Welcome to today's presentation of our second quarter results for this year. I'm Ann-Sofi Jönsson. I'm head of investor relations. I'm here today with our CEO, Klas Forsström, and our CFO, Annette Kumlien. We will run through the presentation, and those of you who are viewing on the webcast, you can put questions throughout the whole presentation, and we pick them up in the Q&A session. We will also open up for Q&As from those of you who are listening in on the conference call when we come to the Q&A session. With that, I would like to hand over to Klas. Thank you, Ann-Sofi, and good morning, everyone. Let me first give a short introduction before we go into the webcast. It was a quarter that delivered solid growth in prioritized and long-term growing market segments. I'm particularly proud of that we were able to grow in the industrial area of AirTech, and also showing good and strong progress in Americas for FoodTech. We delivered continued service growth. That is also pleasing. We experienced raw material increases through the year, supply chain challenges, but I'm very pleased how our operations is handling the disturbances. From the beginning of the year, we have started to implement price increases, and then they will deliver consecutively through the year and all the way into 2022. The strategy continues to be implemented. What is the agenda today? It is highlights of the quarter. I will talk about the strategy, hand over to Annette for financial highlights, summarize, and then open up for Q&As. Solid underlying demands in the second quarter. Order increase by 23%. It was driven by the industrials, and generally speaking, batteries. FoodTech, as I said, also growing in U.S. Net sales increased by 13%, currency adjusted, and a similar pattern there as in order intake. Here, I also have to highlight APAC when it comes to batteries. The EBITA, pretty much in SEK flat and slightly below last year. It was driven by constraints in the supply chain, but also changed product mix. Coming back to the constraints in the supply chain, I think this is something that is for most industries. It delivers a challenge when it comes to longer lead times for us, but what is pleasing to see there is that the market accept those prolonged lead times. Cost increases are progressing over the years, but I feel that we are mitigating them step by step. Very pleased, as I said, on our execution on the long-term strategy. Signs of that we are now started to deliver on our M&A agenda. The first IP patent-related acquisition, and then also we are moving into service area in a good way. FoodTech has set a new strategy that is very promising for the future. Let me talk about the order intake. Growth. Growth in most markets. It is about U.S., but then also, when it comes to APAC and also EMEA. Annette will present more in-depth areas, but generally speaking, as I said, it is AirTech that shows the strong growth, but then also a rebounds in FoodTech Americas. EMEA, also good development in AirTech and FoodTech delivering growth. Asia, as said, when it comes to FoodTech, it is a little bit reset from last year when it comes to China, and as expected. AirTech also here, driven by the battery segment in a strong growth mode. When it comes to our challenges in raw materials and supply chains, as you all are aware, this is something that concerns all the different markets and players. It represents also challenges for Munters. What do I talk about when we talk about supply chain challenges? It is replanning of deliveries. It is adjustments in production schedules. I have to underline that our organization is handling this in a very good way, and we have not had any major disturbances. What is good to see, that is that the underlying operations are delivering in a very good way. Okay. When it comes to raw material cost increases, we have, through the years, implemented consecutive price increases, and I'm pleased that the organization is delivering on the set agenda forward. All in all, prolonging our price implementation is very much related to that we have longer delivery times in the marketplace. Market trends. Let me come up to market trends in AirTech. Here I think it is very important to say that if you take a look upon the arrows, they are much more green compared to a year ago. Industrials showing current growth and long-term growth led by the battery segment, but also in the different under-segment in industrials. What is clear here, this is the areas where we have predicted that we should focus on. Data center also showing strong underlying growth, and components also pleasing growth in the end markets. Mist elimination, to some extent flat, but here we are also changing our scope of mist elimination and moving in more to clean tech. Commercials, solid replenishment in the markets for supermarkets. Services continue to deliver a solid growth. Let me drill into battery and the industry around battery. What is our long-term game here? Our long-term game is to establish the clear leader position, and it's pleasing to see that is what our customers are telling us. That we are a clear technology leader in the battery segment. What is the long-term plan? That is to put us in the leaderboard and then also to put a position for continuous service deliveries. What are we delivering? It is lower energy consumption. It is better climate. It is at the end, a more predictable and strong production environment. Coming into service, here is one example. Since years, we have been very strong in China, and now we have revisited quite a few of the earlier installations. As you know, in China, then it is very much about price. Here we are able to upgrade already installed installations and by new fans, in this case plug fans, we can improve the energy consumption. Something that is very important also in China going forward. As you can see, it is a payback time that is about two years. The long-term game when it comes to battery, that is to own the market and then start to service the market. Moving over to FoodTech. It is a mixed market here, but what is good, that is, it is clear signs that the U.S. market is picking up. It's also good to see that its greenhouse and dairy is moving forward as an underlying market. All in all, I think that there is a solid outlook for this market segments. If I summarize, where are we at the market? We are gaining momentum in the areas that we have decided to focus on, where we can see long-term growth. We are building platforms, especially in the industrial area, to service the market even more, very much in line with our strategy. Implementation of our strategy. If I go in there, customer, what has happened during the quarter? We have implemented long-term strategies for more efficient pricing. We have started to deliver clearly on the raw material challenges. I'm not 100% happy, but we are moving in the right direction and that is very promising. Innovation. Innovation is not only what we do, it is also about acquiring innovations. Here it's a first sign that we can also acquire innovation and deliver better solutions to our customers. The product portfolio alignment is well on track, and we will meet our targets there. When it comes to markets, we have expanded in service into two new markets. We decided not to acquire service companies. Instead, we said it is better that we set up the service there ourself. As said several times here, we are growing in the prioritized segments. When it comes to the implementation of long-term strategy, it is progressing well on track and I'm pleased to see the efficiency measures taking place in AirTech and FoodTech. Above all, we continue to generate the solid cash generation. People. At the end, it's about culture, and we are moving our culture to become even more forward-looking. It's through change management trainings. It is about management when it comes to sustainability and so on. We are setting the organization in line with our strategy. At the end, once again, we deliver on a long-term strategy. In AirTech, it is growth in prioritized market and strengthening on technology. In FoodTech, it is setting the next steps moving ahead. Expansion in service, mist elimination moving into clean tech. We will go deeper into that in the next quarter. What we mean with that, but that is to expand it and make it wider. We have secured a frame agreement with a larger data center hyperscaler that gives us the opportunity to also deliver recurring revenues in this segment. There are decisions to delay some of our strategy implementation. The main reason here is we need now to deliver on the demand out in the marketplace. FoodTech. Digital solutions accelerate the growth in IoT and SaaS solutions, concentrate on climate solutions, i.e. the normal industrial play, increase value-based selling, increase continuous improvements and innovation. Clear signs of that, especially the organization has started to be connected here. We have a new head of connected farms appointed, and I see a lot of positive signs in this area. Climate change is a major driver for Munters, I'm so pleased that both in what we deliver to our customers in helping them to improve their operations, lowering their energy consumptions, making them more sustainable, but also what we deliver when it comes to sustainable energy. As you know, we have set the target to strive for zero emissions in our own operations by 2030. Here you can see one very clear sign of we are walking the talk. In Munters Lansing in U.S. now, we have 100% renewable power sources delivered into the facility. When it comes to quality, we are moving ahead and setting more and more ISO standards. We are setting a better and better way of working. I'm pleased at the progress. When it comes to governance, a solid governance in how we deliver on sustainability, KPIs. We are training our people. I'm very, very positive for this area. With that, I leave over to you, Annette, moving forward. Thank you very much, Klas. Let's dive into the performance of the quarter and the year to date. If we look at it today, growth is ticking in. We are riding on the mega trends that digitalization and, for instance, sustainability is showing. 13% up year to date. If we look at the margins, we are trading well when it comes to the midterm targets that we set out a couple of years ago. We are at year to date at 13.3%. When it comes to leverage, we have maintained leverage during the quarter in spite then of paying out dividends and also having some increased inventory due to the sourcing situation. When it comes to order intake and net sales, yes, it has been strong. FX adjusted in the quarter, we had a growth of more than 20%, it's particularly in the area of AirTech where we're seeing the battery segment delivering in APAC as well as in the Americas. When it comes to FoodTech, it's really nice to see actually that the Americas is picking up as that has been trailing earlier on very sluggish levels, but it's picking up. Also, EMEA, when it comes to greenhouses, is picking up for FoodTech. When it comes to sales, again, on the back trail of the strong order intake that we have seen earlier, we are FX adjusted +13% in the quarter, again, it's the same segments that we have seen earlier, also then including services. When we look at the year-to-date figure, again, we show strong growth during the whole year with an adjusted FX of around 22%. When you look at the changes that we have done in the strategy by taking out the non-commercial Walmart business, there's a smaller uptrail when it comes to the year-to-date figures for order intake, and obviously net sales is more impacted by that we took it up, and in spite of that, we're growing 13% in sales. If you look at the backlog, strong growth. We are up more than 20% year to date, and also when we look at the services, to date represents around 14% of sales. If we go into AirTech, you see the same figures, but a stronger development, and again, it's driven by the battery segment in APAC and Americas, and also services are showing good growth with all the improvements that we have made and changes and on how we're driving the service businesses. Net sales, again, strong growth, again, remember that we have taken out the non-commercial Walmart business in the U.S., that is actually meaning that we have a stronger growth in the underlying segments than what we are showing. Again, services, when you look at AirTech, it's about 20% of their business. We look at the year-to-date, you see the same picture as you see in the quarter. Again, if you look at book-to-bill, we're at 1.2, which is very good, and order backlog up 24%. Going into the FoodTech business then, the good growth in the U.S. has been offset by the decline in China, in spite of that, we're actually up 5%. Also, as we talked about earlier, EMEA has grown, particularly when it comes to also the greenhouse segment, but not only the controllers in the U.S. and the broader segments. APAC, as I said, declined, that's actually in the wake of the strong growth that we had last year in the swine segment. FX adjusted when it comes to sales is more or less on the same level, plus 7%, it's coming from the back trail of the order intake that we have seen earlier. When you look at the backlog, in all, we're up 12% versus last year. Coming into our margins, we have more or less flat margins compared to last year, a little bit lower, impacted by the sourcing activities going on also impacted by the raw material prices that you have seen earlier. One should remember that what we have done during this year is done consecutive price changes, and that's all in the area of around 7%-8% that then will roll into our performance as these new orders are delivered as well. If we look at AirTech, we have improved margin, and again, we have had a very strong growth, so that economies of scale are coming in, but that is obviously offset a bit by the constraints in the supply chain and also by the increased raw material prices. Again, consecutive price increases have been made throughout the year. FoodTech, yes, we have had a weakened margin in Q2 and also year to date, but it's also an impact, obviously, of the sourcing situation and the raw material and freight costs that we have had. Also, once you remember the last year in Q2, we had a strong margin, basically because of the growth in the same markets in China. Again, when we're coming to the margins, consecutive price changes have been made that will roll in as the orders are delivered, and that will obviously depend on the lead times that we have in our supply chain at the moment. If we look at delivering our strategic journey, you have heard us talking earlier about what we did in 2020 and also the newly implemented strategy for FoodTech that we did in 2021. The early communication is more or less the same when it comes to delivering of the values, once we have executed the programs and also when it comes to how much it will cost. The change that we have made, as Klas mentioned, was that actually when it comes to the AirTech program, we have pushed out the full implementation towards end of 2022 or early 2023 in order to manage the situation today with the increased demand. All in all, it's trailing according to the plans that we set up from the beginning, except for this latest change. If we look at cash flow, the work that we have done over the past two years have really focused not only on growth and profits, but also making sure that we have a strong cash conversion, and that's continuing. Yes, we do have some changes when it comes to the inventory in the wake of the sourcing situation we have today, but again, with the changes that we have made, actually, we have an organization that delivers on it also, which makes that in spite of the sourcing situation, we're actually at a leverage that is around 1.9, basically delivering what we have seen before. As you also have seen from the report, is that we have refinanced the group, so we have settled a new five-year financing facilities in place, and it's all on the same levels that we had before. We have also changed the focus on the agreement, so it has become more of an LMA standard. Also we have more baskets that are dynamic in order to make sure that the refinance supports the growth and the strategy that we have implemented. With that, Klas, I would like to hand over to you to do the summary. Thank you, Annette. If I summarize the quarter, continued good demand in the second quarter. We are growing in the areas we have decided to grow, areas that will deliver long-term, solid, profitable growth. It's also important to realize that we can deliver service expansion in those area. Here, I'm very pleased to see how we progress. When it comes to the constraints in the supply chain, it is not different for us compared to any others at current. We have a strong organization that battles this every day. I'm very sure when we come out of those constraints, we will be even stronger. Price increases, already from day one, myself and Annette came in, we started to deliver. Here we need to set up a strong organization in order to sell on value. Now we have been able, besides setting that way of working, also consecutively increase the prices through the year. It is linked to the demand in the market, they will come when we deliver the orders that we have taken. Delivering on a long-term strategy. It is about innovation. It is about being in the right market. It is about growing service, I feel that we are delivering all this. You can see some clear signs that we're gearing up when it comes to M&As, here I'm very excited for the future. With that, let's open up for M&As. Q&As. Q&As. A Freudian slip there. Yes. Yes. Okay. I know that we have a couple of questions on the conference call. Let's open up the conference call line. Thank you. If you wish to ask a question please press zero one on your telephone keypad. If you wish to withdraw your question you may do so by pressing zero two to cancel. Our first question comes from the line of Lucas Ferhani from Jefferies. Please go ahead. Hello, thanks for taking my question. I have a few, maybe we start with the first one, a quick one. Can you give us roughly the level of price increases and maybe what's the price element in revenue growth for Q2? When it comes to the price increases that we have set so far, let me divide it into two elements. First of all, this is the long-term strategy, always yearly implement price increases. That is in the range that we started already end of last year on the range of 2%. On top of that, we have delivered consecutive price increases through the year, they will play in as they go through the order delivery system, so to speak. All in all, that goes up to around in between 6%-8% per segment. Great. Sorry, the second one was on the margins. Can you provide a rough bridge of what the impact of the positive operating leverage and maybe what's the impact of supply chain raw material pressure as well as some of the cost savings you also have for this year to help us reconcile a bit what has driven the margin to get there? If you look at the net impact from price increases and also the supply chain restraints, if we put that into one word, obviously we are net negative from a margin point of view. With the price increases we have made and that are in the pipeline, they offset quite a bit, actually, the impact that we have from the cost increases. I think you can see part of that also in AirTech with the good volume growth that we had there, also the economy of scale helps out in this situation. In spite of raw material prices, the margin goes up in AirTech. Okay, perfect. Another one would be on the battery segment. Can you maybe provide more color on the growth? Is it kind of several very large orders or many small and mid-size orders? Geographically, is it mostly APAC, or are you seeing now more orders from U.S. and Asia? That is a very good question. Sorry, from U.S. and Europe. Sorry. That is a very good question. If I go take it back a little bit, a couple of years ago, in the battery segment, we saw strong growth in APAC and China. Then it lowered down, it was consolidated, and now it's strong growth in APAC and China in particular as well. What is interesting, as I mentioned, we also see that we can gain service business by revisiting already installed areas. The easiest way to describe it, this goes across the regions. We see strong demand picking up now in Europe, I expect that to continue because the electrification automotive industry will continue. Then moving into Americas, that will be the third wave. Also there we see strong growth. All in all, we are the market leader in the battery segment. We aim to continue to be the market leader in the battery segment and the long-term play there is also to generate service business in this area. Okay, good. My last one was actually on the service business. If you look at it's 14% of sales, I think for H1, slightly lower share year-on-year. Is there anything that's kind of preventing growth in services, or it's just the stronger growth in the equipment business driving the mix? No, I think that is one of the explanations. Let me divide it. We see strong service growth in Americas, and we see solid growth in APAC. When it comes to Europe, a lot of the service there is still visiting factories, moving closer to them, and that has not yet opened up due to the COVID situation. I'm very confident that we, step by step, will continue to increase it, but call it is a trailing COVID effect, if I put it like that, in Europe. One thing, coming back to the long-term plan is, whenever we put an OEM contract into place, we have service businesses to gain afterwards. I'm solidly positive to our service development. I may add as well, now we start also to establish ourselves in new markets when it comes to service and without over-promising, we will start to deliver on the chain of pearls when it comes to smaller service acquisitions. The question is just when we will start. Just to correct one thing also, actually, services had a higher percent. Exactly Sales in Q2, so it's not that it's lagging behind. It's actually growth. It's 1% up. Yeah, it's 1% up, actually. One should also remember that is based on a large increase in the sales as well also. It's very much maintaining increasing positions in Munters. The ambition is, I think I said it several times, that is in between 1%-1.5% organic% improvements, and to top that off with also M&As into the service area. Yeah, perfect. Thank you. The next question comes from the line of Kenneth Toll from Carnegie. Please go ahead. Yes. I have just one question. We see now that order intake is stronger than sales, and the order book is growing, and you point to logistic challenges and so on. Do you see a risk that you might lose some of the orders you have since delivery times are prolonged and so on? Do you think that some of your competitors have a more favorable situation than you do? Kenneth, it's a very good question. Maybe I need to underline it that what I hear and what I see from the market, that is that there is a strong acceptance of prolonged delivery times in the marketplace. If we decide to lose an order, if I may put it like that, then it's due to that maybe we are too tough on pricing as an example. Then it's deliberate. I feel that we are keeping or taking market share in batteries, as an example, and I'm not afraid. I have no indications that we are going to have order drop-offs. It is a fairly wide acceptance in the marketplace when it comes to prolonged deliveries. We are not over-promising delivery times. Once you remember, it's for everybody in the marketplace at the moment, it's not that it's a problem with the way we are producing. The problem is actually moving the material around in the world, which everybody is experiencing. Okay, great. Thank you. The next question comes from the line of Mats Liss from Kepler Cheuvreux. Please go ahead. Yeah, hi. Good morning. Just coming back to this book-to-bill 1.2. I guess the delivery times have been extended. Should we expect it to be extended so long that we don't experience any sort of sequential improvement in sales that is more coming into next year? Could you give some flavor regarding that? Mats, that is also a very good question. I think that what you can see now, the order intake is about the invoicing. We still show strong underlying organic growth in the invoicing side as well. The order times when it comes to projects predominantly, they have been prolonged with, let's say, one to up to 2.5 months at current. Yes, it will be some sort of adjustment moving the delivery of orders into consecutive quarters. At the end, I look upon it as the current trend when it comes to the difference in between order and invoicing is sort of in balance. Then, of course, the more we can get out our system, the better. One should also remember, if we look at our strategy, one of the parts is actually operational excellence. We have worked consecutively for the past two years and even earlier, actually, to make sure that we open up for more capacity, and that's something that we're moving in all along. If we look at our lean philosophy in it also actually have supported us also in making sure that we can deliver on what we have so far, and we will continue to do that. There's a lot of activities going on in the sourcing chain to make sure that we keep it open. Maybe, Mats, I can put it like this. If you would have asked me half a year ago about what would be my belief for 2022, I can say at current, I'm much more positive about 2022 and let's say how the business. We see solid order intake growth in the areas that we have predicted should grow, that is great. Good. Sounds reassuring. Just a reflection maybe about what you offer the Chinese market, some upgrades in the FoodTech area, if I don't remember wrong. You mentioned two-year payback there, I know you talked a lot about value-based pricing and so on, but I guess it seems haven't you sort of going to be more aggressive on pricing than that? It's a pretty good payback for the customer. It is, and it was towards the battery segment, and it's AirTech, but the logic is the same. I think what this proves that is first of all, if I'm fair, when I came in, let's put it like this, we could definitely improve on value-selling techniques. What I really like with this example that also in a price-competitive market as China, our personnel is actually moving on value-based pricing. They are delivering operational improvements for the customers, and the customer is demanding improved energy consumption. From that perspective, that is something very positive in China. This is already happening in Europe. We are more value-based driven, so to speak, but it's a clear sign that our strategy is starting to bite, if I put it like that. Okay, great. Just about the EBIT line, not the EBITDA. Could you confirm that it includes the SEK 89 million of FoodTech extra cost for the strategy implementation? Yeah, adjusted EBITDA is obviously excluding the non-recurring costs, but obviously the straightforward EBIT, EBITA includes those as per any normal. Yeah. Financial processes. Sure, yeah. Great. Okay, thank you very much. Thank you. Just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. Our next question comes from the line of Anders Roslund from Pareto Securities. Please go ahead. Yes, good morning. I have two questions, one regarding the business mix. Could you elaborate a little bit on that? Normally in the FoodTech area, the U.S. margins tend to be slightly higher than the Chinese. In that respect, the higher U.S. sales should mean higher margins offsetting the Chinese downturn. That's the first question. The second one is, do you see any changes in those supply chain disruptions during the second part of the year? Will they intensify relative to second quarter, or will they be on the same level or slightly less? How do you see the supply chain disruptions develop during the year? Two good questions, Anders. Let me start with the second one. Supply chain challenges, I think that is the name of the game. It has been through this year, and I think it will be carried through the end of this year. Just so I sort of frame it is more about we need to replan, we need to reshuffle, we lose efficiency in our operations. Our people are doing a great job on doing this reshuffle. If we wouldn't have had those, let's say, late calls or late deliveries of components, et cetera, of course, we would have a much smoother operations. I'm very pleased in how our personnel and our organization are handling that. I think that is the SEK 100 million question, so to speak. Will this remain? We predict that it will continue to be similar challenges through the remainder of the year, but so far, we have handled it well, but it puts a pressure on us. When it comes to the business mix, if I take it in the larger picture, the business mix is moving to the areas where we see we have a predicted sustainable growth. It's interesting to see, it is also industries that are linked to sustainability, where change is taking place in, it is electrification, it is data centers, it is digitalization in FoodTech. If I generalize on the business mix at current then, it is a business mix that is moving more towards industrial and AirTech, if I take a look upon Munters. It is a business mix that's slowly, step-by-step, the 1.5% is moving into off the market and service. When it comes to FoodTech, it is an increased demand in North America and a leveling off and slight lower demand in China. I think when it comes to China, we indicated that already last year in saying that that will level off. As normal, after a year, it will pick up again. The underlying market is definitely there. I think just to add also, obviously, when you look at the margins, it's not so simple to just say that it's a business mix, and then the U.S. should have a positive impact. You also need to remember, again, what's going on in the marketplace with increased raw material prices, supply chain restraints, freight cost, and so forth. There is a lot of different elements that are actually being put into the mix of it when you look at the margins. Again, as we said, we have made consecutive price changes throughout the year so far in order to counteract when it comes to the raw material increases. Again, those will be rolling into the results as we deliver on the new orders. Obviously, new price increases don't go into old orders. They only go into the new order side. That's what you need to factor in. Then also when you look at FoodTech, usually FoodTech has a bit higher raw material content than what AirTech has as well, that has to be balanced also. Okay, thank you. As there are no further audio questions, I'll hand it back to the speakers. Thank you very much. We will take a question from the webcast, from Philbert Vesier. It's a question related to the FoodTech market in the U.S., and if we could comment on what elements is driving the recovery that we are mentioning. Also, if we see it as sustainable. The second part of that question is if some of our customers are still delaying construction work due to very high raw material prices like previously we have been speaking about lumber, for example. It's a very good question as well. I started with it, and Annette will also pitch in here. If I take a look upon FoodTech in North America, we have the different segments. What is clear, that is that we see more than early signs that the swine segment is now starting to pick up. I believe that will continue. We indicated it already the last year that we saw signs, and now we see it ticking in. We talked about last year as well when it comes to the, I call it the chicken segment, then, that certain, the wood price had a dampening effect on construction, et cetera. Now the wood price is going down in price, and I think the market then at a certain time will start to construct again. That is the normal routine. In some other areas, steel prices may have a dampening effect. All in all, if I summarize North America, most segments are either flat or on the upswing. Please, Annette, if you have any more. Yeah. If you look at it, I think it's the layer broiler and swine segments that are actually picking up in the U.S. As we said, we talked about the lumber prices before. That actually goes more into the swine segment. If you look at the chickens, and now the lumber prices are maybe a bit more corrected. When it comes to the metal prices, those have gone up quite substantially, if you look at the picture we showed earlier over the past quarter, basically. Obviously, when you look at chicken, those are normally placed more in metal constructions. That could be a hampering effect later on. At the end of the day, when you look at it, we also need to remember that U.S. has been quite sluggish. When we got in close two years ago, it was really just going down and down, and was at the downturn. The complexity was added with the African swine fever that also put a wet blanket over it. Now it's picking up again. We need to remember it comes from a lower level than we had earlier. It's positive signs, and that's good. Okay, perfect. Thank you. When it comes to China and the swine market, we are now commenting that we see a decline there, or not such a strong growth as last year. Do we see a prolonged decline for this segment in China for the coming quarters? How would you view the market development? The underlying growth in China, the long-term underlying growth, I predict that being solid. We can divide it into parts. I.e. one is that the Chinese industry, when it comes to swine industry, is becoming more and more modern, and that is something that plays into our hands. Last year, we had a lot of larger orders when it came to upgrading specific customers, and normally in China, it is one year, and that goes for many industries according to my experience. One or two years that is up, one year a little bit flat-ish, and then it normally starts to grow again. My prediction would be this year it is flat-ish or slightly declining, and then it will start to move up. I also refer to the normal patterns in China. One can add also, as you have seen in our report, it has been a bit disruptive because we can see that there have been pockets of actual outbreak of African swine fever, and that puts also a little bit of wet blanket in certain areas. We also have seen that the swine prices have come down. Maybe that's also part of actually being a bit more cautious when it comes to putting in orders from the farmers. Okay. We have a third question from Phil Bern, and that's if we can comment on the FX impact on the margin in Q2. Obviously, we have had FX impact. That comes into it, and that plays a minor role in actually the performance that we have had. The bigger impacts that we see is obviously the sourcing activities and the balance then with our price increases and then the sourcing increases. As we have said earlier on also is that the consecutive price increases will roll in as we deliver on the new orders, and that one also needs to remember, based obviously on the delivery times that we have. All in all, if you take top line, yes, you can see that we have roughly a currency effect of around 10%. It differs. It's slightly higher in some markets than others. Yeah. Thank you very much. We have another question from Francesco Cavallo, and he is wondering how they should factor in the actions related to the restructuring plan and the savings that we will get from that, and the price increases already implemented. If this should offset the cost challenges that we are mentioning already in the second half, or if we should expect them to have a negative effect on EBITA in the next two quarters. As we have talked about is that we have made consecutive price changes as we have seen raw material prices increasing, and obviously that will roll into our performance based on the deliveries that we have. Also, if you remember one of the first slides Klas Forsström showed, we talked about that most of that impact will probably come during next year. If you look at AirTech, they usually have longer delivery times. FoodTech have a bit shorter delivery times, so there we could see it quicker. Again, it depends also really what's going to happen with the raw material prices going forward. There are price increases that will roll in, but they will roll in over time. I have underlined here that we have the yearly price increase that has already played in and is delivering. We have the consecutive price increases coming, and they will roll in as per orders turn into invoicing. Okay, thank you very much. For the moment, we do not have any further questions from the web. I would like to ask if there are any more questions on the conference call. There are no further questions on the phone. Perfect. Thank you very much. I would like to thank everyone who has listened in and viewed the webcast, and we will be back at the third quarter result in October. We wish you a great summer until then. Thank you for listening in. Thank you. Thank you.