% year-on-year growth also? Is that how we should interpret this? Is it just that you will remain on the same level or how should we see it? There is also a seasonal uptick. I think that looking at Q4, I would expect that we remain more or less on the same level, Anders. I think we are, like, in a stable situation for the time being, but it's more like getting into 2023. It's difficult to say what will happen in 2023. Of course, I mean, we have knowledge of what has happened so far during this quarter. I think it's safe to say that not any big deviations compared with the performance we have in Q3. Yeah. I mean, the performance in Q3 is always seasonally a little bit weaker than you have a seasonal uptick in the fourth quarter usually. It's more like a quarter-on-quarter, you know, in the comparison figures and looking at the growth, I don't expect any big difference on that. Okay. If we come back to the EBIT margin of 10%, I was very surprised about the other costs coming down to 20% while your gross profit was down to 30%, as previously mentioned here. Yeah. The other costs were only 20%. That is the lowest level I've seen. I have to go back to. Mm. where you had subsidies. Are there any specific extraordinary effects here explaining the per-? Well, I would say that we have been, like, more reluctant on the staffing side. Of course, I mean, we are like, we are, like, cautious about, you know, building up staff-wise, even though we have some functions which we regard as being very important to build up also for future more M&A and activity and so on. I think it's more like, a higher degree of, you know, cautiousness on the staffing side. We have managed to do some improvements on that. Of course, also the fact that we are, like, continuously having a dialogue with suppliers and trying to find better and more cost-efficient ways of dealing with our cost side. I think that that has, like, impacted, especially, the overhead costs. Also looking at the margins, I mean, for me, it's no big surprise that we saw this lower contribution margin during the quarter because the SAS strike was like, it was burdening us in terms of additional costs. Also that even though we could gain some capacity from SAS during the strike, I mean, it was smaller airplanes, so it was not capacity one to one. We needed to go also for other airlines to go get the right capacity for the bigger shipments and so on. Both in terms of, you know, more cost conscious on the other costs, on the overhead side, and also the fact that we are, like, building more business in Europe, more low margin business, and that we had, like, the strike cost. I think the combination of the two meant that we nevertheless managed to get decently out on the EBITDA margin during the quarter. Then about pricing for next year. I understand that you've had price surcharges for fuel, et cetera. Yeah. If you now is sort of coming into a period where fuel costs are not increasing, they may hopefully also decrease. Yeah. You will have to lift your underlying prices and sort of exchange price surcharges with real price increases. How does that look like? I think we are in the same position as our competitors and partners in this industry. We also, we all of us are, like, facing a very high cost pressure on most cost components for the coming year. Of course, looking at the fuel, I mean, the development of the fuel price in the future is a bit uncertain. We have, like, put these surcharges that we have in place to neutralize the impact from increasing costs from especially our road suppliers, which we have managed quite well. Of course, I mean, facing what's happening in the industry, I mean, we see, like, many of our competitors are close to a two-digit price increase for the coming year. Of course, I mean, with some customers we have, like, long-term contracts, and that makes the discussions more difficult. Then we have other smaller customers, which is also a quite big part of the total revenues, where it's more easy for us to apply, like, price increases. I don't think we will be that far away from what we see other competitors doing in the industry. Okay. Interesting. Coming back to the new systemized business you've taken in Holland and Belgium. Yes. Do you expect those to remain in place, so they don't just disappear next year? How does it look like for the systemized part of the business? You could say that, actually, we have, like, cracked the code in Europe. I mean, it was a bit difficult in the beginning with the, with the acquisition of the company in Europe, because we didn't see the growth from initially that we expected. After, after, you know, all the challenges that we had with COVID-19 and, also the fact that we decided to build up the organization to focus more on these, on this special service and also, like, converting special service, product, you know, which is like a kind of one-offs into more systemized business. You can, even though it's one-offs, then when you get sufficient one-offs, then you can put it into a system, and you can drive it more cost efficiently with a higher quality. That we have managed to do with three, four large accounts that we have in Europe. These large accounts are pretty satisfied about the development. I think, looking at that, I would expect, hopefully more business in the future, not less business. The only challenge is, of course, that we see, like, we are, like, keeping the margins on a good level. We are on some lanes seeing, like, that prices are decreasing, but also capacity costs are decreasing. I think we'll manage to compensate for that by also gaining more business. All in all, I'm quite confident regarding the development in Europe for the coming year. I think that we continue to have a strong position, and hopefully we will also be successful in gaining more business from the big accounts that we have on board today, as well as getting new accounts on board. We have, like, a proven concept, you know, so that way it's good, and it's something that I really would like to replicate also even more in the Nordics in the future. Excellent. I just realized that your CTS acquisition has been very successful. Margins of 13.4%. Yeah. Is that part of the margin composition that you get, such a good impact here? I would say it's like more it's, first of all, it's a good company. The way it was a small company when we acquired it. It's getting bigger and bigger, and we're also building the organization, which is very good. I'm very happy about that, and it's good to see that when you feel you have the right chemistry with people and they understand which direction we want to go, I mean, then it works out good. That way, even though we can do all kind of tests, it also boils down to chemistry and the right business model and so on. They have done a marvelous job. Also because, I mean, they are, like, listening and understanding how we are dealing with customers and how we are dealing with products and so on. We are likely fueling them also with some of the old Jetpak products, so they have like a broader product portfolio. Then we have also supported them in, you know, like possibly a more firm governance model in terms of how we are dealing with customers and pricing and so on. All in all, I think that has been successful in turning this company into being even more profitable than they were before. Yes. Impressive. Yeah, for I get back in queue and thanks for all the good answers. Okay. Thank you, Anders. As a reminder to ask a question, please signal by pressing star one. We have another question. Please go ahead. Your line is open. Anders Roslund back again. I just wanted to ask a little bit about, more about the acquisitions. I guess it's difficult to say anything about the character, but are there sort of most Nordic companies we're talking about? Or is it also European companies, European, Northern Europe or what we could say? Yeah. Actually, you could say the majority of the pipeline line is of course related to the Nordics. It especially boils down to being like Denmark and Sweden and Norway. It's more difficult in Finland. We don't have the same number of acquisition candidates in Finland, but of course, we're like scanning the market also in Finland. Primarily we are looking at the Nordics. You could say still there are a few interesting targets also in Europe, and we had dialogue with one of them for some months. That's also something that needs to be matured, and it could be at all. We do not know how it will turn out, so we'll wait and see. And also you, when you ask about what kind of business I could like, I can lift the cover a little bit on that and say that it's if it's road business, which is like the where you see the highest potential or the largest pipeline, then it will be road business, which is a kind of more niche than normal road business with higher margins. It could also be within temperature controlled solutions and so on. We are still like pursuing these businesses, which probably could be a bit more expensive, but on the other hand also is providing higher barriers of entry. That is at least something that we're looking at. On the other side, we're also looking... On the Air side, we are looking also at more like special service business. We're looking at forwarders dealing with special service one-offs towards the customers because that has been very successful in Europe. That is also something that we want to pursue further. Then we're also looking like at the potential of smaller acquisitions, you know, to strengthen our career network, especially in Sweden, because there are some obvious small candidates, but it's small as I said, small acquisitions. I think it's more or less main number or the highest number of candidates you'll find at Road segment. We also have a few ones in the Air segment. The problem with the acquisitions, Anders, is all the time, it's very difficult to find one as an acquisition candidate, which looks exactly as Jetpak because, I mean, we have this uniqueness of our, especially our same day, next day product on the air side. We need to be creative and find business, which is a kind of self-complementary to what we're doing today, but also business where we can utilize the synergies on the cost side and having an even broader commercial and product portfolio in the future. Okay. Just a final question about the growth strategy. You mentioned previously that you had initiated a cooperation with major European carriers. Yeah. We haven't heard that much of that development. You also have talked about growing the ground transportation for temperature sensitive areas from Denmark into other Nordic markets. Talking about these, what we in our terms call Jetpak Express Europe. I mean, we are like facing a situation where we have been slowly ramping up on both revenues and also contribution from this area. In my perspective, it should grow faster than what it has done in the past. We have been in dialogue, and we are in dialogue with some carriers further expanding the network because that's what we need. The network is currently too thin based on the airlines that we have on board, so we need a stronger network also for the future. Even though these airlines that we are like discussing with are not like owner managed, as I said before, and that's not the reason for the delay. They also have some very long processes internally, but we have like positive talks and hopefully we will be successful in getting one major airline on board in Europe within a foreseeable future. At least we expect a decision on that during the end of Q1. That is what I'm hoping for because that is a prerequisite of being successful on Europe. It's not enough that we have the handling stations and the network if the network is too thin. We need like a higher density in the network, and that is the challenge. It is up and running, so we have the network in place based on what we have today, and we are like, creating additional revenue, but not, it's not like significant for the time being. Okay. To talk about this, temperature controlled, I mean, we are doing temperature controlled today, but it's more or less the same situation that I think we need to fuel that even further in the future by finding the right, the right acquisition candidates. We also like building, we are building competence internally based on the customers that we have on board today. This, this thing regarding temperature control is one of the main focus areas for our sales function within the next six months. They are like rolling it out, more intensively than what we have done in the past. Of course, I'd like to see some more success in that area also. Okay. Yeah, I'm very happy with all your answers, so. Very good. I'm ready. Yeah. Thank you. Okay, thank you. Thank you. Is there enough other questions in the queue? I'd like to hand the call back over to Kenneth Marx for any additional or closing remarks. Over to you, sir. Yeah. Thank you for listening to Hakan and myself today. I hope it was a bit encouraging even though we are like looking into a time in 2023 that we do not know exactly how it will turn out. I think we are well prepared for the future, and at least as good prepared as our competitors or perhaps even better based on our business model. I'm not that concerned in a longer term perspective. I'm sure that we will come out good in the end. Happy that you were listening and I look forward to catch up again when we present the Q4 report. Thank you to all of you. Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect.