All right. Welcome back, everyone. My name is Sten Gustafsson. I'm one of the healthcare analysts at ABG. And it's a great pleasure to introduce our next company here. We have Anita Johansen, the CEO of Probi, who will present for us for about 20 minutes, and then we'll do a little bit of Q&A afterwards. So please go ahead. Thank you very much. Hello, everyone, and thank you for inviting us to this presentation and investor day. First, of course, I want to say that you need to familiarize yourself with this safe harbor statement, of course. Very briefly, the agenda in this 20-minute talk, we're gonna talk about the probiotics market, our company, a little bit about our business, and why we think we are in a great space for investments as well. So what is Probi about, or what is the business we are in? And basically, to say it short, we are in the business of good bacteria. Probi works with developing and manufacturing, and selling probiotics, and probiotics basically are good bacteria that are good and provide people the opportunity to live healthier lives for longer. So very briefly, this summarizes a little bit about Probi. If I should start from the beginning, Probi was founded from researchers, scientists, and doctors back in the 1980s. They were working on Lund University, and they were working with very sick patients, and they had a theory that some of these patients may actually have better ability to get healthy if they had the right bacteria in their guts. So they started experimenting a little bit on themselves, and eventually, they found a specific bacteria, which was really good for these patients and helped them actually survive and get better through surgeries. So this is how Probi was founded back in 1991 on this research that these doctors did in Sweden. You can see, you know, all the facts about Probi, and I don't want to go through all of it because we have so much to share with you today. So the probiotics market, why is it relevant and interesting to be in the market of probiotics? So first of all, I think it's very clear that there's an increased focus globally from consumers, from people, that we all want to live long, but we also want to live healthier lives for longer. So anything we can do to increase our health and stay healthy is important for consumers, and this focus has increased also after the pandemic. Also, you all know the demographics is changing. We have more and more people that are growing older, so this focus on healthy aging is also very relevant in the space we are in. When we talk about good bacteria, we actually talk about the microbiome, so basically the diversity of bacteria we have on the human body and specifically in the human body, in the guts. Much of our microbiome stays or starts in the gut. But there's so much research today, and over the last 20 and 30 years, more and more research has shown that the bacteria are really important for our overall health, and also that specific bacteria have specific benefits. Some will benefit our gut health, other bacteria will be beneficial for other things in our body. It can be skin health, it can be oral health, it can even be brain health. So there's much more science appearing today and more and more knowledge in this area. And also, generally speaking, from a global point of view, more and more people are actually able to afford to buy healthy products. There's an increased interest in having healthy foods, but also looking into products that can increase our health, and again, let us stay healthy for longer. And you can see also on the right side, there's a graph illustrating the projections on the growth in the probiotic supplement market in the coming years. So what is Probi? Or where are Probi, maybe rather? First of all, I want to say we are a global market leader in probiotics. We are in around 40 different markets globally. We sell business to business, so we have many customers around the world. 75% of our net sales is in the U.S. or North America. 15% of the products we sell are in EMEA, and then we have a 10% of our revenue in APAC, Asia Pacific. So I already said it, but science is really the foundation of Probi, and it continues to be something that is very core to what we do, and we will continue to invest in that. Today, we invest around 8% of our net sales in R&D. We are very proud actually, that we confirm high-quality science, or we conduct high-quality science on our probiotic strains. Today, we have more than 100 clinical studies proving the benefits. We have more than 300 scientific publications and more than 400 patents, confirming that we have good science and something that actually really helps the consumers in the end. So this slide illustrates a little bit about our business model. As I already said, Probi sells mainly business to business, so most of our customers are other companies. We are proud that we are a vertically integrated organization, which means we manage the entire value chain. So we start, of course, with research and science. We bring forward the specific good bacteria strains, and we prove them in clinical studies that they actually are beneficial for what we claim them to be, helping with. And then we can develop different formats, some consumer-relevant formats. It can be a tablet, a capsule, a stick pack, something that the end consumer would enjoy taking. And then we can manufacture the probiotic powder, and we can also manufacture the final format in the way that our customers want them, and we can put the label on for our customer as well. So as I said, most of our business is business to business, where we have customers, and they are our partners. But also we have a business now, which is business to consumer, and this is in Sweden, and some of you may already know that when you go to the pharmacy, you will see the Probi brand on the shelves, and this distribution to customers we took home, and now we have that full control of that brand in Probi. So we have this smaller business to consumer business as well. What is really important is that we take a lot of learnings back, both from our consumers, from the pharmacies and from the customers there, but also from our bigger customers globally. It's very important that we are in close dialogue, and we get the feedback, and we integrate it back in our value chain and in our new product development projects as well. So our product portfolio is quite wide, you can say. We usually or mostly we sell our products into the dietary supplement categories, but we also have products that are, or ingredients that are used in the food and beverage industry. We have a range and a very wide portfolio of products, so different products will provide different benefits to the end consumer. It all started in digestive health, which I just quickly described. Immune health is another area that is well documented, and many people know that probiotics are good for immune health also. But since then, we have generated more science, and now we have products for also mental health, which is our latest innovation, but also for women's health. It can be strengthening bones, or it can be increasing iron absorption, and so forth. So we have a range of benefits that we can work with our customers to customize their offering to their customers, as consumers as well. So Probi has been through some difficult years. That is not a secret, and my financial CFO, Per, will show you a little bit later. But we just updated our strategy, and we, of course, have an aim to strengthen our company, hence the name Probi Reinforced. So I don't wanna go into too many details on our new strategy here, but I do wanna say we have three clear strategic pillars that we will focus on going forwards. And the first one is to be excellence, excellent in our commercial execution and our... and, and increasing our customer centricity. As I already said, it's really important for us to have this partnership and dialogue, close dialogue with our customers, so we know what their struggles are, what their brand is trying to achieve, and then we will build in whatever we can to, to make sure we can provide them a good product and a good service. This is not only something that we will, we will do in our sales organizations. The entire company is really, customer focused and have to have this consumer centricity, and this is one of our key strategic pillars, to be excellent in understanding our consumers, our customers, and executing here. Our second strategic pillar is pioneering science and innovation. This is what founded Probi. It's something we continue to do, and also going forward, we want to be excellent in this area. That means we wanna be continuously the pioneers. We wanna develop new probiotics, new strains that will have benefits that nobody else have proven before. And again, one of our recent launches has also shown that we are still the pioneers. We want to do that, and we wanna do it with speed so that we can enhance the speed to market. Thirdly, our third strategic pillar and focus area is to provide differentiated quality solutions, and this really speaks to our vertically integrated value chain. We can do many things. Depending on the specific customer, we are able to provide a different service. So if our customer want a finished product in a finished bottle with a label, we can do that. But for other customers, they have different needs. They might need the powder that they can include in their product or otherwise different ways of varying the solution for the customer. And this is something we will continue to work with our partners on. But also, while we do that, we will also focus on improving our efficiencies in our manufacturing, because, of course, we, we wanna deliver those products, but we also wanna do it with speed, and we wanna be efficient, and this is something we are focusing on in, in our strategy going forward. Underlying, and, and maybe for me, not maybe, but it is for me, the most important resource that Probi has is our people, and we do have lots of great people. We are around 175-180 employees in Probi. And of course, our passion, our, our shared vision, for the way forward, is what is gonna bring us, to, to achieve this, this growth and be successful going forward. One of the key focus areas for me is to put together a very strong leadership team. It is... We have had a lot of changes in the past year. I just became the CEO April first this year, and as I said, Per, our CFO, he's also very new to the company, and this way, I'm gathering a new executive leadership team. What is important for me is, of course, the shared passion, but also that these individuals that I put together in the team, we have a background and understanding of probiotics, which is really important for us. With that, I think it's time to hand it over to Per, who will talk a little bit more about our financials. Per, please take over. Thank you, Anita. Yeah, and, and now I want to share with you what the financial outlook looks like for the next five years. But before that, I think important to give relevant context, and we are looking five years ahead, so in all fairness, we also look five years back. And in that five-year period, Probi's top line was actually flat, despite good years, and, and 2020 was a record year, but, but overall flat. Going further back, there was strong growth, and obviously the company was built over those years, but that is, that is relevant context. EBITDA is currently at, at 19%. So what do we see, and why do we believe Probi can grow? And there's, we concluded four key growth drivers which will take Probi forward. First most is innovation and new products. Anita already shared the very strong portfolio of products Probi has, but you will see later that we are still adding concepts, and these are amazing concepts, which is actually supplementing the existing portfolio and is not cannibalizing. So we believe that is a growth driver. We are also certain that we are having good positions in key markets, U.S., China, so forth, but we can still do much more. These markets are growing, and we can invest more, and we can grow more, and on top of that, there are several markets where we are today not kind of invested as much as we could be, and we could bring them to be key markets also. So that's growth driver number two. Growth driver number three is we want to excel, we want to work with our existing customers, we want to grow with them, and we know the macro trends is working for us. But obviously, there's also nice opportunities to grow with more customers. There's many more out there. So these are the kind of three dimensions where we'll grow the top line, and we have a goal to grow 6 or above in over the next five years. So that is our target. That volume will drive scalability and increase profitability, and we will top that up with improved efficiencies in manufacturing, which for various analysis, we are quite certain we can obtain. That will bring EBITDA above 25 percentage point. So that's our target, the financial targets based on the work and the new team coming together. I will also mention that 2024 is a transition year. There's a new management team, and we're going to invest, and we're going to kind of reset the resources and be ready for this growth journey. A short and very brief business update. So 2023 was and is a difficult year, though Q3, we are happy to see growth. We have organic growth of 6%, and even more happy that is all the regions growing. Yet, year to date, you see growth is -6%, so what happened? Yeah, actually, mostly the U.S. market was very soft, and it was not only for Probi, it was across the market, and our competitors faced the same. So that's kind of what we're up against currently. To give you a little bit further flavor for this, region by region, I already covered Americas. EMEA looks like a decline. We know well what is happening. It's inventory corrections with some of our key customers, basically after COVID, reducing their safety stock. And we also have an impact of insourcing the go direct to customer in Sweden, so the distributor have eliminated the inventory. So that's a one-time impact. We don't think the underlying growth is an issue. We think that's more flat. Finally, for APAC, very happy to see that growth, really significant. Of course, a relative low base, but we believe that is continued growth for us. So a very fast handover here. Here? Yeah, so the last thing we just quickly wanna share is one of the growth drivers, as Per already said, is to launch new innovations and new products. And we recently or last month we were in Las Vegas, and we were launching our newest concept that we're really proud of. This is in an area that is really very interesting, very trending. It's about mental health. And you may know already there that there's growing interest in first of all making sure we are mentally healthy. People are stressed, people are concerned about their general mental health. So this is a really fast-growing category and also within dietary supplements. In the last many, quite many years, there's been a lot of focus on taking maybe melatonin or even CBD or cannabis, but now consumers are actually looking for more healthier alternatives to those ingredients as well, and this is where Probi Sensia comes in. We are really happy now because we have concluded three clinical studies on this specific probiotic product, and we have shown that this can actually maintain cognitive function, such as memory, and it can improve memory, it can maintain or improve mood, sleep, and stress. So this is really a very, very strong concept. Again, with the clinical science, three clinical studies, but also additionally preclinical studies supporting that this actually will benefit people. And now we're talking about healthy people. We are talking people who, like you and I, we don't have a, an illness, we don't have a diagnosis, but we can all struggle sometimes during our daily lives, and this is where this product will actually have a benefit. And again, something that is growing, it's not one of our existing concepts, so we will not cannibalize on what we have today in digestive health or immune health. No, this is an entire new category that shows very high promise for probiotics, generally speaking, and Probi is one of the first to market with a probiotic in this category. And we have launches, we just launched it, as I said, last month, and we already have very many promising conversations with our customers. So we are expecting to see these products, this product roll out in many different brands around the globe in the coming year. So that's great. And this slide really summarizes a little bit of the results from our third clinical study. I don't want to go through that, but go to the last slide, which really speaks to what is Probi and why is this a healthy investment? I think I want to say basically, probiotics is something that is good for sustainability reasons. It's a natural ingredient in the sense it's live bacteria, we can grow them, but they're really also helping people maintain their health, and it's a sustainable product as such. Also, Probi has a leadership position in this market. We were one of the founders in the industry. We have a very, very strong portfolio with a lot of clinical data, and now we're also in a place where global mega trends is supporting the business that we want to do. Consumers are very much interested in these solutions as well. So, then, of course, the last point maybe is that we are building the new leadership team. We are investing in a strong base of employees, and this is also really going to be able help us to drive and execute on our new strategy that we are very confident will have the benefit to actually drive the growth of the company. So with that, maybe I think it's time to say thank you. Thank you. Thank you. Thank you very much. So, my first question, I, I guess that's maybe for you, Per, Come up ... or both of you. Please. The new financial targets with regards to the margin target, and you were talking about it a little bit here, but I think it's 25% EBITDA margin- Yeah ... and compared to where you are today at 18%-19%- Yes ... so around there. How much of that you had manufacturing facilities on there. Is that the only sort of driver for margin expansion, or how much of the sort of closing of that gap is related to the manufacturing efficiency? Yeah. And that, there's clear, several levers here. Yeah. First of all, very, very important is more volume. That drives scalability, not only in production, but in the whole of Probi with marketing, sales, innovation. I think you, you're all very familiar with that. For manufacturing, we know, and we have benchmarked manufacturing to our kind of experience from competitors and like we have set up targets we feel very comfortable with. And finally, there's kind of. Of course, it's a long period, so there's uncertainty, but selling more of the new launches or the new clinical documented strains, they have simply higher profitability. So if we succeed, that will help also. So there are several drivers, and we feel that 25 is a target we stand by, and I'm not concerned about that number. Yeah. But the remediation work should be done sometime, maybe next year, or Yeah, it will take longer, maybe? It- You can- ... It's gonna be, you know, something that will happen over time. Okay. But next year, what we have communicated is next year is gonna be a transition year. Yeah. So, our EBITDA and our profitability next year is probably gonna be in the same level as this year. We want that year because we need to do investment to become stronger. Yeah. Yeah. Those, you know, those efficiencies, we expect to start to see them come in maybe like the end of next year. Mm-hmm. But of course, it's gonna be gradually. So that EBITDA that we've now promised in 2028, it's gonna increase gradually until we get to the 2025- Yeah ... in 2028. Are you able to raise prices on your products? Or how... I remember there were some comments earlier in the year about customers moving away from premium to more value-oriented brands, and maybe that could have a negative impact also on the, on the- So we evaluate continuously, of course, if we're selling our ingredients and our products at the right prices. Yeah. Some of our customers, we have contracts. Mm. And of course, that, those kind of run at a certain period, and then we can't really change the price. But other customers buy different products, and they have different agreements with us. So we evaluate customer by customer, when and if we can increase the prices. But of course, that's also part of what is behind the assumptions of our future- Yeah ... financials. The mental health slide you had here, I mean, it looks really interesting, huge opportunity for you. But and you, I think you said you're one of the first few probiotic products in there, but the... So what are you competing against? What other supplementary products are out there that you're gonna? I think I already mentioned it, but we are, of course, competing against other dietary supplements. So a product that the consumer can buy without a prescription from their doctor. Yeah. Depending on which region you are in, in which market, in the U.S., it would be melatonin, for example. Okay. But melatonin has been big, but actually more and more consumers now question: Is this really healthy for me to take a hormone- Mm like melatonin to fall asleep? And more and more people are looking for other alternatives. That's what the mega trends and what's the insights that we get from other, you know, agencies, that this is what consumers are asking for. So we definitely believe that this is something that will increase, and we also see that in the data we get. Excellent. Yeah. Maybe a final question. I think there was a big announcement here also regarding the Clasado. Yeah. Can you in one minute- Yes ... talk about that? Thank you for giving me that opportunity. That's another launch we just did- Yeah ... also a month ago, where we started. So this is a concept which we call synbiotic- Yeah ... by Probi and Clasado, and it's an excellent example of us leveraging partnerships. So here we are collaborating with another company. They have a very well-documented, clinically documented prebiotic. We have very good clinically documented probiotics. When we combine the two, and, and we do a little bit more extra research, then we actually have a very unique offer, pre and pro- probiotic, and when we combine it, we get a synbiotic, which is also a very big trend globally, that the consumers are looking for synbiotics. So this is an excellent example of very little effort, honestly, because we do have a lot of science, and they had a lot of science, so combining that, we can combine even our customers and, and get a, a bigger market. Excellent. Yeah. Thank you. We can share customers, too. Absolutely. Yes. I think we unfortunately need to stop there, but thank you very much for the presentation, and best of luck. Thank you. Thank you. Excellent. Thank you for inviting us.