Dometic Group — Call Transcript 2026

Welcome to Dometic Q1 report 2026. Today I am pleased to present CEO Juan Vargues, CFO Stefan Fristedt, and Head of Investor Relations, Tobias Norrby. For the first part of the call, all participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by pressing pound key five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Hello. Good morning, everybody, to this Q1 report. Welcome to sunny Stockholm, by the way. Wonderful that springtime is back and we have the light back. Moving over to the highlights. We see an increased uncertainty following both the tariff situation and the geopolitical tensions in the Middle East. We see already now oil prices being very, very high. We see as well inflationary movements in terms of freight cost, in terms of raw material cost, that will, down the road, have some kind of impact on consumer confidence. We continue to see retailers, dealers being very, very careful in building up inventories and ordering what they need. At the same time, we see also differences across regions, and most probably the region where we see confidence index being the lowest is in the American region. Looking at performance, we are very happy to communicate that finally, after many quarters of negative growth, we are standing at the same level as last year. We are very pleased seeing the service aftermarket coming back and showing a solid growth of 5%. Positive to comment, that is everywhere. We see the three regional businesses within Land Vehicles, and we see as well Marine everywhere also being positive from the service and aftermarket perspective. Distribution is slightly down 1%, but Mobile Cooling being positive, which is good. We see also that the sell-through for the Mobile Cooling business has been very positive during the first quarter. In reality, the one that we are still missing is the OEM, that ended up at 4% down versus last year, but very much due to the RV OEM in the American region. Perhaps even more positive is that both order intake and backlog continue to develop in a positive way. Positive development on EBITA margin ending up at 10.6%, and really based on two different factors. On one side, we have a positive mix with service aftermarket growing. At the same time, as we also see, the savings coming from the restructuring program continue to improve. At the same time, we have many product launches. We have been launching products, especially on the Marine side and on the Mobile Cooling side during the quarter. In connection with the extra product development cost, we also have marketing costs to launch, to have successful launches for the new products. Last but not least, improved free cash flow, even if it's negative, is quite a bit less negative than one year ago, and totally in line with historical numbers. As a matter of fact, better than what we have seen in the last four or five years in practice. Leverage ending up at 3.4, which is slightly worse than one year ago, but following exactly the same historical pattern that we have seen due to obviously low invoicing levels in Q4 and low invoicing levels in Q1. If we move over to the figures, as I already commented, organic growth of 0% with negative impact from currencies of 9% and then portfolio changes that continue to happen, delivering 1% in negative growth. EBITA 8% down versus last year, ending up at 10.6% margin in comparison to 10.4%. An adjusted EPS of SEK 0.86, in comparison to SEK 0.88, so very, very close now. As I already commented, negative cash flow, but quite of an improvement in comparison to last year, and our leverage is slightly higher than we had one year ago. Looking at growth. Land Vehicles ending up at -1%, very much driven by Americas, -6%. EMEA was positive +2%, and APAC finally -3%. Marine positive +2%. We had negative two quarters ago, positive. Sorry, positive, negative, positive again, so we are hovering around the same levels as last year. At the same time, we have a pretty good order intake. Mobile Cooling, very similar to Marine, +1% positive, but also developing nicely on order intake. Then Global Ventures, -7% down. Looking at the different sales channels. In reality, nothing remarkable, no more than that service aftermarket is growing, and by that, it's becoming 30% of the total business, while OEM continues to go down slightly, ending up at 38%. Perhaps worthwhile to comment that RV OEM that used to be 49% in 2017, stands today for 18%. So again, we are getting less and less exposed to the RV OEM markets. Looking at the different channels, positive evolution everywhere. I do believe that looking at the different charts is very clear that we see a positive trend getting now into neutral growth for the group. Hopefully, we will see also OEM come into positive terms in the near future. I would like to stay for a couple of seconds on this slide. What you can see, the gray line is manufacturing, the green line is registrations, and it tells you a little bit where the different inventories look like in the different markets. Unfortunately, the inventories on Marine are much more difficult. We get production numbers, but the retail numbers include both all manufacturing in the U.S. as well as imports, and that distorts the picture a little bit. If we go back to registrations on the RV side, we see that we suffer a major deterioration in the industry from 2022 to 2025. It stabilized in the last couple of years, but not coming back to growth. At the same time, we see also that there is balance between retail and manufacturing. At the same time, we see that Europe, we saw Europe kind of postponing the drop simply because we had, as you may remember, problems with component delivery from the chassis producers to the OEM industry, which means that we still had pretty good years, 2022 and 2023. We saw a major drop in the second half of 2024 and a major drop in 2025. Of course, when looking at metrics evolution the last couple of years and always commenting negative growth, what you can see is we got the hit in the U.S. first. As the U.S. was stabilizing, then we got Marine, and we got as well Europe. That has been very much the main reason for this delay in coming into neutral territory and hopefully showing growth in the quarters to come. Again, coming back to inventories, we are very much there on the RV side. On the Marine side, we still hear and read from retailers in the U.S. especially, that inventory is a little bit too high, while Europe looks far better. By the way, we have seen growth on the Marine side, both in Europe and APAC in the last couple of quarters. EBITDA ending up at 10.6%. Good progress on gross margins. It's very clear that the restructuring program is kicking in and showing improvements on top of all the other efficiency actions that we are taking. We have an SG&A higher than one year ago, very much, as I commented, explained by the investments that we are doing, and we keep doing in product development everywhere, but especially in the Mobile Cooling and Marine area, which are reflecting not just on the product development costs, but also on the marketing costs in connection to the product launches. We see margin improvements in Land Vehicles, where we see that we are on neutral levels on Global Ventures, and we saw a decline on Marine and Mobile Cooling. Looking at different segments, Land Vehicles, 1% down with good growth in service and aftermarket, and again, decline on the OEM side, very much driven by the RV OEM side in Americas. Strong margin improvement, 9% with, again, significant improvements driven by the restructuring program and all the other activities. We continue to invest, as we have commented many times, on product development. Innovation is clearly the driving force behind organic growth, and that's what we are working for. Worthwhile to mention that we are still producing losses in Americas, but we see a major cut on those losses during the last 12 months. Marine, positive to see 2% growth with high single-digit growth in service and aftermarket, slight decline, very close now to neutral territory also on the OEM side. EBITDA margins close to 18% and the reduction is very much driven again by, on one side, delays on the price increases. Time lag between price increases and the cost increases, and then, of course, all the uncertainties that we have just now with the tariff situation in the U.S. At the same time as we continue to invest, as I said, in product development, leading to new product launches and marketing costs. Mobile Cooling Solutions, 1%. Here we see good development on the U.S. market. We see a slight deterioration on the European and APAC markets. Margins are 5.7%, saw deterioration versus last year. We see a little bit of the same that we have still time lags between cost increases and due to the new tariff situation and price increases. Even here, we keep investing in generating growth moving forward. Lastly, Global Ventures, organic growth 7% down. While other global verticals continue to develop positively. At the same time as we see mobile power solutions still negative, driven by the OEM. That business is to a high extent linked to the OEM business. With margins on a neutral level, on one side, we see continued margin improvements on other global verticals. We're seeing, but we see some margin deterioration for mobile power solutions, but totally speaking neutral, since we are also adapting our G&A cost to the new situation. Looking at sustainability, very good progress. We feel proud of what we are doing in that territory as well, with injuries coming down, have been down now below one, the target of one for a number of quarters. We see also female managers at a decent level. We would like, obviously, to improve even more, but we have seen a major progress in the last couple of years. We continue to invest in renewable energy, and we are in operations, and we are up to 44%. Innovation, again, the major driver behind organic growth, up to 24%. We are very close to our target, 25%. We keep assessing our suppliers for materiality, and we will secure that we deliver as well on our targets. Some of the recent launches, we launched at the end of Q4, a new brand, WAECO, which is also not just a number of products, it's also a new business model where we are addressing major wholesalers, major distributors, and implementing a totally different business model, generating higher margins at the same time as we are capturing volumes. It is clear that we see a new demand for all the vehicles, and we are addressing that new demand that we have been seeing accelerating in the last couple of years as a consequence, again, of the inflationary cost increases post-pandemic. People are looking for lower price options, and we are addressing that. Positive reaction, very positive reaction, even better than we expected during the first couple of months. Unfortunately, a little bit late, since we are already now in Q1, and customers are placing orders normally in Q4 for deliveries in Q2, and we launched the product in December. Again, so far, very positive reaction. Moving over to DreamWear, another of the areas where we are investing, launching the first series of premium DreamWear products, where we are addressing also modularity and delivering a lot of accessories, not just the bottoms, but also a number of different options. We are expecting, on one side, good growth and good margin evolution, but we're also expecting that this kind of products will reinforce our Dometic brand globally. Moving over to a new series of rooftop tents. This is also the third series of rooftop tents coming from Dometic, addressing the new market with SUVs and pickup trucks. As a consequence of all the product launches, we keep collecting awards in different areas. In this case, we are talking about mobile cooling with the new high-quality and premium Dometic branded products, both as hard coolers and soft coolers as well, that we have been launching in the last couple of quarters and are starting to kick in as well in store. Happy to report as well positive development on our restructuring program, the cost reduction program. You may remember, this program will generate SEK 750 million on running rates at the end of this year. We ended up Q4 last year at a running rate of SEK 350 million. We added another SEK 50 million in Q1, so new running rate, SEK 400 million. Cash out in the quarter, achieving SEK 20 million. With that, I would like to hand it over to you, Stefan. Thank you very much, Juan. Moving to the income statement, starting with our gross profit margin development. This is really a very nice development that we have seen now for almost two years, where we have had a continuous improvement of our gross margin. It ends up with 29.6% in the quarter versus 28.7% equivalent period last year. That has then favorably been impacted by sales mix, but also the restructuring program, and then partially being offset by the fact that we have still a certain lag between price increases and cost increases, including tariffs. There has happened a lot of things in the first quarter. We have obviously had the decision by the Supreme Court of the United States in the U.S. and making some of the tariffs illegal. We have obviously had the escalating situation down in the Middle East, which has been starting to drive up input cost for our products. On operating expenses, in reported currency, we are down, but in constant currency, we are up 5%. There is two things to that. We obviously have effects from our global restructuring program, which is driving down the cost as expected. We also have in the quarter some offset for increased product development as well as marketing related to product launches. You just saw a number of the examples here in Juan's presentation. Looking at net financial expenses, which is on its way down as expected, and driven by the gross debt reduction, which is going to continue here now in the coming quarters. Tax is on the same level as last year, and the effective tax rate is 33%, which is, as we have communicated before, affected by deductibility of interest expenses in Sweden. Moving on to cash flow summary. As Juan already mentioned, very nice to see that the free cash flow is actually quite a bit better than the same period last year. You know that we have the seasonality where Q1 is always our weakest cash flow quarter. Now when we're moving into Q2, we are moving into the strongest one, and the same with Q3 is also a very strong cash flow quarter here. In the quarter, we have seen working capital, on the one hand, been impacted by higher inventory. It's of course measures to make sure that we have the inventory to fulfill the demand. We have seen on the other side improvements in trade receivables and payables. Mention was that the cash out related to restructuring program in the quarter was SEK 20 million. Program to date, we have SEK 256 million in payout. As you remember, we have talked about it should be totally SEK 400 million, and we still stick to that. There is SEK 140 million approximately to go, which will happen in 2026. CapEx is a bit lower than the same period last year, and we continue to prioritize investments in fixed assets. We also have a new model, which actually means that we have less needs to invest in fixed assets going forward. If we look then on interest expenses paid, they are down as well as tax paid. That is also helping to drive the free cash flow. Moving on. Yeah, here you can see what Juan was alluding to, that, yeah, -SEK 192 million in free cash flow stacks up quite well in a historical comparison here. I'm happy with how we continue to manage this well. If we look on working capital, the last 12 months we are down to 20%-25%, which is 3% units better than the same period last year. We are 26% in the quarter. Inventory balance SEK 5.2 billion in constant currency. That is then up versus last year. As I mentioned, it's really, to make sure that we can keep the service level to our customers here. Number of days, 121 days, and that's 10 days less than the same period last year. As you can see, there is still potential to continue to drive that down towards around 100 days. On accounts payable, the movements there is very much mixed related to where we have the major sourcing in the quarter. A little bit more China, longer payment terms there. Inventory we already talked about, and accounts receivable, you see that the days sales outstanding is starting to come down, which I would also expect due to the AR program that we have been putting in place. Okay, moving over to CapEx and research and development cost. We ended up SEK 72 million in the quarter, equivalent to 1.6% of net sales. As I said before, we are making clear priorities, but we have also created a model where we no longer need to invest less in machinery and equipment. On the R&D side, we are now on 2.9%, SEK 132 million in the quarter. We are continuing to prioritize to invest in product development. We can also see that on our innovation index. As mentioned before, it's up to 24% now in Q1, and that is something that we will also continue to prioritize going forward. Moving on. If we take a step over to our debt maturity profile, the total gross debt is now SEK 15 billion as of the end of Q1. We have an average maturity of 2.5 years, and we have an undrawn revolving credit facility of EUR 300 million maturing in 2028. We will pay back the EUR 2.2 billion in the remaining 2026 Eurobond here tomorrow using cash on hand. We also have a plan to repay the SEK 0.8 billion, which is a private placement that we have maturing in September 2026. With this, you will see the gross debt continuing to come down, and also the net debt driven by the free cash flow that we are expecting to generate during 2026. Looking at the leverage ratio, it ended at 3.4, as was mentioned before. It's all the different components that is very slightly all contributing to take it up from 3.3 as we had by the end of Q4. This is not unusual that the leverage ratio is moving 0.1 in the first quarter. From now, we are going to obviously come into the cash flow strong part of the year and the leverage will then start to move down here in Q2, Q3, especially. With that, I will hand over to you, Juan, to make the summary. Thank you, Stefan. Summarizing Q1, very, very happy that we are leaving the negative growth behind us, and that we see as well improving gross margins and EBITDA margins. Positive order intake and order backlog that continues to develop in a positive way. We see a good mix, a sales mix with service aftermarket showing solid growth. We see improvements in free cash flow leverage that ended up at 3.4 versus 3.3. At the same time, as we see as well, still today, low consumer confidence, driven both by the volatility on the tariffs and nonetheless by the new upcoming situation in the Middle East. Due to that fact, we decided to withdraw the dividends, as you know, on the 12th of March. Already at the time, we communicated that the main reason was with the risk that we saw moving forward. We also commented that it was not a profit warning. Hopefully you realize as well when looking at the numbers, that what we said, we are not collapsing, became the reality as well. Again, we feel good about Q1. We feel good about the intake and the backlog. Still, we don't know how the ongoing war in the Middle East is going to have an impact in Q2 or Q3. The theory is obviously that we are moving into Q2 in a positive manner with a stronger backlog. We will see what happens during these three months. We are still of the opinion that we will see organic growth in 2026. Of course, we're also very mindful of the situation in the Middle East and the impact on, again, oil prices, inflation, interest rates, and consumer confidence. No matter what, we continue to invest strategically. We see positive developments and innovation index coming up. Of course, with that, we also have some extra marketing cost that we are happy to expend since we are starting to move into a growth phase again. We are also very pleased with the way the restructuring program is developing over time. With that said, I think that we can move into the Q&A session. 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. Please mute your line when you have asked your question, and please limit yourself to only two questions. You can also write your questions on the webcast page. The next question comes from Agnieszka Vilela from Nordea. Please go ahead. Thank you for taking my questions. I have two. Maybe just starting with the demand outlook. Mid-March, you were quite cautious, Juan, about the demand prospects, especially in the light of Middle East conflict. Yet you finished Q1 with flat organic growth for the quarter, and I wanted to ask, was there anything that really surprised you to the positive? Also maybe follow up on that, you have built some inventories in the quarter. Should we interpret it as a sign of you expecting higher sales in Q2? Absolutely. No surprises. Agnieszka, good morning, by the way. No surprises. Again, the communication on March 12th was much more due to what could happen due to the war. It's very, very seldom that you see the war is starting day one, and then inflation, interest rates, and consumers stopping to buy. You see that normally after a number of months. I think we were very clear at the time of the communication, and we tried to clarify even a couple of days after the announcement that we were not collapsing, and I think that this is what we proved this time. We are happy to see the order intake and the backlog strengthening even more in Q1. The question, and I think that at least our takeaway, is that we take it in a very positive way. At the same time, as I also believe that many people in the value chain are expecting to see higher prices down the road as a consequence of the higher inflation. Since we are at the beginning of Q2, it might be that we have an effect of people forward buying, so to say. At the same time, you can take it in a negative way, you can take it in a positive way. Nobody wants to build up inventories. People are super careful on building up inventories. Again, we are starting the quarter. If I'm coming to the second question, we're starting the quarter with a stronger backlog. In theory, we should see growth. We only have one month. Yeah. Of the order- four to six weeks approximately. Yeah. four to six weeks. Yeah. Oh, okay. Perfect. Thank you. My second question is on the input costs for you. We do see some inflation in the polymer prices. Maybe if you could please remind us about your plastics exposure, maybe tell us how quickly these higher commodity prices are affecting you. Do you hedge? What kind of price increases would you need to implement to neutralize the impact? Of course, it's not just plastics. Everything is just now going up, and we see also moving targets. Of course, that we have been working very hard during the last few weeks, and we are implementing price increases as we speak. We have not seen any major effect in Q1 simply because you are sitting on inventories. It is clear that suppliers are knocking on the door, and we are already now talking to customers. Our intention is, as usual, to cover up for the potential cost increases. The cost increases will come. It's just a question of time. Just now, obviously, the target is to push back as much as we can at the same time as we are sitting on inventories. At the same time, we also need to act very fast and start discussing with our own customers as well. Thank you. You're welcome. The next question comes from Daniel Schmidt from Danske Bank. Please go ahead. Yes. Good morning, Juan and Stefan. Sorry if I may be repeating something that you already said. I was late into the call. I hear you in terms of order intake and order backlog heading into Q2, and what you said about your announcement on the 12th of March. Am I getting it right that for the month of March, you didn't really see any deterioration? Because I assume that you did get hit by the winter storms in the U.S. in January, February- Yes which caused some production shutdowns. Yeah. At the same time, I do believe that you have one side with storms, which is totally right. At the same time, we also see that in retail, especially talking about the RV industry in the U.S., we see that retail was also down. Yeah. Okay. I believe that we need to be a little bit careful in the way we are interpreting the weather impact in the first two months. Again, if we were just talking about production, I would agree with you. Of course, when you see the retail, retail is also down, the customers are careful, then I believe that we need to wait for some more time to understand. As you know, production was down 11%. If you look at the numbers, retail in February, they were down 22%. No, I'm just getting to your momentum in the quarter. I understand what you're saying. Q1 was good. March order intake was good, and backlog was even better. Yeah. Okay. Our backlog strengthened in March. Good. A totally different question maybe, but in the recent days, there has been confirmations from both LCI and Patrick Industries that they are talking about a possible merger. Yeah. Who knows if that's going to happen or not. If that happens, do you see that, theoretically at least, as an opportunity for you guys in the U.S. especially to regain some shares while they are occupied by a possible merger and internally focused and so on? I feel that is, of course, what you are saying will happen anyway, right? It takes a while to integrate. If that happens, it will take some momentum from the organization. At the same time, I would like to point out, we are competing with Lippert. Basically, we are not competing with Patrick. Patrick and Lippert are competing with each other. The only area where we are competing with Patrick is that Patrick acquired a company two years ago called RecPro, doing $80 million. We are talking about the OEMs. We are competing very little with them, if not saying nothing. On the aftermarket, it's very limited as well. I don't think that will change. I think it might change in the short term, as you said, because of course, it takes a lot of attention from the organization to integrate companies, and we are talking about two major companies. This is not just the one absorbing the other. I don't expect any major impact on the long term, simply because we are not competing with Patrick. Right. Okay, good. Thanks. Maybe a very detailed question for Stefan. Other current liabilities are up a bit versus the end of the year, despite currency going in the other direction. Is there anything in that number that's related to the court case or further reservations or anything? The very simple answer to that is no. No. Okay. Good. That's all for me, and I just want to thank Stefan as well for good collaborations through the years. Good luck. Thanks a lot, Daniel. Appreciate it. The next question comes from Laure Courtiade from Amundi. Please go ahead. Yes. Good morning. Thanks for the presentation. Perhaps you mentioned it, but I didn't get it. What do you expect as cash payout for restructuring in 2026? Yes, P&L impact versus cash impact. Yeah. Same for 2027, if there is. Yeah. As I mentioned before, we have said in the past SEK 400 million in total cash payout of the program. We have program to date paid out SEK 256 million. That means that we have SEK 144 million to go for 2020, and that is mainly, it's going to come in 2026. I don't expect there to be anything left for 2027. In terms of savings, as you know, the program in total should generate SEK 750 million in savings. We should be on a run rate jumping into 2027 on SEK 750 million. We reported now after Q1, that we are on SEK 400 million in run rate savings. If we overlay that with our plans, we feel that we are absolutely on track to achieve that. Thank you. I could add as well that in 2026, what is going to happen is that it's going to be a little bit more back-loaded than in 2025. The reason for that is that we have some major activities that we're working on, but we will see the effects later on in the year. The next question comes from Fredrik Ivarsson from ABG. Please go ahead. Thank you. Good morning, team. Most of the questions I had have been asked, but I have one on Marine. I guess when we listen to all the boat manufacturers, it's a little scattered view, I think, with the high-end manufacturers being quite optimistic and talking about higher backlogs and so forth, whereas the mass market is more cautious. First, do you share this view? Second, how are you positioned towards this backdrop in that case? I would agree that we saw, you go back to the last few years, first we saw what Americans call for blue-collar boating coming down dramatically. It took about 18 months before we saw the bigger boats coming down quite a lot. We saw the low price boating stabilizing about eight months ago, and now we see the bigger boats moving upwards really in the last, I would say, six months. It feels good. Order intake has been promising. At the same time, when you read all the information about American marine retailers, they're still cautious. I simply believe that we need to wait a little bit more because we might be seeing what we saw with the American RV industry a couple of years ago, that it went down, manufacturing started to build up, retail didn't come back, and then the manufacturing came down again. We are kind of hovering about the same levels that we were manufacturing two years ago, you look at the RV industry. I believe that we need to see these for some more months before we can say, "Now it is moving." The fact is that our order intake has been growing, so from that perspective, we feel positive, but I would like to understand a little bit more in one or two quarters so we see that consistency. On top of that, we also feel that the inventory situation is still not on an optimal level by the dealers in North America. Correct It has certainly improved. Yeah. That's true. That's very much on the American market. We are looking at Europe. Europe looks good. We had high single-digit positive growth in Q1 and even APAC looks good. Having said that, obviously the U.S. market stands for 75% of the global markets. Improving. We are still not there, but it is improving clearly. Okay, great. On the positioning, could you remind us of where you are? We are very well positioned in steering systems. We are very well positioned in fuel systems. We are very well positioned in ACs. I would say that those are the three main categories. We have seen as well, so that's on the OEM. We see the aftermarket side. We have seen very nice growth in Q1. We saw also growth in Q4. Aftermarket has been showing positive numbers now for a couple of quarters. Again, from an OEM perspective, we have very strong positions. We need to keep in mind as well that the market is much more fragmented, obviously. That we don't have, what can I say? Any Dometic lookalike offering, to put it in some way. Perfect. Thank you so much. You're welcome. Thank you. The next question comes from Daniel Schmidt from Danske Bank. Please go ahead. Yes, me again. Just two follow-ups and another detail question I forgot last time t0 Stefan. You're repaying this bond tomorrow, SEK 2.2 billion. Could you give us any indication of how much that will change your financial net on a quarterly basis going forward? That is running with a financing cost of 3%. You were getting basically just 1% or 1.5% on the cash that you held? Yeah. Sometimes a little bit more, actually. Maybe a percentage point or a little bit more maybe in a positive impact on the financial net. Is that fair? Yeah. It will. We are on 4.2%, 4.3% on average cost of our portfolio right now. This will take it up a little bit. In absolute terms, as you are after, it will go down. It will continue later in the year when we have the SEK 750 million in private placement that we are planning to pay back as well. Exactly. Okay, good. I guess you already touched upon it, but I missed it as I missed part of the call. Any details on the European market on the RV side? You grew in the quarter. Was that both OEM and aftermarket? What was the momentum in the quarter? We see the OEM business evolving in a positive way. Registrations across Europe were very positive, I have to say. We see our intake as well being positive for us now for a few months. I'm optimistic, even the service aftermarket has been improving lately, absolutely. I'm far more, if I think about different geographies, it's clear, I feel far more optimistic about the RV and the Marine industries in Europe than I feel about the U.S. market. I see U.S. consumers showing much lower consumer confidence than the European ones. Europe is not flying, don't get me wrong, but again, inventories are gone. Manufacturers are starting to build up. Service aftermarket is moving also into positive territory. What you see on the American market that inventories are relatively low, but retail is still negative as a consequence of consumers entering the stores but not pushing the button. As far as that doesn't happen, of course it will be slow movements. Yeah, thank you. Good color. That's all for me. Thank you. Thank you, Daniel. The next question comes from Agnieszka Vilela from Nordea. Please go ahead. Thank you. I have two follow-ups, maybe starting with your SG&A development. You have quite good progress on the gross margin, but now with the SG&A cost being higher, much of that benefit is kind of disappearing or fading away a bit at least. Could you just tell us about your investments in marketing and product development? It's all for the good reasons, but how would you evaluate the success of your initiatives there? How much these new products should add to your growth, and also should we expect this kind of cost to be elevated for the coming quarters? I believe that we will see that cost, especially in those two segments being higher for another one or two quarters, and then they will be coming down. At the same time, as I said, we have been investing quite a bit on product development. We believe that it's super important. We have been preparing ourselves for a growth phase. To develop products if you are not launching, doesn't give you a lot. At the same time, as you know, Agnieszka, we are trying to reinforce the B2C side. The B2C side from a marketing perspective is simply higher cost. At the same time, it's also bringing higher margins. I believe that you need to see the combination, growth margins and SG&A. Now, hopefully we will be showing positive balance moving forward. Thank you. Then, my second follow-up is on the Marine business. You grew organically by 2% in the quarter, but the operational leverage was quite low with EBITDA still falling 17%. Can you just remind us what was the driver behind the lower earnings? And how should we think going forward about this earnings progression in Marine? The main issue in the Marine business is obviously that we are producing in Canada. We have a situation with the tariffs, as you know, things are changing on continuous basis. At the same time, you have also some time lag between the cost increases and what we are provisioning on tariffs and potential tariffs and the price increases that we applying. It's very much time lag. We should expect that to improve moving forward. Could you just quantify the tariffs you're paying on the Marine side? Ballpark. I don't have that number on top of my mind. No, we don't have that available right now. We obviously know what we are paying. Yeah. With what has happened now in the first quarter, where the Supreme Court were declaring some of them not appropriate. Mm-hmm. They're obviously impacting the dialogue somewhat with some of the customers. It is a challenging environment to operate in terms of this, where things are changing very frequently. It is a challenge because no customer. That's what's also valid for us when we are the customer. You get crazy when you get new price list every second month. Mm-hmm. That's the reality that you need to play just now, right? We implemented new prices as late as one month ago that we are not seeing, obviously, the effects on the Marine side. Yep. Understood. Thank you. We have clearly, Agnieszka, you are totally right. We have a time lag in the Marine side between the tariff situation and the price increases. Again, as late as one month ago, we applied new price. What we talked about before in SG&A investment. Yeah. especially in product development. Yes. Absolutely. Thank you. You're welcome. We have a few questions from the webcast audience that we can take now then. The first one relates to the backlog. How did we see it change during the quarter? What's the typical maturity in the backlog? Good progress in January, flattish in February, better in March again. Normally our backlog, we are not an industrial, right? Our backlog is somewhere four to six weeks. We are starting quarter two in a stronger situation than we were starting Q1. Again, we cannot take any conclusions on how May or June will look like. The starting point is positive. Thank you. There's a question on leverage. Do you stick to the target of 2.5? How should we see what's the fair expectation of the leverage evolving towards this 2.5? We can absolutely confirm that we stick to the target of around 2.5. We are now coming into two strong cash flow quarters here. My expectations are that we are going to move towards three and potentially even slightly below, but I don't foresee that we are going to achieve the around 2.5 during 2026. Finally, a question on CapEx. There was a mention of lower CapEx need going forward. Can you please elaborate on that? As we have been running the different kind of restructuring programs, we obviously have created something where we have been outsourcing to a higher degree than what we have done before. That is one driver. Just by the fact that we have fewer factories as we have been closing factories during these programs, we have gone from 31 factories down to 22 now. It's obviously also reducing the need for CapEx in machinery and equipment. It's a logical consequence. It has been very much on purpose since we introduced the new strategy. We wanted to have a similar level of CapEx, but the profile of the CapEx was going to change by investing less in factories and maintaining factories, investing less in machinery, but investing more in tooling in connection to innovation. That's an important one. Good. That's it from webcast audience then. Back to the operator, please. So- We're actually The next question comes from Andreas Lundberg from SEB. Please go ahead. Yeah. Thank you, Andreas with SEB here. Back to the leverage question, you're targeting 2.5x, you say. How comfortable are you with that, given the cyclicality of the business? Wouldn't you consider even a lower level would be more suitable? That's my question. The target is expressed around 2.5, right? In certain times, it could be below 2.5. In some other situations, it could be on 2.5 or even slightly above. Depending on where we are in the cycle, I can agree with your comment. Typically, historically, we have been deleveraging somewhere in the neighborhood of 0.6x per year. Now when things are starting to, yeah, it's maybe difficult to talk about normalization, but a little bit more stable. I would still say that we still have that deleveraging potential in our model. Actually, things also change with time. Keep in mind that we moved from 2 to around 2.5 at the time when the market was growing, when everybody was asking Dometic, "Guys, isn't this the moment to grow additionally by acquisitions?" The market turned very sour. We have been fighting super hard to come down to around 2.5, and once we are approaching 2.5, then we will discuss whether it is the right target or not. Just now, we are still far away from 2.5, so we have a clear target to reach around 2.5. Yeah. That is super important from our side. We understand the situation. We are working extremely hard, and again, financial targets change over time, but this is not a time to discuss a change. This is a time to get into the financial target. Yep. Thank you, and earlier, I think it was a year ago, we talked about potential divestments or exits in certain categories. Where do you stand today or where does your thinking stand today? Thank you. The same, working, but the market has not been very positive for divestments either. It's clear that we have been talking, we have been out to the market with a couple of assets, and we have been very close to completing one of the deals, and then we have the famous liberation day, and then things change overnight. The willingness of potential buyers to invest at that moment changed. We are working very hard and hopefully as the market stabilizes, it's going to be a little bit easier to divest those assets. We continue to work on that. Again, the environment has not been the appropriate to manage. I also think it worthwhile to mention here is that, for this to make full sense, there is a strategic assessment of course, but that it should also make financial sense. We need to get a certain valuation, and it's not the buyer saying it itself. That's obviously a part. Okay. Lastly, on the cost-saving side, what remains and what kind of cost savings remain? Thank you. We have a number of projects that are just now ongoing. As you may understand, these kind of decisions are very sensitive. You don't want to communicate before you are ready to communicate. That's why I commented earlier today that they are going to be backloaded. We are working just now on the preparations, making sure that everything is going to work out, and we will communicate the different steps as they are happening in connection to these quarterly reports. You don't want to get concerned unnecessarily. Okay, great. Thank you so much. You are welcome. 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 all of you for attending the call, for showing interest in how Dometic is evolving. I would also like to take the opportunity to thank Stefan for these years. It has been a tough environment. I believe that you have contributed in a great way to our development, even if the times have been very tough. Thank you very much and all the best in the future. Thank you very much for these kind words, Juan. For all of you, thank you, and hopefully we see you soon. Bye. Bye-bye.

Speaker 7: Welcome to Dometic Q1 report 2026. Today I am pleased to present CEO Juan Vargues, CFO Stefan Fristedt, and Head of Investor Relations, Tobias Norrby. For the first part of the call, all participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by pressing pound key five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Welcome to Dometic Q1 report 2026. welcome to dometic q1 report 2026 Today I am pleased to present CEO Juan Vargues, CFO Stefan Fristedt, and Head of Investor Relations, Tobias Norrby. today i am pleased to present ceo juan vargues cfo stefan fristedt and head of investor relations tobias norrby For the first part of the call, all participants will be in listen-only mode. for the first part of the call all participants will be in listen-only mode During the questions and answers session, participants are able to ask questions by pressing pound key five on their telephone keypad. during the questions and answers session participants are able to ask questions by pressing pound key five on their telephone keypad Now I will hand the conference over to the speakers. now i will hand the conference over to the speakers Please go ahead. please go ahead

Speaker 5: Hello. Good morning, everybody, to this Q1 report. Welcome to sunny Stockholm, by the way. Wonderful that springtime is back and we have the light back. Moving over to the highlights. We see an increased uncertainty following both the tariff situation and the geopolitical tensions in the Middle East. We see already now oil prices being very, very high. We see as well inflationary movements in terms of freight cost, in terms of raw material cost, that will, down the road, have some kind of impact on consumer confidence. We continue to see retailers, dealers being very, very careful in building up inventories and ordering what they need. At the same time, we see also differences across regions, and most probably the region where we see confidence index being the lowest is in the American region. Hello. hello Good morning, everybody, to this Q1 report. good morning everybody to this q1 report Welcome to sunny Stockholm, by the way. welcome to sunny stockholm by the way Wonderful that springtime is back and we have the light back. wonderful that springtime is back and we have the light back Moving over to the highlights. moving over to the highlights We see an increased uncertainty following both the tariff situation and the geopolitical tensions in the Middle East. we see an increased uncertainty following both the tariff situation and the geopolitical tensions in the middle east We see already now oil prices being very, very high. we see already now oil prices being very very high We see as well inflationary movements in terms of freight cost, in terms of raw material cost, that will, down the road, have some kind of impact on consumer confidence. we see as well inflationary movements in terms of freight cost in terms of raw material cost that will down the road have some kind of impact on consumer confidence We continue to see retailers, dealers being very, very careful in building up inventories and ordering what they need. we continue to see retailers dealers being very very careful in building up inventories and ordering what they need At the same time, we see also differences across regions, and most probably the region where we see confidence index being the lowest is in the American region. at the same time we see also differences across regions and most probably the region where we see confidence index being the lowest is in the american region Looking at performance, we are very happy to communicate that finally, after many quarters of negative growth, we are standing at the same level as last year. We are very pleased seeing the service aftermarket coming back and showing a solid growth of 5%. Positive to comment, that is everywhere. We see the three regional businesses within Land Vehicles, and we see as well Marine everywhere also being positive from the service and aftermarket perspective. Distribution is slightly down 1%, but Mobile Cooling being positive, which is good. We see also that the sell-through for the Mobile Cooling business has been very positive during the first quarter. In reality, the one that we are still missing is the OEM, that ended up at 4% down versus last year, but very much due to the RV OEM in the American region. Looking at performance, we are very happy to communicate that finally, after many quarters of negative growth, we are standing at the same level as last year. looking at performance we are very happy to communicate that finally after many quarters of negative growth we are standing at the same level as last year We are very pleased seeing the service aftermarket coming back and showing a solid growth of 5%. we are very pleased seeing the service aftermarket coming back and showing a solid growth of 5% Positive to comment, that is everywhere. positive to comment that is everywhere We see the three regional businesses within Land Vehicles, and we see as well Marine everywhere also being positive from the service and aftermarket perspective. we see the three regional businesses within land vehicles and we see as well marine everywhere also being positive from the service and aftermarket perspective Distribution is slightly down 1%, but Mobile Cooling being positive, which is good. distribution is slightly down 1% but mobile cooling being positive which is good We see also that the sell-through for the Mobile Cooling business has been very positive during the first quarter. we see also that the sell-through for the mobile cooling business has been very positive during the first quarter In reality, the one that we are still missing is the OEM, that ended up at 4% down versus last year, but very much due to the RV OEM in the American region. in reality the one that we are still missing is the oem that ended up at 4% down versus last year but very much due to the rv oem in the american region Perhaps even more positive is that both order intake and backlog continue to develop in a positive way. Positive development on EBITA margin ending up at 10.6%, and really based on two different factors. On one side, we have a positive mix with service aftermarket growing. At the same time, as we also see, the savings coming from the restructuring program continue to improve. At the same time, we have many product launches. We have been launching products, especially on the Marine side and on the Mobile Cooling side during the quarter. In connection with the extra product development cost, we also have marketing costs to launch, to have successful launches for the new products. Last but not least, improved free cash flow, even if it's negative, is quite a bit less negative than one year ago, and totally in line with historical numbers. Perhaps even more positive is that both order intake and backlog continue to develop in a positive way. perhaps even more positive is that both order intake and backlog continue to develop in a positive way Positive development on EBITA margin ending up at 10.6%, and really based on two different factors. positive development on ebita margin ending up at 10.6% and really based on two different factors On one side, we have a positive mix with service aftermarket growing. on one side we have a positive mix with service aftermarket growing At the same time, as we also see, the savings coming from the restructuring program continue to improve. at the same time as we also see the savings coming from the restructuring program continue to improve At the same time, we have many product launches. at the same time we have many product launches We have been launching products, especially on the Marine side and on the Mobile Cooling side during the quarter. we have been launching products especially on the marine side and on the mobile cooling side during the quarter In connection with the extra product development cost, we also have marketing costs to launch, to have successful launches for the new products. in connection with the extra product development cost we also have marketing costs to launch to have successful launches for the new products Last but not least, improved free cash flow, even if it's negative, is quite a bit less negative than one year ago, and totally in line with historical numbers. last but not least improved free cash flow even if it's negative is quite a bit less negative than one year ago and totally in line with historical numbers As a matter of fact, better than what we have seen in the last four or five years in practice. Leverage ending up at 3.4, which is slightly worse than one year ago, but following exactly the same historical pattern that we have seen due to obviously low invoicing levels in Q4 and low invoicing levels in Q1. If we move over to the figures, as I already commented, organic growth of 0% with negative impact from currencies of 9% and then portfolio changes that continue to happen, delivering 1% in negative growth. EBITA 8% down versus last year, ending up at 10.6% margin in comparison to 10.4%. An adjusted EPS of SEK 0.86, in comparison to SEK 0.88, so very, very close now. As a matter of fact, better than what we have seen in the last four or five years in practice. as a matter of fact better than what we have seen in the last four or five years in practice Leverage ending up at 3.4, which is slightly worse than one year ago, but following exactly the same historical pattern that we have seen due to obviously low invoicing levels in Q4 and low invoicing levels in Q1. leverage ending up at 3.4 which is slightly worse than one year ago but following exactly the same historical pattern that we have seen due to obviously low invoicing levels in q4 and low invoicing levels in q1 If we move over to the figures, as I already commented, organic growth of 0% with negative impact from currencies of 9% and then portfolio changes that continue to happen, delivering 1% in negative growth. if we move over to the figures as i already commented organic growth of 0% with negative impact from currencies of 9% and then portfolio changes that continue to happen delivering 1% in negative growth EBITA 8% down versus last year, ending up at 10.6% margin in comparison to 10.4%. ebita 8% down versus last year ending up at 10.6% margin in comparison to 10.4% An adjusted EPS of SEK 0.86, in comparison to SEK 0.88, so very, very close now. an adjusted eps of sek 0.86 in comparison to sek 0.88 so very very close now As I already commented, negative cash flow, but quite of an improvement in comparison to last year, and our leverage is slightly higher than we had one year ago. Looking at growth. Land Vehicles ending up at -1%, very much driven by Americas, -6%. EMEA was positive +2%, and APAC finally -3%. Marine positive +2%. We had negative two quarters ago, positive. Sorry, positive, negative, positive again, so we are hovering around the same levels as last year. At the same time, we have a pretty good order intake. Mobile Cooling, very similar to Marine, +1% positive, but also developing nicely on order intake. Then Global Ventures, -7% down. Looking at the different sales channels. As I already commented, negative cash flow, but quite of an improvement in comparison to last year, and our leverage is slightly higher than we had one year ago. as i already commented negative cash flow but quite of an improvement in comparison to last year and our leverage is slightly higher than we had one year ago Looking at growth. looking at growth Land Vehicles ending up at -1%, very much driven by Americas, -6%. land vehicles ending up at -1% very much driven by americas -6% EMEA was positive +2%, and APAC finally -3%. emea was positive +2% and apac finally -3% Marine positive +2%. marine positive +2% We had negative two quarters ago, positive. we had negative two quarters ago positive Sorry, positive, negative, positive again, so we are hovering around the same levels as last year. sorry positive negative positive again so we are hovering around the same levels as last year At the same time, we have a pretty good order intake. at the same time we have a pretty good order intake Mobile Cooling, very similar to Marine, +1% positive, but also developing nicely on order intake. mobile cooling very similar to marine +1% positive but also developing nicely on order intake Then Global Ventures, -7% down. then global ventures -7% down Looking at the different sales channels. looking at the different sales channels In reality, nothing remarkable, no more than that service aftermarket is growing, and by that, it's becoming 30% of the total business, while OEM continues to go down slightly, ending up at 38%. Perhaps worthwhile to comment that RV OEM that used to be 49% in 2017, stands today for 18%. So again, we are getting less and less exposed to the RV OEM markets. Looking at the different channels, positive evolution everywhere. I do believe that looking at the different charts is very clear that we see a positive trend getting now into neutral growth for the group. Hopefully, we will see also OEM come into positive terms in the near future. I would like to stay for a couple of seconds on this slide. In reality, nothing remarkable, no more than that service aftermarket is growing, and by that, it's becoming 30% of the total business, while OEM continues to go down slightly, ending up at 38%. Perhaps worthwhile to comment that RV OEM that used to be 49% in 2017, stands today for 18%. in reality nothing remarkable no more than that service aftermarket is growing and by that it's becoming 30% of the total business while oem continues to go down slightly ending up at 38%. perhaps worthwhile to comment that rv oem that used to be 49% in 2017 stands today for 18% So again, we are getting less and less exposed to the RV OEM markets. so again we are getting less and less exposed to the rv oem markets Looking at the different channels, positive evolution everywhere. looking at the different channels positive evolution everywhere I do believe that looking at the different charts is very clear that we see a positive trend getting now into neutral growth for the group. i do believe that looking at the different charts is very clear that we see a positive trend getting now into neutral growth for the group Hopefully, we will see also OEM come into positive terms in the near future. hopefully we will see also oem come into positive terms in the near future I would like to stay for a couple of seconds on this slide. i would like to stay for a couple of seconds on this slide What you can see, the gray line is manufacturing, the green line is registrations, and it tells you a little bit where the different inventories look like in the different markets. Unfortunately, the inventories on Marine are much more difficult. We get production numbers, but the retail numbers include both all manufacturing in the U.S. as well as imports, and that distorts the picture a little bit. If we go back to registrations on the RV side, we see that we suffer a major deterioration in the industry from 2022 to 2025. It stabilized in the last couple of years, but not coming back to growth. At the same time, we see also that there is balance between retail and manufacturing. What you can see, the gray line is manufacturing, the green line is registrations, and it tells you a little bit where the different inventories look like in the different markets. what you can see the gray line is manufacturing the green line is registrations and it tells you a little bit where the different inventories look like in the different markets Unfortunately, the inventories on Marine are much more difficult. unfortunately the inventories on marine are much more difficult We get production numbers, but the retail numbers include both all manufacturing in the U.S. as well as imports, and that distorts the picture a little bit. we get production numbers but the retail numbers include both all manufacturing in the u.s as well as imports and that distorts the picture a little bit If we go back to registrations on the RV side, we see that we suffer a major deterioration in the industry from 2022 to 2025. if we go back to registrations on the rv side we see that we suffer a major deterioration in the industry from 2022 to 2025 It stabilized in the last couple of years, but not coming back to growth. it stabilized in the last couple of years but not coming back to growth At the same time, we see also that there is balance between retail and manufacturing. at the same time we see also that there is balance between retail and manufacturing At the same time, we see that Europe, we saw Europe kind of postponing the drop simply because we had, as you may remember, problems with component delivery from the chassis producers to the OEM industry, which means that we still had pretty good years, 2022 and 2023. We saw a major drop in the second half of 2024 and a major drop in 2025. Of course, when looking at metrics evolution the last couple of years and always commenting negative growth, what you can see is we got the hit in the U.S. first. As the U.S. was stabilizing, then we got Marine, and we got as well Europe. That has been very much the main reason for this delay in coming into neutral territory and hopefully showing growth in the quarters to come. At the same time, we see that Europe, we saw Europe kind of postponing the drop simply because we had, as you may remember, problems with component delivery from the chassis producers to the OEM industry, which means that we still had pretty good years, 2022 and 2023. at the same time we see that europe we saw europe kind of postponing the drop simply because we had as you may remember problems with component delivery from the chassis producers to the oem industry which means that we still had pretty good years 2022 and 2023 We saw a major drop in the second half of 2024 and a major drop in 2025. we saw a major drop in the second half of 2024 and a major drop in 2025 Of course, when looking at metrics evolution the last couple of years and always commenting negative growth, what you can see is we got the hit in the U.S. first. of course when looking at metrics evolution the last couple of years and always commenting negative growth what you can see is we got the hit in the u.s first As the U.S. was stabilizing, then we got Marine, and we got as well Europe. as the u.s was stabilizing then we got marine and we got as well europe That has been very much the main reason for this delay in coming into neutral territory and hopefully showing growth in the quarters to come. that has been very much the main reason for this delay in coming into neutral territory and hopefully showing growth in the quarters to come Again, coming back to inventories, we are very much there on the RV side. On the Marine side, we still hear and read from retailers in the U.S. especially, that inventory is a little bit too high, while Europe looks far better. By the way, we have seen growth on the Marine side, both in Europe and APAC in the last couple of quarters. EBITDA ending up at 10.6%. Good progress on gross margins. It's very clear that the restructuring program is kicking in and showing improvements on top of all the other efficiency actions that we are taking. Again, coming back to inventories, we are very much there on the RV side. again coming back to inventories we are very much there on the rv side On the Marine side, we still hear and read from retailers in the U.S. especially, that inventory is a little bit too high, while Europe looks far better. on the marine side we still hear and read from retailers in the u.s especially that inventory is a little bit too high while europe looks far better By the way, we have seen growth on the Marine side, both in Europe and APAC in the last couple of quarters. by the way we have seen growth on the marine side both in europe and apac in the last couple of quarters EBITDA ending up at 10.6%. ebitda ending up at 10.6% Good progress on gross margins. good progress on gross margins It's very clear that the restructuring program is kicking in and showing improvements on top of all the other efficiency actions that we are taking. it's very clear that the restructuring program is kicking in and showing improvements on top of all the other efficiency actions that we are taking We have an SG&A higher than one year ago, very much, as I commented, explained by the investments that we are doing, and we keep doing in product development everywhere, but especially in the Mobile Cooling and Marine area, which are reflecting not just on the product development costs, but also on the marketing costs in connection to the product launches. We see margin improvements in Land Vehicles, where we see that we are on neutral levels on Global Ventures, and we saw a decline on Marine and Mobile Cooling. Looking at different segments, Land Vehicles, 1% down with good growth in service and aftermarket, and again, decline on the OEM side, very much driven by the RV OEM side in Americas. Strong margin improvement, 9% with, again, significant improvements driven by the restructuring program and all the other activities. We have an SG&A higher than one year ago, very much, as I commented, explained by the investments that we are doing, and we keep doing in product development everywhere, but especially in the Mobile Cooling and Marine area, which are reflecting not just on the product development costs, but also on the marketing costs in connection to the product launches. we have an sg&a higher than one year ago very much as i commented explained by the investments that we are doing and we keep doing in product development everywhere but especially in the mobile cooling and marine area which are reflecting not just on the product development costs but also on the marketing costs in connection to the product launches We see margin improvements in Land Vehicles, where we see that we are on neutral levels on Global Ventures, and we saw a decline on Marine and Mobile Cooling. we see margin improvements in land vehicles where we see that we are on neutral levels on global ventures and we saw a decline on marine and mobile cooling Looking at different segments, Land Vehicles, 1% down with good growth in service and aftermarket, and again, decline on the OEM side, very much driven by the RV OEM side in Americas. looking at different segments land vehicles 1% down with good growth in service and aftermarket and again decline on the oem side very much driven by the rv oem side in americas Strong margin improvement, 9% with, again, significant improvements driven by the restructuring program and all the other activities. strong margin improvement 9% with again significant improvements driven by the restructuring program and all the other activities We continue to invest, as we have commented many times, on product development. Innovation is clearly the driving force behind organic growth, and that's what we are working for. Worthwhile to mention that we are still producing losses in Americas, but we see a major cut on those losses during the last 12 months. Marine, positive to see 2% growth with high single-digit growth in service and aftermarket, slight decline, very close now to neutral territory also on the OEM side. EBITDA margins close to 18% and the reduction is very much driven again by, on one side, delays on the price increases. Time lag between price increases and the cost increases, and then, of course, all the uncertainties that we have just now with the tariff situation in the U.S. We continue to invest, as we have commented many times, on product development. we continue to invest as we have commented many times on product development Innovation is clearly the driving force behind organic growth, and that's what we are working for. innovation is clearly the driving force behind organic growth and that's what we are working for Worthwhile to mention that we are still producing losses in Americas, but we see a major cut on those losses during the last 12 months. worthwhile to mention that we are still producing losses in americas but we see a major cut on those losses during the last 12 months Marine, positive to see 2% growth with high single-digit growth in service and aftermarket, slight decline, very close now to neutral territory also on the OEM side. marine positive to see 2% growth with high single-digit growth in service and aftermarket slight decline very close now to neutral territory also on the oem side EBITDA margins close to 18% and the reduction is very much driven again by, on one side, delays on the price increases. ebitda margins close to 18% and the reduction is very much driven again by on one side delays on the price increases Time lag between price increases and the cost increases, and then, of course, all the uncertainties that we have just now with the tariff situation in the U.S. time lag between price increases and the cost increases and then of course all the uncertainties that we have just now with the tariff situation in the u.s At the same time as we continue to invest, as I said, in product development, leading to new product launches and marketing costs. Mobile Cooling Solutions, 1%. Here we see good development on the U.S. market. We see a slight deterioration on the European and APAC markets. Margins are 5.7%, saw deterioration versus last year. We see a little bit of the same that we have still time lags between cost increases and due to the new tariff situation and price increases. Even here, we keep investing in generating growth moving forward. Lastly, Global Ventures, organic growth 7% down. While other global verticals continue to develop positively. At the same time as we see mobile power solutions still negative, driven by the OEM. That business is to a high extent linked to the OEM business. At the same time as we continue to invest, as I said, in product development, leading to new product launches and marketing costs. at the same time as we continue to invest as i said in product development leading to new product launches and marketing costs Mobile Cooling Solutions, 1%. mobile cooling solutions 1% Here we see good development on the U.S. market. here we see good development on the u.s market We see a slight deterioration on the European and APAC markets. we see a slight deterioration on the european and apac markets Margins are 5.7%, saw deterioration versus last year. margins are 5.7% saw deterioration versus last year We see a little bit of the same that we have still time lags between cost increases and due to the new tariff situation and price increases. we see a little bit of the same that we have still time lags between cost increases and due to the new tariff situation and price increases Even here, we keep investing in generating growth moving forward. even here we keep investing in generating growth moving forward Lastly, Global Ventures, organic growth 7% down. While other global verticals continue to develop positively. lastly global ventures organic growth 7% down. while other global verticals continue to develop positively At the same time as we see mobile power solutions still negative, driven by the OEM. at the same time as we see mobile power solutions still negative driven by the oem That business is to a high extent linked to the OEM business. that business is to a high extent linked to the oem business With margins on a neutral level, on one side, we see continued margin improvements on other global verticals. We're seeing, but we see some margin deterioration for mobile power solutions, but totally speaking neutral, since we are also adapting our G&A cost to the new situation. Looking at sustainability, very good progress. We feel proud of what we are doing in that territory as well, with injuries coming down, have been down now below one, the target of one for a number of quarters. We see also female managers at a decent level. We would like, obviously, to improve even more, but we have seen a major progress in the last couple of years. We continue to invest in renewable energy, and we are in operations, and we are up to 44%. Innovation, again, the major driver behind organic growth, up to 24%. With margins on a neutral level, on one side, we see continued margin improvements on other global verticals. with margins on a neutral level on one side we see continued margin improvements on other global verticals We're seeing, but we see some margin deterioration for mobile power solutions, but totally speaking neutral, since we are also adapting our G&A cost to the new situation. we're seeing but we see some margin deterioration for mobile power solutions but totally speaking neutral since we are also adapting our g&a cost to the new situation Looking at sustainability, very good progress. looking at sustainability very good progress We feel proud of what we are doing in that territory as well, with injuries coming down, have been down now below one, the target of one for a number of quarters. we feel proud of what we are doing in that territory as well with injuries coming down have been down now below one the target of one for a number of quarters We see also female managers at a decent level. we see also female managers at a decent level We would like, obviously, to improve even more, but we have seen a major progress in the last couple of years. we would like obviously to improve even more but we have seen a major progress in the last couple of years We continue to invest in renewable energy, and we are in operations, and we are up to 44%. we continue to invest in renewable energy and we are in operations and we are up to 44% Innovation, again, the major driver behind organic growth, up to 24%. innovation again the major driver behind organic growth up to 24% We are very close to our target, 25%. We keep assessing our suppliers for materiality, and we will secure that we deliver as well on our targets. Some of the recent launches, we launched at the end of Q4, a new brand, WAECO, which is also not just a number of products, it's also a new business model where we are addressing major wholesalers, major distributors, and implementing a totally different business model, generating higher margins at the same time as we are capturing volumes. It is clear that we see a new demand for all the vehicles, and we are addressing that new demand that we have been seeing accelerating in the last couple of years as a consequence, again, of the inflationary cost increases post-pandemic. People are looking for lower price options, and we are addressing that. We are very close to our target, 25%. we are very close to our target 25% We keep assessing our suppliers for materiality, and we will secure that we deliver as well on our targets. we keep assessing our suppliers for materiality and we will secure that we deliver as well on our targets Some of the recent launches, we launched at the end of Q4, a new brand, WAECO, which is also not just a number of products, it's also a new business model where we are addressing major wholesalers, major distributors, and implementing a totally different business model, generating higher margins at the same time as we are capturing volumes. some of the recent launches we launched at the end of q4 a new brand waeco which is also not just a number of products it's also a new business model where we are addressing major wholesalers major distributors and implementing a totally different business model generating higher margins at the same time as we are capturing volumes It is clear that we see a new demand for all the vehicles, and we are addressing that new demand that we have been seeing accelerating in the last couple of years as a consequence, again, of the inflationary cost increases post-pandemic. it is clear that we see a new demand for all the vehicles and we are addressing that new demand that we have been seeing accelerating in the last couple of years as a consequence again of the inflationary cost increases post-pandemic People are looking for lower price options, and we are addressing that. people are looking for lower price options and we are addressing that Positive reaction, very positive reaction, even better than we expected during the first couple of months. Unfortunately, a little bit late, since we are already now in Q1, and customers are placing orders normally in Q4 for deliveries in Q2, and we launched the product in December. Again, so far, very positive reaction. Moving over to DreamWear, another of the areas where we are investing, launching the first series of premium DreamWear products, where we are addressing also modularity and delivering a lot of accessories, not just the bottoms, but also a number of different options. We are expecting, on one side, good growth and good margin evolution, but we're also expecting that this kind of products will reinforce our Dometic brand globally. Moving over to a new series of rooftop tents. Positive reaction, very positive reaction, even better than we expected during the first couple of months. positive reaction very positive reaction even better than we expected during the first couple of months Unfortunately, a little bit late, since we are already now in Q1, and customers are placing orders normally in Q4 for deliveries in Q2, and we launched the product in December. unfortunately a little bit late since we are already now in q1 and customers are placing orders normally in q4 for deliveries in q2 and we launched the product in december Again, so far, very positive reaction. again so far very positive reaction Moving over to DreamWear, another of the areas where we are investing, launching the first series of premium DreamWear products, where we are addressing also modularity and delivering a lot of accessories, not just the bottoms, but also a number of different options. moving over to dreamwear another of the areas where we are investing launching the first series of premium dreamwear products where we are addressing also modularity and delivering a lot of accessories not just the bottoms but also a number of different options We are expecting, on one side, good growth and good margin evolution, but we're also expecting that this kind of products will reinforce our Dometic brand globally. we are expecting on one side good growth and good margin evolution but we're also expecting that this kind of products will reinforce our dometic brand globally Moving over to a new series of rooftop tents. moving over to a new series of rooftop tents This is also the third series of rooftop tents coming from Dometic, addressing the new market with SUVs and pickup trucks. As a consequence of all the product launches, we keep collecting awards in different areas. In this case, we are talking about mobile cooling with the new high-quality and premium Dometic branded products, both as hard coolers and soft coolers as well, that we have been launching in the last couple of quarters and are starting to kick in as well in store. Happy to report as well positive development on our restructuring program, the cost reduction program. You may remember, this program will generate SEK 750 million on running rates at the end of this year. We ended up Q4 last year at a running rate of SEK 350 million. We added another SEK 50 million in Q1, so new running rate, SEK 400 million. This is also the third series of rooftop tents coming from Dometic, addressing the new market with SUVs and pickup trucks. this is also the third series of rooftop tents coming from dometic addressing the new market with suvs and pickup trucks As a consequence of all the product launches, we keep collecting awards in different areas. as a consequence of all the product launches we keep collecting awards in different areas In this case, we are talking about mobile cooling with the new high- quality and premium Dometic branded products, both as hard coolers and soft coolers as well, that we have been launching in the last couple of quarters and are starting to kick in as well in store. in this case we are talking about mobile cooling with the new high- quality and premium dometic branded products both as hard coolers and soft coolers as well that we have been launching in the last couple of quarters and are starting to kick in as well in store Happy to report as well positive development on our restructuring program, the cost reduction program. happy to report as well positive development on our restructuring program the cost reduction program You may remember, this program will generate SEK 750 million on running rates at the end of this year. you may remember this program will generate sek 750 million on running rates at the end of this year We ended up Q4 last year at a running rate of SEK 350 million. we ended up q4 last year at a running rate of sek 350 million We added another SEK 50 million in Q1, so new running rate, SEK 400 million. we added another sek 50 million in q1 so new running rate, sek 400 million Cash out in the quarter, achieving SEK 20 million. With that, I would like to hand it over to you, Stefan. Cash out in the quarter, achieving SEK 20 million. cash out in the quarter achieving sek 20 million With that, I would like to hand it over to you, Stefan. with that i would like to hand it over to you stefan

Speaker 8: Thank you very much, Juan. Moving to the income statement, starting with our gross profit margin development. This is really a very nice development that we have seen now for almost two years, where we have had a continuous improvement of our gross margin. It ends up with 29.6% in the quarter versus 28.7% equivalent period last year. That has then favorably been impacted by sales mix, but also the restructuring program, and then partially being offset by the fact that we have still a certain lag between price increases and cost increases, including tariffs. There has happened a lot of things in the first quarter. We have obviously had the decision by the Supreme Court of the United States in the U.S. and making some of the tariffs illegal. Thank you very much, Juan. thank you very much juan Moving to the income statement, starting with our gross profit margin development. moving to the income statement starting with our gross profit margin development This is really a very nice development that we have seen now for almost two years, where we have had a continuous improvement of our gross margin. this is really a very nice development that we have seen now for almost two years where we have had a continuous improvement of our gross margin It ends up with 29.6% in the quarter versus 28.7% equivalent period last year. it ends up with 29.6% in the quarter versus 28.7% equivalent period last year That has then favorably been impacted by sales mix, but also the restructuring program, and then partially being offset by the fact that we have still a certain lag between price increases and cost increases, including tariffs. that has then favorably been impacted by sales mix but also the restructuring program and then partially being offset by the fact that we have still a certain lag between price increases and cost increases including tariffs There has happened a lot of things in the first quarter. there has happened a lot of things in the first quarter We have obviously had the decision by the Supreme Court of the United States in the U.S. and making some of the tariffs illegal. we have obviously had the decision by the supreme court of the united states in the u.s and making some of the tariffs illegal We have obviously had the escalating situation down in the Middle East, which has been starting to drive up input cost for our products. On operating expenses, in reported currency, we are down, but in constant currency, we are up 5%. There is two things to that. We obviously have effects from our global restructuring program, which is driving down the cost as expected. We also have in the quarter some offset for increased product development as well as marketing related to product launches. You just saw a number of the examples here in Juan's presentation. Looking at net financial expenses, which is on its way down as expected, and driven by the gross debt reduction, which is going to continue here now in the coming quarters. We have obviously had the escalating situation down in the Middle East, which has been starting to drive up input cost for our products. we have obviously had the escalating situation down in the middle east which has been starting to drive up input cost for our products On operating expenses, in reported currency, we are down, but in constant currency, we are up 5%. on operating expenses in reported currency we are down but in constant currency we are up 5% There is two things to that. there is two things to that We obviously have effects from our global restructuring program, which is driving down the cost as expected. we obviously have effects from our global restructuring program which is driving down the cost as expected We also have in the quarter some offset for increased product development as well as marketing related to product launches. we also have in the quarter some offset for increased product development as well as marketing related to product launches You just saw a number of the examples here in Juan's presentation. you just saw a number of the examples here in juan's presentation Looking at net financial expenses, which is on its way down as expected, and driven by the gross debt reduction, which is going to continue here now in the coming quarters. looking at net financial expenses which is on its way down as expected and driven by the gross debt reduction which is going to continue here now in the coming quarters Tax is on the same level as last year, and the effective tax rate is 33%, which is, as we have communicated before, affected by deductibility of interest expenses in Sweden. Moving on to cash flow summary. As Juan already mentioned, very nice to see that the free cash flow is actually quite a bit better than the same period last year. You know that we have the seasonality where Q1 is always our weakest cash flow quarter. Now when we're moving into Q2, we are moving into the strongest one, and the same with Q3 is also a very strong cash flow quarter here. In the quarter, we have seen working capital, on the one hand, been impacted by higher inventory. It's of course measures to make sure that we have the inventory to fulfill the demand. Tax is on the same level as last year, and the effective tax rate is 33%, which is, as we have communicated before, affected by deductibility of interest expenses in Sweden. tax is on the same level as last year and the effective tax rate is 33% which is as we have communicated before affected by deductibility of interest expenses in sweden Moving on to cash flow summary. moving on to cash flow summary As Juan already mentioned, very nice to see that the free cash flow is actually quite a bit better than the same period last year. as juan already mentioned very nice to see that the free cash flow is actually quite a bit better than the same period last year You know that we have the seasonality where Q1 is always our weakest cash flow quarter. you know that we have the seasonality where q1 is always our weakest cash flow quarter Now when we're moving into Q2, we are moving into the strongest one, and the same with Q3 is also a very strong cash flow quarter here. now when we're moving into q2 we are moving into the strongest one and the same with q3 is also a very strong cash flow quarter here In the quarter, we have seen working capital, on the one hand, been impacted by higher inventory. in the quarter we have seen working capital on the one hand been impacted by higher inventory It's of course measures to make sure that we have the inventory to fulfill the demand. it's of course measures to make sure that we have the inventory to fulfill the demand We have seen on the other side improvements in trade receivables and payables. Mention was that the cash out related to restructuring program in the quarter was SEK 20 million. Program to date, we have SEK 256 million in payout. As you remember, we have talked about it should be totally SEK 400 million, and we still stick to that. There is SEK 140 million approximately to go, which will happen in 2026. CapEx is a bit lower than the same period last year, and we continue to prioritize investments in fixed assets. We also have a new model, which actually means that we have less needs to invest in fixed assets going forward. If we look then on interest expenses paid, they are down as well as tax paid. That is also helping to drive the free cash flow. Moving on. We have seen on the other side improvements in trade receivables and payables. we have seen on the other side improvements in trade receivables and payables Mention was that the cash out related to restructuring program in the quarter was SEK 20 million. mention was that the cash out related to restructuring program in the quarter was sek 20 million Program to date, we have SEK 256 million in payout. program to date we have sek 256 million in payout As you remember, we have talked about it should be totally SEK 400 million, and we still stick to that. as you remember we have talked about it should be totally sek 400 million and we still stick to that There is SEK 140 million approximately to go, which will happen in 2026. there is sek 140 million approximately to go which will happen in 2026 CapEx is a bit lower than the same period last year, and we continue to prioritize investments in fixed assets. capex is a bit lower than the same period last year and we continue to prioritize investments in fixed assets We also have a new model, which actually means that we have less needs to invest in fixed assets going forward. we also have a new model which actually means that we have less needs to invest in fixed assets going forward If we look then on interest expenses paid, they are down as well as tax paid. if we look then on interest expenses paid they are down as well as tax paid That is also helping to drive the free cash flow. that is also helping to drive the free cash flow Moving on. moving on Yeah, here you can see what Juan was alluding to, that, yeah, -SEK 192 million in free cash flow stacks up quite well in a historical comparison here. I'm happy with how we continue to manage this well. If we look on working capital, the last 12 months we are down to 20%-25%, which is 3% units better than the same period last year. We are 26% in the quarter. Inventory balance SEK 5.2 billion in constant currency. That is then up versus last year. As I mentioned, it's really, to make sure that we can keep the service level to our customers here. Number of days, 121 days, and that's 10 days less than the same period last year. As you can see, there is still potential to continue to drive that down towards around 100 days. Yeah, here you can see what Juan was alluding to, that, yeah, -SEK 192 million in free cash flow stacks up quite well in a historical comparison here. yeah here you can see what juan was alluding to that yeah -sek 192 million in free cash flow stacks up quite well in a historical comparison here I'm happy with how we continue to manage this well. i'm happy with how we continue to manage this well If we look on working capital, the last 12 months we are down to 20%-25%, which is 3% units better than the same period last year. if we look on working capital the last 12 months we are down to 20%-25% which is 3% units better than the same period last year We are 26% in the quarter. we are 26% in the quarter Inventory balance SEK 5.2 billion in constant currency. inventory balance sek 5.2 billion in constant currency That is then up versus last year. that is then up versus last year As I mentioned, it's really, to make sure that we can keep the service level to our customers here. as i mentioned it's really to make sure that we can keep the service level to our customers here Number of days, 121 days, and that's 10 days less than the same period last year. number of days 121 days and that's 10 days less than the same period last year As you can see, there is still potential to continue to drive that down towards around 100 days. as you can see there is still potential to continue to drive that down towards around 100 days On accounts payable, the movements there is very much mixed related to where we have the major sourcing in the quarter. A little bit more China, longer payment terms there. Inventory we already talked about, and accounts receivable, you see that the days sales outstanding is starting to come down, which I would also expect due to the AR program that we have been putting in place. Okay, moving over to CapEx and research and development cost. We ended up SEK 72 million in the quarter, equivalent to 1.6% of net sales. As I said before, we are making clear priorities, but we have also created a model where we no longer need to invest less in machinery and equipment. On the R&D side, we are now on 2.9%, SEK 132 million in the quarter. We are continuing to prioritize to invest in product development. On accounts payable, the movements there is very much mixed related to where we have the major sourcing in the quarter. on accounts payable the movements there is very much mixed related to where we have the major sourcing in the quarter A little bit more China, longer payment terms there. a little bit more china longer payment terms there Inventory we already talked about, and accounts receivable, you see that the days sales outstanding is starting to come down, which I would also expect due to the AR program that we have been putting in place. inventory we already talked about and accounts receivable you see that the days sales outstanding is starting to come down which i would also expect due to the ar program that we have been putting in place Okay, moving over to CapEx and research and development cost. okay moving over to capex and research and development cost We ended up SEK 72 million in the quarter, equivalent to 1.6% of net sales. we ended up sek 72 million in the quarter equivalent to 1.6% of net sales As I said before, we are making clear priorities, but we have also created a model where we no longer need to invest less in machinery and equipment. as i said before we are making clear priorities but we have also created a model where we no longer need to invest less in machinery and equipment On the R&D side, we are now on 2.9%, SEK 132 million in the quarter. on the r&d side we are now on 2.9%, sek 132 million in the quarter We are continuing to prioritize to invest in product development. we are continuing to prioritize to invest in product development We can also see that on our innovation index. As mentioned before, it's up to 24% now in Q1, and that is something that we will also continue to prioritize going forward. Moving on. If we take a step over to our debt maturity profile, the total gross debt is now SEK 15 billion as of the end of Q1. We have an average maturity of 2.5 years, and we have an undrawn revolving credit facility of EUR 300 million maturing in 2028. We will pay back the EUR 2.2 billion in the remaining 2026 Eurobond here tomorrow using cash on hand. We also have a plan to repay the SEK 0.8 billion, which is a private placement that we have maturing in September 2026. We can also see that on our innovation index. we can also see that on our innovation index As mentioned before, it's up to 24% now in Q1, and that is something that we will also continue to prioritize going forward. as mentioned before it's up to 24% now in q1 and that is something that we will also continue to prioritize going forward Moving on. moving on If we take a step over to our debt maturity profile, the total gross debt is now SEK 15 billion as of the end of Q1. if we take a step over to our debt maturity profile the total gross debt is now sek 15 billion as of the end of q1 We have an average maturity of 2.5 years, and we have an undrawn revolving credit facility of EUR 300 million maturing in 2028. we have an average maturity of 2.5 years and we have an undrawn revolving credit facility of eur 300 million maturing in 2028 We will pay back the EUR 2.2 billion in the remaining 2026 Eurobond here tomorrow using cash on hand. we will pay back the eur 2.2 billion in the remaining 2026 eurobond here tomorrow using cash on hand We also have a plan to repay the SEK 0.8 billion, which is a private placement that we have maturing in September 2026. we also have a plan to repay the sek 0.8 billion which is a private placement that we have maturing in september 2026 With this, you will see the gross debt continuing to come down, and also the net debt driven by the free cash flow that we are expecting to generate during 2026. Looking at the leverage ratio, it ended at 3.4, as was mentioned before. It's all the different components that is very slightly all contributing to take it up from 3.3 as we had by the end of Q4. This is not unusual that the leverage ratio is moving 0.1 in the first quarter. From now, we are going to obviously come into the cash flow strong part of the year and the leverage will then start to move down here in Q2, Q3, especially. With that, I will hand over to you, Juan, to make the summary. With this, you will see the gross debt continuing to come down, and also the net debt driven by the free cash flow that we are expecting to generate during 2026. with this you will see the gross debt continuing to come down and also the net debt driven by the free cash flow that we are expecting to generate during 2026 Looking at the leverage ratio, it ended at 3.4, as was mentioned before. looking at the leverage ratio it ended at 3.4 as was mentioned before It's all the different components that is very slightly all contributing to take it up from 3.3 as we had by the end of Q4. it's all the different components that is very slightly all contributing to take it up from 3.3 as we had by the end of q4 This is not unusual that the leverage ratio is moving 0.1 in the first quarter. this is not unusual that the leverage ratio is moving 0.1 in the first quarter From now, we are going to obviously come into the cash flow strong part of the year and the leverage will then start to move down here in Q2, Q3, especially. from now we are going to obviously come into the cash flow strong part of the year and the leverage will then start to move down here in q2 q3 especially With that, I will hand over to you, Juan, to make the summary. with that i will hand over to you juan to make the summary

Speaker 5: Thank you, Stefan. Summarizing Q1, very, very happy that we are leaving the negative growth behind us, and that we see as well improving gross margins and EBITDA margins. Positive order intake and order backlog that continues to develop in a positive way. We see a good mix, a sales mix with service aftermarket showing solid growth. We see improvements in free cash flow leverage that ended up at 3.4 versus 3.3. At the same time, as we see as well, still today, low consumer confidence, driven both by the volatility on the tariffs and nonetheless by the new upcoming situation in the Middle East. Due to that fact, we decided to withdraw the dividends, as you know, on the 12th of March. Already at the time, we communicated that the main reason was with the risk that we saw moving forward. Thank you, Stefan. thank you stefan Summarizing Q1, very, very happy that we are leaving the negative growth behind us, and that we see as well improving gross margins and EBITDA margins. summarizing q1 very very happy that we are leaving the negative growth behind us and that we see as well improving gross margins and ebitda margins Positive order intake and order backlog that continues to develop in a positive way. positive order intake and order backlog that continues to develop in a positive way We see a good mix, a sales mix with service aftermarket showing solid growth. we see a good mix a sales mix with service aftermarket showing solid growth We see improvements in free cash flow leverage that ended up at 3.4 versus 3.3. we see improvements in free cash flow leverage that ended up at 3.4 versus 3.3 At the same time, as we see as well, still today, low consumer confidence, driven both by the volatility on the tariffs and nonetheless by the new upcoming situation in the Middle East. at the same time as we see as well still today low consumer confidence driven both by the volatility on the tariffs and nonetheless by the new upcoming situation in the middle east Due to that fact, we decided to withdraw the dividends, as you know, on the 12th of March. due to that fact we decided to withdraw the dividends as you know on the 12th of march Already at the time, we communicated that the main reason was with the risk that we saw moving forward. already at the time we communicated that the main reason was with the risk that we saw moving forward We also commented that it was not a profit warning. Hopefully you realize as well when looking at the numbers, that what we said, we are not collapsing, became the reality as well. Again, we feel good about Q1. We feel good about the intake and the backlog. Still, we don't know how the ongoing war in the Middle East is going to have an impact in Q2 or Q3. The theory is obviously that we are moving into Q2 in a positive manner with a stronger backlog. We will see what happens during these three months. We are still of the opinion that we will see organic growth in 2026. Of course, we're also very mindful of the situation in the Middle East and the impact on, again, oil prices, inflation, interest rates, and consumer confidence. No matter what, we continue to invest strategically. We also commented that it was not a profit warning. we also commented that it was not a profit warning Hopefully you realize as well when looking at the numbers, that what we said, we are not collapsing, became the reality as well. hopefully you realize as well when looking at the numbers that what we said we are not collapsing became the reality as well Again, we feel good about Q1. again we feel good about q1 We feel good about the intake and the backlog. we feel good about the intake and the backlog Still, we don't know how the ongoing war in the Middle East is going to have an impact in Q2 or Q3. still we don't know how the ongoing war in the middle east is going to have an impact in q2 or q3 The theory is obviously that we are moving into Q2 in a positive manner with a stronger backlog. the theory is obviously that we are moving into q2 in a positive manner with a stronger backlog We will see what happens during these three months. we will see what happens during these three months We are still of the opinion that we will see organic growth in 2026. we are still of the opinion that we will see organic growth in 2026 Of course, we're also very mindful of the situation in the Middle East and the impact on, again, oil prices, inflation, interest rates, and consumer confidence. of course we're also very mindful of the situation in the middle east and the impact on again oil prices inflation interest rates and consumer confidence No matter what, we continue to invest strategically. no matter what we continue to invest strategically We see positive developments and innovation index coming up. Of course, with that, we also have some extra marketing cost that we are happy to expend since we are starting to move into a growth phase again. We are also very pleased with the way the restructuring program is developing over time. With that said, I think that we can move into the Q&A session. We see positive developments and innovation index coming up. we see positive developments and innovation index coming up Of course, with that, we also have some extra marketing cost that we are happy to expend since we are starting to move into a growth phase again. of course with that we also have some extra marketing cost that we are happy to expend since we are starting to move into a growth phase again We are also very pleased with the way the restructuring program is developing over time. we are also very pleased with the way the restructuring program is developing over time With that said, I think that we can move into the Q&A session. with that said i think that we can move into the q&a session

Speaker 7: 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. Please mute your line when you have asked your question, and please limit yourself to only two questions. You can also write your questions on the webcast page. The next question comes from Agnieszka Vilela from Nordea. 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 Please mute your line when you have asked your question, and please limit yourself to only two questions. please mute your line when you have asked your question and please limit yourself to only two questions You can also write your questions on the webcast page. you can also write your questions on the webcast page The next question comes from Agnieszka Vilela from Nordea. the next question comes from agnieszka vilela from nordea Please go ahead. please go ahead

Speaker 1: Thank you for taking my questions. I have two. Maybe just starting with the demand outlook. Mid-March, you were quite cautious, Juan, about the demand prospects, especially in the light of Middle East conflict. Yet you finished Q1 with flat organic growth for the quarter, and I wanted to ask, was there anything that really surprised you to the positive? Also maybe follow up on that, you have built some inventories in the quarter. Should we interpret it as a sign of you expecting higher sales in Q2? Thank you for taking my questions. thank you for taking my questions I have two. i have two Maybe just starting with the demand outlook. maybe just starting with the demand outlook Mid-March, you were quite cautious, Juan, about the demand prospects, especially in the light of Middle East conflict. mid-march you were quite cautious juan about the demand prospects especially in the light of middle east conflict Yet you finished Q1 with flat organic growth for the quarter, and I wanted to ask, was there anything that really surprised you to the positive? yet you finished q1 with flat organic growth for the quarter and i wanted to ask was there anything that really surprised you to the positive Also maybe follow up on that, you have built some inventories in the quarter. also maybe follow up on that you have built some inventories in the quarter Should we interpret it as a sign of you expecting higher sales in Q2? should we interpret it as a sign of you expecting higher sales in q2

Speaker 5: Absolutely. No surprises. Agnieszka, good morning, by the way. No surprises. Again, the communication on March 12th was much more due to what could happen due to the war. It's very, very seldom that you see the war is starting day one, and then inflation, interest rates, and consumers stopping to buy. You see that normally after a number of months. I think we were very clear at the time of the communication, and we tried to clarify even a couple of days after the announcement that we were not collapsing, and I think that this is what we proved this time. We are happy to see the order intake and the backlog strengthening even more in Q1. The question, and I think that at least our takeaway, is that we take it in a very positive way. Absolutely. absolutely No surprises. no surprises Agnieszka, good morning, by the way. agnieszka good morning by the way No surprises. no surprises Again, the communication on March 12th was much more due to what could happen due to the war. again the communication on march 12th was much more due to what could happen due to the war It's very, very seldom that you see the war is starting day one, and then inflation, interest rates, and consumers stopping to buy. it's very very seldom that you see the war is starting day one and then inflation interest rates and consumers stopping to buy You see that normally after a number of months. you see that normally after a number of months I think we were very clear at the time of the communication, and we tried to clarify even a couple of days after the announcement that we were not collapsing, and I think that this is what we proved this time. i think we were very clear at the time of the communication and we tried to clarify even a couple of days after the announcement that we were not collapsing and i think that this is what we proved this time We are happy to see the order intake and the backlog strengthening even more in Q1. we are happy to see the order intake and the backlog strengthening even more in q1 The question, and I think that at least our takeaway, is that we take it in a very positive way. the question and i think that at least our takeaway is that we take it in a very positive way At the same time, as I also believe that many people in the value chain are expecting to see higher prices down the road as a consequence of the higher inflation. Since we are at the beginning of Q2, it might be that we have an effect of people forward buying, so to say. At the same time, you can take it in a negative way, you can take it in a positive way. Nobody wants to build up inventories. People are super careful on building up inventories. Again, we are starting the quarter. If I'm coming to the second question, we're starting the quarter with a stronger backlog. In theory, we should see growth. At the same time, as I also believe that many people in the value chain are expecting to see higher prices down the road as a consequence of the higher inflation. at the same time as i also believe that many people in the value chain are expecting to see higher prices down the road as a consequence of the higher inflation Since we are at the beginning of Q2, it might be that we have an effect of people forward buying, so to say. since we are at the beginning of q2 it might be that we have an effect of people forward buying so to say At the same time, you can take it in a negative way, you can take it in a positive way. at the same time you can take it in a negative way you can take it in a positive way Nobody wants to build up inventories. nobody wants to build up inventories People are super careful on building up inventories. people are super careful on building up inventories Again, we are starting the quarter. again we are starting the quarter If I'm coming to the second question, we're starting the quarter with a stronger backlog. if i'm coming to the second question we're starting the quarter with a stronger backlog In theory, we should see growth. in theory we should see growth

Speaker 9: We only have one month. We only have one month. we only have one month Yeah. Yeah. yeah Of the order- Of the order- of the order- four to six weeks four to six weeks four to six weeks approximately. Yeah. approximately. approximately Yeah. yeah

Speaker 5: four to six weeks. Yeah. four to six weeks. four to six weeks Yeah. yeah

Speaker 1: Oh, okay. Perfect. Thank you. My second question is on the input costs for you. We do see some inflation in the polymer prices. Maybe if you could please remind us about your plastics exposure, maybe tell us how quickly these higher commodity prices are affecting you. Do you hedge? What kind of price increases would you need to implement to neutralize the impact? Oh, okay. oh okay Perfect. perfect Thank you. thank you My second question is on the input costs for you. my second question is on the input costs for you We do see some inflation in the polymer prices. we do see some inflation in the polymer prices Maybe if you could please remind us about your plastics exposure, maybe tell us how quickly these higher commodity prices are affecting you. maybe if you could please remind us about your plastics exposure maybe tell us how quickly these higher commodity prices are affecting you Do you hedge? do you hedge What kind of price increases would you need to implement to neutralize the impact? what kind of price increases would you need to implement to neutralize the impact

Speaker 5: Of course, it's not just plastics. Everything is just now going up, and we see also moving targets. Of course, that we have been working very hard during the last few weeks, and we are implementing price increases as we speak. We have not seen any major effect in Q1 simply because you are sitting on inventories. It is clear that suppliers are knocking on the door, and we are already now talking to customers. Our intention is, as usual, to cover up for the potential cost increases. The cost increases will come. It's just a question of time. Just now, obviously, the target is to push back as much as we can at the same time as we are sitting on inventories. At the same time, we also need to act very fast and start discussing with our own customers as well. Of course, it's not just plastics. of course it's not just plastics Everything is just now going up, and we see also moving targets. everything is just now going up and we see also moving targets Of course, that we have been working very hard during the last few weeks, and we are implementing price increases as we speak. of course that we have been working very hard during the last few weeks and we are implementing price increases as we speak We have not seen any major effect in Q1 simply because you are sitting on inventories. we have not seen any major effect in q1 simply because you are sitting on inventories It is clear that suppliers are knocking on the door, and we are already now talking to customers. it is clear that suppliers are knocking on the door and we are already now talking to customers Our intention is, as usual, to cover up for the potential cost increases. our intention is as usual to cover up for the potential cost increases The cost increases will come. the cost increases will come It's just a question of time. it's just a question of time Just now, obviously, the target is to push back as much as we can at the same time as we are sitting on inventories. just now obviously the target is to push back as much as we can at the same time as we are sitting on inventories At the same time, we also need to act very fast and start discussing with our own customers as well. at the same time we also need to act very fast and start discussing with our own customers as well

Speaker 1: Thank you. Thank you. thank you

Speaker 5: You're welcome. You're welcome. you're welcome

Speaker 7: The next question comes from Daniel Schmidt from Danske Bank. Please go ahead. The next question comes from Daniel Schmidt from Danske Bank. the next question comes from daniel schmidt from danske bank Please go ahead. please go ahead

Speaker 3: Yes. Good morning, Juan and Stefan. Sorry if I may be repeating something that you already said. I was late into the call. I hear you in terms of order intake and order backlog heading into Q2, and what you said about your announcement on the 12th of March. Am I getting it right that for the month of March, you didn't really see any deterioration? Because I assume that you did get hit by the winter storms in the U.S. in January, February- Yes. yes Good morning, Juan and Stefan. good morning juan and stefan Sorry if I may be repeating something that you already said. sorry if i may be repeating something that you already said I was late into the call. i was late into the call I hear you in terms of order intake and order backlog heading into Q2, and what you said about your announcement on the 12th of March. i hear you in terms of order intake and order backlog heading into q2 and what you said about your announcement on the 12th of march Am I getting it right that for the month of March, you didn't really see any deterioration? am i getting it right that for the month of march you didn't really see any deterioration Because I assume that you did get hit by the winter storms in the U.S. in January, February- because i assume that you did get hit by the winter storms in the u.s in january february-

Speaker 5: Yes Yes yes

Speaker 3: which caused some production shutdowns. which caused some production shutdowns. which caused some production shutdowns

Speaker 5: Yeah. At the same time, I do believe that you have one side with storms, which is totally right. At the same time, we also see that in retail, especially talking about the RV industry in the U.S., we see that retail was also down. Yeah. yeah At the same time, I do believe that you have one side with storms, which is totally right. at the same time i do believe that you have one side with storms which is totally right At the same time, we also see that in retail, especially talking about the RV industry in the U.S., we see that retail was also down. at the same time we also see that in retail especially talking about the rv industry in the u.s we see that retail was also down

Speaker 3: Yeah. Okay. Yeah. yeah Okay. okay

Speaker 5: I believe that we need to be a little bit careful in the way we are interpreting the weather impact in the first two months. Again, if we were just talking about production, I would agree with you. Of course, when you see the retail, retail is also down, the customers are careful, then I believe that we need to wait for some more time to understand. As you know, production was down 11%. If you look at the numbers, retail in February, they were down 22%. I believe that we need to be a little bit careful in the way we are interpreting the weather impact in the first two months. i believe that we need to be a little bit careful in the way we are interpreting the weather impact in the first two months Again, if we were just talking about production, I would agree with you. again if we were just talking about production i would agree with you Of course, when you see the retail, retail is also down, the customers are careful, then I believe that we need to wait for some more time to understand. of course when you see the retail retail is also down the customers are careful then i believe that we need to wait for some more time to understand As you know, production was down 11%. as you know production was down 11% If you look at the numbers, retail in February, they were down 22%. if you look at the numbers retail in february they were down 22%

Speaker 3: No, I'm just getting to your momentum in the quarter. I understand what you're saying. No, I'm just getting to your momentum in the quarter. no i'm just getting to your momentum in the quarter I understand what you're saying. i understand what you're saying

Speaker 5: Q1 was good. March order intake was good, and backlog was even better. Q1 was good. q1 was good March order intake was good, and backlog was even better. march order intake was good and backlog was even better

Speaker 3: Yeah. Okay. Yeah. yeah Okay. okay

Speaker 5: Our backlog strengthened in March. Our backlog strengthened in March. our backlog strengthened in march

Speaker 3: Good. A totally different question maybe, but in the recent days, there has been confirmations from both LCI and Patrick Industries that they are talking about a possible merger. Good. good A totally different question maybe, but in the recent days, there has been confirmations from both LCI and Patrick Industries that they are talking about a possible merger. a totally different question maybe but in the recent days there has been confirmations from both lci and patrick industries that they are talking about a possible merger

Speaker 5: Yeah. Yeah. yeah

Speaker 3: Who knows if that's going to happen or not. If that happens, do you see that, theoretically at least, as an opportunity for you guys in the U.S. especially to regain some shares while they are occupied by a possible merger and internally focused and so on? Who knows if that's going to happen or not. who knows if that's going to happen or not If that happens, do you see that, theoretically at least, as an opportunity for you guys in the U.S. especially to regain some shares while they are occupied by a possible merger and internally focused and so on? if that happens do you see that theoretically at least as an opportunity for you guys in the u.s especially to regain some shares while they are occupied by a possible merger and internally focused and so on

Speaker 5: I feel that is, of course, what you are saying will happen anyway, right? It takes a while to integrate. If that happens, it will take some momentum from the organization. At the same time, I would like to point out, we are competing with Lippert. Basically, we are not competing with Patrick. Patrick and Lippert are competing with each other. The only area where we are competing with Patrick is that Patrick acquired a company two years ago called RecPro, doing $80 million. We are talking about the OEMs. We are competing very little with them, if not saying nothing. On the aftermarket, it's very limited as well. I don't think that will change. I feel that is, of course, what you are saying will happen anyway, right? i feel that is of course what you are saying will happen anyway right It takes a while to integrate. it takes a while to integrate If that happens, it will take some momentum from the organization. if that happens it will take some momentum from the organization At the same time, I would like to point out, we are competing with Lippert. at the same time i would like to point out we are competing with lippert Basically, we are not competing with Patrick. basically we are not competing with patrick Patrick and Lippert are competing with each other. patrick and lippert are competing with each other The only area where we are competing with Patrick is that Patrick acquired a company two years ago called RecPro, doing $80 million. the only area where we are competing with patrick is that patrick acquired a company two years ago called recpro doing $80 million We are talking about the OEMs. we are talking about the oems We are competing very little with them, if not saying nothing. we are competing very little with them if not saying nothing On the aftermarket, it's very limited as well. on the aftermarket it's very limited as well I don't think that will change. i don't think that will change I think it might change in the short term, as you said, because of course, it takes a lot of attention from the organization to integrate companies, and we are talking about two major companies. This is not just the one absorbing the other. I don't expect any major impact on the long term, simply because we are not competing with Patrick. I think it might change in the short term, as you said, because of course, it takes a lot of attention from the organization to integrate companies, and we are talking about two major companies. i think it might change in the short term as you said because of course it takes a lot of attention from the organization to integrate companies and we are talking about two major companies This is not just the one absorbing the other. this is not just the one absorbing the other I don't expect any major impact on the long term, simply because we are not competing with Patrick. i don't expect any major impact on the long term simply because we are not competing with patrick

Speaker 3: Right. Okay, good. Thanks. Maybe a very detailed question for Stefan. Other current liabilities are up a bit versus the end of the year, despite currency going in the other direction. Is there anything in that number that's related to the court case or further reservations or anything? Right. right Okay, good. okay good Thanks. thanks Maybe a very detailed question for Stefan. maybe a very detailed question for stefan Other current liabilities are up a bit versus the end of the year, despite currency going in the other direction. other current liabilities are up a bit versus the end of the year despite currency going in the other direction Is there anything in that number that's related to the court case or further reservations or anything? is there anything in that number that's related to the court case or further reservations or anything

Speaker 8: The very simple answer to that is no. The very simple answer to that is no. the very simple answer to that is no

Speaker 3: No. Okay. Good. That's all for me, and I just want to thank Stefan as well for good collaborations through the years. Good luck. No. no Okay. okay Good. good That's all for me, and I just want to thank Stefan as well for good collaborations through the years. that's all for me and i just want to thank stefan as well for good collaborations through the years Good luck. good luck

Speaker 8: Thanks a lot, Daniel. Appreciate it. Thanks a lot, Daniel. thanks a lot daniel Appreciate it. appreciate it

Speaker 7: The next question comes from Laure Courtiade from Amundi. Please go ahead. The next question comes from Laure Courtiade from Amundi. the next question comes from laure courtiade from amundi Please go ahead. please go ahead

Speaker 6: Yes. Good morning. Thanks for the presentation. Perhaps you mentioned it, but I didn't get it. What do you expect as cash payout for restructuring in 2026? Yes, P&L impact versus cash impact. Yes. yes Good morning. good morning Thanks for the presentation. thanks for the presentation Perhaps you mentioned it, but I didn't get it. perhaps you mentioned it but i didn't get it What do you expect as cash payout for restructuring in 2026? what do you expect as cash payout for restructuring in 2026 Yes, P&L impact versus cash impact. yes p&l impact versus cash impact

Speaker 8: Yeah. Yeah. yeah

Speaker 6: Same for 2027, if there is. Same for 2027, if there is. same for 2027 if there is

Speaker 8: Yeah. As I mentioned before, we have said in the past SEK 400 million in total cash payout of the program. We have program to date paid out SEK 256 million. That means that we have SEK 144 million to go for 2020, and that is mainly, it's going to come in 2026. I don't expect there to be anything left for 2027. In terms of savings, as you know, the program in total should generate SEK 750 million in savings. We should be on a run rate jumping into 2027 on SEK 750 million. We reported now after Q1, that we are on SEK 400 million in run rate savings. If we overlay that with our plans, we feel that we are absolutely on track to achieve that. Yeah. yeah As I mentioned before, we have said in the past SEK 400 million in total cash payout of the program. as i mentioned before we have said in the past sek 400 million in total cash payout of the program We have program to date paid out SEK 256 million. we have program to date paid out sek 256 million That means that we have SEK 144 million to go for 2020, and that is mainly, it's going to come in 2026. that means that we have sek 144 million to go for 2020 and that is mainly it's going to come in 2026 I don't expect there to be anything left for 2027. i don't expect there to be anything left for 2027 In terms of savings, as you know, the program in total should generate SEK 750 million in savings. in terms of savings as you know the program in total should generate sek 750 million in savings We should be on a run rate jumping into 2027 on SEK 750 million. we should be on a run rate jumping into 2027 on sek 750 million We reported now after Q1, that we are on SEK 400 million in run rate savings. we reported now after q1 that we are on sek 400 million in run rate savings If we overlay that with our plans, we feel that we are absolutely on track to achieve that. if we overlay that with our plans we feel that we are absolutely on track to achieve that

Speaker 6: Thank you. Thank you. thank you

Speaker 5: I could add as well that in 2026, what is going to happen is that it's going to be a little bit more back-loaded than in 2025. The reason for that is that we have some major activities that we're working on, but we will see the effects later on in the year. I could add as well that in 2026, what is going to happen is that it's going to be a little bit more back-loaded than in 2025. i could add as well that in 2026 what is going to happen is that it's going to be a little bit more back-loaded than in 2025 The reason for that is that we have some major activities that we're working on, but we will see the effects later on in the year. the reason for that is that we have some major activities that we're working on but we will see the effects later on in the year

Speaker 7: The next question comes from Fredrik Ivarsson from ABG. Please go ahead. The next question comes from Fredrik Ivarsson from ABG. the next question comes from fredrik ivarsson from abg Please go ahead. please go ahead

Speaker 4: Thank you. Good morning, team. Most of the questions I had have been asked, but I have one on Marine. I guess when we listen to all the boat manufacturers, it's a little scattered view, I think, with the high-end manufacturers being quite optimistic and talking about higher backlogs and so forth, whereas the mass market is more cautious. First, do you share this view? Second, how are you positioned towards this backdrop in that case? Thank you. thank you Good morning, team. good morning team Most of the questions I had have been asked, but I have one on Marine. most of the questions i had have been asked but i have one on marine I guess when we listen to all the boat manufacturers, it's a little scattered view, I think, with the high-end manufacturers being quite optimistic and talking about higher backlogs and so forth, whereas the mass market is more cautious. i guess when we listen to all the boat manufacturers it's a little scattered view i think with the high-end manufacturers being quite optimistic and talking about higher backlogs and so forth whereas the mass market is more cautious First, do you share this view? first do you share this view Second, how are you positioned towards this backdrop in that case? second how are you positioned towards this backdrop in that case

Speaker 5: I would agree that we saw, you go back to the last few years, first we saw what Americans call for blue-collar boating coming down dramatically. It took about 18 months before we saw the bigger boats coming down quite a lot. We saw the low price boating stabilizing about eight months ago, and now we see the bigger boats moving upwards really in the last, I would say, six months. It feels good. Order intake has been promising. At the same time, when you read all the information about American marine retailers, they're still cautious. I would agree that we saw, you go back to the last few years, first we saw what Americans call for blue-collar boating coming down dramatically. i would agree that we saw you go back to the last few years first we saw what americans call for blue-collar boating coming down dramatically It took about 18 months before we saw the bigger boats coming down quite a lot. it took about 18 months before we saw the bigger boats coming down quite a lot We saw the low price boating stabilizing about eight months ago, and now we see the bigger boats moving upwards really in the last, I would say, six months. we saw the low price boating stabilizing about eight months ago and now we see the bigger boats moving upwards really in the last i would say six months It feels good. it feels good Order intake has been promising. order intake has been promising At the same time, when you read all the information about American marine retailers, they're still cautious. at the same time when you read all the information about american marine retailers they're still cautious I simply believe that we need to wait a little bit more because we might be seeing what we saw with the American RV industry a couple of years ago, that it went down, manufacturing started to build up, retail didn't come back, and then the manufacturing came down again. We are kind of hovering about the same levels that we were manufacturing two years ago, you look at the RV industry. I believe that we need to see these for some more months before we can say, "Now it is moving." The fact is that our order intake has been growing, so from that perspective, we feel positive, but I would like to understand a little bit more in one or two quarters so we see that consistency. I simply believe that we need to wait a little bit more because we might be seeing what we saw with the American RV industry a couple of years ago, that it went down, manufacturing started to build up, retail didn't come back, and then the manufacturing came down again. i simply believe that we need to wait a little bit more because we might be seeing what we saw with the american rv industry a couple of years ago that it went down manufacturing started to build up retail didn't come back and then the manufacturing came down again We are kind of hovering about the same levels that we were manufacturing two years ago, you look at the RV industry. we are kind of hovering about the same levels that we were manufacturing two years ago you look at the rv industry I believe that we need to see these for some more months before we can say, "Now it is moving." The fact is that our order intake has been growing, so from that perspective, we feel positive, but I would like to understand a little bit more in one or two quarters so we see that consistency. i believe that we need to see these for some more months before we can say "now it is moving." the fact is that our order intake has been growing so from that perspective we feel positive but i would like to understand a little bit more in one or two quarters so we see that consistency

Speaker 8: On top of that, we also feel that the inventory situation is still not on an optimal level by the dealers in North America. On top of that, we also feel that the inventory situation is still not on an optimal level by the dealers in North America. on top of that we also feel that the inventory situation is still not on an optimal level by the dealers in north america

Speaker 5: Correct Correct correct

Speaker 8: It has certainly improved. It has certainly improved. it has certainly improved

Speaker 5: Yeah. That's true. That's very much on the American market. We are looking at Europe. Europe looks good. We had high single-digit positive growth in Q1 and even APAC looks good. Having said that, obviously the U.S. market stands for 75% of the global markets. Improving. We are still not there, but it is improving clearly. Yeah. yeah That's true. that's true That's very much on the American market. that's very much on the american market We are looking at Europe. we are looking at europe Europe looks good. europe looks good We had high single-digit positive growth in Q1 and even APAC looks good. we had high single-digit positive growth in q1 and even apac looks good Having said that, obviously the U.S. market stands for 75% of the global markets. having said that obviously the u.s market stands for 75% of the global markets Improving. improving We are still not there, but it is improving clearly. we are still not there but it is improving clearly

Speaker 4: Okay, great. On the positioning, could you remind us of where you are? Okay, great. okay great On the positioning, could you remind us of where you are? on the positioning could you remind us of where you are

Speaker 5: We are very well positioned in steering systems. We are very well positioned in fuel systems. We are very well positioned in ACs. I would say that those are the three main categories. We have seen as well, so that's on the OEM. We see the aftermarket side. We have seen very nice growth in Q1. We saw also growth in Q4. Aftermarket has been showing positive numbers now for a couple of quarters. Again, from an OEM perspective, we have very strong positions. We need to keep in mind as well that the market is much more fragmented, obviously. That we don't have, what can I say? Any Dometic lookalike offering, to put it in some way. We are very well positioned in steering systems. we are very well positioned in steering systems We are very well positioned in fuel systems. we are very well positioned in fuel systems We are very well positioned in ACs. we are very well positioned in acs I would say that those are the three main categories. i would say that those are the three main categories We have seen as well, so that's on the OEM. we have seen as well so that's on the oem We see the aftermarket side. we see the aftermarket side We have seen very nice growth in Q1. we have seen very nice growth in q1 We saw also growth in Q4. we saw also growth in q4 Aftermarket has been showing positive numbers now for a couple of quarters. aftermarket has been showing positive numbers now for a couple of quarters Again, from an OEM perspective, we have very strong positions. again from an oem perspective we have very strong positions We need to keep in mind as well that the market is much more fragmented, obviously. we need to keep in mind as well that the market is much more fragmented obviously That we don't have, what can I say? that we don't have what can i say Any Dometic lookalike offering, to put it in some way. any dometic lookalike offering to put it in some way

Speaker 4: Perfect. Thank you so much. Perfect. perfect Thank you so much. thank you so much

Speaker 5: You're welcome. You're welcome. you're welcome

Speaker 8: Thank you. Thank you. thank you

Speaker 7: The next question comes from Daniel Schmidt from Danske Bank. Please go ahead. The next question comes from Daniel Schmidt from Danske Bank. the next question comes from daniel schmidt from danske bank Please go ahead. please go ahead

Speaker 3: Yes, me again. Just two follow-ups and another detail question I forgot last time t0 Stefan. You're repaying this bond tomorrow, SEK 2.2 billion. Could you give us any indication of how much that will change your financial net on a quarterly basis going forward? Yes, me again. yes me again Just two follow-ups and another detail question I forgot last time t0 Stefan. just two follow-ups and another detail question i forgot last time t0 stefan You're repaying this bond tomorrow, SEK 2.2 billion. you're repaying this bond tomorrow, sek 2.2 billion Could you give us any indication of how much that will change your financial net on a quarterly basis going forward? could you give us any indication of how much that will change your financial net on a quarterly basis going forward

Speaker 8: That is running with a financing cost of 3%. That is running with a financing cost of 3%. that is running with a financing cost of 3%

Speaker 3: You were getting basically just 1% or 1.5% on the cash that you held? You were getting basically just 1% or 1.5% on the cash that you held? you were getting basically just 1% or 1.5% on the cash that you held

Speaker 8: Yeah. Sometimes a little bit more, actually. Yeah. yeah Sometimes a little bit more, actually. sometimes a little bit more actually

Speaker 3: Maybe a percentage point or a little bit more maybe in a positive impact on the financial net. Is that fair? Maybe a percentage point or a little bit more maybe in a positive impact on the financial net. maybe a percentage point or a little bit more maybe in a positive impact on the financial net Is that fair? is that fair

Speaker 8: Yeah. It will. We are on 4.2%, 4.3% on average cost of our portfolio right now. This will take it up a little bit. In absolute terms, as you are after, it will go down. It will continue later in the year when we have the SEK 750 million in private placement that we are planning to pay back as well. Yeah. yeah It will. it will We are on 4.2%, 4.3% on average cost of our portfolio right now. we are on 4.2% 4.3% on average cost of our portfolio right now This will take it up a little bit. this will take it up a little bit In absolute terms, as you are after, it will go down. in absolute terms as you are after it will go down It will continue later in the year when we have the SEK 750 million in private placement that we are planning to pay back as well. it will continue later in the year when we have the sek 750 million in private placement that we are planning to pay back as well

Speaker 3: Exactly. Okay, good. I guess you already touched upon it, but I missed it as I missed part of the call. Any details on the European market on the RV side? You grew in the quarter. Was that both OEM and aftermarket? What was the momentum in the quarter? Exactly. exactly Okay, good. okay good I guess you already touched upon it, but I missed it as I missed part of the call. i guess you already touched upon it but i missed it as i missed part of the call Any details on the European market on the RV side? any details on the european market on the rv side You grew in the quarter. you grew in the quarter Was that both OEM and aftermarket? was that both oem and aftermarket What was the momentum in the quarter? what was the momentum in the quarter

Speaker 5: We see the OEM business evolving in a positive way. Registrations across Europe were very positive, I have to say. We see our intake as well being positive for us now for a few months. I'm optimistic, even the service aftermarket has been improving lately, absolutely. I'm far more, if I think about different geographies, it's clear, I feel far more optimistic about the RV and the Marine industries in Europe than I feel about the U.S. market. I see U.S. consumers showing much lower consumer confidence than the European ones. Europe is not flying, don't get me wrong, but again, inventories are gone. Manufacturers are starting to build up. Service aftermarket is moving also into positive territory. We see the OEM business evolving in a positive way. we see the oem business evolving in a positive way Registrations across Europe were very positive, I have to say. registrations across europe were very positive i have to say We see our intake as well being positive for us now for a few months. we see our intake as well being positive for us now for a few months I'm optimistic, even the service aftermarket has been improving lately, absolutely. i'm optimistic even the service aftermarket has been improving lately absolutely I'm far more, if I think about different geographies, it's clear, I feel far more optimistic about the RV and the Marine industries in Europe than I feel about the U.S. market. i'm far more if i think about different geographies it's clear i feel far more optimistic about the rv and the marine industries in europe than i feel about the u.s market I see U.S. consumers showing much lower consumer confidence than the European ones. i see u.s consumers showing much lower consumer confidence than the european ones Europe is not flying, don't get me wrong, but again, inventories are gone. europe is not flying don't get me wrong but again inventories are gone Manufacturers are starting to build up. manufacturers are starting to build up Service aftermarket is moving also into positive territory. service aftermarket is moving also into positive territory What you see on the American market that inventories are relatively low, but retail is still negative as a consequence of consumers entering the stores but not pushing the button. As far as that doesn't happen, of course it will be slow movements. What you see on the American market that inventories are relatively low, but retail is still negative as a consequence of consumers entering the stores but not pushing the button. what you see on the american market that inventories are relatively low but retail is still negative as a consequence of consumers entering the stores but not pushing the button As far as that doesn't happen, of course it will be slow movements. as far as that doesn't happen of course it will be slow movements

Speaker 3: Yeah, thank you. Good color. That's all for me. Thank you. Yeah, thank you. yeah thank you Good color. good color That's all for me. that's all for me Thank you. thank you

Speaker 5: Thank you, Daniel. Thank you, Daniel. thank you daniel

Speaker 7: The next question comes from Agnieszka Vilela from Nordea. Please go ahead. The next question comes from Agnieszka Vilela from Nordea. the next question comes from agnieszka vilela from nordea Please go ahead. please go ahead

Speaker 1: Thank you. I have two follow-ups, maybe starting with your SG&A development. You have quite good progress on the gross margin, but now with the SG&A cost being higher, much of that benefit is kind of disappearing or fading away a bit at least. Could you just tell us about your investments in marketing and product development? It's all for the good reasons, but how would you evaluate the success of your initiatives there? How much these new products should add to your growth, and also should we expect this kind of cost to be elevated for the coming quarters? Thank you. thank you I have two follow-ups, maybe starting with your SG&A development. i have two follow-ups maybe starting with your sg&a development You have quite good progress on the gross margin, but now with the SG&A cost being higher, much of that benefit is kind of disappearing or fading away a bit at least. you have quite good progress on the gross margin but now with the sg&a cost being higher much of that benefit is kind of disappearing or fading away a bit at least Could you just tell us about your investments in marketing and product development? could you just tell us about your investments in marketing and product development It's all for the good reasons, but how would you evaluate the success of your initiatives there? it's all for the good reasons but how would you evaluate the success of your initiatives there How much these new products should add to your growth, and also should we expect this kind of cost to be elevated for the coming quarters? how much these new products should add to your growth and also should we expect this kind of cost to be elevated for the coming quarters

Speaker 5: I believe that we will see that cost, especially in those two segments being higher for another one or two quarters, and then they will be coming down. At the same time, as I said, we have been investing quite a bit on product development. We believe that it's super important. We have been preparing ourselves for a growth phase. To develop products if you are not launching, doesn't give you a lot. At the same time, as you know, Agnieszka, we are trying to reinforce the B2C side. The B2C side from a marketing perspective is simply higher cost. At the same time, it's also bringing higher margins. I believe that you need to see the combination, growth margins and SG&A. Now, hopefully we will be showing positive balance moving forward. I believe that we will see that cost, especially in those two segments being higher for another one or two quarters, and then they will be coming down. i believe that we will see that cost especially in those two segments being higher for another one or two quarters and then they will be coming down At the same time, as I said, we have been investing quite a bit on product development. at the same time as i said we have been investing quite a bit on product development We believe that it's super important. we believe that it's super important We have been preparing ourselves for a growth phase. we have been preparing ourselves for a growth phase To develop products if you are not launching, doesn't give you a lot. to develop products if you are not launching doesn't give you a lot At the same time, as you know, Agnieszka, we are trying to reinforce the B2C side. at the same time as you know agnieszka we are trying to reinforce the b2c side The B2C side from a marketing perspective is simply higher cost. the b2c side from a marketing perspective is simply higher cost At the same time, it's also bringing higher margins. at the same time it's also bringing higher margins I believe that you need to see the combination, growth margins and SG&A. i believe that you need to see the combination growth margins and sg&a Now, hopefully we will be showing positive balance moving forward. now hopefully we will be showing positive balance moving forward

Speaker 1: Thank you. Then, my second follow-up is on the Marine business. You grew organically by 2% in the quarter, but the operational leverage was quite low with EBITDA still falling 17%. Can you just remind us what was the driver behind the lower earnings? And how should we think going forward about this earnings progression in Marine? Thank you. thank you Then, my second follow-up is on the Marine business. then my second follow-up is on the marine business You grew organically by 2% in the quarter, but the operational leverage was quite low with EBITDA still falling 17%. you grew organically by 2% in the quarter but the operational leverage was quite low with ebitda still falling 17% Can you just remind us what was the driver behind the lower earnings? can you just remind us what was the driver behind the lower earnings And how should we think going forward about this earnings progression in Marine? and how should we think going forward about this earnings progression in marine

Speaker 5: The main issue in the Marine business is obviously that we are producing in Canada. We have a situation with the tariffs, as you know, things are changing on continuous basis. At the same time, you have also some time lag between the cost increases and what we are provisioning on tariffs and potential tariffs and the price increases that we applying. It's very much time lag. We should expect that to improve moving forward. The main issue in the Marine business is obviously that we are producing in Canada. the main issue in the marine business is obviously that we are producing in canada We have a situation with the tariffs, as you know, things are changing on continuous basis. we have a situation with the tariffs as you know things are changing on continuous basis At the same time, you have also some time lag between the cost increases and what we are provisioning on tariffs and potential tariffs and the price increases that we applying. at the same time you have also some time lag between the cost increases and what we are provisioning on tariffs and potential tariffs and the price increases that we applying It's very much time lag. it's very much time lag We should expect that to improve moving forward. we should expect that to improve moving forward

Speaker 1: Could you just quantify the tariffs you're paying on the Marine side? Ballpark. Could you just quantify the tariffs you're paying on the Marine side? could you just quantify the tariffs you're paying on the marine side Ballpark. ballpark

Speaker 5: I don't have that number on top of my mind. I don't have that number on top of my mind. i don't have that number on top of my mind

Speaker 8: No, we don't have that available right now. We obviously know what we are paying. No, we don't have that available right now. no we don't have that available right now We obviously know what we are paying. we obviously know what we are paying

Speaker 1: Yeah. Yeah. yeah

Speaker 8: With what has happened now in the first quarter, where the Supreme Court were declaring some of them not appropriate. With what has happened now in the first quarter, where the Supreme Court were declaring some of them not appropriate. with what has happened now in the first quarter where the supreme court were declaring some of them not appropriate

Speaker 1: Mm-hmm. Mm-hmm. mm-hmm

Speaker 8: They're obviously impacting the dialogue somewhat with some of the customers. It is a challenging environment to operate in terms of this, where things are changing very frequently. They're obviously impacting the dialogue somewhat with some of the customers. they're obviously impacting the dialogue somewhat with some of the customers It is a challenging environment to operate in terms of this, where things are changing very frequently. it is a challenging environment to operate in terms of this where things are changing very frequently

Speaker 5: It is a challenge because no customer. That's what's also valid for us when we are the customer. You get crazy when you get new price list every second month. It is a challenge because no customer. it is a challenge because no customer That's what's also valid for us when we are the customer. that's what's also valid for us when we are the customer You get crazy when you get new price list every second month. you get crazy when you get new price list every second month

Speaker 1: Mm-hmm. Mm-hmm. mm-hmm

Speaker 5: That's the reality that you need to play just now, right? We implemented new prices as late as one month ago that we are not seeing, obviously, the effects on the Marine side. That's the reality that you need to play just now, right? that's the reality that you need to play just now right We implemented new prices as late as one month ago that we are not seeing, obviously, the effects on the Marine side. we implemented new prices as late as one month ago that we are not seeing obviously the effects on the marine side

Speaker 8: Yep. Yep. yep

Speaker 1: Understood. Thank you. Understood. understood Thank you. thank you

Speaker 5: We have clearly, Agnieszka, you are totally right. We have a time lag in the Marine side between the tariff situation and the price increases. Again, as late as one month ago, we applied new price. We have clearly, Agnieszka, you are totally right. we have clearly agnieszka you are totally right We have a time lag in the Marine side between the tariff situation and the price increases. we have a time lag in the marine side between the tariff situation and the price increases Again, as late as one month ago, we applied new price. again as late as one month ago we applied new price

Speaker 8: What we talked about before in SG&A investment. What we talked about before in SG&A investment. what we talked about before in sg&a investment

Speaker 5: Yeah. Yeah. yeah

Speaker 8: especially in product development. especially in product development. especially in product development

Speaker 1: Yes. Yes. yes

Speaker 5: Absolutely. Absolutely. absolutely

Speaker 1: Thank you. Thank you. thank you

Speaker 5: You're welcome. You're welcome. you're welcome

Speaker 9: We have a few questions from the webcast audience that we can take now then. The first one relates to the backlog. How did we see it change during the quarter? What's the typical maturity in the backlog? We have a few questions from the webcast audience that we can take now then. we have a few questions from the webcast audience that we can take now then The first one relates to the backlog. the first one relates to the backlog How did we see it change during the quarter? how did we see it change during the quarter What's the typical maturity in the backlog? what's the typical maturity in the backlog

Speaker 5: Good progress in January, flattish in February, better in March again. Normally our backlog, we are not an industrial, right? Our backlog is somewhere four to six weeks. We are starting quarter two in a stronger situation than we were starting Q1. Again, we cannot take any conclusions on how May or June will look like. The starting point is positive. Good progress in January, flattish in February, better in March again. good progress in january flattish in february better in march again Normally our backlog, we are not an industrial, right? normally our backlog we are not an industrial right Our backlog is somewhere four to six weeks. our backlog is somewhere four to six weeks We are starting quarter two in a stronger situation than we were starting Q1. we are starting quarter two in a stronger situation than we were starting q1 Again, we cannot take any conclusions on how May or June will look like. again we cannot take any conclusions on how may or june will look like The starting point is positive. the starting point is positive

Speaker 9: Thank you. There's a question on leverage. Do you stick to the target of 2.5? How should we see what's the fair expectation of the leverage evolving towards this 2.5? Thank you. thank you There's a question on leverage. there's a question on leverage Do you stick to the target of 2.5? do you stick to the target of 2.5 How should we see what's the fair expectation of the leverage evolving towards this 2.5? how should we see what's the fair expectation of the leverage evolving towards this 2.5

Speaker 8: We can absolutely confirm that we stick to the target of around 2.5. We are now coming into two strong cash flow quarters here. My expectations are that we are going to move towards three and potentially even slightly below, but I don't foresee that we are going to achieve the around 2.5 during 2026. We can absolutely confirm that we stick to the target of around 2.5. we can absolutely confirm that we stick to the target of around 2.5 We are now coming into two strong cash flow quarters here. we are now coming into two strong cash flow quarters here My expectations are that we are going to move towards three and potentially even slightly below, but I don't foresee that we are going to achieve the around 2.5 during 2026. my expectations are that we are going to move towards three and potentially even slightly below but i don't foresee that we are going to achieve the around 2.5 during 2026

Speaker 9: Finally, a question on CapEx. There was a mention of lower CapEx need going forward. Finally, a question on CapEx. finally a question on capex There was a mention of lower CapEx need going forward. there was a mention of lower capex need going forward Can you please elaborate on that? Can you please elaborate on that? can you please elaborate on that

Speaker 8: As we have been running the different kind of restructuring programs, we obviously have created something where we have been outsourcing to a higher degree than what we have done before. That is one driver. As we have been running the different kind of restructuring programs, we obviously have created something where we have been outsourcing to a higher degree than what we have done before. as we have been running the different kind of restructuring programs we obviously have created something where we have been outsourcing to a higher degree than what we have done before That is one driver. that is one driver Just by the fact that we have fewer factories as we have been closing factories during these programs, we have gone from 31 factories down to 22 now. It's obviously also reducing the need for CapEx in machinery and equipment. Just by the fact that we have fewer factories as we have been closing factories during these programs, we have gone from 31 factories down to 22 now. just by the fact that we have fewer factories as we have been closing factories during these programs we have gone from 31 factories down to 22 now It's obviously also reducing the need for CapEx in machinery and equipment. it's obviously also reducing the need for capex in machinery and equipment

Speaker 5: It's a logical consequence. It has been very much on purpose since we introduced the new strategy. We wanted to have a similar level of CapEx, but the profile of the CapEx was going to change by investing less in factories and maintaining factories, investing less in machinery, but investing more in tooling in connection to innovation. That's an important one. It's a logical consequence. it's a logical consequence It has been very much on purpose since we introduced the new strategy. it has been very much on purpose since we introduced the new strategy We wanted to have a similar level of CapEx, but the profile of the CapEx was going to change by investing less in factories and maintaining factories, investing less in machinery, but investing more in tooling in connection to innovation. we wanted to have a similar level of capex but the profile of the capex was going to change by investing less in factories and maintaining factories investing less in machinery but investing more in tooling in connection to innovation That's an important one. that's an important one

Speaker 9: Good. That's it from webcast audience then. Back to the operator, please. Good. good That's it from webcast audience then. that's it from webcast audience then Back to the operator, please. back to the operator please

Speaker 5: So- So- so-

Speaker 8: We're actually We're actually we're actually

Speaker 7: 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. Thank you, Andreas with SEB here. Back to the leverage question, you're targeting 2.5x, you say. How comfortable are you with that, given the cyclicality of the business? Wouldn't you consider even a lower level would be more suitable? That's my question. Yeah. yeah Thank you, Andreas with SEB here. thank you andreas with seb here Back to the leverage question, you're targeting 2.5x, you say. back to the leverage question you're targeting 2.5x you say How comfortable are you with that, given the cyclicality of the business? how comfortable are you with that given the cyclicality of the business Wouldn't you consider even a lower level would be more suitable? wouldn't you consider even a lower level would be more suitable That's my question. that's my question

Speaker 8: The target is expressed around 2.5, right? In certain times, it could be below 2.5. In some other situations, it could be on 2.5 or even slightly above. Depending on where we are in the cycle, I can agree with your comment. Typically, historically, we have been deleveraging somewhere in the neighborhood of 0.6x per year. Now when things are starting to, yeah, it's maybe difficult to talk about normalization, but a little bit more stable. I would still say that we still have that deleveraging potential in our model. The target is expressed around 2.5, right? the target is expressed around 2.5 right In certain times, it could be below 2.5. in certain times it could be below 2.5 In some other situations, it could be on 2.5 or even slightly above. in some other situations it could be on 2.5 or even slightly above Depending on where we are in the cycle, I can agree with your comment. depending on where we are in the cycle i can agree with your comment Typically, historically, we have been deleveraging somewhere in the neighborhood of 0.6x per year. typically historically we have been deleveraging somewhere in the neighborhood of 0.6x per year Now when things are starting to, yeah, it's maybe difficult to talk about normalization, but a little bit more stable. now when things are starting to yeah it's maybe difficult to talk about normalization but a little bit more stable I would still say that we still have that deleveraging potential in our model. i would still say that we still have that deleveraging potential in our model

Speaker 5: Actually, things also change with time. Keep in mind that we moved from 2 to around 2.5 at the time when the market was growing, when everybody was asking Dometic, "Guys, isn't this the moment to grow additionally by acquisitions?" The market turned very sour. We have been fighting super hard to come down to around 2.5, and once we are approaching 2.5, then we will discuss whether it is the right target or not. Just now, we are still far away from 2.5, so we have a clear target to reach around 2.5. Actually, things also change with time. actually things also change with time Keep in mind that we moved from 2 to around 2.5 at the time when the market was growing, when everybody was asking Dometic, "Guys, isn't this the moment to grow additionally by acquisitions?" The market turned very sour. keep in mind that we moved from 2 to around 2.5 at the time when the market was growing when everybody was asking dometic "guys isn't this the moment to grow additionally by acquisitions?" the market turned very sour We have been fighting super hard to come down to around 2.5, and once we are approaching 2.5, then we will discuss whether it is the right target or not. we have been fighting super hard to come down to around 2.5 and once we are approaching 2.5 then we will discuss whether it is the right target or not Just now, we are still far away from 2.5, so we have a clear target to reach around 2.5. just now we are still far away from 2.5 so we have a clear target to reach around 2.5

Speaker 2: Yeah. Yeah. yeah

Speaker 5: That is super important from our side. We understand the situation. We are working extremely hard, and again, financial targets change over time, but this is not a time to discuss a change. This is a time to get into the financial target. That is super important from our side. that is super important from our side We understand the situation. we understand the situation We are working extremely hard, and again, financial targets change over time, but this is not a time to discuss a change. we are working extremely hard and again financial targets change over time but this is not a time to discuss a change This is a time to get into the financial target. this is a time to get into the financial target

Speaker 2: Yep. Thank you, and earlier, I think it was a year ago, we talked about potential divestments or exits in certain categories. Where do you stand today or where does your thinking stand today? Thank you. Yep. yep Thank you, and earlier, I think it was a year ago, we talked about potential divestments or exits in certain categories. thank you and earlier i think it was a year ago we talked about potential divestments or exits in certain categories Where do you stand today or where does your thinking stand today? where do you stand today or where does your thinking stand today Thank you. thank you

Speaker 5: The same, working, but the market has not been very positive for divestments either. It's clear that we have been talking, we have been out to the market with a couple of assets, and we have been very close to completing one of the deals, and then we have the famous liberation day, and then things change overnight. The willingness of potential buyers to invest at that moment changed. We are working very hard and hopefully as the market stabilizes, it's going to be a little bit easier to divest those assets. We continue to work on that. Again, the environment has not been the appropriate to manage. The same, working, but the market has not been very positive for divestments either. the same working but the market has not been very positive for divestments either It's clear that we have been talking, we have been out to the market with a couple of assets, and we have been very close to completing one of the deals, and then we have the famous liberation day, and then things change overnight. it's clear that we have been talking we have been out to the market with a couple of assets and we have been very close to completing one of the deals and then we have the famous liberation day and then things change overnight The willingness of potential buyers to invest at that moment changed. the willingness of potential buyers to invest at that moment changed We are working very hard and hopefully as the market stabilizes, it's going to be a little bit easier to divest those assets. we are working very hard and hopefully as the market stabilizes it's going to be a little bit easier to divest those assets We continue to work on that. we continue to work on that Again, the environment has not been the appropriate to manage. again the environment has not been the appropriate to manage

Speaker 8: I also think it worthwhile to mention here is that, for this to make full sense, there is a strategic assessment of course, but that it should also make financial sense. We need to get a certain valuation, and it's not the buyer saying it itself. That's obviously a part. I also think it worthwhile to mention here is that, for this to make full sense, there is a strategic assessment of course, but that it should also make financial sense. i also think it worthwhile to mention here is that for this to make full sense there is a strategic assessment of course but that it should also make financial sense We need to get a certain valuation, and it's not the buyer saying it itself. we need to get a certain valuation and it's not the buyer saying it itself That's obviously a part. that's obviously a part

Speaker 2: Okay. Lastly, on the cost-saving side, what remains and what kind of cost savings remain? Thank you. Okay. okay Lastly, on the cost-saving side, what remains and what kind of cost savings remain? lastly on the cost-saving side what remains and what kind of cost savings remain Thank you. thank you

Speaker 5: We have a number of projects that are just now ongoing. As you may understand, these kind of decisions are very sensitive. You don't want to communicate before you are ready to communicate. That's why I commented earlier today that they are going to be backloaded. We are working just now on the preparations, making sure that everything is going to work out, and we will communicate the different steps as they are happening in connection to these quarterly reports. You don't want to get concerned unnecessarily. We have a number of projects that are just now ongoing. we have a number of projects that are just now ongoing As you may understand, these kind of decisions are very sensitive. as you may understand these kind of decisions are very sensitive You don't want to communicate before you are ready to communicate. you don't want to communicate before you are ready to communicate That's why I commented earlier today that they are going to be backloaded. that's why i commented earlier today that they are going to be backloaded We are working just now on the preparations, making sure that everything is going to work out, and we will communicate the different steps as they are happening in connection to these quarterly reports. we are working just now on the preparations making sure that everything is going to work out and we will communicate the different steps as they are happening in connection to these quarterly reports You don't want to get concerned unnecessarily. you don't want to get concerned unnecessarily

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

Speaker 5: You are welcome. You are welcome. you are welcome

Speaker 7: 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 5: Thank you very much all of you for attending the call, for showing interest in how Dometic is evolving. I would also like to take the opportunity to thank Stefan for these years. It has been a tough environment. I believe that you have contributed in a great way to our development, even if the times have been very tough. Thank you very much and all the best in the future. Thank you very much all of you for attending the call, for showing interest in how Dometic is evolving. thank you very much all of you for attending the call for showing interest in how dometic is evolving I would also like to take the opportunity to thank Stefan for these years. i would also like to take the opportunity to thank stefan for these years It has been a tough environment. it has been a tough environment I believe that you have contributed in a great way to our development, even if the times have been very tough. i believe that you have contributed in a great way to our development even if the times have been very tough Thank you very much and all the best in the future. thank you very much and all the best in the future

Speaker 8: Thank you very much for these kind words, Juan. Thank you very much for these kind words, Juan. thank you very much for these kind words juan

Speaker 5: For all of you, thank you, and hopefully we see you soon. Bye. For all of you, thank you, and hopefully we see you soon. for all of you thank you and hopefully we see you soon Bye. bye

Speaker 8: Bye-bye. Bye-bye. bye-bye