Good morning, everyone. Welcome to Vimian's second quarter 2021 financial results presentation, our first report as a listed company. My name is Fredrik Ullman, CEO of Vimian, and with me here today on the call is our CFO, Henrik Halvorsen. In terms of structure of the presentation, I will give a very quick intro to Vimian, give you a high-level results. I will hand over to Henrik to give you a bit color around financials. We'll deep dive into the segments and M&A. We'll go into more detailed financials, and we will wrap up with a summary and the Q&A session. If we move to slide three. For those who don't know us yet, I'll give you a quick intro before we dive into the Q2 results. Vimian is a animal health company, and we operate across four niche verticals in a relatively large animal health industry. Those are Specialty Pharma with focus on dermatology, allergy, and specialty nutrition. Diagnostics with focus on molecular and immunology diagnostics. Our veterinary service business, VetFamily, focuses on centralized purchasing, digital marketing, branding, essentially everything that an independent clinic needs to improve its profitability. In our MedTech vertical called Movora, we focus on orthopedic implants. We currently serve around 15,000 customers in 70 countries. We employ 450 people, and we are exposed 85% to the companion animal side of animal health and 15% into livestock, mainly in the Diagnostics vertical. If we move to slide four and we look at our world map, we are a global company with presence globally. 60% of our revenue is in Europe today and 30% in North America. The rest is split between Asia and Latin America and Oceania. We are continuously expanding our offering, both through organic investments into the different verticals, but also M&A being a big part of our strategy. Most recently, we entered Canada and Australia. I would also like to mention that out of our 450 employees, about 100 are shareholders, and Vimian is really an entrepreneur-driven company, meaning that the entrepreneurs that we have acquired companies from are continuing to lead the different business areas. That's a quick intro to Vimian. If we move to slide five, let's look at our second quarter results. Very strong quarter that I'm excited to share with you today. Let's move to slide six. During the second quarter, we delivered growth across all four verticals and geographies with a total revenue growth of 229%, of which 25% was organic growth. 229% is of course a high number, but keep in mind that 2020 was a very transformative year for Vimian, with lots of large acquisitions, the consolidation of Nextmune, and the creation of Vimian as a group. Thus, we are very happy with those results. Despite strategic investments in OpEx to drive future growth, we delivered an adjusted EBITDA margin improvement of 110 basis points year on year. During the second quarter, we completed three acquisitions in Sweden, Canada, and France, with combined annual revenue in excess of EUR 8 million. Since the end of the second quarter, we have completed another three acquisitions with annual revenue in excess of EUR 4 million, and we remain in negotiations with several additional targets. We did this whilst also completing the listing of Vimian on Nasdaq First North, raising EUR 50 million in capital and welcoming 1,000 new shareholders to the team. Of course now after the summer, we see also momentum picking up. I would like to give the words to Henrik to walk us through the financials, and we can move to page seven. Thank you very much, Fredrik. Good morning, everyone. Before we jump into the numbers on page seven, I just want to elaborate a bit on what Fredrik mentioned before, which is good to keep in mind when you read the numbers of Vimian. 2020 really was a transformative year for Vimian, as Fredrik mentioned. We had several large acquisitions, mainly in the MedTech segment, where we acquired BioMedtrix at the end of Q1 and VOI at the end of Q2. If you look at the first six months of this year, BioMedtrix is only included in the second quarter, and VOI is not included at all, and VOI is actually the largest entity within the MedTech segment. Also, as Fredrik mentioned, Nextmune was not consolidated within Vimian until December of last year. The reason for that was that it was jointly owned with another company, 50/50, and the other company consolidated Nextmune within their financials. From now, we own 100% of Nextmune, and it's fully consolidated in Vimian, but not before December of 2020. I also want to mention briefly how we define organic and acquired growth. I think that also helps to read into the numbers in this report. We define organic growth as when we have owned the company for 12 months, then that becomes organic growth, but before that, we account for it as acquired growth. For instance, VOI, which we acquired in end of Q2 2020, is accounted for as acquired growth up until end of Q2 2021. With that said, I'd like to go into the numbers on page seven. We had a very strong quarter, as Fredrik mentioned. We had EUR 39.4 million of revenue in the quarter. That's up from EUR 12 million in the same quarter last year. Total growth, close to 230%. We had EUR 12.2 million of adjusted EBITDA in the quarter. That gave us a margin of 30.8%, which was, as Fredrik mentioned, 110 basis points up compared to the margin of the same period last year. If we look at the first six months of 2021, we had EUR 83.2 million of revenue. That's up from EUR 22.5 million for six months last year. EUR 29.9 million of adjusted EBITDA, with 35.9% margin. That's up 820 basis points compared to the first six months of last year. We had very strong operating cash flow in the first six months of close to EUR 12 million. We had a 71% cash conversion for this period. We have a very conservative leverage. We'll go into this a bit more detail later on, but we have a conservative leverage of 1.1 times adjusted EBITDA in the quarter. If we go to page eight, just a quick breakdown on the growth in the quarter. Total growth, as we mentioned, was 229%, of which 25% was organic, and that was mainly driven by the MedTech segment. We had 207% acquired growth in the quarter. That is mainly VOI, which, as I mentioned, is not accounted for as organic growth in this period, and also Nextmune, which was consolidated later on in 2020. If we look at Nextmune on a standalone basis, we have solid underlying growth, actually above the group average, north of 30% in the quarter. Strong performance in the Specialty Pharma segment. We also had a slightly negative impact on currencies of about 3%. That was mainly due to U.S. dollar exposure and mainly in the MedTech segment. With that, I'd like to hand over back to you, Fredrik, to cover the segment. Thank you, Henrik. Let's move to slide nine. In Specialty Pharma, which is our largest segment, accounting for 41% of the group revenue, Nextmune delivered strong underlying growth in all product categories. Particularly strong growth in the allergy diagnostics and treatment therapeutic area. On Vimian level, remember, we only consolidated Nextmune since Q4 2020, all the growth is still accounted for within the acquired growth here. Strong adjusted EBITDA margin of 35%, which reflects the scalable business model and successful commercial initiatives. The team completed the acquisition of BestPaw in May and is in negotiation with several targets as we speak. Going into the second half, momentum remains positive, the second half of 2020 was exceptionally strong, benefiting from delayed sales after impact from COVID in the first half of 2020, we will be cycling tough comparatives for the rest of the year. Moving on to slide 10. Looking at the Diagnostics business, which is 14% of the group revenues, Indical delivered 8% organic growth after the exceptional first quarter of 2021, which grew 102%. That was both boosted by back order filling and distributor restocking, as we were on back order for parts of 2020. We did see a positive momentum across product categories, with some slowdown in sample preparation as sales related to some outbreaks last year did not reoccur in Q2 this year. As expected, the EBITDA margin came in lower at 15.1%. This reflects strategic investment in key personnel, and for future growth and a number of one-off costs such as exceptional level scrapping related to launch of prefilled. If you were to take out those one-time events, we would be at roughly 21%. We acquired Svanova in April. We signed agreements with AeroCollect and Check-Points here in August and maintain a strong pipeline for M&A. The period Q2 2020 to Q1 2021 has seen exceptionally strong growth as Indical benefited from competitors focusing on human diagnostics. The competitive environment has now started to normalize. We remain very positive about our growth prospects with a strong portfolio, strong team, and R&D pipeline as well as M&A pipeline. The next three quarters will likely see some more normalized level of growth against very tough comparatives. Moving on to slide 11, looking at our Veterinary Services business, VetFamily. This is our smallest segment, accounting for 9% of the group revenue. VetFamily delivered 14% organic revenue growth in Q2, led by the Netherlands, Germany, and France. Momentum in member acquisition has started to pick up during the quarter, having been subdued during the pandemic. We see continued growth in number of pets on plan and number of vet plan clinics. As expected also here, adjusted EBITDA margin contracted in the quarter due to OpEx investment to roll out additional services in more countries. We added new team members in Denmark, Germany, and France, mainly. During the quarter, the team has completed the acquisition of IVA, a purchasing support group with 121 clinics entering the Australian market for the first time. The team also took a majority co-ownership stake in a Danish member clinic, an orthopedic specialist clinic, and with that deepening the partnership and facilitating succession planning for that clinic. Also enabling us to drive more innovation, being so close to an orthopedic clinic. Moving on to page 12 and looking at our MedTech vertical. In MedTech, this is our second-largest segment, accounting for 36% of the group's revenues. Movora delivered 59% organic revenue growth in Q2, with some benefits from easy comps in Q2 2020, which was negatively impacted by lockdown measures. Growth in all regions and categories, particularly strong in the U.S. and in total hip replacement segment as more pet parents seek specialty care. The adjusted EBITDA margin improved by 270 basis points to 33.1%, driven by high gross margin and a scalable business model. In May, Movora acquired AdVetis, building a local position in France in the French orthopedic market. We see a continued strong momentum but flag that the second half of 2020 also benefited from a catch-up in sales after the COVID impact at the first half of the year, and we will cycle very tough comparatives in the second half of 2021. Moving on to our M&A portfolio that we've done this year on page 13. Year to date, we have completed seven acquisitions with combined annual revenue of close to EUR 14 million, at 20% incremental to Vimian Group on a reported 2020 basis. Acquisition multiples have been broadly in line with historical levels at 7.5 times EBITDA. All our four verticals have successfully delivered on their M&A targets with deals unlocking new geographies and new product segments. In the first quarter of 2021, we acquired I-Vet, strengthening our allergy business in Spain. In Q2, we acquired Svanova, adding to Indical's position in livestock diagnostics. Best Paw, strengthening our online direct-to-consumer offering in North America. Our largest acquisition year to date, AdVetis, building a local presence in the important French orthopedic market, adding annualized revenue of EUR 5.5 million. Since the close of the second quarter, VetFamily has entered Australia with the acquisition of IVA and acquired the majority co-ownership in a clinic in Denmark. Lastly, earlier this week, we acquired Check-Points, taking our first step into food safety and antimicrobial resistance testing. On slide 14, if we look into AdVetis being the largest deal we’ve made this year. AdVetis gives us a strong position in the important French and Belgian markets, where we have actually previously been underrepresented. The company provides veterinarians with implants for orthopedic and visceral surgery and equipment for internal medicine emergency and intensive care, broadening our offering that we had so far. We see opportunity to distribute a wider Movora portfolio through AdVetis, and the addition of AdVetis product range is complementary to Movora’s existing portfolio. Moving on to page 15, looking at IVA. In July, VetFamily acquired Independent Vets of Australia, provider of procurement and support services to more than 120 member clinics in Australia. On an annualized basis 2020, this will add EUR 0.9 million in revenue. The acquisition of IVA gives the whole Vimian Group access to a new continent, where we have previously had very little presence. VetFamily's international scale and portfolio of services will provide additional benefits to IVA members. Moving on to page 16 and the introduction of AeroCollect. This is a deal we introduced on Monday. AeroCollect provides technology for air sampling, which allows for easier, faster, and more accurate detection of pathogens in livestock production. Using the handheld device, as you can see here on the slide, you can walk around in a poultry or cattle farm, pressing the on button, and the machine sucks in air and traps pathogens in a chamber. That chamber can be sent by post to the lab, and the lab person would then just flush that little chamber, and then you can test that sample with PCR technology, INDICAL Bioscience provides. Long term, we see this as a potential technology to replace blood samples, litter, or feces samples in poultry and swine herd, supporting our ambition to improve animal health, and also supporting our ESG agenda. With that, I would like to hand over back to Henrik to walk through the more detailed financials on page 17. Thanks, Fredrik. If we move to page number 18, just quickly cover some of the financials. Looking at the income statement, we already covered revenue and EBITDA, I will skip that. Looking at operating profit, we had an operating profit of EUR 1.6 million in the quarter. That's up from EUR -1.6 million of the same quarter last year. This is an unadjusted number, not taking into account items affecting comparability. Just to put that in context, we also had around EUR 5.8 million of cost in Q2 2021 related to the IPO earlier this year. Underlying performance, significant improvement. If we look at the profit for the period, we had a negative profit of EUR 3 million, down from EUR -1.4 million same quarter last year. This is to a large extent driven by a negative impact in financial items, which was caused by the refinancing of debt, where we had capitalized arrangement fees for previous facilities, which were written off when they were replaced in Q2 2021. This was a negative impact of around EUR 3.7. This is not a cash impact, as it is more a P&L impact. On growth breakdown, we already covered the Q2 2021, but just quickly highlight for the first six months, we had 38% organic growth, which is well above our financial target. If we move to page number 19, look at the cash flow and cash position. As I mentioned, we had a cash conversion in the first six months of this year of 71%, and that's a 16 percentage points improvement versus last year. Very strong increase in cash flow from operating activities, and this is mainly driven by growth and margin improvements. Cash flow from operating activities in the quarter of EUR 11.8 million. Cash flow from investing activities, EUR -17.2 million, and this is mainly relating to acquisitions and to a smaller extent, CapEx. Finally, cash flow from financing activities of around EUR 73 million. This mainly reflects the refinancing and the primary that was part of the IPO this spring. All in all, we are at a strong cash position. At the end of Q2, we have roughly EUR 97 million of cash on hand, so significant cash to utilize in investment in acquisitions and organic initiatives. If we look at net working capital on page 20, quite stable compared to Q1 of 2021. We're at around EUR 33 million of net working capital. Inventory is up slightly. That's mainly reflecting underlying growth. Accrued expenses are up quite a lot in the quarter, and that is mainly relating to the IPO costs, where we have accrued a lot of the expenses, and they will be paid out later in this year. The cash impact will come later after Q2. If we look at net debt and leverage on page 21, we had a net debt position of EUR 7.7 million, and this reflects the refinancing and also the primary that we did at the IPO. If you look at this on a leverage basis, we are at 1.1 times leverage at the end of the quarter, and that's down from four times leverage at the end of 2020. That was with old financing structure, so it's less of a relevant metric, I would say. With that, I'll hand it back to you, Fredrik, to wrap up. Thank you very much, Henrik. If we move on to page 23. If we compare Q2 to our financial targets, Q2 delivered 229% growth as reported, and 25% organic growth compared to our targets of 30% and 15% respectively. We are, of course, very happy with those results, but as I mentioned before, you have to bear in mind that the M&A agenda, or the M&A impact during the last 12 months has been transformative, and that is also driving that very high growth number. Our profitability, we do reiterate our medium-term target of 35% adjusted EBITDA margin, although near-term margins will vary as we invest in strategic opportunities that arise. In Q2, we report 30.8% EBITDA margin, a quarter with significant investments, and for the first half of the year, EBITDA margin is at 35.9%. On 2020, pro forma EBITDA margin was at 32.5%. We continue to build a company focusing on long-term value creation, aiming to reach our EUR 200 million EBITDA by 2025. Our capital structure is at 1.1x EBITDA, so the debt is at 1.1x EBITDA, well below our covenant at 3x EBITDA, leaving quite a bit of headroom for additional M&A. Moving on to page 24. Finally, looking at the progress of our strategic priorities, we are happy with our Q2 performance. We work hard every day to drive business in existing verticals, resulting in 25% organic revenue growth and strategic OpEx. We invest in strategic OpEx and R&D. Despite that, we see this nice development also on the bottom line. During the year, we have expanded into new geographies, entering Australia with VetFamily and significantly strengthened our local presence in France with Movora. We've started cooperation across verticals with, as an example, Nextmune starting to sell its offering through VetFamily in Germany, France, Benelux. Movora INDICAL Bioscience are working on a joint logistics projects in Europe. On our M&A priority, we have completed seven acquisitions year to date with annualized revenue of EUR 14 million. Of course, we are looking at new verticals to invest in. I would say that the lion's share of our focus has really been on, of course, in the second quarter, get a successful IPO done and focus on all the opportunities we have in four current verticals, which have a lot of opportunities, and we see more opportunities to invest in those four verticals. We're also looking at a number of additional verticals to invest in in the future. With that, I would like to open for questions from anyone. Thank you very much. Thank you. If you would like to ask a question, please press zero one on your telephone keypad. If you wish to withdraw that question, you may do so by pressing zero two to cancel. There'll be a brief pause while questions are being registered. The first question comes from the line of Ulrik Trattner from Carnegie. Please go ahead. Your line is now open. Thank you very much, good morning. I have a few questions, if I may. If we can start off with the Diagnostics segment, and you're calling it out to be more of a normalized situation with a few of the players in the market shifting back to focus from the human side to the veterinary side. Guessing you're referring to Thermo Fisher. Could you just talk about a little bit more on how we should view this in terms of both growth going forward over the next two quarters, as well as looking at the margin side? Obviously, you had one that's related to parts scrapping. How should we view the margins going from here for sort of the remainder of this year? That would be my first question. Thank you. The situation is that it's not that necessarily Thermo Fisher has started to be more competitive, but last year, there was a global shortage of certain products in PCR diagnostics. There was simply an under capacity, and that capacity has been built up. Therefore, last year, we could grow above our expectations because you could do essentially anything you had on stock, you could sell. Now we have to go back into calling on customers and doing active marketing and sales. In terms of growth expectations, as I mentioned, the next three quarters will be challenging on the growth side, simply because we have extremely high comparables in the quarters from the second quarter 2020, all the way into the first quarter of 2021. Here, midterm, I'm bullish. The next three quarters, I would be a bit more cautious on growth expectations. On the margin side, it's a healthy margin within Indical. That said, we are investing in R&D, business development, marketing, and sales to get into new geographies and develop new technologies. That is, of course, seen on our OpEx. I would probably, if you want to make an assumption, I would probably work with the profitability in Q2. Take out the one-off items that I mentioned. It's quite similar levels to your comparable periods last year. Just a quick follow-up, and then I'll have my last question. Just in regards to this normalized situation, are you seeing that you're losing market share on used sales, guessing that you have quite the resilience in the installed base? No, we see a resilience in the installed base. Remember, this is a market growing at 8%-9%. We grew quite a lot in excess of that. We had one quarter that was subdued by a very strong Q1, so there was a quarter-to-quarter effect as well there. We don't see us losing market share. It's just that the growth rate was exceptional last year, and we cannot extrapolate that growth rate going forward. Okay. Thank you very much. We have a strong position, and we're strengthening that position as well. I'm not concerned about losing market share, not at all. Okay, perfect. Thank you. Last question, just related to all the acquisitions you made thus far. Could you help us provide us with some more information on what the M&A multiples have been for the acquired companies during Q2 and Q3, just on an average basis? As mentioned before, we've been in line with historical multiples, between seven and eight times EBITDA. The average is between 7.6 times EBITDA for those M&A deals. Now, the AeroCollect deal is a call option deal. That's a real innovation play. We won't consolidate that into our numbers until we would call the option to get 51% of AeroCollect. Perfect. That is not accounted for in the 7.6, but the call option is at eight times EBITDA. Yeah. Great. Well, thank you very much, and I'll go back into the queue. Thank you. Thank you. The next question comes from Rickard Anderkrans from ABG. Please go ahead. Your line is now open. Good morning, thank you for taking my questions. First one, on the group-wide ambition to leverage synergies and cross-fertilizing across verticals, how are you feeling with the progress there of the recent acquisitions? How should we think about the pace, if you will, of these initiatives and the impact of that? Very good question, Rickard. In general, the collaboration between the verticals is starting to intensify. When you look at the recent acquisitions, typically when you acquire a company, the first thing is you make sure that you can consolidate, that everything is stable, that you have risk mitigation plans in place before you start to push synergies. Typically, the companies we buy are growing nicely, so we want to make sure that we help them continue to grow, and I would say that synergies come as a second priority. Our first priority is to make sure we don't slow them down. What you see as a good example, Nextmune has now 11 or 12 companies, and you see this increase in organic growth of the group, and also you see an expansion in profitability. It's very difficult to guide you on the exact pace of synergy creation, but it comes very naturally as everybody's moving from being shareholder of their own company to being shareholders of Vimian, and everybody benefits from the synergies we can create. It's difficult to give you a very specific speed of synergy extraction. Okay. What you also see is that when we do acquisitions, the acquisitions we made are not at the same EBITDA margin as the group. That is because we start to expand their profitability as we help them grow faster without having to add that much OpEx. There's always that post-deal expansion of EBITDA margin that happens naturally. All right. Makes sense. Thank you for that. Regarding the strategic investments here impacting OpEx, just would be interesting to hear how we should think of those types of initiatives in the upcoming couple of quarters. Should we think of these investments continuing here, or will there be some fluctuations here along the road? No. Well, we are looking to, for instance, within VetFamily, we are looking to enter new markets. Typically, you have a sales cycle of one to two years before you see the positive cash flow from such an investment. They are not substantial at the group level. Most of these OpEx investments are within the smaller verticals within Indical and VetFamily. They are not substantial at the group level, but you will see an impact at the single vertical level because those two verticals are smaller, so any head count you add, you will see it very quickly on the vertical P&L. Yeah. We've done quite a lot of investments already in Indical. I don't expect that to ramp up massively, at least not in our plans right now. It could be that we find an opportunity we want to invest in. We will, of course, then let you know that that's our intention, to help to guide you. As we speak, we've done those investments, and now we're looking to harvest the impact. In VetFamily, we will invest in two new regions, so that will increase a little bit, but nothing material on the flow. Great. Thank you. On the agreement with AeroCollect, can you talk a bit more how we should think about the impact from that agreement, and how would you describe the current level of validation of that technology? I'm guessing the call option strategy is a bit to be cautious on that deal for now, or how should we think about it? Yeah. It's a company that has been very technology-driven for quite a few years but not been an animal health player. Combining our expertise from the animal health side, what we did before we signed that agreement was to actually validate it on the two most important pathogens, where we see most of the potential. We've run trials, informed trials, real-world trials. What we have seen is that we can detect both of those pathogens a few days before you can detect it in the blood or in litter or feces from the animals. That is the data that made us confident in this investment. The structure is that we pay FORCE Technology, that was the owner of the technology prior to creating AeroCollect as a standalone company, which we did as part of this deal. They put the IP and the technology in AeroCollect, the call option that we are paying out is there to support their OpEx for about a year, we are expecting to launch this in the second half of this year. We can choose to call the call option partly in the second year and the third year at eight times EBITDA. In terms of distribution, Indical will do the distribution, there is a distribution fee post the second year. To help them get to positive cash flow as soon as possible, we are not charging them a distribution fee in the first year. Right. That's very helpful. Thank you. You won't see any revenue impact from it until we call the call option. We are investing in some of our resources that are on our payroll are focusing on this as well. Overall, we think this is a very good structure and risk-mitigated structure and a good deal for us. Great. Just a final quick one on the Check-Points acquisition and the antimicrobial resistance business on the human side. Can you talk a bit about the potential? Are there significant veterinary applications there as well? It'd be interesting to hear a little bit more on that side of the business for Check-Points. In terms of structure, I don't know exactly how much detail I should share here. Essentially, the human side is part of the earn-out structure, so we don't pay up front for that. That is a part, it's a OEM deal, so Check-Points has developed the product and produces it for a large human diagnostic player. Are there applications of antimicrobial resistance testing in the veterinary space? Yes, there are. Veterinarians start to have to do antimicrobial resistance testing before they can prescribe antibiotics. This is in certain European countries enforced by law. We think that this could have more and more potential in the future. Now, there are different technologies to do that. We're not betting necessarily on that technology yet. We'll come back to that once we have worked on that strategy with Check-Points. Fantastic. Thank you for taking my questions. Sure. The interesting part about Check-Points is that they do subtyping of Salmonella. That is very complementary to what we're doing with AeroCollect, but also our overall monitoring strategy for early detection of diseases, because you have some strains of Salmonella that can be highly contagious and some that are less, and you actually want to know if you have Salmonella, you want to know what it is and where it comes from, and this is what they can do with their technology. Yep. That makes sense. All right. Thank you very much. Thank you. Again, the next question comes from Peter Vida from Citi. Please go ahead. Your line is now open. Morning. Peter Vida from Citi. Fred and Henrik, I hope you're both well and trust you had a good summer post the successful IPO. A couple of questions, I don't know which one of you wants to take it, on execution and delivery, how comfortable are you with consensus for this year, as it implies H2 performance being at least maintained or a little stronger than H1? I realize you're going to have some benefits from the acquisitions, you're also calling out tougher comps for both Indical and Movora, plus generally increased investments. That's the first question, your comfort and whether you think consensus is realistic. When we look at the consensus on the group level, I would say it's a high expectation, but I think on a reported basis, we think it's achievable. It is an ambitious consensus, I would say. On the individual vertical levels, there might be too high of a consensus on the Diagnostics side, since I think the consensus is projecting 60% growth in revenue after a year of 70% growth in 2020. I think that one is too high. I do think that at the group level, we can deliver on the consensus. Clear. Just two clarifications, Fredrik, on. I think pre-IPO, the message very much was all divisions are generating EBITDA margins above 30%. Am I right in the discussion that we've had with the rest of the analysts this morning that Indical steady state is more going to be in the 20s? As it relates to the CapEx and investments in the business, I think the message pre-IPO was, this is a CapEx light business, 2%-3% investments. The messaging now is that you're increasing the opportunities to invest in the business. Can you, maybe Fredrik or Henrik, give us a sense what level of investment or CapEx you're expecting for this year? Thank you. On your first question on Indical or on the Diagnostics business, I would say short term, you are right. Meaning next 12 months or so, it's more in the 20s. Mid to long term, I see the potential to get to our overall group target there as well. Bear in mind that Indical as a group, we have actually grown organically. 95% has been organic growth, that's why we've continuously invested in that group, and it has paid off in terms of growth. Now we have strengthened the management team. I've moved out to take the role at Vimian, and we have strengthened the management team at Indical to also be able to do more M&A. That has this short-term impact on the EBITDA. On the CapEx, I would like to hand over to Henrik to answer that question. I think just to clarify one thing here, Peter. I hope you're well as well and had a nice summer, by the way. I think when Fredrik mentioned that we have invested in the business mainly on the OpEx side, it's not so much CapEx side. We do have CapEx as well, of course. You may remember from our earlier meetings that we have mentioned that we invested in expanding capacity in Movora or the MedTech segment, and those investments have also continued a bit into Q2 of this year. The main investments that Fredrik mentioned are on the OpEx side relating to strengthening organization, especially in Diagnostics, to future-proof that segment for further growth. When it comes to CapEx specifically, we don't want to change what we communicated earlier. We don't see that there are any big differences. That's clear. Thanks very much. Thanks. Thank you. The next question comes from Hassan Al-Wakeel from Barclays. Please go ahead. Your line is now open. Hi there. Thank you for taking my questions. I have three, please. Firstly, if I can follow up on your commentary around numbers. Pre-IPO, you talked about group margins slightly exceeding 35% this year. I wonder if this still stands given your comments around the Diagnostics business. Secondly, it'd be interesting if you could talk to us, please, about the pipeline within Nextmune and the potential for incremental in-licensing deals here. Finally, if you could talk a bit about the current pipeline as it relates to M&A by segment and potential size of asset, and whether you are more open to any transformational deals. Earlier, you mentioned exploring other verticals. Which could you potentially explore? Thank you. Sorry, I'm just making a note here. New verticals. On the margin expectation, on the 35% margin expectations, what we said was that that is our midterm ambition. When we look at midterm, we're talking about EUR 200 million EBITDA in 2025. Short term, our focus is really to grow this group and make investments we think make sense, both organically and in M&A, and build a really strong group. The EBITDA expectation for this year, in terms of margin, I would need to get back to you on that guidance, if that has changed, because we need to take into account also the acquisitions. We haven't changed any assumptions as to our full-year expectation from when we spoke pre-IPO. Remember, Q1 was extremely strong INDICAL Bioscience with, I think, more than 40% EBITDA margin. Overall, we have a strong year also in that segment. Q2 is kind of correcting for a very strong Q1. I have no reason to change our expectations for the full year compared to pre-IPO at this point. On the Nextmune pipeline, we will get back to you on that a bit later, as soon as we are ready to speak about that in the third quarter. There are opportunities, clearly, to both in-license technologies and develop our own product. We have a couple of exciting projects in that pipeline. We'll get back to you on more details around those two projects a bit later this year. You asked about the M&A pipeline by vertical. We have numerous deals in the pipeline at different stages of maturity across all four verticals. I think that since we created Vimian really, the attention has increased, and the filling of the pipeline has also accelerated, especially in Q1 and Q2 of this year. We were all quite focused on getting a successful IPO done. Now since we got back from summer break, the momentum has also increased. I'm very happy about the current M&A pipeline, both in terms of number of targets, but also some that have a more significant size. It's interesting. On the new verticals, that is a bit early to speak about at this point. First of all, I don't necessarily want to guide our competitors as to how we're thinking and what we're looking at. If you don't mind me getting back to you when that is a little bit further down the line, I would rather answer that question a bit later if you don't mind, simply because of competitive reasons. It's a EUR 45 billion market growing to EUR 67 billion in five years. There are a lot of different areas that we could invest in that would make a lot of sense for us. That's very helpful. Thank you very much. You're welcome. Thank you. Our next question comes from Per Jørgensen from I&T Asset Management. Please go ahead. Your line is now open. Yes. Thank you, and congratulations with a very good start. Impressive, I must say. Two questions from my side. A bit about everybody knows that 2020 and 2021 are special years. Has it done anything to the visibility in your industry? That's my first question. My second question, has these difficult or strange years made you do some thoughts about doing even more strategic investments in your verticals and also on the acquisition side? Thank you. Thank you very much. When you ask about the visibility, are you thinking about the focus on this market or the focus on Vimian? As you see your market, because as you mentioned yourself, that trough comes in second half. We see a lot of organic growth in different quarters and so on. Has that changed your long-term view on the industry and also from your point of view? That's my question. No, not really. I think that the visibility has probably increased. People are writing a bit more about animal health, and there's clearly eagerness from many to enter this market, to invest in this market or get exposed to this market. Has anything changed in terms of underlying growth drivers? Not really. I think when we look at this in five years from now, we will see a bump, but I don't think that there is something materially changing. There's nothing at least changing in our assumptions as to underlying drivers and market drivers. Your second question relates to any strategic decisions we have made internally to strengthen organically or inorganically. Well, yes. Part of the dynamic we saw in the Diagnostics business last year was this incredible demand increase for certain products, and we saw that there was a risk in the supply chain. We had to take a stronger look at our supplier base and make sure that we were safe if a new pandemic was to break out and such a shortage would happen again. We have invested in securing the production or actually producing ourselves some of the most critical components, which is also part of the investment in Indical OpEx. Things we were actually buying before, we started to produce ourselves. I think that with the visibility and the interest in the market, but also the amount of innovation in the market and the number of companies coming into this market, it also increases the number of opportunities for us to invest in M&A. Yep. We are boosting our M&A efforts, and we will continue to invest more and more in building out our M&A capabilities as needed. As the pipeline increases and as number of deals increases, we will invest more and more in that. Yeah. Great. Excellent. Good to hear. Thank you. Thank you. Thank you. The next question comes from Svante Krokfors from Nordea. Please go ahead. Yes. Good morning, Fredrik and Henrik. Svante from Nordea. Hope you can hear me. Yep, we can hear you. Good morning. Great. Yeah, a couple of questions left, perhaps first on the M&A pipeline. Could you elaborate a bit on has that changed? You had talked about 200 shortlisted targets and 15 dialogues. Has that changed significantly? Has the competitive environment in the M&A side changed? Have you seen impact from the fact that you are listed now, either positive or negative on the M&A side? Some of the companies that were on that list of shortlisted or active discussions have been now executed on. It's a continuous list that is moving all the time. I would say that the list is tendentially increasing. Now, we've also turned down deals, so I wouldn't put too much attention to the size of the list, but it's typically increasing. The fact that we have become a listed group has brought a bit more visibility, and I think that the group we are as Vimian is a very attractive proposition to many of the companies that we talk to. The fact that we are entrepreneur-driven, that 100 of our employees are shareholders, that the entrepreneurs are still running their companies within the company, that is something that is appealing. The cultural aspect of how we operate is something that many of the targets we have started to talk to post-IPO are saying, "Wow, this is cool, and you are doing what we always dreamt of doing." I think if anything, the IPO has only brought a positive note to the momentum. Okay, thanks. A question regarding Movora. You mentioned there that especially in THR, there's been significant growth. Could you elaborate a bit on the reasons and the magnitude of acceleration? The reasons for it is, as we said in the pre-IPO process, nothing has changed. It's accelerating awareness around the possibility to do those type of surgeries. It's the availability of the products, and it's the availability of more surgeons knowing how to do the procedure. It's growing, especially in the Western World, in North America, but also in Europe. The specific, I don't think we're going to report on that level of specificity because at the overall group level, it's not a huge part of the overall business. I think the takeaway from Movora is that it's a significant 36% of our revenue, and it's growing really across all categories, be it in TPLO plates, be it in screws or total hip replacement. That total hip replacement is still a very nascent segment, but it's growing, and we see the momentum in those type of highly innovative products. Okay, thanks. The final one on Indical, and you mentioned exceptional scrapping. Could you elaborate a bit on that, and was there a significant financial impact on adjusted EBITDA from that? Yeah. As I said, we'll be back integrating the plastic production to start to have a secured supply chain for the prefilled DNA and RNA extraction cartridges. When you do those type of injection molds, it's extreme precise engineering, and in the first early production batches or beta versions, we had a plastic quality issue with leakage. When we realized that before it actually went out to customers, we decided not to launch that, and we had to scrap it in Q2. That is one driver of one-time or one-off costs. There were a few others that were related to me moving into Vimian, hiring, headhunter cost, et cetera. All in all, that one-time impact was between EUR 400,000 and EUR 500,000, of which EUR 100,000 is more of an allocation thing between Vimian and Indical. EUR 400,000 is a one-time impact on the group level. Sorry, there's something if I want in here Henrik here. The amount that Fredrik mentioned now here are not included in what we define as items affecting comparability. That has impacted the adjusted EBITDA. Okay, EUR 400,000-EUR 500,000 roughly. Yep. Yeah, if you want to really look at it, if you want to take it out, you would increase the EBITDA by EUR 400,000-EUR 500,000. Yeah. Okay. That's very clear. Thank you. That's all from me. Sure. Thank you. Thank you. As there appear to be no further questions, I will return the conference to the speakers for any closing remarks. Well, thank you everyone for attending the session today. Thank you for all the good questions, and of course, we look forward to interacting with you going forward. We'll go back to business now. Thank you so much, and have a great day.