Bilia — Call Transcript 2026

Welcome to the Bilia Q1 report for 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions-and-answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to IR Carl Fredrik Ewetz. Please go ahead. Thank you for the introduction, welcome all to Bilia's first quarter results presentation with CEO Per Avander, CFO Kristina Franzén, and I, Carl Fredrik Ewetz. In addition to releasing our Q1 report today, we are also holding our annual general meeting this afternoon, therefore, we have the pleasure of having both our Deputy CEO, Stefan Nordström, and our Managing Director of our Norwegian operation, Frode Hebnes, joining us today for the Q&A session. We are happy to present a good result and a solid financial position, here is our agenda. Per will start with the current situation in the industry, followed by Q1 numbers, Kristina will go through the financial situation, I will conclude with our outlook. By that, I leave the word to our CEO, Per Avander. Thank you, Carl Fredrik. The quarter started with low demand on new cars in Sweden but improved later in the quarter. We also saw signs of better interest in new cars from private customers. In Norway, we had a strong finish in quarter four due to the changes of the tax situation. January and February this year had a weak order intake on new cars, while March was much better. In Western Europe, the demand remained stable throughout the quarter. Currently, many of our brands have strong campaigns, big discounts, and attractive private leasing offers in all our countries. The demand for used car in our countries was slow in the beginning of the quarter, but we saw signs in March of slightly better activity. Prices for used electrical cars have stabilized on a slightly lower level, and therefore, we saw better demand in Sweden for fully electrical used cars. As I have mentioned in the last two reports, the Swedish government terminated all incentives for electrical vehicles approximately three years ago, and we expected a huge number of incoming used electrical vehicles in quarter four and quarter one. Now we have passed the peak, and we can conclude we have handled the situation in a good way. In Bilia, the stock of used car is on a good and balanced level in our countries. When it comes to the service business, this quarter is similar to previous quarter. There was a good and strong demand in the service business in Norway and Western Europe with good booking times. In Sweden, we saw slightly weaker activities with somewhat lower booking times. Part of the explanation is some years of lower new car sales and export of young used cars. The total car market in Sweden 2025 was almost 20% lower compared to an average market the last 10 years. During this period, there has been a shift in the car population to more older cars. Next slide, please. Net turnover was somewhat lower compared to last year. We report a result of SEK 382 million with a margin of 4% compared to SEK 344 million last year. We had higher profitability in Sweden and Norway. In Western Europe, touch lower results related to the service business, but still a good margin of 6.1%. The main reason for the higher result in Sweden relates to the service business and for Norway, the new car business. Earnings per share were SEK 2.11 compared to SEK 1.61 last year. Next slide, please. On this slide, you can see the Q1 profitability from 2020-2026 in each country. On the left-hand side, you can see the strong performance in Sweden, and on the right-hand side, you can see Western Europe still on a very strong level. In the middle, you can see Norway performing better since a couple of years ago. Next slide, please. On this waterfall chart, you can see the different business areas. We improved the earnings in the service business and within the new car business. I would also like to mention the improvement in the fuel business, which relates to quick change in the oil price during the period. Next slide, please. We are moving over to the important service business. Our service business represented 79% of the earnings in the quarter, and we improved the result and the margin. This was the best quarter one ever in the history. We report a result of SEK 328 million compared to SEK 310 million in the same period last year, and the margin increased from 12.2%-12.4%. The main reason for this is Sweden, with an improvement of profitability and with a high margin of 14.2%. We also had a positive organic growth in the group driven by Norway. There were some same number of working days in all our countries during the quarter. There are several reasons why we report a higher result. One is higher efficiency. Now there is more deliveries of new cars, and the third is better performance for our tire and wheel storage operation. Next one. The order intake on new cars, adjusted for acquired and divested operations, was 14% higher compared to quarter one last year. As I mentioned, we have seen a slightly better activity in all our countries, especially towards the end of the quarter. For the car business, we report a result of SEK 65 million, compared to SEK 57 million last year. The profitability for cars was related mainly to Western Europe, and Norway had the best improvement in the quarter. For used cars, we report earnings of SEK 38 million, compared to SEK 55 million last year. As I mentioned in the beginning, the stock of used car is on a good and balanced level in all our countries. The reason for the lower earnings was due to lower deliveries of used cars during the quarter. Prices of fully electric cars have stabilized. We could see an increased demand going forward. We have increased our underlying backlog of new cars by approximately 3,000 units. Today we have 17,500. This is in a historic perspective in a high level. As we mentioned in quarter four, some of our brands have launched interesting new electrical models with long range, attracting lots of interest from our customers. Kristina? Mm-hmm. Thank you, Per. During the quarter, we reported a lower than normal operating cash flow of SEK 20 million. This lower cash flow was explained by an increase in inventory of new cars and an increase of trade receivables compared to year end. We consider this increase to be a normal fluctuation in working capital for our businesses and expect that operational cash flow for the coming quarters will be on a normalized level again. Looking at the past six months, the operating cash flow was in line with last year, amounting to just below SEK 700 million, compared to around SEK 750 million last year's. Mm. As said in previous quarters, cash flow is a key focus area for us and will continue to be so for the future as well. In November last year, the board of directors took a decision to repurchase own shares to a maximum of 1,000,250 shares at the maximum value of SEK 150 million. During this first quarter, around 470,000 shares at the value of SEK 59 million has been repurchased. For the program in total, we have reached 917,500 shares at the total value of SEK 116 million, which equals around SEK 126 per shares. And with that, we are also concluding the program, which ends before the annual general meeting. At the end of this quarter, we utilized around SEK 1 billion of our credit facilities, which in total amounts to SEK 2.3 billion. Our financial net amounted to SEK 78 million, which was SEK 22 million lower compared to last year. This improvement related to lower interest expenses attributable to interest-bearing debt. At the end of the quarter, our net debt, excluding IFRS 16, amounted to just below SEK 2.6 billion, which was some SEK 300 million above our net debt at the end of last year. This increase related to the increase in inventory of new cars and trade receivables, as I talked about earlier. Still, our ratio of net debt in relation to EBITDA, excluding IFRS 16, was 1.4x, compared to 1.3x at December 2025. Consequently, that means that we are well in line with our financial target to have a ratio not exceeding 2.0x, and we do have a stable financial position at the end of the quarter and going forward. During this quarter, we have made the fourth and last payment in relation to the dividend for 2025, which was SEK 5.60 per shares. The dividend has been paid in four installments, where the final fourth installment was made in January. In this afternoon, we will, as Carl Fredrik mentioned in the beginning, have the annual general meeting for Bilia AB. The financial target for the group is to distribute at least 50% of the earnings per share to the shareholders, and the proposal from our board of directors to the annual general meeting is to have a dividend of SEK 6 per shares for 2026. That is an increase with 7% compared to the dividend proposed paid for last year. The proposed dividend comprise of 73% of the earnings per share for 2025. Likewise, last year, its proposal is that it should be paid in four installment for the last day. Let's see what the decision will be for, from the annual general meeting in the afternoon. I believe that summarizes our financial position, and I will leave the word to you then, Carl Fredrik. Thank you for that, Kristina. We're moving over to the outlook. First of all, I want to emphasize that we continue to focusing on improving both profitability and operational efficiency in our existing operations. Our efficiency program implemented last year is going according to plan and will be fully achieved as we have earlier communicated. Profitability, cost discipline, and capital allocation are always core priorities across the entire organization. Moving over to the car business, as Per mentioned, the demand for used cars was slow in the beginning of Q1, but showed a pickup towards the end of the quarter. We expect demand for used cars to remain at a rather stable level in the coming quarter. Prices for used electric cars have stabilized on an, what we believe, attractive level, while demand in Sweden for fully electric used cars should be slightly better the coming quarter. Our used car inventories are at healthy levels, and our intention is to keep that status in the coming quarter. Looking at new car sales, while purchasing activity among corporate customers has been stable for long and will remain so, we believe, interest from private customers picked up during the late Q1 and into Q2, supported by a strong and increasingly competitive market offering from some of our brands. Especially some new level electric vehicle introductions with long ranges are expected to support volumes and provide attractive new alternatives for customers in the coming quarters. To conclude, we do see some light at the end of the tunnel and hope we will be able to slightly up the deliveries of new cars in the coming quarter. When it comes to the service business, I repeat what Per said. Our service business represented 79% of our operating profit in Q1, and we see good opportunities and action plans for further efficiency in our service business and, through that, improve customer satisfaction. In addition, as new car sales increase, this typically translates into higher volumes in the service workshops over time as the car population grows. We expect demand will remain stable in the coming quarter. Briefly on consolidation and capital allocation. Q1 was a quiet quarter in terms of acquisitions activity in the sector. We have a strong track record and, when it comes to acquisition, and remain disciplined and flexible in our capital allocation. We continuously assess acquisitions alongside share buybacks, dividends, and deleveraging with a clear objective of maximizing shareholder value. While valuations are generally stable and occasionally demanding, our strong balance sheet and efficient operation leave us well-positioned for continued growth when the opportunity might appear. This finalizes our first quarter presentation, and, we can now open up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Alexander Siljeström from Pareto Securities. Please go ahead. Good morning, guys, and congrats to a strong quarter. My first question is on sort of the demand impact on the geopolitical turmoil and higher oil prices. I guess you alluded to it here in, at the end of the presentation that you've seen strong exit rates in March and a strong start in April. Could you discuss that and maybe with emphasis on new cars and also used cars? Per, do you want to take that? Yeah. Yeah. You said the oil price. Yeah, yeah, we can see if we go to the used cars, we can see better demand for fully electrical cars now, because you have the prices of petrol and diesel. There we can see a little bit of shift for the moment now, so it's easier. What we have mentioned today here, it's a low lever, the price, and we have stabilized the price for fully electrical cars. We think it's good for us. When you say e-new cars, fully electrical cars is driven by the fleet business. Companies, they have policies for their employees to take a fully electrical vehicle. Private consumers, they are a little bit more hybrids for the moment. If we have really good private leasing offers in the market for fully electrical, for private consumers, we sell them. Stefan? I think also, I think, so far we can see that the fleet market seems stable. The fleet customer is not hesitating yet, that's good. We can also see in the heavy truck business still going well with the sales with the new trucks, no stop there. I think if, as Per mentioned, perhaps in the future we will see with the customers, the private consumers, but not on the fleet business. Okay, thanks. That's very clear. Also a question on Norway. The service business, you reported strong organic growth, but margins were down a little bit here year-over-year. If you could discuss that dynamic as well would be very helpful. I'll leave that to Frode to reply. Yes. Thank you for that question. We had a somewhat lower margin in the quarter, which is also caused by one-off cost in the quarter. Which in total, if we adjust for that's SEK 3 million. Then the margin will be the same level as in quarter one last year. If you look at our core business, we call it, the service workshops and spare parts, we have a little bit better margin in this business. Little bit lower in this dismantling business for the first quarter this year. Yes, that's correct if we compare it to the last year. Okay. That is very helpful as well. Just a final one from my side. On the savings program, if you could talk a bit about the progress that you are seeing, and also if you could share some run rate numbers on the progression to the SEK 150 million. Kristina? The program is running as planned. I think what we have communicated earlier is that we expect to have a full year saving, including in the fourth quarter this year. That is still the plan or the assumption that that will happen. Nothing indicates anything else. When it comes to the run rate, I don't think we have given a specific number what is in there. You can probably make a guesstimate based on how far we have come as such. Yeah. Would you say that you are sort of halfway through now, or is that a, is that a good approximation or maybe just 25% considering that we're in Q1? Yeah. No, we are not halfway through. As always with savings programs, right, you get in an accelerating at the end, right? It's not half, more like 25%. Mm. In that sense. Okay. Yeah. Yeah. Perfect. That's very clear. That's it from my side. Many thanks. Thank you. Thank you. The next question comes from Andreas Lundberg from SEB. Please go ahead. Yeah, good morning. Thank you. On the orders and backlog, taken into consideration the extremely high orders you had in the end of 2025, especially in Norway, what does that imply? Frode? Frode. Yes, as you mentioned, we had a very strong finish of 2025, and we saw a somewhat softer order intake in quarter one. In total, quarter one was 9% below last year, first quarter, but it increased during the quarter. March isolated was 11% better than March last year. We see an increasing pace in the new car business. We can say it's in line with our expectations we had because we had a strong end in quarter four order intake. You can maybe say something about it with the tax situation. Absolutely. We had the record year in Norway last year with almost 180,000 passenger cars. The pace last year was towards 150,000, and we get the lift up after the proposed taxes for 2026, which resulted in 180,000. We see that the market year to date is 13% lower, meaning that we pace towards flat pace towards 135,000 units. We are quite confident that we will have the same lift up, maybe not as strong as last year, but a lift up. Our expectations for 2026 is the total car market of about 160,000 cars, which is still a strong market. We will have a change from the beginning of this year. We started to have a tax on BEVs from NOK 3,000 instead of NOK 500,000. From 2027, we will have VAT as from NOK 150,000, giving a benefit for the customer of NOK 37,500 to buy the car this year compared to next year. Actually, NOK 75,000 in benefit taking the car out this year instead of in 2028. We are confident historically that this kind of tax changes gives a strong push to the market. For Q4 last year, the tax benefit was NOK 50,000 even when the volume increased. We think we will have good market conditions if nothing happens in the macro picture. We think we'll have good market conditions in Norway both in 2026 and 2027 actually. Thank you, Frode. Are you surprised that, I mean, Q1 seems to keep up well, given the dynamic with the, you know, big orders ahead of the new year? I think that we got a lot of initiatives at the end of last year where you have the tax protection and what have you. I think that the competitiveness in the Norwegian car market maybe is stronger today than, probably not say ever, but for a long time, and if you look at the price for a family car today compared to the average income, I think a new car is cheaper relatively- Mm-hmm than for many, many years. We have a strong push and actually XPENG, our Chinese brand, was our biggest brand in the first quarter, giving some strong volume support. Mm. Of course, Tesla was 25% of the market, also having extremely attractive push campaigns in the marketplace. The competition in the new car market is extremely strong at the moment, and luckily we have strong brands to participate in that competition with. Okay, cool. Thank you. On the models you mentioned in high demand, if you're referring to specific ones, how do you think that would play out during 2026 given your lead times, waiting times, and how much of that is still already in the backlog? Thank you. Yeah. Is it specific for Norway, Andreas, or only- In total in total, in general? In the group. In general. Okay. We can say, I think when you talk about BMW iX3, still there is capacity. Now we are starting the deliveries of the iX3, and I think also the signs we get from the factory that still is capacity for the Swedish market. Mm. ... iX xDrive60, the deliveries will start, I think, during the summer or after the summer. After the summer. Yeah. I think also still the capacity is well in line there. So for the moment, no, we will not miss the customer out of that perspective. Volvo is talking about to deliver little bit over 7,000 EX60 cars in start to after the summer. In quarter three and quarter four we will start to deliver them. Yeah. Mm. Cool. A different question. On the top line, it was down a little bit. Is that due to the so-called agent model or why is net sales down? Thank you. Yeah. I think agent model is one part of the explanation then. Then, Andreas, if you compare perhaps to the number of delivered cars, if that is the reason why you're asking, we also had a little bit more of cars that are subject to repurchasing commitments, and hence that means that sales is reversed and instead allocated over the leasing period of normally 36 months. If those are adjusted for it, we're done. Okay, cool. Thank you so much. Thank you, Andreas. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Mats Liss from Kepler Cheuvreux. Please go ahead. Yeah. Hi, thank you. Couple of questions. First, I mean, looking at service there's a quite good improvement there in Sweden. Well, is it more related to deliveries of new cars and the demand in the sort of existing car fleet is still somewhat hesitant? Yeah. Stefan? Yeah. I think it's a mix. We can see when we see the result, you can see that the turnover is higher. The efficiency, we can see that the efficiency is higher. We can also see that the delivery workshop are going on a higher pace. Also we have a better, you can say, tire business this year. I think it's a mix of these. Elements Different elements. Mm. Great. We had an early Easter there this year, so it's a tougher comps year over year, quarter one compared to quarter one. Should we expect some delayed service demand to pick up in the second quarter? I mean, Norway is normally a Easter- I think it's quite similar to the previous year. I don't see any big differences when we come to customer behavior during when we talk about Easter and things like that. I think we see that we are well in line with the tire change. I think like 80% is done, so in our with the wheel changes. Mm-hmm. I think, yeah, and the customer behavior, I think is quite similar to previous year. The working days in April is the same as we had in the last year, so. Yeah. for the- Okay Norway, the Easter can be sometimes complicated because you have a red day for the Thursday. Yeah. That was then the first of April. Yeah. Yeah. Quarter one is. Yeah very similar to last year. Yeah. Yeah. Yeah. Yeah, my bad. Well, then looking at car sales, I mean, earnings in Sweden was quite soft there in the quarter. Is that sort of a temporary impact, or should we expect a similar development in the second quarter there? Yeah, looking at car sales, I mean, earnings there, if you look at geographical mix there, we had. You mean sales or the profitability or. No, operational earnings there in Sweden was SEK 3 million. It's quite a low number. It was related and I think it was an improvement with the. We've reduced the loss in new cars, and I think it was still quite stable in used cars. I think SEK 3 million less compared to- Yeah ... last year. I think on a quite good level. As Per mentioned, we think the used car market has stabilized. The pricing has stabilized also for fully electric. I don't think it was that big changes compared to last year. Hopefully we will deliver little bit more new cars in the quarter two if compared to the last year. Yeah. Yeah. Yeah. Used cars, yeah, maybe improving from these levels. We will see a well sequential improvement then. I mean, it's I mean, Sweden is the largest market, so it normally it should provide more than this, I guess. Yeah. Mm. Okay. Thank you. Great. Thank you. Thank you, Mats. Thank you. The next question comes from Jacob Mower Anenson from Bilforlaget / bilnytt.no. Please go ahead. Hello. Good morning. We have a question regarding BMW market share. If Hedin Automotive BMW dealerships were to be sold, would Bilia be interested in increasing its BMW representation in Norway and Sweden? Yeah. For us, it's only speculations. We have not heard a rumor about they will sell their business. We have our BMW business, and we are really big already. I think the order intake in Sweden is 35%. In Norway it's quite the same. We are really big in the business. Okay. Thank you. We have a question regarding XPENG. If the opportunity comes up, would Bilia consider becoming an XPENG importer in Sweden and Norway? We actually think that the setup that we have today is very good. We have a setup with the agent model where both the NSC and the OEM is taking a greater responsibility. For a brand which is in attacking mode to expand and really build up the business, we think that is a good setup. We are happy as agents on XPENG and are expanding that business as agents. Okay. Thank you. That's it. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you very much for listening. If you have further questions, please reach out to us. We wish you all a great day and a good weekend when it comes. Mm. Thank you very much. Thank you. Thank you. Thank you.

Speaker 8: Welcome to the Bilia Q1 report for 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions-and-answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to IR Carl Fredrik Ewetz. Please go ahead. Welcome to the Bilia Q1 report for 2026. welcome to the bilia q1 report for 2026 For the first part of the conference call, the participants will be in listen-only mode. for the first part of the conference call the participants will be in listen-only mode During the questions- and- answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. during the questions- and- answers session participants are able to ask questions by dialing pound key five on their telephone keypad Now I will hand the conference over to IR Carl Fredrik Ewetz. now i will hand the conference over to ir carl fredrik ewetz Please go ahead. please go ahead

Speaker 3: Thank you for the introduction, welcome all to Bilia's first quarter results presentation with CEO Per Avander, CFO Kristina Franzén, and I, Carl Fredrik Ewetz. In addition to releasing our Q1 report today, we are also holding our annual general meeting this afternoon, therefore, we have the pleasure of having both our Deputy CEO, Stefan Nordström, and our Managing Director of our Norwegian operation, Frode Hebnes, joining us today for the Q&A session. We are happy to present a good result and a solid financial position, here is our agenda. Per will start with the current situation in the industry, followed by Q1 numbers, Kristina will go through the financial situation, I will conclude with our outlook. By that, I leave the word to our CEO, Per Avander. Thank you for the introduction, welcome all to Bilia's first quarter results presentation with CEO Per Avander, CFO Kristina Franzén, and I, Carl Fredrik Ewetz. thank you for the introduction welcome all to bilia's first quarter results presentation with ceo per avander cfo kristina franzén and i carl fredrik ewetz In addition to releasing our Q1 report today, we are also holding our annual general meeting this afternoon, therefore, we have the pleasure of having both our Deputy CEO, Stefan Nordström, and our Managing Director of our Norwegian operation, Frode Hebnes, joining us today for the Q&A session. in addition to releasing our q1 report today we are also holding our annual general meeting this afternoon therefore we have the pleasure of having both our deputy ceo stefan nordström and our managing director of our norwegian operation frode hebnes joining us today for the q&a session We are happy to present a good result and a solid financial position, here is our agenda. we are happy to present a good result and a solid financial position here is our agenda Per will start with the current situation in the industry, followed by Q1 numbers, Kristina will go through the financial situation, I will conclude with our outlook. per will start with the current situation in the industry followed by q1 numbers kristina will go through the financial situation i will conclude with our outlook By that, I leave the word to our CEO, Per Avander. by that i leave the word to our ceo per avander

Speaker 9: Thank you, Carl Fredrik. The quarter started with low demand on new cars in Sweden but improved later in the quarter. We also saw signs of better interest in new cars from private customers. In Norway, we had a strong finish in quarter four due to the changes of the tax situation. January and February this year had a weak order intake on new cars, while March was much better. In Western Europe, the demand remained stable throughout the quarter. Currently, many of our brands have strong campaigns, big discounts, and attractive private leasing offers in all our countries. The demand for used car in our countries was slow in the beginning of the quarter, but we saw signs in March of slightly better activity. Thank you, Carl Fredrik. thank you carl fredrik The quarter started with low demand on new cars in Sweden but improved later in the quarter. the quarter started with low demand on new cars in sweden but improved later in the quarter We also saw signs of better interest in new cars from private customers. we also saw signs of better interest in new cars from private customers In Norway, we had a strong finish in quarter four due to the changes of the tax situation. in norway we had a strong finish in quarter four due to the changes of the tax situation January and February this year had a weak order intake on new cars, while March was much better. january and february this year had a weak order intake on new cars while march was much better In Western Europe, the demand remained stable throughout the quarter. in western europe the demand remained stable throughout the quarter Currently, many of our brands have strong campaigns, big discounts, and attractive private leasing offers in all our countries. currently many of our brands have strong campaigns big discounts and attractive private leasing offers in all our countries The demand for used car in our countries was slow in the beginning of the quarter, but we saw signs in March of slightly better activity. the demand for used car in our countries was slow in the beginning of the quarter but we saw signs in march of slightly better activity Prices for used electrical cars have stabilized on a slightly lower level, and therefore, we saw better demand in Sweden for fully electrical used cars. As I have mentioned in the last two reports, the Swedish government terminated all incentives for electrical vehicles approximately three years ago, and we expected a huge number of incoming used electrical vehicles in quarter four and quarter one. Now we have passed the peak, and we can conclude we have handled the situation in a good way. In Bilia, the stock of used car is on a good and balanced level in our countries. When it comes to the service business, this quarter is similar to previous quarter. There was a good and strong demand in the service business in Norway and Western Europe with good booking times. In Sweden, we saw slightly weaker activities with somewhat lower booking times. Prices for used electrical cars have stabilized on a slightly lower level, and therefore, we saw better demand in Sweden for fully electrical used cars. prices for used electrical cars have stabilized on a slightly lower level and therefore we saw better demand in sweden for fully electrical used cars As I have mentioned in the last two reports, the Swedish government terminated all incentives for electrical vehicles approximately three years ago, and we expected a huge number of incoming used electrical vehicles in quarter four and quarter one. as i have mentioned in the last two reports the swedish government terminated all incentives for electrical vehicles approximately three years ago and we expected a huge number of incoming used electrical vehicles in quarter four and quarter one Now we have passed the peak, and we can conclude we have handled the situation in a good way. now we have passed the peak and we can conclude we have handled the situation in a good way In Bilia, the stock of used car is on a good and balanced level in our countries. in bilia the stock of used car is on a good and balanced level in our countries When it comes to the service business, this quarter is similar to previous quarter. when it comes to the service business this quarter is similar to previous quarter There was a good and strong demand in the service business in Norway and Western Europe with good booking times. there was a good and strong demand in the service business in norway and western europe with good booking times In Sweden, we saw slightly weaker activities with somewhat lower booking times. in sweden we saw slightly weaker activities with somewhat lower booking times Part of the explanation is some years of lower new car sales and export of young used cars. The total car market in Sweden 2025 was almost 20% lower compared to an average market the last 10 years. During this period, there has been a shift in the car population to more older cars. Next slide, please. Net turnover was somewhat lower compared to last year. We report a result of SEK 382 million with a margin of 4% compared to SEK 344 million last year. We had higher profitability in Sweden and Norway. In Western Europe, touch lower results related to the service business, but still a good margin of 6.1%. The main reason for the higher result in Sweden relates to the service business and for Norway, the new car business. Part of the explanation is some years of lower new car sales and export of young used cars. part of the explanation is some years of lower new car sales and export of young used cars The total car market in Sweden 2025 was almost 20% lower compared to an average market the last 10 years. the total car market in sweden 2025 was almost 20% lower compared to an average market the last 10 years During this period, there has been a shift in the car population to more older cars. during this period there has been a shift in the car population to more older cars Next slide, please. next slide please Net turnover was somewhat lower compared to last year. net turnover was somewhat lower compared to last year We report a result of SEK 382 million with a margin of 4% compared to SEK 344 million last year. we report a result of sek 382 million with a margin of 4% compared to sek 344 million last year We had higher profitability in Sweden and Norway. we had higher profitability in sweden and norway In Western Europe, touch lower results related to the service business, but still a good margin of 6.1%. in western europe touch lower results related to the service business but still a good margin of 6.1% The main reason for the higher result in Sweden relates to the service business and for Norway, the new car business. the main reason for the higher result in sweden relates to the service business and for norway the new car business Earnings per share were SEK 2.11 compared to SEK 1.61 last year. Next slide, please. On this slide, you can see the Q1 profitability from 2020-2026 in each country. On the left-hand side, you can see the strong performance in Sweden, and on the right-hand side, you can see Western Europe still on a very strong level. In the middle, you can see Norway performing better since a couple of years ago. Next slide, please. On this waterfall chart, you can see the different business areas. We improved the earnings in the service business and within the new car business. I would also like to mention the improvement in the fuel business, which relates to quick change in the oil price during the period. Next slide, please. We are moving over to the important service business. Earnings per share were SEK 2.11 compared to SEK 1.61 last year. earnings per share were sek 2.11 compared to sek 1.61 last year Next slide, please. next slide please On this slide, you can see the Q1 profitability from 2020 - 2026 in each country. on this slide you can see the q1 profitability from 2020 - 2026 in each country On the left-hand side, you can see the strong performance in Sweden, and on the right-hand side, you can see Western Europe still on a very strong level. on the left-hand side you can see the strong performance in sweden and on the right-hand side you can see western europe still on a very strong level In the middle, you can see Norway performing better since a couple of years ago. in the middle you can see norway performing better since a couple of years ago Next slide, please. next slide please On this waterfall chart, you can see the different business areas. on this waterfall chart you can see the different business areas We improved the earnings in the service business and within the new car business. we improved the earnings in the service business and within the new car business I would also like to mention the improvement in the fuel business, which relates to quick change in the oil price during the period. i would also like to mention the improvement in the fuel business which relates to quick change in the oil price during the period Next slide, please. next slide please We are moving over to the important service business. we are moving over to the important service business Our service business represented 79% of the earnings in the quarter, and we improved the result and the margin. This was the best quarter one ever in the history. We report a result of SEK 328 million compared to SEK 310 million in the same period last year, and the margin increased from 12.2%-12.4%. The main reason for this is Sweden, with an improvement of profitability and with a high margin of 14.2%. We also had a positive organic growth in the group driven by Norway. There were some same number of working days in all our countries during the quarter. There are several reasons why we report a higher result. Our service business represented 79% of the earnings in the quarter, and we improved the result and the margin. our service business represented 79% of the earnings in the quarter and we improved the result and the margin This was the best quarter one ever in the history. this was the best quarter one ever in the history We report a result of SEK 328 million compared to SEK 310 million in the same period last year, and the margin increased from 12.2%- 12.4%. we report a result of sek 328 million compared to sek 310 million in the same period last year and the margin increased from 12.2%- 12.4% The main reason for this is Sweden, with an improvement of profitability and with a high margin of 14.2%. the main reason for this is sweden with an improvement of profitability and with a high margin of 14.2% We also had a positive organic growth in the group driven by Norway. we also had a positive organic growth in the group driven by norway There were some same number of working days in all our countries during the quarter. there were some same number of working days in all our countries during the quarter There are several reasons why we report a higher result. there are several reasons why we report a higher result One is higher efficiency. Now there is more deliveries of new cars, and the third is better performance for our tire and wheel storage operation. Next one. The order intake on new cars, adjusted for acquired and divested operations, was 14% higher compared to quarter one last year. As I mentioned, we have seen a slightly better activity in all our countries, especially towards the end of the quarter. For the car business, we report a result of SEK 65 million, compared to SEK 57 million last year. The profitability for cars was related mainly to Western Europe, and Norway had the best improvement in the quarter. For used cars, we report earnings of SEK 38 million, compared to SEK 55 million last year. As I mentioned in the beginning, the stock of used car is on a good and balanced level in all our countries. One is higher efficiency. one is higher efficiency Now there is more deliveries of new cars, and the third is better performance for our tire and wheel storage operation. now there is more deliveries of new cars and the third is better performance for our tire and wheel storage operation Next one. next one The order intake on new cars, adjusted for acquired and divested operations, was 14% higher compared to quarter one last year. the order intake on new cars adjusted for acquired and divested operations was 14% higher compared to quarter one last year As I mentioned, we have seen a slightly better activity in all our countries, especially towards the end of the quarter. as i mentioned we have seen a slightly better activity in all our countries especially towards the end of the quarter For the car business, we report a result of SEK 65 million, compared to SEK 57 million last year. for the car business we report a result of sek 65 million compared to sek 57 million last year The profitability for cars was related mainly to Western Europe, and Norway had the best improvement in the quarter. the profitability for cars was related mainly to western europe and norway had the best improvement in the quarter For used cars, we report earnings of SEK 38 million, compared to SEK 55 million last year. for used cars we report earnings of sek 38 million compared to sek 55 million last year As I mentioned in the beginning, the stock of used car is on a good and balanced level in all our countries. as i mentioned in the beginning the stock of used car is on a good and balanced level in all our countries The reason for the lower earnings was due to lower deliveries of used cars during the quarter. Prices of fully electric cars have stabilized. We could see an increased demand going forward. We have increased our underlying backlog of new cars by approximately 3,000 units. Today we have 17,500. This is in a historic perspective in a high level. As we mentioned in quarter four, some of our brands have launched interesting new electrical models with long range, attracting lots of interest from our customers. Kristina? The reason for the lower earnings was due to lower deliveries of used cars during the quarter. the reason for the lower earnings was due to lower deliveries of used cars during the quarter Prices of fully electric cars have stabilized. prices of fully electric cars have stabilized We could see an increased demand going forward. we could see an increased demand going forward We have increased our underlying backlog of new cars by approximately 3,000 units. we have increased our underlying backlog of new cars by approximately 3,000 units Today we have 17,500. today we have 17,500 This is in a historic perspective in a high level. this is in a historic perspective in a high level As we mentioned in quarter four, some of our brands have launched interesting new electrical models with long range, attracting lots of interest from our customers. as we mentioned in quarter four some of our brands have launched interesting new electrical models with long range attracting lots of interest from our customers Kristina? kristina

Speaker 6: Mm-hmm. Thank you, Per. During the quarter, we reported a lower than normal operating cash flow of SEK 20 million. This lower cash flow was explained by an increase in inventory of new cars and an increase of trade receivables compared to year end. We consider this increase to be a normal fluctuation in working capital for our businesses and expect that operational cash flow for the coming quarters will be on a normalized level again. Looking at the past six months, the operating cash flow was in line with last year, amounting to just below SEK 700 million, compared to around SEK 750 million last year's. Mm-hmm. mm-hmm Thank you, Per. thank you per During the quarter, we reported a lower than normal operating cash flow of SEK 20 million. during the quarter we reported a lower than normal operating cash flow of sek 20 million This lower cash flow was explained by an increase in inventory of new cars and an increase of trade receivables compared to year end. this lower cash flow was explained by an increase in inventory of new cars and an increase of trade receivables compared to year end We consider this increase to be a normal fluctuation in working capital for our businesses and expect that operational cash flow for the coming quarters will be on a normalized level again. we consider this increase to be a normal fluctuation in working capital for our businesses and expect that operational cash flow for the coming quarters will be on a normalized level again Looking at the past six months, the operating cash flow was in line with last year, amounting to just below SEK 700 million, compared to around SEK 750 million last year's. looking at the past six months the operating cash flow was in line with last year amounting to just below sek 700 million compared to around sek 750 million last year's

Speaker 9: Mm. Mm. mm

Speaker 6: As said in previous quarters, cash flow is a key focus area for us and will continue to be so for the future as well. In November last year, the board of directors took a decision to repurchase own shares to a maximum of 1,000,250 shares at the maximum value of SEK 150 million. During this first quarter, around 470,000 shares at the value of SEK 59 million has been repurchased. For the program in total, we have reached 917,500 shares at the total value of SEK 116 million, which equals around SEK 126 per shares. And with that, we are also concluding the program, which ends before the annual general meeting. At the end of this quarter, we utilized around SEK 1 billion of our credit facilities, which in total amounts to SEK 2.3 billion. As said in previous quarters, cash flow is a key focus area for us and will continue to be so for the future as well. as said in previous quarters cash flow is a key focus area for us and will continue to be so for the future as well In November last year, the board of directors took a decision to repurchase own shares to a maximum of 1,000,250 shares at the maximum value of SEK 150 million. in november last year the board of directors took a decision to repurchase own shares to a maximum of 1,000,250 shares at the maximum value of sek 150 million During this first quarter, around 470,000 shares at the value of SEK 59 million has been repurchased. during this first quarter around 470,000 shares at the value of sek 59 million has been repurchased For the program in total, we have reached 917,500 shares at the total value of SEK 116 million, which equals around SEK 126 per shares. for the program in total we have reached 917,500 shares at the total value of sek 116 million which equals around sek 126 per shares And with that, we are also concluding the program, which ends before the annual general meeting. and with that we are also concluding the program which ends before the annual general meeting At the end of this quarter, we utilized around SEK 1 billion of our credit facilities, which in total amounts to SEK 2.3 billion. at the end of this quarter we utilized around sek 1 billion of our credit facilities which in total amounts to sek 2.3 billion Our financial net amounted to SEK 78 million, which was SEK 22 million lower compared to last year. This improvement related to lower interest expenses attributable to interest-bearing debt. At the end of the quarter, our net debt, excluding IFRS 16, amounted to just below SEK 2.6 billion, which was some SEK 300 million above our net debt at the end of last year. This increase related to the increase in inventory of new cars and trade receivables, as I talked about earlier. Still, our ratio of net debt in relation to EBITDA, excluding IFRS 16, was 1.4x, compared to 1.3x at December 2025. Consequently, that means that we are well in line with our financial target to have a ratio not exceeding 2.0x, and we do have a stable financial position at the end of the quarter and going forward. Our financial net amounted to SEK 78 million, which was SEK 22 million lower compared to last year. our financial net amounted to sek 78 million which was sek 22 million lower compared to last year This improvement related to lower interest expenses attributable to interest-bearing debt. this improvement related to lower interest expenses attributable to interest-bearing debt At the end of the quarter, our net debt, excluding IFRS 16, amounted to just below SEK 2.6 billion, which was some SEK 300 million above our net debt at the end of last year. at the end of the quarter our net debt excluding ifrs 16 amounted to just below sek 2.6 billion which was some sek 300 million above our net debt at the end of last year This increase related to the increase in inventory of new cars and trade receivables, as I talked about earlier. this increase related to the increase in inventory of new cars and trade receivables as i talked about earlier Still, our ratio of net debt in relation to EBITDA, excluding IFRS 16, was 1.4 x, compared to 1.3x at December 2025. still our ratio of net debt in relation to ebitda excluding ifrs 16 was 1.4 x compared to 1.3x at december 2025 Consequently, that means that we are well in line with our financial target to have a ratio not exceeding 2.0x , and we do have a stable financial position at the end of the quarter and going forward. consequently that means that we are well in line with our financial target to have a ratio not exceeding 2.0x and we do have a stable financial position at the end of the quarter and going forward During this quarter, we have made the fourth and last payment in relation to the dividend for 2025, which was SEK 5.60 per shares. The dividend has been paid in four installments, where the final fourth installment was made in January. In this afternoon, we will, as Carl Fredrik mentioned in the beginning, have the annual general meeting for Bilia AB. The financial target for the group is to distribute at least 50% of the earnings per share to the shareholders, and the proposal from our board of directors to the annual general meeting is to have a dividend of SEK 6 per shares for 2026. That is an increase with 7% compared to the dividend proposed paid for last year. The proposed dividend comprise of 73% of the earnings per share for 2025. During this quarter, we have made the fourth and last payment in relation to the dividend for 2025, which was SEK 5.60 per shares. during this quarter we have made the fourth and last payment in relation to the dividend for 2025 which was sek 5.60 per shares The dividend has been paid in four installments, where the final fourth installment was made in January. the dividend has been paid in four installments where the final fourth installment was made in january In this afternoon, we will, as Carl Fredrik mentioned in the beginning, have the annual general meeting for Bilia AB. in this afternoon we will as carl fredrik mentioned in the beginning have the annual general meeting for bilia ab The financial target for the group is to distribute at least 50% of the earnings per share to the shareholders, and the proposal from our board of directors to the annual general meeting is to have a dividend of SEK 6 per shares for 2026. the financial target for the group is to distribute at least 50% of the earnings per share to the shareholders and the proposal from our board of directors to the annual general meeting is to have a dividend of sek 6 per shares for 2026 That is an increase with 7% compared to the dividend proposed paid for last year. that is an increase with 7% compared to the dividend proposed paid for last year The proposed dividend comprise of 73% of the earnings per share for 2025. the proposed dividend comprise of 73% of the earnings per share for 2025 Likewise, last year, its proposal is that it should be paid in four installment for the last day. Let's see what the decision will be for, from the annual general meeting in the afternoon. I believe that summarizes our financial position, and I will leave the word to you then, Carl Fredrik. Likewise, last year, its proposal is that it should be paid in four installment for the last day. likewise last year its proposal is that it should be paid in four installment for the last day Let's see what the decision will be for, from the annual general meeting in the afternoon. let's see what the decision will be for from the annual general meeting in the afternoon I believe that summarizes our financial position, and I will leave the word to you then, Carl Fredrik. i believe that summarizes our financial position and i will leave the word to you then carl fredrik

Speaker 3: Thank you for that, Kristina. We're moving over to the outlook. First of all, I want to emphasize that we continue to focusing on improving both profitability and operational efficiency in our existing operations. Our efficiency program implemented last year is going according to plan and will be fully achieved as we have earlier communicated. Profitability, cost discipline, and capital allocation are always core priorities across the entire organization. Moving over to the car business, as Per mentioned, the demand for used cars was slow in the beginning of Q1, but showed a pickup towards the end of the quarter. We expect demand for used cars to remain at a rather stable level in the coming quarter. Thank you for that, Kristina . thank you for that kristina We're moving over to the outlook. we're moving over to the outlook First of all, I want to emphasize that we continue to focusing on improving both profitability and operational efficiency in our existing operations. first of all i want to emphasize that we continue to focusing on improving both profitability and operational efficiency in our existing operations Our efficiency program implemented last year is going according to plan and will be fully achieved as we have earlier communicated. our efficiency program implemented last year is going according to plan and will be fully achieved as we have earlier communicated Profitability, cost discipline, and capital allocation are always core priorities across the entire organization. profitability cost discipline and capital allocation are always core priorities across the entire organization Moving over to the car business, as Per mentioned, the demand for used cars was slow in the beginning of Q1, but showed a pickup towards the end of the quarter. moving over to the car business as per mentioned the demand for used cars was slow in the beginning of q1 but showed a pickup towards the end of the quarter We expect demand for used cars to remain at a rather stable level in the coming quarter. we expect demand for used cars to remain at a rather stable level in the coming quarter Prices for used electric cars have stabilized on an, what we believe, attractive level, while demand in Sweden for fully electric used cars should be slightly better the coming quarter. Our used car inventories are at healthy levels, and our intention is to keep that status in the coming quarter. Looking at new car sales, while purchasing activity among corporate customers has been stable for long and will remain so, we believe, interest from private customers picked up during the late Q1 and into Q2, supported by a strong and increasingly competitive market offering from some of our brands. Especially some new level electric vehicle introductions with long ranges are expected to support volumes and provide attractive new alternatives for customers in the coming quarters. Prices for used electric cars have stabilized on an, what we believe, attractive level, while demand in Sweden for fully electric used cars should be slightly better the coming quarter. prices for used electric cars have stabilized on an what we believe attractive level while demand in sweden for fully electric used cars should be slightly better the coming quarter Our used car inventories are at healthy levels, and our intention is to keep that status in the coming quarter. our used car inventories are at healthy levels and our intention is to keep that status in the coming quarter Looking at new car sales, while purchasing activity among corporate customers has been stable for long and will remain so, we believe, interest from private customers picked up during the late Q1 and into Q2, supported by a strong and increasingly competitive market offering from some of our brands. looking at new car sales while purchasing activity among corporate customers has been stable for long and will remain so we believe interest from private customers picked up during the late q1 and into q2 supported by a strong and increasingly competitive market offering from some of our brands Especially some new level electric vehicle introductions with long ranges are expected to support volumes and provide attractive new alternatives for customers in the coming quarters. especially some new level electric vehicle introductions with long ranges are expected to support volumes and provide attractive new alternatives for customers in the coming quarters To conclude, we do see some light at the end of the tunnel and hope we will be able to slightly up the deliveries of new cars in the coming quarter. When it comes to the service business, I repeat what Per said. Our service business represented 79% of our operating profit in Q1, and we see good opportunities and action plans for further efficiency in our service business and, through that, improve customer satisfaction. In addition, as new car sales increase, this typically translates into higher volumes in the service workshops over time as the car population grows. We expect demand will remain stable in the coming quarter. Briefly on consolidation and capital allocation. Q1 was a quiet quarter in terms of acquisitions activity in the sector. To conclude, we do see some light at the end of the tunnel and hope we will be able to slightly up the deliveries of new cars in the coming quarter. to conclude we do see some light at the end of the tunnel and hope we will be able to slightly up the deliveries of new cars in the coming quarter When it comes to the service business, I repeat what Per said. when it comes to the service business i repeat what per said Our service business represented 79% of our operating profit in Q1, and we see good opportunities and action plans for further efficiency in our service business and, through that, improve customer satisfaction. our service business represented 79% of our operating profit in q1 and we see good opportunities and action plans for further efficiency in our service business and through that improve customer satisfaction In addition, as new car sales increase, this typically translates into higher volumes in the service workshops over time as the car population grows. in addition as new car sales increase this typically translates into higher volumes in the service workshops over time as the car population grows We expect demand will remain stable in the coming quarter. we expect demand will remain stable in the coming quarter Briefly on consolidation and capital allocation. briefly on consolidation and capital allocation Q1 was a quiet quarter in terms of acquisitions activity in the sector. q1 was a quiet quarter in terms of acquisitions activity in the sector We have a strong track record and, when it comes to acquisition, and remain disciplined and flexible in our capital allocation. We continuously assess acquisitions alongside share buybacks, dividends, and deleveraging with a clear objective of maximizing shareholder value. While valuations are generally stable and occasionally demanding, our strong balance sheet and efficient operation leave us well-positioned for continued growth when the opportunity might appear. This finalizes our first quarter presentation, and, we can now open up for questions. We have a strong track record and, when it comes to acquisition, and remain disciplined and flexible in our capital allocation. we have a strong track record and when it comes to acquisition and remain disciplined and flexible in our capital allocation We continuously assess acquisitions alongside share buybacks, dividends, and deleveraging with a clear objective of maximizing shareholder value. we continuously assess acquisitions alongside share buybacks dividends and deleveraging with a clear objective of maximizing shareholder value While valuations are generally stable and occasionally demanding, our strong balance sheet and efficient operation leave us well-positioned for continued growth when the opportunity might appear. while valuations are generally stable and occasionally demanding our strong balance sheet and efficient operation leave us well-positioned for continued growth when the opportunity might appear This finalizes our first quarter presentation, and, we can now open up for questions. this finalizes our first quarter presentation and we can now open up for questions

Speaker 8: If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Alexander Siljeström from Pareto Securities. Please go ahead. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. if you wish to ask a question please dial pound key five on your telephone keypad to enter the queue If you wish to withdraw your question, please dial pound key six on your telephone keypad. if you wish to withdraw your question please dial pound key six on your telephone keypad The next question comes from Alexander Siljeström from Pareto Securities. the next question comes from alexander siljeström from pareto securities Please go ahead. please go ahead

Speaker 1: Good morning, guys, and congrats to a strong quarter. My first question is on sort of the demand impact on the geopolitical turmoil and higher oil prices. I guess you alluded to it here in, at the end of the presentation that you've seen strong exit rates in March and a strong start in April. Could you discuss that and maybe with emphasis on new cars and also used cars? Good morning, guys, and congrats to a strong quarter. good morning guys and congrats to a strong quarter My first question is on sort of the demand impact on the geopolitical turmoil and higher oil prices. my first question is on sort of the demand impact on the geopolitical turmoil and higher oil prices I guess you alluded to it here in, at the end of the presentation that you've seen strong exit rates in March and a strong start in April. i guess you alluded to it here in at the end of the presentation that you've seen strong exit rates in march and a strong start in april Could you discuss that and maybe with emphasis on new cars and also used cars? could you discuss that and maybe with emphasis on new cars and also used cars

Speaker 3: Per, do you want to take that? Per, do you want to take that? per do you want to take that

Speaker 9: Yeah. Yeah. You said the oil price. Yeah, yeah, we can see if we go to the used cars, we can see better demand for fully electrical cars now, because you have the prices of petrol and diesel. There we can see a little bit of shift for the moment now, so it's easier. What we have mentioned today here, it's a low lever, the price, and we have stabilized the price for fully electrical cars. We think it's good for us. When you say e-new cars, fully electrical cars is driven by the fleet business. Companies, they have policies for their employees to take a fully electrical vehicle. Yeah. yeah Yeah. yeah You said the oil price. you said the oil price Yeah, yeah, we can see if we go to the used cars, we can see better demand for fully electrical cars now, because you have the prices of petrol and diesel. yeah yeah we can see if we go to the used cars we can see better demand for fully electrical cars now because you have the prices of petrol and diesel There we can see a little bit of shift for the moment now, so it's easier. there we can see a little bit of shift for the moment now so it's easier What we have mentioned today here, it's a low lever, the price, and we have stabilized the price for fully electrical cars. what we have mentioned today here it's a low lever the price and we have stabilized the price for fully electrical cars We think it's good for us. we think it's good for us When you say e-new cars, fully electrical cars is driven by the fleet business. when you say e-new cars fully electrical cars is driven by the fleet business Companies, they have policies for their employees to take a fully electrical vehicle. companies they have policies for their employees to take a fully electrical vehicle Private consumers, they are a little bit more hybrids for the moment. If we have really good private leasing offers in the market for fully electrical, for private consumers, we sell them. Private consumers, they are a little bit more hybrids for the moment. private consumers they are a little bit more hybrids for the moment If we have really good private leasing offers in the market for fully electrical, for private consumers, we sell them. if we have really good private leasing offers in the market for fully electrical for private consumers we sell them

Speaker 3: Stefan? Stefan? stefan

Speaker 10: I think also, I think, so far we can see that the fleet market seems stable. The fleet customer is not hesitating yet, that's good. We can also see in the heavy truck business still going well with the sales with the new trucks, no stop there. I think if, as Per mentioned, perhaps in the future we will see with the customers, the private consumers, but not on the fleet business. I think also, I think, so far we can see that the fleet market seems stable. i think also i think so far we can see that the fleet market seems stable The fleet customer is not hesitating yet, that's good. the fleet customer is not hesitating yet that's good We can also see in the heavy truck business still going well with the sales with the new trucks, no stop there. we can also see in the heavy truck business still going well with the sales with the new trucks no stop there I think if, as Per mentioned, perhaps in the future we will see with the customers, the private consumers, but not on the fleet business. i think if as per mentioned perhaps in the future we will see with the customers the private consumers but not on the fleet business

Speaker 1: Okay, thanks. That's very clear. Also a question on Norway. The service business, you reported strong organic growth, but margins were down a little bit here year-over-year. If you could discuss that dynamic as well would be very helpful. Okay, thanks. okay thanks That's very clear. that's very clear Also a question on Norway. also a question on norway The service business, you reported strong organic growth, but margins were down a little bit here year-over-year. the service business you reported strong organic growth but margins were down a little bit here year-over-year If you could discuss that dynamic as well would be very helpful. if you could discuss that dynamic as well would be very helpful

Speaker 3: I'll leave that to Frode to reply. I'll leave that to Frode to reply. i'll leave that to frode to reply

Speaker 4: Yes. Thank you for that question. We had a somewhat lower margin in the quarter, which is also caused by one-off cost in the quarter. Which in total, if we adjust for that's SEK 3 million. Then the margin will be the same level as in quarter one last year. If you look at our core business, we call it, the service workshops and spare parts, we have a little bit better margin in this business. Little bit lower in this dismantling business for the first quarter this year. Yes, that's correct if we compare it to the last year. Yes. yes Thank you for that question. thank you for that question We had a somewhat lower margin in the quarter, which is also caused by one-off cost in the quarter. we had a somewhat lower margin in the quarter which is also caused by one-off cost in the quarter Which in total, if we adjust for that's SEK 3 million. which in total if we adjust for that's sek 3 million Then the margin will be the same level as in quarter one last year. then the margin will be the same level as in quarter one last year If you look at our core business, we call it, the service workshops and spare parts, we have a little bit better margin in this business. if you look at our core business we call it the service workshops and spare parts we have a little bit better margin in this business Little bit lower in this dismantling business for the first quarter this year. little bit lower in this dismantling business for the first quarter this year Yes, that's correct if we compare it to the last year. yes that's correct if we compare it to the last year

Speaker 1: Okay. That is very helpful as well. Just a final one from my side. On the savings program, if you could talk a bit about the progress that you are seeing, and also if you could share some run rate numbers on the progression to the SEK 150 million. Okay. okay That is very helpful as well. that is very helpful as well Just a final one from my side. just a final one from my side On the savings program, if you could talk a bit about the progress that you are seeing, and also if you could share some run rate numbers on the progression to the SEK 150 million. on the savings program if you could talk a bit about the progress that you are seeing and also if you could share some run rate numbers on the progression to the sek 150 million

Speaker 3: Kristina? Kristina? kristina

Speaker 6: The program is running as planned. I think what we have communicated earlier is that we expect to have a full year saving, including in the fourth quarter this year. That is still the plan or the assumption that that will happen. Nothing indicates anything else. When it comes to the run rate, I don't think we have given a specific number what is in there. You can probably make a guesstimate based on how far we have come as such. The program is running as planned. the program is running as planned I think what we have communicated earlier is that we expect to have a full year saving, including in the fourth quarter this year. i think what we have communicated earlier is that we expect to have a full year saving including in the fourth quarter this year That is still the plan or the assumption that that will happen. that is still the plan or the assumption that that will happen Nothing indicates anything else. nothing indicates anything else When it comes to the run rate, I don't think we have given a specific number what is in there. when it comes to the run rate i don't think we have given a specific number what is in there You can probably make a guesstimate based on how far we have come as such. you can probably make a guesstimate based on how far we have come as such

Speaker 1: Yeah. Would you say that you are sort of halfway through now, or is that a, is that a good approximation or maybe just 25% considering that we're in Q1? Yeah. yeah Would you say that you are sort of halfway through now, or is that a, is that a good approximation or maybe just 25% considering that we're in Q1? would you say that you are sort of halfway through now or is that a is that a good approximation or maybe just 25% considering that we're in q1

Speaker 6: Yeah. No, we are not halfway through. As always with savings programs, right, you get in an accelerating at the end, right? It's not half, more like 25%. Yeah. yeah No, we are not halfway through. no we are not halfway through As always with savings programs, right, you get in an accelerating at the end, right? as always with savings programs right you get in an accelerating at the end right It's not half, more like 25%. it's not half more like 25%

Speaker 1: Mm. Mm. mm

Speaker 6: In that sense. In that sense. in that sense

Speaker 1: Okay. Yeah. Okay. okay Yeah. yeah

Speaker 6: Yeah. Yeah. yeah

Speaker 1: Perfect. That's very clear. That's it from my side. Many thanks. Perfect. perfect That's very clear. that's very clear That's it from my side. that's it from my side Many thanks. many thanks

Speaker 3: Thank you. Thank you. thank you

Speaker 4: Thank you. Thank you. thank you

Speaker 8: The next question comes from Andreas Lundberg from SEB. Please go ahead. The next question comes from Andreas Lundberg from SEB. the next question comes from andreas lundberg from seb Please go ahead. please go ahead

Speaker 2: Yeah, good morning. Thank you. On the orders and backlog, taken into consideration the extremely high orders you had in the end of 2025, especially in Norway, what does that imply? Yeah, good morning. yeah good morning Thank you. thank you On the orders and backlog, taken into consideration the extremely high orders you had in the end of 2025, especially in Norway, what does that imply? on the orders and backlog taken into consideration the extremely high orders you had in the end of 2025 especially in norway what does that imply

Speaker 3: Frode? Frode? frode

Speaker 4: Frode. Yes, as you mentioned, we had a very strong finish of 2025, and we saw a somewhat softer order intake in quarter one. In total, quarter one was 9% below last year, first quarter, but it increased during the quarter. March isolated was 11% better than March last year. We see an increasing pace in the new car business. We can say it's in line with our expectations we had because we had a strong end in quarter four order intake. You can maybe say something about it with the tax situation. Frode. frode Yes, as you mentioned, we had a very strong finish of 2025, and we saw a somewhat softer order intake in quarter one. yes as you mentioned we had a very strong finish of 2025 and we saw a somewhat softer order intake in quarter one In total, quarter one was 9% below last year, first quarter, but it increased during the quarter. in total quarter one was 9% below last year first quarter but it increased during the quarter March isolated was 11% better than March last year. march isolated was 11% better than march last year We see an increasing pace in the new car business. we see an increasing pace in the new car business We can say it's in line with our expectations we had because we had a strong end in quarter four order intake. we can say it's in line with our expectations we had because we had a strong end in quarter four order intake You can maybe say something about it with the tax situation. you can maybe say something about it with the tax situation Absolutely. We had the record year in Norway last year with almost 180,000 passenger cars. Absolutely. absolutely We had the record year in Norway last year with almost 180,000 passenger cars. we had the record year in norway last year with almost 180,000 passenger cars The pace last year was towards 150,000, and we get the lift up after the proposed taxes for 2026, which resulted in 180,000. We see that the market year to date is 13% lower, meaning that we pace towards flat pace towards 135,000 units. We are quite confident that we will have the same lift up, maybe not as strong as last year, but a lift up. Our expectations for 2026 is the total car market of about 160,000 cars, which is still a strong market. We will have a change from the beginning of this year. We started to have a tax on BEVs from NOK 3,000 instead of NOK 500,000. The pace last year was towards 150,000, and we get the lift up after the proposed taxes for 2026, which resulted in 180,000. the pace last year was towards 150,000 and we get the lift up after the proposed taxes for 2026 which resulted in 180,000 We see that the market year to date is 13% lower, meaning that we pace towards flat pace towards 135,000 units. we see that the market year to date is 13% lower meaning that we pace towards flat pace towards 135,000 units We are quite confident that we will have the same lift up, maybe not as strong as last year, but a lift up. we are quite confident that we will have the same lift up maybe not as strong as last year but a lift up Our expectations for 2026 is the total car market of about 160,000 cars, which is still a strong market. our expectations for 2026 is the total car market of about 160,000 cars which is still a strong market We will have a change from the beginning of this year. we will have a change from the beginning of this year We started to have a tax on BEVs from NOK 3,000 instead of NOK 500,000. we started to have a tax on bevs from nok 3,000 instead of nok 500,000 From 2027, we will have VAT as from NOK 150,000, giving a benefit for the customer of NOK 37,500 to buy the car this year compared to next year. Actually, NOK 75,000 in benefit taking the car out this year instead of in 2028. We are confident historically that this kind of tax changes gives a strong push to the market. For Q4 last year, the tax benefit was NOK 50,000 even when the volume increased. We think we will have good market conditions if nothing happens in the macro picture. We think we'll have good market conditions in Norway both in 2026 and 2027 actually. From 2027, we will have VAT as from NOK 150,000, giving a benefit for the customer of NOK 37,500 to buy the car this year compared to next year. from 2027 we will have vat as from nok 150,000 giving a benefit for the customer of nok 37,500 to buy the car this year compared to next year Actually, NOK 75,000 in benefit taking the car out this year instead of in 2028. actually nok 75,000 in benefit taking the car out this year instead of in 2028 We are confident historically that this kind of tax changes gives a strong push to the market. we are confident historically that this kind of tax changes gives a strong push to the market For Q4 last year, the tax benefit was NOK 50,000 even when the volume increased. for q4 last year the tax benefit was nok 50,000 even when the volume increased We think we will have good market conditions if nothing happens in the macro picture. we think we will have good market conditions if nothing happens in the macro picture We think we'll have good market conditions in Norway both in 2026 and 2027 actually. we think we'll have good market conditions in norway both in 2026 and 2027 actually

Speaker 3: Thank you, Frode. Thank you, Frode. thank you frode

Speaker 2: Are you surprised that, I mean, Q1 seems to keep up well, given the dynamic with the, you know, big orders ahead of the new year? Are you surprised that, I mean, Q1 seems to keep up well, given the dynamic with the, you know, big orders ahead of the new year? are you surprised that i mean q1 seems to keep up well given the dynamic with the you know big orders ahead of the new year

Speaker 4: I think that we got a lot of initiatives at the end of last year where you have the tax protection and what have you. I think that the competitiveness in the Norwegian car market maybe is stronger today than, probably not say ever, but for a long time, and if you look at the price for a family car today compared to the average income, I think a new car is cheaper relatively- I think that we got a lot of initiatives at the end of last year where you have the tax protection and what have you. i think that we got a lot of initiatives at the end of last year where you have the tax protection and what have you I think that the competitiveness in the Norwegian car market maybe is stronger today than, probably not say ever, but for a long time, and if you look at the price for a family car today compared to the average income, I think a new car is cheaper relatively- i think that the competitiveness in the norwegian car market maybe is stronger today than probably not say ever but for a long time and if you look at the price for a family car today compared to the average income i think a new car is cheaper relatively-

Speaker 9: Mm-hmm Mm-hmm mm-hmm

Speaker 4: than for many, many years. We have a strong push and actually XPENG, our Chinese brand, was our biggest brand in the first quarter, giving some strong volume support. than for many, many years. than for many many years We have a strong push and actually XPENG, our Chinese brand, was our biggest brand in the first quarter, giving some strong volume support. we have a strong push and actually xpeng our chinese brand was our biggest brand in the first quarter giving some strong volume support

Speaker 9: Mm. Mm. mm

Speaker 4: Of course, Tesla was 25% of the market, also having extremely attractive push campaigns in the marketplace. The competition in the new car market is extremely strong at the moment, and luckily we have strong brands to participate in that competition with. Of course, Tesla was 25% of the market, also having extremely attractive push campaigns in the marketplace. of course tesla was 25% of the market also having extremely attractive push campaigns in the marketplace The competition in the new car market is extremely strong at the moment, and luckily we have strong brands to participate in that competition with. the competition in the new car market is extremely strong at the moment and luckily we have strong brands to participate in that competition with

Speaker 2: Okay, cool. Thank you. On the models you mentioned in high demand, if you're referring to specific ones, how do you think that would play out during 2026 given your lead times, waiting times, and how much of that is still already in the backlog? Thank you. Okay, cool. okay cool Thank you. thank you On the models you mentioned in high demand, if you're referring to specific ones, how do you think that would play out during 2026 given your lead times, waiting times, and how much of that is still already in the backlog? on the models you mentioned in high demand if you're referring to specific ones how do you think that would play out during 2026 given your lead times waiting times and how much of that is still already in the backlog Thank you. thank you

Speaker 4: Yeah. Yeah. yeah

Speaker 9: Is it specific for Norway, Andreas, or only- Is it specific for Norway, Andreas, or only- is it specific for norway andreas or only-

Speaker 2: In total In total in total

Speaker 9: in total, in general? in total, in general? in total in general

Speaker 2: In the group. In the group. in the group In general. In general. in general

Speaker 9: Okay. We can say, I think when you talk about BMW iX3, still there is capacity. Now we are starting the deliveries of the iX3, and I think also the signs we get from the factory that still is capacity for the Swedish market. Okay. okay We can say, I think when you talk about BMW iX3, still there is capacity. we can say i think when you talk about bmw ix3 still there is capacity Now we are starting the deliveries of the iX3, and I think also the signs we get from the factory that still is capacity for the Swedish market. now we are starting the deliveries of the ix3 and i think also the signs we get from the factory that still is capacity for the swedish market

Speaker 2: Mm. Mm. mm

Speaker 9: ... iX xDrive60, the deliveries will start, I think, during the summer or after the summer. ... iX xDrive60, the deliveries will start, I think, during the summer or after the summer. ix xdrive60 the deliveries will start i think during the summer or after the summer

Speaker 4: After the summer. After the summer. after the summer

Speaker 9: Yeah. I think also still the capacity is well in line there. So for the moment, no, we will not miss the customer out of that perspective. Yeah. yeah I think also still the capacity is well in line there. i think also still the capacity is well in line there So for the moment, no, we will not miss the customer out of that perspective. so for the moment no we will not miss the customer out of that perspective

Speaker 4: Volvo is talking about to deliver little bit over 7,000 EX60 cars in start to after the summer. In quarter three and quarter four we will start to deliver them. Volvo is talking about to deliver little bit over 7,000 EX60 cars in start to after the summer. volvo is talking about to deliver little bit over 7,000 ex60 cars in start to after the summer In quarter three and quarter four we will start to deliver them. in quarter three and quarter four we will start to deliver them

Speaker 9: Yeah. Yeah. yeah

Speaker 4: Mm. Mm. mm

Speaker 2: Cool. A different question. On the top line, it was down a little bit. Is that due to the so-called agent model or why is net sales down? Thank you. Cool. cool A different question. a different question On the top line, it was down a little bit. on the top line it was down a little bit Is that due to the so-called agent model or why is net sales down? is that due to the so-called agent model or why is net sales down Thank you. thank you

Speaker 6: Yeah. I think agent model is one part of the explanation then. Then, Andreas, if you compare perhaps to the number of delivered cars, if that is the reason why you're asking, we also had a little bit more of cars that are subject to repurchasing commitments, and hence that means that sales is reversed and instead allocated over the leasing period of normally 36 months. If those are adjusted for it, we're done. Yeah. yeah I think agent model is one part of the explanation then. i think agent model is one part of the explanation then Then, Andreas, if you compare perhaps to the number of delivered cars, if that is the reason why you're asking, we also had a little bit more of cars that are subject to repurchasing commitments, and hence that means that sales is reversed and instead allocated over the leasing period of normally 36 months. then andreas if you compare perhaps to the number of delivered cars if that is the reason why you're asking we also had a little bit more of cars that are subject to repurchasing commitments and hence that means that sales is reversed and instead allocated over the leasing period of normally 36 months If those are adjusted for it, we're done. if those are adjusted for it we're done

Speaker 2: Okay, cool. Thank you so much. Okay, cool. okay cool Thank you so much. thank you so much

Speaker 9: Thank you, Andreas. Thank you, Andreas. thank you andreas

Speaker 8: As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Mats Liss from Kepler Cheuvreux. Please go ahead. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. as a reminder if you wish to ask a question please dial pound key five on your telephone keypad The next question comes from Mats Liss from Kepler Cheuvreux. the next question comes from mats liss from kepler cheuvreux Please go ahead. please go ahead

Speaker 7: Yeah. Hi, thank you. Couple of questions. First, I mean, looking at service there's a quite good improvement there in Sweden. Well, is it more related to deliveries of new cars and the demand in the sort of existing car fleet is still somewhat hesitant? Yeah. yeah Hi, thank you. hi thank you Couple of questions. couple of questions First, I mean, looking at service there's a quite good improvement there in Sweden. first i mean looking at service there's a quite good improvement there in sweden Well, is it more related to deliveries of new cars and the demand in the sort of existing car fleet is still somewhat hesitant? well is it more related to deliveries of new cars and the demand in the sort of existing car fleet is still somewhat hesitant

Speaker 4: Yeah. Stefan? Yeah. yeah Stefan? stefan

Speaker 10: Yeah. I think it's a mix. We can see when we see the result, you can see that the turnover is higher. The efficiency, we can see that the efficiency is higher. We can also see that the delivery workshop are going on a higher pace. Also we have a better, you can say, tire business this year. I think it's a mix of these. Yeah. yeah I think it's a mix. i think it's a mix We can see when we see the result, you can see that the turnover is higher. we can see when we see the result you can see that the turnover is higher The efficiency, we can see that the efficiency is higher. the efficiency we can see that the efficiency is higher We can also see that the delivery workshop are going on a higher pace. we can also see that the delivery workshop are going on a higher pace Also we have a better, you can say, tire business this year. also we have a better you can say tire business this year I think it's a mix of these. i think it's a mix of these

Speaker 4: Elements Elements elements

Speaker 9: Different elements. Different elements. different elements

Speaker 4: Mm. Mm. mm

Speaker 7: Great. We had an early Easter there this year, so it's a tougher comps year over year, quarter one compared to quarter one. Should we expect some delayed service demand to pick up in the second quarter? I mean, Norway is normally a Easter- Great. great We had an early Easter there this year, so it's a tougher comps year over year, quarter one compared to quarter one. we had an early easter there this year so it's a tougher comps year over year quarter one compared to quarter one Should we expect some delayed service demand to pick up in the second quarter? should we expect some delayed service demand to pick up in the second quarter I mean, Norway is normally a Easter- i mean norway is normally a easter-

Speaker 9: I think it's quite similar to the previous year. I don't see any big differences when we come to customer behavior during when we talk about Easter and things like that. I think we see that we are well in line with the tire change. I think like 80% is done, so in our with the wheel changes. I think it's quite similar to the previous year. i think it's quite similar to the previous year I don't see any big differences when we come to customer behavior during when we talk about Easter and things like that. i don't see any big differences when we come to customer behavior during when we talk about easter and things like that I think we see that we are well in line with the tire change. i think we see that we are well in line with the tire change I think like 80% is done, so in our with the wheel changes. i think like 80% is done so in our with the wheel changes

Speaker 7: Mm-hmm. Mm-hmm. mm-hmm

Speaker 9: I think, yeah, and the customer behavior, I think is quite similar to previous year. I think, yeah, and the customer behavior, I think is quite similar to previous year. i think yeah and the customer behavior i think is quite similar to previous year

Speaker 4: The working days in April is the same as we had in the last year, so. The working days in April is the same as we had in the last year, so. the working days in april is the same as we had in the last year so

Speaker 9: Yeah. Yeah. yeah

Speaker 4: for the- for the- for the-

Speaker 7: Okay Okay okay

Speaker 4: Norway, the Easter can be sometimes complicated because you have a red day for the Thursday. Norway, the Easter can be sometimes complicated because you have a red day for the Thursday. norway the easter can be sometimes complicated because you have a red day for the thursday

Speaker 9: Yeah. That was then the first of April. Yeah. yeah That was then the first of April. that was then the first of april

Speaker 7: Yeah. Yeah. yeah

Speaker 4: Yeah. Yeah. yeah

Speaker 9: Quarter one is. Quarter one is. quarter one is

Speaker 4: Yeah Yeah yeah

Speaker 9: very similar to last year. very similar to last year. very similar to last year

Speaker 4: Yeah. Yeah. Yeah. yeah Yeah. yeah

Speaker 9: Yeah. Yeah. yeah

Speaker 7: Yeah, my bad. Well, then looking at car sales, I mean, earnings in Sweden was quite soft there in the quarter. Is that sort of a temporary impact, or should we expect a similar development in the second quarter there? Yeah, my bad. yeah my bad Well, then looking at car sales, I mean, earnings in Sweden was quite soft there in the quarter. well then looking at car sales i mean earnings in sweden was quite soft there in the quarter Is that sort of a temporary impact, or should we expect a similar development in the second quarter there? is that sort of a temporary impact or should we expect a similar development in the second quarter there

Speaker 4: Yeah, looking at car sales, I mean, earnings there, if you look at geographical mix there, we had. Yeah, looking at car sales, I mean, earnings there, if you look at geographical mix there, we had. yeah looking at car sales i mean earnings there if you look at geographical mix there we had

Speaker 10: You mean sales or the profitability or. You mean sales or the profitability or. you mean sales or the profitability or

Speaker 7: No, operational earnings there in Sweden was SEK 3 million. It's quite a low number. No, operational earnings there in Sweden was SEK 3 million. no operational earnings there in sweden was sek 3 million It's quite a low number. it's quite a low number

Speaker 10: It was related and I think it was an improvement with the. We've reduced the loss in new cars, and I think it was still quite stable in used cars. I think SEK 3 million less compared to- It was related and I think it was an improvement with the. it was related and i think it was an improvement with the We've reduced the loss in new cars, and I think it was still quite stable in used cars. we've reduced the loss in new cars and i think it was still quite stable in used cars I think SEK 3 million less compared to- i think sek 3 million less compared to-

Speaker 7: Yeah Yeah yeah

Speaker 10: ... last year. I think on a quite good level. As Per mentioned, we think the used car market has stabilized. The pricing has stabilized also for fully electric. I don't think it was that big changes compared to last year. ... last year. last year I think on a quite good level. i think on a quite good level As Per mentioned, we think the used car market has stabilized. as per mentioned we think the used car market has stabilized The pricing has stabilized also for fully electric. the pricing has stabilized also for fully electric I don't think it was that big changes compared to last year. i don't think it was that big changes compared to last year Hopefully we will deliver little bit more new cars in the quarter two if compared to the last year. Hopefully we will deliver little bit more new cars in the quarter two if compared to the last year. hopefully we will deliver little bit more new cars in the quarter two if compared to the last year Yeah. Yeah. yeah

Speaker 7: Yeah. Yeah. yeah

Speaker 4: Yeah. Yeah. yeah

Speaker 7: Used cars, yeah, maybe improving from these levels. We will see a well sequential improvement then. I mean, it's I mean, Sweden is the largest market, so it normally it should provide more than this, I guess. Yeah. Mm. Okay. Thank you. Great. Used cars, yeah, maybe improving from these levels. used cars yeah maybe improving from these levels We will see a well sequential improvement then. we will see a well sequential improvement then I mean, it's I mean, Sweden is the largest market, so it normally it should provide more than this, I guess. i mean it's i mean sweden is the largest market so it normally it should provide more than this i guess Yeah. yeah Mm. mm Okay. okay Thank you. thank you Great. great

Speaker 10: Thank you. Thank you. thank you

Speaker 4: Thank you, Mats. Thank you, Mats. thank you mats

Speaker 6: Thank you. Thank you. thank you

Speaker 8: The next question comes from Jacob Mower Anenson from Bilforlaget / bilnytt.no. Please go ahead. The next question comes from Jacob Mower Anenson from Bilforlaget / bilnytt.no. the next question comes from jacob mower anenson from bilforlaget / bilnytt.no Please go ahead. please go ahead

Speaker 5: Hello. Good morning. We have a question regarding BMW market share. If Hedin Automotive BMW dealerships were to be sold, would Bilia be interested in increasing its BMW representation in Norway and Sweden? Hello. hello Good morning. good morning We have a question regarding BMW market share. we have a question regarding bmw market share If Hedin Automotive BMW dealerships were to be sold, would Bilia be interested in increasing its BMW representation in Norway and Sweden? if hedin automotive bmw dealerships were to be sold would bilia be interested in increasing its bmw representation in norway and sweden

Speaker 10: Yeah. For us, it's only speculations. We have not heard a rumor about they will sell their business. We have our BMW business, and we are really big already. I think the order intake in Sweden is 35%. In Norway it's quite the same. We are really big in the business. Yeah. yeah For us, it's only speculations. for us it's only speculations We have not heard a rumor about they will sell their business. we have not heard a rumor about they will sell their business We have our BMW business, and we are really big already. we have our bmw business and we are really big already I think the order intake in Sweden is 35%. i think the order intake in sweden is 35% In Norway it's quite the same. in norway it's quite the same We are really big in the business. we are really big in the business

Speaker 5: Okay. Thank you. We have a question regarding XPENG. If the opportunity comes up, would Bilia consider becoming an XPENG importer in Sweden and Norway? Okay. okay Thank you. thank you We have a question regarding XPENG. we have a question regarding xpeng If the opportunity comes up, would Bilia consider becoming an XPENG importer in Sweden and Norway? if the opportunity comes up would bilia consider becoming an xpeng importer in sweden and norway

Speaker 4: We actually think that the setup that we have today is very good. We have a setup with the agent model where both the NSC and the OEM is taking a greater responsibility. For a brand which is in attacking mode to expand and really build up the business, we think that is a good setup. We are happy as agents on XPENG and are expanding that business as agents. We actually think that the setup that we have today is very good. we actually think that the setup that we have today is very good We have a setup with the agent model where both the NSC and the OEM is taking a greater responsibility. we have a setup with the agent model where both the nsc and the oem is taking a greater responsibility For a brand which is in attacking mode to expand and really build up the business, we think that is a good setup. for a brand which is in attacking mode to expand and really build up the business we think that is a good setup We are happy as agents on XPENG and are expanding that business as agents. we are happy as agents on xpeng and are expanding that business as agents

Speaker 5: Okay. Thank you. That's it. Okay. okay Thank you. thank you That's it. that's it

Speaker 3: Thank you. Thank you. thank you

Speaker 8: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. there are no more questions at this time so i hand the conference back to the speakers for any closing comments

Speaker 3: Thank you very much for listening. If you have further questions, please reach out to us. We wish you all a great day and a good weekend when it comes. Thank you very much for listening. thank you very much for listening If you have further questions, please reach out to us. if you have further questions please reach out to us We wish you all a great day and a good weekend when it comes. we wish you all a great day and a good weekend when it comes

Speaker 4: Mm. Mm. mm Thank you very much. Thank you very much. thank you very much

Speaker 10: Thank you. Thank you. thank you

Speaker 4: Thank you. Thank you. thank you

Speaker 6: Thank you. Thank you. thank you