Good morning, and welcome to today's Jetpak Top Holding earnings call for the Q2 2024. Throughout today's presentation, all participants will be in a listen-only mode. Later, we will conduct a Q&A session. You may register for question by pressing star one on your telephone keypad at any time during the call. And now, I'd like to hand the call over to Mr. Kenneth Marx, CEO. Please go ahead, sir. Okay, thank you. So, good morning, and welcome to this presentation of the Jetpak Top Holding Q2 interim report. Presenters from our side will be Håkan Mattisson, our CFO, and myself, Kenneth Marx, CEO of the company. We will follow the usual agenda. That means the business highlights, first of all, and then the financial highlights, followed by expectations and focus areas. Then we will reach the financial targets, and you will have time for the Q&A session. First of all, you talk about the business highlights. We have experienced continued challenging and difficult market conditions during the quarter as a very modest improvement. But the good thing is actually that if we compare with the situation during Q1 and look at the key figures from Q1, we see a quite significant improvement on many parameters. First of all, looking at the adjusted EBITDA, which Håkan also will come back to later, we can see that we brought our sales from SEK 23.8 in Q1 to SEK 21.4, which was slightly below same quarter last year, but still very satisfactory from our point of view, taking the challenges into consideration that we had during Q1. We have also experienced a stabilized margin. It's more or less on the same level as it was during Q2 last year. I think that is also quite good, taking into consideration that we have acquired companies on, in the growth segment, which have lower margins than Jetpak. So we have, like, managed to, during the time, the first six months, to mitigate that, to make some improvements, to obtain cost synergies and so on, but we are still on the path to pursue further cost synergies related to the M&As. The overhead cost ratio was not impressive during Q1 because of the lower revenue level, but we have also managed to improve that significantly with around 2% minus on the overhead cost ratio. So now it's closing the gap to Q2 last year. So we are more or less on level. I think the difference is around 1%. That is something that we can cope with within the coming quarters, based on projects that we are driving. Revenue increased 9.8%, mainly acquisitions related with sea transport and BudUp, which was, like, impacting the revenue this year, and that was not a part of the revenue at the same time last year. But also, if we look at the organic revenue, which was not very good during the first quarter, we see that the gap is closing, and now we are at a very modest negative figure of minus 3.2% and closing the gap, so that is positive. Air segment stabilized more or less grow close to zero, or specifically +0.8%. As you know, I mean, we have not done any acquisitions within the air segment side, so that is, you could say, pure organic. No M&A impact, and the margin also remained stable during the quarter compared to last year. Norway achieved a strong growth on the air segment. Actually, they managed to grow their revenues in Norway with almost 11%, and that was mainly related to our strong products on the same day and next day. Very positive development in Norway, and also, like, the fact that we are realizing pipeline, which we have been working on for a long time, that is actually a positive signal. If you look at the other countries in the air segment, the other Nordic countries had a negative growth around 5%, and actually, Europe decreased 9% compared to last year. That was like, you could say, the hangover impact from losing, or at least losing a big part of some large spare part contracts due to the substitution from air to road, where we did not obtain that business, so we lost some business on the air side, so Europe decreased 9% based on that. If you look at the road segment, we saw an increase of 19.2%, but very much driven by M&A. M&A accounted for 35%, so you know, the other countries actually accounted for some negative impact, around 5-6%. But we also need to take into consideration that we have, like, improved the margin, and the margin improvement is very much related to the profit optimization program we had on the road segment. And the profit optimization program also meant that we actually decided to have a negative growth impact because we decided to cancel some contracts which were not profitable, and we could not make these contracts profitable. So for that reason, I think it's very satisfactory that we see this market improvement, and it was expected to see some negative impact from the canceled contract. The non-M&A road business increased in Denmark, so that was the old business, previously called, now Denmark Road Logistics. And that was, that is due to a favorable turnaround, which has been, performed during the recent months. Last year was not good, but this year seems to be very promising. Also, the road segment increased due to the Finnish lost luggage business. So Finland was, like, negatively impacted on their segment due to loss of some test shipments, COVID-19 related and so on, but actually gained some business on lost luggage side. Sweden and Europe decreased more or less on the core business, so we saw a decrease on the road segment, as I also said before, very much due to also on profit contracts. Competition remained stable, but, high in the road segments. There's a lot of players in this segment, so it's quite crowded, but I think we managed to maintain a good and strong position. As you all know, we are like more niche and less exposed on the air segment, so I would regard the competition as it being like something that we can cope with on the air side, and something which is not like we do not regard that as being as a threat from our side. But road is it's a different story with the many players on board. The M&A integration of the especially of the Quality Transport, that almost doubled the size of our number of in Norway, and added like you would say 25-30% to revenue. It's actually developing as planned. We are steadily improving our cost ratio, and we are stabilizing the margins. It has been a high time-consuming process, and we are not a big organization. So for that reason, we have not been spending a lot of energy on new M&A cases, but we have our pipeline, and we have targets that we're going to pursue talks with, but we have decided that we will postpone this until the Q4. Because we are spending a lot of efforts and focus on making the Norwegian organization very strong and very cost efficient, as well as we are pursuing, like, the commercial synergies. So I think looking at the business highlights, that was the words from my side, and then I will give the words to Håkan on the financial highlights. Thank you, Kenneth. As mentioned, I will take you through and try to put some flavor to the financial highlights from Jetpak's second quarter and also half-year 2024 report. The consolidated net revenue for the quarter amounted to 318.8 million SEK. This represented a net revenue increase by exactly 10% compared with the same quarter last year, and as mentioned, the underlying organic growth for the quarter amounted to -3.2% compared to last year's organic growth by -12.6%, so a big increase year on year, despite the negative figures. This quarter's figures then had an acquired growth effect, which totally amounted to SEK 36.5 million, and that was equal to 11.4% of Jetpak's total net revenue for the quarter. That revenue came from the Swedish acquisitions, BudUp, which was made in October last year, and they contributed with close to SEK 14 million to the net revenue. From January this year, the Norwegian acquisition, Quality Transport, which by now have been renamed into Jetpak Norway Road Logistics AS. And they contributed with 22.6 million. Then going the other way, during the quarter, Jetpak faced an FX headwind, and that amounted to minus SEK 1.4 million, and that was due to a weak Norwegian kroner versus our Swedish consolidation currency. As you know, the individual Jetpak countries have a high degree of what we call operational currency hedging, since most of each Jetpak's country's revenue is actually matched by operational costs in the same currency. Meaning, revenue streams in Norwegian kroner in Norway are well met with costs in the same currency. Just touching base on the segment then, since Kenneth talked you through on that, just to report that, yeah, Express Air's net revenue of SEK 145 million, and that represented an increase by 0.8%. And then after adjustment for foreign currency effects, the underlying organic growth was limited to 0.3%, as the segment had no acquisition effect. We went over to the other segment, Express Road. Their net revenue reported an increase by 19.2%, up to SEK 173.8 million. All that net increase was achieved thanks to the acquired businesses. If we adjust for the acquisition effect, the underlying organic drop for the segment amounted to -6.3%. Just as Kenneth mentioned, Finland and Denmark Road then partly offset the drop within the road segment. Going into the total consolidated gross margin for the quarter, that amounted to 31.7%, and that was more or less flat compared with last year's 31.9%, which then corresponded to a gross profit amounting to SEK 102.1 million. And this increase between the years in absolute amounts mainly derived from the already mentioned carried out acquisitions since last year. Going further down in the income statement and looking at the indirect cost side of the income statement, that relates mainly to personnel costs, which are not allocated to the direct production costs. And those personnel costs amounted to SEK 47.7 million, and the increase between the years was mainly due to personnel costs from those acquired companies. Plus, obviously, the effect from the annual general salary review, which was in average worth 3.5% of increased salaries year on year. Also note that this quarter there were no personnel cost effect from any long-term incentive program, since the long-term incentive plan 2021-2023 ended by year-end 2023. Moving over to the second biggest driver of Jetpak's indirect cost, and that's depreciation, which amounted to SEK 15.4 million. Out of this subtotal, 73% or SEK 11.2 million related to right of use depreciation in accordance with the IFRS 16 leasing standard. The remainder of the item that is depreciation of acquired customer relations amounting to an additional SEK 2.2 million, compared to last year's 0.9 million SEK. And that, of course, is driven also by the acquisitions made since last year. And then as the third input, item, there is the normal operation of depreciation of tangible and intangible fixed assets, including the company's business system, JENA, and that third and last part of that item amounted to just SEK 2 million or 13% of the total depreciation sum that was reported. The operating profit then for the quarter amounted to SEK 30.2 million and adjusted EBITDA to SEK 32.4 million. And the already mentioned depreciation of acquired customer relationships amounting to 2.2 is then added back in this alternative performance measure, adjusted EBITDA. Profit and loss of the financial items equal to PBT hence amounted to SEK 22.2 million. Basic earnings per share for the quarter was SEK 1.82, and that is actually the same KPI figure as for the diluted earnings per share, as we no longer have any dilution effect from, on the profit per share KPI, from option programs or what have you. Then moving into the cash situation, our cash flow from operations during the quarter amounted to minus SEK 3.8 million. That was close to 15 million drop from versus last year's 11.11 million in cash flow from operations. And this quarter was negatively affected by a calendar effect. Since the quarter end occurred during the weekend, the thirtieth of June, and that resulted in significant receivable payments during the first days of the third quarter instead. We therefore expect the full year cash flow from operations to be at normal levels as our cash flow will improve already from the next quarter, the third quarter. I would say that our cash position is still super strong, and that amounted to close to 188 million SEK by the end of the quarter. And that represented a liquidity net increase by 21.2 million between the years. And that, despite that Jetpak since last year have acquired three companies by own generated cash. And since the external loans is untouched at the level of 150 million SEK, Jetpak continue to have a very low, however, not a negative net debt position, including the leasing liability effect, according to IFRS 16. And that KPI amounted to 0.17 times the adjusted EBITDA. But before I hand over the word back to Kenneth, I would like to take the opportunity to quickly brief you on the current status of the two public bids for Jetpak that are now out in the market. Firstly, Pak Logistik Intressenter AB announced on the seventh of June, a mandatory public offer to the shareholders of Jetpak at 93.32 SEK of cash per share. The acceptance period for this mandatory offer is currently being prolonged until the twentieth of September, 2024, so it's still out in the market. Notalp Logistik AB announced on the nineteenth of June, a voluntary public offer to the shareholders of Jetpak at precisely 98 SEK in cash per share. The acceptance period for this voluntary bid is also in the market, and has been prolonged until the fifth of September. On the fifth of July, 2024, the board of directors issued a statement in which the board recommended the shareholders not to accept any of the two public offers. That concludes my financial highlights walkthrough of the quarter, and I hand over the word back to Kenneth for a further comment on the market and overall business trends for the coming quarters. Yes, thank you, Håkan. And looking into the coming quarters, we still expect to see some challenging months ahead. We have hoped that we, during the beginning of Q3, will see a more improved situation than what we are facing for the time being. So what we currently expect is that we will see this delayed ramp up from the end of this quarter, Q3. The good thing is that pipeline has increased during recent months, and as a consequence of that, we also see some increased sales activities, more meetings, more contractual discussions, and so on. So positive signs. We expect to see a continued revenue volatility, but also with some stabilization and growth from the end of Q3, as I said before. We will of course, looking at what we can do, from an internal point of view, further, energize our organic growth projects, and we will also be revisited and prioritized at the Jetpak strategic review, which will be conducted in the management team in September 2024. Afterwards, it will be also discussed and concluded with the board of Jetpak. The key is that we will make an extended service offering, and we will have, like, a broader product portfolio. We are working very intensively on the new sales channels, and it was good to see that we have managed to get also, like, new customers on board on our White Label concept. We expect that will, this situation will also further improve during this quarter. We are working on our digital marketing campaign efforts, and we expect that to be in full effect from the end of Q3, and also expect to see some impact in increasing number of organization numbers. That means unique customers and so on, which has been like a kind of challenge for the company since we had the COVID-19. The capacity optimization and also program and also automated solutions will further improve cost structure. We are still focusing very much on the ESG initiatives and see that going hand in hand with the improved cost efficiency, especially on the electric vehicles and on and on AI automated solutions, and hopefully also in not a too distant future, we will take the benefit from drone operations. M&A synergies will be fully realized from the end of this quarter, so that will hopefully further improve margins and cost ratios in the countries affected, and that's very much in Norway, where we have a full integration. Where we look at Sweden, we still see BudUp as standalone operations, so not the same extent of or amount of synergies in that area. We will not pursue many further M&A discussions before the end of Q3. So during Q4, we expect to take up targets for the pipeline again and continue to see if we can find both a strategic fit and some attractive pricing, and which will be a good complement to our present business and organization. We believe that we will see an improved organic growth rate by the end of Q3, and expect the process to grow from Q3 to Q4. So that is at least our expectations for timing, and that also means that EBITDA will expected to be improve during the quarter and also closing the gap to last year. So all in all, we are maintaining our long-term targets for organic growth and continuously improve the adjustments in EBITDA. So that was the words on the expectations and focus areas from my side, and then I will hand over the words to Håkan regarding our long-term financial targets. Yeah, thank you, Kenneth. You talked about sales growth and our average, the target, the long-term target being 5% of average annual organic sales growth over a cycle- Mm. Business cycle. All by, however, during this quarter, we, as mentioned, we were at minus three point two, so we are a bit from that organic growth, still. Profitability-wise, we have been talking about the long-term Adjusted EBITDA margin of 12%. There we were much closer, since we reported during the second quarter, just about 10% as long-term Adjusted EBITDA. And, as I mentioned already, if we talk about capital structure, it has been said that it should be less than 2.5 times net debt versus the Adjusted EBITDA. And as I mentioned, we are at 0.17, so miles below that one. Fourthly and finally, regarding the dividend policy, it, the long-term target has been set to at least 50% of net profit being dividend. And there, as you know, the AGM of 2024 decided not to do any dividend for this year. So, that concludes my review of the long-term financial targets. And with that, I hand over the question to, or the word to Kenneth. Yeah, and I think that also concludes our presentation. So I think we will give you the opportunity to come up with any relevant questions on this next part with the Q&A session, and then we will, to the best of our ability, try to give you a good reply. Thank you, sir. Ladies and gentlemen, as a reminder, to ask a question at this time, please signal by pressing star one on your telephone keypad. If you wish to cancel your request, please press star two. Again, it is star one to ask a question. And our first question comes from Anders from Pareto Securities. Please go ahead, sir. Yes, good morning. Yeah, I'll start off with some questions here regarding the growth outlook. If I look at the Express Air, it was SEK 445 million, and that was the best quarter since first quarter last year. Mm. Is it only the seasonal or the Easter effect that explain why you were back to a little bit better levels than you had, at least in the first quarter and also in the previous quarters? So, Anders, if you look at it from a total point of view, of course, you'll have a slight Easter effect in that figure, but also take into consideration that we see by the end of the quarter also that we see, like, improvements. I think it's, for me, it's like a sustainable development, looking further ahead in time. So positive from our side to see that. But of course, you know, the monthly figures during the quarter and some Easter effect during the first month, of course. But nevertheless, I mean, we are positive and hopeful regarding the further development, looking at the last two months of the quarter. And when you talk about the pipeline, is that sort of expected to grow in the Q4? You're indicating a flat year-on-year growth in the third quarter, and then year-on-year growth in the Q4. Is that how you see it then? And is that coming more from Express Air or from Express Road, this pipeline? It would be my expectation. I mean, it would be very country specific, you know, with the acquisitions we have done, I mean, and the commercial initiatives that we are putting in place. I think that I hope to see that we see an improvement during the first, third and Q4 on the Express Road. But what like counts in the opposite direction is, of course, the fact that we actually decided to cancel, I think it was two customers, which were not profitable. And, you know, only looking at revenue and revenue growth, that, of course, it draws it in the wrong direction. But if you disregard this factor, then I think I have expectations related to the acquisitions, especially acquisitions in Norway, but also the acquisition of BudUp in Sweden. And then previously, we did this integration with Budakuten in our Skåne region with Jetpak Malmö. So I think that it's fair to expect growth during the quarter, but of course, we need to take this cancel business into consideration. Looking at the air segment, I mean, we are facing different situations in different countries. We see more pressure on the air segment in Sweden, for example. And we see that some customers are, like, considering substituting, you know, air solutions with the road solutions instead, if they can make, like, an acceptable service level based on that. But on the other hand, we also see, like, a very favorable development in Norway and see a strong pipeline building up. So I think all in all, I expect that we'll see like a positive growth on the air segment. But I cannot predict neither on the air or the road segment how high the growth will be. That is yet to be seen, of course. But I think we are looking into a Q3 start before we are, like, really realizing anything we would regard as being more significant. Okay. Coming back to margins, you are now back to the 40% or even 40.6% gross margin in Express Air- Mm. That is where you used to be, or even higher. Yes. And then in Express Road, you are on surprisingly high levels, 24.6, and you had 25.7. Those are levels never seen before. Uh-huh. What should we expect margin-wise, longer term in those divisions? I think this is, you know, this is the result of the improvement we did when we reviewed the contracts, and then we realized that we had, like, contracts, especially in Sweden, which was not profitable, so I think that the margin improvement is very much related to that. But of course, in addition, I mean, we have expectations on the cost energy side in Norway with the merger of the road companies in Norway, getting potentially brought in as Jetpak Norway Road Logistics and also the courier company that we have today. So, this combined business and better product offering, and so on, will put us in a better position margin-wise, but I cannot say that there is not a risk of... That will be further price competition in the future, which could, of course, impact the margin negatively. But I think we have, like, a good stable level now, and unless any other things happen that I do not know of for the time being, then I think we'll see some, not a significant margin improvement, but it will stabilize and hopefully slightly improve further. Mm. Yeah, and when you talk about cost, it is the cost level, which is a little bit elevated. Still, it's coming down from the 24.4, but it's the level now of 22, it's a step down from the high level in 21.7. Yes. Should we see costs coming down further, or is it the cost levels in the contribution margin, or both, or? That we will be working with both. I think it's fair to expect that the overhead cost ratio will go further down as a result of the ongoing improvement projects we have on the cost efficiency side. And furthermore, we of course expect to see an improved revenue situation, which will also support the cost ratio. So I think that is fair to expect that it will be back to more normalized level. Yeah, because now with the three last acquisitions, you have increased Express Road share of sales. So, mix-wise, it's more difficult to reach the 12% margin target than before, but you still remain on the 12%. Yeah, and of course, you can always discuss, of course, how long time should it take to reach 12%, and that's also something that we need to discuss with the board. But, you know, at least we have decided to maintain that. And, you know, honestly, I think it has been a pretty bumpy ride since we became a listed company. And you could say, should we have, like, reconsidered the target or not? So far, we are still maintaining it. We still believe that in a more stable environment, you know, and not with the COVID wars and disrupted supply chains and everything else, I mean, then it should be absolutely reachable. We are more or less getting into a situation where things are not normal is the new normal. We need to discuss that further, of course. Okay. Yes, and then, coming back to the strategic review, is it something you could shed some light on and tell us more about that? I think it's for the time being, it's an internal thing that we're doing each year, that we are like revisiting our plans, strategies, making the SWOT, identifying the most important issues for the company. Assessing you know the market situation, the competitive situation, and so on. And then we're saying you know our. We have we are like identifying what will be the most important initiatives, and we're like trying to quantify what will be like the impact, both on the cost side and also on the revenue side. So actually it's divided into you know cost efficiency, organic growth, M&A growth. And then we also talk about what are enablers that could for example be the harmonization of our ERP system. It could be like changing the organization and so on, and what we're also, like, considering now is if we should add this fifthly and talk about sustainability as a focus area in itself, you know, when we have this discussion, which is a two-day discussion in the management team, then we will take it back and we will work on our projections for the coming years, because it should all be turned into, of course, a financial impact on our long-term projections, which would typically be like, and that will be presented to the board like three, four weeks later and be a part of our plan for the coming year. So that is actually the methodology that we have, like, applied, and which we're using each year, you know, to identify further improvement of the company. Yeah, so that's nothing extraordinary in this strategy. No. You just yearly. I would say. You had previously some initiatives you talked about to increase temperature sensitive transports, and you also to increase international presence with international carriers, and now you indirectly, SAS will change partners and how will that... two questions here: the temperature sensitive transports- Yeah. and number two, the strategic fit of the new partners for SAS. I think, regarding the temperature sensitive transports, I already think also looking at the margin development on the road segment, we see the impact on getting more customers on board on the temperature controlled transports. I would like that to increase even more in the future. It also boils down to having like these GDP, Good Distribution Practice audits and getting, like, acceptance from the market, that we are applying with that. So that has been a new field that our own service that we're building up. And we also have like we also have got companies on board having a more deep competence on this than what they actually have. For example, looking at the transport in Norway. So we are using that to build it further. But that has definitely also been supporting our margin development, and that will be a key area also for coming year to further build on this. And to be honest, Anders, if there were any really interesting M&A opportunities of this, we would use that to further boost our development. But it all boils down to, you know, pricing and strategy, and also getting acceptance from the board and so on. So that is still an important part. The other thing regarding is as I see it, for the time being, it stays strong. We have the network that we have and the contract that we have with SAS. But I really hope that this will open up for you know the ambitions that we have had for a long time regarding Europe. I hope that we could see that we would have like a broader potential on the capacity side. As you know, when SAS is getting into SkyTeam, they're getting into also membership together with KLM and Air France. And that is the European network, which really could fuel this development. But we need two parties to play, and we have tried to play with them in the past, and I don't know if this will change based on SAS membership and the contract we have with SAS. So that is a big consideration, but I do not expect that we'll see. We will not see a worsened situation on the capacity side. So best case, it will improve due to SAS membership of SkyTeam. Okay, excellent, and then finally, on the M&A, you said no M&A in the third quarter, but it could then come in the Q4. Yeah. Is it okay. Yeah. That is, Yeah. Yes. Yeah. That's good to hear, and then finally... Yeah, sorry. Yeah. Yeah. It's okay. I just said that's our ambition, of course. I mean, that is what we are aiming for, and then we have just been focusing so hard on this European acquisition and integration. So as we are, like, still a pretty small organization, we don't have an M&A department, so it all boils down to the same key persons who are also, like, putting pressure on the integration process in Norway. So it's more like we don't want to stress the rubber band too much. So that's the main thing. Yeah. And then finally, on the cost side, I don't know if I heard you correctly, but you expect more cost synergies to come out during the second half of the year? Yeah. Or was it specifically the Q4, or, or did I miss something there? By the end of Q3, we should have, like, performed all the necessary actions to obtain the cost synergies in Norway. And it all also boils down to, you know, working in the same systems, aligning processes and so on. So, but that- So it's from the Q4, you could say. You could see slightly better cost efficient? Yeah. I think conservatively, the last half of the Q4, I would expect that, so. But we will do that as fast as possible, definitely. Excellent. No, I think that was all for me. Okay. Thank you, Anders. Yeah. Thank you. Bye. Bye-bye. Thank you. And it looks like there are currently no further questions at this time. With this, I'd like to hand it back over to Kenneth Marx for any additional or closing remarks. Over to you, sir. Yeah. So, thank you to all of you for participating in this call. I hope you got some valuable insight and more detailed information than what we provided in the report. So, as we look forward to see you, and we see you on Teams in three months from now. So have a very good day. Thank you. Thank you. This concludes today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.