Hi, everybody, and welcome to the presentation of our third quarter report for 2022. As usual, when we at Trelleborg are presenting the results, I will kick off giving some overall headlines and also comment individually on our business areas. Then Fredrik, our group CFO, will take over and guide you through the financials. I'll do the summing up, and then Fredrik and myself is then opening up for Q&A at the end of this session. Normal agenda, starting off with some general highlights, followed once again by business area comments, financials by Fredrik. Then some summary, and also especially then some comments on the outlook for the running quarter, and then finishing off with the Q&A session. Highlights. We have a very strong quarter in more or less, if not all aspects. Sales is record high for an individual quarter, of course, benefiting from currency. Nevertheless, the reported figures are the highest sales figure ever for Trelleborg in an individual quarter. Organic sales, very strong, 15%. Then as already commented, also supported by the weak Swedish krona, and also some benefits from M&A that has been done in the last year. EBIT up more than sales by 34%, and then touching almost SEK 1.3 billion for continuing operations, which then corresponds to let's say margin of 17%, highest ever. Both highest ever quarterly EBIT and also highest ever margin for a third quarter. Very good financial performance. We get back also coming from excellent performance in both business areas. Still running some efficiency programs, we also accounting for some items affecting comparability at SEK 68 million, which is fully in line with our overall guidance. Cash flow a little bit short of SEK 1 billion. Still impacted by somewhat higher inventory. We have a few hundred million Swedish kronas too high inventory, Fredrik will comment on that, which we expect to improve in the next few quarters. Of course, also impacted by the very strong sales growth and then, accounts receivable going up. I mean, because of normal development in terms of percentage, no weakening. Once again, where we are a little bit disappointed, a little bit behind planning is for the inventory, which is obvious. We have been short of some raw materials, and we've been buying a little bit more to safeguard the manufacturing. As it's now flattening out a little bit, we do expect that to improve in the next few quarters. Also happy to have concluded two acquisitions, two strategic acquisitions, we can say, both of them very strategic and very synergistic. One bigger, Minnesota Rubber & Plastics, which we'll get back and comment more on that individually, but also a smaller one with bases in Germany, MG Silikon, which is then reinforcing us in some smaller segments for aerospace and also adding capabilities as well as kind of pure capacity in some of the segments aiming at aerospace, where we are still pushed by a very high demand and with some challenges in keeping up the supply. Also a smaller acquisition, also strategic, but in a different dimension, was concluded here in early, let's say Q4, which is a company called I.S.T., which is basically supplementing our business for pipe sealing, for sewage pipe sealing, then focusing especially on the aftermarket for that segment. So this is kind of the highlights for the quarter. Sales developing nicely all over. Overall, let's say, as I said, a good 15% organically, as you can see from the figures coming primarily from very strong Americas and also for us, a very strong Asia, even though Asia still being impacted by negatives coming from China, well known, but all over the rest of Asia, performing very well. Also in this is other markets also, which is kind of Australia, which is also for us good in both some small mining applications and some actually some oil and gas sales also coming in, especially to Australia. Overall, and then Europe, somewhat weaker, well known and then commented by everybody. What we see now, a continued very strong Americas, continued strong Asia, of course, with a little bit question mark on the China development, but we see that more as a potential upside than a potential downside. We don't really see China getting any worse. Of course, we don't know exactly how the COVID, potential COVID closures or COVID continued lockdowns related to COVID will impact us, but as we see it, we do believe that we're going to see a slight improvement from here and onwards, although once again, with some uncertainty. Europe is the weak area, and that is the area where we see some weakening. We don't see it kind of all over Europe at the moment. I mean, honestly, more or less all segments, as you see also when we later on comment on the business areas, all segments actually developing nice in the quarter. But the construction segment in Europe and also some smaller business linked to consumer spending, like seals for electric bikes and stuff like that. But that is kind of negligible in the total scheme of things. Nevertheless, these are segments where we see kind of also a major downturn. This we call discretionary spending by consumers. Although this is once again, I don't want to highlight that being a big area for Trelleborg. It's a very minor area, but that is the one area where we do see a weakening. Overall, nevertheless, very good performance, a very solid development. Of course, also this is a mix of pricing and volumes, but still volumes is up in the quarter, and we do expect it to continue to be up, although maybe not on this pace as we have seen in quarter three. Business areas, Industrial Solutions, strong growth and margin improvement. As you know, we've been, I would say, cleansing is maybe the wrong word, but we have reinforced and it's improved the portfolio of Industrial Solutions, and we continue now to push in all areas of Industrial Solutions, and we continue to benefit from this being more forward-leaning than mainly backward-leaning, where we've been if we go a few years back. We've been more kind of fixing things and improving things. Now it's more to push sales and make sure that we are kind of developing in all dimensions. It means that basically all market segments is developing favorably. Once again, this construction segment a little bit negative, but more or less everything or everything else you can say is developing nicely. We have some very strong headway in aerospace, where we have some small medical business here benefiting. We also see the oil and gas business, which is still a part of this, developing very nicely. All in all, very nice development. We also see favorably on all geographical markets. As I already commented, here we have some benefits in Asia and Australia coming from this project business, which is continued to be very strong. Tunnel seal intake, harbor construction intake, and also some mining intake, oil and gas intake is very good for the markets kind of, especially for the markets outside of Americas and Europe. We see some slowdown. European construction already commented on that. That's basically the only negative that we firmly see in the quarter. Cost increases have always been hitting us as everybody else. A very strong inflationary pressure in basically raw materials, in energy, in labor. But we've been able to offset this, of course, by pricing. We've been very active in the pricing. We have very solid positions, have strong market position, strong pricing power, and we've been executing on that very rapidly and successfully. Of course, on top of that, also pushing efficiency as the volume comes in. We have also been able to offset some of the inflation by the higher volumes. All in all, excellent quarter in basically all parts of Industrial Solutions. We don't see any true weakening of this, but nevertheless, we do see what is happening around us, and we see the macroeconomics, and that's why we are a little bit more careful looking forward when we look at the markets. We are ending Q4 with record high order books, and we are still growing the order book in the quarter. Order intake, and maybe that's a comment also, we take the full Trelleborg order intake will continue to be higher than sales in the quarters. We're still building order book on the totality. Sealing Solutions, organic sales a solid 13% as well. Double-digit growth in most geographies. Sales here also basically in all areas developing nice. Industrials, automotive picked up fairly nicely in the quarter, compared to before, probably with some easing of these component shortages which has been, let's say, stopping the automotive industry. We still feel that there is kind of a pent-up demand for some automotive applications. We do expect that also to continue to improve from here onwards. Healthcare and medical, which is two of the areas which we are focusing, especially in Sealing Solutions, healthcare and medical, aerospace continuing very strongly. We talk about several 10s of percents of growth in order intake. So that is very, let's say, satisfying that we see benefits of these extra efforts in these two areas. EBIT, highest level to date in a quarter. Very nice development. You could comment on the drop-through on the sales being, but here also we have some LTA. There's still some pricing impact coming in later. Nevertheless, all in all, it's good. We also have to note, I mean, although quarter three last year was on a record high EBIT level, it's also a very tough comparison for the seasonality point of view. We are very satisfied with the margin in the quarter, although it's a drop down from a year ago. Once again, if we do compare with the margin a year ago, that was a very tough comparison. We also, I mean, we have some M&A coming in here. We have some minor impact from integration costs from that. And also we are actually building up resources, especially in the healthcare and medical and in aerospace, which is kind of impacting us in the quarter from a cost perspective, but we're getting good returns on that, order intake is growing. That is kind of a very, very wise decision actually to do it, even though it is kind of immediate cost up compared to a year ago. All in all, very solid performance Sealing Solutions, good order intake also. Order intake continues on a good level here in October as well, and we don't really see any weakening. There are these kind of geographical differences where we see Americas is stronger, Asia is stronger, and Europe is somewhat weaker. Nevertheless, on the total frame of things, there is no really any meaningful change if you look at these first weeks of October. A very solid business, and it continue to be solid going forward. Then Minnesota Rubber & Plastics. On this one, we have actual news of today, where we have all approvals is in place now. We do expect this to close in the next few days, actually. We need to arrange some money to be sent to U.S. and to get that done and get it into the bank accounts before we actually do the closing. There is nothing stopping us from closing this now in the next few days. That's gonna be, as we look at it today, it will be in our books for the, let's say, final months of the year. This is, I mean, as we already commented, this is really a step change for Sealing Solutions. We have had a very strong, let's say, position in Europe, but with this, we also get a similar position in North America. It's a widening of our general footprint. We're touching a lot of customers, and we're gonna have a lot of opportunities for cross-selling in both directions. We have a kind of a wider offering in Sealing Solutions than they have in Minnesota, but they also are very strong, especially actually is very strong in some rubber segments where we are a little bit weaker. That is a good, very good supplementary acquisition, which is also in the middle of the core offering of Sealing Solutions. I mean, we are really knowing most of the application, we're knowing most of the customers, but we're getting a stronger footprint in all of this. Yes, we call it sailing in own waters, and it's highly synergistic, especially on the sales perspective, but also in some cost dimensions. Especially we say three major segments is getting reinforced, medical and healthcare. Food and beverage is also an area where Minnesota has been very strong, but you need a lot of certificates, you need a lot of approvals to get, let's say, accepted in several of these applications. That is where Minnesota has a kind of, honestly, a wider offering than we have within Sealing Solutions. This is kind of spot on acquisition for us. Now of course, we understand that the valuation is a little bit high, on the high side, but also we have highly synergistic and once again, it's really reinforcing us in a strategic way in a multiple of dimensions. That's gonna be in Trelleborg here in the next few days, hopefully. We will, let's say, move on and start with the integration and make sure that we get the synergies extracted as soon as possible. Trelleborg Wheel Systems, of course, still part of Trelleborg, reported as held for sale. On this one, I can also say that the process for the divestiture is ongoing exactly as planned. We do expect this to be closed by end of the year, plus, minus. It could be depending on we do it before Christmas or after Christmas, it could be a month here and there. Nevertheless, there is no obstacles, and everything is kind of running according to plan. Nothing changed in this perspective and nothing changed compared to what we have commented before. Looking at Wheel Systems, since we're still getting the money for this into our books, although not within continuing operations, developing very nicely, strong organic sales driven by, of course, substantial price increases. We see basically growth, continued growth in all tire categories, as we call it, and in most geographical markets. There is one very strong market, and that's the Americas, all over both North and South America, developing very nicely for us. Where we see, let's say, a downturn is the aftermarket for agri in Europe, which we see the farmers as being more careful, and we see that as an impact from the Russia-Ukraine war. Although the OE market in Europe still holding up very well, but honestly, there is some carefulness. This business is also kind of a double dip, if you say, because we have end market being a little bit careful, but we also have then the distributors being a little bit careful. That is why this impact from this is noticeable. Here is also a major impact from raw materials and energy. As you know, here is kind of a little bit delayed impact on some since we're running with the formula towards the regional equipment manufacturer. The full impact from the price increases is not yet in this quarter. We're gonna see some continued benefit from price increases kicking into this quarter. Nevertheless, all in all, we are happy that we are able to basically report the same margin as a year ago, although a few tenths of percentage points down, but nevertheless on the same level, although this has been heavily impacted by both raw materials, energy and freight costs. We are happy with the performance and well managed by the management of Wheel Systems in these somewhat difficult circumstances as they are kind of preparing to be divested, but still run and still very focused and still developing very nicely and let's say, contributing with nice profits also for us as long as we are remaining the owners of it. Also some comments on sustainability, somewhat new slides for us just to show. This, of course, now group. This is including Wheel Systems, we see continued notable improvements, and this is kind of both in absolute consumption of CO2, but also the CO2 in relation to sales is going down. Of course, this picture gonna dramatically change when we are kind of exiting Wheel Systems, and we're gonna get back to you there. We're gonna be dramatically better in all these KPIs when we kind of exclude Wheel Systems from this. Nevertheless, as long as we're owners of Wheel Systems, we're gonna continue to work on improving the Wheel Systems footprint as well as the rest of the group. In the other KPI related is that we're working heavily on increasing renewable and fossil-free electricity in relation to total electricity. That is also being improved, although with somewhat smaller steps, but also in this is gonna be improved substantially when we kind of exclude Wheel Systems from areas since Wheel Systems is manufacturing, is exposed to some geographies where it's very difficult to buy renewable electricity. Some countries where they are operating, there's actually no availability of this kind of more green energy. But nevertheless, good development and increasing focus on this, and we're gonna get back to you with a more comprehensive update on sustainability in the next few months. This is what I want to say and leave to Fredrik to comment a little bit about the financials before I get back and comment again and give you overall summary and comment on the running quarter. Please, Fredrik. Thank you, Peter. Looking into the organic sales in the quarter, we were up 15% and total growth in the quarter was 28%. We have a little bit of support of M&A of 2%, and then currency added another 11% to the sales. Looking at year-to-date, we have an organic growth of 13% and reported 24. Looking into the sales trends, we have now seven quarters that has been on par or above our growth target for the group. As you can see here, there is a strong trend over the last two years. Looking at the sales development, as Peter mentioned, we have a record-high sales in the third quarter, and you can see also there is a good upward trend. Looking at EBIT, strong EBIT, the best third quarter ever, we are up 34% and the EBIT amounted to SEK 1,278,000,000. We have good growth in both Industrial Solutions and Sealing Solutions, supported by the strong sales growth and also the price adjustments implemented during the quarter. Looking at the growth of the EBIT margin, we were up from 16.3% - 17%, also nice development in the quarter. Looking at year-to-date, you can also see there is a really nice increase of EBIT, and we also continue to improve the margin year-to-date. Looking at the more long-term trend, you will see that we have a rolling twelve months EBIT of SEK 4,755,000,000, with a margin of 17%. Actually, you can see here up 25% a year ago. Looking into the profit and loss statement, looking into some more details, you have items affecting comparability of SEK 68 million that is entirely related to restructuring costs. If we continue a little bit down to in the income statement, looking into the financial income and expense, you can see there is a quite large increase of SEK 34 million to SEK 69 million in the quarter. It's linked to that we have a higher debt due to that we have bought back own shares. We are also seeing higher interest rates, and there's also been a little bit of non-recurring items linked to the acquisition that we have recently made. Then there is also a more technical thing here, because now we are looking into continuing operations where we have had gotten income, interest income from discontinued operations that has now been less. That is why you see an increase for item in the financial income and expenses in the quarter. On the total group, that has been eliminated, so no net impact on the group. It's just the split between continued and discontinued. Looking further down into the income statement, looking at the taxes, we have 24% tax rate in the quarter, which is actually slightly better than we have as communicated as a guidance, where we have said 26% for the continuing operations and 25% for the total group. Earnings per share continued to grow nicely as well, up 38% in the quarter. Looking then at earnings per share, you will see 49% up, and if we look at continuing operations, exclude items affecting comparability + 38% in the quarter. If we look at nine months, it's 40%, and if we look at only continuing operations, it's up 30%. Looking at the cash flow, slightly less than a year ago with an operating cash flow of SEK 928 million. Strong continued improvement from EBITDA. As Peter mentioned, we have a slightly less cash flow from working capital, and mainly related to that, we are a little bit high on the inventory side. There is a couple of hundred million that we are now working to try to reduce the inventory. I will say it will not be out by the end of the year, but we are working on it during the first quarter of next year. Looking at CapEx, more or less in line with last year and fully in line with earlier communicated guidance. Looking at the cash flow conversion, 63% in the quarter, it's just reflecting the higher business activity we have with higher sales that drives a little bit more working capital. Looking at net debt and the gearing, we have net debt divided by the equity of 33%, slightly up, but we need to have in mind that we have bought back own shares for SEK 1.2 billion in the quarter, so that has of course an impact on our net debt over equity. Then of course, also impact on net debt over EBITDA slightly, so at 1.5 when we are ending the third quarter. Looking at return on capital employed continue to improve. Of course, there's slightly more capital employed in the quarter, but that has been well offset by the higher earnings generation. Looking at some guidance for the full year, CapEx SEK 1.4, exactly the same as we guided at the end of the second quarter, so no change. Restructuring cost SEK 300 million for the full year, also unchanged. Amortization of SEK 300 million for the full year is also unchanged, but of course, as Peter said, with Minnesota coming in, that will increase for the last two months during 2022. Underlying tax rate 25% for the group, also unchanged, and it will be 26% for continued operations. Completely unchanged excluding any acquisitions. By that, I would like to hand back the microphone to you, Peter. Yep. Thank you. Summing up, very strong quarter for us. Best ever sales in the quarter, and also best EBIT and best margin in the third quarter. Strong organic sales, supported also with currency and some smaller add-ons also coming from M&A in the quarter. Cash flow a few hundred million weaker than we kind of were expecting is the wrong word, but it should have been done due to the fact that we have a little bit higher inventory than kind of business is motivating. But that is the decision that we have made to make sure that we can manufacture. Acquisitions kicking in, Minnesota in the next few days being closed. I didn't comment on the Silikon, MG Silikon. It's a smaller one, but that's also we expect that to close within the quarter. It's gonna take a few more weeks or months before that is fully closed. We also signed an acquisition, kind of a strategic acquisition adding for, especially for pipe seals, for sewage pipes and that kind of application. All in all, a very good quarter. Looking forward, we are guiding slightly lower than the third quarter. In all honesty, if you look solely at the kind of Excel sheets and looked at the order books, it doesn't really indicate this. We see really a firm weakness or a notable weakness only in the construction-related businesses. The rest of the business performing very nice. We have also some businesses which is performing very nice, aerospace, medical and healthcare, oil and gas, which is, let's say, benefiting a lot and actually pushing up. But nevertheless, of course, we don't want you to expect us to be outside of this kind of uncertainty we see in the macroeconomic environment, and we do believe we are preparing for a slight downturn. Although, once again, we have very solid order books, and we're entering into the quarter with the highest ever order book. But nevertheless, we have to be a little bit cautious going forward, and we need to kind of start to be prepared to adjust at least because we do expect it to turn down. Although, once again, we don't see it in the figures. This is a judgment from us on what we see going forward and not really what we see in the figures as we're kind of exiting the third quarter. Because we do expect this geopolitical situation and the higher inflation and the kind of rising interest rates and all of that it will impact the economy because this is kind of the purpose of this, and we do expect that to happen. Nevertheless, we are very happy with the performance. We are entering into an exciting time for Trelleborg as we have Minnesota coming in. I mean, one of our biggest acquisitions ever, which is then kind of in a multiple of ways reinforcing Sealing Solutions. Exciting times to get that integrated and making sure that we get, let's say, the benefits that we do expect from this acquisition. On top of that, of course, also we're entering into the final phases of this kind of restructuring of the group. We didn't comment that much on Printing Solutions. We are also expecting Printing Solutions here to get all approvals here in the next few weeks if I may say. We are very firm that that's gonna be closed here well before year-end. We have the, let's say, the bigger one in Wheel Systems where everything is running according to plan but we still need to get the full approval here, hopefully before year-end, but it could also slide into the first months of 2023. I mean, once again, no obstacles. It's simply a complicated process with a lot of approvals needed before we can fully close the deal. Once again, very solid quarter, and we do expect also Q4 to be a very solid quarter for us. Nevertheless, we do expect kind of the order intake to continue to be a little bit shorter quarter-over-quarter. That is kind of the guidance for Trelleborg. With that, opening up for Q&A. We have some in the room here. I don't know if we're starting in the room and then move on to the conference call. Okay, thanks, Erik Golrang from SEB. I have three questions. First one on the pace of inflation. Could you say anything about the cost inflation progression year-on-year, I guess, is the easiest way to think about it, as we exit the third quarter and into Q4? Is it still coming up? Is it flattening out? Or is it even coming down a bit here in the early parts of Q4 from a year-on-year perspective? We see the inflation of raw materials flattening out. We do not really expect some overrun into to kind of Q4 coming from earlier bought materials and rolling in what we bought before coming in, but we don't expect it to continue up, and we do see some kind of downward indications on some raw materials here when we start to buy in Q1 next year. We do expect the raw material in general, of course, there is some exceptions, but in totality, we do expect kind of a softening on the inflation, not in this running quarter, but we do expect a softening of that from raw materials coming in in the beginning of next year. If you bring in labor and energy and everything else in. Energy is the same. Energy is kind of also as you move and you learn a little bit, but there also is hedging is running out, and you need to kind of be exposed a little bit to higher energy costs. As we say today, we don't see it getting any worsening. No ... in a way there either. There are some hedging contracts going out which we need to adjust for, which is kind of financially potentially impacting us, but not really buying new electricity. We don't see it really going up at the moment. Of course, it's a volatile environment, but we don't see it. Labor, I mean, we have been impacted by labor inflation quite a lot in Americas already, Asia as well. Although the inflationary pressure from labor in Asia is much lower than what we see from Americas and Europe. We do expect Europe to be more challenging going forward, and we do expect that to impact us. At the same time, we are well prepared for it, and we are not kind of overly concerned about it. I mean, we will continue to adjust, and we also have. I mean, this inflationary pressure that we have in the running quarter, we already have price increases, let's say, implemented and accepted that will kind of benefit us. For Q4, we don't see in totality that the mix of price increases in inflation to hit us. That's probably gonna be a positive for Q4 for us. But then going into Q1 and Q2 next year, then for labor is the uncertainty, and we don't know exactly what's gonna happen on that. We are, once again, preparing for a higher inflationary pressure coming from labor, and once again, we are not really concerned about it, to be honest. Okay. Second question, you were surprisingly, or not, quite relaxed about China saying that if anything, you'd expect improvement here. Is that based on anything else than just recent commentary from state officials that they might be opening up a bit more? Is there anything company specific in that or? No, we have not been that much exposed. I mean, the major lockdowns has been in the Shanghai area, Nanjing, Hangzhou, and all of that, and then a little bit in the south. I mean, we are not really exposed to that area, so we have been running fairly okay. I mean, we are Shandong Province, where we have, let's say, more in Qingdao, which is a big area for us, and also Wuxi has been fine. Wuxi, Suzhou, let's say, which is two hours out of Shanghai. That has been okay. We have not really been that much impacted. Of course, some of our customers in China has been impacted, and we do not expect it, speculating a little bit, but I do not expect that kind of lockdown to widen into the smaller cities where we are more. Shanghai is challenging, but honestly, and also a little bit in the south in Guangzhou and those areas, but we are not kind of that much. We have been impacted a little bit in Shanghai. We have two factories in the Shanghai area which has been impacted, but not that much. We don't expect it to get worse, but and if anything, it will probably get better. I mean, I'm not sure that it's gonna get better, but we don't see any kind of major risk of a worsening from a Trelleborg perspective. Final question, you say the process to close the divestment of Wheel Systems is progressing according to plan. I guess the fact that we have the printing blankets process, which has been quite delayed compared to your original expectations means that there's some reason to be concerned. Why is the printing blanket process, why is that the exception? I mean, what is it that's been progressed slower in that one, and why shouldn't that happen in the Wheel Systems divestment? No, no, I mean, speculation is governments, and they have their, let's say, internal processes, which we cannot really control. I mean, we have been, let me say, frustrated on the printing because honestly, we talk about two small countries which has not been kind of approving this. So that has been kind of delaying us for three- three to four months, and also what is good, those countries that is delaying us with printing blankets, we don't need to feel for Wheel Systems. Because we had a higher market. I mean, for Printing Solutions, we have a fairly high market share in some smaller countries, and that has been kind of then addressed there, and that has been through a process in that one. We don't have the same kind of exposure in Wheel Systems. No. That is more the bigger filings, if you say, total EU, total Americas. And we don't really see the small countries having an impact on the Wheel Systems activities. In that respect, it's an easier process for Wheel Systems. It's more the data needed for the Wheel Systems is kind of bigger because it's a bigger number of dollars and a bigger number of tires and a little bit more segments, and then we need to have. Let's say the filing is more complicated, but it's not for as many jurisdictions as we had to do for the printing, and that is probably the explanation. Of course, there is some uncertainty in it. We don't know. We don't see any obstacles. We don't see any kind of problems. There's always some questions coming back, but I mean, it's nothing strange. The original plan was to close it by year-end. We didn't expect it to be quicker than that. It's kind of running according to the plan with our legal guys who has been through this before. They gave this guidance, and we are still keeping that guidance. We don't see any. It could. I mean, the Christmas is, how should I say? Some governments, they go on holiday Christmas, so we always kind of try to squeeze it in before Christmas. I mean, it could be that I don't wanna work through Christmas because it's also official filing date in some jurisdictions that they need to respond within 30 days. Whether the 30 days is running through Christmas or running before Christmas, that is a challenge. That is why we see now that it could potentially be pushed into January, February next year in order for them not to conclude it just before the Christmas. That is the way we look at it. Olof Larshammar at Danske Bank. Three questions from my side. Firstly, if you could elaborate a bit, you know, more on the outlook, 15% organic growth in Q3. It seems like the order book has, you know, are still very strong. You know, in terms of sales for Q4, you know, should one expect, you know, let's say 5% down from the 15% level or, you know, could you give some indication? We expect a softening, but I mean, I think we wanna keep it like that, Olof. It's uncertainty. I mean, once again, if you looked at the pure order book and orders for deliveries in Q4, it should in a way continue on the same pace, but we do expect some. Although, I mean, we shouldn't say we have not any noticeable delays, we have no cancellations in order book. Of course we are uncertain, we see the increasing kind of uncertainty in the market. Once again, if we solely looked at the order book and what is due for delivery in Q4, it should be on a similar level. We do not expect that to happen. We do expect a softening, we do expect some customers to be careful by year-end, we do expect an increasing focus on cash flow. We are not the only ones with a few hundred millions lower on cash flow. We do expect an increased focus on cash flow in a lot of industrial companies, so we do expect some of these orders to be pushed into the next quarter. It's a judgment. We cannot really. We have to trust our experience, we have to trust what we have seen before. Once again, if you looked solely at the normal environment, the sales, I mean, it's. I understand you want a guidance, but I mean, we need to accept there is uncertainty. People are getting more cautious and we do expect an increased cash flow focus by the year-end. We do expect some orders to be pushed into next quarter, but it's not yet in the books. The second question, I think you did an acquisition in 2019 focusing on, you know, product for LNG terminals, if I remember correctly, and you didn't touch upon. You talked about oil and gas, which was very strong. Could you know, elaborate? Sometimes you are lucky. I mean, I must say that this acquisition, of course, turned out tremendously good. That is, I mean, that's it, for those of you who doesn't know, that is kind of focused on special hoses for transfer of liquid natural gas. Of course these new import terminals coming up, they need a lot of this. We are fully booked in that business, and we're now looking how to expand capacity. I mean, delivery times is too long and it's more a matter of getting, making sure that you get good pricing actually than you are. Oh, hope customers is not listening. I mean, it's more to make sure that you get good pricing instead of really getting orders, because order is on strong push on that one. How fast can you ramp up sales? I think it was SEK 200 million-SEK 300 million when you bought it. Yeah, I mean, we expect it to grow significantly, but I don't really want to. I mean, it's not gonna be billions, for sure not. I mean, we talk about a few hundred million extra on that one with a good margin. Yeah. Of course, we say also the lead time on that is not next month. Yeah. That's when we talk a one, two year in the front. There is a few projects which is kind of very speedy, but the bulk of that is gonna happen in the next year or so. It's not that they're gonna, let's say, turn into sales here in the next quarter, it's actually that we are at the moment getting orders and we are, yeah, making sure that we get good orders. Last question regarding, you know, balance sheet, buybacks, acquisition. You're going to send some money to U.S., and you will, you know, receive some money for Wheel Systems. How are you thinking about M&A or buybacks going forward? I mean, we would like to continue to grow Trelleborg, so our thinking here is, of course, to continue to do M&As. We have also said that this, share buybacks will be a multi-year program, so that from a technical point of view, we will need an approval by the AGM next year to be able to continue after, April, 2023. There is an ambition to continue the share buyback. As you said also, I mean, if you take all into consideration, the printing proceeds in, the wheels proceeds in, and then you have the Minnesota, money out, then we will be close to, debt-free, when you pull that all together. It's exciting times in that. We still have a, let's say plenty of acquisitions on our, let's say target list. I mean, this environment now, we just see a little bit expected to be tougher environment that is, of course, opening up for interesting opportunities. We have to wait and see here. It's still some areas, as probably aware, that the cash is drying up in some areas. It is growth-oriented companies which is kind of not delivering good cash flow, they are getting more challenging to get funding, and we do expect also general carefulness. Interesting opportunities will emerge, and then it's more a matter of whether we are accepting the valuations or not. We feel that we're in a very good position here as we kind of conclude this. As Fredrik said, we got up with no debt here beginning of next year. Of course, we will try to use that, continue with the share buybacks and continue to scout for acquisitions. We do not see ourselves, let's say, needing a debt-free balance sheet. I mean, if we are not successful, then we need to find other ways of making sure our shareholders get benefits from this extra money that is gonna be on the balance sheet or extra capacity in the balance sheet. No, we do expect exciting times in that dimension as well. Thank you. Any questions from the call? Thank you very much. We will now begin the question and answer session. To ask a question, you may press star and one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you wish to withdraw yourself from the question, please press star and then two. At this time, we will pause momentarily to assemble our rosters. The first question comes from the line of Klas Bergelind from Citi. Please go ahead. Thank you. Hi, Peter and Fredrik, Klas at Citi. Quite an echo, but a question on the margin. On the integration cost and sealing, what was the impact here? It looks like a low number, but I just wanted to confirm. In Industrial Solutions and the solid margin here, it seems like price increases come through here in a bigger way in September. Was there any impact from mix like we've seen before from, you know, certain project sales with a high margin moving through the P&L? I'll start there. I would say in this, it's basically all over. There is no mix kind of explanations on this. This is more solid development all over. We know, we have, let's say, a bit of a mix of businesses, but we are satisfied with the development of every one. One which is kind of improving more in the quarter is probably automotive related businesses, which is picking up in volume. That is kind of a small part of Industrial Solutions. That is kind of the only area where we see a notable improvement. Otherwise, it's kind of an improvement all over. It's coming from pricing, coming from the higher volumes going through the factories, and that is kind of very solid, no trick development. It's simply that it is a well managed and well executed. I cannot really pinpoint any specifics in that. On the integration costs on this, probably integration cost is a smaller explanation than the adding of resources. I mean, we have been building, especially Medical and Healthcare now, as we're also preparing for the integration of Minnesota. We have been building, let's say, an organization which is able to cope with a substantially bigger medical and healthcare exposure than we had before. That is kind of majority of this, what we comment on added resources as for Medical and Healthcare, and that is kind of a bigger explanation. But although, I mean, I also say the margin in Sealing Solutions a year ago was actually record high for a quarter three. Even if adding back this, let's say integration cost and extra resources, we will probably get close to the margin a year ago, but we will not beat the margin a year ago. We're not talking a lot about any kind of major differences in this. I don't know whether that is. Yeah. Enough, Klas. Yeah. No, it's all good. Just to follow up then on price cost, you're hiking prices again here into the fourth, and I guess this is linked to upcoming wage inflation, which is good. I just wanna zoom in on the energy side. We've seen some sharp downward moves here on prices last couple of days. What is the lagged effect from when any inflation impacts the P&L? You talk about hedges here. I just wanna understand that better. Maybe energy could start to be positive against the higher pricing next couple of quarters. Thanks. I mean, we don't have huge hedges, so I will say you will get. If the prices will go down, I would say a little bit more long term, of course, you will see that quite quickly. I mean, what could we talk about? 25% that is hedged, not more. Yeah. I mean, we are not generally working with hedging on this. I think the comment was more related that we have some competitors which is hedging and maybe not as active as we are on the price increases because their action is a little bit delayed since they kind of forget about the hedge in a way, if I may say. That is more the challenge to do that. Also once again, energy is a small cost for us in totality. We are not concerned about that. This, I mean, it's in Wheel Systems, honestly. It's in Wheel Systems where we have energy exposure. In the Industrial Solutions and in Sealing Solutions, our energy exposure is very limited, and we don't really see that as a major thing for us, to be honest. I mean, we're talking about annual swings of EUR 10 million or whatever. Yeah. It's not really anything which is negligible in a way for us. Excluding Wheel Systems is kind of negligible in comparison to the raw materials. Yeah. No, I know. I know I know. I know that. That is not really. I know it really. Okay. I understand it's high on the agenda for the investors. It's high on the agenda for some of you analysts, but for us operationally it's not, honestly not a big thing. Yeah. No, I know it's lower. It's mainly TWS. Very quick final one is on the construction exposure in TIS. Remind me, how big is that today in the quarter? Also what kind of volume declines did we see sort of quarter end here? Is it 10%-15% down when you look at orders, or is it more? Just so we get a feeling for it. Our construction exposure is mixed. I mean, we have, let's say, more infrastructure, big construction, and that is still growing. What we all comment on the construction exposure is mainly linked to the windows and house construction, all of that, particularly in Europe, but where we do see a downside. I mean, we talk about, I don't know, less than 10% of exposure, I guess, in Industrial Solutions, and that is down by a few tenths of percent. I mean, that is what we're talking. It's noticeably down. Sure. We also know that this is also a little bit going from very high inventories in that areas, wooden windows and stuff like that. We know that I've been keeping very high inventory, so we still wanna wait out a little bit to see what is really the underlying demand in that one. In the quarter there was, let's say, a noticeable shortening of orders for this kind of application. You talk about facades, you talk about wooden windows, you talk about some PVC windows, some aluminum windows, and some modular housing. I mean, this is the areas where we see a downturn, but we don't see a downturn generally in construction because we will still see an uptick in the kind of infrastructure construction part of it. That was more of us to try to find an area where we did see a change and we see a negative change. Once again, for the totality it's not really a major impact. It could impact, let's say, the organic growth in total for Industrial Solutions, but a few percentage points. That is what we talk about. Yeah. No, very clear. A good color. Thank you. Thank you. The next question comes from Hampus Engellau from Handelsbanken. Please go ahead. Thank you very much. Two questions from me. Would it be possible for you guys to maybe make some comments on pricing? How much was pricing of the 15% organic growth? The next question is very nitty-gritty crunching question, but still I'll ask it, and that is looking at third quarter 2022 and adjusting for FX and also the price increases that you have been implemented, and compare that with third quarter 2019, how much are volumes up? I'm just trying to get the feeling for how you guys are running in the industrial cycle to maybe grasp what kind of potential drop we could be facing by looking at the next year development in general industries. Those are my two questions. Thanks. It varies of course, on the price and volume. If you say Sealing and Industrial Solutions together, half? Yeah. Between one third and a half, I think that's. Depending on the business. Yeah. Probably a little bit higher on Wheel Systems. Wheel Systems probably 2/3 pricing and 1/3 Volume. I mean, and that's slightly higher on the other one. I mean, okay, yeah, between 40% and 50%, if you say, is probably volume and then let's say the remaining is pricing on the organic growth. The second one was a complicated question, Hampus, or no. I'll ask it in a much easier way. On fully comparable levels, where would you say volumes for continuing operations are compared to 2019 third quarter? It's up this by 5%-10%. I don't know, looking at Christofer as well, who has been Versus 2019, again, we're up, but I don't give you exact numbers. No, no. We have to get back on that one, because we don't have it here in front of us. I don't want to guess. I guess it's. I mean, my wild guess is between five and 10, but I have to get back and confirm that one. Fair and square. Thank you, Peter. Thank you. The next question comes from Karl Bokvist from ABG. Please go ahead. Thank you. My question relates to more of the acquisition processes. Let's start with Minnesota. If I understood you correctly, we should hope for this to be closed and to contribute at least one month in Q4. Just on the financials for Minnesota, is it possible for you to disclose any more information about the company now when you've looked through it more in closer detail? We will do that. I mean, we still don't own it, so we have not kind of getting all full insights. Of course, we're gonna as soon as possible, we're gonna give you some more input on the both PPA effects and underlying profitability, underlying growth and all of that. That will be provided before year-end, let's put it like that. Before year-end, you will get, let's say, a comprehensive update on that, and we will explain a lot more about that one. We still are competitors, we need to know that. I mean, we are still not kind of been allowed to look at exactly everything. Of course, we have our ideas, and we have our views, but once again, you probably have to allow us a few weeks or a month or so before we kind of can provide a full insight into that. It will be done before year-end. You could, you who want to, let's say, give a good guidance for 2023, you will get full information on that well before year-end. Understood. The second one was just on the progress on Wheel Systems. What, you know, as far as you can share that information, what is left to be handled in the process from either your side or Yokohama side before this can be closed? What always when you file this, you generally it's a little bit different jurisdictions, but I mean, the bigger jurisdictions, you need to hand in a preliminary filing, and then they are asking questions on that one, so they fully understand all the facts in this. They might not fully understand the way we have split the market. They might not fully understand the way we explain market share, is it volume or pricing or so that. There is always some complementary questions on that. The preliminary filing is in, and we are waiting for feedback. There's still some questions on these ones and clarifications on this before they kind of go ahead and do the final review in a way. We do expect when the kind of this application is fully accepted, we expect a month or something to kind of for them to conclude the process. We are still, once again, the preliminary filing is done, and we don't know if there's gonna be more. We do expect some more questions, but we don't know really the volume of these questions or understanding. I mean, I shouldn't either blame these guys looking at it, but it's also a little bit that you get into experienced guys or non-experienced guys, and that is kind of where you cannot control it. That is where our legal assistance and Yokohama legal assistance, we need to make sure that we put it in the right format and right explanations in order to these guys who is kind of doing these formal reviews actually. I mean, no complaints, but of course this is kind of a part of the governments and authorities which is there is some turnover among people, and you need to be a little bit lucky ending up with the right guy administrating your request. I mean, this is down to these kind of details. We don't expect. There is no questions that we cannot reply on. There is no questions really outstanding. There's nothing strange. It's simply that they want to get it into their format, and they need to accept it that this is the correct format. That is the process which is ongoing at the moment, and that is a process we don't know how many times the ball will be, let's say, sent across the table. That is kind of the process that we're in. We are not kind of delaying anything, and we are not kind of expecting any problems, but it's more that you need to get these formal processes in place. I mean, also some governments is understaffed, if I may say, in this dimension, and that is something we cannot really control. Understood. Frustrating in some areas, but that's the way it is. Yeah. No, no, that's understandable. Just a quick follow-up is just on for the process or for the time when Wheel Systems is still part of your operations. I guess that the earnings and cash flows will be attributable to you. For sure, yes. Correct. All right. Good. Thank you. Thank you. As there are no more questions, this concludes our question and answer session. Okay. I would like to turn the conference back to the speakers for any closing remarks. Thank you. Thanks again all of you for your interest in Trelleborg. I mean, we are delivering a very solid quarter, and we're looking also favorably on the future. We believe Trelleborg is in a better shape than ever in a way. Exciting times ahead for us as we are concluding first Printing Solutions and then selling Printing Solutions, adding Minnesota, and then also selling, let's say, Wheel Systems, which is creating a lot of opportunity for us going forward. We're entering into this period with a record high order book, although we note the dark clouds on the horizons, and we are somewhat careful on the way we look at it at the moment. We are preparing for a slight softening. Once again, if you look solely at our figures, I mean, they are showing continued, let's say, performance on a similar levels. Once again, we are not neglecting the dark clouds, and we are preparing for a little bit challenging environment, especially in Europe. Very solid development in Americas, and we do expect, if anything, a slight continuous improvement in Asia. So Europe is the concern, and that is what we need to watch very carefully. Nevertheless, record high quarter for us in more or less all aspects, and, I mean, we're looking forward getting back to you and telling more about Minnesota, telling more about the Printing, telling more about Wheel Systems. Then when this is behind us, we hopefully gonna show you also a decent or very good Q4. That's the focus for us at the moment. Once again, thanks for listening in. Any follow-up questions, of course, I'm available, Fredrik is available, and Christofer is also available if you need any further clarifications or have any other information that you want to share or if you want to be informed about anything that we have not mentioned in the call. Thanks again and see you later.