Ferronordic — Call Transcript 2026

Welcome to the Ferronordic Q1 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to speakers CEO Henrik Carlborg and CFO Erik Danemar. Please go ahead. Good morning, everybody. Thank you for your interest in Ferronordic, and welcome to our presentation of the first quarter of 2026. Moving to slide two, summarizing the quarter. We saw revenue amounting to SEK 1.128 million, down 6% year-on-year, but up 6% in fixed currency. Gross margin improved to 17.7% compared to 16.3% last year. Operating profit more than doubled to SEK 37 million. EBITDA increased 49% to SEK 124 million. Net profit improved to SEK 32 million, supported by currency exchange gain and lower finance costs. Net debt at the end of the quarter amounted to SEK 1.957 million, up versus last year related to the integration of the Housby business that was acquired in January and seasonal inventory and rental fleet buildup. Looking at the operations and the quarter from a group perspective, we saw clearly stronger earnings during the quarter compared to last year and continued progress. Activity was fairly good and improved through the quarter and then accelerated in March with good trajectory. Our efforts to increase or improve the aftermarket business and work with operational improvements and broader use of technology and data across the group are starting to show. At the same time, we see significant untapped potential within our existing operations and our existing geographies. Continuing these improvements will be the focus going forward. At the same time, we do evaluate selective bolt-on acquisitions. Revenue, I said, was down in Swedish krona 6% to SEK 1,128 million. In fixed currency it was up 6%, mainly then reflecting the weakening of the dollar year-on-year. Operating profit more than doubled, I said, to SEK 37 million, supported by continuously strong performance in the United States, positive operating earnings from Germany, and good cost control across the group. EBITDA increased by 49% to SEK 124 million. Net profit improved to SEK 32 million, supported by FX gain and lower financing costs. I said that the net debt increased following the integration of Housby and seasonal inventory and rental fleet buildup as we prepare for the season to come. All in all, revenue up 6% on fixed currency basis. Positive earnings in Germany and net profit improved SEK 32 million. Looking at the U.S., we saw strong demand in our territory supported by continuous investments in infrastructure and increasing amount of projects related to data centers. The market in our territory was up 12% year-on-year. Now that includes dealer additions to rental fleets and not sold units, but still a sign that players in the market are positive. We see AI-related investments becoming a major driver of construction activity and equipment demand. Tariffs continue to cause some uncertainty, and manufacturers are gradually increasing prices to cover increased cost, but we haven't seen this materially affecting the market activity. In U.S. dollars, sales increased by 16%, with equipment sales up 13%, aftermarket sales up 10%, and rental sales up as much as 92%. Gross margin reached 17.5% versus 17.7% last year in line with seasonal patterns. The underlying margins were stable and we managed well to defend our margins. Operating profit reached SEK 47 million, more or less the same as last year in Swedish krona, but up 15% in local currency. EBITDA improved to SEK 112 million, up 38% in local currency, driven by strong rental activity, that has a bigger impact on EBITDA than EBIT, as a large part of the rental revenue is going to depreciation. Comforting results in the U.S., continued strong performance. At the same time, we still see good opportunities to increase market share and aftermarket penetration. We continue the rollout of our new CRM. We are relaunching the automatic lead generation, and we are working to expand the rental fleet to gain market share and grow the business. We also successfully integrated the Housby business in Iowa into the Rudd operations. This is something we talked about when we reported the Q4, but the Iowa territory corresponds to roughly 10% of the market we covered in the Rudd legacy operations. It's a very interesting geography. A lot of activity relating to data centers there as well. Over time, we expect Iowa to reach the same profitability as our other U.S. branches. All in all, revenue in the U.S. up 16% in dollars. EBITDA increased 38% in U.S dollars. We had an operating result of SEK 47 million. Going to the next slide, looking at Germany. Our efforts to improve the aftermarket business and reduce costs are starting to show results. As a result, we saw positive EBIT in Germany of SEK 4 million despite a continuously weak market. Registrations in our territory nevertheless increased by 3%, and the gradual market recovery seen in previous quarters continued but at a moderate rate. Increased fuel prices do make customers more cautious and are affecting the German economy in general. The recovery nevertheless continues. More importantly from an earnings perspective is that the existing fleets remain active, supporting continued demand for service and parts, and also making sure that fleet renewals will be needed at some point or another. Sales in Germany amounted to SEK 337 million. Lower than last year, mainly due to truck deliveries that were postponed from Q1 to Q2 and a high comparison base last year. Aftermarket sales increased by 6% in EUR, supported by higher productivity and good pricing. Gross margin then improved correspondingly to 18.2%, while gross profit increased by 9% to SEK 61 million. Following the cost reductions we implemented last year, SG&A decreased by 14%. As a result, we saw EBITDA improving over 100%, and we reached positive EBIT in Germany. Looking at Kazakhstan, we saw sales amounting to SEK 32 million. Lower equipment sales, but relatively stable aftermarket operations. Margin improved to 16%, and the operations were broadly break even. After having reduced older inventory during last year, we are now rebuilding inventory in Kazakhstan again in line with the current demand. Our focus remains on operational improvements and continued customer development. With that, I hand over to you, Erik. Thank you very much, Henrik. I pick up with a little bit more detail on the income statement and the performance across the segments. Starting where you left off or where you started actually, total revenue SEK 1.1 billion, down 6% in Swedish krona, fixed currency basis, we were up 6%. Just to be clear that what we're doing is then leaving the foreign exchange rates as they were in the comparative quarter, meaning in the first quarter of 2025 when we convert the segment currencies of this quarter, first quarter 2026. If we look at the mix of revenue between the segments, 67% U.S., so 2/3 more or less exactly 30% Germany, only 3% Kazakhstan, at its current level. We do see a lot more potential there as we do in other segments also. When it comes to the revenue mix, important for the gross margin, that's to a large extent driven by the revenue mix, but also the product mix within equipment sales. We were at 53% of sales of equipment and trucks. That includes both new and used, and also conversions from the rental fleet in the United States. If we compare that a year ago, that was higher, 57%. Aftermarket, this is service and parts, the maintenance work we do, such a big focus area of the work that we do as a company. That was at 39%, a little bit higher than a year ago. It was at 37% in the comparative period in 2025, and then 8% rental. Gross margin improved, and that's mainly driven by the meaningfully higher gross margins in Germany and Kazakhstan, which, as it were to a big extent driven by that revenue mix that I referred to in those two segments. SG&A, so our overheads and operating expenses, were down 11% to SEK 173 million. As a percent of revenue, which is a important KPI for us to track, it decreased to 15.3% from 16.2% last year. That reflects both some of the cost cutting that we have been doing and initiatives to rein in on costs and to some extent also foreign exchange effects. Operating margin increased to 3.2% from 1.1%, and the operating profit increased from SEK 13 million-SEK 37 million, following strong performance in the U.S. and Germany, especially. The biggest delta compared to last year would be the improvement in Germany and also a reduction in group costs as we'll see in a subsequent slide. Net profit increased to SEK 32 million. Some help there also from foreign exchange effects and also lower financing costs. Moving on to the balance sheet, we have a bigger property plant and equipment year-on-year, and that's mainly reflecting the seasonal buildup of rental fleet in the U.S. If we look at the U.S. specifically and its working capital and then look quarter-on-quarter, so not year-on-year, but we compare it to Q4 of 2025, then we do see an increase. And that's related mainly to the acquisition of Housby, which was completed at the end of January, so in this first quarter of 2026, and also the aforementioned seasonal buildup of inventory that Henrik has referred to. In Germany, working capital also increased quarter-on-quarter from 6%-13% of last 12 months revenue. There, more temporary factors. We had some truck deliveries to clients postponed from first quarter to second quarter and are confident that they will come through in the second quarter and that working capital will then come down in Germany. In Kazakhstan, a picture also, if you remember last year, for those that follow us, we cleaned out old stock from our inventory. We've been now ordering new inventory with high demand in the local market. As that being delivered, we see a buildup in the working capital while the market itself was quite slow in the first quarter. A increase in working capital that we expect to come down as those machines are sold to customers going forward. Net debt, as a result of these factors, but also to some extent currency effects was up quarter-on-quarter to SEK 2 billion, again, reflecting that increase quarter-on-quarter in working capital, but also quarter-on-quarter the currency worked against us. Year-on-year, it was the opposite effect, but over the quarter the Swedish krona weakened. Equity to assets decreased quarter-on-quarter. It was flat year-on-year, so also capturing some of those dynamics on the balance sheet. Looking at the key drivers or again, delta year-over-year, we see starting from last year's EBIT performance at 13, again, a strong performance in the U.S., but close to where it was last year, whereas Germany picked up from -9 to +4, so a big delta there, big improvement. Kazakhstan roughly where it was. Then we also had to your far right there, cost savings mainly on personnel and travel in HQ. Group costs are coming down, leading to that overall improvement in our operating profit performance. Moving to, looking at on a quarter-on-quarter basis as well, here we see then after a very strong finish in the U.S., a decline, whereas where in Germany, we had some one-off costs related to those cost savings that we now see fruits from in this year, so a big improvement quarter-on-quarter. Whereas Kazakhstan, again, less of a delta there, and again, some difference in the headquarters performance there also driven by some of the adjustments of provisions that we had in HQ. With that, I move over to next slide, which gives our traditional review or balance sheet. So you'll see the the big assets on our balance sheet starting from the left, you have our real estate that's both owned properties, that is our workshops, and leased in IFRS 16. The biggest item being our rental fleets, mainly in the U.S., the red, part of that bar, but also in Germany. In Germany capturing both diesel and electric trucks. I would then jump all the way to the inventories there being a big piece on the balance sheet. Again, biggest in the U.S. reflecting the bigger scale of those operations, and also in Germany. We have the trade and receivables outstanding from customers. Quickly on the liability side of the balance sheet, we have the trade and payables being the interest-free part of the balance sheet and then the bank loans. Thirdly, the big item would be the supplier financing that we have for our both inventory and rental fleet arrangements. With that, we get to our NAV at SEK 1.4 billion and which translates into about SEK 93 per share. Moving over to our financial objectives, where we stand with regards to revenue, we are at 0.92, partly affected there by currency development since we set these targets, especially then of course the dollar which has weakened against the Swedish krona. Operating margin last 12 months at 2.2. Reminder that we reached 3.2 in the quarter, but this being trailing last 12 months, standing at 2.2. Net Debt/EBITDA at 3.8, up from 3.4 in the previous quarter for the reasons that we have looked at in this presentation. Mainly Housby and seasonal buildup of inventory and rental fleets. With that, Henrik, I pass back to you for an outlook before we hand over for questions. Thank you, Erik. We are optimistic about the U.S. operations and the market environment ahead. I said earlier, infrastructure spending remains at a high level across our territory. The need to repair roads and develop infrastructure, bridges and so on, continues at the same pace as last year. At the same time, we see that this is increasingly complemented by large scale data center investments. The scale of planned AI related investments in the U.S., be it data centers or semiconductor factories, is really unprecedented, and we have several projects within our territory that are expected to support construction activity and equipment demand for several years to come. The customer order books, they are solid and underlying demand is robust. Now we have Housby integrated and we continue to invest in rental CRM and lead generation. With that, we are well prepared to take more market share, increase our aftermarket penetration and that way improve our operational leverage in the U.S. further. In Germany, we expect the recovery in the market to continue as fleet renewal needs continue to build despite higher fuel prices linked to the conflict in the Middle East that add uncertainty. Importantly, demand for service and parts remain strong. And as new truck sales improve that demand for service and parts should grow further. With a lower cost base in Germany, a better aftermarket business and still with an organization that is able to handle larger volumes, we are well-positioned for higher sales and improved operational leverage in Germany too, as the market normalizes. In Kazakhstan, we see good opportunities, particularly in mining and road construction. We have a new management in place and a focus on improved operational execution. And in Kazakhstan too, we are very well-positioned to grow revenue and profitability over time. That concludes our presentation. Thank you. Can we hand over to the operator for questions, please? 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 five on your telephone keypad. The next question comes from Albin Barnevik from ABG Sundal Collier. Please go ahead. Good morning, Henrik and Erik. This is Albin at ABG. If we start with Germany, we see the equipment sales being down quite a bit, yet we saw an earnings recovery driven by the strong gross margins of some 18% in the quarter. Do I understand it correctly that this was primarily driven by a strong aftermarket, which was up 6% organically, I believe? How much are of these gross margins and this improvement here is structural, would you say? The improvement quarter-on-quarter or year-on-year is definitely driven by the aftermarket. That is a correct understanding. Yeah. I would say, I mean, when you say structural, Albin, I think that, I would put it the following way. I mean, you know, our core strategy is to grow the aftermarket. We'll continue to do that in Germany. We think we can increase penetration and take a bigger share of the aftermarket that is out there, service more trucks. That we expect to continue to grow. Also when we look at the economy, while there are concerns about, you know, the pace of the recovery in Germany, we see continued utilization of trucks. The trucks are being used and our strategy is to take more share of the aftermarket there. You have the new truck sales which tend to be more volatile. It will vary from quarter to quarter. In this quarter specifically, we had, as we mentioned, some of the deliveries delayed from the first quarter to subsequent quarters. You would see a decline there that is maybe not typical. I think the way to look at it, and we want to see, we're careful to give guidance, as you know, is to see that aftermarket continue to grow. We. It is stable as trucks are being utilized whether new trucks are sold or not, and we are leveraging our organization and reaching to take more market share there. The new trucks, we of course, we need to replenish that population, we need to build population, but the sales from one quarter to another is gonna be more volatile. Over time, we definitely see potential to take market share in that as well. Structural, I think, yeah, we want to see that aftermarket remain at least stable and we see the potential to grow it from where we are now. Then I think, yeah, the truck sales, that will be more volatile from quarter to quarter, but the trend should be upwards. As I think we stressed, even if the recovery is taking some time, customers are always using the trucks, so they will have to replace those trucks. That's when we refer to the pent-up demand, that fleet renewals has to happen. It has to happen. I see. When I say structural, I was referring to perhaps structural versus the seasonal patterns where you've had strong Q1 gross margins before. All right. You also talked about the favorable product mix within the equipment sales. Are there any particular products that have been especially accretive or can mention perhaps? No, I don't think anything really sticks out. I mean, we had good in the U.S., good activity when it comes to converting machines from the rental fleet. That typically has higher margins than when we sell new equipment out of the box, so to say. That contributes to the revenue mix. All in all, as I said, we underlying margins in different revenue streams are fairly stable despite competition still being high, and I think we are doing well in defending our margins. All right. That's clear. We also saw OpEx coming down in Germany due to the cost savings that you had flagged before the quarter, SG&A being down 14%. Would you say that you're at a cost floor now or are there further reductions possible, or do you have further reductions planned? Well, I mean, we always look to optimize costs, but our focus now in Germany is really to grow the service and parts business, and to drive that and then be in a good position to capture the market when it comes back. All right. Understood. Moving on to the U.S., you talk about the AI and data center construction here as an accelerating demand driver going forward. Could you perhaps split out how much of your U.S. territories active projects are data center related? Is that possible? No, I don't think it's possible to give a number on that, but it's clearly an uptick in the number of projects being quoted and the number of deals we're involved in relating to data center. I mean, these projects are enormous in the sense that they're, you know, the territory or the land that you need to build one of these data centers is so big and you need to move so much dirt that it just requires a lot of articulated haulers and excavators and wheel loaders to do that. Yeah. understood. Of the, of the U.S. organic growth then, how much did the acquisition of Housby contribute here? We don't give the exact split, Albin. I think maybe you, if you go back to sort of the press release of what we saw Housby being approximately 10% of revenue. I think we are integrating the assets. That's going well, but it's taking some time to get things up and running our way. Probably lower than that in the start. That's what you can assume. Putting everything in place to make sure it gets up to full potential, both in terms of revenue. Yeah we don't specify it, but I think we can say that most of the growth in Q1 came organically. That's correct. Yes. Okay. When do you expect the Housby margin to be aligned with the Rudd EBIT margin, perhaps? I don't really wanna speculate too much there, but, you know, it's a market that covers 10% of the market we used to have, and there's no reason why we should have a lower share in Iowa compared to other territories over time. There's no reason why our profitability should be lower. When exactly that will happen, I don't want to speculate in, but over time, it should be the same as we have in our other U.S. branches and just sort of contributing to operational leverage in the U.S. business. Yeah. All right. That's, that's clear. If we move on then to the net debt coming up a bit in the quarter, both sequentially and year-over-year. This is, of course, partly, as you mentioned in the presentation, part of a seasonal pattern, as well as due to certain lower equipment sales in the quarter, perhaps than expected. I suppose this is Housby related as well. Is that correct? Yeah. I mean, there are three things driving this. I mean, one is the acquisition of Housby, where we. Yeah I mean, almost everything we paid for was actually equipment and being added to rental fleet and inventory. On top of that, you have a seasonal buildup of inventory and rental fleet in the U.S., which I think, I mean, it's a sign of the statement we make in the outlook. We are seeing very high demand, we are building inventory and rental fleet to cover this demand in the season. Then on top of that, we have these truck deliveries in Germany that were postponed from Q1 to Q2. That drives net debt as a whole. As you saw, I mean, leverage also came up somewhat during the quarter and I mean, this the net debt increases immediately when we add inventory and rental fleet, while the EBITDA that we are expecting to get from these investments come with a somewhat of a delay. We are working to delever the company. Yeah. Yeah. Do you think that will that you will be below the leverage target as we end 2026? Again, Albin, you're in on guidance. I think, I mean, we set these financial targets as long-term objectives. I don't wanna stipulate the timeline there. I do think we are saying that, I mean, if you look at these effects, we have Housby, we have the delay of some of the deliveries in Germany, and we have a seasonal buildup in the U.S. All of those should normalize over the year. There is a structure part where we keep investing in the rental fleet in the U.S., that should also come with higher EBITDA from that investment. I would at least say all those factors speak for that ratio coming down. No, I hear you. All right. Yeah, just a final question, if I may. On the group costs, they've been lower now for four quarters in a row compared to the previous period. I sense a pattern of normalization here within this cost range. Is that correct? I think it's correct. It is, I mean, not only temporary. We have reduced costs on a group level, so there is a structural component there. If you look quarter-on-quarter, for example, in Q4, there were bonus provisions that were reversed. You had actually negative costs, if you see what I mean, Albin, like positive contributions. That reduced cost in Q4. But yes, I mean, we have worked on the cost on the group level, and we continue to do so. I think, yeah, you can probably look at the current level as more indicative. All right. Thank you. That was it for me. Thank you. Excuse me. As a reminder, if you wish to ask a question please dial pound key five on your telephone keypad. There are no more phone questions at this time, so I hand the conference back to the speakers for any written question or closing comments. Two questions, Henrik, coming in to us over mail. I won't state any names because I'm not sure they would want that. One question is on working capital. I think we addressed this. It's if the increase that we've seen is more temporary or structural. I think we just touched on that, we do see it as more temporary, given the seasonal factors and the buildup related to Housby. We are comfortable with higher working capital, but when it comes with higher revenue. Looking at working capital as a percentage of revenue, that we want to normalize and come down, and we will always want to keep high capital turnover and good returns on capital. The second question, Henrik, I leave to you. It's related to what we say about the potential for further bolt-on acquisitions. The question is, should we expect any such acquisitions in 2026? Well, as we state, we continue to evaluate opportunities. We have a very strong platform in the U.S., particularly for bolt-on acquisitions and over time, we are positive about finding such, and that's in line with our strategy. Whether or not we have concrete cases, that is not something we will share. Thank you. That was it, what I had on email. I turn back to the operator. We have no more questions here, if there are no more questions from the audience. If not, we thank everybody for their interest in Ferronordic, and hope you have a great rest of the day and the week. Thank you. Thank you.

Speaker 4: Welcome to the Ferronordic Q1 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to speakers CEO Henrik Carlborg and CFO Erik Danemar. Please go ahead. Welcome to the Ferronordic Q1 2026 report presentation. welcome to the ferronordic q1 2026 report presentation For the first part of the presentation, participants will be in listen-only mode. for the first part of the presentation participants will be in listen-only mode During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. during the questions and answers session participants are able to ask questions by dialing pound key five on their telephone keypad Now, I will hand the conference over to speakers CEO Henrik Carlborg and CFO Erik Danemar. now i will hand the conference over to speakers ceo henrik carlborg and cfo erik danemar Please go ahead. please go ahead

Speaker 3: Good morning, everybody. Thank you for your interest in Ferronordic, and welcome to our presentation of the first quarter of 2026. Moving to slide two, summarizing the quarter. We saw revenue amounting to SEK 1.128 million, down 6% year-on-year, but up 6% in fixed currency. Gross margin improved to 17.7% compared to 16.3% last year. Operating profit more than doubled to SEK 37 million. EBITDA increased 49% to SEK 124 million. Net profit improved to SEK 32 million, supported by currency exchange gain and lower finance costs. Good morning, everybody. good morning everybody Thank you for your interest in Ferronordic, and welcome to our presentation of the first quarter of 2026. thank you for your interest in ferronordic and welcome to our presentation of the first quarter of 2026 Moving to slide two, summarizing the quarter. moving to slide two summarizing the quarter We saw revenue amounting to SEK 1.128 million, down 6% year-on-year, but up 6% in fixed currency. we saw revenue amounting to sek 1.128 million down 6% year-on-year but up 6% in fixed currency Gross margin improved to 17.7% compared to 16.3% last year. gross margin improved to 17.7% compared to 16.3% last year Operating profit more than doubled to SEK 37 million. operating profit more than doubled to sek 37 million EBITDA increased 49% to SEK 124 million. ebitda increased 49% to sek 124 million Net profit improved to SEK 32 million, supported by currency exchange gain and lower finance costs. net profit improved to sek 32 million supported by currency exchange gain and lower finance costs Net debt at the end of the quarter amounted to SEK 1.957 million, up versus last year related to the integration of the Housby business that was acquired in January and seasonal inventory and rental fleet buildup. Looking at the operations and the quarter from a group perspective, we saw clearly stronger earnings during the quarter compared to last year and continued progress. Net debt at the end of the quarter amounted to SEK 1.957 million, up versus last year related to the integration of the Housby business that was acquired in January and seasonal inventory and rental fleet buildup. net debt at the end of the quarter amounted to sek 1.957 million up versus last year related to the integration of the housby business that was acquired in january and seasonal inventory and rental fleet buildup Looking at the operations and the quarter from a group perspective, we saw clearly stronger earnings during the quarter compared to last year and continued progress. looking at the operations and the quarter from a group perspective we saw clearly stronger earnings during the quarter compared to last year and continued progress Activity was fairly good and improved through the quarter and then accelerated in March with good trajectory. Our efforts to increase or improve the aftermarket business and work with operational improvements and broader use of technology and data across the group are starting to show. At the same time, we see significant untapped potential within our existing operations and our existing geographies. Activity was fairly good and improved through the quarter and then accelerated in March with good trajectory. activity was fairly good and improved through the quarter and then accelerated in march with good trajectory Our efforts to increase or improve the aftermarket business and work with operational improvements and broader use of technology and data across the group are starting to show. our efforts to increase or improve the aftermarket business and work with operational improvements and broader use of technology and data across the group are starting to show At the same time, we see significant untapped potential within our existing operations and our existing geographies. at the same time we see significant untapped potential within our existing operations and our existing geographies Continuing these improvements will be the focus going forward. At the same time, we do evaluate selective bolt-on acquisitions. Revenue, I said, was down in Swedish krona 6% to SEK 1,128 million. In fixed currency it was up 6%, mainly then reflecting the weakening of the dollar year-on-year. Operating profit more than doubled, I said, to SEK 37 million, supported by continuously strong performance in the United States, positive operating earnings from Germany, and good cost control across the group. EBITDA increased by 49% to SEK 124 million. Net profit improved to SEK 32 million, supported by FX gain and lower financing costs. Continuing these improvements will be the focus going forward. continuing these improvements will be the focus going forward At the same time, we do evaluate selective bolt-on acquisitions. at the same time we do evaluate selective bolt-on acquisitions Revenue, I said, was down in Swedish krona 6% to SEK 1,128 million. revenue i said was down in swedish krona 6% to sek 1,128 million In fixed currency it was up 6%, mainly then reflecting the weakening of the dollar year-on-year. in fixed currency it was up 6% mainly then reflecting the weakening of the dollar year-on-year Operating profit more than doubled, I said, to SEK 37 million, supported by continuously strong performance in the United States, positive operating earnings from Germany, and good cost control across the group. operating profit more than doubled i said to sek 37 million supported by continuously strong performance in the united states positive operating earnings from germany and good cost control across the group EBITDA increased by 49% to SEK 124 million. ebitda increased by 49% to sek 124 million Net profit improved to SEK 32 million, supported by FX gain and lower financing costs. net profit improved to sek 32 million supported by fx gain and lower financing costs I said that the net debt increased following the integration of Housby and seasonal inventory and rental fleet buildup as we prepare for the season to come. All in all, revenue up 6% on fixed currency basis. Positive earnings in Germany and net profit improved SEK 32 million. Looking at the U.S., we saw strong demand in our territory supported by continuous investments in infrastructure and increasing amount of projects related to data centers. The market in our territory was up 12% year-on-year. Now that includes dealer additions to rental fleets and not sold units, but still a sign that players in the market are positive. We see AI-related investments becoming a major driver of construction activity and equipment demand. I said that the net debt increased following the integration of Housby and seasonal inventory and rental fleet buildup as we prepare for the season to come. i said that the net debt increased following the integration of housby and seasonal inventory and rental fleet buildup as we prepare for the season to come All in all, revenue up 6% on fixed currency basis. all in all revenue up 6% on fixed currency basis Positive earnings in Germany and net profit improved SEK 32 million. positive earnings in germany and net profit improved sek 32 million Looking at the U.S., we saw strong demand in our territory supported by continuous investments in infrastructure and increasing amount of projects related to data centers. looking at the u.s we saw strong demand in our territory supported by continuous investments in infrastructure and increasing amount of projects related to data centers The market in our territory was up 12% year-on-year. the market in our territory was up 12% year-on-year Now that includes dealer additions to rental fleets and not sold units, but still a sign that players in the market are positive. now that includes dealer additions to rental fleets and not sold units but still a sign that players in the market are positive We see AI-related investments becoming a major driver of construction activity and equipment demand. we see ai-related investments becoming a major driver of construction activity and equipment demand Tariffs continue to cause some uncertainty, and manufacturers are gradually increasing prices to cover increased cost, but we haven't seen this materially affecting the market activity. In U.S. dollars, sales increased by 16%, with equipment sales up 13%, aftermarket sales up 10%, and rental sales up as much as 92%. Gross margin reached 17.5% versus 17.7% last year in line with seasonal patterns. The underlying margins were stable and we managed well to defend our margins. Operating profit reached SEK 47 million, more or less the same as last year in Swedish krona, but up 15% in local currency. Tariffs continue to cause some uncertainty, and manufacturers are gradually increasing prices to cover increased cost, but we haven't seen this materially affecting the market activity. tariffs continue to cause some uncertainty and manufacturers are gradually increasing prices to cover increased cost but we haven't seen this materially affecting the market activity In U.S. dollars, sales increased by 16%, with equipment sales up 13%, aftermarket sales up 10%, and rental sales up as much as 92%. in u.s dollars sales increased by 16% with equipment sales up 13% aftermarket sales up 10% and rental sales up as much as 92% Gross margin reached 17.5% versus 17.7% last year in line with seasonal patterns. gross margin reached 17.5% versus 17.7% last year in line with seasonal patterns The underlying margins were stable and we managed well to defend our margins. the underlying margins were stable and we managed well to defend our margins Operating profit reached SEK 47 million, more or less the same as last year in Swedish krona, but up 15% in local currency. operating profit reached sek 47 million more or less the same as last year in swedish krona but up 15% in local currency EBITDA improved to SEK 112 million, up 38% in local currency, driven by strong rental activity, that has a bigger impact on EBITDA than EBIT, as a large part of the rental revenue is going to depreciation. Comforting results in the U.S., continued strong performance. At the same time, we still see good opportunities to increase market share and aftermarket penetration. We continue the rollout of our new CRM. We are relaunching the automatic lead generation, and we are working to expand the rental fleet to gain market share and grow the business. We also successfully integrated the Housby business in Iowa into the Rudd operations. EBITDA improved to SEK 112 million, up 38% in local currency, driven by strong rental activity, that has a bigger impact on EBITDA than EBIT, as a large part of the rental revenue is going to depreciation. ebitda improved to sek 112 million up 38% in local currency driven by strong rental activity that has a bigger impact on ebitda than ebit as a large part of the rental revenue is going to depreciation Comforting results in the U.S., continued strong performance. comforting results in the u.s continued strong performance At the same time, we still see good opportunities to increase market share and aftermarket penetration. at the same time we still see good opportunities to increase market share and aftermarket penetration We continue the rollout of our new CRM. we continue the rollout of our new crm We are relaunching the automatic lead generation, and we are working to expand the rental fleet to gain market share and grow the business. we are relaunching the automatic lead generation and we are working to expand the rental fleet to gain market share and grow the business We also successfully integrated the Housby business in Iowa into the Rudd operations. we also successfully integrated the housby business in iowa into the rudd operations This is something we talked about when we reported the Q4, but the Iowa territory corresponds to roughly 10% of the market we covered in the Rudd legacy operations. It's a very interesting geography. A lot of activity relating to data centers there as well. Over time, we expect Iowa to reach the same profitability as our other U.S. branches. All in all, revenue in the U.S. up 16% in dollars. EBITDA increased 38% in U.S dollars. We had an operating result of SEK 47 million. Going to the next slide, looking at Germany. Our efforts to improve the aftermarket business and reduce costs are starting to show results. As a result, we saw positive EBIT in Germany of SEK 4 million despite a continuously weak market. This is something we talked about when we reported the Q4, but the Iowa territory corresponds to roughly 10% of the market we covered in the Rudd legacy operations. this is something we talked about when we reported the q4 but the iowa territory corresponds to roughly 10% of the market we covered in the rudd legacy operations It's a very interesting geography. it's a very interesting geography A lot of activity relating to data centers there as well. a lot of activity relating to data centers there as well Over time, we expect Iowa to reach the same profitability as our other U.S. branches. over time we expect iowa to reach the same profitability as our other u.s branches All in all, revenue in the U.S. up 16% in dollars. all in all revenue in the u.s up 16% in dollars EBITDA increased 38% in U.S dollars. ebitda increased 38% in u.s dollars We had an operating result of SEK 47 million. we had an operating result of sek 47 million Going to the next slide, looking at Germany. going to the next slide looking at germany Our efforts to improve the aftermarket business and reduce costs are starting to show results. our efforts to improve the aftermarket business and reduce costs are starting to show results As a result, we saw positive EBIT in Germany of SEK 4 million despite a continuously weak market. as a result we saw positive ebit in germany of sek 4 million despite a continuously weak market Registrations in our territory nevertheless increased by 3%, and the gradual market recovery seen in previous quarters continued but at a moderate rate. Increased fuel prices do make customers more cautious and are affecting the German economy in general. The recovery nevertheless continues. Registrations in our territory nevertheless increased by 3%, and the gradual market recovery seen in previous quarters continued but at a moderate rate. registrations in our territory nevertheless increased by 3% and the gradual market recovery seen in previous quarters continued but at a moderate rate Increased fuel prices do make customers more cautious and are affecting the German economy in general. increased fuel prices do make customers more cautious and are affecting the german economy in general The recovery nevertheless continues. the recovery nevertheless continues More importantly from an earnings perspective is that the existing fleets remain active, supporting continued demand for service and parts, and also making sure that fleet renewals will be needed at some point or another. Sales in Germany amounted to SEK 337 million. Lower than last year, mainly due to truck deliveries that were postponed from Q1 to Q2 and a high comparison base last year. Aftermarket sales increased by 6% in EUR, supported by higher productivity and good pricing. More importantly from an earnings perspective is that the existing fleets remain active, supporting continued demand for service and parts, and also making sure that fleet renewals will be needed at some point or another. more importantly from an earnings perspective is that the existing fleets remain active supporting continued demand for service and parts and also making sure that fleet renewals will be needed at some point or another Sales in Germany amounted to SEK 337 million. sales in germany amounted to sek 337 million Lower than last year, mainly due to truck deliveries that were postponed from Q1 to Q2 and a high comparison base last year. lower than last year mainly due to truck deliveries that were postponed from q1 to q2 and a high comparison base last year Aftermarket sales increased by 6% in EUR, supported by higher productivity and good pricing. aftermarket sales increased by 6% in eur supported by higher productivity and good pricing Gross margin then improved correspondingly to 18.2%, while gross profit increased by 9% to SEK 61 million. Following the cost reductions we implemented last year, SG&A decreased by 14%. As a result, we saw EBITDA improving over 100%, and we reached positive EBIT in Germany. Looking at Kazakhstan, we saw sales amounting to SEK 32 million. Lower equipment sales, but relatively stable aftermarket operations. Margin improved to 16%, and the operations were broadly break even. After having reduced older inventory during last year, we are now rebuilding inventory in Kazakhstan again in line with the current demand. Our focus remains on operational improvements and continued customer development. With that, I hand over to you, Erik. Gross margin then improved correspondingly to 18.2%, while gross profit increased by 9% to SEK 61 million. gross margin then improved correspondingly to 18.2% while gross profit increased by 9% to sek 61 million Following the cost reductions we implemented last year, SG&A decreased by 14%. following the cost reductions we implemented last year sg&a decreased by 14% As a result, we saw EBITDA improving over 100%, and we reached positive EBIT in Germany. as a result we saw ebitda improving over 100% and we reached positive ebit in germany Looking at Kazakhstan, we saw sales amounting to SEK 32 million. looking at kazakhstan we saw sales amounting to sek 32 million Lower equipment sales, but relatively stable aftermarket operations. lower equipment sales but relatively stable aftermarket operations Margin improved to 16%, and the operations were broadly break even. margin improved to 16% and the operations were broadly break even After having reduced older inventory during last year, we are now rebuilding inventory in Kazakhstan again in line with the current demand. after having reduced older inventory during last year we are now rebuilding inventory in kazakhstan again in line with the current demand Our focus remains on operational improvements and continued customer development. our focus remains on operational improvements and continued customer development With that, I hand over to you, Erik. with that i hand over to you erik

Speaker 2: Thank you very much, Henrik. I pick up with a little bit more detail on the income statement and the performance across the segments. Starting where you left off or where you started actually, total revenue SEK 1.1 billion, down 6% in Swedish krona, fixed currency basis, we were up 6%. Just to be clear that what we're doing is then leaving the foreign exchange rates as they were in the comparative quarter, meaning in the first quarter of 2025 when we convert the segment currencies of this quarter, first quarter 2026. If we look at the mix of revenue between the segments, 67% U.S., so 2/3 more or less exactly 30% Germany, only 3% Kazakhstan, at its current level. Thank you very much, Henrik. thank you very much henrik I pick up with a little bit more detail on the income statement and the performance across the segments. i pick up with a little bit more detail on the income statement and the performance across the segments Starting where you left off or where you started actually, total revenue SEK 1.1 billion, down 6% in Swedish krona, fixed currency basis, we were up 6%. starting where you left off or where you started actually total revenue sek 1.1 billion down 6% in swedish krona fixed currency basis we were up 6% Just to be clear that what we're doing is then leaving the foreign exchange rates as they were in the comparative quarter, meaning in the first quarter of 2025 when we convert the segment currencies of this quarter, first quarter 2026. just to be clear that what we're doing is then leaving the foreign exchange rates as they were in the comparative quarter meaning in the first quarter of 2025 when we convert the segment currencies of this quarter first quarter 2026 If we look at the mix of revenue between the segments, 67% U.S., so 2/3 more or less exactly 30% Germany, only 3% Kazakhstan, at its current level. if we look at the mix of revenue between the segments 67% u.s so 2/3 more or less exactly 30% germany only 3% kazakhstan at its current level We do see a lot more potential there as we do in other segments also. When it comes to the revenue mix, important for the gross margin, that's to a large extent driven by the revenue mix, but also the product mix within equipment sales. We were at 53% of sales of equipment and trucks. That includes both new and used, and also conversions from the rental fleet in the United States. If we compare that a year ago, that was higher, 57%. Aftermarket, this is service and parts, the maintenance work we do, such a big focus area of the work that we do as a company. We do see a lot more potential there as we do in other segments also. we do see a lot more potential there as we do in other segments also When it comes to the revenue mix, important for the gross margin, that's to a large extent driven by the revenue mix, but also the product mix within equipment sales. when it comes to the revenue mix important for the gross margin that's to a large extent driven by the revenue mix but also the product mix within equipment sales We were at 53% of sales of equipment and trucks. we were at 53% of sales of equipment and trucks That includes both new and used, and also conversions from the rental fleet in the United States. that includes both new and used and also conversions from the rental fleet in the united states If we compare that a year ago, that was higher, 57%. if we compare that a year ago that was higher 57% Aftermarket, this is service and parts, the maintenance work we do, such a big focus area of the work that we do as a company. aftermarket this is service and parts the maintenance work we do such a big focus area of the work that we do as a company That was at 39%, a little bit higher than a year ago. It was at 37% in the comparative period in 2025, and then 8% rental. Gross margin improved, and that's mainly driven by the meaningfully higher gross margins in Germany and Kazakhstan, which, as it were to a big extent driven by that revenue mix that I referred to in those two segments. SG&A, so our overheads and operating expenses, were down 11% to SEK 173 million. As a percent of revenue, which is a important KPI for us to track, it decreased to 15.3% from 16.2% last year. That was at 39%, a little bit higher than a year ago. that was at 39% a little bit higher than a year ago It was at 37% in the comparative period in 2025, and then 8% rental. it was at 37% in the comparative period in 2025 and then 8% rental Gross margin improved, and that's mainly driven by the meaningfully higher gross margins in Germany and Kazakhstan, which, as it were to a big extent driven by that revenue mix that I referred to in those two segments. gross margin improved and that's mainly driven by the meaningfully higher gross margins in germany and kazakhstan which as it were to a big extent driven by that revenue mix that i referred to in those two segments SG&A, so our overheads and operating expenses, were down 11% to SEK 173 million. sg&a so our overheads and operating expenses were down 11% to sek 173 million As a percent of revenue, which is a important KPI for us to track, it decreased to 15.3% from 16.2% last year. as a percent of revenue which is a important kpi for us to track it decreased to 15.3% from 16.2% last year That reflects both some of the cost cutting that we have been doing and initiatives to rein in on costs and to some extent also foreign exchange effects. Operating margin increased to 3.2% from 1.1%, and the operating profit increased from SEK 13 million-SEK 37 million, following strong performance in the U.S. and Germany, especially. The biggest delta compared to last year would be the improvement in Germany and also a reduction in group costs as we'll see in a subsequent slide. Net profit increased to SEK 32 million. Some help there also from foreign exchange effects and also lower financing costs. That reflects both some of the cost cutting that we have been doing and initiatives to rein in on costs and to some extent also foreign exchange effects. that reflects both some of the cost cutting that we have been doing and initiatives to rein in on costs and to some extent also foreign exchange effects Operating margin increased to 3.2% from 1.1%, and the operating profit increased from SEK 13 million- SEK 37 million, following strong performance in the U.S. and Germany, especially. operating margin increased to 3.2% from 1.1% and the operating profit increased from sek 13 million- sek 37 million following strong performance in the u.s and germany especially The biggest delta compared to last year would be the improvement in Germany and also a reduction in group costs as we'll see in a subsequent slide. the biggest delta compared to last year would be the improvement in germany and also a reduction in group costs as we'll see in a subsequent slide Net profit increased to SEK 32 million. net profit increased to sek 32 million Some help there also from foreign exchange effects and also lower financing costs. some help there also from foreign exchange effects and also lower financing costs Moving on to the balance sheet, we have a bigger property plant and equipment year-on-year, and that's mainly reflecting the seasonal buildup of rental fleet in the U.S. If we look at the U.S. specifically and its working capital and then look quarter-on-quarter, so not year-on-year, but we compare it to Q4 of 2025, then we do see an increase. And that's related mainly to the acquisition of Housby, which was completed at the end of January, so in this first quarter of 2026, and also the aforementioned seasonal buildup of inventory that Henrik has referred to. Moving on to the balance sheet, we have a bigger property plant and equipment year-on-year, and that's mainly reflecting the seasonal buildup of rental fleet in the U.S. moving on to the balance sheet we have a bigger property plant and equipment year-on-year and that's mainly reflecting the seasonal buildup of rental fleet in the u.s If we look at the U.S. specifically and its working capital and then look quarter-on-quarter, so not year-on-year, but we compare it to Q4 of 2025, then we do see an increase. if we look at the u.s specifically and its working capital and then look quarter-on-quarter so not year-on-year but we compare it to q4 of 2025 then we do see an increase And that's related mainly to the acquisition of Housby, which was completed at the end of January, so in this first quarter of 2026, and also the aforementioned seasonal buildup of inventory that Henrik has referred to. and that's related mainly to the acquisition of housby which was completed at the end of january so in this first quarter of 2026 and also the aforementioned seasonal buildup of inventory that henrik has referred to In Germany, working capital also increased quarter-on-quarter from 6%-13% of last 12 months revenue. There, more temporary factors. We had some truck deliveries to clients postponed from first quarter to second quarter and are confident that they will come through in the second quarter and that working capital will then come down in Germany. In Kazakhstan, a picture also, if you remember last year, for those that follow us, we cleaned out old stock from our inventory. We've been now ordering new inventory with high demand in the local market. As that being delivered, we see a buildup in the working capital while the market itself was quite slow in the first quarter. In Germany, working capital also increased quarter-on-quarter from 6% - 13% of last 12 months revenue. in germany working capital also increased quarter-on-quarter from 6% - 13% of last 12 months revenue There, more temporary factors. there more temporary factors We had some truck deliveries to clients postponed from first quarter to second quarter and are confident that they will come through in the second quarter and that working capital will then come down in Germany. we had some truck deliveries to clients postponed from first quarter to second quarter and are confident that they will come through in the second quarter and that working capital will then come down in germany In Kazakhstan, a picture also, if you remember last year, for those that follow us, we cleaned out old stock from our inventory. in kazakhstan a picture also if you remember last year for those that follow us we cleaned out old stock from our inventory We've been now ordering new inventory with high demand in the local market. we've been now ordering new inventory with high demand in the local market As that being delivered, we see a buildup in the working capital while the market itself was quite slow in the first quarter. as that being delivered we see a buildup in the working capital while the market itself was quite slow in the first quarter A increase in working capital that we expect to come down as those machines are sold to customers going forward. Net debt, as a result of these factors, but also to some extent currency effects was up quarter-on-quarter to SEK 2 billion, again, reflecting that increase quarter-on-quarter in working capital, but also quarter-on-quarter the currency worked against us. Year-on-year, it was the opposite effect, but over the quarter the Swedish krona weakened. Equity to assets decreased quarter-on-quarter. It was flat year-on-year, so also capturing some of those dynamics on the balance sheet. A increase in working capital that we expect to come down as those machines are sold to customers going forward. a increase in working capital that we expect to come down as those machines are sold to customers going forward Net debt, as a result of these factors, but also to some extent currency effects was up quarter-on-quarter to SEK 2 billion, again, reflecting that increase quarter-on-quarter in working capital, but also quarter-on-quarter the currency worked against us. net debt as a result of these factors but also to some extent currency effects was up quarter-on-quarter to sek 2 billion again reflecting that increase quarter-on-quarter in working capital but also quarter-on-quarter the currency worked against us Year-on-year, it was the opposite effect, but over the quarter the Swedish krona weakened. year-on-year it was the opposite effect but over the quarter the swedish krona weakened Equity to assets decreased quarter-on-quarter. equity to assets decreased quarter-on-quarter It was flat year-on-year, so also capturing some of those dynamics on the balance sheet. it was flat year-on-year so also capturing some of those dynamics on the balance sheet Looking at the key drivers or again, delta year-over-year, we see starting from last year's EBIT performance at 13, again, a strong performance in the U.S., but close to where it was last year, whereas Germany picked up from -9 to +4, so a big delta there, big improvement. Kazakhstan roughly where it was. Then we also had to your far right there, cost savings mainly on personnel and travel in HQ. Group costs are coming down, leading to that overall improvement in our operating profit performance. Looking at the key drivers or again, delta year-over-year, we see starting from last year's EBIT performance at 13, again, a strong performance in the U.S., but close to where it was last year, whereas Germany picked up from -9 to +4, so a big delta there, big improvement. looking at the key drivers or again delta year-over-year we see starting from last year's ebit performance at 13 again a strong performance in the u.s but close to where it was last year whereas germany picked up from -9 to +4 so a big delta there big improvement Kazakhstan roughly where it was. kazakhstan roughly where it was Then we also had to your far right there, cost savings mainly on personnel and travel in HQ. then we also had to your far right there cost savings mainly on personnel and travel in hq Group costs are coming down, leading to that overall improvement in our operating profit performance. group costs are coming down leading to that overall improvement in our operating profit performance Moving to, looking at on a quarter-on-quarter basis as well, here we see then after a very strong finish in the U.S., a decline, whereas where in Germany, we had some one-off costs related to those cost savings that we now see fruits from in this year, so a big improvement quarter-on-quarter. Whereas Kazakhstan, again, less of a delta there, and again, some difference in the headquarters performance there also driven by some of the adjustments of provisions that we had in HQ. With that, I move over to next slide, which gives our traditional review or balance sheet. Moving to, looking at on a quarter-on-quarter basis as well, here we see then after a very strong finish in the U.S., a decline, whereas where in Germany, we had some one-off costs related to those cost savings that we now see fruits from in this year, so a big improvement quarter-on-quarter. moving to looking at on a quarter-on-quarter basis as well here we see then after a very strong finish in the u.s a decline whereas where in germany we had some one-off costs related to those cost savings that we now see fruits from in this year so a big improvement quarter-on-quarter Whereas Kazakhstan, again, less of a delta there, and again, some difference in the headquarters performance there also driven by some of the adjustments of provisions that we had in HQ. whereas kazakhstan again less of a delta there and again some difference in the headquarters performance there also driven by some of the adjustments of provisions that we had in hq With that, I move over to next slide, which gives our traditional review or balance sheet. with that i move over to next slide which gives our traditional review or balance sheet So you'll see the the big assets on our balance sheet starting from the left, you have our real estate that's both owned properties, that is our workshops, and leased in IFRS 16. The biggest item being our rental fleets, mainly in the U.S., the red, part of that bar, but also in Germany. In Germany capturing both diesel and electric trucks. I would then jump all the way to the inventories there being a big piece on the balance sheet. Again, biggest in the U.S. reflecting the bigger scale of those operations, and also in Germany. We have the trade and receivables outstanding from customers. So you'll see the the big assets on our balance sheet starting from the left, you have our real estate that's both owned properties, that is our workshops, and leased in IFRS 16. so you'll see the the big assets on our balance sheet starting from the left you have our real estate that's both owned properties that is our workshops and leased in ifrs 16 The biggest item being our rental fleets, mainly in the U.S., the red, part of that bar, but also in Germany. the biggest item being our rental fleets mainly in the u.s the red part of that bar but also in germany In Germany capturing both diesel and electric trucks. in germany capturing both diesel and electric trucks I would then jump all the way to the inventories there being a big piece on the balance sheet. i would then jump all the way to the inventories there being a big piece on the balance sheet Again, biggest in the U.S. reflecting the bigger scale of those operations, and also in Germany. again biggest in the u.s reflecting the bigger scale of those operations and also in germany We have the trade and receivables outstanding from customers. we have the trade and receivables outstanding from customers Quickly on the liability side of the balance sheet, we have the trade and payables being the interest-free part of the balance sheet and then the bank loans. Thirdly, the big item would be the supplier financing that we have for our both inventory and rental fleet arrangements. With that, we get to our NAV at SEK 1.4 billion and which translates into about SEK 93 per share. Quickly on the liability side of the balance sheet, we have the trade and payables being the interest-free part of the balance sheet and then the bank loans. quickly on the liability side of the balance sheet we have the trade and payables being the interest-free part of the balance sheet and then the bank loans Thirdly, the big item would be the supplier financing that we have for our both inventory and rental fleet arrangements. thirdly the big item would be the supplier financing that we have for our both inventory and rental fleet arrangements With that, we get to our NAV at SEK 1.4 billion and which translates into about SEK 93 per share. with that we get to our nav at sek 1.4 billion and which translates into about sek 93 per share Moving over to our financial objectives, where we stand with regards to revenue, we are at 0.92, partly affected there by currency development since we set these targets, especially then of course the dollar which has weakened against the Swedish krona. Operating margin last 12 months at 2.2. Reminder that we reached 3.2 in the quarter, but this being trailing last 12 months, standing at 2.2. Net Debt/EBITDA at 3.8, up from 3.4 in the previous quarter for the reasons that we have looked at in this presentation. Mainly Housby and seasonal buildup of inventory and rental fleets. With that, Henrik, I pass back to you for an outlook before we hand over for questions. Moving over to our financial objectives, where we stand with regards to revenue, we are at 0.92, partly affected there by currency development since we set these targets, especially then of course the dollar which has weakened against the Swedish krona. moving over to our financial objectives where we stand with regards to revenue we are at 0.92 partly affected there by currency development since we set these targets especially then of course the dollar which has weakened against the swedish krona Operating margin last 12 months at 2.2. operating margin last 12 months at 2.2 Reminder that we reached 3.2 in the quarter, but this being trailing last 12 months, standing at 2.2. reminder that we reached 3.2 in the quarter but this being trailing last 12 months standing at 2.2 Net Debt/EBITDA at 3.8, up from 3.4 in the previous quarter for the reasons that we have looked at in this presentation. net debt/ebitda at 3.8 up from 3.4 in the previous quarter for the reasons that we have looked at in this presentation Mainly Housby and seasonal buildup of inventory and rental fleets. mainly housby and seasonal buildup of inventory and rental fleets With that, Henrik, I pass back to you for an outlook before we hand over for questions. with that henrik i pass back to you for an outlook before we hand over for questions

Speaker 3: Thank you, Erik. We are optimistic about the U.S. operations and the market environment ahead. I said earlier, infrastructure spending remains at a high level across our territory. The need to repair roads and develop infrastructure, bridges and so on, continues at the same pace as last year. At the same time, we see that this is increasingly complemented by large scale data center investments. Thank you, Erik. thank you erik We are optimistic about the U.S. operations and the market environment ahead. we are optimistic about the u.s operations and the market environment ahead I said earlier, infrastructure spending remains at a high level across our territory. i said earlier infrastructure spending remains at a high level across our territory The need to repair roads and develop infrastructure, bridges and so on, continues at the same pace as last year. the need to repair roads and develop infrastructure bridges and so on continues at the same pace as last year At the same time, we see that this is increasingly complemented by large scale data center investments. at the same time we see that this is increasingly complemented by large scale data center investments The scale of planned AI related investments in the U.S., be it data centers or semiconductor factories, is really unprecedented, and we have several projects within our territory that are expected to support construction activity and equipment demand for several years to come. The customer order books, they are solid and underlying demand is robust. The scale of planned AI related investments in the U.S., be it data centers or semiconductor factories, is really unprecedented, and we have several projects within our territory that are expected to support construction activity and equipment demand for several years to come. the scale of planned ai related investments in the u.s be it data centers or semiconductor factories is really unprecedented and we have several projects within our territory that are expected to support construction activity and equipment demand for several years to come The customer order books, they are solid and underlying demand is robust. the customer order books they are solid and underlying demand is robust Now we have Housby integrated and we continue to invest in rental CRM and lead generation. With that, we are well prepared to take more market share, increase our aftermarket penetration and that way improve our operational leverage in the U.S. further. In Germany, we expect the recovery in the market to continue as fleet renewal needs continue to build despite higher fuel prices linked to the conflict in the Middle East that add uncertainty. Importantly, demand for service and parts remain strong. And as new truck sales improve that demand for service and parts should grow further. Now we have Housby integrated and we continue to invest in rental CRM and lead generation. now we have housby integrated and we continue to invest in rental crm and lead generation With that, we are well prepared to take more market share, increase our aftermarket penetration and that way improve our operational leverage in the U.S. further. with that we are well prepared to take more market share increase our aftermarket penetration and that way improve our operational leverage in the u.s further In Germany, we expect the recovery in the market to continue as fleet renewal needs continue to build despite higher fuel prices linked to the conflict in the Middle East that add uncertainty. in germany we expect the recovery in the market to continue as fleet renewal needs continue to build despite higher fuel prices linked to the conflict in the middle east that add uncertainty Importantly, demand for service and parts remain strong. importantly demand for service and parts remain strong And as new truck sales improve that demand for service and parts should grow further. and as new truck sales improve that demand for service and parts should grow further With a lower cost base in Germany, a better aftermarket business and still with an organization that is able to handle larger volumes, we are well-positioned for higher sales and improved operational leverage in Germany too, as the market normalizes. In Kazakhstan, we see good opportunities, particularly in mining and road construction. We have a new management in place and a focus on improved operational execution. And in Kazakhstan too, we are very well-positioned to grow revenue and profitability over time. That concludes our presentation. Thank you. With a lower cost base in Germany, a better aftermarket business and still with an organization that is able to handle larger volumes, we are well-positioned for higher sales and improved operational leverage in Germany too, as the market normalizes. with a lower cost base in germany a better aftermarket business and still with an organization that is able to handle larger volumes we are well-positioned for higher sales and improved operational leverage in germany too as the market normalizes In Kazakhstan, we see good opportunities, particularly in mining and road construction. in kazakhstan we see good opportunities particularly in mining and road construction We have a new management in place and a focus on improved operational execution. we have a new management in place and a focus on improved operational execution And in Kazakhstan too, we are very well-positioned to grow revenue and profitability over time. and in kazakhstan too we are very well-positioned to grow revenue and profitability over time That concludes our presentation. that concludes our presentation Thank you. thank you

Speaker 2: Can we hand over to the operator for questions, please? Can we hand over to the operator for questions, please? can we hand over to the operator for questions please

Speaker 4: 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 five on your telephone keypad. The next question comes from Albin Barnevik from ABG Sundal Collier. 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 withdraw your question, please dial pound key five on your telephone keypad. The next question comes from Albin Barnevik from ABG Sundal Collier. 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 five on your telephone keypad. the next question comes from albin barnevik from abg sundal collier Please go ahead. please go ahead

Speaker 1: Good morning, Henrik and Erik. This is Albin at ABG. If we start with Germany, we see the equipment sales being down quite a bit, yet we saw an earnings recovery driven by the strong gross margins of some 18% in the quarter. Do I understand it correctly that this was primarily driven by a strong aftermarket, which was up 6% organically, I believe? How much are of these gross margins and this improvement here is structural, would you say? Good morning, Henrik and Erik. good morning henrik and erik This is Albin at ABG. this is albin at abg If we start with Germany, we see the equipment sales being down quite a bit, yet we saw an earnings recovery driven by the strong gross margins of some 18% in the quarter. if we start with germany we see the equipment sales being down quite a bit yet we saw an earnings recovery driven by the strong gross margins of some 18% in the quarter Do I understand it correctly that this was primarily driven by a strong aftermarket, which was up 6% organically, I believe? do i understand it correctly that this was primarily driven by a strong aftermarket which was up 6% organically i believe How much are of these gross margins and this improvement here is structural, would you say? how much are of these gross margins and this improvement here is structural would you say

Speaker 3: The improvement quarter-on-quarter or year-on-year is definitely driven by the aftermarket. That is a correct understanding. The improvement quarter- on- quarter or year-on-year is definitely driven by the aftermarket. the improvement quarter- on- quarter or year-on-year is definitely driven by the aftermarket That is a correct understanding. that is a correct understanding

Speaker 2: Yeah. I would say, I mean, when you say structural, Albin, I think that, I would put it the following way. I mean, you know, our core strategy is to grow the aftermarket. We'll continue to do that in Germany. We think we can increase penetration and take a bigger share of the aftermarket that is out there, service more trucks. That we expect to continue to grow. Also when we look at the economy, while there are concerns about, you know, the pace of the recovery in Germany, we see continued utilization of trucks. The trucks are being used and our strategy is to take more share of the aftermarket there. Yeah. yeah I would say, I mean, when you say structural, Albin, I think that, I would put it the following way. i would say i mean when you say structural albin i think that i would put it the following way I mean, you know, our core strategy is to grow the aftermarket. i mean you know our core strategy is to grow the aftermarket We'll continue to do that in Germany. we'll continue to do that in germany We think we can increase penetration and take a bigger share of the aftermarket that is out there, service more trucks. we think we can increase penetration and take a bigger share of the aftermarket that is out there service more trucks That we expect to continue to grow. that we expect to continue to grow Also when we look at the economy, while there are concerns about, you know, the pace of the recovery in Germany, we see continued utilization of trucks. also when we look at the economy while there are concerns about you know the pace of the recovery in germany we see continued utilization of trucks The trucks are being used and our strategy is to take more share of the aftermarket there. the trucks are being used and our strategy is to take more share of the aftermarket there You have the new truck sales which tend to be more volatile. It will vary from quarter to quarter. In this quarter specifically, we had, as we mentioned, some of the deliveries delayed from the first quarter to subsequent quarters. You would see a decline there that is maybe not typical. I think the way to look at it, and we want to see, we're careful to give guidance, as you know, is to see that aftermarket continue to grow. We. It is stable as trucks are being utilized whether new trucks are sold or not, and we are leveraging our organization and reaching to take more market share there. You have the new truck sales which tend to be more volatile. you have the new truck sales which tend to be more volatile It will vary from quarter to quarter. it will vary from quarter to quarter In this quarter specifically, we had, as we mentioned, some of the deliveries delayed from the first quarter to subsequent quarters. in this quarter specifically we had as we mentioned some of the deliveries delayed from the first quarter to subsequent quarters You would see a decline there that is maybe not typical. you would see a decline there that is maybe not typical I think the way to look at it, and we want to see, we're careful to give guidance, as you know, is to see that aftermarket continue to grow. i think the way to look at it and we want to see we're careful to give guidance as you know is to see that aftermarket continue to grow We. we It is stable as trucks are being utilized whether new trucks are sold or not, and we are leveraging our organization and reaching to take more market share there. it is stable as trucks are being utilized whether new trucks are sold or not and we are leveraging our organization and reaching to take more market share there The new trucks, we of course, we need to replenish that population, we need to build population, but the sales from one quarter to another is gonna be more volatile. Over time, we definitely see potential to take market share in that as well. Structural, I think, yeah, we want to see that aftermarket remain at least stable and we see the potential to grow it from where we are now. Then I think, yeah, the truck sales, that will be more volatile from quarter to quarter, but the trend should be upwards. The new trucks, we of course, we need to replenish that population, we need to build population, but the sales from one quarter to another is gonna be more volatile. the new trucks we of course we need to replenish that population we need to build population but the sales from one quarter to another is gonna be more volatile Over time, we definitely see potential to take market share in that as well. over time we definitely see potential to take market share in that as well Structural, I think, yeah, we want to see that aftermarket remain at least stable and we see the potential to grow it from where we are now. structural i think yeah we want to see that aftermarket remain at least stable and we see the potential to grow it from where we are now Then I think, yeah, the truck sales, that will be more volatile from quarter to quarter, but the trend should be upwards. then i think yeah the truck sales that will be more volatile from quarter to quarter but the trend should be upwards As I think we stressed, even if the recovery is taking some time, customers are always using the trucks, so they will have to replace those trucks. That's when we refer to the pent-up demand, that fleet renewals has to happen. It has to happen. As I think we stressed, even if the recovery is taking some time, customers are always using the trucks, so they will have to replace those trucks. as i think we stressed even if the recovery is taking some time customers are always using the trucks so they will have to replace those trucks That's when we refer to the pent-up demand, that fleet renewals has to happen. that's when we refer to the pent-up demand that fleet renewals has to happen It has to happen. it has to happen

Speaker 1: I see. When I say structural, I was referring to perhaps structural versus the seasonal patterns where you've had strong Q1 gross margins before. All right. You also talked about the favorable product mix within the equipment sales. Are there any particular products that have been especially accretive or can mention perhaps? I see. i see When I say structural, I was referring to perhaps structural versus the seasonal patterns where you've had strong Q1 gross margins before. when i say structural i was referring to perhaps structural versus the seasonal patterns where you've had strong q1 gross margins before All right. all right You also talked about the favorable product mix within the equipment sales. you also talked about the favorable product mix within the equipment sales Are there any particular products that have been especially accretive or can mention perhaps? are there any particular products that have been especially accretive or can mention perhaps

Speaker 3: No, I don't think anything really sticks out. I mean, we had good in the U.S., good activity when it comes to converting machines from the rental fleet. That typically has higher margins than when we sell new equipment out of the box, so to say. That contributes to the revenue mix. All in all, as I said, we underlying margins in different revenue streams are fairly stable despite competition still being high, and I think we are doing well in defending our margins. No, I don't think anything really sticks out. no i don't think anything really sticks out I mean, we had good in the U.S., good activity when it comes to converting machines from the rental fleet. i mean we had good in the u.s good activity when it comes to converting machines from the rental fleet That typically has higher margins than when we sell new equipment out of the box, so to say. that typically has higher margins than when we sell new equipment out of the box so to say That contributes to the revenue mix. that contributes to the revenue mix All in all, as I said, we underlying margins in different revenue streams are fairly stable despite competition still being high, and I think we are doing well in defending our margins. all in all as i said we underlying margins in different revenue streams are fairly stable despite competition still being high and i think we are doing well in defending our margins

Speaker 1: All right. That's clear. We also saw OpEx coming down in Germany due to the cost savings that you had flagged before the quarter, SG&A being down 14%. Would you say that you're at a cost floor now or are there further reductions possible, or do you have further reductions planned? All right. all right That's clear. that's clear We also saw OpEx coming down in Germany due to the cost savings that you had flagged before the quarter, SG&A being down 14%. we also saw opex coming down in germany due to the cost savings that you had flagged before the quarter sg&a being down 14% Would you say that you're at a cost floor now or are there further reductions possible, or do you have further reductions planned? would you say that you're at a cost floor now or are there further reductions possible or do you have further reductions planned

Speaker 3: Well, I mean, we always look to optimize costs, but our focus now in Germany is really to grow the service and parts business, and to drive that and then be in a good position to capture the market when it comes back. Well, I mean, we always look to optimize costs, but our focus now in Germany is really to grow the service and parts business, and to drive that and then be in a good position to capture the market when it comes back. well i mean we always look to optimize costs but our focus now in germany is really to grow the service and parts business and to drive that and then be in a good position to capture the market when it comes back

Speaker 1: All right. Understood. Moving on to the U.S., you talk about the AI and data center construction here as an accelerating demand driver going forward. Could you perhaps split out how much of your U.S. territories active projects are data center related? Is that possible? All right. all right Understood. understood Moving on to the U.S. , you talk about the AI and data center construction here as an accelerating demand driver going forward. moving on to the u.s , you talk about the ai and data center construction here as an accelerating demand driver going forward Could you perhaps split out how much of your U.S. territories active projects are data center related? could you perhaps split out how much of your u.s territories active projects are data center related Is that possible? is that possible

Speaker 3: No, I don't think it's possible to give a number on that, but it's clearly an uptick in the number of projects being quoted and the number of deals we're involved in relating to data center. I mean, these projects are enormous in the sense that they're, you know, the territory or the land that you need to build one of these data centers is so big and you need to move so much dirt that it just requires a lot of articulated haulers and excavators and wheel loaders to do that. No, I don't think it's possible to give a number on that, but it's clearly an uptick in the number of projects being quoted and the number of deals we're involved in relating to data center. no i don't think it's possible to give a number on that but it's clearly an uptick in the number of projects being quoted and the number of deals we're involved in relating to data center I mean, these projects are enormous in the sense that they're, you know, the territory or the land that you need to build one of these data centers is so big and you need to move so much dirt that it just requires a lot of articulated haulers and excavators and wheel loaders to do that. i mean these projects are enormous in the sense that they're you know the territory or the land that you need to build one of these data centers is so big and you need to move so much dirt that it just requires a lot of articulated haulers and excavators and wheel loaders to do that

Speaker 1: Yeah. understood. Of the, of the U.S. organic growth then, how much did the acquisition of Housby contribute here? Yeah. understood. yeah understood Of the, of the U.S. organic growth then, how much did the acquisition of Housby contribute here? of the of the u.s organic growth then how much did the acquisition of housby contribute here

Speaker 2: We don't give the exact split, Albin. I think maybe you, if you go back to sort of the press release of what we saw Housby being approximately 10% of revenue. I think we are integrating the assets. That's going well, but it's taking some time to get things up and running our way. Probably lower than that in the start. That's what you can assume. Putting everything in place to make sure it gets up to full potential, both in terms of revenue. We don't give the exact split, Albin. we don't give the exact split albin I think maybe you, if you go back to sort of the press release of what we saw Housby being approximately 10% of revenue. i think maybe you if you go back to sort of the press release of what we saw housby being approximately 10% of revenue I think we are integrating the assets. i think we are integrating the assets That's going well, but it's taking some time to get things up and running our way. that's going well but it's taking some time to get things up and running our way Probably lower than that in the start. probably lower than that in the start That's what you can assume. that's what you can assume Putting everything in place to make sure it gets up to full potential, both in terms of revenue. putting everything in place to make sure it gets up to full potential both in terms of revenue

Speaker 3: Yeah we don't specify it, but I think we can say that most of the growth in Q1 came organically. That's correct. Yeah we don't specify it, but I think we can say that most of the growth in Q1 came organically. yeah we don't specify it but i think we can say that most of the growth in q1 came organically That's correct. that's correct

Speaker 1: Yes. Okay. When do you expect the Housby margin to be aligned with the Rudd EBIT margin, perhaps? Yes. yes Okay. okay When do you expect the Housby margin to be aligned with the Rudd EBIT margin, perhaps? when do you expect the housby margin to be aligned with the rudd ebit margin perhaps

Speaker 3: I don't really wanna speculate too much there, but, you know, it's a market that covers 10% of the market we used to have, and there's no reason why we should have a lower share in Iowa compared to other territories over time. There's no reason why our profitability should be lower. When exactly that will happen, I don't want to speculate in, but over time, it should be the same as we have in our other U.S. branches and just sort of contributing to operational leverage in the U.S. business. I don't really wanna speculate too much there, but, you know, it's a market that covers 10% of the market we used to have, and there's no reason why we should have a lower share in Iowa compared to other territories over time. i don't really wanna speculate too much there but you know it's a market that covers 10% of the market we used to have and there's no reason why we should have a lower share in iowa compared to other territories over time There's no reason why our profitability should be lower. there's no reason why our profitability should be lower When exactly that will happen, I don't want to speculate in, but over time, it should be the same as we have in our other U.S. branches and just sort of contributing to operational leverage in the U.S. business. when exactly that will happen i don't want to speculate in but over time it should be the same as we have in our other u.s branches and just sort of contributing to operational leverage in the u.s business

Speaker 1: Yeah. All right. That's, that's clear. If we move on then to the net debt coming up a bit in the quarter, both sequentially and year-over-year. This is, of course, partly, as you mentioned in the presentation, part of a seasonal pattern, as well as due to certain lower equipment sales in the quarter, perhaps than expected. I suppose this is Housby related as well. Is that correct? Yeah. yeah All right. all right That's, that's clear. that's that's clear If we move on then to the net debt coming up a bit in the quarter, both sequentially and year-over-year. if we move on then to the net debt coming up a bit in the quarter both sequentially and year-over-year This is, of course, partly, as you mentioned in the presentation, part of a seasonal pattern, as well as due to certain lower equipment sales in the quarter, perhaps than expected. this is of course partly as you mentioned in the presentation part of a seasonal pattern as well as due to certain lower equipment sales in the quarter perhaps than expected I suppose this is Housby related as well. i suppose this is housby related as well Is that correct? is that correct

Speaker 2: Yeah. I mean, there are three things driving this. I mean, one is the acquisition of Housby, where we. Yeah. yeah I mean, there are three things driving this. i mean there are three things driving this I mean, one is the acquisition of Housby, where we. i mean one is the acquisition of housby where we

Speaker 1: Yeah Yeah yeah

Speaker 2: I mean, almost everything we paid for was actually equipment and being added to rental fleet and inventory. On top of that, you have a seasonal buildup of inventory and rental fleet in the U.S., which I think, I mean, it's a sign of the statement we make in the outlook. We are seeing very high demand, we are building inventory and rental fleet to cover this demand in the season. Then on top of that, we have these truck deliveries in Germany that were postponed from Q1 to Q2. I mean, almost everything we paid for was actually equipment and being added to rental fleet and inventory. i mean almost everything we paid for was actually equipment and being added to rental fleet and inventory On top of that, you have a seasonal buildup of inventory and rental fleet in the U.S., which I think, I mean, it's a sign of the statement we make in the outlook. on top of that you have a seasonal buildup of inventory and rental fleet in the u.s which i think i mean it's a sign of the statement we make in the outlook We are seeing very high demand, we are building inventory and rental fleet to cover this demand in the season. we are seeing very high demand we are building inventory and rental fleet to cover this demand in the season Then on top of that, we have these truck deliveries in Germany that were postponed from Q1 to Q2. then on top of that we have these truck deliveries in germany that were postponed from q1 to q2 That drives net debt as a whole. As you saw, I mean, leverage also came up somewhat during the quarter and I mean, this the net debt increases immediately when we add inventory and rental fleet, while the EBITDA that we are expecting to get from these investments come with a somewhat of a delay. We are working to delever the company. That drives net debt as a whole. that drives net debt as a whole As you saw, I mean, leverage also came up somewhat during the quarter and I mean, this the net debt increases immediately when we add inventory and rental fleet, while the EBITDA that we are expecting to get from these investments come with a somewhat of a delay. as you saw i mean leverage also came up somewhat during the quarter and i mean this the net debt increases immediately when we add inventory and rental fleet while the ebitda that we are expecting to get from these investments come with a somewhat of a delay We are working to delever the company. we are working to delever the company

Speaker 1: Yeah. Yeah. Do you think that will that you will be below the leverage target as we end 2026? Yeah. yeah Yeah. yeah Do you think that will that you will be below the leverage target as we end 2026? do you think that will that you will be below the leverage target as we end 2026

Speaker 2: Again, Albin, you're in on guidance. I think, I mean, we set these financial targets as long-term objectives. I don't wanna stipulate the timeline there. I do think we are saying that, I mean, if you look at these effects, we have Housby, we have the delay of some of the deliveries in Germany, and we have a seasonal buildup in the U.S. All of those should normalize over the year. There is a structure part where we keep investing in the rental fleet in the U.S., that should also come with higher EBITDA from that investment. I would at least say all those factors speak for that ratio coming down. Again, Albin, you're in on guidance. again albin you're in on guidance I think, I mean, we set these financial targets as long-term objectives. i think i mean we set these financial targets as long-term objectives I don't wanna stipulate the timeline there. i don't wanna stipulate the timeline there I do think we are saying that, I mean, if you look at these effects, we have Housby, we have the delay of some of the deliveries in Germany, and we have a seasonal buildup in the U.S. i do think we are saying that i mean if you look at these effects we have housby we have the delay of some of the deliveries in germany and we have a seasonal buildup in the u.s All of those should normalize over the year. all of those should normalize over the year There is a structure part where we keep investing in the rental fleet in the U.S., that should also come with higher EBITDA from that investment. there is a structure part where we keep investing in the rental fleet in the u.s that should also come with higher ebitda from that investment I would at least say all those factors speak for that ratio coming down. i would at least say all those factors speak for that ratio coming down

Speaker 1: No, I hear you. All right. Yeah, just a final question, if I may. On the group costs, they've been lower now for four quarters in a row compared to the previous period. I sense a pattern of normalization here within this cost range. Is that correct? No, I hear you. no i hear you All right. all right Yeah, just a final question, if I may. yeah just a final question if i may On the group costs, they've been lower now for four quarters in a row compared to the previous period. on the group costs they've been lower now for four quarters in a row compared to the previous period I sense a pattern of normalization here within this cost range. i sense a pattern of normalization here within this cost range Is that correct? is that correct

Speaker 2: I think it's correct. It is, I mean, not only temporary. We have reduced costs on a group level, so there is a structural component there. If you look quarter-on-quarter, for example, in Q4, there were bonus provisions that were reversed. You had actually negative costs, if you see what I mean, Albin, like positive contributions. That reduced cost in Q4. But yes, I mean, we have worked on the cost on the group level, and we continue to do so. I think, yeah, you can probably look at the current level as more indicative. I think it's correct. i think it's correct It is, I mean, not only temporary. it is i mean not only temporary We have reduced costs on a group level, so there is a structural component there. we have reduced costs on a group level so there is a structural component there If you look quarter-on-quarter, for example, in Q4, there were bonus provisions that were reversed. if you look quarter-on-quarter for example in q4 there were bonus provisions that were reversed You had actually negative costs, if you see what I mean, Albin, like positive contributions. you had actually negative costs if you see what i mean albin like positive contributions That reduced cost in Q4. that reduced cost in q4 But yes, I mean, we have worked on the cost on the group level, and we continue to do so. but yes i mean we have worked on the cost on the group level and we continue to do so I think, yeah, you can probably look at the current level as more indicative. i think yeah you can probably look at the current level as more indicative

Speaker 1: All right. Thank you. That was it for me. All right. all right Thank you. thank you That was it for me. that was it for me

Speaker 3: Thank you. Excuse me. Thank you. thank you Excuse me. excuse me

Speaker 4: As a reminder, if you wish to ask a question please dial pound key five on your telephone keypad. There are no more phone questions at this time, so I hand the conference back to the speakers for any written question or closing comments. As a reminder, if you wish to ask a question please dial pound key five on your telephone keypad. There are no more phone questions at this time, so I hand the conference back to the speakers for any written question or closing comments. as a reminder, if you wish to ask a question please dial pound key five on your telephone keypad. there are no more phone questions at this time so i hand the conference back to the speakers for any written question or closing comments

Speaker 2: Two questions, Henrik, coming in to us over mail. I won't state any names because I'm not sure they would want that. One question is on working capital. I think we addressed this. It's if the increase that we've seen is more temporary or structural. I think we just touched on that, we do see it as more temporary, given the seasonal factors and the buildup related to Housby. Two questions, Henrik, coming in to us over mail. two questions henrik coming in to us over mail I won't state any names because I'm not sure they would want that. i won't state any names because i'm not sure they would want that One question is on working capital. one question is on working capital I think we addressed this. i think we addressed this It's if the increase that we've seen is more temporary or structural. it's if the increase that we've seen is more temporary or structural I think we just touched on that, we do see it as more temporary, given the seasonal factors and the buildup related to Housby. i think we just touched on that we do see it as more temporary given the seasonal factors and the buildup related to housby We are comfortable with higher working capital, but when it comes with higher revenue. Looking at working capital as a percentage of revenue, that we want to normalize and come down, and we will always want to keep high capital turnover and good returns on capital. The second question, Henrik, I leave to you. It's related to what we say about the potential for further bolt-on acquisitions. The question is, should we expect any such acquisitions in 2026? We are comfortable with higher working capital, but when it comes with higher revenue. we are comfortable with higher working capital but when it comes with higher revenue Looking at working capital as a percentage of revenue, that we want to normalize and come down, and we will always want to keep high capital turnover and good returns on capital. looking at working capital as a percentage of revenue that we want to normalize and come down and we will always want to keep high capital turnover and good returns on capital The second question, Henrik, I leave to you. the second question henrik i leave to you It's related to what we say about the potential for further bolt-on acquisitions. it's related to what we say about the potential for further bolt-on acquisitions The question is, should we expect any such acquisitions in 2026? the question is should we expect any such acquisitions in 2026

Speaker 3: Well, as we state, we continue to evaluate opportunities. We have a very strong platform in the U.S., particularly for bolt-on acquisitions and over time, we are positive about finding such, and that's in line with our strategy. Whether or not we have concrete cases, that is not something we will share. Well, as we state, we continue to evaluate opportunities. well as we state we continue to evaluate opportunities We have a very strong platform in the U.S., particularly for bolt-on acquisitions and over time, we are positive about finding such, and that's in line with our strategy. we have a very strong platform in the u.s particularly for bolt-on acquisitions and over time we are positive about finding such and that's in line with our strategy Whether or not we have concrete cases, that is not something we will share. whether or not we have concrete cases that is not something we will share

Speaker 2: Thank you. That was it, what I had on email. I turn back to the operator. We have no more questions here, if there are no more questions from the audience. If not, we thank everybody for their interest in Ferronordic, and hope you have a great rest of the day and the week. Thank you. Thank you. thank you That was it, what I had on email. that was it what i had on email I turn back to the operator. i turn back to the operator We have no more questions here, if there are no more questions from the audience. we have no more questions here if there are no more questions from the audience If not, we thank everybody for their interest in Ferronordic, and hope you have a great rest of the day and the week. if not we thank everybody for their interest in ferronordic and hope you have a great rest of the day and the week Thank you. thank you

Speaker 3: Thank you. Thank you. thank you