Hello, and welcome to Mycronic's Capital Markets Day, both you who have come here to our head office in Täby, outside Stockholm, and you who are watching this event over the live stream. My name is Sven Chetkovich. I am the Director, Investor Relations at Mycronic. We have a full agenda today, and we will be sharing some exciting news, including the launch of new financial targets and two new products in the Pattern Generators division. Behind me on the screen, we see the people who will be presenting this afternoon. This is the agenda. We will start with the strategy, new financial targets, and sustainability, after which we will move into the presentation of the four divisions, kicking off with Pattern Generators and then followed by PCB Assembly Solutions. After that, we will take a short break and continue with the High Volume division and wrap up with the Global Technologies division. After that, CEO Anders Lindqvist will give some final words on Mycronic today and tomorrow. After that, we will have a Q&A session. I ask you to please save your questions for that in order for the presentations to run smoothly. Then at 3:30 P.M., there will be a tour of our production, which is one floor below. I will give more instructions around this after the cameras are turned off. With that, I hand over to our CEO, Anders Lindqvist, to kick off Mycronic's Capital Markets Day. Thank you very much, Sven. A warm welcome from me as well, both people here and hopefully there is someone watching somewhere else as well. The theme today is continuing the growth journey. Before we start with the presentation, we would like to show you a short film that captures the role of Mycronic in enabling tomorrow's electronics. Somewhere, a new day is starting. The world wakes up. People get to work. In rooms no one visits, everything quietly keeps running. We connect with each other and make sure we are okay. Our modern world runs on electronics, from the screens we look at, to the chips that compute, and the circuit boards inside every device that make it all possible. Behind the electronics are machines that bring them all to life. At Mycronic, we make those machines. They live on the production floors of the world's most demanding electronics manufacturers, making the components that go into phones, medical devices, vehicles, and TVs. Our machines write the patterns, inspect every detail to ensure everything works to perfection, place every part with precision because industries, societies, and people depend on it. The device you are watching this on was most likely made using our equipment, and we have been doing this for decades, from Sweden to Asia and America. We are people who innovate, engineer, and collaborate with each other and our customers to ensure the next breakthrough is already taking shape. All the electronics that most people never think about couldn't exist without the machines we make. We are Mycronic, bringing tomorrow's electronics to life. Good start, right? Now I will invite Lena Båvegård, who will connect our strategic direction with the culture, our capabilities, and also the sustainability mindset that we have that is required to deliver on the strategy. Please, Lena. Anders, I am also very happy to see all of you here and listening online. I would like to start with our vision, to be the most trusted partner to the creators of tomorrow's electronics. In this sentence, I would like to focus on three words, starting with partner. Our equipment really sits at the heart of our customers' production, and it has been there for decades or even longer. Our relationship starts long before the order, and it continues long after the installation. That is really why our revenue is recurring rather than transactional. Moving on to the creators. Our customers are the ones that are pushing borders or boundaries, advancing what is possible in display, semiconductor, aerospace, defense, medical, and so on. They come to us when they have a problem where they don't have a standard solution, and that makes differentiation and margin live there. Finally, I would like to highlight tomorrow, because we enable designs that are not yet available. Our niches, our technology investments, and our M&A agenda fully serve that. This vision is not just something you put on the wall. It really answers questions and clarifies the routes that we will share with you today. Then I would like to put up our strategic framework on one page, starting off with who we are. That is a market leading solutions provider within electronics production in selected niches with a high degree of recurring revenue. This niche leadership, it is deliberate. We would rather be number one in a well-selected segment than a leader in a big one. Moving on to our principles. There are four guiding principles, and here I would like to highlight two out of them, starting off with a long-term sustainability mindset. This is a business practice. It shows up in our products where energy efficiency in the install base drives our Scope 3 emissions. Our operations and facilities drive Scope 1 and 2 emissions, and later on we will share those figures. It also include doing business responsibly in this global supply chain. Secondly, I would like to highlight dynamic people-centric culture. Our advantage is deep, specialized engineering knowledge that resides with our people, and attracting and retaining that expertise and also including newly acquired companies without destroying what made them good really is a baseline to be able to deliver on our plan. That is why we put up culture here. The other two principles, proactive customer-centric approach and purposeful innovation, really starts with a customer problem and innovate where it adds value. This all sums up to our ambition, sustainable, profitable growth. We have a continued high focus on growth, but it needs to be profitable, responsible, and resilient. This is the strategic framework in one slide. Let us on and make it more concrete. On this page, you will see all the countries where we have subsidiaries in Europe, Asia, and Americas. This is where electronics manufacturer actually happens. We sit close to our customers' fabs and factories. We have a decentralized business model, so it is crucial that decisions, service capability, and availability is close to the customers. Most recently, Thailand was added to the list. If we add on our agents and distributors, Mycronic is represented in more than 50 countries. This expand our contact to the customers beyond where we are physically present ourself. As you can see, a global footprint built around close customer cooperation. With that said, I hand over back to you, Anders. Thank you very much, Lena. I will start to talk a little bit about the market environment, where we see, I think everyone sees this, very strong structural trends that are supporting the long-term demand for electronics production. We can see that this is a forecast from an independent institute, that the electronic systems market is expected to grow to $3.6 trillion in 2030. That means from today's level, an annual growth rate of about 5%. Now of course, if you talk about AI and stuff like that, you will see numbers which is much bigger than that, but this is the total market. What you can see here, which I think is interesting, is that this growth is quite broad based. It is across different segments. It is in computer, communication, automotive, industrial, medical, defense, aerospace. You see a very broad based growth in this industry. We also see some structural forces that is driving this electronics demand. AI, everyone talk about that. It requires advanced chips. It requires servers. It requires data centers. We see electrification as a very strong trend, strong structural force that increases the electronics content. If you take an electrical vehicle, an electrical vehicle have about five times more electronics than a conventional vehicle. You can see that the electrification drives the need of electronics. Automation drives investment in sophisticated production systems. Then we have geopolitics, which is reshaping both capacity, but also supply chains. Together, all those trends create a lot of attractive market opportunities for Mycronic. If you take electronics manufacturing, we see CapEx, capital expenditure, across the value chains of about $200 billion every year. The bubbles shows the size of those investments in different segments. Our aim is not to cover everything. Our model is really to identify the attractive niches where we can see growth, where we can see profitability and also differentiation. Then we target to be leader, to have leadership in those segments. That we do through close collaboration with leading customers, and we act with speed in our decentralized organization in the structure we have. This is very much our strategy. If you would see the total electronics value chain, you have on the left side what is called the front end, which is materials and the basic stuff, and then all the way to the back end, which is on the other side. We participate in this value chain on different places. Our solutions, it spans from already electronic materials and component fabrication. It goes through semiconductor assembly and test, PCB assembly, module assembly, and final assembly. The common denominator here is that we have differentiated equipment that solves critical customer problems in attractive niches. Then we believe we are in a good place in this. The way we operate, the way we do this, and the way we make it happen, is through our four divisions that we have today. Every division have a very distinct market and also very distinct technology serving that market. Starting with Pattern Generators, we serve the display and semiconductor applications. We have PCB Assembly Solutions. We focus here on high flex production across several demanding industries. In High Volume, we serve high volume electronics production with dispensing as a core. Global Technologies addresses attractive niches across telecom, data center, aerospace, medical, semiconductor in general. With every division, we have a clear focus, clear strategy, and a clear ambition. Pattern Generators is number one within its selected patterning segments. PCB Assembly Solutions is a leading high flex solution provider. High Volume is also a leading high volume assembly solutions provider with dispensing at its core, serving a different market. In Global Technologies, here we have a platform that builds technology and market leadership in attractive electronic niches. This divisional structure creates focus, accountability, and speed, which is very important here. Pierre will now review our financial and sustainability development. He will assess some progress against the 2022 ambitions, that was the old one, and present the framework for our long-term ambition. Here's Pierre. Thank you, Anders, and great to see you here online and in the room. If we look where we stand today and what we have been doing a bit in the past, we can see that we have had a very strong sales development over a long period of time. There is actually only one year in the past 10 years where we have not been growing, and that was the year 2020. Many people remember the year of COVID. Continuously growing 15% year- on- year gives a quadrupling in 10 years. You can see the 2026 number here is equivalent to the outlook number that we have given for the year, just to be clear on that. Profitability has a similar development, even if it is a little bit more volatile, and this is because some of our business have different profitability level, and to a degree, we have been, in particular, historically, depending on the display mask business in the Pattern Generators segment. Today, we have a more broad-based profitability in earnings, so we are less volatile to that today. But similar development as sales over time. On the sustainability, we have done great work on our own emissions, where we have gone for renewable energy at all our facilities, where this is possible. And where this is not possible, we have compensated by buying CO2 equivalents to compensate for our own pollution. When it comes to the products' use emissions, we have developed well, but we have not yet reached the targeted level. A large portion of improvement stems from the change from gas lasers to solid state lasers in our Pattern Generators equipment. But we do see a broad-based improvement incrementally across the different divisions as we release new products. We met here, several of us, in 2022. It is almost on the day four years ago, and we said we are going to do a number of things. It was, like it is today, a little bit uncertain environment. It tends to be every time we meet, we say the world is more uncertain than when we met yesterday, but also at the time it was uncertain. We said that we are going to grow to SEK 10 billion and SEK 2 billion in profit. We have reached the profitability level, although we have not fully reached the sales level yet, but we are closing in on that one. We have seen good growth outside, not only in Pattern Generators, but also in the other divisions, and you will see a bit later on here, but particularly in Global Technologies. We have been doing a number of great acquisitions, even if we haven't yet succeeded with the bigger ones. You can see that the acquisition as a part of the growth is actually lower than what we aim for. We aim to have one third of the growth in acquired growth. All divisions, about 10%, we were for some time on that level. But in last year, we went below in PCB Assembly Solutions, and we are now having a profitability improvement program and aim to be back during next year. But we think we are in a position where it is the right thing to do to set out a new target for the coming period. We have chosen to continue growing this company or having the ambition to continue growing this company up to double the level, which will be done at SEK 20 billion. SEK 20 billion, we expect to be reaching in the year 2032- 2035. This is a similar growth pattern as we have had if we make it in the earlier part of the period and a little bit slower in the end of the period. We select to have a range of years because we know that the electronics industry is somewhat cyclical, and it's very hard to predict exactly when we are going to hit it. We are running at the moment on an EBIT margin of around 25%. If you look over a bit longer period, we are a little bit higher if you take, for instance, the first half of this year. We think this is the right level to continue to develop the company at. We would remain on the 25% EBIT margin level. We try to do it this way instead. On the climate footprint, we have not yet reached the target when it comes to our products in use. We have a target, which is also approved by the Science Based Targets initiative. We have selected that this target will remain going forward, and this target was set to be reached by 2030. How are we going to do this? The divisions will explain themselves in a few minutes how they will address the different challenges because they are fundamentally different than the opportunities as well. High level from my point of view and a bit focused on the financial side, then Pattern Generators, we will expand and diversify our leadership on the mask writer side, as well as enter into new segment. These new segments will not come at the same relative profitability level, but at a lower rate. We will see, depending on how quickly we can move into these areas, how the profitability will develop over time. For PCB Assembly Solutions, we will focus on the profitable core and make sure we get back over 10% latest next year. For High Volume, we will expand in two dimensions, both geographically and product-wise. We expect a high growth and we expect profitability to be around 20%, and this excludes some of you who have read up on that, the ESOP cost that we are currently having within High Volume division. Global Technologies, we have had a very good development over time. We have strong growth at the moment, and we will continue to capitalize on the investment in the AI infrastructure and make sure we maintain the strong positions we have developed there. As well as develop the other technologies we have in the portfolio of Global Technologies and continuing to add new technologies. Here we expect a solid growth and margin development around 30%. M&A agenda. We will continue to have an active M&A agenda. We have said we will prioritize further, like some of the acquisitions we have done to be close to the semicon side. Most probably more of the back-end semicon than the front-end semicon, but still the semicon area. On the sustainability side, I think it is important that we continue our journey with our own products to make sure they are generating a lower carbon footprint for our customers, and that we work together with the electronics industry in reducing the total scope of the industry. A few words on the M&A side. We have been adding a couple of technologies, bolt-on and new technologies, over the past few years, and we will continue with that. All divisions have their mission to grow and find ways to grow, closing gaps both organically and through acquisitions. This is then showing the acquisitions. The divisions, they are looking at things which are close to home with a strong connection with the current business. For Global Technologies, we are also looking at things which are new technologies, niches which can grow in a nice way and add profit to Mycronic over time, where we can take a leadership position. On top of that, we continuously monitor what is happening in the industry and look for potential transformational transactions, and that we do on a corporate level. With that quick overview, I will hand the word over to the divisions, but before we let Pattern Generators speak, we will show you another film which shows where we are operating in the value chain. Mycronic makes high-precision machines that enable our customers to make electronics. When people want to use electronics for new things like artificial intelligence, we make sure our machines are ready to build them. Let's take a look at how it all works. Every electronic device starts with components, chips, integrated circuits, the tiny building blocks that make things think and compute. Our mask writers use lasers to create photomasks, the templates needed to mass produce chips and screens. The tiny patterns they print can be as thin as 1/1000 of a human hair and are what make the electronics work. Advanced components are made by connecting several chips very tightly together. Our plasma cleaners remove everything standing in the way, especially contamination we cannot see, to make sure the chips connect properly. Then our die bonders place tiny chips onto substrates with precision that is beyond what is visible under a microscope. The parts get attached, creating critical connections that enable high performance electronics to power everything from satellites to AI data centers. Now it is time to place these components on a printed circuit board that is ready to take on its job. But before anything goes on it, our machines test that the board itself is working properly. Even small issues can cause big problems for demanding processes, like running AI, where big amounts of data at high frequencies are needed. Our machines place a precise drop of connective paste at each connection point. Then, very quickly, every component is put in the right place. Our most flexible machines can handle many different types of circuit boards in a single day for highly specialized products like airplanes or hearing aids. We also have machines built for mass market products where both precision and speed are critical. Since electronics are used everywhere, they are exposed to dust, moisture, heat, and cold. Our machines help protect the sensitive electronics from these conditions by applying an ultra-thin layer of silicone, almost like putting a raincoat on a child. To sum things up, the machines we make are used to manufacture electronics for virtually everything you can think of. Chances are very high that some part of the phone, computer, or TV you are watching this on was made using one of ours. Mycronic, bringing tomorrow's electronics to life. I am Charlott, and I will, together with Mikael, present the Pattern Generators division, PG. Let us start with a short introduction for you that maybe not so familiar with PG. When semiconductors and displays are produced, they use a process called lithography. Lithography require really capital-intensive or very expensive tools. It is a very efficient way of producing in high volumes. It is a way of producing that have been established for decades and refined over many years. When looking at a component or a display, you could see it is built up of a number of layers of different materials, and each of these layer have a pattern, and this pattern is defined by a photomask. The pattern on the photomask is replicated or duplicated using a very sophisticated exposure machine. In the semiconductor industry, we call them steppers, and in the display industry, they are called aligners. Important to know is that the photomask can be reused numerous times. It can be used all over again without really be worn out. The Pattern Generators core product is the mask writer writing the photomask, this very critical master for producing components and displays. When producing a photomask, there is a number of steps, and Mycronic PG division is providing products for many of these steps. Not only the mask writer, we also have metrology tools for measuring placement of the pattern on the photomask. Today, we will also launch a product that is inspecting the pattern to find defects of the pattern. Because we acquired Cowin, a Korean company, earlier this year, we can also provide tools for repair the photomask. Our customers are mask shops. They could be captive, which means that they are owned by panel makers or wafer fabs. It could also be merchant, which means that the fabs are the customer's customer. It is quite remarkable that there is so few mask writers that produce the photomask for these enormous industries. If we look at the display industry, it is about 70 mask writers producing photomask for an industry that is $130 billion, and these 70 are almost all from Mycronic. If we look at the semiconductor industry, it is about 500 mask writers. Half of them are used by laser-based writers that we have. Soon, about half of the capacity for laser-based writers are made by Mycronic tools. The other half is done by E-beam, and that is a technology that we do not have today. The trends for photomask writing is for the semiconductor, just as Anders talked about before. It is the same as for the group as a whole. It is like electrification, of course, AI. If we look at the display side, we have product development, a lot of new product coming. One good example is the new privacy filter of Samsung's recent released phones. We also have the foldable phones. We also could see that the technology that you have on your mobile phone in your pocket is also moving into larger panels like laptops and TVs, and the increasing importance of having different displays in your product. That is a very important differentiator, and I think you feel it when you enter into a new car. However, it is also important to know that the photomask market is not driven by the number of sold components or the number of sold panels. It is driven by the innovation and the investment for the future. It is new product designs, it is more advanced technologies, this could also be more production capacity. We are actually producing for the future. On this slide, you could see one example showing the importance of the photomask. You could see the area growth of photomask for displays, which is an important metric for us. That is actually growing faster than the revenue of the end market. New, never-ending development requires more and more advanced photomasks. In addition, we could also see this phenomena, that the mask market is more stable. It does not experience the same large fluctuations that sometimes can happen in the end market. You see it is more even, and that is here illustrated by the display industry, but actually the same applies also for the semiconductor industry. One reason for this is that companies in a slowdown, they tend to shift focus from producing to new development and to new product introductions, which require more photomask area. For the equipment market, it is not only the mask area to be produced that is important. It is also influenced really significantly by the different strategies and the different timing of decisions by each individual mask shop. Another very important part of our business is the aftermarket. In the mask shop, there is very expensive tools, and they require a high level of service. Typically, they are run by all-inclusive service contracts. This is a very important recurring revenue stream for us. It creates a very stable foundation long-term for our business. About one-third of our revenue comes from this aftermarket. Looking back a bit, we are really in very dynamic and interesting industries or markets. We have been growing about more than 10% yearly for the last 10 years. We could see that if we look back 10 years, our business was primarily dominated by the display industry. We provided the latest mask writers for next generation of displays, but we were also putting a lot of effort into secure that we had a modernized install base with a high availability, and of course, optimizing and improving our way of working. About five years ago, we decided to re-enter into the semiconductor market with a product we called SLX. Thanks to this product, we have really made an entry into a new market. With this launch that we did 2019, we have had great growth thanks to this. We think we have a very good and strong position. This is an attractive market, but it is also very competitive and very demanding. If we look forward, we have now, 2026, made our first acquisition, and we see opportunities to acquire additional companies going forward. But we have also done tremendous investments in our organic growth, our own product, and our own technologies. Thanks to this, we see that we have an opportunity to enter also into new adjacent areas. These are areas that are larger, attractive, but also more competitive. We see a good growth, but we also assume that we likely will not have the same high profit levels as we have had, at least not the same level. With this, and talking more about the future growth, I will hand over to Mikael. Thank you, Charlott. Hello, everyone. I am going a little bit deeper into the different growth initiatives that we have within PG. We have divided them into three major themes. The first one for display photomasks, we will continue very much on the strategy that we have had for very long time, and which had been very successful as well. Here we will really continue to develop our right to make sure that we have the technology and the product in place when we have well in time before the industries need them. Also we would like to make sure that we have an attractive offering also for the more mature application and also for the installed base. Moving to the semiconductor photomask, we will continue to build upon the success that we had with SLX, which had been a great product and really well-received by the customers. We will also continue to develop that. I will talk more about that later. Also we will continue to broaden our offering into this segment. We are developing an inspection machine, and we will talk more about that later. Also with the acquisition of Cowin, we get the repair application and products into this and also for the display. This is a very interesting area, and we will continue to build and expand this business the coming year. We are also starting to building a business outside photomask in order to get a larger TAM for the PG division. Here we see a great opportunity to leverage technology that we already have in the division in new markets. What we are primarily looking for is wafer level packaging and advanced packaging. Here we see Cowin could be a bridge into those new markets and that business. I will talk a little bit more about that later, but we see that also is a great opportunity to create more business for the PG division and create a good position. Then starting with display. This is a mature market. We foresee that this will continue to grow at a steady pace and driven by continued development of new displays. But maybe equally interesting for us is the shift that you see in the market, that we are shifting from more low-end capacity to more high-end capacity because displays becomes more advanced. That also means that the suppliers need to change their production capacity to reflect that. We think that will drive needs both for our most high-end writers, but also more structured demand maybe to more advanced replacement deals as well. Given that market trends, I think we are really satisfied with the timing of the Prexision 8000 product that we launched 2024. This one we shipped out early this year, and now it is qualified by the customer, and they producing mask, and we get good feedback from it. I have seen data from it, and it is performed really well. We think that when these get out in the market and get qualified, it takes some time, but in the long run, that will drive demand for this product. Sharing a little more info about that in the film there. Displays are a part of human life. We use them to communicate, and work, for information, and guidance, to experience things together. They go where we go. Now Mycronic is going further than ever before. Introducing the Prexision 8000 Evo, a display mask writer that blends technology, precision, and productivity. To unlock the potential of what a display can do and everything it can become. Designed to be fast and accurate. Built to power the displays of tomorrow. Ready to take us beyond our wildest dreams. Open your eyes to the Prexision 8000 Evo. Unleash the unseen. Now moving over to the semiconductor market, and then starting with the wafer market. Here we can see that the mature market will continue to grow at a quite steady pace. Also, we see that it is even stronger growth than the high end. Also on the high end, you see this typically node migration. When a new node technology is ready, then product tends to move to that. You move a GPU to the next high-end node. For high end, it is really AI that is the main driver. But it is quite interesting and also important to understand that also AI drives development on the mature nodes. Because around the GPUs, you also need a lot of other devices like power devices, communication devices, and those chips you are doing on the mature nodes. The AI is kind of driving a growth also on the mature end. Our strategy into this market is really to offer products that are offering more complete solution on the mature segment, but at the same time are broadly exposed to the high end. That is kind of the ideal situation that we see. If we go into the SLX, I think this project is an excellent example of that. Because here you can see that for the more mature nodes, you can write everything on the SLX mask writer. For the more advanced node, we can still write a few binary layers. But also you can see that we write a lot of second layers, which is the most advanced mask where you write one E-beam layer and one laser layer. If you calculate the number of exposures, it is not so important for us if the design is a 130 nm node or 28 nm node. Even on the most advanced node, there are more opportunities for laser because the most advanced mask today require two laser layers and one E-beam layers. It is a good trend for us. It is important to understand that the SLX project is also very exposed to what is happening in the high-end, and that is also reflected in the sales numbers. In total, we have sold 75 SLX systems, and roughly one third of those goes into the high-end market and write secondary writes, including secondary writes on the most advanced EUV masks. I think in this market environment, which is really vibrant and so much happening in this area, we think that the timing to take the next level on the SLX is really good. Today, we launch next generation of the SLX. Here, this is a machine we have worked with a few years, so it is adding a lot of production capacity for the customers, much more productive, and it is also, at the same time, more capable, so you can write more layers on it. From a spec perspective, it is the most advanced laser writer on the market. Also the good productivity and also that it is so flexible, it makes it also a very good replacement machine. We think this will continue to drive replacement market also going forward. We are really exciting around this, and think this will continue to drive a good demand for the SLX machines also going forward. I have a movie around for this one as well. [Presentation] Continuing on the path of talking about new products. We have not only developed the SLX platform in the last years, but we also developed this inspection machine. We call it IQX. The target market is very similar to the SLX, so it is a very good fit from a strategic perspective. For this product, we have really combined a lot of new technology and new innovation with also very high productivity. That renders in a really good cost of ownership for this machine compared to the old legacy machines that they have in currently supporting this market. It is a strategy that is very similar to what we did with the SLX. We have adopted a similar way of thinking. I think this is also a very interesting strategic opportunity for Mycronic because this is breaking new ground. This is a new market, new product line. This could really drive the growth for the PG division going forward. From a size perspective, it is a sizable opportunity as well. We urge this could be even larger than a SLX business long term. Also, we think that we are in a good position to grab this opportunity. We have experience of doing these kind of machines before. We have a great technology. We also have the customer connections, and also we have a great organization that can do these kind of things. Going a little bit more into the depth, into the inspection and the inspection market. Starting with what is inspection? Inspection is really the process when you look on the mask and make sure that all patterns intended to be on the mask really is there, and also that it has the right shape. Also you check that there are no particles or other contaminants on the mask that could impact the yield later on. This is a process step that you are doing several times in the mask shop. Also interesting, you do this at the fab. The fabs usually do an incoming inspection to see that the mask is really okay. Some fabs, depending on how advanced they are, they also regularly checking the photomask so that you do not have any aging, you do not get particles on it. You have to control your yield. This is not only a growth opportunity for PG, but it is also open up a new customer segment, which is also have a great value long term, I think when we are looking for new opportunities. IQX will initially cover critical nodes down to 90 nm node, but it will also be able to inspect more critical mask from a particle and contaminants perspective. We estimate that around 50% of the semiconductor mask has the potential to at least once pass IQX machine. The market is huge. Currently this market is supported by around 400 machine legacy machines, which mainly was installed 20, 30 years ago. There is a big replacement opportunity. At the same time, we have the growth in this market as well. We think this will be a growing market going forward. We currently estimate it to be around $125 million US, and our ambition is to take 40% of that market. There are strong competitors there, but we think that we are in good position. Again, it is a great opportunity, I think, for us, and long term, we can grow this into a good business if we continue to develop the platform and are successful. So a little bit more information on the inspection. [Presentation] Then continue with the last growth team that we have. We are building a business outside the photomask as well. Here we see Cowin will be a very important part of this as well, because Cowin will not only come with repair technologies for photomasks, but they also developed inspection technology and repair technology for wafers. From a strategic perspective, we think they are a great fit, and also there is a good culture fit, Mycronic and Cowin, and also it's a good technical fit. Also it's a very good place to strengthen our footprint because it's Korea, it's really a tech hub. They are world-leading in semiconductor. They're world-leading in displays. Given what kind of product and market we would like to develop, it's a very good fit to be in Korea. We think that the PG division and Mycronic, we can really accelerate our success into this market. We have, I think, the experience, we have the scale, and we also have a lot of technology that can support them. Initially we will look on the wafer packing inspection equipment market. This is a huge market and also very strong growth. The growth is driven both by the volume growth on AI, but it's a lot of technology development impacting as well. There will be a lot of opportunity in this market. Initially we will address a niche portion of this market with this machine. But over time, we plan to invest and plan to expand the accessible market for these products. We already today have leading customers evaluating the system. We are looking forward to, together with the customers, expand and develop this together with them to make sure that they are creating customer value, and then also become a new growth platform for PG going forward long term. With that, I hand over to Charlott to wrap this up. Thank you. To summarize, we will continue to invest, of course, in the display industry. It is an industry that we have served from the time that the CRT TV stood on your floor to the flat panel on your wall and now in your pocket on your phone. We are, of course, determined to stay and continue to support this industry with the leading technology. In the semiconductor, we are really encouraged with the SLX success that we have had and the position that we have created. We see a lot of opportunities ahead. We think that we can create additional value for our customers and potential new customers with our broader portfolio. With the skilled people we have, with the long experience, the new competencies that we have, we think we also have a good opportunity to enter into other market. Where we primarily, as Mikael said, are looking into the wafer level packaging and into the semiconductor backend. This area that we think will form the future growth of the PG division. With that, I would like to hand over to Clemens. Thank you. Thank you, Charlott. Always fascinating to listen to Pattern Generators and their products. Let's switch gear now a bit and look into PCB Assembly Solutions. Every innovation, if it is in industrial equipment, in medical, in your own pocket devices, in energy, somehow goes down to a physical electrical product. In each of these electrical products, you see a physical printed circuit board. This is where PCB Assembly Solutions comes into place, because we make sure that printed circuit boards can be assembled in a proper way, high reliable, high precision, high quality. What is a printed circuit board? It starts with a board, with a bare board. On that solder pads on the bare boards, we bring on solder paste deposits with different technologies, and then we pick and place components, which can be various components in various sizes. It can be amplifiers, it can be connectors, it can be resistors. All of these components, some of them are almost impossible to see with the naked eye. All of these components have to be placed in perfect quality on the bare printed circuit board to make sure that the final electronic really works. This is where we come into place. We have a broad range of, we call them process steps or technologies or machines, which together make sure that the components on the boards can be connected because finally the assembled PCBs will go into any kind of electronics which you use on a daily basis or which helps you to run your world on a daily basis. I would like to break down now this full line of solutions into different process steps and machines. Still the most unique one, which is still unbeaten, is our jet printer. A machine which can on high speed, high accurate place small solder dots on the solder pads. Here we enable our customers to almost use any kind of design they have chosen for their printed circuit boards. Because it is high reliable, it is high quality, it is repeatable, and it is high speed for every single special application. But when speed really matters, and the jet printer cannot even be fast enough to deposit the solder paste on the board, we use standard stencil printing technologies. The stencil printer can be even faster in cycle time, support kind of any speed, also in high volume applications. When needed, we can even combine stencil printer solder paste deposition together with a jet printer, to really make sure the customers can deposit whatever is needed on solder paste on a printed circuit board. In the next step, we need to make sure that we really come to our commitment, zero defect. We can't afford any mistake or any wrong solder paste deposit, too small, too much, missing solder paste deposits on a board. This is when our inspection system comes into place to make sure and guarantee and can trace that we really have the perfect solder paste deposit on the board. After checking the solder paste deposit, we come to the core and unique technology in any kind of pick-and-place line and solution, the pick-and-place machine. Which picks any kind of component from any kind of carrier it comes with delivered, if it is a reel or a stick or loose components. Then it places them accurate on the board to make sure that the electronics finally again can work. Here we are extremely well positioned in our niche in the high flex, low volume market. Here we are the market leader, and here, for example, in defense, in industrial equipment, in military equipment, there is almost no project where at least customers recognizes, I need to speak to Mycronic if this solution fits to my application. When you have placed the components, then you need to do another final step of inspection with an optical inspection machine, the AOI. Here we have introduced, for example, an AI solution or technology because we can combine the data from the pick-and-place machine to program an AOI in a very efficient, proper way. Programming time is what really matters for customers when they use AOIs in our market. This is an AI solution which we have introduced here, which helps finally in the line to inspect the board for the customer. One of the maybe less discussed and somehow underestimated product or process step in such a line is material handling. What matters raw speed of a pick-and-place machine when you do not have material on time at the line? These towers, which we call them the material handling solution, connect on the software side to the pick-and-place machine to make sure that the machine does not run empty in components, and that you always have at the right time the right component to place on the board, to finally make sure that electronic works. Each of these single machines, which of course customers can buy in a single step, makes really sense when you combine them as a full line offering. A full line offering of a pick-and-place solution, which we call here the MYPro Line, is not only connected machines by machines, it is a connection of machines on the hardware and software side. We have software that goes along the machines and connects them in a proper way to make sure that the full line works seamlessly to fulfill customers' requirements for high precision, high quality, and highly reliable, repeatable pick-and-place solutions. We have a worldwide footprint. We have been working for more than 50 years in more than 50 countries, with more than 7,500 machines running daily to produce electronics, and 2,700 customers globally. With a very strong focus, this is our core market in the EMEA and U.S., but also continuously growing in other applications, including Asia and China. The global presence, but a strong focus also on the U.S. and EMEA. Our market is mainly the high mix, low volume, but there are also other areas that are growing. For example, the AI server market. A lot of AI server boards have very special requirements that cannot really be fulfilled by a stencil printer. Then customers come to us and ask for a jet printer to make complex AI boards happen, because this is what we all need. This is what we use daily. Also, strong growth markets are where we can be represented with our technologies. Our customers are, on one hand, electronic manufacturers who build their own products. But we also have EMS companies as customers, who produce products for other companies on their demand. Before I talk too much about customers, I would like to invite you to one of our customers, the company GPV in Finland. [Non-English content] Welcome back from Finland, now to Sweden. Sometimes you let better customers speak. This is a good reference customer. You find many of them globally, and that's a good example where we listen to customers' demands and fulfill their requirements with our machines and help them to make their products. We enable our customers to produce electronics. A strong presence in the market with strong products and a strong customer base, of course, also has to lead to strong profitability. This is where we haven't yet reached our ambition recently. We come from a very healthy profitability above 10%. We have seen some challenges in the market. The industrial market is somehow in a prolonged-term weakness. We have also recognized that there are some opportunities inside to optimize our profitability. We also have seen that we need to react on what we see as of today, especially in Europe, which is one of our core markets. That is why we have started and implemented a profitability improvement program, because our ambition is to come back quickly again to this 10%. We have set ourselves a goal that we have to be back at above 10%, stable, reliable at the end of next year. This profitability program, which we initiated, means that we need to improve product gross margins. We need to strengthen the product and business mix. We need to optimize the organization also for the future to be scalable, because we still want to grow. We also have seen that there are many opportunities to optimize workflow. This project will now be implemented. It is already ongoing. We will continue to be implemented till end of next year, and will cost us about SEK 100 million as product contribution to come back to our ambition to be above 10%. To summarize, we are and we want to remain to be the high-flex solution provider for PCB assembly. A very important cornerstone is after-market business. We are heading towards 40% contribution in revenue from after-market, which is commitment from us to customers, but also our customers to us, because service after-market is a very important part of our business. We want to grow within home turf. We are the strongest global provider of high-flex solutions for PCB assembly on a global base. We also want to extend the business into new markets, for example, AI server market with the jet printer. This all together will help us to come back to our ambition to also contribute to Mycronic with above 10% profitability. Thank you for your attention. Then I would like to hand over back to Sven because we are soon approaching the break. Thank you, Clemens. Yes. Now it is time for a break, 10-minute break. We start back at 2:20 P.M. Please take some sweets and there are also for bio breaks, we have one bathroom here, one toilet here, two on this side, and three just on the back to the left. So six all in all, if you need that. See you back here in 10 minutes. Welcome back. Now we will continue with our High Volume division. It will be Ivan Li, head of the High Volume division, who will present it. He just flew in from China last night to attend today. Ivan, go ahead and present the High Volume division. Thank you, Sven. Hello, everyone. I am Ivan. I come from China, as Sven mentioned. Actually, I am the general manager of Eson. As a master brand of High Volume division, we joined Mycronic family 10 years ago. Actually, during the past 10 years, whatever our business performance or our employer's ability got very great development. I would like to highlight, as a High Volume division, which is located in China, there are several different points compared with other divisions. We are always focusing the electronic dispense industry. Actually, our product is always not standard. It is always diversity. It always needs to custom design. That is the first difference compared with other division. The second difference is our product, our project always includes a huge potential volume opportunity. That is also why our division name is called High Volume. There is still a third difference, which is, in Chinese market, our knowledge protection is very poor. This means once you launch a new product, a new technology, it is very easy to copy by other competitors. This point is driving us, we should, we must upgrade our equipment capability in very short time. I think as a company which is located in China, this is also our advantage compared with the Western companies. We can provide a faster design, faster manufacture. That is why we can stand here with a very good experience. Actually, Eson started up from 2008, and at the beginning, we just focused the consumer electronic industry and with coil dispensing application. Then, as you know, the EV industry is growing very fast, and we got involved in this industry. Then we went into the semiconductor industry. This is some background. Till now, we still focus the coil dispensing application, but we are focusing the target industry, which is consumer electronic, automotive, and semiconductor. Just due to we are always focused, and also we develop more and more professional solution, more professional product. That can support us to continue success. We can see here, since we joined Mycronic family till today, 10 years, we keep more than 25% CAGR, which means 10 years journey, but 10 times growth, more than 10 times growth in our target industry. For electronic dispensing market share, when we joined Mycronic, our rank is number six. But actually five years ago, Eson became the absolutely the number one market share supplier in electronic dispensing industry. But we also notice for the others, it always keeps a super high percentage, keeps 44%. Why? We also did some analysis just due to, for the dispensing process in all manufacturing, it is becoming more and more important and more and more popular. So more and more automation company, the player involved in this application, in this industry. We can find that besides the professional dispensing supply, the others always keep a high level percentage. But it also means there is a big space in this industry for this application. It can also support our continual growth in the future. From the right graph, you also can find during the next five years in electronic dispensing market, it also keeps a very fast growth, which can keep more than 6% CAGR during the next five years. Till today, when Eson joined Mycronic, our head count is just more than 100. But now we developed, I think, a medium or a large company. Our headcount is beyond 1,000. Now it is almost 1,500. Our revenue is already beyond 1 billion RMB. Which means how to driving us can keep continual growth, can keep continual success. We cannot rely on one separately in the industry. We also cannot rely on one separately product, especially in China. We also concede how to well support Mycronic ambitious target in future, how to well contribute. From my side, based on our current position, based on our current situation, we will develop from the three different dimension. The first dimension is we will continue to consolidate, continue to develop the new product, still with the core dispensing, but extend to other industry, not only in electronic, to consolidate our leader position in dispensing application. Actually previously, we always focusing the industrial dispensing process, which we called just like the glue dispensing, just like the solder paste dispensing. But actually, besides the electronic industry, still have a lot of dispensing requirement. We called it liquid control, just like the oil in automotive, just like the ink in circular industry, and also just like the medicine in medical industry. They are sharing the similar core technology, but the totally different market. Through the new product development with our existing core technology, for us, it is very easy. It is very low risk to launch our new product in new target industry. It can help us to increase the market size and also can consolidate the lead position in this industry. The fourth dimension is based on our existing product, we will continue to develop, continue keep innovation to launch more and more new product, but for new target industry. Just aerospace, the medical, and air infrastructure. But for the valve technology, for the platform, it has already exist, it is similar. Maybe just we need to follow the different standard, different rule. It is very easy. That is the fourth dimension we will proceed in the near future. The second is we will continue to do the product portfolio expansion. It can help us. One side, the first is can improve the customer stickiness with our existing key account. Second, it also can help us to contribute more revenue to take us to the next level. Also at the product portfolio expansion period, we also can find some new target, which is maybe is beyond core dispensing, but it also have the high volume opportunity in our target industry. At the same time, when we do the product portfolio expansion, it is not random, not just a customer ask us to what we will develop. No, no. It also should have some rationale, which is it can help us to practice our new technology, and also it can include some high volume opportunity, and it also can help us to improve the customer stickiness. Based on our current roadmap, when we do the new product development, the project, we will do it from the four different direction. The first is we develop the new product, but it based on our existing unique core technology. I take example, just like our five-axis. Seven years ago, we launched the first dispensing machine, which is five-axis dispensing. Now we had already get a big success, but we keep upgrading, keep improving. Also in the following periods, based on the customer requirement, based on our core technology, we developing the up five-axis dispensing for the super high precise dispensing application. Also we develop the five-axis glue clean. It is a non-dispensing application solution. But the core technology is overlap. We also develop success for the five-axis tilt attachment. That can help us no need the new investment, no need new innovation, but we can expand our product portfolio and also in our existing customer base. That is the first rationale we will continue to do. The second is during the cooperation with our existing key account in global, we find the customer requirement is also change. They not only use the pure dispensing equipment, they also would like to get the total solution line. Just like when we do some analysis for the assembly process, we'll find it's normally before dispensing, it need inspection, and after dispensing, it still need the 3D inspection, and then attachment, and then curing. Which means for customer requirement, they had already do some change. They would like to take a total solution. They don't like to qualify each separately machine. So we need to pay the responsibility for the total solution line. That is also a very good opportunity because during the total solution line, we will find the dispensing equipment is a core machine in the total solution line. Which means for us, it's very easy to get the opportunity to responsible for the full solution line. That is the second rationale, which when we do the product portfolio, just based on our existing customer, existing application, we expand our product from the previously separately dispensing to the currently total solution line. The third one is we do the product portfolio expansion to based on the new hot opportunity. Which new hot opportunity, which means firstly, it still have a high volume opportunity during our business promotion. The second is it have some high technical threshold, and which Mycronic had already accumulated some good experience for that. The third is it represent the current economic situation, but also in future, it also have a high growth opportunity, point in that. Now, as you know, for the AI technology develop so fast, we also get to launch some new products, just like the optical module. But the product, the technology is similar with consumer electronic. So we just expand our target industry from previously consumer electronic to the optical module. Then we can also get a very good feedback from customer side. Also for the next generation solar panel, we also can find some good opportunity, which is also core dispensing related. But it's a totally different process with our traditionally consumer electronic industry. For the 3D circuit print and digital inkjet technology, it have a high technical threshold, and also can contribute a good profitability. This is a sort rationale which we decided to do the new product development. The fourth is, as I mentioned, when we join Mycronic 10 years ago, we are just the number six in electronic dispensing industry. But now, during the past 10 years cooperation, the support from Mycronic, now we have already become the number one. In the future, I believe the development is still not bad. I think the speed is not slower than now. So we also would like to, based on our accumulated experience, especially in China, we still can develop a new Eson, but in semiconductor packaging industry. So this growth is driven by the domestic EV, AI, and advanced packaging expansion, and also the Chinese semiconductor self-sufficiencies push. So this is also a good opportunity, and which we look at in China so many years, whatever the customer requirement or the technical accumulation, I think for us, it's also ready. It's enough to do that. So this is the fourth rationale which we do the product portfolio. Now we had already have launched the dispensing the plasma solution in semiconductor industry. So now we are do some investigation in semiconductor packaging level. We hope, we expect it can also help us to develop our next new Eson in this industry. Besides the product portfolio expand and the new product development, the third dimension is for the target market area expansion. Actually when we join Mycronic, our overseas business is zero. Till today, overseas market, we had already delivered our machine to 46 countries already. In 10 countries, we have our own employer. The whole overseas market contribute more than 30% of our whole revenue. Most important is the profit is much high than local market. That is give us a very important support. We need very formally to developing the overseas market. Till today, in all our target area in Asian, in European, in North America, we had already finished whatever the team set up, the facility, and everything is well. Now we already set up a very good contact window in each area with each key account. Most important, at the end of last year, we finish our overseas factory set up in which in Thailand. That will be very beneficial for us, very helpful to implement our unique political position strategy, which we called it In China for China, in global for global. Combining with our current position, combining with our future ambitious target, so we target during the next five years for High Volume division, the organic growth target, we can keep more than 18% CAGR. At the same time, the overseas market can contribute 15% of our revenue, which it can help us to keep up with a very good profitability. In each different area, in China or in overseas, based on the local different opportunity, the different economical situation, we also implement different strategy or with a different focus. Just like in North America, the aerospace, the automotive industry have a very good opportunity in future. So we confuse whatever our talent, whatever the equipment in this area, promote the area with this focus highlight. For this, we call it we will improve the market share in overseas market with our unique political position. In China, we had in our previously existing industry, just like consumer electronic automotive. We had already a very obvious advantage. Our market share is super high. We also would like to search for the second growth curve with our current new product portfolio expansion strategy. We can provide more and more new products with our existing customers. Finally, we would like to better support our strategy, our target happens. Actually from last year, we get our land in China, get our new land from the government. At the middle of this year, the land is already to the ground breaking. For this new facility build-up, after ready, I think it will be very super helpful, beneficial for us, whatever, to improve our working efficiency internally, and also can expand our production capacity. Also more important, it will be much beneficial to attract the high talent, the new talent, or retain the key talent. Now it is super important. Based on this facility, the volume, the size, I believe after ready, it can support the $500 million, the output value to meet for this value. I think from our product strategy, from market strategy, from our facility improving, it will be driving us to go to the next level. Not only go to the next level and can contribute more for group, for Mycronic ambitious target in the future. This is a summary for our High Volume division. As I mentioned, we will continue to consolidate the lead position and expand to overseas, and also expand to other industries. We call it liquid control solution. Also we will capitalize on the electrification trend in automotive, maybe in the future, some new industry, just like the optical module. But it always based on our existing technology. Is our existing experience. For the overseas market target, we target 15% of the revenue with good profitability, and we will invest in semiconductor industry to developing next new Exxon. At the same time, from our internal management side, we will do some long-term motivation and continue implement the MS strategy to driving us go to the next wave of our profitable growth. We target in the future with chip can become the number one High Volume Assembly Solution provider for electronics production with Koh Young in dispensing. I believe it will happen and it must happen. Thank you. Hello, everyone. Good to see so many people here. My name is Magnus Marthinsson, and I have been the head of Global Technologies division for about 3.5 years by now, and it has really been a very exciting 3.5 years, I must say. Global Technologies acts as Mycronic's incubator, identifying attractive niches and acquiring future market leaders within these niches, and accelerating these companies' growth into successful standalone divisions. Since our markets are quite diverse, our customers are widely spread over several segments, and this will be shown in more detail in the next couple of minutes. Our organization is concentrated on Europe, but we have a lot of people also in Asia and in Americas. Our total head count as of today is 600 people. The business development of Global Technologies has been quite remarkable over the last few years. In 2023, the division comprised of two business lines, and we were the smallest division among Mycronic's divisions. The profitability at that time was relatively poor. To address this, we initiated an efficiency program at MRSI in 2023. This has given positive results, and we are in a much better position today. As a matter of fact, we have done a second efficiency program in MRSI right now, but this is not to improve the profitability, but to improve the capacity. Over these 3.5 years, we've made a total of five acquisitions and expanded to a total of five business lines today. We have also expanded into new buildings, both for atg Mycronic in Germany and for MRSI in China. Specifically, I'd like to point out that despite that we moved into the new facilities in atg Mycronic in Germany in 2025, we are already now preparing for a move into a larger production facility next to the old facility in Germany. I will also highlight that most of our growth, that you can see here, has been organic in the last three years. But I expect that our recent acquisitions will contribute much more to the growth in the coming few years. Our operating model of Global Technologies is that we utilize the speed and the agility of the small companies, but combining that with the strengths from the larger company in Mycronic. This is done by having decentralized business lines with full accountability and close customer focus. The GT office supports the business lines and drives future growth through strategy, M&As. The business lines are also supported through corporate office and other divisions, as well as other business lines within Global Technologies. The focus is on leadership, profitable growth, and long-term value creation. As Pierre pointed out, in addition to our current business lines, GT also has the task to grow Mycronic outside of current businesses through M&As. This is indicated as the Global Technologies hunting ground to the left. Both Vanguard Automation, Hprobe, and Surfx all fall under the second bullet that you can see, emerging technologies with the potential to build a $30 million business line. Let's move into the different business lines, and we'll start with the biggest one, PCB Test. This is based on the acquisition of atg Mycronic in Germany from 2021. PCB Test provides electrical test solutions for high-end PCBs and substrates. Its flying probe test systems act as highly sophisticated multimeters, verifying electrical connections on unpopulated PCBs or bare boards, as you can call them as well. A key success factor for PCB Test has been atg Mycronic's proprietary backdrill test function. To understand the importance of this function, it helps to understand how PCBs are produced. In PCB manufacturing processes, electrical connections are done between layers by plating through holes or vias connecting the different layers. This works fine on lower frequencies, but the excess plating and metal can degrade the signal quality for high frequencies, specifically used in AI applications. To address this, the PC manufacturers backdrills the vias to remove all the unnecessary metal. Now, atg Mycronic's backdrill test function verifies that this process has been completed correctly, and they're using a specialized probe to measure the capacitance inside the hole. Now, RoBAT, the acquisition that we made last year in the U.K., has a different way of measuring signal quality for high frequency, complementing atg Mycronic's backdrill functionality. This acquisition has been very successful so far. All these tests are important to detect defects on the PCBs before expensive devices are attached to the PCB. The market drivers for PCB test is the build-out of AI infrastructure and all the increasing data rates. The next business line that I would like to talk about is the die bonding business line, and that is based on the acquisition of MRSI Systems in Boston, made in 2018. Die bonding provides high-precision assembly and bonding solutions for advanced photonics and semiconductor devices. A die, first of all, is a small semiconductor chip that contains a complete electronic or photonic function. It is manufactured on a wafer, as you can see on this picture, and then all the dies, these tiny squares you can see here, are cut out and assembled into a package. A die bonder picks, place, and bonds these chips into substrates or packages in a similar way as Clemens' pick-and-place machine does, but this is on a much smaller detail. The challenge here, of course, is that these dies, as I mentioned, are extremely small and fragile, so this must be handled with extreme precision and reliability. This is critical for both the device performance as well as the manufacturing yield. The main market drivers here are the rapid build-out of AI data centers, as well as growing investments in defense and aerospace electronics, where we also have a lot of customers. Next up is the Applied Plasma business line, based on the acquisition of Surfx Technologies in Los Angeles that we made about a year ago by now. Applied Plasma provides surface cleaning and activation solutions used in advanced semiconductor packaging. The technology uses plasma-generated hydrogen radicals to remove metal oxides from bonding surface. A nice feature here is that the process leaves water as the only by-product, making it a very clean and effective way to prepare surfaces before bonding. Here you can see it is actually copper that is cleaned. You can see the normal copper color to the right, but the left cleaned copper is actually very shiny, and that is how clean copper looks like. The main market drivers here are the rapid build-out of AI data centers, as well as growing investments in sorry, this is actually die bonding. I am talking about Applied Plasma now. This cleaning processes is becoming very important now with the increasing dimensions continue to shrink. Cleaner surfaces lead to a higher yield, better reliability, and improved performance on the final device. The main growth drivers for Applied Plasma are also AI infrastructure, advanced semiconductor packaging, and high-bandwidth memories. Next up is the Photonic Interconnects, based on the acquisition of Vanguard Automation that we did in 2024. Photonic Interconnects provide solutions for connecting optical chips and fiber optical cables using 3D laser nanoprinting technology. This technology can be used in several ways, and here you can see two different examples of a lens printed directly onto a laser to the left, and also a short optical link printed between a fiber and an optical chip. The key advantage is that the optical structure can be printed directly onto the components, eliminating the need to mount and align separate optical elements. This simplifies manufacturing, improves accuracy, and can reduce the total cost. This business offers two complementary products, a dispensing and cleaning platform, the REPRISE, and the printing platform, the SONATA. One single REPRISE can support three to four printers, and this creates what we call a fleet, and this configuration is used in commercial applications. The main market driver here is also the growing demand for optical interconnects in AI data centers. This technology is still emerging, but we do believe that the adoption will be accelerated as higher bandwidth requirements drive the need for more advanced optical connections. Magnetic Test, based on an acquisition we made last year, Hprobe in France. Magnetic Test provides test solutions or test systems for MRAM and other magnetic devices. The key differentiator here is that they have the ability to generate highly precise 3D magnetic fields at high speed, enabling very fast, efficient, and reliable testing. This is particularly important for MRAM devices, which store data magnetically. To ensure reliable operation, manufacturers must verify that these devices are not affected by external magnetic fields. This business benefits from two key market trends. First, the growing adoption of MRAM as a next generation of non-volatile memories. The second is the increasing electrification of automotive and industrial segments. As a summary, you may have noted that four of Global Technologies' five business lines are primarily driven by AI. In two of them, we have already seen significant revenue growth, and we will intend to capitalize on this trend even further. The remaining three business lines are still emerging, but I see great potential for growth in the coming years. Connecting to what I said in the beginning, Global Technologies is more than a collection of businesses. It's a growth engine that identifies differentiated technology leaders in attractive niches, accelerates the growth through Mycronic's global platform, and builds industry-leading divisions, securing that we can continue bringing tomorrow's electronics to life. Okay. Thank you, Magnus. Very good. Very soon you will be able to go on this production tour that you all look very much forward to, I think, or a tour in the production. It's not a production tour. You will see the production. You will see also the new products that we have talked about today. Before that, I will say a few things. The first thing I want to say that I think Mycronic has never been in a better position than we are right now. Really, really have a super good platform, a super good position, do really good things from. Why I believe that this is the case is that six different fundamentals here. I think one is that we benefit from a very strong electronics industry market right now, and it seems to be broad-based growth, sustainable growth in this market. So it is a very good starting point. As a company, we have leading position in differentiated niches. I think you have seen it throughout the different presentations that we are very selective in a very specific niche where we believe there is growth, there is profitability, and where we can make a difference. That really is where we do have the best performance. The organization we have is made for that. We have these divisions that are the divisional design with decentralized operating model, really support both speed and scalability. And we have, in the total company, quite a large collective knowledge, and also very capable global workforce. Also, we are a little bit proud. We believe that we have a very good track record from both organic investments and also acquired investments, and feel that we do very good there. And we continuously continue to adapt operations. This is both to navigate in the geopolitics, both to be resilient, to be agile, to have options if things happen, but also take benefit from this, what is happening, and also be able to serve customers both in the East and in the West. So that is where we are. Then we have where are we going, and now you know that we are going to the 20 million, and you have seen a little bit from the different divisions that this is absolutely possible. And I think in general for the whole company, we say that this is built on six different elements here as well. First it is that continue to invest in profitable businesses. We have a strong cash flow, we have a strong balance sheet, so we have the power and the ability to do that. Second thing, enter selected new areas like we have done, continue to do that. We will have some priority on wafer fabrication and semiconductor assembly, packaging and test. We believe that in there are those niches we talk about which are profitable and growing and where we can make a difference, but it is not exclusive on that. We could do other things as well. Third thing is to continue to partner with our customers. You can see that Mikael talked about the IQX. This is truly a result of customer collaboration. We are working together with a product that fits the industry absolutely perfect. Number four, continue to develop the organization. Really continue to develop efficient, diverse, and capable organization to manage the growth. Five, design the operations that we have for resilience, optionality in a divided world. I think it is more important than ever, and we do not want to be in a corner because of some kind of organizational design we have taken. We want to create as many options as possible so we can maneuver whichever way the world is going. Last thing, reduce climate impact. You have seen a little bit on how we do that, and for us it means more efficient products. It means lower our own footprint and also continue to do industry collaboration. This is how we intend to continue on this growth trajectory that we are already on. So an easy way to the 20 it sounds like, but it is a few years to do that. All right, so that is actually the end of the PowerPoint. Now it will be a little bit more fun because now you can talk as well, right? Well, thank you, Anders. Now we are moving into the Q&A session. All the presenters will come up on stage. If you have a question, please raise your hand and Eliza will come with a microphone. Then you can ask your question to any of the presenters standing here. We start with Fredrik Lithell from Handelsbanken. Thank you very much. Thank you for the presentations. Can I ask Mikael to describe a little bit more the two new machines you presented? What, in terms of technology, is the lift in the SLX and in the IQX? How much of that is totally new technology in the bottom, and how much is reusing all the competence in the company? Thank you. Okay. Do you hear me? Yeah. No. Thank you. Thank you for the interesting questions. Starting with the SLX, the main engine for increasing the throughput is that we are adding laser beams. The old technology was 15 beam. Now we are moving to a 29 beams solution. That is the main driver of the throughput. On the capability side, there is a lot of development on the software side. We have a lot of additional software in order to enhance how we write the patterns and quite advanced software that we developed over several years. That is the main new things on the SLX. For IQX, it is quite interesting because we have been able to reuse the SLX platform, like control and a lot of the overall software around it. It is also very similar to mask writing from some perspective, because you do the same pattern preparation, because you check the pattern towards the database. There is a lot of pieces that we already have. If you are looking on the new things, it is a very advanced optics, so that we have developed new one, but that we have very good partners for, and we have used the same partners that we developed the SLX together with. There is also a lot of development on advanced computational, like GPU and things like that. That is really going back to your question, strategic assets that we develop, because that we see that you can use in other tech industries as well. For example, the wafer inspection, how you quickly can analyze and handle a lot of data. It is also a great field to adopt AI solution or AI-supported solutions. We also have increased our team on the AI side as well in the product side. I think we have a question here. Henric Hintze from ABG Sundal Collier. Yes, indeed. Sorry. I was wondering if you could maybe walk us through how you reasoned when you arrived at the new sales target, because you are obviously in quite an interesting situation now with a lot of ambitions in Pattern Generators with new products, which I guess it is quite tricky to estimate how quickly those will be able to grow. At the same time, you are seeing very rapid growth in Global Technologies. When you arrived at the new sales target, how did you reason around these two growth pathways? Yeah. How we reason around the targets. I think first of all, it is kind of similar to the previous target. We have had the growth rate on average, I think Pierre had it on his slide, the last 10 years of growing top line 15% on average every year for 10 years. We only had one year with a dip, which was the COVID year, 2020. In that 15%, 10% is organic growth, and 4%, 5% is acquired growth. We have a plan for the organic growth. I think you have seen those examples of this new product launches and so on. We feel quite okay that we will be able to keep this direction. I think also a 10% organic growth is very manageable from an organizational perspective. You can build the organization in the same speed as you grow the business, or preferably even grow the organization ahead of the growth of the business. I think this is also quite a good number. When it comes to the additional 5% and we will need acquisitions to get to the 20% as well. That is clear. I think we have an organic plan, which take us very close to that. But we will need to add acquisitions on top of that. Then if that is 5% or seven or three, that we do not really know. We will not really steer this 5% as a target. We will not buy a company just because it has a certain size. It is more we will continue to invest in the business we believe in and which can contribute to our business, and then maybe hopefully it contribute to the 5%. It is a mix between planned growth, which we feel confident in, and then also somewhat planned acquisitions, which is a little bit more difficult to say exactly when and how. Thank you. Now we have a question at the back. Esbjörn Lundevall from SEB. With the new IQX inspection tool, you are clearly entering a pretty big niche compared to what you have previously targeted, and you are also going head-to-head with giants like KLA and Lasertec. What is the uniqueness that Mycronic will be bringing to this table? Why should the clients choose your product? Yeah, I think we have approached this opportunity a little bit differently since we have the mask writer knowledge as well. I think a little bit how we are thinking about the tools, and also we have been used from the mask writer to have very efficient tools. They always need to be printed. We have brought that into this and also designed a completely new platform where we set a target. Of course, we know the competitors, we know what they could produce on the market, so we think that we have put together an appealing offering. Also it fits very well where we are selling SLX systems, and now we have a repair system also targeting the same kind of mature technology. We think that also there could be synergies between the product lines which could give advantages long term as well. We think we are in a good position, but they will be there, and as you said, they are large companies, but also they are focused very much on the high end as well. As you could see, the inspection market is a huge market. Yes. Now thank you. We move over to Anders Åkerblom first from Nordea. Sitting right next, so might as well. Thanks for the presentation. I wanted to ask a bit, Anders, on your point about collective knowledge. You have a lot of machines installed at customers, right? Across all of your businesses. Could you just remind us a bit about how ownership of that data looks and what is your ability to leverage, I guess, insights of how your products are used, best practice usage and so forth, to leverage that to new customers? If you get my question. Yeah. It is a little bit more complicated answer maybe than the question, and a little bit different between the different product lines. If you take Pattern Generators on display side, we have very few customers, maybe 30, 35. So of course, we are almost like personal friends with each and everyone, but also those machines collect a lot of data, and we have a lot of insight in both in the customer's operation, but especially on how the machine performs, and that we can use to develop further. When it comes to other things, I think the collective, the knowledge is more in the application knowledge in combination with the machine's capability that we are co-working very strongly with the customers on their next challenge, on the next application. Then also this is replica. If we do it for one, we can replicate this knowledge into others. Like Ivan here work a lot with Chinese mobile phone manufacturers and extremely demanding and want everything in two days and half the price all the time. So, of course, that kind of skill and capability we can replicate both into other mobile phones manufacturers, but also into other industries on that. So I think we generate this knowledge in different ways. But I think the key thing is really to be close to the customer always, and also participate in the customer's strategic development and understand really what are their objectives for the future, what they would like to achieve, and how can we contribute to that achievement. Now, I think it is Ina Djupsund, SEB. Yes. So I wanted to ask about your production capacity within Pattern Generators. So you are ambitious about growth, and you have two new products coming out. I know this is the facility where you produce the products within PG. Theoretically, how many products can you deliver per year? Will you need to increase the capacity going forward? I think that we have a very knowledgeable production manager, and he says that we will never be limited by production capacity. We have actually here, we have rebuilt a facility here to be able to manage here. That is also why we have started up another facility in Kista for PG. We have rebuilt, you will see it when you walk around today. We also have an extra clean room in Kista that we can offload the facility here. We are also further out in the future looking into a completely new facility on the other side of the street, of the highway. Theoretically, how many products would it be per year you could deliver? I know it depends on product. It depends. We will be able to produce the systems that we get order on. I am very confident. [inaudible] I was wondering if you could walk us through the unit economics of the upgraded SLX machine. It is quite a lot more productive, clearly. How does that affect the price point and the need in the installed base volume-wise? Another great question. I think there on the slides there, you could see a little bit. There was a footnote around the pricing there. What we said, if you choose to have the same productivity and the same capability as the old SLX, the price point will be similar. We think that, and then if you scale up the productivity, the price point will be there. Roughly, you will pay the same price for the capacity as you did before. It is not that it will be much cheaper to buy a very fast machine, but the customer will have other benefits. You can have more production on the clean room area, and then the clean room is very expensive area. You want to pack in machines, so that is a great value, so that the customer happens on the customer side. There are other benefits going that. Also this additional throughput, it is completely software tunable, so the customer can choose what kind of throughput they have. If they would like to replace two old machines, they can choose that throughput and then they can scale up later on when they get more business. It is a very flexible tool and good for the customer. Thank you. Now I think it is Mikael Laséen, Eliza, over here from DNB Carnegie. Yeah. Thank you for the presentation. A few questions from my side. First of all, just curious about how we should think about the split to reach SEK 20 billion in terms of organic growth and M&A, if you can elaborate a bit more on that. Yes, okay. Yeah, we have been applying a kind of a formula when we've had growth of around 15%, we say 10%. So two-thirds should basically be organic and one-third acquisition. I think that's how we view it in the future as well. You can see that there is a range, and depending on the year, you can get somewhat different compounded annual growth rates. But I think this principle of having two-thirds organic and one-third acquired is a fair view. All right. Can you talk to us about the M&A funnel? What you are looking at right now? This is a very long-term plan, of course, but if you have something. We will not discuss specific targets, but what we have said here is that we will look more earlier in the electronics value chain than what we have done maybe in the past. That will be our main focus. Then in addition to that, all the divisions have their plans where we see gaps that we can close by either developing things organically or acquiring. Okay, got it. Can I follow up with some more questions here on this target, SEK 20 billion? How much of this ambition is dependent on AI data center infrastructure demand continuing at a high level? I think this is a kind of a difficult answer right now because I think also you have indirect AI demand because it goes down in almost everything we do, you can say could be driven by AI. I think you heard Charlott mention that other applications for PG is even AI driven. I think we also don't really know how long this demand will be there. I think at the current number, maybe we are a little bit, I said that before, I think we're maybe six months ahead of our target because of the AI demand. So if that boost that we have seen now was not there, I think we would have reached this target that we currently have reached maybe six months later. Okay. One final. When do you expect the new photomask inspection product line to generate its first customer revenue? We expect to have that next year, 2027. Okay, thank you. Now we have a question at the back. Yes, thank you. I think during the presentation at one part, the PG division was mentioning that the install base for SLX, no, for the semiconductor photomask writer is about 500, and 50% is addressable by laser technology. I think there is one line saying that soon about 50% of that will be basically Mycronic tools. If I look at the numbers, I think you guys shipped about 65 SLX live to date, and if the target is 125, if I look at the current shipment rate, about 15 to 16 per year, that translates to roughly four to five years at least before 50% of that 50% of the 500 becomes Mycronic. That does not seem to be soon to me. Does that imply the SLX shipment will actually accelerate in the near term? Not really. Actually, what I said is that the capacity to write laser-based photomask will soon be half made by Mycronic, which means that our tools are faster. We have a more productive tool. Got it. Okay. That is the explanation. Then to follow on that, I think if I look at the current clean room build out and the capacity build, I think originally, you guys were planning for replacement demand kicking in, driving growth for SLX. Does that composition of new tools versus replacement tools change over the next few years, given what is happening in new wafer at capacities? Especially thinking about the ambition from some of the U.S. companies. Yeah. Yeah. Maybe I can answer those questions. I think when we launched SLX, as you said, we planned for, I think at that time we said four to six machines, and it was primary replacement market. But then we were surprised that also strong demand for new capacity came. So if you are looking back on the tools that we have sold, we have sold much more tools for new capacity than replacement because of naturally customer would like to keep the tools in there. So there is a larger replacement opportunity there. But now when all AI is happening, we see that this new tool demand probably will continue because they were investing a lot in the leading edge. And as you could see, you need quite a few SLX tools also there for leading-edge memory. What is happening in, as you said, U.S., Korea, Taiwan will also drive demand for new capacity. Thank you. We have another question from Anders Åkerblom, Nordea. Yeah. Thank you. I just wanted to follow up a bit on, I guess, back to basics. The strategic emphasis today is in these new product launches and that exposure. But going back to display and PG, with all the investments we are seeing in wafer fabrication, not least among your mask shop customers, is there any risk that cannibalizes on demand for your display products as you see it? Yeah. Maybe we were to say the question was, is it the investment in the semiconductor fab, is that will impact the investment in displays? Yeah, because to some extent, it is the same customers, right? They are producing masks for both end markets, and they do not have unlimited cash, right? That is how I am thinking, if you get my point. Yeah. It is nothing that we directly see. For example, I think as Charlott said, there are opportunities on display side as well there with this privacy modes, that is very interesting, and also all that for larger. If you are looking on the large display manufacturing like Samsung, they are earning a lot of money now, so they are not CapEx restricted, I think from an investment perspective. I think if they see opportunities, they can invest in it. So, we do not see that yet. Thank you. Now we have a question from Daniel Djurberg, Handelsbanken. Thank you, Sven. Yes, thank you first for great presentations. I would like to ask also on the PG side, you mentioned lower margins ahead, but to me it is purely mix, I guess, and not less gross margin on the existing machine park, or? Yeah, correct. We are going into market where we have KLA and Lasertec and so i t is attractive market, so we don't intend to lower the margin on the existing products. Perfect. May I have a follow-up on the SLX Lite? I like the name Born to Run. I'm not born to run. Nevertheless, this 65 nm, as a new, let's say, capacity, is that the end game for laser, you think? Is this a revolution or an evolution for your customers? Mikael is busy today. Yeah. I think it will become increasingly challenged though, going down the node there, because at some point you will enter a brick wall with light. That being said, I think the ASML steppers, they are light-based. You have the DUV and then EUV is also kind of light. I think if we wanted to go beyond or below 65, we probably need to look into lower wavelengths again. There is technology to do that, so I think it is something we look on a technology level, like technology development. Thank you. I think we have another question here from Ina. Sorry, Erik Sprinchorn before that. Sorry to interrupt. Two questions really. First of all, I would like to hear some more about the reasoning behind not tying the target to a specific year, or rather the three-year period, somewhere in between. I can sympathize with the flexibility it grants you, but just from an overall perspective, why that was? The second one is, if there are any material changes you foresee in the business going forward in terms of cash flow generation characteristics, and such that we should be aware of? I take the first one, and you take the second. We split this one. The reason is as simple as you alluded to. I think we have seen that if you look on the years before we had the COVID year, unexpectedly, it took away maybe one year, two years of accumulated growth there. We know that the business is cyclical. Now we are a little bit boosted, I would say, because of the AI demand. Maybe this is the opposite in a few years and so on. It is just for us not to be. We do not really know when we hit the peak or a valley in this kind of cycle. It is just to give us, but we know that a valley will not be for years. At least we believe that should not really happen because we will have the underlying growth rate there. But then a little bit, is it more or less market demand at that time? It is a little bit an easier way to be sure to hit it in that span. With regards to cash flow profile of the business, I think there is nothing that significantly or dramatically changes. We will continue to invest where we see it being appropriate, but there is nothing that is really fundamentally different going forward from the past. Thank you. Ina Djupsund, SEB. Yes. You talked a little bit about the margin mix between the divisions, but I still wanted to ask about growth. Do you still think that Pattern Generators will be the majority of earnings in the longer term? Will it be significantly more balanced between the divisions? We will make sure that all divisions are contributing substantially. That is what we said already last time and what we see now as well, and what we focus on. Pattern Generators are expected to continue to run on the highest operating margin going forward as well. In that sense, yes, it will be important, but it will have a lesser total impact the way we have done the planning for it. Yes. Then you think the EBIT margin will fluctuate much around the 25%? Can we still think of 20% at some kind of bottom line? Who knows in the cyclicality of the business, but we will aim to be at the level where we are now, which is the 25%, and we will not be happy with less. Okay. Thank you. Thank you. Any more questions? Yes, we have Anders Åkerblom, Nordea again. Thank you. One final one. In Global Technologies, PCB tests today, if I am not mistaken, accounts for the majority of the sales in the business. Going forward, is that a split you are comfortable with? If you just look a few years out, how do you sort of envision that split actually looking like? Currently, the split is roughly half, as you were indicating, a little bit more than half actually on PCB test, but that is roughly where we are right now. I think we will stay there for some time, but long term, I envision that the emerging markets will be a larger portion of Global Technologies' revenue. We have Oliver Wong, Bank of America with a question. Thank you. Just wondering, for the 25% EBIT margin target, how much upside do you potentially see from that? If there was to be upside, where do you think it would most likely come from? We have been running earlier on in this year above 30, and we are doing that from time to time. We see now very high profitability in Global Technologies as well as we have in Pattern Generators because of the mix of shipments that we have had in the first half of the year in Pattern Generators. If we would be much above the 25, it is likely that we have shipped some bigger PG machines in that period. I guess that is the main upside. We do see higher numbers than the 25 as well within the Global Technologies for now and are expecting to see that going forward as well. Equally, as we improve the profitability in High Volume and in PCB Assembly Solutions, that will also contribute. Thank you. Another question. Can I just focus on the Global Technologies margins? I think in the target it was said to be over 30% EBIT margin for Global Technologies. I think previously you have disclosed that Surfx was gross margin accretive to the segment. Can you just confirm that? For the other emerging tech like photonic interconnect and the magnetic testing, could you also confirm the gross margin profile, roughly give us indication whether it is accretive or dilutive to segment margins? On the gross margin level. This is of course a bit of a moving target, but yes, at the time of the acquisition, Surfx was definitely above the average for Global Technologies. We are somewhat below today with the volumes we have on photonic interconnects and more or less on par with the magnetic testing. Okay. If that is the case, since the expectation is for the next maybe 18- 24 months, we should expect strong growth from this emerging tech. Sounds like Surfx should be the first one to basically ramp. Shouldn't that drive margin higher from the exit rate we have in H1 for GT? I believe that Surfx is a little bit earlier in the growth cycle than some of the other technologies, yes. Will it have a material impact on the interdivisional mix? I am not so sure it will have a major impact on that. Okay. On the PCB test, the growth potential of PCB test, could you just help us understand the underlying end market volume demand for the next three to four years, given we got the trend of more complicated PCBs being produced and, of course, you have got volume growth on top of that as well? Just help us to understand, that would be great. I will pass this to Magnus. He is even closer to the business on this one. I think some of the growth is actually because of the build-out, and specifically the build-out in Southeast Asia. They are building new factories for PCBs, and that will not continue forever. I think the growth will continue for some time, but it will not continue forever, for sure. Thank you. With that, I think we have reached the end of the Q&A session. We have overdrawn a bit, but there has been a lot of interest from the audience, which is great. Thank you very much and thank you very much for attending over the live stream. Thank you