Good morning, everyone, welcome to DNB Carnegie. My name is Maria Karlsson Osipova, I am an analyst here at the bank. Today's focus is the Q2 report of Mentice. With me here in the studio, I have Frans Venker, CEO of Mentice, and Rick van Veen, CFO of Mentice. Welcome. Thank you. Thank you. Thank you, Maria. The format is as usual. You first get to present the quarter and talk us through the numbers, then we will continue with a Q&A session. I remind you guys to ask questions in the chat. Please take it away. Thank you, Maria. Thank you for having us. Today, I'm here with Rick van Veen, our new CFO for the Mentice organization. Rick started two weeks ago made a flying start within the organization. Maybe, Rick, you could say a few words. Thank you, Frans. Joining Mentice indeed by the first of July, just started. Worked on getting to know the organization, getting to know the team, as well as this interim report that we are presenting here with you today. I came from Philips, where I was the head of finance for the CTAM business. Before that, I've been an audit partner at KPMG. I so far very much enjoy Mentice. I love the passion and the spirit in the teams to go for our customers and the mission of Mentice. That's what really struck me in the first days, Frans. Fantastic. Thank you for being here. Maybe a little bit of a reminder of what is Mentice and what is the company Mentice. We have been a company for 27 years, founded in 1999, it is a company that provides training and education solutions for both physicians and hospitals, also for the MedTech industry in order to introduce their products, basically their devices, in a safe and effective way. We are the supplier of training and education solutions for, I think, almost 27 of the top 30 MedTech companies, also many of the hospitals. For example, we have more than 600 hospitals that we support with more than three of our 3,100 system in the install base. We are listed on the Nasdaq First North here in Stockholm since 2019, our revenues last year were SEK 279 million as also order intake of SEK 285 million. Overall, we are growing significantly. We are a global organization with representation both in North America, Europe, Asia, LATAM, in order to support our customers. I can state with confidence that standing here today at the start of the second half of 2026, I'm stating here with much more confidence than a year ago. If you look back where we were as a company a year ago, we just had done an organizational change in order to reduce SEK 25 million of organizational cost out of the organization. We had announced a rights issue, as also our cash position was so. In essence, we're in a much stronger position when it comes to cash, order intake, our customers, but also our order book that we have planned for the second half. With that, also an organization that will deliver. That is it, deliver on an order portfolio that we have, a lean organization also in order from a cost structure standpoint, but also with a cash position where at the end of Q2, we had SEK 61 million in-house. That bodes confidence, and we're standing here with an organization that is not only focused on changing and reorging the organization, but it's an organization that is ready to take care of our customers and support them in even better way. We're standing here with confidence for growth going forward. With that also, what I would like to present today is, first of all, the highlights and the overview. Rick is going to provide an overview on the financials. I have some concluding remarks, and then with Maria, we do some questions and answers. Top line and what we see, the highlights also from the second quarter is that we received revenues, sales of SEK 80 million in the quarter, and that is a growth of 28%, equivalent to basically 26% year-over-year if you include the foreign exchange effect. Our rolling 12 months from a sales perspective is SEK 303 million, up from 262 a year ago. Order intake of SEK 79 million, growth also there of effectively 37%, but on the organic growth, which was 41%. Order intake primarily came from the Americas region. What we saw the revenue growth was very much also coming from EMEA as also the APAC organization. The EBITA margin improved significantly towards 8%, so it was SEK 6 million, coming from -1% adjusted in Q2 of 2025, and that was primarily due to effectively higher sales, but also the cost control that we had in place. There is a staggering improvement that we see quarter-over-quarter from an EBITA standpoint. Cash flow, as I stated in the quarter, especially the operating cash flow, was SEK 8.3 million, so we had SEK 61 million also basically as cash compared to the SEK 26 million that we had a year ago. Order book totaling SEK 128 million, of which SEK 79 million is scheduled for 2026, so the second half. A healthy position also if we look back at the first half of 2026, but also looking forward, as I said, a good start where we can start the second half of 2026. What you see as business highlights is that continued momentum, what we see from the medical device industry. First of all, the net sales, but also the order intake and coming from the MedTech side, and especially if you look at the development projects that we received, we saw significant growth in that trajectory, which bodes very well also for the future revenues to come. Received an order for $2.4 million. It were actually two orders from one MedTech company. They are specifically focused on structural heart. I said, very pleased to receive that, and it shows also the confidence that these large MedTech companies have in Mentice in order to invest. Our cash position, as I stated, is strong. That was significantly improved in the first half, and that also helps with further investments that we would like to do from an R&D standpoint in order to sustain the growth that we have as an organization. This first half, we have done and attended 14 conferences. Currently, there are two ongoing, one in SNIS in Seattle, as also the Society of Robotic Surgery in Hollywood, Florida. We are all attending those, and that really helps us to present our portfolio to drive engagement, but also interest in our portfolio, not only for MedTech companies, but also the hospitals and the physicians. We announced a partnership with Siemens, which we are very pleased that we did. We are going to be integrated on their user interface with our Ankyras solutions, and that will drive further order intake also in the interventional neuro space, which we are very pleased that that was in place. Then finally, it is now really looking forward towards executing on the project developments and the project development pipeline that we have in order to drive the projects for our MedTech partners in order to do and deliver on solutions that really help our customer base. With that, I want to conclude it for now, and I want to hand it over to the financial overview that Rick has prepared, and then we go afterwards back to me. Yep. Thank you, Frans Venker. Let's have a look once more on the key metrics that we follow within the company. First of all, net sales up 25% year-over-year, up to SEK 80 million in the second quarter. There is -3% currency effect in there, so organic growth is even 28%. On the order intake, SEK 79 million for Q2. There, 37% year-on-year growth. And there was an FX impact in there of 5%, so 41% organic growth on the order intake. Both items in the top line driving significant growth. That is also translating in better EBITDA. The EBITDA at SEK 6.3 million in Q2 versus SEK -8 million in Q2 last year. The EBITDA has been significantly improved because of the additional sales growth that we have been able to achieve. Order book is now SEK 128 million for the net sales to come in the future quarters and years. SEK 79 million of that sits in the or is expected to convert to net sales in Q3 and Q4. And then the operational cash flow, as Frans Venker already mentioned, up to SEK 8 million positive versus SEK -7 million in Q2 last year. Also there, sustaining or supported by our net sales growth, you see an uptick in our operational cash flow as well. Let me go a little bit deeper into the growth. If you look at the four quarters that we have just passed, every quarter, we have been able to grow both net sales as well as the EBITDA. The net sales growth is mainly driven by the growth in the MDI business area. If you look at the regions in EMEA and APAC in Q2, we have drove specific growth on the net sales. The net sales is also coming within four quarters in a row, step up in the EBITDA. If you look at the 12 months rolling, from -SEK 17 million in Q2 last year to +SEK 28 million now rolling 12 months in Q2 2026. I will come back a bit more on the EBITDA later. First, a bit deeper look into the sales growth. What you see here on the right is how the net sales for 12 months rolling is developing in both our business areas, MDI and HCS, as well as how the performance per region is for both business areas. There you see what I just also mentioned, the MDI growth being significant with 34% organic growth in Q2 alone. If you correct for the FX, you get to 30% growth on the MDI. HCS is not growing with the same speed yet. It's a focus area for us in the future. If you look a bit longer out, first half year of 2026, we are growing 11% versus 2025. On the order intake, there you see three consecutive quarters of growth reported with specific focus now on the Q2 results, of course, where we see 41% growth, mostly driven by the growth in Americas, and also in our APAC region. Last part is on the EBITDA. If you can go one more, Frans. Thank you. That is on our operational expenses. If you look at our operational expenses in Q2 2026, we are at the same level as a year ago, but there is a nuance to it. The Q2 2025, was impacted by the strategic organizational realignment that was announced back then, and that as a result of the initiative taken a year ago, you actually see now in Q2 a lower base cost level. That has reduced our cost and our headcount, as well as our other operational expenses, specifically on the rent. There you see a reduction in cost. However, we also had to deliver on the 25% sales growth of course, which has come with additional cost, in terms of development hours that we needed to hire, as well as investments or cost related to bonus and commissions that we had to pay for the additional sales that we are achieving. Net-net, cost at the same level, but if you increase your sales with 35%, then you see a significant uptick in the EBITDA, and that's what we did in Q2. That's it, Frans, for the financial update. Fantastic. Thank you, Rick, and a great graph also where you see the improvements quarter-over-quarter, what we have been achieved. Overall concluding remarks. Four consecutive quarters of growth, but also accompanied by strong order intake. That of course bodes very well for how we stand here today. EMEA and APAC, they really drove the net sales growth, where the Americas really drove the order intake, and that's also what we see for the second half then for revenues. Momentum remains strong and the interest is also high, as we also could see by a large order, or two orders that we received from a large med tech company, what I stated also, more than $2 million that we received in structural heart. We are taking strong step in order to basically remain the leader in the image-guided therapy space. We are focused on clinical workflows, procedural efficiency, and making sure that we help our customers support their interventions, but also the training and education needs. Overall, I would say, the focus remains on delivering on the projects that we have in the portfolio, and it is really that we have the compelling business propositions, not only for the med tech segment, but also for the healthcare systems partners. Overall, the focus remains on execution and delivery on the project portfolio that we have, but of course, also servicing new customers. We're in a healthy position to drive the future and basically it's all on us in order to execute accordingly. On us to drive the trajectory that you showed with the six bars that we had to drive that also for the future to come. With that, I would like to leave it at this and come to questions and answers, Maria. Thank you very much, Frans and Rick. First of all, congratulations on the report. It's a great read in the morning. Thank you. We do have some questions, and we'll walk through them. There's also some questions coming in here in the chat. To begin with, there's always so much focus on America, by all means. For you saw that order intake grew 55% in Q2, but revenues did not grow quite as much. The time lag there, how should we think about the timing of revenue recognition? That's a very good question, Maria. It is the order intake to revenue, especially when it comes to project-related order intake, which of course the North America or the Americas organization saw quite significantly. That is usually a 3 to 4 months lag until the revenues come. That simply has to do with the fact that these orders are going into the organization. We're going to scope also the project for those med tech companies. Then we're going to put them in the queue, and we assign the engineers to it. Once we start executing on those projects, we also start the revenue recognition of it. Also with that, once we finalize such a project, then usually there is hardware also associated with it, so that we provide a total solution for our customers. When it is your question, what is the time lag approximately? It's usually 3 months till start, and then 3 to 4 or 5 months until the full project is finalized. Also further revenues will come also along the years, because then other territories will also bank on the project that we have delivered for that particular customer. As for net sales, you presented quite a detailed view in the slides. We don't have to go into that. I would like to repeat the question on gross margins that we had in Q1. In Q1, we had some sort of a floor level there, and it's improving now in Q2. Would you care to just share some maybe expectations or the picture that you see going forward in the second part of the year? We can definitely explain where we are basically in Q2. Then you can make the projections yourself, how to say it, what that will happen for Q3 and Q4. Maybe you want to take that. Yeah Gross margin? We expect that the current level is a sustainable level in which we can deliver our sales so that we can stay at this level. The current FX, or the current gross margin that you see is primarily driven by the impact of FX. You see our sales with a significant part coming in US dollar, while our cost footprint is also significantly in other cost, amongst others, the Swedish krona. Because of that, you actually see a bit of pressure on the gross margin versus a year ago. That is a driver. We have also been outsourcing part of the work of manufacturing some parts that we ship to our customers from in-house, which we did with our own employees into outsourced parts. You see also a little bit of a shift in the P&L of some cost flowing into the gross profit. There, we expect that we are at a level that we currently can deliver. If the growth continues, we might need to shift more, but that is a decision to be taken at the moment that that comes. Moving a little bit further down the line on the P&L, the EBITDA improvement was quite hefty. Would you say that improvement is sustainable for the future quarters to come? If you look at our current cost level, that's where we can deliver the current sales with. There is limited impact of exceptional items in there now. That's a good indicator of future cost levels. Also there, if the growth needs to come significantly, of course, we will need to invest in additional cost to be able to handle the growth, but that is for the future. The current level can be done with the current cost level. Also I would like to add to it that we had a few one-off cost also in the first half. Realistically, we might have to invest here and there in a few basically, engineers in order to make sure that we can sustain the growth. That will level off. If you ask the EBITDA levels, I would say they're here to stay, and further growth will actually help us. Yes. You answered a little bit of my next question on the cost base for personnel, and there's also a question in the chat, based on the personnel costs. They were asking also about some one-time items that you also mentioned now. How should we think about personnel costs going forward? Just to wrap it up since they came in a question here in the chat. Do you want to take that one? Yeah, it was a little bit in the answer I just gave. The personnel costs, there are some incidental items still in the quarter two, but limited, not to an extent that we have disclosed it like a year ago. The current cost level of personnel cost is a good indicator for the sales that we do today. Also if we stay at that sales level. Yes. Yep. Let's move on to the order book. You have around SEK 79 million for the 2026 season now left. How much should we expect of this to be weighted towards maybe Q3 or Q4? We have done quite an analysis also on that order book. It looks like it's approximately 50/50. Around 40 that will come into Q3 and the remainder into Q4. That's the analysis and the breakdown to it. Quite a bit in the order book is also project related, so that's also quite positive. There is significant growth also in that order book, also from a project standpoint in it. Which bodes well again for the future revenues to come. Just a little bit more on the order intake and orders. In Q1, we've talked here about that the order intake was coming from a very broad customer base. Now we've seen that large order of $2.4 million coming in. What is the current situation? How much is it coming from the broad base of customers, and how much is concentrated on maybe some bigger players? No, it's a very good question, I'm very pleased to state also that the majority of orders are still coming from a broad base of med tech companies, that will really help also with the stabilization of revenues going forward. We are not concentrated to one or two customers. Really what we see is that we are servicing a broad base of large med tech companies, but also the mid-size and also smaller, the startups of med tech companies. We are really established, I would say, in the space of interventional image-guided therapy. The customers are also coming to us for their training and education solutions, primarily for two reasons. That our solutions have a high realism. It is the reality of our simulations are very much close to how things are operating in reality that can towards anatomy, it could be device behavior, it could be how the haptic feedback is in catheters and wires. Also on top of that is the service of our employees. How we treat our customers, how we work with them, and how we service them going forward. That's what we are really appreciated for. That's what we're here for. We're here for our customers to take care of patients. If we do that better, I would say that the revenues will come. That one specific large order, could you provide any more detail on the timing of that large order? Not limited to that extent. I would state, similar to what I stated earlier, it's an order that comes in. What I stated also, usually you're asked about basically, the effects on when revenues are going to play. That's similar to this, I would say, here as well, although this is a larger order, the development timelines will be a little bit longer, more than the three to four months what I stated. In essence, it is approximately in that direction. We're positive with those orders that are coming, but also with all the other orders that are in our portfolio and that we're executing on. One smaller area where order intake has actually declined in Q2 is the healthcare systems. Let's just dive into that for just a little bit. We also talked about that previously a couple of times. Yeah With you Frans. Basically, the question is, again, what needs to happen for the healthcare systems growth to improve or come back? It's a great question, we have done quite an analysis also in this segment, and we're also investing in this segment in new propositions. What we saw is that in Q2, actually, our revenues were flat, the order intake was a little bit down. It's a little bit lumpy because a few deals actually moved towards Q3 and Q4. They are not lost. We're also still going to deliver on them. We still expect growth in this segment also for this year. That's also, if you look at overall what needs to happen, is simply execution. We have the pipeline of the projects, and it's simply making sure that we execute on it. Usually, the money, what we see is a little bit different, how the allocation is. It comes either from grants or it comes from philanthropic measures. It could also be much more tender business in the EMEA and APAC, and for that reason, it could be a little bit more lumpy in order to execute on it. Now I would like to move a little bit to a bit of a broader topic. You mentioned that AI and robotics is one of your strategic areas of focus. Just yesterday, Ottava got their FDA approval, if I'm not mistaken. I might be wrong on my news here. Let's talk a little bit about the AI and robotics roadmap for Mentice. What are your strategic priorities there? Do you see any early pipeline activity that you would like to highlight for us, maybe? Yeah, absolutely. First, if it comes towards robotics. Clearly, our training and education and simulation solutions fits very nicely into the robotics area. Not only to train personnel to use a robot, but also in the future to steer a robot autonomously. We have software in it that could be very useful for that. In that regard, it is a focus area. We are also attending now the Society of Robotic Surgery, which is currently happening in Hollywood, in Florida. That started, I believe, yesterday or today, and it's going all the way till Saturday. That's what we're attending. This is an important focus area for us to be. The second piece is also what you stated about artificial intelligence, AI. Not only important to how we operate within the company and how we do our R&D aspects. It is an integral part of how we provide our solutions for our customers, but it is also incorporated in many of our solutions that we provide. On Ankyras, for example, where if you would like to develop or calculate a center line, there is also already artificial intelligence support a user in order to execute on that. That is what's going to go forward, how do you say it? All the way also in our training and education solutions as well. To your point, robotics is a strategic area. AI is a strategic area as a means in order to also achieve the training and education solutions for our customers. Also to make procedures better and to make them more safe and effective. If we hold on a little bit on the conference topic, there's a question here in the chat that goes, "If you could please give some further insight to the activity you're taking on conferences today versus historically. Any difference between the regions maybe? It's a great question. The focus was very strong on North America from a conference standpoint, where we're also looking at, in order to make sure that we are also much more present in the APAC region as also in the EMEA region. You see that also in the growth, what we are seeing to establish. That is one aspect. The second piece is that we're not only focused on the clinical parts, but also on some of the technical meetings that we attending. If it comes towards the Heart Rhythm Society, the HRX, if it comes towards the Society of Robotic Surgery, so robotics aspects. We're also not only looking at the clinical part, but also the technical part. In that sense, for me, it is being at those conferences, not only important to meet with our physicians and also the healthcare systems, but also to meet with the MedTech companies and to have discussions with them. They're very important for us, and that's why we recently also changed our look and feel. We had at EuroPCR, we showed a new booth also for, and how we represent our brand. That is in order to attract and be more appealing also towards our customer base. One last question here from the chat. There is a chat participant congratulating on you on the Siemens Healthineers partnership, and they understand that you cannot comment on future revenues, but could you share any perspective on the market potential? For instance, if there's any numbers on approximately how many ARTIS icono systems are sold globally, and how should investors think about this partnership going forward? No, it's Long question Exactly. It's a long question. First of all, we are very pleased with this partnership with Siemens. The fact that they allow us to integrate on their user interface, that is truly fortunate, and we are a true partner in that to help them also to take care of their neuro patients there. When it comes to the number of systems, I cannot comment to that. I know they're, how do you say it? The leader in the neurovascular of the neurointerventional neuro space, and they are basically together also with other imaging companies really drive this space in a very effective way. We are pleased with this basically partnership. This will help us in order to provide neurovascular solutions also for our partners and patients. That will help drive further demand and also towards our VIST systems if it comes towards on Ankyras, if it comes towards also the recently introduced what we call Vascular Twin. The ability to create also patient cases on the fly for interventional neuro and to be able to simulate on this. Yeah, that's a big focus on it, and that's the area. Neuro is an important area, and that's why we drive that also together with partners like Siemens. Thank you very much, Frans and Rick. I think I'm done with the questions, I'm looking forward to talk to you soon again in Q3. No, thank you, Maria. Thank you. Thanks for having us, and we look forward to being here the next time. Thank you.