Ladies and gentlemen, welcome to the Nordic Paper Third Quarter 2024 Report Conference Call. I am Yota, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode and 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 must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Nordic Paper. Please go ahead. Good morning and warm welcome to this Nordic Paper Presentation on the Q3 Results. My name is Henrik Essén. I'm Head of Investor Relations. And today, the Nordic Paper CEO, Anita Sjölander, and CFO, Niclas Eriksson, will present the report. And as you heard, the presentation will be followed by a Q&A session. With that, I leave the word over to Anita. Thank you, Henrik, and thank you all for attending today's presentation. As Henrik said, my name is Anita Sjölander. I have the privilege of being CEO of Nordic Paper since 2019. I spent almost 30 years now in this industry, and my reason for that is really the passion I have to work with a product that really can make a difference when it comes to replacing fossil-based materials and also the way it is supporting our everyday life. It's present in our everyday. As you probably know, the private equity Strategic Value Partners launched a public offer for all the shares in Nordic Paper, and that Shanying, the current owner of 48.16%, has already accepted the offer. So for us right now, we are in a waiting mode until this part of the sales process is finalized. As a management team, we do not have more to share today on this topic. So today, we will solely focus on the quarter three report and, as usual, give an outlook for the coming quarter as well. That takes us straight into today's report with the headline, "Stable performance at a high level." We're really proud to report a very stable result at a continued high level. In fact, our net sales reached a new record level when it comes to a quarter three period. It has increased by approximately 2% in local currencies compared to the same period last year. Our sales prices have increased by 3% compared to Q3 2023, and EBITDA and EBITA margin is in line with last year. Our margin is on 9.6%, which is slightly lower than last year. We have in this quarter some negative impact from higher costs in connection with the maintenance stop performed in Bäckhammar in the Kraft paper segment, and we will come back to that later in the report. Our natural greaseproof paper segment continues to report healthy margins. The net debt to EBITDA is up somewhat, and that is also according to plan as we are performing investments currently in Bäckhammar. However, it remains on a healthy level at the level 1.4. I mentioned a new quarter three record for net sales, so let's look into the development for net sales and EBITDA on the next slide. I said net sales is up 2%, and the new quarter three record level is SEK 1.1 billion. The key drivers for the increase are the 3% higher sales prices. We have 2% positive volume effect, while currency contributed negatively by 2%, and also we have a reduction of the net sales when it comes to mix with 1%. But altogether, an increase by 2% on net sales. When it comes to the sales prices, we've seen a good trend throughout 2024, but actually, this is the first quarter in this year that the prices are higher than the same quarter last year. As you can see in this graph, you see the seasonality that we have in our business on net sales and margin. And the reason for that is that we perform our maintenance stops for all the production units in quarter three. And this year, we have a larger than usual effect on the margin, and I will talk about the numbers and how that affected when we come to the Kraft paper segment. Maintenance stop, those require a shutdown of the production that we normally run 24/7. But still, we supply the customers with paper during these weeks. On the next slide, we will look into the sales volumes and how they are developing. And here you can see that we have the same sales volumes as we had quarter three last year. It also helps the demand in the market, and on the group level, they are on equal size. The slightly lower sales volumes in Kraft paper are compensated by an increase by the same magnitude in the other segment, natural greaseproof. The sales volumes increased in Europe, and mainly that is from the Kraft paper segment, while natural greaseproof increased more in the Middle East and Africa. So sales volumes, net sales, EBITDA, and margin on the same level as last year, very stable performance. I would just like to give a little longer perspective on the development. On the next slide, we will look in this slide, we will look into a longer time period, the EBITDA for the last five years for Q3. As you can see, it is a significant increase in the last years, and it has been a great work done in the company to achieve this positive development. We've been working with our sales prices, volume increases, and also a better product mix. That combined with a good control on the cost side and our addition to support by currency, we have achieved this great performance development. I already mentioned the two segments in the report and some different developments in these segments, and it's time to look into the development, and we will start with the Kraft paper segment. With the good demand we saw in quarter three, where we increased our net sales by 4% compared to quarter three last year, higher sales price, product mix, and sales volumes all contributed positively to net sales, while currency had some negative effects. Net sales increased in the main market, Europe, a little bit slower in Asia, and all the other markets were stable for the Kraft paper segment. However, towards the end of the quarter, we noticed some signals of a slowdown in the Kraft paper market. The increase in the sales prices, 2%, that compensated in full for the slightly higher raw material prices. And what we've seen during the quarter is a continuing higher prices for pulpwood and lower prices when it comes to energy. EBITDA decreased down to SEK 26 million, corresponding to a margin of 4.5%. The main reason for that is the cost when it comes to the maintenance stop in Bäckhammar. If we were to exclude the effect from the maintenance stop, we would have had a result on EBITDA level of twice the level. That's the impact we have seen from the stop. Just to give some background to the cost development in the maintenance stop, we perform these stops on an annual basis, and they are really thoroughly planned based on the knowledge we have, what the work we're going to carry out. Some inspections can only be carried out during the stop, and we sometimes then can identify additional need for maintenance work that we previously were unknown of. That was the case this year with the maintenance stop in Bäckhammar, and that's also the reason for the increased cost. That was the result of the Kraft paper segment and the next segment, the other segment, natural greaseproof. Another strong quarter with net sales increased by 2%. Sales prices increased by 3% compared to last year, and the good demand increased the sales volumes by 4%. We have a negative impact from product mix and also from currency, but on total level, an increase by 2%. Sales were stable in North and South America, but increased in all other markets, and percentage-wise, the biggest increase was in the Middle East and Africa. The market price for pulp has continued down, but still, if we compare to quarter three last year, it is higher at that point. Energy prices have continued down, and in total, what we are seeing is that the raw material prices are unchanged compared to Q3 last year. EBITDA increased to SEK 78 million with a corresponding margin of 14.2%, higher than last year. And this good result is really driven by the higher sales volumes and the higher sales prices, but also in combination with lower than previously estimates for the costs and lower also than last year costs for the annual maintenance stops performed in this segment, natural greaseproof. Natural greaseproof paper, we are selling that globally to customers all over the world. The largest markets are Europe and North America. Not as big, but also important is our customers in Asia. And I recently had the privilege of visiting some of our customers in Japan. One of the strengths in Nordic Paper is really the long-term relationships we have with our customers. And relationships with the Japanese customers is yet another proof of this. The relationship is essential for the business in Japan. We have been serving our customers there for decades now. The business there has been growing to current level, which is corresponding to approximately 3% of the net sales in natural greaseproof. We're also selling some Kraft paper, but we are mainly selling high-quality baking paper that goes into both the retail and the professional end uses in Japan. High quality is extremely important for the customers in Japan. Here also, the visual appearance is equally important as the greaseproof properties and the strength properties. I think it's also encouraging to see how the awareness and the importance of PFAS-free greaseproof paper is increasing in this market, as this is one of our selling points for our high-quality greaseproof paper as well. With that, I would like to hand over to Niclas to guide you through the quarterly and year-to-date development for net sales and EBITDA. Thank you, Anita. I will talk you through the financial bridges when we compare 2024 with 2023. We start with the net sales. Q3 is the quarter when we have our maintenance stops in all the plants, and that reduces the production in the quarter and affects the sales volumes compared to the other quarters. Compared to Q3 2023, we have the same sales volumes and slightly higher net sales, mainly because of the higher sales prices. We have a total positive effect from volume and product mix because of the slightly higher sales in natural greaseproof. Currencies have been slightly weaker towards the Swedish krona in Q3 compared to the same period last year. We move to the EBITDA. The EBITDA for the quarter is at the same level as for the same period, 2023, SEK 106 million compared to SEK 108. The positive price effect we recognize from the net sales bridge. Variable costs give on total level no effect on EBITDA, but input material have developed different. Prices for both pulp and pulpwood are at higher levels compared to the same quarter last year, but this is compensated by lower cost for energy and freights. Fixed cost is higher compared to the same period last year to the main part related to the higher costs in connection with the maintenance stops, and currency finally gives a positive effect to the EBITDA since we have had positive results from realized derivatives this quarter compared to negative results from realized derivatives last year. When we move to the year-to-date figures, we can see that on the net sales, well, in this quarter, the prices have been higher compared to the same quarter last year, but year-to-date, the sales prices are still on lower level compared to year-to-date 2023. The lower prices are compensated by large positive effect from the higher sales volume as well as positive product mix, and currencies have in total been at the same level as last year. Looking at the EBITDA for year-to-date, we disclose a slightly higher EBITDA compared to the same period last year. The negative price effect, mainly related to quarter one, is largely mitigated by the higher sales volumes and lower variable costs, and the variable costs are at total level lower than year-to-date 2023. The positive effects are related to lower costs for energy, freights, and chemicals. We have had higher costs for fiber since the average market price for pulp has been approximately 15% higher compared to year-to-date 2023, and pulpwood has continued to increase in price. Fixed costs are higher compared to year-to-date 2023, and currencies give a positive effect, mainly related to the realized derivatives. Looking at the working capital and cash flow, the working capital has decreased compared to the previous quarters in 2024, which is the normal development for Q3 when both the production and sales are seasonally lower because of the maintenance stops. During the quarter, we have reduced the inventories of finished goods, also a normal seasonal effect in the quarter three. The working capital in relation to net sales measured on rolling 12 basis, rolling 12 month basis, is on a very low level, but also affected by that accounts payable since Q4 2023 are higher than normal because of the invoices related to the investment in Bäckhammar. Cash flow for the quarter continued to increase after the unusual low level that we saw in Q1 when we had a large build-up of accounts receivable as an effect from the good net sales we reached in Q1. The higher compared figures for 2023 were affected by the weak market with decreasing accounts receivable as a consequence. We take a look at the CapEx situation, and in Bäckhammar, our investment in a new wood room and the electrostatic filter is proceeding according to plan, and now a large part of the building work is done. The investment projects are planned to be finalized in the autumn of 2025, and we expect that investments will deliver approximately SEK 100 million of EBITDA improvements with full effect from 2026, and the other investments in the company have been performed at the normal level. We have seen in quarter three that we have, well, continued the Bäckhammar investment project, but we have still decreased the net debt compared to what we had at the end of Q2, and the balance sheet remains strong and robust. The net debt to EBITDA relation has increased to 1.4 compared to 0.9 last year, but this is due to the investment in Bäckhammar, of course. The leverage, the net debt to EBITDA margin is with good margin inside our financial goal to be below 2.5. And that concludes my look back at the figures for the quarter and year-to-date, and it's time for an outlook. Yes, time to look forward and to look forward to quarter four. As I previously mentioned, we saw some decreased demand towards the end of the Q3 in our Kraft paper segment, and that's something that we expect will also continue in quarter four. We assess that average sales prices will remain unchanged compared to the quarter three that we just reported. And in total, we expect that the effect from the changes when it comes to pulp prices and pulpwood prices will have a marginal effect on our result. And then in quarter four, we will have an effect of the maintenance stop in Bäckhammar that was performed in quarter three and the later start-up that resulted in, and that will negatively impact the sales volumes in quarter four. So that concludes the reporting and the outlook, and we are now, of course, happy to answer any questions you might have. We will now. Operator, do we have any questions? There are no registered questions at this time. Let me give the instructions for the audio questions. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone 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 handset when asking a question. Anyone who has a question may press star and one at this time. The first question comes from the line of Emil Christiansen with DNB Markets. Please go ahead. Yeah, thank you. Thank you for a great quarter and a great presentation. As expected. I just have a question regarding the new owner, the new owner. Do you have any related relationships with them? I mean, are there any transactions at all? No, of course, that's part of the process that is carried out right now to make sure that there are no such connections. And to our understanding now, there is no impact on the relationships between ourselves and SVP. Okay, thank you. Thank you for your answer. And just keep on the good work. Yeah, thank you very much. Thank you. Thank you for the support. Once again, to ask a question, please press star and one on your telephone. There are no audio questions. I would now like to turn the conference back over to Nordic Paper. Thank you very much. Then we proceed with a handful of written questions that we have got here. First one relates to CapEx. I guess it will be for Niclas. How much CapEx have you spent on the Bäckhammar project as of now? As of now, we have spent approximately SEK 350 million. Thank you. Second question to Anita. Can you please elaborate on the profitability difference between Kraft paper and greaseproof paper results that we see in the report? Yes, as I mentioned, especially in this quarter, Kraft paper segment is affected then by the increased costs for the maintenance stop in Bäckhammar. And of course, we've seen higher margin levels of the Kraft paper segment previously. And right now, I'm really proud that we have achieved a new level for the greaseproof segment. We had the opposite question, or I guess that's the background, that on the greaseproof segment, why are we not achieving better margins there? And I think we've done a great work. We have now a different level for this business segment. And really, we're back to one of the strengths in Nordic Paper here that we have two segments that move differently in a business cycle. Currently, the pulpwood price that has increased is hurting a bit in the Kraft paper segment, of course, and the greaseproof segment is then thriving a little bit on their situation. So I'd just like to come back to the strengths that we have in the company with two segments moving differently, and that is really what we're seeing right now as well. So good question, but I think it is one of the strengths in the company we have. Thank you, Anita. And with that, we conclude the Q&A session, and I will hand the word over to Anita for a summary. Yes, I would just like to conclude today's report and reiterate the main messages and the outlook that we have shared. Net sales increased by 2% compared to Q3 last year to SEK 1.1 billion, which is the highest ever for a third quarter. Sales prices increased by 3% compared to Q3 last year, and we reached an EBITDA in line with last year, SEK 106 million. And the outlook we have shared for quarter four is that the demand will weaken somewhat, primarily in the Kraft paper segment, while average sales prices for the group remain unchanged compared to this quarter that we have just reported, Q3. And that concludes the reporting and the outlook and our summary, and we thank you for listening in today. Thank you and goodbye. Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference.