Good morning and welcome to the presentation of Sensys Gatso Group's Q2 2025. Welcome to the Sensys Gatso Group Q2 2025 Report Presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing the pound key five on their telephone keypad. If you are listening to the presentation via webcast, you can ask written questions using the form below. Now, I will hand the conference over to speakers CEO Lewis Miller and CFO Simon Mulder. Please go ahead. Good morning and welcome to the presentation of Sensys Gatso Group's Q2 2025 Interim Report. My name is Lewis Miller, Group Chief Executive Officer. I started with the company on June 16 of this year, bringing 20+ years of industry experience and various senior leadership positions in global markets. Joining me this morning is Simon Mulder, the Group's Chief Financial Officer. I'll be speaking briefly on joining the company and then provide an overview of our strong quarterly results. I'll then turn the discussion over to Simon to review the Group's financial results in greater detail before addressing our financial outlook for the remainder of the year and opening things up for questions. First and foremost, I'm thrilled with the opportunity to join the company and would like to thank Ivo Mönnink, our prior CEO, for his excellent guidance of the company in smooth transition. Here at Sensys Gatso, we have a strong history and globally recognized brand, a global footprint in core markets, with strong demand for our automated enforcement solutions, including in Europe, Asia-Pacific, and North America. We have innovative technology backed by a talented and dedicated team. In short, we have a very strong foundation from which to grow, and again, I'm very excited for the opportunity to lead the company. Now into my third month, I've been focusing on engaging with our global teams and stakeholders to better understand what drives our performance, assessing our markets to support good investment decisions backed by strong business cases, and evaluating our technology and go-to-market strategies to ensure we are positioned for success. All of this is with a clear goal of driving profitable growth and efficient operations. With that said, let's take a look at our financial results for Q2. Focusing first on our strong revenue results for the quarter, we achieved SEK 204 million, representing a 22% increase over the same period in 2024. This included significant revenue from our core Swedish and Dutch projects, as well as the commencement of TraaS revenue from our Saudi Arabia maintenance contracts. The U.S. business is recovering nicely from last year's legislative changes in Iowa, with incremental revenue from new contracts and program expansions. Overall, we continue to see strong demand in our core markets with numerous opportunities in process. Turning next to EBITDA: we are also pleased with our Q2 results. EBITDA for the quarter amounted to SEK 31.4 million, or a margin of 15.4%. This is up from 7.3% in Q1 and a 29% increase over Q2 2024. Overall, our EBITDA margin for the first half of the year is 11.8%. We believe our Q2 results better reflect our underlying operational performance heading into the second half of the year. With that, I'd like to turn things over to Simon to speak to our Group's financial results in greater detail. All right, thank you, Lou. As always, I will take you through Group's financial performance, go into detail on our segments' performance, and look at our cash position. To start with the Group's financial performance: as Lou has already mentioned, Q2 revenue increased by 22% to SEK 204 million, with system sales increasing 39% and TraaS revenue increasing 7%. The increase is mainly driven by Swedish and Dutch projects, as well as Saudi revenue. We've seen a good gross profit margin of 43%, positively impacted by Saudi revenue. This has resulted in a strong EBITDA of SEK 31.4 million, up 29%, representing a 15.4% EBITDA margin. The Q2 performance resulted in a positive cash flow from operations of SEK 22 million. Looking at the segment managed services, the segment managed services mainly relates to our U.S. operations. We see a strong market demand with significant procurement activity. Despite that, we've seen a lower order intake compared to Q2 2024 due to renewal timing and expected sales cycles. During the quarter, revenue has stabilized. The revenue was slightly down from SEK 48 million to SEK 46 million, impacted by currency fluctuations to SEK 5 million, the impact of Iowa legislative changes of approximately SEK 6 million, and an underlying growth of our U.S. business of approximately SEK 9 million for new customers and program expansions. EBITDA was up by 28% to SEK 9 million, including a one-time insurance recovery of SEK 8 million. Moving to the segment system sales, the order intake for the quarter amounted to SEK 40 million. This is from various customers, existing customers with smaller and repeat orders. Revenue during the quarter was up by 33%, driven by deliveries on the Swedish project and the Dutch project, as well as Saudi Arabia final invoicing. The segment system sales now has a TraaS revenue that is stable around SEK 47 million per quarter. EBITDA is up by 29% to SEK 23 million, impacted by a high flow down of the Saudi financial invoicing, but offset by the provisioning of the LATAM receivables. Moving to our cash position, our available cash ended at SEK 137 million. During H1, we've invested in fixed assets and in working capital, both to approximately SEK 40 million. The investment in working capital relates to project-related inventory buildup and receivables that will convert to cash. Several items have impacted our interest-bearing debt that ended at SEK 291 million, such as increased lease liabilities related to the prolongation of our headquarters to SEK 22 million, translation effects on our bond of SEK 10 million, and increased credit facility usage of SEK 20 million. With that, I would like to hand it back over to Lou. Thanks, Simon. To conclude our presentation, I'd like to address our financial outlook for the remainder of the year. In doing so, we need to recognize certain instabilities in the global political environment, which pose challenges for forecasting our full-year results. However, our strong base of long-term recurring revenue helps to mitigate risk. We achieve approximately SEK 100 million in recurring revenue quarterly from long-term contracts with high renewal rates, with contributions from each of our core markets, including approximately 50% from the U.S. In light of this, we are reaffirming our 2025 financial guidance. At mid-year, we're trending to the lower end of our revenue guidance of SEK 700 million-SEK 800 million and the mid-range of our EBITDA guidance of 12%- 14%. We'll continue to closely monitor market developments and are confident in our ability to deliver in line with expectations. To summarize our interim report today, the takeaways are as follows: we continue to see high demand globally with multiple opportunities in process. For the quarter, we have strong revenue growth with improved EBITDA margins, and we're reaffirming our 2025 financial goals. With that, I'd like to open things up to 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. Yes, hello everyone, and a very welcome to the financial world of Sensys Gatso, Lewis. We're looking forward to working with you. I will start with some financial questions for Simon, and then I'll turn over to some more market-oriented questions to you, Lewis. Simon, if I understand correctly, the net one-off impact on the result is SEK + 4 million, SEK -18 million, SEK ± 14 million. Is that a correct interpretation? Yes, that's correct. Okay, thank you. The second question is on the FX items. I suppose that that is not cash, that is just a reevaluation of different balance sheet items. Is that how I interpret it? Is this correct? Erling, you're absolutely right. We know that we have Euro bonds, and we have various receivables and payables in different kinds of currencies. These translate at the end of the month, end of the quarter, and are largely unrealized translations of those currencies. Okay, thank you. Another question is on investment in fixed assets. They were quite high in the quarter. What was that, and what is the outlook for your CapEx budget for the rest of the year? Yeah, to start with the first question, Erling, is that in the presentation of the managed services segment, we elaborated on the underlying growth of that segment relating to the U.S. business of approximately [SEK 9 million] in the quarter. Of course, that revenue buildup or increase is driven by new investments in fixed assets and operations. That is ongoing for us throughout the year. I would expect it to be similar during HQ. I hope that answers your question. Yes, thank you very much. The final question to you, Simon, the cash flow from working capital, what's the timing of the conversion into cash? Is it within the next weeks, or is it within the next years? Yeah, if we look at the inventory work in progress buildup, and especially the work in progress buildup, that of course needs to convert to receivables and convert into cash during 2025. Of course, we have big projects ongoing, we will see working capital remain to be high for a while, but of course these positions will convert into cash. Okay, so it's more of a little bit longer-term duration rather than a very short-term duration. Is that the correct interpretation? That's the correct interpretation. As long as we have big projects, and thankfully we do, this is what we see in our balance sheets. Okay, thank you. I'll turn over to you, Lewis, and it would be great to hear your thoughts, especially on the U.S. market. You have a long experience there. If you just could, you know, there is a lot of news flow coming out of the U.S. that is hard to filter for us that are not based there. What would you say is the overall general view of the willingness to expand into automated traffic control if you start from a really high level? Yeah, sure, and first of all, thank you for the warm welcome to the company. It's much, much appreciated into the call today. In terms of the U.S. market at a high level, we continue to see significant procurement activity in the opening of new markets at a rate that is significant compared to what I would say in my experience over the last several decades. The rapid opening of new markets with significant procurement activity. In light of the more, I would say, global political situation or broader political situation in the U.S., automated enforcement is regulated largely at the state and local level in the U.S. That doesn't mean it's entirely immune from some of those political instabilities that are going on, but we continue to see strong demand and growth in the U.S. market. Okay, if we turn to the Iowa situation, could you expand a little bit or elaborate on your view of what has happened and what you expect in Iowa going forward? Certainly, yeah, I would say that where we sit today in Iowa, it is good. A lot of the uncertainty around the legislative environment was resolved with some of the changes last year, and we now know the environment that we're working in. We continue to have, in particular, mobile locations approved with enforcement continuing. I would say the situation has stabilized, which is good because we understand what's expected in that market, and we anticipate continuing to renew with our existing customers in the state. Okay, thank you. If you were to rank the states where we are active right now, where would you see the biggest potential in your view? I think we continue to see opportunity across multiple states. That includes what we've seen in terms of recovery in Iowa, a strong position in Pennsylvania, other positions in the northeast of the country as well. At this time, we'd like to not specify particular locations, right? I think across the country, we continue to see strong demand and the continuing opening of markets. Okay, thanks. You touched upon the dynamics between federal and state level. Is it fair to say that most of the legislation is actually based on a state or even lower level? Do you foresee any big changes on the federal level at your horizon? Yeah, that's correct to say that in a regulatory environment, it's done largely or almost exclusively at the state level, and that can carry down to local municipalities as well. That's the primary driver. There is negative activity in some states, but not where we have significant exposure. Net, I think we see an expansion of the market as opposed to the market contracting, which is very positive for us. Final question, where do you see competition when you're out selling your product? What is your view of the competitive landscape? In particular, how is Sensys Gatso positioned relative to other players? In light of the growth opportunities in the U.S., I think there's strong competition. I think we see that in our markets, but I also think that we're well positioned to capture our fair share of the market and to compete successfully. Okay, thank you very much. That was all from me. You're welcome. Thanks, Erling. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any written questions or closing comments. I think we'll wrap things up and thank everyone for your time today.