Welcome to this webinar where we today will focus on service. My name is Line Dovärn, and I am Director of Investor Relations here at Munters. We will be hosting a series of webinars like this going forward, where we will focus on different prioritized areas. Throughout the webinar, you may post questions by using the chat function below, and we will address as many as possible after the presentations. With that, we're ready to start, and I will hand over to our 1st speaker, President and CEO of Munters, Klas Forsström. Thank you, Line, and very, very much welcome to this webinar. With me today, I have Andrew and Lee, heading up Americas and EMEA for AirTech. Today we will talk about, 1st of all, introduction to service at Munters. I will conduct that part. I will hand over later on then to Andrew and then to Lee, talk about the market situation, innovation for excellence. I will come back, talk about strategies for growth into service, and we will open up the Q&A and at the end, make a summary. Moving on a little bit and what is the most important thing when it comes to drivers of demands for service within Munters? It is sustainability, it is digitalization, it is the ever-increasing customer expectations. All of that are demands that we foresee will stay for a long time. Let me dig in a little bit more into sustainability then. When it comes to sustainability, 1st of all, there are certain driving forces, the electrification, the renewable energies, and so on, that generates an increased market to serve. With that, we can then step by step accelerate up our service contents. On the picture here you can see windmills. We are always in windmills. On the other side, we have the electrification of the EVs. We are gaining a lot of new markets when it comes to batteries. Moving over to digitalization, the same point is here. We are generating a market that in the future can be served. We talk about data center technologies, but it is also how we conduct service. It is about IoT, it is about different software as a service, and so on. Customer expectations then. Our unique selling point is our expertise, and customers are demanding that more and more. It is also for them at the end to become more sustainable. You have heard me say it many, many times. Service is a prioritized growth area for us today. If I divide this into two sections then, on the left hand, you can see very much what I talked about already. It is the market, the strengthening of the customer relationship, the close contacts with our specialists, whether it be face to face or digital, the sustainability focus when it comes to increasing the product life, circularity, and driving efficiency in the customer environment. On the other side, that is, what's in it for us then? It is, of course, growth opportunities when it comes to growing the installed base, creating new areas to service. You have heard me say many times in webinars or quarterly reports, we are after technology shares when it comes to battery, when it comes to data center, later to EVs. All in all, what are we after? We're after a strong value generation. We are after sustainable, predictable growth that will be future-proofed when it comes to business up and down, i.e., recurring revenue, service, in summary. Today, service within Munters is very, very much AirTech. As you can see, today it is roughly 15%, or last year, I should say, 15% our total sales within Munters. We have been growing between 1%- 1.5%, 2% units per year. AirTech being the main generator of the service net sales. DCT, the newly formed business area, only minor parts of service, very much field installations. As I said, this is then putting seeds into the soil for future harvest, so to speak. Last but not least, FoodTech. Not much general service, but here we are building a base for the future when it comes to software as a service moving forward. I'm very confident if you go five, six years ahead, we talk about the software as a service content that is in the range of 20% of FoodTech's invoicing. Munters is very well positioned for growth. You saw on the last slide that we are long-term aiming to reach 30% our total revenue being generated from service. What is the market then? It is very much a market that is fragmented into different regions. You have regional players in serving in the individual regions, but you have also very small local service companies, predominantly connected to the HVAC arena. Here, Munters have a unique position. We are the only global service provider in our industry, and that's the reason why we're also so attracted to start to roll up smaller service companies moving into the future. With that, I would like to hand over to you, Line, for next chapter. Thank you, Klas. Our next speaker is joining us from the U.S., Senior Vice President of AirTech Americas, Andrew Cook. Thank you, Line, and hello to everyone. We'll take a moment to talk about the market situation and Munters' service offering. Service is an integral part of our customer journey, and it's like that because service is an integral part of Munters. Our entire service organization, whether it's technicians, customer service, or service sales, are all Munters employees. They're all trained by Munters, and thus, experts on our equipment. Service is also integrated into our factories. This allows us to maintain proper inventory levels and also have a quick delivery system. This is unlike many other HVAC players in the industry, specifically our competition, that tend to farm out their service to other HVAC service companies who are not experts on their equipment. It's about being with the customer the entire part of the journey, whether it's from 1st contact all the way through to end of life of their equipment. For our customers, it's about the partnership. It's about feeling that they have a partner all the way through, their journey. For Munters, it's about attachment. It's about being with the customer, understanding what's going on, working with them on their equipment, finding out about their next project that they have, or working with the end of life of their equipment and then replacing it with new. Sometimes it's even about working with our customers on other issues that they have in their factory and areas that Munters can help. How do we do this? With our service offering, we are with our customers the entire way. It starts with startup installation support, assembly support, and supervision. This is where we work with our customers to make sure their equipment is installed correctly and also start it up to make sure it's performing as promised. That's just the start of our journey with them. As we move into sustain and maintain, this is where we have a wide variety of offerings that help our customers keep the equipment optimized and running correctly. For example, a large packaging customer of ours that has 26 of their facilities purchase Service Care offerings at all 26 of their facilities. Service Care is an offering where we have technicians stop by either annually or biannually, check on the equipment, make recommendations for parts replacements or upgrades, or just fine-tune the equipment. This one customer was able to statistically prove that they had both scheduled and unscheduled downtime reduction of 60%, so it's keeping our customers up and running. As the equipment ages, new technology is developed, whether it's Munters or other suppliers. With that, we're able to retrofit and upgrade our current equipment. We had one customer, a large pharmaceutical customer, who brought us in on their sustainability journey. They need to reduce their energy consumption. We were able to work with them on a PowerPurge retrofit that allowed the equipment to operate the exact same but with a 20% reduction in overall energy usage. While we were performing that upgrade, we also changed the rotor seals, belts, and upgraded their controls, saving them another planned downtime later in the year. Lastly, one of our largest customers, they bring us in to be responsible for their entire fleet management. We do the startup and commissioning the equipment when it's new. They hire us to perform preventative maintenance on their equipment, where we identify upgrades and other parts that need to be replaced and other maintenance. We perform those upgrades, whether it's controls or other, and then we work with them as the equipment ages and needs to be renewed, and then we replace it with more Munters equipment, starting the journey all over again, so truly with our customers from start to finish. What does this mean for Munters? We talk a lot about our equipment and then startup and commissioning, but that's really just the start of the journey. Our service ensures quality and efficiency through our customer's product lifetime. For Munters, if you look at the chart on the left, in 2021, a majority of our time and revenue actually came from sustain, maintain, and retrofit and upgrade opportunities with our customers. Really, just when the equipment lands in the startup, that's just the start of the journey. As we move to the middle, you'll see our service development over the past few years. We've continued to see good growth and increase in sustain, maintain, and retrofit and upgrade. That's our installed base as we continue to mine it, our customers utilizing us for our service opportunities. We're at a very exciting moment right now with the lithium battery market, and if you've been paying attention to what's happened with Munters over the past few years, we've had a lot of large orders with the lithium battery market. You will typically see a lag between order intake and when we start to see that uptick on startup and warranty. If you go over to the right-hand column, what you'll see is the true potential of what a new market or a new industry represents for us, as well as every time we ship a new piece of equipment, what the service potential is. As I said before, startup and warranty are just the start of the journey all the way through the life cycle with our customers. When we talk about lithium battery and the exciting adventure it is for us, Munters, through our history and through our customers choosing us, we have a great opportunity to be with them through the entire life cycle of the equipment. In fact, when we talk about this foray into this ever-evolving lithium battery market, it's actually our service offering has been one of the key selling features why our customers choose us. Lastly, when we talk about Munters truly having a global service offering, whether you're a small company with one factory or maybe a few in a country, or truly global throughout the entire world, Munters can support you with all your service needs. With a lot of our global customers, they rely on Munters to make sure that their service that we provide in all their factories is exactly the same. They have the same level of expectations, whether you're in the Americas, EMEA or APAC. Also when we talk about potential for Munters, we have the more mature markets of the Americas and EMEA, where in APAC, that typically has not been a service-oriented culture. This puts Munters in a very unique position with our service offering to really drive service forward. As APAC is growth for Munters not only in equipment, it is a huge and fantastic opportunity for us on the service side as well. Well, I thank you for your time, and I'll hand it back over to Line. Thank you, Andrew. Joining us from the U.K., we have our 3rd speaker, Senior Vice President of Business Area AirTech EMEA, Lee Suffolk. Thank you very much, Line, and good afternoon, everybody. I'm excited now to give you insights into service innovation and also energy upgrades. Please note that all of the information prefixed with an asterisk and to the left is showing a future state, something that we have an ambition to move towards. Starting with connectivity. Our products today are manufactured with connectivity in mind. It's an ambition of ours to have all of our future products connected. On why to do this, because it meets the expectation of our customers to provide continued uptime and security of operation. Today, we do this with having remote alarm set points, data trending, et cetera, health check of equipment, and therefore Munters are able to respond effectively and efficiently to the customer's needs, providing better service levels. Also, as well with this information into the future, we're able to look at smart diagnosis to have predictive outcomes, and that gives opportunities for Munters to upsell even more offerings to the customers. We look at Remote Assist, also using technology to help with our customers. Born out of the COVID situation a few years ago, this was reaching out for the demand from customers, how we can actually, you know, help their products to continue to perform as expected where we were unable to visit. We've developed this technology using remote apps on phones, et cetera, where now we can give both the customer that fast response that they require from us and also as well, it's an internal training aid for our engineers to support each other on different remote locations. Such examples could be providing, you know, remote location information to some of the largest battery producers in EMEA, such as the large companies we have in Scandinavia, like in Sweden, where we've demonstrated that kind of support function through the commissioning phase. Then we look at the QR code. Today, we're all very familiar with QR codes. They're everywhere we go. You put the phone over it, and it launches straight into an app or straight into a website portal. What Munters do here is all of our new equipment now will have a QR code built and attached to the unit when it leaves the factory. That then contains a repository of all the necessary information about the unit, the serial number, how it's produced, the drawings, electronic information, et cetera, et cetera. All the information which is useful to the customers in regards to the continued serviceability of that equipment, but also useful to Munters internally as well. When our engineers go to site, they scan the code, and they can get all of the specific data locked into that unit, which is specific to the design and how that unit was 1st calculated in its beginning of its life. With that, we can provide even better service levels than we do today. In regards to Munters as well, we have consistency of information. One repository, one place that holds all that information. Now when we look into the future, currently today, Munters has a fleet of units all around the regions, which offers a higher concept, which gives basically the customer's demand flexibility. This could be seasonal demand. This could be peak loading. We have that capability. In addition to that, also proof of concept, where a customer believes they have a strong business case but still needs that additional sort of proof to ensure that the business case will be realized. More often than not, that is realized, and our ambition is to have all of that fleet connected intelligently so that we can provide better flexibility to customers across the region. Internally within Munters, we can have greater efficiency, and again, greater response times and learning as well, how the equipment is used and when it's needed. Lastly, on our journey of innovation, we have climate as a service. Wow, this is the holy grail of our offering. This is where we really offer customers dry air by the hour. This is an ambition that we'll move towards. I would now like to talk through some of the energy upgrades that we provide our customers. Starting to the left, we have plug fans. What is a plug fan? Well, traditionally in industry, in HVAC, we have large belt-driven fans or inverter-driven fans, and this is to move the air around through the products and of course deliver that air to either the product that needs the air to be served towards or for human comfort. If we look at human comfort, large public spaces like airports, et cetera, have huge amounts of air moved around to satisfy the comfort needs. This technology has been employed for many years. However, new technology is now here, not just on the near horizon, but it's already installed, and this is plug fans. What is a plug fan? A plug fan is basically an intelligent fan. It's an electric electronically commutated fan where we create a fan wall, and we have multiple fans that replace one fan. The advantage of this is that we can reduce energy. We can also reduce maintenance and also have an element of redundancy. Rather if one fan fails, the air stops. In this situation with the fan wall, one fails, all the other fans ramp up speed and continue to deliver the same air quality and air quantity that's desired. Next, we look at evaporative cooling. Evaporative cooling, that employs Mother Nature's natural way of cooling. By passing an airstream over media saturated with water, therefore giving you the cooling requirement that the customer desires. This is a natural phenomenon that Munters has been providing benefits to the customers for years and years and years, and is part of our heritage. Here we provide this service to customers where they have limited sort of, if you like, refrigeration capability that's been designed for their production units or for comfort conditioning, and we're able to deploy this technology to assist with greater performance or better energy recovery for the customer. Then we move to the core of our products, the rotors. Providing rotor upgrades, purge upgrades. Here we have many tens of thousands of proven installations around the world, where we use the purge technology around the rotor, which is basically moving energy around the rotor, exploiting all of the energy components as much as possible, within that 1st pass, and therefore again, driving significant energy savings to the customers, upwards of 30%. This is often deployed as well within the battery industry. Next, regeneration. The very, very topical right now. Why? Because of the cost of energy. Availability of gas, which we see here through tragic situations that we know in the far east part of EMEA. Traditionally, interestingly, there has been a drive to move away from electricity towards resources like gas or steam in production facilities to enable low-cost energy production. Now there's a change. There's a shift to move from gas, from steam, towards electricity again. This gives us not just the insights for producing our equipment into the future, but a great service opportunity to retrofit all of those gas-driven equipment to electrical-driven equipment. ROI tools. What do I mean by that? Well, within Munters we have huge engineering competencies globally, which are able to use multiple different platforms to calculate business cases that customers need to make strong decisions about on how they should employ different energy solutions to our customers. We have the competencies in-house to be able to, again, use these different platforms and calculate all the right specific needs that a customer needs regards to CO2 and also energy utilization. I would now like to give a quick case study on how plug fans have been optimized and used within an airport in Belgium, Liège Airport. The seventh-largest airport in Europe regards to cargo, and this airport, again, like any public space, has a huge movement of air to satisfy public needs and public comfort. Munters were brought in on the back of references of other airports that we successfully installed within Europe to basically look at their energy considerations. Here small, you could say large, single fan units were extracted and replaced by a fan wall of plug fans. After this installation, the measurements were taken on the energy utilization, and we beat the expectation of the customer on the original business case, both for the CO2 in cutting emissions by more than 20 tons per year, and also the return on investment in less than 3 years. This example is played out in other case studies in other airports such as Heathrow and Gatwick as well. With that, I'd like to hand back over to Klas. Thank you, Lee, and thank you, Andrew. It gives me such a great comfort to be into the reality, to be close to the customers, and I hope everyone listening in to this can see the many different opportunities there is out there for Munters. Let's move into the strategy for service and the growth of service of Munters then. Some of this will be repetition of what you've heard from me, Andrew, and Lee earlier, but let's start to divide it into two different parts here then. Value chain opportunities and market segment opportunities. If I go into the left one here then, it is about, of course, growing our service share in the installed base. Attacking, penetrating all the different four parts, everyone from start up and warranties to review and renew across the circle. It's also about expanding the offers, and some examples you heard Lee talk about moving into the future, and we take it step by step. By doing this, I mean service, coming back to this, is such a good recurring revenue moving into the future. If I move over to the market segment opportunities and this I think is the most important matters moving forward, and that is we have the installed base, we will revisit that. It could be through QR codes, and Lee mentioned that all new equipment that we're putting out in Europe currently, we are then attaching a QR code. That is not enough. We are also revisiting old installations and populate them with QR codes, and just in a quarter plus, we have now close to 1,000, or I would like to say right now, more than 1,000 QR codes out in the marketplace then. Data centers. Coming back to this is really putting the seed into the soil. Currently, it is great opportunities to move in with energy-efficient opportunities, but later on, those need to be upgrades. It is about fans, it is about service contract, and so on. Today we talk generally speaking most about AirTech. Later on in a webinar, we will highlight perhaps FoodTech even more, but I would like to say software as a service, what a fantastic opportunity when it comes to change how FoodTech is operated. I mean, 20%, five to six years ahead of the revenue will come from that, and that is at software profitability levels, let's say in the range of 50%. Besides organic opportunities, of course, there is non-organic opportunities as well. You may remember the slide where we talked about how is the market then? We being the only global provider with service across. We have started here to roll up small service companies, and it's a small but bold start when it comes to establishing two new entities in Ireland and Norway. The idea is then to, as a string of pearls, start to roll this up. The focus areas here, it is market presence. It is of course, like, Ireland and Norway. Why did we select those? Two markets where it's a lot of service potential, and we didn't have enough capabilities. In Ireland, already installed, and in Norway, of course, for the future moving on there with batteries, and other types of facilities, it's great to be there. It's also about new products. It is about different means, what is a service product? Some of those products we can develop, others we can acquire through collaborations or by buying IP as an example. When it comes to service competence, I highlighted that we have the largest and best-equipped personnel across the globe. If I try to be a little bit, let's say humble, I think that we're perhaps unhumble. I think that we have the doctors of the world, the surgeons of the world. When we start to expand into more service, I also truly believe that we need to have nurses. We need to have a little bit less expertise as well, and thereby we can increase also into some of the HVAC area, and then we have a complete medical team, so to speak, to service our customers for the future. Of course, at the end, it's about connectivity. You have seen some good examples that Lee talked about. We have already started that. Moving into the future, more and more of that will come then, and we cannot develop everything ourself. We can also acquire that knowledge and competence. This is a little bit of a repetition, but once again, I would like to highlight it is a prioritized growth area for us today and tomorrow. It is about moving into the full value chain. It is about exploring new business opportunities in different ways and blend that with innovation, developed by ourselves or acquired. As I talked about earlier, it's also about the inorganic growth. If we can start to spin this spin wheel with those four ingredients is I'm extremely confident that we, over the long run, will reach the 30% share of total sales. I will say that the good service business should then reach a 30% profitability level as well. I can see step by step we're moving forward to that type of level in the different regions. With that, Line, it's time for Q&As. Thank you, Klas. I'd like to remind you again that you can ask questions throughout by using the chat function below, and we will address them. Our 1st question is for Klas: How is the increasing service penetration impacting margins, and how comfortable are you that increased service sales will contribute to you reaching the profitability target of 14%, Klas? It's a very good question. As you know, I mean, one of the reasons why we have targeted service as one of the growth streams, that is of course, it is recurring revenue at the higher profitability. I'm extremely confident that we will, step-by-step, reach the percentage of sales from service and even more comfortable that we step-by-step also will reach the profitability expectations. I have to say then, in a few years moving forward, the percentage of sales may flatten out or in one or two quarters, perhaps even drop due to the fact that currently, we are putting the seeds into the soil for later on harvesting, i.e., all the equipment sales. All in all, I'm very comfortable. I would like to hand over this also to you, Andrew and Lee. How comfortable are you? I'm very comfortable. Our service offering, as we talked about before, it's a must have for our customers. You know, the margins in service that you'd mentioned are better than our equipment. As we continue the service growth, our overall company margins will also increase. Very confident on that. Yeah. Just to add as well on Andrew's point is that a lot of our markets have a strong dependency now on our strategic direction in regards to precision and also the uptime of our equipment to continue to provide the benefits that the customer needs for their products and services. That's an interdependency, a strong interdependency of our service offering. I agree. I think this is a strong part of our initiative. It's a strong part of our profitable growth. Here we see great opportunities for the future. Thank you. We have another question. I'll start with you, Klas. Can you expand the service potential within DCT, so Data Center Technologies? How much of sales in DCT is expected to come from service in, for example, five years? How does the replacement cycle look like? It's a very good question, and before I drill into DCT, let me give you an example of battery then. Here, it is a new market being born. We have penetrated that market, and in general terms, you can say between four to six years after the original equipped battery factory, we start to replace and upgrade, et cetera. If I go to DCT, I don't want to pick a specific year, but generally speaking, it will follow the same pattern. It will be renewable upgrades, et cetera. I also see an inspiring interest from our customers about setting service contracts and having service personnel in facilities, and so on. In general terms, it is slightly lower, that is my expectation when it comes to service share in DCT, but I think we come from zero today or close to zero, so what a great potential then to move up in revenues. Mm-hmm. Absolutely. Another question: How important will battery and data centers be to achieve the 30% long-term service share target? Battery data centers, I start here, and then I will hand it over to the ones sitting there, the generals in the front. For me, it is a growth engine. It is a base that will create something to stand on, so to speak. Battery is an unstoppable trend. Data center is a trend that will just keep on moving then. With that base, I mean, that is what we will start to grow for. It is very important. At the same time, I mean, the majority of the service that we provide today is not generated from those areas. It's generated from already made installations. It's food processing, it's medical, and so on, and so on. Please, Andrew and Lee, I mean, you are both super busy in this case with the battery market then. Give us some flavors on this as well. Okay. Thank you very much, Klas. Certainly, in EMEA, it's a very exciting time for this market, you know, as we see and understand the whole electrification sort of dominating the future transportation needs. With that, the automotive industry now is driving the battery producers both directly or indirectly, and I think that dependency and that requirement will have strict service levels deployed on them regards to providing in the uptime security. That resonates perfectly with our offerings, both now as well when we do the startup and the commissioning through the battery installations, and then we sort of fast-forward in time in providing sort of future generations, for example, of rotors and energy purges, enabling to get the battery unit cost down as the more price pressure there will be in the marketplace. Munters has the products that are capable of helping the customers deliver that kind of future sense as well. I think here we're best placed for the initial part of the battery startup, the commissioning to deliver the business case, and then also into the future as well as we start to work and align ourselves with the automotive industry, in achieving their sort of, the levels that they require. Lee, I think you said it perfectly. You know, just to continue to add on that, it's as our installation base grows, our service potential and opportunity grows, and our history has shown that we're successful there. Lithium battery market and also the data center market, you know, as we continue to grow the company, the service will follow. We have the track record of showing that, and it's just continuing to invest in the service organization to continue to allow that to grow. Thank you very much. Another question here: Can you shed any light on the penetration of the installed base now versus last year? You've previously said that it was around 22% in 2018. A good question, I was not here in 2018, and that was a joke. What I know is that we have increased the penetration. A couple of areas that I would like to highlight, that is the QR code that I mentioned. It's the very, very successful program that Andrew and his team in North America has done towards some of our customers in the more commercial arena, et cetera, et cetera. Perhaps Andrew and Lee, if you could give a few examples on how we are evolving in this field. Absolutely. From an Americas perspective, we've seen growth in service at a much higher rate than our equipment sales. Our penetration rate continues to increase, and a lot of that goes back to the phrase we use is stickiness with our customers. You know, when we start with the startup and the commissioning, and then we're there with them throughout the journey, they continue to come back and rely on us. As our service revenue continues to increase, our penetration rate continues to increase. Yeah. Just to add on there, Andrew said is that we continue to mine the installed base, offering sort of new service products that maybe weren't available a few years back. We continue with our sort of service sales operations to seek opportunities there, as well as then increasing the uptake of service at the delivery of the capital equipment. This is at the point of sale, so to speak, or certainly, this is certainly thereafter at the commissioning point. Thank you, what is the difference in the service offering division now versus five and 10 years ago? A very, very good question, the 1st answer is we do not have a service division anymore. That is, I think that is the silver bullet in all this. It was great to start to put focus on service as a division. It put a yes we can type of spirit onto it. At the same time, it also created tensions within the company. Those that has followed Munters for a couple of years now know that we were a fairly complicated company when it comes to organization and setup a couple of years ago. Now, we have moved the service ownership into the business area and into the regions. The owners of the service are sitting in front of you right now then, Lee, Andrew, and then Pascal in Asia Pacific. That, in my book, has created a much stronger teamwork. I, a little bit exaggerated, it will not be an equipment guy visiting a customer in the morning, and then in the afternoon a service guy coming and visiting the same customer without knowing of the independent visit. It will be joint visits. I mean, guys, you know how it used to be, and you feel how it is today. I mean, what are your comments? Andrew, I was just gonna say, crazy, that comment, Klas, about the recent history is that I think that Munters went through an evolution state a number of years ago to then specifically identify service as a fantastic sort of offering to complement our systems, to look at sort of revenue streams for the future as well. I think that period of time through the Munters history, I think was necessary. As Klas correctly said, is that then we need to redeploy that back into the business units, back at the customer point where then we had the combined sort of customer knowledge, the combined offering as well. Not just from an efficiency point of view, but then that new identity of service meant that we can provide better service levels to our customers, listen to them, and provide sort of the future sense that the business case from which they trusted us to provide the equipment in the 1st place gets to live out year, after year, after year into the future, delivering that sort of uptime promise. Lee, I think you said it well. My history with Munters is I came up through the industrial DH side of the business, and for me, service and equipment has always been very well integrated together. They need each other. I think if you were to rewind the clock 10 years, the biggest change are the investments that we've made into service, from technicians, to service sales, to the entire customer service structure. I think that's enabled us to grow. I think it's put us in a great position to continue to grow, as we get into these exciting markets that we've talked about. From my perspective, it's the integration, so it's, as Klas said, it's you're not talking to different people, you're talking to Munters and we're there for you, but it's also the investments that we've made into service specifically. Very good. Thank you. How should we think about the lifetime revenues of service in relation to the initial sale? I would like to hand this over to, let me see, Andrew, but just for everyone to remind ourselves on. You saw the curve, and instead of talking about exactly how much is in the beginning and exactly how much is in the end, you saw the always increasing curve of total cost of revenue and total revenue over the lifespan. Please, Andrew, if you could talk a little bit about that. Sure. That's exactly it. For each piece of equipment, we can monitor and we can look at what the total potential is, and then the realized potential of it. And that, we have different metrics that we look at for that. For every piece of equipment, there is a large potential out there, and some of it depends on the sophistication of the end user. Some of our end users are sophisticated, I'll call it 1st line of defense, when it comes to service. For some of those customers, the potential might not nearly be as high. We have other customers that are less sophisticated when it comes to the total service package, and there it's more. There is an increasing range among our end user base as far as there's the total service potential, but as much as they utilize. I think we do a pretty good job at understanding, I'll call it the customer's perspective when it comes to that and what the true potential is. We should look at every new piece of equipment out there has a very large service potential for Munters. Good. Thank you very much. Another question. Recruiting technicians is a challenge to grow this division. How do you address this, and what are Munters assets to attract talent, talents versus competition? I think everyone currently are battling the scarce resources or the right competence, the right individuals in the right marketplace. From my perspective, I very, very happy. I can see that we are progressing well. We are hiring people, especially in the service area. It is a war of talent out there then. What can we offer them to join us? I think, honestly, the best days for Munters are yet to come, and I truly believe that more and more people outside Munters in our industry are really seeing the progression that we are making and, let's say, the success that we're having in certain areas. When they start to get to know us, I mean, what a fantastic spirit we have, what a fantastic culture we have. People that are welcoming newcomers, that are trying to educate them, but also are open to listening to what can I learn from the newcomers, so to speak. I'm being a newcomer then, at three years, I was extremely welcomed, and part of why I was attracted to Munters was this potential, and also, the culture. Lee and Andrew, I mean, you are, sorry to say, the veterans then in this. I mean, how do you see it, when we attract people? Yeah. One of the initiatives we're looking at now is apprenticeship schemes. And we have a few examples within the region where this has worked out very well. This is where we can take people coming straight out of university, straight out of college, straight into a Munters career, where we invest in that person's development. Why? Because the future of that person's journey gives us that future technician. It may take one year, two years, three years, whichever, but that gives us a roadmap of career pathways and development for attracting young talent into the business. Not only that, but when we consider the competencies that a service technician with Munters has to serve to the customers, this is mechanical engineering, electrical engineering, electronics and control engineering. It gives that person a real rounded knowledge within the HVAC industry, which is sometimes just limited to one of those core competencies. I think a service technician career with Munters can be a very, very successful career pathway, and this is something that we promote within, you know, the localized areas, the regions, in order to attract the talent and retain the talent. As Klas says, it's not easy out there. It is a war on talent, but we have these initiatives in place. I think one of the other items when we're talking about technicians specifically that Munters can offer, there's two aspects, I think. Stability, you know, we're a company that's been around for a very long time, but also, career growth opportunity. We have a lot of technicians that have come into the company, and then they grow into additional roles. So they're not, I would say, stuck in that technician only. From a total global company perspective and a lot of career opportunity, that's something else Munters offers that a lot of other companies in our space cannot do. Great. Thank you. We have one more question here. We're running out of time, but we'll do one more question. Do you have your recent orders, record orders recently, did they come with service contracts attached? How much as percent or Swedish krona? A very, very good question, and I say this with a smile. We have taken a few record orders now, so I mean, I bundle them together then. If I start with one, the largest battery order ever taken by Munters, that was in your region, Andrew, that was with a substantial part, I mean, but still a smaller part than the equipment that were linked to service, et cetera. We will not disclose exactly how large it was when it comes to service, but it was this early part of what Andrew described earlier in the full circle, so to speak. When it comes to the larger orders in Data Center Technologies, completely different type of orders because this is not one installments, it is several hundred small installments or shipments moving out. There, we talk about a smaller part of service attached to it as such then. I have to say that in close to every larger order currently in Munters, there is a service piece attached to it. Even more, it is a service opportunity for the future. Thank you, Klas. Now that was our last question we have time for today, so I will leave it to you, Klas, to summarize today. Thank you, Line, and thank you everyone listening in here. Moving to the summary then. As you've heard, and I think you have seen, and I hope that you have sensed through the screen then, there is an increasing importance of service offering for our customers, and we are definitely there to deliver on that. I also believe that you have felt that service is an integral part of our customer journey, and Munters really has a unique expertise to support our customers. Munters, we are so well positioned for future growth, and I will repeat myself what I said earlier. I repeat this many times internally. The best days for Munters are yet to come. With that, I hand it over to you, and thank you very much for listening in, but over to you, Line. Thank you, Klas. Thank you, Andrew and Lee, for presenting today. Thank you everyone for listening in. Before we finish off, I would just like to inform you that we will be hosting a Capital Markets Day on the eighth of December. We will return with more information about this. Thank you for today.