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Welcome to Cargotech's third quarter 2021 results call. My name is Aki Vesikallio. I'm from Cargotech's investor relations. Please note that today we are not allowed to discuss any topics related to Connecranes merger due to the securities laws, for example, in the United States. The results will be today presented by our CEO, Miika Vehviläinen, and our CFO, Mikko Puolakka. The presentation will be followed by a Q&A session. With that, I'll hand over to Mika.

Thank you, Aki. Good afternoon from my side as well, and thank you for joining the Cargodeck Q3 2021 call. The robust demand in our business is continued through the Q3 as well, and we recorded nearly 1 billion euros of orders, one of the highest quarters in the Cargotech history. Service orders also developed and service business overall very well, with the service orders increasing by 18%. The longer delivery times are very visible, really driven by the global component shortages, as well as the logistic challenges, and that was visible in our revenue development, especially in Kalmar business unit. Very pleased with the good performance in Hayab again during the Q3, which was the all-time record at Q3 for Hayab. Also very pleased to see that the strong demand shift towards the electric vehicles is continuing. And for example, in our forklift truck, the orders increased already to 27% of the total demand as well. Also, due to receiving the payments from the navies exit, our balance sheet is in an excellent position at the moment. It's gearing down to 31%. I will be covering some of the highlights of the Q3, talk about market environment and the group level developments, and then Mikko Puolakka, our CFO, will cover the business areas and some financial details and the outlook of the CardiDec. As said, the robust demand really continued throughout the Q3. This was the second highest Q3 order intake in Cargotech history. Year-to-date, our orders are up by 57 percentage points. The orders are up across all the different businesses at the moment, but especially strong in Hayab and Kalmar mobile equipment. But at the same time, the outlook for the longer cycle businesses in MacGregor and Kalmar Automation and Project is looking also brighter. Sales increased by 6%, really limited by the component shortages and the logistics availabilities. As such, our factory capacity is able to cope with increasing demand. The share of the ECO portfolio was 17% of our revenue, slightly down, caused by the fact that Navis, who was recorded as an ECO portfolio due to digitalization, is now, of course, not part of the group anymore. And then some of the heavy electric train revenues have declined compared to previous year due to the low order intake during 2020. The comparable operating profit developed well in Hayab, and also pleased with MacGregor, even though the operating profit declined slightly, but this was still a positive result with extremely low revenue, and we have now seen the bottom of the revenue in MacGregor's current shipping cycle. The Kalmar result was slightly disappointing, really driven by the delivery issues and increasing costs, and Mikko Puolakka will cover that a little bit more in detail. Our data from our running equipment showed very clearly that there is a holiday impact, and as we have said repeatedly, the Q3 is always seasonally weaker for us. We saw the impact in some of the running hours, but actually after the holiday season, now in September, running into October, we are against a very high utilization rate across the board in all of our equipment. And this is obviously also visible in strong order intake and demand for our equipment. And this is obviously also good news for our services with high equipment running hours and wear and tear coming from that one. The market environment looks positive in all of our key segments. The global container throughput has increased strongly this year, is expected to show strong growth in Q4, and also analysts expect next year, 2022, also showing strong growth figures in global container throughput. Also, the construction output both in the United States, as Europe has continued strongly, somewhat we would expect that to slow down, primarily due to the material and labor availability moving into the next year. The bright picture is also very visible in the shipping segments, where we have seen orders going up very strongly, and especially merchant ship. And what's really important for us is that this is happening in the key segments. McGregor operates in container ships, bulk ships, and rural ferry segments as well. And clearly, this will be visible moving into the McGregor orders into the 22. Despite the higher oil and gas prices, we have not seen any increased capex in the oil and gas sector. However, the renewable segments really driven by the offshore wind is showing very strong growth and a lot of prospects for the MacGregor in that segment. As I said, the strong underlying demand really continued both in Kalmar and especially in the mobile equipment side and in HIAB, but also in automation and project as well as in McGregor, the orders started to improve. We have, of course, done a number of pricing increases. The last price increase we did was in July this year. However, we have seen the strong order intake continuing beyond the pricing increases and really driven by the underlying strong market activity at this moment. The high demand and longer delivery times are obviously very visible in our order book, which is at record high level and consisting of an excellent quality of the sort of backlog in there, especially from the high up side, which now represents nearly three quarters of revenues, and then in Kalmar, primarily coming from the mobile equipment side as well. We have also now started to see the McGregor book to build turning positive again, and we start to see the slow buildup of the backlog in McGregor as well. However, we do expect that the biggest impact in order intake for McGregor coming from the strengthening shipping cycle will only be visible in 2022. Despite the many actions we are doing, we are still suffering from lower than we would like to see revenues. We fell short about 50 million euros compared to a situation where we would not have seen the limited issues with the logistics and component availabilities. This is especially visible in the Kalmar mobile equipment, which is sort of very close in terms of the type of equipment for the automotive and truck industries as well, but also visible in Hayab. Our own factory capacity at this moment is not an issue. This is really depending almost entirely on the component availability, where there are multiple fronts and multiple suppliers that are sort of struggling to ramp up the capacity for us. Obviously also the different logistics issues in terms of the truck availability, shipping availability and port congestion are somewhat also limiting the revenue growth. I'm very pleased with the good progress that continues in our services business. Orders increased by 18% and services sales increased actually across the board in Kalmar, Hayab and in McGregor. The services growth is still somewhat limited by the COVID restrictions, but at the same time, the high utilization rates is also helping as well. Obviously, the software sale is now heavily impacted by the fact that Navis is not part of the portfolio anymore, but it's good to note that despite the Navis now missing from portfolio, the services, which is now the big bulk of the revenues and software represents 34% of our sales. We continue our strategy execution. It's very clear that pressure from the government, end users, different regulators is driving for our customers to look for more sustainable ways to handle their cargo flow. And we are in an excellent position in terms of our market reach, product offering and technology investments to cater for that requirement. In practical terms, our strategy execution progressed in many fronts during the Q3. We finalized the disposal of Navis by 1st of July this year. We are accelerating our growth in high-up by doing Bolton acquisitions. A good example of that one was the acquisition of the Gulf Up in US, which gives high-up a better reach on the demountables market segment in US and able to leverage a new product portfolio into the existing high-up services and distribution channels. Also in U.S., we expanded our capacity to start the truck mounted forklift production in U.S. This will obviously help us to meet the stronger demand. It also helps us to meet the sort of current U.S. dollar exposure we have in Hayab by having more dollar based production and supply chain available for that market. And Cargotec together with its business areas, Kalmar and Hayab, has announced a cooperation with SSAB, where we are the leading partner with them to look at the usage and utilization of carbon-free steel in the cargo handling industry. Our electric portfolio is expanding and will be covering the whole range of Kalmar mobile equipment by the end of the year. And it's good to see that the offering is also meeting market demand. Here are some examples of the ECO portfolio orders during the Q3. 50 medium electric truck forklifts for SEAC in France. As said, already 30% of the forklift orders is actually in electric format, and we have seen that continuously increasing. 18 hybrid shuttle carriers for the Port of Virginia in US. six automatic stacking cranes for the VICTL in Melbourne, Australia, and then a number of zero-emission products into the port in Indonesia as well. So we can see that this is not limited only for the European and US-based customer, but the demand for ecotype of products is actually sort of covering the whole global demand at this stage. Also, we came out with the announcement today in connection of the Q3, announcing some leadership changes in the Cargotech team. Michel van Roosendaal, who has very successfully steered the McGregor through very difficult times for the last six years, is now taking over to Kamos. And Michel, with a strong background in many of the high-quality businesses, including Danaher and United Technologies, is well positioned to take the Camus performance now to the next level, as well as the Kalmar mobile equipment. Leif Byström will be then succeeding MacGregor. Leif has been the COO for MacGregor business and has been serving MacGregor for many years as well. So I congratulate both and I'm very excited about the new appointments and making our team even stronger as well. And with that one, I think we move into the business areas, and I hand over our CFO Mikko Puolakka.

Thank you, Mika, and good afternoon also from my side. Let's have a first look on Kalmar, where we had a mixed quarter. We had a good demand in various solutions, but then our operations were impacted by component shortages. In mobile equipment, we had good growth in orders in terminal tractors, as well as in forklift trucks, and as Mika elaborated earlier, 27% of forklift orders were for electric versions. Also in the large grains, we got orders for replacement investments, for example, for straddle carriers. And we announced also one automation deal. This was in Australia, and it was for expansion of existing terminal operations. And also the services demand continued to grow, driven very much by the good utilization of the equipment. Kalmar sales increased by 3%. And it's good to remember that we closed the Navis divestment on 1st of July. So excluding Navis or kind of with the comparable basis, Kalmar growth would have been 10% excluding Navis. We had approximately 30 million euros of sales in quarter three, which has been delayed to quarter four and latter quarters due to the component shortages. Service sales improved by 9% in Kalmar. Despite the growing revenues, the profitability declined, and there were a couple of reasons for this. We had lower productivity in our assembly operations due to the component shortages. So we had to move products back and forth as the components are coming in and we can then finalize the product. And this is impacting our productivity. We have had also higher freight costs as well as component costs. And for example, during quarter three, the freight costs impacted approximately one percent unit in Kalmar comparable operating profit. So without that, Kalmar comparable operating profit would have been nine percent. And then we continue with the investments in electrification, automation and robotization. And we are having several product launches in the coming months and quarters. Then moving to high up where we had an excellent performance in quarter three, despite the challenging supply chain situation. Orders grew very nicely, and if you compare HIAP's Q3 orders, those were more or less on the same level as in Q4 2020 or Q1 2021, as well as 30% higher than in Q3 2019. So, demonstrating the strong market activity what we experience at the moment. Backlog is exceptionally high for the high-up type of business. Now, like Mika indicated, representing nine months of sales. High-up sales grew very nicely, 21%, services 9%. In high-up, we had also delays in sales and deliveries due to the component availability, and approximately 20 million euros of sales were postponed from quarter three to latter quarters. Comparable operating profit improved very nicely. And as Mika also mentioned, this is in absolute terms, as well as in relative terms, the highest ever quarter three operating profit for HIAP. And we completed the GulfUp acquisition in quarter three in September. And on the right hand side, you can see also a typical product for that business. Then, MAC record, where the positive market development contributed nicely to the order development. Actually, we saw growth in all three product or service divisions, in merchant, in offshore, as well as in services, and the growth came quite equally in orders for these three divisions. In the merchant business, especially the RO-RO and cargo vessel related orders were the key contributors to the growth. McGregor sales were down by 14% and this is very much coming from the low order intake in 2019 and 2020. But we believe that this should be the lowest point in McGregor's trend here and supported by the By the third quarter, when we have had good orders, that should contribute also to the growing revenues in the coming quarters. Profitability was slightly down compared to Q3 last year, but we have been able to offset this 14% sales decline by a higher service portion. So our service sales in McGregor accounted for 46% of total sales, while it was 37% a year ago. And then we have continued also with the cost savings. This year, we target 13 million euros cost savings compared to last year. Then a few highlights about our key financials. If we look at quarter three profitability, we had a very large positive one time impact from the Navis divestment. So in the items affecting comparability, we booked 230 million euros sales gain from the Navis divestment. other kind of large items in the items affecting comparability we had approximately 16 million euros one-time costs related to the merger between cargo tech and connect grains thanks to the navis divestment also our effective tax rate for quarter three was fairly low it was 20 percent And that was very much coming from the Navis divestment. And also contributed by the Navis divestment, our ROSI was now 14.3%. And as a reminder, our target is to be at 15% in the long term. Looking at the year-to-date numbers, very strong development in orders, 57% higher than a year ago. key contributors coming from mobile equipment, high-up, as well as services in our all three businesses. Also, our comparable operating profit is 19% higher than a year ago, and here the key contribution is coming from high-up. We had fairly modest cash flow in quarter three, and this is to great extent coming from the component shortages. So when we have missing components, we have had higher working progress and this has increased the inventories and impacted our cash flow. At the moment our inventory days are approximately 116 days, while it was 102 days at the end of last year. And these roughly 14 days means approximately 100 million euros in our inventories as well as in cash flow. We have a very strong financial position. Our gearing improved to 31% driven by the Navis divestment and the one-time profit from there. Also, the 380 million euros sales proceeds from the Navis divestment supporting there. Excluding the IFRS 16 lease liabilities, our gearing is at 20%, and our net debt to EBITDA ratio is at the moment 1.0. We are not having any major debt repayments coming up in the coming years, so fairly balanced maturity profile. The financial position offers a good position, for example, for M&A. And we reiterate our guidance for 2021 and estimate that comparable operating profit for this year improves from 2020, when it was 227 million euros. And with those words, I would hand over back to Aki for Q&A.