Good morning, everybody, and welcome to the Q2 report for Silex Microsystems. I am Edvard Kälvesten, and I'm the CEO and founder. Here we have also Maria Engström, which is our CFO. What has happened in Q2 for Silex? We had made a successful listing at Nasdaq, and we also raised the financing for the fab we are buying in the U.S. and for growth in Sweden. We have shown a good growth and profitability growth of 27% and a profitability of 32% EBIT margin. We see a stable and growing customer demand, generally in all application areas, but specifically in data centers for optical switches. We have signed an agreement to acquire a U.S. fab, and that has been on the request from U.S. customers. This open up also other new opportunities like defense sector. Finally, we continue to expand in Järfälla to build capacity also in the Sweden fab. What company is Silex? Silex is a Swedish company with a lot of international customers. We have 57% of the sales is in U.S., we have 30% in Europe, and 11% in Asia. We are a pure-play MEMS foundry that is exactly the same as TSMC is for semiconductors. We don't have any own designs, no own products. The customer come with the design, and we help them to translate that in the process and the product design. Silex is a world leading in terms of MEMS capability technologies for all MEMS foundries. Finally, we work with the biggest companies in the world, supporting their innovations to translate that into MEMS innovations. Since several years, we have been the number one global MEMS foundry. We have about 500 employees, of which around 200 is engineers and technicians. We have a high margin. Generally, we have a financial target of about 30% and have the growth of 19% the last 12 months. What is MEMS? MEMS is a niche within semiconductors. We are using the same equipment to 80% as semiconductors, and we add 20% of MEMS equipment. In that way, you build a MEMS fab. A MEMS chip doesn't only have electrical functions, it also have physical functions. It can have membranes or beams for actuation and also groves and different kind of mechanical structures. Silex's vision is to become the undisputable MEMS foundry, meaning that everybody who should build a MEMS product should always come and discuss and ask Silex if we can do it. That is exactly the same as TSMC is in semiconductors. They have more than 50% market share. Silex is around 15% market share today. That is our long-term vision. We are present in all different kind of applications areas, everything from industrial areas to the data centers with transceivers, switching, and different kind of photonics. Medical devices, DNA analysis, pressure sensors. We had the pressure sensor fabricated since Silex started 26 years ago. We are getting more and more into consumers in terms of audio MEMS, microphones, loudspeakers, MicroLEDs, all the way to automotives, which includes self-driving cars, drones, and all kind of self-driving vehicles. Some key figures for 2026. The net sales, SEK 393 million, 27% growth since Q2 last year. For the EBIT, SEK 134 million with a 34% margin. Cash flow is in line with the EBIT margin. If you look at the net sales per geography, you can see that the North America, main part is U.S., of course, has grown quite a lot since last year, and that is driven a lot by the data centers and the big tech companies. If you look per end market, you can see that all end markets are growing, somewhat bigger growth in telecom, where we have the data centers. If you go to per product category, you can see that the development is growing more than production, and that is partly due to that we get in more new customers with IPO, with the new fab in U.S., but mainly part to product mix just this quarter. You should remind yourself that you can't just look at a single quarter. You should look at longer periods if you would see how that would change over time. As a market update, as I said before, you can see that the data centers with all type of optical circuit, photonic solutions is continuing to grow. You can also see in the market that defense and aerospace companies are having requests for different kind of MEMS solutions as well. That is helped now with the U.S. establishment we are doing with the fab in U.S. Generally, you can see that we follow the same trend as semiconductor has done the last 20 years. That is more and more foundry business. That is what TSMC has been driving the last 20 years, taking business from the IDMs to the foundry business. We see the same trend in MEMS. Here is the foundry ranking for 2025 in terms of revenue, and this is coming from Yole Intelligence report, newly released. Here you can see that Silex continue to grow faster in absolute numbers than the competitors. We can also see that foundries, the CMOS foundries, which are also doing some MEMS, TSMC and X-FAB, is continued to grow, but not as much as Silex. Also the product companies with some MEMS foundry business like Teledyne and Infineon are slowing down. Generally, in this graph, you can see that Silex Microsystems and Atomica and UNT, that these are the pure-play MEMS foundries. Most of the others are mixing, doing both semiconductor MEMS or mixing, doing both products and doing foundry business. The expansion we are working with now is firstly the binding agreement we signed with this fab in U.S. from onsemi. This is according to LOI we had in the prospectus. This really enables growth within U.S. and within U.S. customers mainly. In parallel, we're also growing the fab in Sweden to be able to add around 35% additional production capacity in Sweden. The fab in Mountain Top, Pennsylvania, we acquired. It's a 200 mm fab, onsemi, a standard semiconductor fab. They are moving their products from that fab to other fabs, internal and external. This is an asset purchase and includes production facility, the real property, all infrastructure, manufacturing equipment, but we will also take over the 130 employee as of 1st of January 2028. Purchase price, $40 million. We paid $10 million as signing. We are planning to close that in the end of 2027, 1st of January 2028. That means that onsemi can continue to manufacture their legacy products during this time to finish that. In parallel, we can use them as an outsourcing partner to develop and also produce our products during 2026 and 2027. The 1st of January, we are taking over the fab, subject to approval of CFIUS for the foreign investment, which we expect. Normally, that type of approval takes around three to six months from now. This is a recap what we are focused on at Silex. Of course, continue focus on key end markets as we have done the last 26 years since start. We continue to invest in innovation, in different capabilities for MEMS, but also capacity. IPO is now unlocking different type of segments like defense. The U.S. expansion open up, even if U.S. market has been our most important market, this open up new opportunities in U.S., not only in the new segments, but also for new type of customers, which really want the U.S. fab. Especially now in a geopolitical situation we are now, that it changes every day. It's important to have a U.S. fab. Here we have some timeline. We signed this binding agreement now in 2026. We will invest in that fab, build MEMS, adding the MEMS equipment and develop products and start to even produce some products in 2027. In total, SEK 1 billion in 2026, 2027, including the purchase price. We will invest another SEK 200 million per year, 2028 to 2030. Closing, again, will be around 1st of January 2028. I hand over to Maria, our CFO. Thank you, Edvard. Let's go to the next slide, the net sales. We delivered a strong top line growth during the second quarter with net sales of SEK 393 million. This was a growth of 27.3% year-over-year, or SEK 84 million. Currency adjusted, the growth was 31.8%, and the difference is due to foreign exchange effects. Approximately 60%-70% of our net sales is invoiced in U.S. dollars. A key driver of the growth was the continued strong demand for development projects, partly following the transition to Swedish majority ownership, but also due to customer mix. Revenue from development projects increased by SEK 61 million year-over-year or 73% of the total net sales increase. North America was our largest market and remained a key growth driver. Revenue in this region increased by SEK 70 million year-over-year, or 85% of total net sales increase, mainly due to strong demand for optical switching applications, as Edvard said, and that is within our telecom end market. Looking at the longer-term trend, our rolling 12-month growth ended up at 19% year-over-year, reflecting a stable growth and continued strong demand from our customers. Let's go to next slide and the profitability. We delivered a strong EBIT of SEK 134 million, more than doubling, compared with same quarter last year. As a result, the EBIT margin improved to 34% from 18.1%. Excluding non-recurrent items, our adjusted EBIT reached SEK 136 million, compared with SEK 63 million last year. This corresponds to an adjusted EBIT margin of 34.5% going up from 20.3%. The adjustments primarily relate to IPO-related costs this year and last year, both IPO-related cost and cost due to change of the ownership. We had a strong improvement in profitability, primarily driven by the higher sales, of course. That, of course, demonstrates the operating leverage in our business. EBIT was positively impacted by the foreign exchange effects of SEK 19 million related to revaluation of balance sheet items. Last year, the corresponding figure was negative SEK 4 million. Excluding these foreign exchange effects, in both periods, the EBIT margin was still good, approximately 29% this year and 19% same period last year. Here again, looking at the long-term trend, our rolling 12-month EBIT growth was 32%. Also, of course, reflecting a stable growth and continued efficient operations. Let's go to the cash flow and financial position. We delivered a strong operating cash flow of SEK 123 million due to strong operating result, also a positive change in working capital, mainly due to an increase in trade payables due to investments in tangible fixed assets. At the same time, we continue to invest in our new technology and capacity in our Järfälla facility, of course, to support future growth and meet increasing demand from our customers. These investments amounted to SEK 98 million during the quarter. Following the SEK 1 billion capital raise in connection with the IPO, we continued to maintain a strong financial position, we ended the quarter with cash and cash equivalents of SEK 1.3 billion. This, of course, provide us with the financial flexibility to execute on our long-term expansion strategy. In addition, during the quarter, we secured a SEK 750 million revolving credit facility, which further, of course, enhance our financial flexibility. However, that remained undrawn at the end of the quarter. Let's summarize this with the financial results. We had the strong revenue growth of 27.3%, mainly driven by development projects and OCS applications. Our continued investments in people and production generated a cost increase of 7.1%, Were more than offset by the higher net sales level. EBIT margin ended up at 34%, Adjusted EBIT margin at 34.5%, demonstrating the scalability of our business model. In addition, EBIT did benefit of the SEK 19 million in unrealized foreign exchange effects, as I mentioned earlier. This was mainly due to the strong U.S. dollar versus SEK. As a result, we delivered an improvement of SEK 67 million in net earnings compared to the same quarter last year. Let's take a look at the first half. The previous slide. Yes, thank you. Looking at that, net sales increased with SEK 125 million, or 19.5%, currency adjusted 31.1%, reflecting continued strong demand from our customers. Growth was primarily driven by continued strong demand from, again, our development projects, which increased with SEK 117 million year-over-year, following transition to majority Swedish ownership, partly. We saw continued strong demand also in the OCS applications, as mentioned, particularly in the U.S. We continued to invest in people and production capacity to support future growth. Despite this investment, the higher sales contributed to a significant improvement in profitability, again demonstrating the scalability of the business model. The EBIT margin improved to 34.1%, compared with 22.2% in the second half of 2025. EBIT included a positive foreign exchange effect of SEK 32 million for the first half, and last year, a negative of SEK 32 million. Excluding these foreign exchange effects in both periods, we still ended up at a very good EBIT level of 30% this first half and 27% in 2025. Net profit, as I said, more than doubled to SEK 207 million, and earnings per share after dilution increased to SEK 1.92 from SEK 1.11 first half last year. Let's go to the financial targets. We delivered good across all these targets. The net sales on the last one month reached SEK 1.5 billion, moving us closer to our target of SEK 2.5 billion by 2030. At the same time, our EBIT stands at 32.2% at LTM and are a bit above our medium target of more than 30% EBIT. Our net debt towards EBITDA ratio was -1.6 x, meaning being net cash positive. This reflects, again, our strong balance sheet and cash position. We believe the current performance demonstrates that we are executing well against our financial targets. It's also important to mention that these financial targets, as we have communicated before, do not include the U.S. expansion initiative. Before we go to questions, this is our financial calendar. Our Q3 report will be released on November 4th, and the year-end in February next year, and annual report in March. I hand over to Q&A session. We will now open up for questions. To ask a question, press star five on your telephone keypad to enter the queue. When it's your turn to speak, press star six to unmute your microphone. The first question comes from Simon Granath at ABG. Please go ahead. Hi, Edvard and Maria. Congrats on the strong results. While I know that you do not want to comment on specific customer projects, I'm still very keen to trying to better understand the durability of the strength in different end markets. Specifically, could you give any color on the demand you are seeing in OCS and Life Science? Is it fair to assume that it's driven by an increased number of customers and not only specific customer projects? Thank you. If we start with the OCS market, absolutely, it's driven by increased demand from new customers, we see several new customers coming in here in Q2. They have a window now to get into the OCS for the data centers. It builds a lot of new data centers, not only the initial big MAG7 company, but also the others are looking into building their own data centers. We see a continued growth there, and open up a lot of opportunities for new type of companies delivering that type of components. For Life Science, I would say it's more stable, and the growth we had in Q2, compared to Q2 last year, is rather more product specific and the current product mix and what happens just with those customers we have in medical. Generally, it's a strong growth in all application areas. It's not only the data centers. All our application areas are growing this quarter. Thank you. As a follow-up, given that you're now also attracting more customers in the OCS space, would it be fair to say that you're even seeing an acceleration in demand? The new customers are typically development customers. You know also, Simon, not all of these customers will succeed. We have a churn rate of the customers, some will succeed and some will not. What we have as a leading MEMS foundry for OCS, we absolutely have a big chance to keep most of the winners in that market. Sounds fair. Thank you. Onto the gross margin. It's coming down a bit here, which in earnest is in line with your own guidance. Going forward, and given the mix you are seeing, is this a more normalized level, i.e., at around 83%? Do you see any trend shifts as we move into H2 in 2027? We don't give any forecast on gross margin. It's too short period to draw any conclusions on a single quarter. Generally, you can say that what we have now is in line, what we have seen historically and what we will see going forward. Perfect. Just a final question from me. Development revenues remain at historically very high levels. As you point out, there are new customers who are helping those volumes. I know that you have previously highlighted some bottlenecks for growing this further. Is this something that you might ease going forward? We are hiring a lot. Mainly it's engineering, which is our limitation today, and it's been the last year. It takes time to train new engineers to get up to speed. Now we are quite big. We have around 200 engineers at Silex, so we have a faster way to train new engineers. That is our current bottleneck, and it will continue to be that, but we have just hired 25 new engineers to be trained, and they'll be moved to the U.S. fab, to transfer MEMS to that fab. We are very active in hiring. Actually, it seems we are more attractive, and we get very good talents when we're hiring people now, when we are a public company. Good. Thank you. Congrats again to the strong results, and have a nice summer. Thank you. The next question comes from Ruben Devos at the Kepler Cheuvreux. Please go ahead. Yes. Good morning. Thanks for taking my questions. I just had a few on the U.S. fab. I think with the press release last week, it was mentioned that you would have about $40 million purchase, but that's only a small part of the SEK 1.6 billion you expect to invest by 2030. I was curious whether you could walk us through how much of that is sort of conversion and equipment and sort of when depreciation starts to impact the P&L. Trying to wrap our head around sort of the DnA and how much of a drag that could be before the revenue comes in. Very rough. As you said, we are now planning around SEK 1.6 billion until 2030. Of this SEK 1.6 billion, SEK 400 million, very roughly, is the purchase. We have the building and adding clean room space will take some of the rest of the SEK 1.2 billion. The main part will be new equipment spread out over this period, starting in the end of 2026 and being finished in 2030. Okay. That's very helpful already. You talked about the EBIT break even by 2030, and by 2034 you would have Järfälla-like margins. We could sort of work our way in terms of what sales contribution that might be associated with, right? What we helped you with was that both sales and profit margins will be similar to Sweden Fab 2025 numbers. Also for the sales, you should look at the revenue 2025 for the Sweden Fab. Okay. Let's say SEK 1.5 billion sales by 2034, hypothetically. How do you think about the phasing? Obviously, A, you've got 130 engineers coming in. You have some high DnA initially. What percentage of that SEK 1.5 billion, let's say, could you already see in the late 2020s? In the late 2020s, SEK 400 million, SEK 600 million, 20%, something like. How do you see that phasing pan out? We haven't communicated that, but in 2026 and 2027, we don't take the ownership of the fab, so we don't take all the cost. That means that we also, of course, not get full availability of the fab. We will do development, also start production in 2027. That will generate the first revenue chunk. From 2028 and going forward, then we'll ramp up in the fab. I just should correct you somewhat. We didn't do SEK 1.5 billion in 2025 for Silex. Yeah. I don't have exact numbers. 1.385. SEK 1.385 billion. Yeah. Yeah, just rounded it. Yeah. Okay. Maybe a final question on the U.S. fab still. I think Mountain Top is around 3,000 sq m of clean room in use and roughly 2,000 more available. Basically that SEK 1.6 billion plan, it already accounts largely for filling that second tranche, that 9,000 sq m additional? Or how should we think about the capital commitment there? If I remember right, we have around 3,000 there now, and then we have the potential to add another 12,000 sq m. That will- Yeah fill for the MEMS equipment. The number of sq m for clean will not be a limitation in that fab. We have very huge capacity there if needed, but that will require more MEMS equipment as well. Okay. Yeah. In terms of the standard CMOS equipment, that will take us far, but we need to add MEMS equipment to match that CMOS equipment. All right. Okay. Thank you. Then just a final question, not related to the U.S. fab, but basically it's a bit of a general question. You've got strong and growing demand, but we got a bit limited visibility on the order book or the backlog. There's no outlook for the year. Could you give us any sense of coverage maybe for the second half of this year? Whether through booked capacity, framework agreements? That would be very helpful. Thanks. Unfortunately, we don't guide on a forecast for a second half. Not more than that, we can say that it seems business continue in the same angle as it is done before. You should learn from the history. Okay. All right. Okay. Fair enough. I'll be back to the queue. Thank you. Thank you. The next question comes from Erik Lindholm-Röjestål at SEB. Please go ahead. Hi, good morning. Thanks for taking my questions. Just wanted to follow up on the OCS, please. Can you say roughly how many customers do you have on optical circuit switches right now? How many of these are in development and how many are in production? I'll start there. We don't give these exact numbers, but in the range of 10 OCS customers in total and one in high volume production. Just in general, do you have any sense as to the penetration of optical circuit switches in data centers generally right now? It's still mainly one hyperscaler that has deployed this, right? As of my knowledge is, what is communicated on the market publicly, it's only one who have that in real scale. Some others are together with some of Silex customers and maybe some are not Silex customers, testing also. I think they have some way to go. The leader seems to be a good leader. Yep. All right. Are there any OCS customers that you don't have, so to speak? Everybody's asking that. We don't share that. What I can say is that we have all of them, or most of them as customers, or we are speaking with most of them to be a customer. Okay. As the only MEMS foundry producing OCS and having done that for 10 years now, we are a natural player to work with if you want to develop an OCS chip very fast and to a cost-efficient way. Excellent. You mentioned defense as an interesting area, and you're seeing strong interest there. Is the U.S. fab a requirement to start onboarding these customers, or are you also seeing interest from European defense customers? We are speaking with some European as well, as of now, we have seen most interest from U.S. customers. All right. In the defense area. Okay. Is it large U.S. defense primes, or is it smaller startups, or what type of customers are these? It's both. It's from very large companies to small startups. All right. Sounds promising. I just wanted to ask as well on, you mentioned AR and VR as a driver, in the presentation at least. I believe this is primarily one very large development project. Is it possible to give any details as to when this customer should reach production and has there been any adjustments in this project, in the intensity of this project? I would say it's a very good program. Customer is very happy. We are happy. We are following the same timeline as we have done the last years. Can you say anything about that timeline, when it should reach production? I think I earlier have communicated that the goal for production start is in 2028. All right. Okay, excellent. Just finally, on EBIT margins, you are tracking slightly above your midterm targets. Are you seeing any reason to suggest that EBIT margins would go lower ahead? Any inflation on components, raw materials, wafer prices? Yeah. Anything on EBIT margins or gross margins for that matter? With the gross margins we have, it will not affect so much on the EBIT level, what the purchase price is. Yeah, of course, it can affect the gross margin one. It can, but we don't see that. We don't see that as of now. Great. Okay. Excellent. Thank you. Bye-bye. Thank you. With that, we conclude the questions and answer session. I hand the word back to the speakers for any closing comments. Thank you very much, and thank you for listening in to us in the Silex first Q2 report and first official report as a public company. I wish you a very nice summer and looking forward to meet you again later. Thank you.