Welcome to Midsona Q2 Report 2026 presentation. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. I will hand the conference over to the speakers, President and CEO, Henrik Hjalmarsson, and CFO Niclas Lundin. Please go ahead. Good morning, everybody, welcome to this presentation of Midsona's second quarter and first half year results. My name is Henrik Hjalmarsson. I am the President and CEO, with me I have Niclas Lundin, CFO. We're going to spend the coming 20 - 25 minutes with me going through an overview of the second quarter and first half year, Niclas then going through a bit more of the details. After this, as usual, there will be plenty of time for questions. Starting with a brief introduction to us, for those of you who might be new to us. We are a European natural and healthy food group. Roughly SEK 3.6 billion revenue last year in seven geographies in Europe. Roughly 700 employees and 50 owned brands. We're well-positioned in categories with structurally growing demand, driven by an increasing interest in health and sustainability, with a good combination of strong local brands, as well as a stable European platform with scalable European brands. We have a vision to become a leading European player within natural and healthy food. First, I thought I'd start with an overview of the second quarter, starting here in the top left-hand box on the right-hand side with sales. Sales grew by SEK 5 million to SEK 870 million, an organic decline of 1.2%. The organic decline is driven mainly by contract manufacturing as a result of the fire in our Spanish operation at the start of the third quarter last year, as well as in general, more selective contract manufacturing activities. Very importantly, we saw an accelerated growth of our own consumer brands that grew by 2.3% organically in the quarter, proving that the strategy that we've set is paying off and the fourth consecutive quarter of organic growth on our own consumer brands. If we go to the bottom left-hand side and look at our gross margin, we saw a continued gross margin improvement with our own consumer brands growth driving a positive mix that is driving a 1.2 percentage point increase of gross margin. In combination with the cost-saving program giving impact in terms of lower overheads, however, partially offset by very important increased investments in marketing for long-term profitable growth. We saw an improved EBIT by SEK 16 million to SEK 20 million, as well as an improved EBIT margin by 1.6 percentage points to 2.3%. In the quarter, cash flow strengthened by SEK 17 million to SEK 22 million, despite the negative impact from the takeover of the inventory connected to the Risenta brand that we took over from the 1st of June, which meant that we closed the quarter with a net debt to adjusted EBITDA of 1x flat, a considerable improvement versus last year, leaving us with a strong balance sheet, both in terms of a resilience, also to be able to capitalize on strategic opportunities. Jumping to a summary of the first half year. The storyline is pretty much the same. A slight negative organic sales development of -1.2%, also again driven by a conscious decline in contract manufacturing as well as an impact from the fire in the Spanish operation. As I mentioned, the organic growth of our own consumer brands accelerated in the second quarter means that we've got a 1.2% organic growth of own consumer brands in the first half-year, offsetting some of the decline on mainly contract manufacturing. Gross margin growth by 1.1 percentage point, driven by mix, production efficiency, and good price management. In combination with a cost-saving program, delivering an improvement in EBIT of SEK 24 million to SEK 65 million and an improvement in EBIT margin of 1.4 percentage points to 3.7%. Cash flow improved by SEK 16 million to SEK 56 million, positively impacted by the insurance settlement in Spain in the first quarter and negatively impacted by the acquisition of the Risenta inventory here during the second quarter. If we look a bit at the highlights by division, starting with Division Nordics. In Nordics, we saw an organic sales growth of 0.5% with the own consumer brands in healthy growth. Partially as a spillover from the first quarter where we saw slightly less growth on the own consumer brands, partially linked to the shift of a launch window from the first to the second quarter. Gross margin strengthening the Nordics by 0.7 percentage points, also a healthy continued production and logistics efficiency. In combination, that means that we saw a considerably improved EBIT margin then fueled by the gross margin improvement, as well as cost saving. As I mentioned before, partially offset by conscious investments in marketing activities to drive our long-term profitable growth. Looking at Division North, we saw a weak sales quarter with an organic sales development of -3.7%, mainly driven by our own consumer brands in the quarter. Positively, our own business-to-business brands transition continued well with the sales stabilizing and profitability continuing to improve, the gross margin improved in the quarter despite a slightly negative segment mix then driven by the weaker development of our own consumer brands, mainly driven by the improvements in production and logistics efficiency. Looking at Division South, we saw an organic sales decline of 7%, driven by the lower contract manufacturing activities in Spain, which is completely linked to the fire that we saw at the start of the third quarter last year. Pleasingly, our own consumer brands grew by 6.6%, with a continued strong growth in French grocery trade. We also saw a materially improved gross margin driven by continued efficiency improvements as well as a more positive sales and segment mix. If we look then instead at the portfolio by product group, starting with the organic products, we saw a total organic sales development of the organic assortment of -1%, driven then mainly by contract manufacturing and again, to a not insignificant degree, linked to the fire in the Spanish business. Our own organic brands continued in growth, albeit Division North in the quarter then being the negative exception, but in general, showing that the marketing and innovation activities that we've put in place across the group is delivering both organic growth but also improved profitability. Despite that growth, as I mentioned, not sufficient to offset the development on contract manufacturing then linked to the fire in Spain. Looking at health foods, we saw an organic growth of 3% driven by the larger brands. This is partially then a recovery after weaker first quarter, and as we mentioned in the report for the first quarter, partially then linked to the shift of a launch window. The growth that we see is a clear link to the strategy that we've set and the investments we're doing in growth, both in terms of innovation as well as in marketing, such as for Friggs, which I'll come back to in a little bit. Contract manufacturing in continued decline on the health food side, but a very conscious result of a more selective approach as we optimize for profit. Lastly, on the consumer health side, a sales decline of 9% organically, so a fairly weak sales quarter, mainly linked to weak seasonal performance on a number of seasonal products earlier in the quarter, more linked to the back end of the flu season and later in the quarter, partially also linked to a weak start to the mosquito season. We also have pockets of conscious optimization for profit in the consumer health product portfolio, which is partially impacting the top-line performance. Linking then to portfolio, a slight follow-up on an example that I mentioned during the first quarter presentation, which is the launch of protein cakes under the Friggs brand. A new range capitalizing on a strong protein trend, one of the fastest-growing trends in the market, offering a natural and protein-rich product with 23% protein based on lentils and peas. This has been rolled out during the second quarter, with very positive receipt, both on the customer side as well on the consumer side. As we can see here on the top right-hand side, a healthy growth in the quarter supporting clearly our overall own consumer brands growth in the quarter. We've also supported this quite materially in terms of marketing activities, both supporting the launch as such, but also driving the long-term brand equity of the Friggs brand. A few words on the gross margin development in the second quarter, first of all, very pleasingly, seeing that we've got a gross margin growth in all three divisions. Starting with the Nordics, as I mentioned partially before, an improved product mix with a higher share of own consumer brands. In combination with good net price management, is sufficient both to offset the slight negative impact that we've seen on transportation and partially on packaging as a result of the development in the Middle East and the impact that has had on energy prices. Overall, also supported by a continued healthy production and logistics efficiency. Division North, not as positive with a 0.3 percentage point growth, partially as a result of a negative sales mix with a weaker development on our own consumer brands. The expansion is supported by continued improved production and logistics efficiency, as well as a continued improvement of the B2B business in terms of strengthened margins. Lastly, Division South with a considerable improvement in gross margin, with a material positive impact from sales mix, with a decline in contract manufacturing activity and healthy growth on our own consumer brands. This substantial positive mix impact is sufficient to also offset a somewhat weaker production logistics efficiency as we're continuously scaling up capacity to meet the demand. I thought I'd take the opportunity to also briefly link the performance of the quarter back to our strategy and the three strategic levers for value creation. First one being to invest behind selective power brands, where we're prioritizing investments behind selective brands where we see the biggest potential in order to strengthen the brand's competitiveness and long-term profitable growth. One clear example here in the quarter is the progress we're making on the Friggs brand with the launch of the protein cakes, also the marketing investments we're driving and where we're also seeing a clear payoff in terms of a healthy growth. We're also continuing to leverage our strong local positions with good progress on our local organic brands, strengthening growth as well as profitability in the quarter, Division North being the one exception. Lastly, cost and capital efficiency, where I've already several times mentioned improved production and logistics efficiency as one driver of the across-the-board improvement of our gross margin in the quarter. I think looking at this in a slightly longer perspective, it's positive to see, looking here over the past few years, starting with the organic growth on our own consumer brands, where we're targeting a growth of about 5%, that whilst we clearly have some work to do, we have made material progress over the past years, going from a - 3.3% organic growth rate in an annual pace to a + 2.2%. Doing the same comparison on our EBIT margin, we've taken that over the same period from 0.8% to 4.4%. While doing this, strengthened our cash flows and considerably strengthened our balance sheet, and as I mentioned before, now at a net debt to adjusted EBITDA leverage of 1.0x. Made some clear progress towards our target, while obviously recognizing that we have some work ahead of us to continue to deliver those improvements to meet the targets that we have set. Very briefly, our short-term priorities for the quarter to come, very much in line with what we saw for this quarter in the sense of continuing to ensure the focused implementation of our strategy to accelerate profitable growth, investing behind our strongest brands, leveraging our strong local positions. More tactically leveraging the growth momentum that we have on our own consumer brands, now four quarters in a row, and showing healthy own brand growth here in the quarter. Continuing that to take both innovation and marketing initiatives to fuel that continued growth. Lastly, getting the final pieces of the puzzle in place in terms of the long-term profitable growth plan for the Spanish business. With that, I'm going to hand over to Niclas, who is going to take you through the finances in a bit more detail. Niclas, please. Thank you so much, Henrik, and hello, everyone. Let me start with a financial summary for the quarter. Net sales was up by SEK 5 million, including Risenta impact of SEK 11 million, and adjusting for currency impact, the total organic growth rate came in at -1.2%. In line with Henrik's earlier comments, gross margin developed well during quarter two in all our divisions. Total gross margin improved by 1.2 percentage points and was positively impacted by improved efficiency, price increases, and a good sales mix where our own consumer brands developed well. In consequence, EBIT improved by 1.8 percentage points, equivalent to SEK 16 million. Apart from increased gross margin, we saw a positive impact on EBIT from the cost reduction activities initiated in 2025. This was, however, partly offset by increased sales and marketing initiatives. Net financing costs continued to improve versus last year, this quarter with SEK 5 million, driven by the more favorable conditions in the new financing agreement, as well as lower indebtedness. Net result landed on SEK 12 million, including an additional SEK 4 million in costs related to the factory fire in Spain, classified as items affecting comparability. Moving on to cash flow from operating activities. It came in at SEK 22 million, and although negatively impacted by continued seasonal buildup of inventory, as well as a one-time effect related to acquisition of Risenta finished goods, this was an improvement of SEK 17 million compared to last year. As Henrik mentioned earlier, the quarter ended with a leverage of 1.0x, a substantial improvement versus last year. Now moving over to the sales development for the quarter. As already mentioned, net sales increased by SEK 5 million, equivalent to 0.5%. Structural growth from Risenta explains SEK 11 million, FX translation an additional SEK 3 million. The organic sales development was negative with SEK -10 million, equivalent to -1.2%. Now let's shift focus to the right-hand side of the slide, to the graph. Although overall negative organic growth, we were glad to see the increasingly good traction of our own consumer brands, showing organic growth of 2.3% in the quarter with our larger prioritized brands as top performers. As Henrik previously mentioned, on the rolling 12-month basis, organic growth of our consumer brands has improved by 4 percentage points versus Q2 last year. The business-to-business branded business in Germany is still under transition to focus on profit over volumes, in Q2, new, more profitable contracts replaced old contracts with less profitability, leading to net sales in line with last year, with continued positive effects on margin. Licensed business declined by 1.7%, mainly referable to certain consumer health brands in the Nordics. Finally, our contract manufacturing business showed a decline in all our divisions, mainly related to discontinued, less profitable contracts within the Nordics, as well as effects from the fire in Spain in July last year. Let's head over to the quarterly EBIT development compared to last year. Lower volumes resulted in SEK 1 million less contribution, but this was offset by a clearly higher gross margin of 1.2 percentage points, improving profit by SEK 14 million. This improvement, including the impact of Risenta, which was in line with expectations, was driven by lower staff costs, improved efficiency, less scrap, pricing, and a good sales mix. Sales, marketing, and administration expenses were down a further SEK 1 million net, including Risenta impact, also in line with expectations. We now see the full effect of our cost reduction program from 2025. This positive impact was, however, largely offset by increased investments in direct sales and marketing activities in order to facilitate future profitable growth. The FX effect from translation and revaluation was SEK 2 million compared to last year. To conclude, EBIT landed on SEK 20 million with a 2.3% margin, an improvement of 1.8 percentage points or SEK 16 million versus last year. On the right-hand side, we illustrate the quarterly and the rolling 12 EBIT development during the last two years, and it's encouraging to see the gradual improvement with rolling 12 EBIT increasing to SEK 157 million by this quarter end, which is SEK 48 million higher than by the end of June last year. Consequently, rolling 12 EBIT margin has improved from 3.0% to 4.4%. Let's continue to the quarterly cash flow. In Q2, we saw a continued buildup of inventory, which is partly seasonal. Inventory levels were also impacted by purchase of finished goods related to the Risenta acquisition. Accounts receivables came down to more normal levels after the payment delays we experienced in Q1. However, this positive working capital impact was partly offset by a decrease in payables. To summarize, operating cash flow landed at SEK 22 million, an improvement by SEK 17 million compared to last year. The right-hand side graph illustrates the cash flow trend, displaying an increase of rolling 12 operating cash flow by SEK 65 million compared to Q2 2025 to SEK 245 million. We are approaching the end of the financial review, summarizing our cash and debt situation. The quarter ended with SEK 745 million in available cash. Worth mentioning versus Q1 is that Q2 cash-wise has been impacted by dividend, SEK 32 million, as well as the first payments related to the recent acquisition, SEK 42 million. Available cash represents 21% of the last 12 months' sales, which is a very healthy level, continuous. The right-hand side net debt increased to SEK 317 million, including the IFRS 16 related debt of SEK 101 million. This means a continued historically low net debt in relation to adjusted EBITDA, including Risenta pro forma effect of 1.0 x. The current leverage is well within our financial target, establishing our strong financial position going forward. That rounds off the financial review. Back to you, Henrik. Okay. Thank you very much, Niclas. With that, we will open up for questions. Operator, please. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Alice Beer from ABG Sundal Collier. Please go ahead. Hi. Good morning, gentlemen. Just starting off, could you quantify how much the shift in the launch window in the Swedish market affected sales? Just trying to get a better understanding of the underlying development in your own consumer brands, excluding this timing effect. Thank you. Thanks, Alice. Yeah, I think in all fairness, it's very hard to isolate that effect, particularly with the dynamics going on in the market and also the investments we're making for growth. We'd be guesstimating a bit too much to be comfortable giving a real number. It is an impact, and we are seeing that in the strengthening of the consumer brand's growth. Another way to phrase it is that we don't see that as the only reason behind the strengthening of the growth on own consumer brands from Q1 to Q2. That shift does not explain the full strengthening. We also see a general positive momentum, but hard to give an exact number. Okay, fair. Moving on then on the marketing spend. Selling expenses rose in Q2 behind priority brands and are described as gradually driving sales. What's the expected marketing spend run rate for H2, and what organic growth rate do you expect that investments will start paying back at the EBIT line rather than just in the gross margin? Yeah. To answer the second question first, we do expect a continued positive development of the growth of our own consumer brands, and that the marketing spend is part of that. In terms of group profitability, we don't expect a material increase versus the levels that we've seen in Q2. At about the level or slightly even below the relative level that we saw in Q2, which is slightly higher than the level we saw in Q1, is what we're expecting going forward. Okay, thank you. On the North Europe was rather soft on own consumer brands, and you blame this partly on changes in promotional campaign patterns. Is this a timing issue that reverses in Q3, Q4, or a reset in promotional intensity that sort of lowers the run rate for the rest of the year? I think there are three impacts. One is that the early and quite severe heat wave that we saw, we typically see those in continental Europe, but we typically see them in July and August rather than June. That had a slight negative impact on consumer behavior. We did see an overall slightly lower promotional pressure, we saw a promotional timing shift. That effect actually was slightly positive in Q1, so we don't see that materially reversing in Q3 and Q4. We obviously expect the momentum of the brand performance to improve, but we're not expecting a material impact, a reversal of a promotion timing. Okay, perfect. Moving on to Risenta. I mean, the Risenta product equipment handover is set for autumn 2026. What are the expected one-off costs or disruptions to Nordics margins during that integration window? Does the SEK 130 million annual sales guidance for Risenta assume any cross-selling into existing distribution, or is this a standalone run rate? To answer the second question first, the SEK 130 million assumes fairly limited cross-selling, or basically no, to be fair. It's pretty much a run rate business performance. We do expect a longer-term opportunity or upside on that, but not to be materialized this year given that the focus will be on a robust integration, including the supply chain side. There will be some one-off cost related to Risenta and the move in quarters three and four, which is, whilst we expect the basis of the business case that we also shared at the timing of the press release, i.e. a run rate sale of roughly SEK 130 million and a gross margin slightly below our average level. We do expect that to convert into a positive EBIT contribution for the rest of the year, a positive EBIT contribution on a slightly lower level that we'll see in average during next year because some one-off cost. We do still expect a positive EBIT contribution for the rest of the year. Okay, just a final question from me, or really two questions in one. Looking at the contract manufacturing, first, is there more of this sort of pruning still to come, or has the book already been cleaned up to the point where sales should stop declining? Secondly, what does done look like? Once the low margin contracts are done, does contract manufacturing settle as a smaller but stable part of the business? Will it start growing again, or will it just keep shrinking as a structural trend? Yeah. Good question. I think what we should remember in terms of the contract manufacturing is that the majority of decline we've seen on contract manufacturing actually relates to the fire in Spain. That effect will obviously phase out during the third quarter as the fire occurred at the very start of the third quarter last year. When it comes to the pruning work that's been going on, our expectation is that the majority of that has been done. The biggest impact of that has actually been in the Nordics, and the biggest impact has been on the health food side in the Nordics. We are optimizing capacity, I would say, particularly in Division South. There could be some pruning or optimization left to do, but the majority of that has already been done. What we'll see here during the third quarter and definitely fourth, is that the effect from the Spanish fire will be phased out and we have done the majority of the pruning that we're expected to do, at least for this phase. I think the next step will be if we need to release, or not if, but when we need to release further capacity to allow for the consumer brands growth. Okay, great. Thank you. That was it for me. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. Thank you very much for listening in, everybody. We wish you all a fantastic summer. Goodbye, everybody.