Now we have a new company on stage. It is Polygiene and its CEO, Sandrine Garnier. Warm welcome. Thank you. Good morning, thank you for your time today. My name is Sandrine Garnier, and I am the new CEO of Polygiene Group. I have to apologize, I have been in the role six months, and the first six months have been so busy, I have not learned Swedish language yet. This presentation will be in English, but maybe next year, I will have learned a little bit more Swedish. Today, I will give you a short overview of Polygiene Group, covering who we are, what we do, and why we believe we are well-positioned for long-term growth. As a company, we operate at the intersection of sustainability, hygiene, and material performance. These are powerful long-term trends that are reshaping how products are designed and used across multiple industries. Brands are increasingly looking for solutions that reduce environmental impact, improve durability, and enhance hygiene, but without compromising performance. This is where Polygiene Group adds value. We enable product to last longer, stay fresher, and use fewer resources. Polygiene Group was founded in 2006 and is headquartered in Malmö in Sweden. We have been listed on the First North Growth Market since 2016, and today we operate globally with subsidiaries in China, the U.K., Germany, and the U.S. Our business is built around two complementary segment, freshness under Polygiene brand, and product protection through Addmaster and SteriTouch, which were acquired in 2020 and 2022. Together, they form a technology platform combining polymer science and hygiene expertise. One of our strengths is the breadth of application of our technologies. They can be integrated into textile, plastic, rubber, paper coating, and many other material. This gives us the access and exposure to multiple industries and reduces the dependence on any single market. It allows us also to transfer expertise and innovation from one application to another, which creates additional growth opportunities. What makes us stand out is the combination of four key strengths. First, we operate in a structural growth category supported by powerful long-term trends in sustainability, hygiene, and material performance. The demand drivers behind our business is not short-term trends. There are long-term shifts in regulation, in consumer behavior, and in product design. Second, we have differentiated technology that are proven and adaptable across multiple application, which creates value for our customers and partners. Our technology provides measurable benefit, which the brands can communicate to their direct end customers. Third, our business is asset -light and scalable. Today, we leverage a global network of supplier, toll compounding partners, and distributor, which allows us to operate and grow internationally without significant capital investment. That gives us the flexibility to scale efficiently whilst maintaining attractive margins. Finally, we have a clear and focused growth strategy, but I will come back to that later in the presentation. As mentioned in the previous slide, the four strengths are underpinned by powerful long-term global drivers. We see growing demand linked to sustainability, resource efficiency, and the transition towards a more circular economy. Across multiple industries, there is increasing focus on extending shelf life, reducing waste, and making better use of natural resources. For example, if we look at the food and water security, the Food and Agriculture Organization of the United Nations reports that around one third of all food produced globally is either lost or wasted, which creates significant economic and environmental costs. Technologies that can help extend shelf life and have therefore an increasing important role to play. Consumer and regulator are also pushing for lower environmental impact. For example, in Europe, there is new regulation in the textile industry, which is placing higher emphasis on the full life cycle of the products, which creates a greater focus on durability, longevity, and resource efficiency. This is exactly where our technologies provide practical solution. Our technologies allow garments to be worn more and washed less, which helps extend the product life of the product whilst also reducing water, energy, and detergent consumption. Public health concern is one of the third important driver for our business. According to the World Health Organization, antimicrobial resistance is estimated to contribute to 1 million deaths globally every year, which increases the focus on infection prevention and control. As a result, there is growing demand for better surface protection in healthcare environments, where reducing surface contamination on critical touchpoint can help lower the risk of cross-contamination. It's taken together that these trends are creating a strong and growing need for the solution Polygiene provides. We address these needs through two main technology areas. First, odor control technologies, which allow products, particularly textile, to stay fresher for longer, reducing the needs for washing and therefore extending the product life. Second, antimicrobial and surface protection technologies, which inhibits the growth of microbe and improve hygiene, durability, and safety. What is important is that these technology are built into the material at the time of manufacture. They're not an add-on or a temporary treatment. They become an integral part of the product itself. As a result, the performance benefit is present throughout the product life cycle. Because this technology can be applied across many different material, they provide us access to a broad range of industries, from apparel and consumer goods to healthcare, water treatment, and industrial application. In simple term, we help make products safer, fresher, longer lasting, and more resource efficient. Our ingredient brands are well-established. On the top of the slide, you see our brands, and on the bottom of this slide, you see the partners we work with. The diversity of the customers shown on this slide is very important. We work with premium outdoor brands, global apparel companies, industrial manufacturers, healthcare application, and consumer products. This demonstrates both the versatility of our technology and the strength of our commercial model. Our co-branding is a key differentiator. It allows our partners to communicate the benefit of our technology directly to their consumers, making the value visible and tangible. For our customer, this creates product differentiation and added value, and for us, it creates a strong partnership within their product. Once our technology is integrated into a product, it becomes part of its design, the performance claim, and the consumer value proposition. This creates a natural lock-in effect, as switching would require reformulation, revalidation, and a change to consumer messaging. As a result, we benefit from long-term relationships, high retention, and increased barrier for entry for competitors. This also creates opportunity to expand within each customer across additional product line and technologies. From a financial standpoint, our financial performance reflects both our growth journey and recent adjustments. We have experienced periods of strong expansion during COVID pandemic, but it was followed by a phase where we had to refocus and adapt on changing market conditions and priorities. This included a normalization in the demand and a shift in customer behavior post-2022. Whilst the market condition have evolved, the underlying driver of our business have remained intact. What's important is that we have built a resilient business with a scalable foundation. Looking ahead, our focus is to build on that foundation to deliver more consistent and sustainable growth. Our revenue base is well-diversified across both region and markets. We operate across EMEA, APAC, the Americas. We serve customer in sectors ranging from sports and outdoor to industrial and healthcare application. The diversity provides resilience and reduces dependency on any single market. What's particularly interesting is the combination of Polygiene and Addmaster together, because many customers today are only using part of our technology portfolio. It creates opportunity to introduce additional technology and expand our existing relationship with those customers. This allows us to grow more efficiently with our current customer base and strengthen long-term partnership. Our growth strategy is built on four key levers. The first is accelerating growth within our existing customer base through deeper partnership and broader adoption of our technology. The second is expanding into new markets. In textile, we are building on our existing strong position in sports and outdoor and now expanding into work wear, footwear, and fashion. For surface protection, we're targeting industrial applications where our technology solves specific customer challenge and really deliver a clear value. The third is innovation. We continue to invest in new technologies that strengthen our portfolio, address evolving customer needs, and a recent example is the launch in March this year of OdorCrunch 2.0, a non-biocidal odor capture technology which broadens our offering while also reducing our regulatory exposure. Finally, selective acquisition. Whilst this is not a top priority right now, we do remain open to opportunities that strengthen our technology portfolio, expand our capability, and create additional value for our customers. These are the four priorities that we will work on to deliver our next phase of growth. As a summary, our investment case rests on three key pillars. One, we are well positioned to benefit from strong structural demand driven by sustainability, resource efficiency, and hygiene. Second, we have a differentiating technology platform combining both Polygiene and Addmaster, which delivers clear value to global brands and support deep long-term customer relationship. We operate at a scalable high -margin business model with global reach. As we grow, we don't have to add extra capital. We are able to expand margin as we scale. We are building a business where better product and better resource use go hand in hand with long-term value creation. With that, I thank you for your attention today. I hope this overview has given you a clearer understanding of what we do, where we see the future, and I look forward to the question. Okay. Thank you very much. I'll start off with the competition. I think you didn't mention that, but how is competition in your? Thankfully, we are in the market which is heavily regulated. We work with products that are classified as biocide. It's not just a chemical, it is further classification as biocide, and that means high barrier for entry for competition. Of course, we do have competitors, but there are fewer in the market, and particularly if you are operating into the European market and the U.S. market, you have to have registered additive, and only Western company have fulfilled those needs. We don't see strong competition from Asia because typically their technology are not registered globally. No. Okay. I understand. Thank you. I think when it comes to product portfolio, you mentioned the OdorCrunch 2.0. Yes. Is it more launches coming going forward, or do you think you have the right portfolio now, or could you evaluate a little bit? We continue to look for new technologies, particularly bio-based material. This is something we are working on. We have also launched, at the end of last year, a product called ShedGuard, which is preventing microplastic when washing your garment. It is a treatment that you apply on a textile, and that locks in the fiber onto the textile, so you don't have the release of microplastic when washing that garment. This is still in the early days. Typically, when you launch a product in the textile industry, it takes at least 12 - 18 months before you start seeing the first sale. We launched it last year. This year, it's about testing it at mills with brands, and next year will be the first sales for those products. Okay, it takes some time until- Yes. ... we see it in stores. Yes. Yeah. How do you reach your clients? Is that through partnership, or these big brands, are they direct customers of yours? Selling into our market is a push and pull. Okay. It means that our sales team are selling the concept, the idea, and the value proposition to the brands. Once we have the buy-in from the brand, we have to work through their supply chain and determine where their product is manufactured. If you're talking about a textile product, we will be selling our technology to the mill. If you're talking, for example, of this little box, if this was to be made antimicrobial, we'll be going to the brand who manufacture that box, and they will tell us, "Well, the cover comes from this factory in China, and then the bottom comes from this factory in Vietnam." We will then sell the additive in the right format for the manufacturer to use in their manufacture. Our motto is that we fit within the existing manufacturing process. The manufacturer doesn't have to add an extra step or change anything, so there is no added cost except for the material itself. Okay. It is quite scalable. Yes. You talked about that Polygiene is scalable. You don't need to invest that much into product development, or could you give us some more flavor on how scalable the company is? Yes. By scalable, what I mean is that we do not own a factory. No. We are not limited to filling the factory and the production line. Because we work through toll compounding partners, we can scale and- Yeah. ... choose to add an additional toll compounder in a location where the demand is, and also to scale in terms of volume. Technology-wise, we have already a strong portfolio of technology. We will continue to add, but the scalability is our ability to produce it in different location to meet the demand. You don't have any bottlenecks when it comes to product. We don't. No. When it comes to protection of your technology, how does that look? Do you have IPs? Could you? A lot is know-how. Okay. Our expertise is sourcing active substance and then formulating into a format that is usable by the manufacturer in order to fit in within their manufacturing process. In terms of IP, it is very difficult to patent around silver, because silver has been used as an antimicrobial for thousands of years. The Greek used to drink water out of silver jug because it had antimicrobial property. Yeah. Delivering a patent on silver is very complicated, our know-how on how we formulate these additives and make it usable by different industry is really what makes us so unique. Yeah, okay. If you look at risks, what kind of clouds on your when you look out, what kind of risks do you see? The risk- Yeah. Regulatory is both a risk and a benefit. Okay. It is a benefit because it protects us from multiple competitors entering the market because it's so heavy that it's a barrier for entry. It's also a risk because, particularly in Europe, the regulatory is so severe that it really limits the chance of new molecules being invented. The cost of registering a new molecule as an active substance, as a biocide is in the millions of euro. It's very difficult for a company to come up with a new innovation, and that, in the long term, is going to restrict a pool of technology which we can utilize. Yeah, of course. I think one question on the financials, since that's been a little bit like this. Yes. Going forward, do you think you'll be profitable, and what should we expect? Going forward, we are refocusing on application where we add a clear value, particularly on the solid surface sector, on the Addmaster side. We need to shift from a nice to have, i.e. a marketing differentiator, to a must have, where we resolve a specific problem that is costing the company, our customer, money. For example, if I look at the water application, if you have water circulating in a closed -loop system, in a closed -loop cooling system, you eventually will see build-up of a biofilm. Bacteria are going to grow on the inside of that tube. If with our technology, we can prevent that biofilm from forming, that means our customer are going to have reduced cleaning cost, better efficiency. We're not going to be losing in heat transfer because of that film of bacteria. These are the type of application we need to refocus on because these are the application where our technology really delivers a clear value, and it's not just a nice to have marketing USP. You haven't been the CEO for so long. What is your background? I know you have a Ph.D., I think. Yes, I'm a scientist by training and also by nature. I'm a very curious person, so science interests me. However, I have moved very quickly into commercial roles. I started as a development chemist on the bench working with adhesive, then moved on to technical sales. I was the managing director of Addmaster. Okay when it was acquired by Polygiene. I then went away and now I have come back to the group, looking not just at Addmaster, but also the textile side. It's an industry I'm very familiar with and I'm passionate about. Yeah, I understand. I think you mentioned the M&A, that you're interested in acquiring businesses. What kind do you think you should add to the group? The type of company that would fit well with us is innovation, potentially a startup from a university with very unique technology that fits within our functionality, within our value -added functional additive portfolio. Oh, that you can scale. That we can scale, yeah. Yeah. Thank you very much. I think time flies. I don't think we have that much time left. Thank you very much for coming. Thank you. Thank you. Thank you.