Good. Thanks everyone for joining, this Friday morning webcast. Where we will shed some more light on the acquisition announced today, of ESCO Pacific in Australia. It will be myself, Paul Stormoen, and CFO Johan Rydmark. There will be opportunities to ask questions afterwards, and also by emailing ir@ox2.com, and we will make sure to cover them during the call. Next slide, please, so that we start on page three. Line unmuted. Just a strategy recap. The acquisition announced today is very much in line with the expansion into new markets as we have positioned one of OX2's strategic pillars in the past. We have three main pillars of our expansion. One being to consolidate our proven platform, meaning leadership in Europe. Meaning for growing the portfolio in the technologies that we are already strong in, meaning onshore and PV. Scale this growth through both partnerships and acquisitions. If we look at the markets and technologies, the new markets we have previously worked towards would be the European markets. As you recall, we have said that we are on a path to global leadership, focusing mainly on OECD markets with similar fundamentals to what we are used to working in Europe. Here, today's announced acquisition fits very well into to this. We will talk a bit more to why we really enjoyed the team at ESCO, why we see this as a good foundation for our overseas expansion in Australia. We also have new technologies on our strategic roadmap. The energy storage, you recall that we have our first energy storage in construction already. We have more to come with the team in Australia and the Australian markets. We gain access to a more mature market when it comes to storage. Also the team has a good pipeline of near-term energy storage projects. If we also look at the operating model, of course, adding a overseas organization will imply some changes to the operating model as well. We're very well set up to handle both the distance and the time shift where it comes to operating in a market so far away as Australia, both through previous management team experiences from running large scale businesses in Australia, and also the way digitalization has helped us connect the European markets. We see that there is a good way to connect and share the knowledge in between the markets also going forward. The governments will continue to be the same, but of course, the Australian market will have a certain amount of autonomy. We will consolidate into one P&L and run similar to what we have done in the past when it comes to decision-making, et cetera, in Sweden and Europe. If we flip to page four, we give a brief company overview of the company we have acquired, ESCO Pacific, established in 2015, and has had an impressive run since then. It's been owned by the founder to the majority, but it has also been to a 49% stake owned by oil and gas company, Shell, which we are now buying out. It's a 100% acquisition. They have been a very strong pure play developer in solar and energy storage. Their track record is strong based on the last eight years where they have taken a market-leading position, developing and brought more than 800 megawatts to construction, which is impressive. We see that their pipeline is also very strong when we look a couple of years ahead. The near term, what we expect to kind of get out fairly soon, is allocated to the late stage definition. We have mid and early stage, we're using the same definitions when we translate their portfolio into the OX2 portfolio. Hence also additional projects, where we lack some of the components to be included in the OX2 definition of early stage will be added fairly shortly. The portfolio that we add today, is, or during, when we close the deal, which is happening now in April, will be about 1.4 GW. As I said, we've been working closely with the team over the last half year. It's a strong and experienced team. They have a very strong grid team, which is important in a market like Australia. And, as I said, not many can point to the track record of getting projects constructed in this market as what they can do. Fairly small organization, still 21 employees. We expect, of course, to be able to grow that base. It's a very, it's been a very positive experience so far working with Steve and the team down in Australia. If we look to page five. We come a bit back to the rationale for choosing Australia. We've been as a market of interest OX2. As you may recall, we have talked quite a lot about what defines an interesting market and that is it is a sizable market today, about 265 terawatt-hours or roughly twice the size of the Swedish market. It holds on top of that a very strong growth path when it comes to the overall energy consumption. It's a very interesting strategy they are running when it comes to kind of the future energy supply in the whole Asia-Pacific region, where Australia have the potential of building a lot more hydrogen production based on renewable power supply. In this market, we have ESCO kind of as a leading developer. We have good fundamentals asides from the PV portfolio that they have built to expand this to further technologies. The technology expansion is one of the things that I'm quite optimistic and bullish about. It's a market where you see exponential growth over the coming decades in both wind and solar, which is quite unique. You see a lot of markets globally that it's focusing quite uniquely on one technology, but here we have a market with fundamentals for several. Also, the value that OX2 will be creating together with ESCO by pushing the product further. ESCO until today have had a develop to sell before construction start. We will also run the full EPC with this adding further value to the product. As well, we will continue to build on the asset management scale as well. Quite a lot of kind of value creation opportunities that we have identified already on top, of course, of the ramp of the acquisition. As you have maybe noted, all the portfolio that they have is greenfield development. ESCO has to date not focused on acquisitions of other project rights, which is one of the core competencies of OX2. Several really strong reasons to why this is gonna be a good match. Continuing a bit on the Australian market on page six. Here you see the different regions and where ESCO is today present in all the regions except the Northern Territory. And here, of course, that's a geographical opportunity to expand it as well. The markets in Australia where ESCO is already present with portfolio are the most interesting ones. I talked a bit about the 265 terawatt-hours of current consumption. It's based on about 70% fossil fuels today. It's a kind of a very concluded net zero strategy the government is running there with both grid investments, pushing for permitting on new renewables. And it's a very strong and accepted decarbonization strategy. And then, as I said, on top of this, we see great opportunities for the whole Australian market to provide hydrogen, and other e-fuels for the Asian-Pacific region. Very kind of bullish on the long-term growth on Australia. It's a very active market already today. The areas where we are positioned in, we see both near and long-term, very strong fundamentals of continuing building on. I think that's on the Australian markets. I'm sure there will be questions on that later on as well. If we look to page seven, maybe you, Johan, you can join me. Yep. For a bit overview of the transaction itself. Yeah. Thank you, Paul. Right. With the acquisition of ESCO, we now take the next step in really accelerating our growth strategy by, as you heard, establishing ourselves in a market with very strong underlying growth fundamentals. With ESCO, we also get good footprint in this market to leverage on this growth. It's a balanced portfolio, as you heard, Paul commenting on, and I'll comment a bit more on that as well. That will also give us both near-term sales as well as quite near-term cash flow generation from the existing portfolio. ESCO has proven to be a very capable developer of solar projects. We have done a third due diligence on the projects that they've sold so far, referencing their existing customers with a very strong quality stamp coming on the projects that they've delivered so far. With OX2 now complementing the capabilities, the local development capabilities, we see additional value creation opportunities by also delivering the turnkey solution that we typically do in our other markets. Here we also believe that we will be able to attract a broader customer base with this offering. We've also done a thorough due diligence, of course, on the project portfolio as such, and confirmed that there is good quality in that 300 MW in the late stage, roughly 400 MW in the mid stage, and then close to a bit more than 700 MW in the early stage. This is all according to, I would say, the strict requirements and criterias that we have when we define our portfolio. In addition to that, which Paul was also alluding to, there is a quite significant portfolio that they have been working on, the team down there, for quite some time, but at this stage, doesn't qualify to be reported as part of our portfolio. That will hopefully come also in the near term. From what we see, only looking at the existing portfolio, we believe that we will be able to generate a good return only looking at that portfolio relating that to the capital that we're now employing in this transaction. We believe that that alone will reach the threshold that we have on our financial targets, the return on 25% on return on capital employed. That's a good starting point and also comforting, of course. Over time, though, we see even more opportunities for value creation. We're very excited about those. When we look at how we will be able to expand the revenue streams, monetizing the capabilities that we are now complementing ESCO with in terms of the product offering, in terms of doubling down on further ramping up the product development, further looking into project acquisitions in the Australian market, as well as then expanding the technology base that Paul said, where wind, onshore wind will be the focus near term. If we look at the transaction parameters a bit, acquisition price of AUD 126 million corresponding to roughly 872 million SEK on a debt and cash-free basis. There is also a contingent consideration of AUD 17 million, which is for the benefit of the founders, Steve Rademaker only, and linked to criterias in terms of the delivery and margins on the existing portfolio, and can be paid out in the period 2025 to 2027. Sellers, Shell today owning 49%, Steve 34%, and the remaining 17% owned by private investors. None of those are existing employees in ESCO. Estimated closing is very near term. There are only a few things to still come in into place in terms of the CPs that we have outstanding for closing relating to some change of control clauses and I'd say some immaterial business contracts. How will we then fund this? I got an email from our bank this morning, wondering. We have good control on that. It will be financed by the cash that we have at hand. Just to remind us, looking at the cash balance that we had end of the fourth quarter, roughly SEK 3.6 billion. Maybe still a few comments on the impact from this transaction on the financial metrics, our financial targets. As I mentioned, only looking at the existing project portfolio that we now get our hands on, we believe there will be good returns coming from that. This will also be reflected when we look at the purchase price allocation. The vast majority of the acquisition consideration will be allocated to the project portfolio. Just like when we do project acquisitions that you know we're doing on a continuous basis, a transaction like this should also be able to contribute to us reaching our financial targets. Here we can see that ESCO is really ticking all the boxes there in terms of the return on capital employed, as well as when we look at the operating margin, when we look at the operating profitability growth, the 25% here starting 2023 to 2027. Also if we look at earning per share going into 2024, when we also see that we will be selling the first project from the existing portfolio, this transaction will be accreted to EPS as well. As well as, of course, the megawatts to be sold. To sum up here, we are very excited about this opportunity that this will give OX2 for further value creation. It's a very strong market with good outlook. We're now getting our hands on a very good team and platform that will both give us near-term earnings and have good visibility on that, as well as the more longer-term value creation opportunities that we see from the expanded product scope as well as the expanded technology base where wind will be the focus. With that, I think we open up. We can. Questions Swap to the next page, Q&A, and start with the questions. Back to the operator. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Oskar Lindström from Danske Bank. Please go ahead. Yes, good morning, and congratulations on this first acquisition outside of Europe. Very interesting. Just two immediate questions from me. The first one is just to make clear, I mean, you're expecting them to have their first sale under your ownership in 2024. How much of the of the late stage portfolio is that? That's the first question. I was wondering a little bit about the. You said, was it the Australian market or ESCO Pacific that were perhaps more advanced in terms of energy storage, and that you were hoping that this was one of the synergies that could go the other way? If you could talk a little bit more about that. Thank you. Maybe I'll start off in terms of sales. Yeah, we have good visibility on how we will turn the existing portfolio into, to new sales and also some flexibility on that. The target is 2024. It could also be before that, but starting in 2024. We don't comment specifically on how many of the existing projects and how large part of the late stage, the 300 MW+ that will be transacted already in 2024. As said, we believe that we will have a good profit and cash flow contribution from the existing portfolio starting in 2024. On the second question there, Oskar, I was alluding to the market itself. This was one of the first markets that really started to adapt large scale grid storage. And the government is currently kind of running these quite significant auctions. We're talking several gigawatts a year here now on battery storage as a core part of their net zero strategy. So this is a very active and mature market compared to several of the markets we currently are in the phase of basically creating in Europe. So lots of learnings to come from there. All right. Thank you. We'll be looking forward to hearing more about that. Definitely. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. The next question comes from Olof Cederholm from ABG Sundal Collier. Please go ahead. You may be on mute, Olof. Olof Cederholm, ABG Sundal Collier, your line is now unmuted. Please go ahead. Hi, everyone. I'm sorry I had muted myself for some reason. A few questions. Very interesting acquisition. Can you talk a little bit about the project lead times in Australia? How long is permitting processes? How should we think about mid-stage and early stage in the context of Australia? I can maybe chip in that it qualifies. You remember that our portfolio has a couple of lead time indicators, maybe that could be a guidance and in the, I would say, in the very kind of the lower part of that. I think, yeah, Europe and especially parts of the Nordics, Sweden in particular, is quite unique when it comes to global measures on how long it actually takes to get permitted. There are other peculiarities or what I say, on peculiarities on the Australian markets, like a different grid system, et cetera, that needs to be kind of taken into consideration. When we have applied our metrics somehow to qualify the different projects, this is how we have thought around lead time, and it's in the shorter kind of, span of, the indicated lead times in the different phases. Yeah. maybe to also one can reflect a bit on, okay, this contingent consideration that we have with Steve in the period 25 to 27. also when looking at the early stage portfolio here, which in sort of the standard OX2 criteria, it's seven years on average to financial close. It's yeah, I think that is also an indicator that the lead times here are shorter and existing portfolio also being storage and solar and that we've talked about before, typically also in our European markets has shorter lead times than wind. Very good. Thank you. Maybe if I can ask, it's early days for onshore wind, of course. This is solar. You're dipping your toes into Australia, but I'm sure you've done work there as well. Is the onshore wind market also supportive for you or are we talking about sort of a difficult permitting regulations? I think if we look at the fundamentals, they have a very vast geography. I think it's about three people per square kilometer living in Australia, compared to the least dense country in the Nordics, which is Finland, where you have 18. It's 1/6 of the population density of Finland. We acknowledge that renewables take quite a bit of geographical space to build out. Here that's one of the core elements of Australia. I think setting the ground for fast and efficient permitting. Also, the way they have structured land ownership is beneficial for development, where you have quite large landowners who is kind of professional to work with. We see the onshore wind, together with PV growing with about 4 GW per annum in Australia and a rough 50/50 split of PV and wind on this. It's a significant wind market, one of the larger when it comes to also, you know, or kind of position when it comes to the sizes of the project. We have gone for markets historically where we can build fairly large projects, and Australia is very much one of the markets that can adopt these large-scale onshore projects that we have also built here in the Nordics. That's another kind of big up to the Australian market for us. Excellent. Sorry, I have two more questions. I hope that's okay. Sure. The growth in wind now, is it smarter to go for sort of project rights acquisitions, and you build up the knowledge at ESCO, or could we expect that you make another acquisition for a wind developer in Australia? I think we have the toolbox available, but as you are aware, we have a very strong process when it comes to portfolio and project acquisitions. The team in ESCO is very capable also. We have kind of management there coming from a wind background. We feel confident that it's possible to grow out of this kind of platform and build on this. Should there be opportunities for further growth, of course, similar to this type of transaction, that's not something we shut the door for. The intention now is this will be OX2 Australia, the platform we build on. This is one of the, I say, key attractions to this outfit. It's not just a solar team. It is actually consisting of team, people with a lot of experience with wind as well. so yeah. Excellent. Thank you. My last question, may be a boring one, but, ESCO had operating costs of SEK 51 million in 2022. How should we expect that to develop for 2023? Is it a similar number or a high or a markedly higher number? Similar number. It's not gonna be a big difference, but of course, we will be over time adding as we also grow the business down there and grow the portfolio, but it will not be significantly higher number. No, it's good as long as we, sort of get the near term right. Excellent. Thank you. Very, exciting news. Well done. Thank you. The next question comes from Eivind Garvik from Carnegie. Please go ahead. Eivind Garvik, Carnegie, your line is now unmuted. Please go ahead. Eivind? We hear you now. Hi, can you hear me? Yes. You can hear me now? Yes. I'm not Eivind Garvik. I'm Anders Rosenlund from SEB. I don't know what this operator is doing. I was just curious. Hi, Tom. I was just curious. You paid roughly SEK 300,000 per megawatt for the acquisitions of the project rights you did in 2022 of the 2.7 GW. If we use that kind of multiples on this Australian acquisition, that constitutes roughly half of the acquisition. Could you share some thoughts on how you think about buying an organization, its 20 people, compared to buying a pipeline? How do you think about these things? The alternative is always building yourself, hiring people and buying projects out there, right? You have to probably pay a premium to get the organization and track record as well. Just share some thoughts on that. I can start maybe from the financial perspective, and you can add, Paul. As I tried to explain also that, when we look at the existing portfolio and the existing portfolio that qualifies to be reported as part of OX2's portfolio going forward, we see a good return potential from that part alone, linking it also to our financial targets. I think that's a very strong starting point. In addition to that, we see, hopefully near term, that there will be further projects being added to our portfolio going forward from the work that the team down there has done for quite some time already. That's sort of on top of the reported portfolio. In addition to that, of course, we have the more long-term value creation opportunity with this platform, both in terms of the product extension and then further portfolio coming from our acquisition engine, both targeting solar and wind. I mean, it's really attractive on many different aspects, and it's hard to just look at the megawatt or EUR megawatt multiples. That's, I think, a different multiple measure to apply on an acquisition like this. Yeah, I agree. Thanks anyway. There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions. We have questions on the email from Eivind at Carnegie. He asks about revenues. Is there any revenue in ESCO at present, given that they don't construct assets? Yeah. Yes, it is. I think, well, I know the last two years they've reported an operating income of approximately 6 million AUD. It's both coming from the projects that they've sold, and then they have, just like us, a small asset management business. There's a question about financial impact for 2023, but I guess we have addressed it. Yeah, I think, we've addressed that on Olof's question. Finally, why is Shell selling? Exactly. Since Shell is not in the room, I think that's something that you could send to their IR instead. What I can comment on is that we have a strong relationship in place now with Shell. They have a strategy to focus a lot on the downstream part of the business. We're providing PPAs and offtake solutions to industrial clients. I think we fit very well into the value chain in symbiosis with Shell. That's, I think, what I can comment on. Any further? No. Okay. Excellent. If no further question, I can just say watch this space. There's gonna be a lot of things coming from down under. Glad to be with you this morning, thanks for all good questions. Thank you.