Ladies and gentlemen, welcome to the Nordic Paper Q2 2024 report conference call. I'm Moritz, the conference call operator. I would like to remind you that all participants will be in listen-only mode; the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference may not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Henrik Essén. Please go ahead, ma'am, sir. Thank you very much. Good morning, and warm welcome again to this Q2 presentation from Nordic Paper. My name is Henrik Essén. I'm Head of Investor Relations. Today, we send this presentation from Karlstad, the head office of Nordic Paper, and with me today, I have Anita Sjölander, CEO, and Niclas Eriksson, CFO. With this, please go ahead, Anita. Thank you, Henrik, and good morning to you all, and thank you for listening in today to our quarter two result. My name is Anita Sjölander, and I have the privilege of being the CEO of Nordic Paper since now it's a bit more than five years, and I joined the company two years since. But I spent quite a lot of time in this business. I have devoted more than 30 years of my work life to pulp and paper industry, and the reason for that is really the passion I have for the product that is based on a renewable resource, and also the difference this product can make when it comes to replacing fossil-based material. Before we get into the numbers and the report, I would like to first address the question you might have regarding the sales process. As you know, main owner, Shanying, announced that their intention to sell part or all of their 48.2% ownership. And this led to that the board of directors decided to run this as a sales process. The process is ongoing, and I have no news to share today. But, in the management team, we have continued full focus to run the operations and develop Nordic Paper. So here today, I stand very happy, very proud to share the results of the Nordic Paper team, and yet again, a very good quarterly result. This is the latest result in a track record of achieving good results based on growing demand for the products niche, high-quality specialty paper. Our strategy to focus on more stable end uses, like less cyclical food sector and reducing exposure to more volatile end uses, such as building industry and construction. That's really beneficial for our ability to deliver good results throughout changing business. And another is the combination of the two segments. We have the segment kraft paper and natural greaseproof, as they have different exposures, and they also perform different in a business cycle. That's also stabilizing the performance of Nordic Paper. And that one, that is something that we continuously present proof of, as Nordic Paper is creating value where the segments combined throughout changing business environment delivers great results. Before we start with the numbers again, I just want to give the very high level presentation of the company as a courtesy to new shareholders and a friendly reminder to those of you that know the company really well by now. We are a global supplier of specialty paper. We have more than 800 customers all over the world. Europe is the main market with two-thirds of our net sales. And based on growing demand, both for the paper in current applications, but also applications where paper is a fossil-based, sustainability is a strong driver for our growth. Two segments, kraft paper, natural greaseproof, both of them specialty paper and majority to food applications, where the paper is used when handling, packaging, transporting, and protecting goods, and where we, as end consumer, get in contact with this kind of paper on our average every day. But we also have paper for industrial end applications. More than 800 customers, that's quite a large number of our size, majority food sector. But as a specialty paper producer, we are also providing paper to some more, some customers that are more specialized. And today's presentation, I would like to say a few words of one of the smallest customers that we are serving with specialty paper for a different end use. That was in short. Now, let's get into the result of quarter two. Last quarter, when we presented the results for quarter one, that the market was returning to a healthier level after the more challenging year, 2023. And in this quarter, demand has continued to be healthy, and net sales is up by 9%, SEK 1,225 million, compared to quarter two last year. Sales volumes are on a very good level and increased by 11%, and we have continued to implement price increases. On Q1 to Q2 basis, we have on average increased by 4%. However, product prices are still 5% lower than the corresponding quarter last year. A very good net sales combined with high production as well, means that we are delivering a very good EBITDA result of SEK 280 million, an EBITDA margin of 22.9%, which is above our target, 20%. For the segment, Natural Greaseproof, we have a new record for EBITDA margin, and where we are presenting a new EBITDA record as well. The direction of the development or the EBITDA margin for the other segment, kraft paper, is positive, but from lower levels, but we are happy to see the development in that segment as well. Our balance sheet remains strong and robust, and after paying out dividend and also continuing the investment in Bäckhammar, our net debt to EBITDA ratio has increased to 1.5, but it's still very, very low compared to our target to be below 2.5. So let's look a bit closer to the development of net sales and EBITDA. We are reusing half of the headline for this report. Last report, we had net sales on second highest ever, and now we're also adding EBITDA on second highest level. Net sales on SEK 1,225 million, as I said, the increase by 9% compared to 2023. In that quarter, the comparing quarter, we saw the start of a softer market. It was evident that the customers were restocking, and they were reducing their inventories from a high level. That was especially notable in Europe, which is our main market. But now, when inventories at customers are returning to a more normal level and the underlying demand is healthy, we can present very good sales volume for this quarter. Also supporting the group with a quarter with very stable production, even some new monthly records during this quarter for paper production. We are delivering a very good result on EBITDA level. And the good production is also beneficial when it comes to reducing consumption of raw material and energy. So we also have a lower specific cost per ton for quarter two this year. So EBITDA of SEK 280 million is just SEK 2 million lower than the previous than the current we achieved in quarter one, 2023. So, and the margin is 22.9%, and that is an increase by 2.7 percentage points compared to quarter two last year. So it's a result driven by very good sales volumes, and on the next slide, we will see the development of the sales volume. So demand continued to be healthy, resulting in an 11% increase of sales volumes compared to quarter two last year. And, as you can see from the bars, that was when the market started to become a bit softer, quarter two last year, especially Europe. And, that's also the period when we intentionally reduced our sales volumes to protect our margins. The volume increase is mainly coming from our non-European customers and also North American customers, an increase, but we also have higher sales volumes in Middle East and Africa. But almost all markets are stronger compared to last year. And we are also finding new business opportunities in North America and Australia for our kraft paper segment, as we have some competitors that have closed their operations serving those customers. So, when we look also at the development here, you see we have a really high bar for Q1 2024, when the market started to look healthier. So that's our record for sales volumes. But I just want to repeat what we said last quarter. We have a push from volumes in quarter four, approximately 4,000 tons. We held that in stock last days of December because the situation in the supply chain was so unsecure, and we didn't want to send out until we knew the situation. So when we adjust for those 4,000 tons in Q1, we are on the same level for the sales volumes in Q2. So to say, very healthy market situation and leading to good sales volumes. Two segments in Nordic Paper, and we report these segments individually, and I will start with the kraft paper segment. Just very short, and what is our kraft paper? It's unbleached paper that we are producing in two Swedish production sites. All the paper is based on our own unbleached pulp production, and we are sourcing the raw material, which is pulp wood, in one of the largest production site, Bäckhammar. The customers that are buying paper from us, they are converting this paper in a large share to food applications, unbleached paper bags, sacks, and other packaging. This is an end demand that is steadily growing, but there's also other end uses, technical, industrial end uses, for example, climate control or protective paper, or e-commerce bags as well, where we see an increasing level of paper-based bags, replacing some of the plastic bags in that part of the business. As the improved market situation continued, as we said in quarter two, net sales increased by 2% compared to quarter two last year. The market in Europe, the main market, continued to grow back to previous demand levels after the lower level 2023, as it has been for also other markets that we are targeting. In total, sales volume increased by 7% compared to quarter two last year. From the previous quarter, from quarter one, we managed to increase further our product price increases in all markets, but we are still 10% lower than the product prices we saw last year. The price for our raw material in this segment, pulpwood, has continued to increase, and one of the drivers for the price increases in this raw material, availability of pulpwood. Finland has closed the border to Russia after their invasion in Ukraine, which leads to a more scarce market for pulpwood. But we have a opposite development for energy and chemicals that is contributing positively to the development of the EBITDA margin. And in kraft paper, we reached an EBITDA margin of 24.7. We have the last three quarters continued to improve margin. Even if when you look at this graph, of course, looking into what we achieved in Q4 2022, Q1 2023, and beginning of 2023, when we had 30+, that was exceptionally high, of course, margin for the segment. So we are happy that we continue to increase our margin from the low level we saw during 2023. I mentioned that and quite a lot of customers, and the largest one has approximately 5% of our net sales. So it's very many customers, and I just wanted to say a few words about one of the smaller customers, and for different end users as well, and that is the customer, Svenskt Konstsilke. They have more than a century of expertise from production of yarn and textiles, and they have recently developed a thread and also fabric made from kraft paper from Åmotfors. Under the brand of Fabric Forest, for one of their products, then they are using this specialty paper from one of our kraft mills. And from that, producing this fabric that you can see in the picture. So not a large customer, it's not a large end use, but I think it points out and shows the broad applications that specialty paper can have. A chair made from renewable resources, wood, and also the fabric made from the same renewable resource in the form of paper. So a strong, great combination. And then the next segment, the other segment, Natural Greaseproof. Natural Greaseproof, this is the segment where we are producing specialty paper, excellent for food contact purposes. Greaseproofness quality is important here. We have two large end uses, that's baking paper and bacon, and can also be used for other things like food wrapping, we have bacon layout, cup paper, et cetera. And also in this segment, we can use the paper for textile application, but then it's the bobbin that the thread is wrapped around. We have chosen to name this segment Natural Greaseproof, and that's just we want to point out that we are not using any harmful chemicals like PFAS to achieve the quality of this paper. As you might know, there will be some bans implemented further on when it comes to PFAS, everywhere, early out to reduce and take out that chemical. The market has continued to be really good as well for Natural Greaseproof compared to last year, when we had a much weaker situation, and intentionally reduced the sales volume to protect the margins. If you look at the margins in the graph here, you can see that we, despite that it was a softer market, continued to deliver margins on a fairly good level anyway. The increased demand comes from the two largest markets, Europe and North America. But we have increased sales volumes in all markets, and the total increase of sales volumes is 21%. The higher sales volumes, plus product price increases on average 2% higher, improved the net sales by almost SEK 100 million to SEK 617 million, which is an increase by 19%. In combination, in combination with lower raw material costs, as we have lower energy costs, which is just the increasing and higher pulp costs, we delivered a new record for EBITDA, SEK 125 million, and that's the third EBITDA record in a row for this segment. We also achieved a new EBITDA margin record of 20.3%. Then I would like to hand over to my colleague, Niclas, and he will guide you through the development. Thank you, Anita. I will take you through a deeper analysis of the figures year to date. The second quarter have been another good period for Nordic Paper. The net sales level is the second best we have reached, and is mainly supported by high sales volumes. In the second quarter, 2023, we saw a decreased demand and price pressure on our markets, especially related to natural greaseproof. Compared to the second quarter last year, we have during 2024, you know, conversion of demand, demand, and we can present a large positive volume effect, mainly related to natural greaseproof. Product mix is slightly positive, but related to kraft paper. In Q2, 2024, we have continued to deliver price increases, but the prices are in total level, on total level, lower than last year. The largest reason we see in kraft paper, where the prices are 10% lower than last year, while we have 2% higher prices in natural greaseproof. Our invoicing currencies are in general on, on the same level as last year and gives only a minor positive effect to the net sales. We can move on to the EBITDA for the quarter. The disclosed EBITDA of SEK 280 million is an improvement of SEK 65 million compared to 2023, just a few million below our best quarter, quarter one. The negative price effect is mitigated by positive effect from volume. Variable costs have developed in different directions during the quarter. Our fiber cost, the pulpwood in kraft paper and pulp in the natural greaseproof, there we have seen increased prices, which is negative, of course, those segments' EBITDA. But energy, we see lower prices. Energy prices on the spot markets are significantly lower than last year. Since Nordic Paper have the larger part of the consumption on fixed price agreements, the lower spot prices hits a lower part of the consumption. Chemicals are in general purchased at lower prices than compared to Q2 2023, and the difference we see mainly in kraft. High unstable production gives in general a lower consumption per ton, which have contributed positively to the result for the quarter. The good production have also gave a larger increase in inventory of finished goods compared to last year, which we report under other. Other, also including revaluations of accounts receivables and accounts payables, claims and other income, gives the zero effect to the result this quarter. Currency gives a positive effect, supported mainly by a positive result from realized derivatives during the quarter. We move on to the year to date figures. Sales volumes have been good in the first half of the year, which gives a strong volume effect compared to 2023, when we intentionally reduced our sales volumes to defend our prices. Almost two-third of the year, natural greaseproof and the mix effect included is, is small. The magnitude of the negative price effect was larger in Q1 this year compared to Q2, after introducing price increases in the second quarter. The negative price effect year to date is mainly related to kraft paper, and the positive volume effect mitigates the negative price effect year to date. Year to date, if we look at the EBITDA, year to date, we disclose a slightly higher EBITDA compared to the same period last year. The negative price effect compared to last year, mainly related to quarter one, is mitigated by the higher sales volume, lower variable cost, and positive currency effect. For the first half of the year, the variable cost followed the same pattern, with increasing prices for pulp wood and pulp, but decreasing prices for the chemicals and freights. And currency gives a positive effect also year to date to the EBITDA, supported by results from the realized derivatives. If we look at the working capital and cash flow, we can see that the working capital have developed in an expected way during Q2, being on approximately the same level as in Q1. The good sales during the quarter gives normal levels of accounts receivables. Inventory of finished goods is slightly higher compared to Q1, which is good in front of Q3, when we now have our maintenance stops and the reduced production output in front of us. In the graph to the left, you can see the line showing working capital in twelve-month basis in relation to the net sales, and that it has decreased quite a lot in the quarter. We are releasing working capital, but we get an additional effect from the Bäckhammar investment with increased accounts payables the latest quarters. Cash flow has significantly increased after the unusual situation we had in Q1, when we had a large buildup of accounts receivables as an effect from the increased net sales during the quarter. The higher compared figure for quarter two last year was affected of lower demand and a decreased size of accounts receivables during the quarter. We can have a short look on our investment level. The investment in new wood room and electrostatic filter in Bäckhammar is proceeding according to plan, and we are currently doing work with the building part of the project. We planned this investment in autumn 2025, and we expect that the investments will deliver approximately SEK 100 million of EBITDA improvement, with full effect from 2026. The other investments in the group, they are on normal level year to date. Finally, some words on the financial position. In Q2, we have paid out dividend of SEK 268 million to the shareholders, and we have a significantly higher investment level than, than normal because of the Bäckhammar project. The net debt have increased SEK 150 million compared to last year. The balance sheet remains strong and robust, and we report a net debt to EBITDA ratio of 1.5, compared to 1.3 last year, and this is with good margin inside our goals to be below 5. With that, I give the word back to Anita. Thank you, Niclas. Leaving the reporting part and looking into quarter three, we are sharing our outlook for the coming quarter. We estimate, and our view is that the market will demand will remain at a healthy level. We will continue to work with product price increases, and our estimation is that it will be on a somewhat lower rate than development Q1 to Q2, where we see an average of 4%, 4% price increases for our products. We assess that the product price increases will offset the expected price increases for pulpwood and chips. That's the raw material for kraft paper. As a friendly reminder, we also want to mention that in quarter three, that's when we have performed the planned maintenance stop in all our production plants. And, that's this is our reporting and outlook, and, we're of course happy to answer any questions that you might have. And then over to operator. Do we have any questions? Yes, ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Anyone press star followed by one at this time. So it seems there are currently no questions in the queue. We have received a number of written questions here during the day, so I go on with them. First one is: Can you please elaborate on the effects of the coming maintenance Q3? I guess that would be for Niclas. Mm-hmm. Yes. Thank you. Yeah, we will have two kind of effects. One effect is the cost for the maintenance itself. We have a chart in the reports where we show the level of that. And except for the direct cost for maintenance, we have the effect from the stops in the plants and the lower production output effect from that. Proceed. Second question is: Are there any geographical differences in market sentiment for the second quarter? You were on that, on your presentation. Yeah. Any question is for you. Yeah. Thank you. Yes, I would say that, like we have shared also in the previous presentations, that North America has actually been a market that has been upholding a better level, even if even during the 2023 situation, the levels were on a fairly good level. So, it's more the European market that has returned, but also Africa as well. Middle East, Africa is also improving with their volume. So all markets are improving, even the North American, but Europe is actually the market that is coming back more evident than the other one. Mm-hmm. Thank you. Then, back to operator, if there were any more questions while we were talking here? Yes. No, there are no questions on the phone line. Okay, thank you. Then we continue, and back to Anita. Yeah. Then I would just like to, before ending the call, I also just want to reiterate our message in this report with a short summary of the result, the high-level result, and the outlook. Demand continued to be healthy in quarter two. Net sales is up by 9.9%, and we increased the sales volumes by 11%. To implement the price increases, but on average, they are still 5% lower than the comparable quarter last year. It is the second-best EBITDA result, SEK 280 million, just SEK 2 million below the record, and this is corresponding to a good margin of 22.9%. And our outlook is that quarter three will remain healthy as well, and we will continue to work and implement product price increases. Now, I would like to hand over back to Henrik to finalize this meeting. Yeah, and I just want to thank you for your participation in this telephone conference, and we wish you a nice summer. We look forward to seeing you again in our Q3 reporting in October. Thank you and goodbye. Mm-hmm. Thank you. Have a nice summer. Thank you. Ladies and... The conference is now concluded, and you may disconnect. Thank you for joining, and have a pleasant day. Goodbye.