Welcome to Swedencare's pre-quarter update, where Håkan will provide a short presentation followed by a Q&A. Please raise your hand if you have any questions. Over to you, Håkan. Thank you very much, Emma. Håkan Lagerberg is my name, and today I will not be joined by Jenny, who has a nice week of sailing in Croatia and will be back next Monday. Today I will walk you through the quarter's highlights that we know of today and go through different segments and also close with our expectations for the quarter's financials. Bear in mind, it is 2/3 of the quarter done when we have compiled this notice, but we will give our insights. Also have time for questions at the end, as Emma said. Let me start with a governance item. We press released today, after 12 years, that I have decided to retire from Swedencare as CEO. I have informed the board my decision this morning. I have 12 months notice period, so there's ample time for an orderly transition, and I remain fully committed to the agenda we are executing. The decision has matured over the summer, as it often does, and I have come to the conclusion that from a personal view, it's 100% right timing. From the professional side, I think it's very advantageous to get some new leadership in for what's next for Swedencare the next three to five years. We have a group that have a majority of pieces that consistently over-delivers and a couple where we've had and have some challenges. These challenges are about to be resolved, so I will be able to hand over the reins of a strong group in the animal health space. I do not envision any new operative roles for me, but will of course be open to board and advisor positions when my role here has ended. I will not start thanking anyone at this moment. That will have to wait for the actual end date of my term. Let's go over the highlights of the business. First, market trends overall. Europe and rest of the world remain very strong or strong, while North America has been somewhat softer than expected for a market as a whole, and also for us. It's especially in the dermatology side and also somewhat in supplements, that it's been not close to double-digit growth for North America, more closer to mid-single digit this year. Haven't had any market findings of what's the reason for this, but of course, there is lots of turmoil in the world and especially internal in the U.S. with rising gas prices, et cetera. Online continues to outperform the other channels, and it keeps on growing the percentage it has of the total supplement sales. I've read some new findings that it has around 75% of all supplements being sold, and that was expected in 2028. But I can't confirm that's really the case. Second, high commercial activity. We participated in several trade shows across the globe: China, Europe, South America, and the U.S., and we see this as very important for both existing partners and of course, finding new partners and new market entries. Third, our proprietary AI marketing solution for ProDen PlaqueOff has shown genuinely interesting results. It's proving its value, and we plan to roll it out across multiple group brands from 2027 and onwards. We are planning and building an internal team for this. Hopefully we can start with that early next year. Finally, we're increasingly focused on larger projects with several partners, predominantly in markets where we're not present, but also in the U.S. where we have some new opportunities for very interesting collaborations with new partners. This is also due to two reasons, that we have a unique group with manufacturing capabilities, combined with strong online capabilities. Of course, that we are not so M&A-focused as we have been in the past. We are now looking for more strategic collaborations, compared to right out M&A activities. The different segments. North America is the one region still tracking below expectations. Demand has been softer than planned overall. NaturVet and medicated liquids business is the main drag for us. However, we do expect both will pick up end of the year. Most of the challenges we've had with NaturVet have now been overcome. We have shifted focus to ROI and profitability, seen already this quarter, rather than growth at a high cost. Growth is picking up but at slower pace than I expected. However, the trend is positive, and from next quarter, we expect to be in line with expectations. The actions are clear. NaturVet is a legacy brand with high credibility, and we are seeing new customers being added and older returning. The new sales teams are having fruitful meetings with many major players in the sector, and I expect a very different 2027 with growth, increased shelf space, and new outlets. The new big box private label customer that was pushed into Q3 has now launched successfully in this quarter. High and steady sales out the door after just a couple of weeks. ProDen PlaqueOff continues its impressive growth journey, both online and in physical stores. The new cat cream will be launched early 2027 in the U.S., and we already have many customer asking for it since we have launched in Europe. We expect the region to improve decisively in Q4, both due to comps being lower and also that we see continued clawback, and we expect that trend to continue. But we're not calling it turn yet. Europe and rest of the world. Online, basically strong numbers for every region in Europe, U.K., Germany, Italy, and Spain all deliver strong double-digit growth, and we keep building out the product catalog on Amazon, Zooplus, and TikTok. TikTok has moved up as a very important channel for us this year in total. Especially Germany is interesting with very strong growth, but from a low base. Size-wise, Germany is basically the same market size as the U.K. For us, we have less than 10% of the U.K. sales are delivered in Germany. In the start of the year, it was under 5%. So it has been strong growth in Germany, and we see the trajectory increasing month-on-month. So it will be very interesting to see how the German figures will be in 2027. Pet retail. We are launching Nature's Best by Swedencare this fall. Will not happen much in this quarter, but early Q4 in October, we are launching with the biggest pet retailer in the U.K. Then we expect to add other regions as opportunity arises end of this year and also all of 2027. Rest of the world continues to add new markets for ProDen PlaqueOff, and we are in dialogue on other brands in several additional markets, especially Asia. We have the dialogues up and going from the trade show in China, but also other markets. For present markets, another strong export quarter for Swedencare, not as a record that was in Q2, but probably the second-best quarter ever in our group's history. Veterinary. Summit Vet, we made a press release about Summit Vet. It is first to market with soft chew specials in the U.K. veterinary channel, with first sales orders already trickling in. In the veterinary channel, otherwise, our U.K.-focused vet brand Nutravet have had a number of well-received product launches in the quarter, leading to double-digit growth also this quarter. Production momentum continues in pharma with two new MSAs signed and continued healthy flow of new RFPs, perhaps too healthy. The team in Montreal are working very long hours for all of these new RFPs, and we actually have to select a bit between them. But the momentum is very high for our CDMO activities in Montreal. In the U.K., we launched a new major Pan-European contract manufacturing client in August at record speed, and many of the leading brands are now customers of ours with regards to especially soft chews in Europe. In the U.S., VetUS South had its SQF inspection last week with a verbal approval. For those of you that remember, we got the SQF certification for NaturVet first half year. Why this is important is that SQF means that all of the, let's say, major retailers, not pet retailers, but major retailers, they demand the SQF inspection or grade, and that is a food grade inspection compared to feed grade. So it is even stricter regulatory rules, basically the same as manufacturing human food. So we are very proud of having two facilities approved with this certification. New capabilities come on stream from Q4 into Q1 2027. So lots of work with that in Q3, not giving us any revenue, but very interesting capabilities that we are building out at VetUS South facility in Florida. It is predominantly as, let's say, first half year, we will only manufacture internal demand, but then it will be expanded with external customers second half of 2027. I will be able to inform you about this capability once we have launched the products in the market, probably Q1 2027. During Q4, we will have transferred the last volume of extruded products in the U.S., previously made by external partners into our own facilities. It's good both for margin and control of the product and quality. As you know, we have around 90% of all of the products that we sell out on the market under our brands being manufactured by ourselves, and that will probably, when these two capabilities have been or this new capability plus the return of the last extruded products, we will probably be close to 95% of internal manufacturing. Looking at the expected financials after two third of the quarter, we expect similar trend for segment as last quarter, strong European and production sales, despite VetUS South being soft. North America is still too weak. Organic growth, similar to Q2, single digit, not supporting our double-digit annual target. We need to have a strong Q4 to reach that target. Gross margin similar to Q2, 59%-60%. EBITA, here's the highlight of this quarter. I expect it to be the best quarter for the year, over 20% margin. Where it ends, we still have to wait and see. But I feel confident that it will be the strongest quarter for the year profitability-wise. We have been working hard with also getting the profitability up. Much comes with volume, but also other things that we control has improved. Net debt to EBITA lower than Q2, expected to be under three. The Summit earn-out due within 12 months is still impacting, of course, and it remains to be seen how they perform the last quarters for that earn-out. We measure that earn-out up until end of last March. That brings us to Q&A. Emma? Yes. Your first question comes from Adrian. Please go ahead. Hi, Håkan. Good afternoon. I will just first start off saying thanks for the cooperation over the years. It was very nice working with you. I suppose that we will see you for some time still. As you said yourself, we will see when you actually leave the company, but thank you. Just a few questions my side. Firstly, can we have any update on the distribution merger in the U.S. of the distributors? Has this had any effect yet here in Q3? Is this partially why you have seen some softer performance in the U.S.? Yes. Good question. I could have mentioned that. Yes, that merger has been, the latest I heard at least, was that it is going to go through. No impediments with the actual merger. We have seen from that merger that the orders that we expected in Q2 and the launches, the main products will be launched, several products will be launched in Q4. We will have some uptake in this quarter, but the majority of those delivers from our side will be early Q4. Okay. Very clear. Another status update, I suppose, regarding the rogue sellers on Amazon. The follow-up question to that is, are you starting to see your marketing spending yielding growth yet? Yes. Exactly. Rogue sellers are definitely, I would say, as good as it gets. There will always be someone popping up. It is at the normal level. We do see some, let us say, smaller distributors selling out all of their old label products. There are still those around in the distributor, some smaller distributors, and that creating some issues. But overall, I would say that we now focus on having transparency programs on majority of our products, so they cannot be delivered into Amazon from rogue sellers. So where we now have some issues is just from other online platforms selling at lower prices, and then the Amazon algorithms react. But I would say that it is under control, and we definitely see that our marketing spend will have a better ROI, as I said. We have seen it already this quarter, and that will continue to improve in Q4. Okay. Thanks for that. Last question for my part. Could you confirm how large the new big box private label contract has added in terms of sales, or at least any indication of the magnitude? I cannot confirm the actual sales out the door. What I can say is that the trend is still only new customers buying the product. It is a big size product, only one SKU. The returning customers for that product will not be shown in until October. For us, if it continues with this out-of-door sales as it has now, it will be a multimillion customer for us. Okay, perfect. That was all for me. Thank you, Håkan. Have a good weekend. Thank you. Thank you, Adrian. I cannot see any more raised hands, so it looks like that covers all the questions for today. The result of a great presentation. Oh, here is Adrian again. Am I still unmuted? We hear you. Yeah, very good. Then if I am the only one asking the question, I can take one more question. Sorry. Yeah. Sure. Just one quick one. The trade shows that you've had during the quarter, do you have any indication of how much that has cost? I would say similar to last year. I don't have the actual cost, but they cost, they do cost. Sorry, I don't have that. We haven't spent more this Q3 than last year on trade shows. Okay. Perfect. Thank you again, Håkan. Okay. Thank you so much. Have a great weekend.