This morning, NOTE has published a report for the second quarter in the financial year of 2026. Standing beside me to give us a presentation and also participate in a Q&A, I have the company CEO, Johannes Lind-Widestam, as well as CFO, Frida Frykstrand. Welcome. Thank you. Thank you. You will give a short presentation, afterwards I will return to ask some questions along with our viewers and analysts. Go ahead. Thank you. Okay. Normally, I try to summarize the quarter, how it went. We can say that the market still continue to show strength. We see order intake is strong. We see some very positive customer wins that we have presented. We also see that the component market is getting a little bit more constrained. That means that we have seen lead time expansions, which has affected our top line a little bit. Since our top line went down a little bit, we also see that our cash flow is a bit weaker. Frida will come back to all the numbers. All in all, I would say that we continue to build for the future. We extended our factory in Torsby and in Kasdon. We will see factory moves in Lund and Hyvinkää. I will come back to those later. All in all, I think the quarter is fairly good. I would have liked some more top line. That will come in the second half instead. With that said, I move over to you, Frida. Thank you, Johannes. Yeah. This is the numbers for Q2. We report our highest sales ever in a quarter with sales of SEK 1,175 million. This is an increase of 20%, whereof 1% is organically. We see strong sales coming in from our latest acquisitions, Kasdon and STI, which are performing in line with our expectations. We achieved an underlying operating profit of SEK 112 million, an increase with 19%. We have an underlying operating margin of 9.6%, also in line with our expectations. We see that we have a high flexibility. We are able to adapt to our customers' needs and combine growth with sustainable and profitable growth. As Johannes mentioned, operational cash flow came in lower than we expected at the beginning of the quarter. We see that we have a working capital tie-up in inventory. This is due to constraints on the material market, which Johannes will come back to. This meant that our operational cash flow came in at a negative SEK 34 million. We have a strong focus on improving this going forward. We also know that we have created strong operating cash flows previously. We see a potential for that also over time. Some market and operational highlights in the second quarter. I think what is important is that we are growing on the fastest-growing market, that is Security & Defence. Our organic growth in this segment came in just over 20%, and our expectation is actually significantly higher than that going forward. What we are very pleased to see is that the work coming out of STI and also from Kasdon is really progressing in the way we expect. We have very fruitful customer dialogues, and I hope we will come back to the market with some good wins over the second half of the year. We see that the dialogues and the expansions of the business coming out of these two companies will be fruitful for the group over time. What we also see is we see the sales level of 20%. That is the highest growth sales we have ever had. 20% growth is always appealing. We lacked a few percent organically, and that comes from the tighter market on the component side. What we mean with that is that the AI storage are consuming a lot of parts, and in some way, they are disrupting the balance between supply and demand in the industry. The two, what do you call it, component types that are most on challenge is PCBs, that means the bare boards, and also the more complex semiconductors, especially on the memory side. What happens when these two segments are disrupted is that the lead time on those two segments are going up, and that affects the full supply chain. We cannot produce boards if we don't have the bare boards. That has pushed out some of the deliveries out from this quarter. How much that will affect us over the year is a bit hard to say. What we are presenting in our order backlog and so on, there we have moved out the orders that we today don't see that we will deliver. We have ordered quite a few push outs from 2026 into 2027, and that is also reflected in how we present our order book. The order book should be representing orders that we expect that we can deliver this year. Again, we know that when you have a shortage on the market, there will be swings on that. It can become worse, and it can become better and so on. There will be changes throughout the year, of course. What we also see is that when we look at this, we are not sitting still, as you put it. We work tight with our customers. We work tight with our suppliers. We have good partnership on both the supplier side and on the customer side, we are looking into how do we do this in the best way combined. It is not that we do things and not involve the customers. The customers are always involved in this. The more mature the customers are, the better the result will be. The bigger industrial and the bigger Security & Defence customers will most likely come out of this stronger than some of the more immature companies where we fight a lot around how the lead time expansions are affecting. With all that said, I will come back with the summary. I will move into the customer segments. As I said in the first quarter presentation, we were expecting Industrial segment to come in strong. We saw the order book was strong in that segment. It remains strong. We see a growth of 11% quarter-over-quarter. That's very pleasing. If I look ahead, I would say that the Industrial segment will continue to be strong. If it continue to get momentum, it's a little hard to say, but we will continue to show good growth numbers if we manage to deliver on our orders. Security & Defence, I think we said when we stood there, when we presented the STI acquisition, that we would expecting it to be between 27% and 29% in terms of our sales, and we ended up at 28% of our sales in this quarter. That was fairly accurate. We also expect this to continue to grow. We think the Security & Defence area is where we will have the strongest organic growth. We also see that both Kasdon and STI are growing as companies. Even if they grow in their world year-over-year, it will still be counted as acquired growth until they have been in our books for a year. We expect both Kasdon and STI to grow on the market organically in their world, but we will report it as acquired. Very positive. Communication, it's an area where I've said that we will turn into growth. Order book, very, very strong. These customers have very complex products, very semiconductor-heavy, as I call it, and that means that we struggle to get components. We have good plans together with the customers in this area, and we are expecting that Communication will turn into black numbers. That means that we will see growth from Q3 and onwards. Medtech still affected by high deliveries in the first half year to our largest customer in this area that have been low for the last four quarters. We will quarter-over-quarter start to match last year because Medtech started to decline already in Q3 last year. GreenTech, I've said that it's a bit of a, what you call sluggish. It goes a little bit up and down. We don't see a clear trend. We see that there might be upswings coming from the higher oil price and the oil supply difficulties. We have not seen that in our order books yet, but that is likely to come that we see an increase of GreenTech over time. So far, we have not seen it. It has recovered a bit. It's now 13% of our sales, and it was lower than that. Now also with the two acquisitions, that would have represented some 17%-18% in the old NOTE, if you put it like that. It's on a higher level today than it has been over the last, say, one and a half years. Fairly happy, even though we see a slight decrease here. We think the run rate is decent. All in all, if I summarize this slide, industrial and Security & Defence will drive the growth ahead. Communication will add to that. Medtech, yeah, still quite weak outlook. We will not see the same decline as we have seen here, but it's not going to be a big increase. Say quarter-over-quarter order run rate, we see. GreenTech, I expect to see similar sales numbers as we have seen in this quarter for the two quarters to come. Yeah. Very quick summary of the segments. Back to you, Frida. Yeah. If we look at the markets where we are present, we divide them into Western Europe and the Rest of World. If we look at Western Europe, we see a sales increase of 32%. Here we have added our latest acquisition in Kasdon and STI, which are included in the U.K. Adjusted for acquisitions, we saw growth of 5% in this segment. Sweden, our largest home market, had sales increase of 8%, and adjusted for acquisitions, we saw a decline in U.K. with 13%. As I said, STI and Kasdon came in in line with our expectations. They have a different setup than the other sites in U.K. where they're more heavily into Security & Defence, they have a different outlook. Can I interrupt you there, Frida? Yeah, I have a comment on U.K. because I didn't think of it when we prepared, but one of our largest customers in U.K. had to stand still for the quarter due to component crisis, not the one we talked about last year, but one of the newer customers. U.K. actually had a stronger demand than what we managed to supply. If I would add that in, we would be more or less on flat number in U.K., and that will come in the third quarter. Sorry. That's fine. We have a smaller site in Finland, which had growth of 3% in the quarter. If we turn to Rest of World, we saw a negative sales impact of 12% for the region, where in Estonia we had growth of 2%, whilst in China, we had a negative growth of 32%. We have a smaller site in Bulgaria, which declined some. If we look at the operating profit, we see strong operating profit, in both segments. Western Europe with the strong growth, is increasing, and here we also expect to have a higher margin than in Rest of World. We're still pleased with the margin we do in Rest of World. 8% for this region is still a good number. Also taking into account that they are struggling with the top line, that is of course, affecting the profitability in the segment. Overall we are satisfied with the operating profit from these segments. Back to me, to the last slide. I think just to comment on that, we see good profitability, both in Western Europe and in Rest of World. We are investing in increasing sales and market activities. We are investing in new IT systems, those costs are taken on the head office. We are a bit heavy on cost increase on the central functions, that is what restricts our profitability a little bit. Those investments we expect to pay off over time. It's something that we have to do. If I summarize the quarter, I think what is good is that we see that the market activities are strong. We have good dialogues. We hope we will close more business during the second half that are sizable. That means that they are sizable enough to be communicated. We win a lot of smaller business over time and extensions and so on. We don't present them because we think that the value of them are in relation to the group, not that significant. We only report ones that we feel is significant. That's how we do it. The order book reflects that. If we would have presented the full order book, it was significantly higher than 11% up. Now we see that the length of the order book is extending. It's become a bit hard to compare last year compared to this year with the longer lead times, very good activity on the market. We also see that the technology-intensive segments are growing. That means that the AI storage very important to have this first breakthrough order from this one customer. That's very important for us. We also see that we are gaining good traction on the Communication field from very complex products in that segment as well. We expect to close some orders on that side as well. We are benefiting on the strong partnership that we have with Waystream. Their order intake is strong. We expect that we will continue to deliver on that as well. Very good market activity as I see it, we also see that yes, the market may not be that strong. I said it before, you need to have the right customer in every segment because the segment as such may not grow, there will be strong growing customer within every segment. You have to be strong in those. Order backlog 11% up compared to last year in like- for- like terms, that means currency adjusted and we don't include the new acquired sites. Very important to keep in mind, STI and Kasdon is excluded from this, so that will be on top. Again, we expect that the second half of the year will continue to progressively increase organic growth, and that's what we see. We also expect that we will end up with an underlying operating margin within our previous guidance, 9.5%-10.5%. We are 9.4% now, so it's very little improvement that is needed. All in all, I think that the outlook from where we stand is promising and we are expecting to build upon that. Okay, over to questions. Yes. Thank you very much, Johannes, and thank you very much, Frida. There is a lot of questions that have come into the chat as well. While we wait for our analysts to get ready with their microphones and their cameras, and also make themselves known by raising their hand, I'll move on to those questions. You mentioned during the presentation that Kasdon and STI has performed according to expectations, but that might be a little vague. There's two questions here. First of all, how has Kasdon performed during the first half of this year so far? Yeah. They are coming in fairly much in line. One of the non-recurring costs in the quarter is that we adjusted up the earn out for Kasdon. To be clear, we have earn out of Kasdon, not STI. Any adjustments there is related to Kasdon. We can say that Kasdon is performing better than expected. We were expecting to have a shortfall of, or a gap in order to our largest customer, but that order came in, and we managed to secure supply of components, so we didn't get that. They're actually coming in slightly better than expected. They will do their best year ever if they manage to deliver the forecast in the third quarter, which is very pleasing. STI, it's important to remember that STI are very back-end heavy on the year. The fourth quarter will be their strongest sales, and that comes a little bit with budget years from the customers. If you want to be a bit blunt to say it's a little bit like governmental spending. Their customers are often governments in the end. Therefore the fourth quarter is normally stronger in STI than the other three. We expect quite high growth and high profits coming out of STI in the second half of the year. How high? We don't comment on that, higher than we have seen so far. All right. We now have our analysts who want to ask their questions, we'll begin by moving our attention to Thomas Blikstad from Pareto Securities. Please ask your question. Can you hear me now? Yeah. Yes. Yeah. Great. Good morning. Thank you for taking my questions. Just if you could give some color on the current component and supply chain situation, and so to say, how confident are you in delivering on the scheduled 2026 backlog and your visibility generally going forward? Thank you. Very good question. What we see is that the lead time extensions that we have seen are, I wouldn't say stabilized, but they have not been extended over the last, say, month or so. What we do is that we sit together with our customers, and we agree upon their delivery plan that is reflecting the availability of components. What we are presenting in our order backlog is confirmed by our current delivery times or delivery schedules from our suppliers, and it's also confirmed by what our customers are expecting. In that respect, it's well-balanced. Again, we don't know if this becomes worse or if it stabilized at the same level or how it is. Normally, we see the biggest disruptions when it starts. First you can survive one or two month with your safety stocks, and then you have a gap until you get the next deliveries in. We have seen the gap, and I think June was a quite strong month, and our expectations going forward is quite strong. What is the problem we see is that if someone wants to increase their volumes, that's going to be tricky because we will just be in balance with current demand. It's a good question, but I would say that what will restrict us more is the PCB or the bare board shortages. That will restrict us more, I would say, than the memories, even though the memories will be affecting some of the boards. Yeah, very interesting to monitor this going forward. Would you have another question, Thomas? Yeah, could just follow up. Thank you for the detailed answer. Just when you look at the component situation now, to me, it seems that there is a lot of pent-up demand, when you look at the three consecutive quarters now of double-digit organic backlog growth. You say there's some risk of these deliveries not being delivered into the second half of 2026, perhaps being pushed out to 2027. Did I misunderstand? What we feel is that we try to give you a balanced picture. We don't have big orders in the fourth quarter where we don't have supply for it. What we confirm is where we expect us to come in. We are chasing material to try to start programs earlier than we have confirmed them. We also know that there will be pushouts from suppliers going forward. I think the demand in, say, the fourth quarter is still how should I say? I'm not 100% convinced over how that will look. I think we will have pushouts, and I would think we will manage to pull in some orders. What we are expecting is to see a balance in that, and that's what we try to reflect in the order book. We are expecting the second half to move back into decent organic growth numbers. If there will be 11% or if they will be slightly less or slightly higher, it's very hard to say at the moment. The order backlog and the order intake that we have is supporting even stronger numbers, we don't get material for that. Okay. That's very clear. Thank you very much. Thank you. I'll get back in line. Thank you very much, Thomas. We have another analyst that want to ask their questions, but before we do that, there's also some questions in the chat regarding the components. First of all, are you expecting better visibility from customers given the longer lead times on components? Definitely. All the larger customers are very aware of this. We have weekly updates with all of them and say, "Okay, what do we see now?" Say that the lead time is extending, we'd say 10 weeks from one week to the next. We will cover that with longer order horizons from the customer sides. They know that if they don't harmonize with us in this, they will have very hard to get their deliveries out. There's no conflict in this. Everyone is trying to solve the problems, and the visibility gets longer. The order horizons are extended in line with the new lead times from suppliers. It takes time to dial this in, so it's more of a balancing act to get this in line. I think we are quite well in that part at the moment. Speaking of align, there is another viewer who asked the following: "Are the components for 2026 secured, and how far in advance do you typically secure component supply? Are the secure components arriving as expected? Obviously not in Q2 since we were a bit shy of top line due to this. I would say that some suppliers are better than others. There is always a risk that there will be some other Microsoft or Google that come in and buy a full supplier's full demand or full capacity, that will add on to the problems we see. We haven't seen that in the last, say, couple of months. We will see. What we feel today is that we have our commitments or our order confirmations that we see. They are based on our confirmations that we have on the supplier side with some margin. We think they are in good balance, and that's how we see it. Again, the future will tell. There's also the final question before we move on to Anton Ingves. How big of a risk are the shortages to your expectation regarding organic growth? I think today, our organic growth, if we are falling short of what we say, it's going to be all dependent on that we don't get supply because the orders are there and the demand is there. If we go into next year with low organic growth, the market is there and is supporting what we are trying to communicate. It's more of how much availability do we get. We're back into this situation where we were some years ago where demand is higher than our ability to get components. The same situation applies to basically everyone in our industry at the moment. What will happen now is that customers will start to over-order, and that will drive demand. It's a bit of that effect I also expect to see in the coming one to two years. All right. We turn to the analyst at Nordea, Anton Ingves. Please ask your questions. Yes, thank you. Hi, good morning. We can maybe start off on the recent data center order, obviously very positive news. Can you elaborate a bit more on the potential here in this segment, and perhaps the potential for additional or larger volumes with this customer that you now communicated? Okay. What we have won is one product type into this customer. They have other product types that we will also start to look into if we can try to win them. Only this product line that we have got is representing somewhere what we call north of SEK 100 million a year, and it's not like a one-time order. This is an ongoing supply plan that this is related to. How big this will become, it's very hard to say. It's a new customer. We need to get to learn each other and so on before we can say that. What we're securing material towards is in line with what we communicated for the first year. Yes, very positive, and I also think that this will prove that we are a trusted partner also in this segment. We have not had any large orders in this, and we are very pleased to say that we now are part of this journey as well. I think if you look at how the market expectations in this segment, it's fantastic. Again, we will see how it goes. Very pleased, and I'm very proud that we managed to secure this order, to be honest. Yep. The margin profile in this segment, is that on par or perhaps a bit above group level? I would say that it's a high volume order. That means that the margin is slightly below the rest of the group. Again, you will have less overhead cost and so on it. I would say that it will be an order that the incremental sales will add margins in roughly the same level as the group, if I put it like that. I don't want to go into more detail there, but that's what I see. Okay. Perfect. I know you touched upon this earlier as well, but in STI, their organic growth perhaps versus your expectations as well pre the acquisition. Yeah. Okay, we can take some rough numbers. They were doing just shy of GBP 50 million last year, and the forecast for the full year of this year is just shy of GBP 60 million. That implies a 20% growth. Again, we don't have them for the full year, so there will be a subtraction for what happened in the first quarter. That's what they say, and what we're looking at numbers in for 2027 is significantly higher than this. That's how far as I go with giving you numbers. Also, I can say that their sales is normally like 32% is coming out of Q4, maybe 25%-27% in Q3, 20%-22% in Q2, and 17%-19% in Q1. Yes, that has been their pattern for the last, say, two, three years. We are expecting the same pattern this year and maybe also next year. It's good for you that follow us to understand that STI will push a lot in the fourth quarter, that should be reflected in how you do your projections. I don't want to tell you how to do your work, we have not been clear on that, I try to be that. Sorry for not being clear in that in the past. Do they experience the same problem with the supply chain constraints, or is it a better situation for them compared to the old NOTE? I would say it's slightly better in the Security & Defence area because the customers are more used to have placed long lead time orders. That means that we have known these orders for a much longer time. That means that we have been better in adjusting our delivery schedules towards what availability we see. I would say that they are slightly in a better shape than other segments due to longer visibility from customer side. Okay, perfect. That's clear. The last one here. In the Medtech segment, obviously very weak performance in Q1 and in Q2 as well. You mentioned that you don't have the expectation of a large pick-up here in H2, can you give some more flavor of the development and maybe a bit more longer term as well? Is this a growth area over time, or how should one view this? I think it's a very interesting segment, and there is a lot of work out there, and we are going to intensify our efforts in this segment. We have recruited a new sales director for the segment and so on because I think there is a lot more to do here. We are a bit unpleased with our own performance here, and we'll try to sort that out. With that said, I'm expecting this segment to continue to be at a level that are fairly aligned with where we are. Then I will get back to you in the coming presentations to see how the progress is in this segment. We are not happy with the performance there, and we'll try to sort it out. At the moment, we are at the level where we are. Okay. How much would you say is customer just pulling back volumes versus your own operations that's- This is- driving the weak performance? In Medtech, the demand side is weak, therefore I would not blame component issues on our performance in this segment. Okay. Perfect. That's clear. That's all for me. Thanks a lot. Thank you. Thank you as well, Anton. Picking up from where Anton left off, in the Medtech sector, there was a client that decreased their volumes by 70%. How should we see to that? Is that a permanent volume increase? This is a customer that have some overstocks in how they run their business, and therefore they are quite low on the demand at the moment. What we are expecting is that they're doing fairly well on the market. We are their selected supplier, so we don't see that anyone else has taken the volumes from us or so. Yeah. They are happy with their position, and we are delivering one of the models in a fairly good pace, but with the two other models that we do, we basically have a standstill on those. It's a bit frustrating, but a good dialogue with the customer, and we are expecting this, that over time we will get back to decent volumes here. We're not there yet. I met with these guys a few months ago. No clouds from the sky in the relationship and so on, so. Very unpleased with the demand, but it will happen. While you sound very pessimistic about the segment, it's not a lost client we're talking about here? No. No. The volumes, do you expect them to return in a year, two years, three years? I would say that in the coming two, three quarters, I expect us to remain at this level. Instead of speculating, I will get back to you when I have more information to say here. That's how we see it. It's a quite small segment. It's frustrating, but it's more important that we succeed in our Security & Defence deals rather than that we sort this out, I don't like to have weak segments either. Fair enough. We'll finish off with some more viewer questions that came in during the analyst questions. "NOTE has increased its additional purchase price with SEK 9 million in Q2. Which company does this concern? This is related to the acquisition of Kasdon. We can be clear that we didn't have any contingent consideration for STI. This is all related to Kasdon. That has a different outlook on the future. We have a profitability-based target for them. We have a different outlook on that in Q2 than we had before. This is an increase of that. Mm-hmm. Is there more performance payouts in the future related to this acquisition? This is just a revaluation of it. The target is set for during Q3. Understood. The next question is Christer, who asks, "NOTE has invested heavily in increased production capacity in its factories during the last years. What's approximately the current percent of factory utilization in relation to total capacity available? This is a question that I often get, it's very hard to say because if you look at Torsby, for example, where we doubled the capacity, we have another SEK 1 billion to push through that if we can fill it up. In Lund, we have been subleasing quite a lot of area in the last, say three, four years. We are now moving everything back into one facility that is much more suit for purpose. I would say that in that factory, we have maybe 40% or 50% extension possibility from where we stand. Hyvinkää, we will also more or less double the capacity when we have moved into that. I would say that our capacity utilization from a floor point of view, we are probably somewhere in 60%, 70% utilization throughout the group, or rather 60%, I would say. Lot of growth potential, we are investing in equipment and in headcount where we see the need for it, to put it very easy. We have floor capacity in basically all the factories. Some factories we have quite a lot of floor capacity, we will add the machines and employees as we need. Moving on to the final question from the chat. "If one were to generalize, how long do you think it will take before your supply chain can meet demand? I think that what we see is that it's fairly good balance. The balance will be hit on a longer time horizon. In that respect, I think we already are there. If you put it like when will we see normalized lead times, that will be in a year or so. I would assume maybe one year and a half. That's the normal cycle of constraints in the market. We will gradually be meeting our customers' demand as normal because the longer they are pushed out, the better we are to meet their expectations and their demand. It's very hard to say, but every quarter will become better in terms of balance as I see it. Again, the situation may not be better, but the balance between what we manage to get in and what we get out is going to be more met, if you put it like that. What I think is important to keep in mind of this is that what I see is that the demand side is continuing to grow, that's the most important thing for us, that we are moving on and attracting new customers and new programs from our existing customers. That's what we think is important. Johannes and Frida, thank you very much for being here presenting and answering our questions. Thank you. Thank you.