Welcome to Probi Q2 report 2024. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to CEO Anita Johansen and CFO Per Lindblad. Please go ahead. Good morning. Welcome, and thank you for dialing in to Probi's presentation of our Quarter Two results for 2024. With me, I have Per Lindblad, the CFO of Probi, and my name is Anita Johansen, and I'm the CEO of Probi. Please take a few moments to familiarize yourself with this statement. This is the agenda of our presentation today. Here are the highlights of the Quarter Two, which was a busy quarter, marked by significant progress. The net sales was SEK 179 million, which was a 25% increase versus the same quarter last year. Net sales in the first half of the year are in line with our expectations. The EBITDA margin of the second quarter was 19%, which is 10 percentage points up versus second quarter last year. In May, the annual general meeting decided on a 1.30 SEK per share dividend. With regard to our business operations, the quarter was busy. We continued to streamline and adapt the organization to facilitate growth and profitability. Our Matas partnership went live, making Probi's consumer products available in Denmark, and the Probi Sensia product received further validation by a fourth study focused on gut-brain health in older adults over the age of 70 years. We also entered a partnership with Bower to incentivize recycling of the consumer packaging in the Nordic markets, Sweden and Norway. We launched the first-ever China Innovation Day, which was igniting considerable interest among our customers in China, and our customer project pipeline is growing as a result of a generally high commercial activity. Now, I will hand over to Per for the financial review. Thank you, Anita. Strong business performance in Q2, we reported sales growth of 25% and an EBITDA margin of 19%. The strong Q2 sales is due to favorable comparison, comparisons, but also underlying growth in Americas and EMEA, where I will show more specific shortly. The EBITDA margin of Q2 is 19% and brings the H1 margin up to 17%, which is at level with full year 2023 and aligned with our expectations. Now, the regional segment reporting for H1. Americas was impacted by quarter-to-quarter timing, and the outcome is a reported growth for H1, with sales up 2% and organic growth up 1%. Behind this is lots of activity by the commercial team. Examples are showcasing most recent innovation at SupplySide West Trade Show and also the Digestive Disease Week in Washington, D.C. The gross profit margin in Americas is impacted by added resources in operations to facilitate improvements to production. The added resources involve both internal and consultant, as well as investments in tangible equipment. The initial results are very promising, and we are confident that the investments made will pay off in 2025 and beyond. Next is EMEA. EMEA had a very strong sales in Q2, which built on a strong Q1 sales also. H1 is now up 48% year-over-year. Noted, though, that last year we reported inventory corrections with a major EMEA account after the COVID pandemic normalization and also insourcing of the B2C business in Sweden, which implied lower sales in Q2 last year. In Q2 this year, both has normalized and EMEA is on top of this, showing underlying growth and has secured a few new business wins. The sales growth, with maintained high margins imply an overall gross profit in EMEA is up, SEK 10 million in H1. APAC sales in both Q1 and Q2 has been adversely impacted by the cross-border business sales into China being significantly reduced compared to 2023. This impacting all players in the market, including Probi. Other major accounts were exposed to timing, driven by both inventory positions and launches. Despite the lower sales than last year, the competitive position of Probi has been maintained, and gross profit is noted, impacted by adverse product mix, for the H1. Now, the net income for Q2, and it's here broken out by the various drivers and shows the volume effect is the real underlying driver. This is in line with the comments made earlier, and specifically with sales timing in Americas and EMEA. Continued investment of SEK 27 million for both plant machinery and equipment, to drive efficiencies, but also R&D projects to support the sales pipeline. On top of this, we paid our dividend of SEK 15 million, as decided by the AGM. Note, though, that the continued strong operating cash flow of SEK 23 million, and Probi has, by this, maintained an overall strong cash position. A quick look at the balance sheet. This is mainly a slide to remind you of the strong balance sheet of Probi. With this, I'd like to give back the word to Anita. Thank you. So summarizing our quarterly financial report, it is fair to say that we are progressing in the right direction, and that quarter two marked a positive milestone, verifying Probi's reinforced strategy. We are currently on track to meet our targets for the full year, which are largely expected to be in line with last year's results. We are still in an ongoing transition period, working diligently to implement essential changes and improvements to achieve long-term strength. Our organizational capabilities and ways of working has improved. Our commercial activity is high all through the organization, which has resulted in a positively trending customer project pipeline. And production optimizations are progressing according to plan, and initial data shows positive results. We will maintain our strategic focus while implementing important changes and improvements during the ongoing transition. This concludes our presentation of our quarter two interim report 2024. Now there's time for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Philip Ekengren from ABG Sundal Collier. Please go ahead. Thank you, Anita and Per. Really nice to see such good progress here. I have a few questions, and I plan to take them one by one. I hope that's okay. So first, you write that you're making efforts to improve internal processes and production alongside the commercial incentives. Could you please expand on this? What type of improvements do you expect, and can we expect a margin improvement at the end of the year? Good morning, Philip, and thank you for your question. First of all, I'll say, our optimization and manufacturing is a catalog of projects, so it's different projects. It's several projects to improve our ways of working and also its process optimizations. And as I already said, we're making steady progress, and our data shows positive results, but we do not expect a notable impact until the end of the year at the earliest. So we are not expecting it to be visible in 2024. Okay, Per, thank you very much. The next question concerns this year's goal of staying largely in line with 2023, as you write in the report. Could you explain a bit, what's in line? So is the goal to stay in line on sales or margin or EBIT on absolute terms? Yeah, I think I used the term in line specifically to the EBITDA margin. Okay. Then we see, as you know well, a lot of quarter-to-quarter variation. With the 19% reported in Q2, we are on a year-to-date basis at 17%, which is in line with full year last year. I think it's important to see not only on the quarters but also in the aggregate, so at H1. The same for sales. We see variations on sales. We had a relatively weak sales in Q1 with high comps. We had an excellent Q2 now. But again, I think H1 is the most important takeaway, and sales here is at 4.8%, which is a good number considering the market dynamics. Great, thank you. If we move on to the strength in EMEA, you explained partly by, by it facing tough, easy comps, but also the strength in the B2C leg. Could you elaborate on how much of the growth is attributable to the B2C, and if other parts of, of EMEA also moves in the right direction so to say? Yeah. As, as you know, our segmental report is regional, so we are not providing specific data below that. But we are giving some insights, and the insights is that our B2C business is doing well, and it's growing compared to previous years.... We are especially happy with the insourcing of the business, as we reported last year or that we executed last year, which is performing well, and that is helping us to invest even more in marketing and continue to strengthen that B2C business. And as noted by Anita, we are also expanding into Denmark now, and we are quite excited to see how we can do in that market, too. Wonderful. And then a final question from me. Today, you talked about some added resources in the U.S. negatively impacting the margins over there, and that you expect this to start paying off in 2025 and beyond. Could you maybe just elaborate a bit on what type of ramp-up we should expect going forward from 25 onwards? Is it back to historical levels, or how should we think? I think it's fair to say that we've already, when we launched our strategy back, I think it was in October last, where we talked about our financial targets. So we have a target to say in 2028, we wanna be at or about an EBITDA at or above 25%. We also communicated this year is a transition year, so this year we are not expecting any specific growth versus last year. But then gradually, we will expect an increase in the EBITDA from 2025 and beyond that, if that was your question. Yeah. Perfect. Thank you. That's all for me. Thank you, Philip. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Next slide, please. Okay, with, as no more questions, I wanna say our financial calendar is shown here on the last slide. Our next interim report, the Q3 report, will be out on October twenty-second, and then after that, we have the year-end report in January twenty-eight next year. I just wanna say thank you all for listening, and have a wonderful day.