Good morning, everyone, and welcome to the financial report of the Bergman & Beving third quarter 2025/2026. Sorry for this delay.

We actually thought we were live and I was talking for 5 minutes, but we have now restarted and I will start from the beginning and hopefully now everyone can hear what we are saying. I also have Peter Schön here with me today.

Hello, everyone.

Yeah. We will run this as normal.

We will start with a presentation and then we will have a Q&A. Let's start with the highlights of the third quarter and the market.

The market uncertainty continued during the third quarter. We saw some positive outlook in the turn of the year, especially around the increased investment activity in the Nordic construction sector.

However, beginning January and we had some geopolitical incidents that created risk to create some uncertainty. There are still scenarios, macro scenarios, that could dampen the pick-up, but hopefully we have a turning point here now, but I think it's too early to count that going forward.

Let's see what's happened around that. Despite this uncertainty, we continue to increase earnings, improve margins, improve returns, and also improved earnings per share in the quarter.

The turnover was quite flat, but positively is that we had an organic growth with 4% during the quarter. That was the first quarter in many quarters that we have a positive organic growth, top line growth.

However, as we have been actively phasing out low-margin businesses along the way. That is one of the reason why we by purpose have had an organic negative top line growth.

Something that you can see in the improved gross margin we've had along the way in combination with improved profit margin that we also this quarter had an increase. We are now at 10.7% in EBITA margin, steadily above 10%, and that's a little bit more than 1% unit increase since last quarter.

The EBITA increased profit by 12%, and we now have 24 consecutive quarters with improved profits. Also, our profitability, profit to working capital increased 5% units, and we're now at 35%.

All in all, this resulted in an earnings per share growth rolling 12 to 8.7—sorry, 8.5 compared with 7.55 comparable quarter last year. Overall, we are going in the right direction, but that are still things to do going forward.

We also continue to build a better Bergman & Beving long-term by taking some structural initiatives. We implemented four divisions during this quarter, moving from three divisions, with the aim to enable us to continue to grow through acquisition, but also enhance the organically in the companies that we have across the group.

We now have four new divisions with divisions head in place, and I am very much looking forward to see the development we can have in the group with strengthen in the management on the division level. We also made two acquisitions during the period with a combined annual sales of 75 million.

On Monday this week, we also announced the latest acquisition, A1S in the UK, with an annual sales of 110 million SEK. We continue to acquire.

In this year, we have made eight acquisitions this fiscal year so far. That is an all-time high in terms of numbers, but also in terms of revenue and profit that we have acquired during my tenure.

We also divested our internal logistic company, Logistikpartner in Ulricehamn, in January 13. We did that because we don't see that we are a good long-term owner to a logistic company.

It doesn't have the characteristics of niche and profit levels that we would like to have within Bergman & Beving. We don't see the need to have an internal logistic company within the group going forward.

We believe that this logistic company will have a better development in terms of service level and price points being part of a professional logistic company. That is actually the new owner of Logistikpartner in Ulricehamn is named Boxflow.

If we look more specifically into the acquisition, I mentioned we made eight acquisitions so far this year. As you can see on this slide, there has been a lot of acquisitions in the UK.

That is not by purpose, I would say. It's the result of, I think, the acquisition market as such has been favorable in the UK.

Also that we have been increased our activities in the UK market, resulting in good high quality acquisitions opportunities that then has materialized in acquisitions. In annual revenue, we acquire now 520 million SEK in turnover.

That is above the acquisition target if you then recalculate that in profit, since all of them have margins about 15% and some are well above the 15% profit margin. We are now above the acquisition target of acquiring 50 to 80 million SEK EBITA annually.

We are very satisfied with the acquisitions pace we have so far. As said earlier, we have now 24 consecutive quarters with increased EBITA.

That is a good traction, and we have the aim and ambition to continue this positive development going forward as well, including also increasing the EBITA margin. I mentioned initially that we now in this quarter had an organic growth of 4%.

The currency affected negatively on the top line with 4%, and the acquisitions and divestment all in all made a -1% effect. All in all resulting in a top line decline of -1%.

Once again, we are very glad and happy that we had an organic growth this quarter. That is actually the first time since four—14 quarters that we had an organic top line development.

We continue to enhance the gross margin. We have a very good trend in the gross margin also this quarter.

That is a result of divestments that were made along the way, typically low gross margin businesses, in combination with acquiring high-margin businesses. I earlier communicated that if you look at the quarters from starting in 2021 up until Q1 24/25, we had a very steady improvement in the gross margin.

That is mainly due to the phase-out activities we made of low-margin businesses. We have communicate earlier that the acquisition by definition will not increase the gross margin as such.

Yes, we can have some continued improvement in gross margin, but you shouldn't expect steady growth even if we make high-margin businesses acquisitions going forward. We work very closely with the gross margin to protect and enhance that of course across all our companies in the group.

As you can see, we had a target to have 75% own product, but we're now at 79%. I don't see that is kind of an end game as such, the aim is to continue to improve the own product as a part of the total going forward as well.

This is a picture that actually showed the three key KPIs we're following: the profit to working capital, the EBIT in absolute terms, and the EBIT margin. On all of those three, you see a positive development, even if we would like to see a more steep growth in the EBIT and the EBIT margin as such.

As communicated earlier, the EBIT is affected that we actually sold businesses that represent roughly 45 million SEK in earnings that we have compensated through organic profit growth as well as acquisition, but the improvement path has kind of dampered a little bit. We will see that we'll pick up, aiming for the 500 millions in the coming quarters.

Also the EBIT margin is now at 8.2% and we have some 1.8% units to get to the 10%, and we are still aiming for that, but we will need some additional quarters to reach that level as well. The profit to working capital target of 45% in this fiscal year is still in play.

With that said, I will hand over to Peter talking about the earnings per share development.

Thank you, Magnus. When it comes to earnings per share, it continues to improve, steady progress.

As you can see on the red line here, it's rolling 12. It's steadily increasing after a period where we had a decrease in earnings per share due to the interest rates, but now it has picked up.

The rolling 12 figure is 8.5 Swedish kronas. Steady, slow and steady progress.

If we move on to the inventory levels, also here as we stated the last two quarters as well, we have a slower reduction pace. We have done a lot of the low-hanging fruit, to say, when it comes to inventory reductions.

Even though the inventory reduced almost 125 million, the organic reduction was 55 million SEK. Also here is slow and steady progress.

The inventory turnover leveled out, it's even here you can see that it's slower progress. We still work with reductions and we still have a potential, but it takes more time now to slim our assortments and get the final release of cash from that.

If we go to the cash flow from operating activities, was, yeah, in the quarter according to plan. Of course, the slower inventory reduction also here we can see here after a period with very high cash flows, we now more on a level plane.

Also the effect of the seasonality, this quarter was, if we go back a few years, a very strong quarter with a lot of release actually from accounts receivables with our company selling through resellers in the Nordics. We now have a more even seasonality, but still, yeah, the cash flow was according to plan.

If we look at the net debt, we increased the operational net debt to 1.5 billion SEK compared to 1.2 last year's. It's driven by acquisitions.

As Magnus said, during the year we acquired 500 million SEK in turnover, so that has increased the debt. Also the last quarter we repurchased shares to cover our incentive programs, so that was 64 million SEK.

Good. The acquisition target remains intact.

After the quarter we also did, like Magnus said, the A1S acquisition in the UK, we feel quite comfortable with a net debt/EBITDA level of 2.6. We still are on an acquisition path going forward.

Magnus, yeah.

Yes. As said earlier in this call, to strengthen the group's long-term conditions for profitable growth and create more opportunities for acquisition-driven expansion, we have established a fourth division.

At the same time, we have transferred some companies between the divisions to strengthen our strategic focus and operational efficiency. The group is now divided into four divisions: Core Solutions, Safety Technology, Machinery & Equipment, and PPE & Utilities.

I will not go through all the companies, but but generally speaking, you could say that the PPE and utility include companies in personal protective equipment and consumables, including the wholesale company Luna. These companies primarily conduct sales through construction and industrial resellers in the Nordic region, i.e., more the original type of B&B businesses that we had after the spin-off of of Momentum Group 2017.

Whereas the the Core Solutions, Safety Technology, and and Machinery & Equipment is more recently acquired company, if you exclude the ESSVE company that is a company close to 1 billion SEK in turnover that is part of the Core Solutions divisions. We have also communicated when we communicated the new divisions, released a pro forma that state historical development of those divisions in the new setup and structure.

If we look at the Core Solution then, the construction sector and they are facing has been stable, even if there are severities across the different sub-segments. ESSVE, for example, see some early signs here of recovery, even if you don't that hasn't materialized yet in in the order intake or or the invoicing.

Still, this company this division increased revenue with 15%, but even more impressing is that the EBITA increased more than 100% up to 53 million SEK, and the EBITA margin is all-time high at 14% now. You can see the the slides in the bottom here that we have a steady improvement in the rolling 12 EBITA development, and the margin is picking up again now, and the revenue is also picking up partly organically, but mainly through acquisitions.

If we look at then the Safety Technology divisions, also here we have a mixed demand, but overall somewhat stronger. Here we have a revenue increase of 26% and EBITA increase of 50% to 51 million SEK.

Here we have even a higher EBITA margin at 16.1%. It's a significant increase compared with with previous year, is close to, 2.5% or even a little bit about 2.5% units increase.

This division has been the most active in in the acquisitions during the last this fiscal year. Here we acquired Modus Gauges in October 1 in the Q3 quarter, and as well as Datalase in November.

Also the A1S we acquired this Monday is part of this division. This division have made several acquisition that we expect to see the effect of going forward.

Here we have a very good, I think, margin, but there are some improvement opportunities even here. Also a steady improvement of the EBITA rolling 12 going forward based both on organic development as well as the result of made acquisitions.

If we then move into the Machinery & Equipment divisions, they have also have different demands. Here we have some machinery companies, and the investment, especially within construction sector, is still very weak.

Those company have still struggling with the demand. If we look at the pro forma, this division performed much better, as you can see on the curves here, with an EBITA above, 12% up until, Q2 this this fiscal year.

This is something this is very, I would say, disappointing, the the development of this division, and I expect this divisions to to kind of improve going forward, getting back to the historical level. It's very difficult to say when this will happen in time, but but going forward, I would expect to see some improvements quarter-on-quarter.

This is now an EBITA of 10 million. That's compared with 25 million last fiscal year.

Also here we have a decline in the EBITA margin down to 7.5% compared with 19% last fiscal year. We have assigned a new division head here starting January, Johan Cederstrand, who has been returning to the Bergman & Beving group after having a division role in an peer to Bergman & Beving.

Before that, he has more than 20-year working experience within the group. This is very good, I think, culture-wise, and he know how we operate and this decentralized way of working.

I think with Johan, we have some great opportunities seeing a good development within this division going forward. Lastly then, we have the PPE & Utilities division, mainly consisting of companies selling through industrial and construction resellers in the Nordics.

As you can see on the curves here, the revenue has gone down over time. This is mainly due to the phase-out activities we've done in the Luna, the wholesaling company within this group, that you also see the effect of the increased gross margin.

When I joined the group, this was well above 1 billion SEK in turnover within Luna, and now we are a couple of hundred millions below 1 billion SEK in turnover, but still have improved profits. We are still working with the Luna Group to kind of improve the performance of that company, but I'm not dissatisfied with the revenue development in in this division, since this has been mainly driven by activities initiated by us.

You can see here on on the on the slides that the EBITA margin has been quite flat and the EBITA level has gone down a little bit. This is partly due that we have so divested some businesses as such, but I expect this division as well to improve the the kind of performance over time.

If we look at the revenue development, is looks a little bit worse than than it's it's actually is underlying, since we sold off two businesses in this. Deshi contributed roughly 100 million in the comparable period, and we also sold off the business in Baltics, the Luna business in Baltics, and that's around 130 million.

That is kind of part of the the the the decline in revenue, but that we have initiated, I would say. The EBITA was 32 million here compared with 44, and the EBITA margin was roughly in line with last quarter at 7.5%.

We're also chosen to staff up this division with someone who has been with the group for many years, Jan Lönnmark. He used to be the CEO of Guide company that is part of this division now going forward.

He has been working with the group for many, many years as well, he's well-acquainted with with the way of of how we operate. All and all, we continue to aim for the 500/10/45, even if we are some quarters of delay here, partly due to the divestments we've done and and the the profit of the loss we done in profit in profit earnings based on those.

Overall, if we look at underlying market, we had a very good outlook in the end of 2025. We hope that will continue, but that is not I'm not I feel 100% certain of that.

Let's see what's happened in the next coming quarters. We will continue to do what we always be doing: to to prioritize profit expansion over revenue growth.

We will continue to allocate capital according to our capital allocating model called focus model. We'll continue to give our company support through our toolbox.

As Peter was saying, we'll continue to acquire highly profitable B2B companies with leading position in growing niche markets. With that said, we have some current group themes.

Peter was showing the the debt level that we have and the debt ratio. That is a priority to work that down over time, and and that is addressing the working capital, and and that is inventory is part of that.

Also to to continue to improve profit both organically and through acquisitions as such. I showed a slide about the gross margin development.

It's it's not per definition maintained on that level, we really push and and facilitate our companies to maintain, a good pricing discipline, as well as at the purchase discipline, to to make sure we we nurture the gross margin going forward as well. The activities we have done, we have done in a way that we shouldn't hamper the the pick-up in the underlying market.

I really looking forward to have both our engine working at the same time, i.e., the acquisition engine that I think is has been working very well during the last years, I would say. We had some, problems with the organic engine, and hopefully we get some help of the underlying market now going forward to get that engine into full speed.

With that said, we open up for Q&A.

Yes, good morning, and thanks for the presentation and taking our questions. I'd like to start off in Core Solutions, which, as you highlighted, very impressive margin.

Could you just further give a more color if there is any, to say, extraordinary performance in the companies when we're thinking about how we should extrapolate the strong performance in this quarter?

As mentioned earlier, ESSVE is a big company in this division. It's represent roughly 1 billion SEK in turnover.

The ESSVE performance will, by definition, have an impact on the Core Solution division performance. ESSVE is improving profits despite that the top line is not growing in a big way.

That is due to a lot of efficiency activities ESSVE has been running during the last quarters. That in combination with quite a lot of acquisitions during last fiscal year is building up this improvement in the Core Solution division.

Clear. Just looking at the next quarter, if I remember correctly, there was a big takeback in ESSVE.

I assume that it will, to say, go back to normal.

That effect is already taken, you don't see that effect in this quarter, in the Q3 quarter. Now we have a more normal kind of run rate in ESSVE, even if the volume hasn't picked up yet.

Yeah. On the Machinery & Equipment, you hinted that we should expect some kind of improvement in the coming quarter.

Are you looking at, to say, the demand side or the cost side, and if we should expect any, to say, restructuring costs or similar in that segment?

You shouldn't expect any restructuring cost going forward in that segment. The improvement in this division will not only be dependent on the underlying market picking up.

We have some things we need to do this that will not generate restructuring costs that is on the level that you need to kind of consider it. There are some activities that is in-house oriented sort of.

Just in general, how would you say, it's of course varies by your companies, but how the pricing environment is? Do you feel that you can, to say, keep them at solid levels, especially when you're also relate that you've seen organic growth, how much is, to say, mix from companies with different pricing models, or so to say?

Of course, when the inflation is on the level that is currently, it's much more difficult to kind of make price adjustments, especially if it's upwards. We have a big focus on that, both on the pricing, to be a little bit more sophisticated around that, in combination, as said earlier, also on the purchasing side with the aim to maintain and over time even increase the gross margin.

Okay. Thank you.

I get back in line.

Thank you.

Hi, gentlemen. Markus Almerud here from DNB Carnegie.

My first question is on acquisitions. You made eight acquisitions so far this year, of which six has been in the UK.

You said that was kind of a coincidence and also that there's been a good environment for acquisitions. Can you talk a little bit about what that environment is and why it's better than it is in the Nordics, for instance, right now?

Yeah. I think we have increased our activities as well in the Great Britain area, and that is also part of this result, that we have acquired quite a lot of companies in the UK.

Overall, I think there seem to be, at least what we have seen, is that there are more niche, high-quality, profitable companies that has maintained a good profit level during the last years in the UK compared what we have seen in the Nordics during the last quarters as such. What the reason is for that, I don't have a good answer, actually.

In terms of pricing, is it the similar kind of prices for the targets? Of course, when the profitability is different, then you'll also have a different kind of denominator, but in terms of if you look over time, some kind of normalized levels, the price levels the same?

You shouldn't see that the number of acquisitions in the UK is a result that there's a lot of good cases in the Nordic that we haven't been acquiring due to the prices has been too high. That is not the fact.

I would say that the number of opportunities in the Nordic has been significantly lower for us during the last quarters than it has been historically.

If you look at your pipeline, is that reflected in the pipeline as well, so that there are more maybe opportunities in the near future as well in the UK? Then you never know what will materialize or not, but just looking at the pipeline.

It's very difficult, as you say, where we will end. We have discussions with companies across the Nordics as well as the Great Britain area.

I don't want to make a forecast what you should expect on what countries we will acquire going in the next coming quarters. It's not per definition only in Great Britain.

Yeah. Then maybe a final one on the acquisitions.

Looking at the companies outside of the Nordics, are they in general larger in size because the UK is a larger market than Sweden is, for instance, or is that not the case?

No, I would not say. If you look at the size of the companies that are acquired, they are typically in the range that we acquire in the Nordic as well.

We really look for niche companies, and per definition, a niche doesn't need to be bigger in the UK than in the Nordic as such.

Yeah. Okay.

Then my next question is on profitability, the profit over working capital, which is improving clearly, up five points in the quarter. Looking forward, you talked about working capital, the low-hanging fruit in inventories in particular is done, right?

Is to get you from 35% to 45%, I would assume that that's mainly going to have to add-ons to come, to speak, to get you to close that gap. Is that the right interpretation?

The profit of working capital ratio that we have in our report is rolling 12 figures. There is a delay in the kind of the performance in that KPI.

If we look at the rolling three figures, it's even higher than the 35%. Per definition only by time this will increase.

The aim is to reach the 45% with the work we are doing in the current portfolio in combination with acquisition, as we have presented that all of them are above the 45%. That will of course also add to the improvement of profit of working capital ratio over time.

In the figures you're showing, the rolling 12, then I would assume that the divestments that you've done is still impacting those ratios a bit. That is not adjusted for the divestments that you've made.

It's adjusted for the divestments, yeah. It is adjusted.

It is, yeah.

Okay. All right, perfect.

Thank you very much.

Thank you.

Good morning, Magnus and Peter. Hope you can hear me.

Yes,

two

follow-up questions from my side. I noticed very strong gross margin development, as you mentioned in the presentation.

Could you maybe please elaborate a little bit more behind the drivers on this expansion? Is it primarily mix effect or FX, some FX tailwinds or price increases, or how should it be viewed?

It's a combination of a lot of things. As said earlier, we continue to face out low-margin businesses across the group in all companies, and that have some positive effect on the margin as such.

We are much more now sophisticated in terms of pricing. That will have some positive effect as well organically.

Generally speaking, if we acquire companies, many of those are also adding on to the gross margin improvement as such. It's a kind of broad range of activities that help us to kind of enhance the gross margin.

Would you say also it's a result of organic growth being back as well regarding the top line, to say?

No, I wouldn't say that we have seen that effect yet. We have 4% organic top line growth this quarter, but if we look on a group level, we haven't seen any kind of pick-up in the top line in a way that is reflected in the gross margin currently.

There will be a positive effect over time, hopefully, when the market picks up.

I see. Thank you for clarifying that.

On that topic, could you maybe then also comment a bit on the scalability on your current cost base? If the market turns positive now and demand increases, to what extent can you grow sales then without meaningfully expanding in OpEx going forward?

We have during the last quarters made some efficiency improvement across the group, taking out a couple of hundred million SEK in cost. As communicated earlier, I don't see a need to rebuild that cost when the market picks up.

Those reductions has made our company more efficient. I don't expect no big major cost increase when the volume picks up.

I think we're in a very good position with a lower cost base and in combination with a higher gross margin when the revenue picks up.

Sounds exciting indeed. Last question from my side.

Giving the new divisional structure with now four divisions, which one do you perceive having the most significant untapped potential for the EBITDA margin expansion in the near term and also for the long-term period?

I think, if we look pro forma-wise, historically, the Core Solution, the Safety Technology division, as well as the Machinery & Equipment division have very healthy margins and good profit to working capital ratios. I see all of those division having a good potential to maintain that and even improve that over time.

As mentioned earlier, if you look at the more short-term perspective, the Safety Technology division has made a lot of acquisitions that I expect contribute both to the margin expansion as well as the profit increase in the coming quarters as such. I think also, as mentioned earlier, the Machinery & Equipment division, I expect those to be in a kind of all-time low level now in terms of margins, and see a steady improvement over time in that division.

I think that the most challenging division is the PPE & Utilities division, where we have some companies with some structural challenges. You saw on the previous slides that they have been quite steady on the EBITA margin, and I expect them to improve over time, but that is more like a long game in that division.

Yes, thank you very much for clarifying that. I think you also mentioned in the report that Luna saw quite, I don't know how to put it, but quite weak top line performance in this quarter.

How much is this hampering this segment at the moment?

No, Luna is not performing on the level that I would expect. We continue to do some kind of structural activities in Luna.

My expectation is that those activities, in combination with some other things we have been doing, should have some positive effect on the Luna development. They are still coming from a too low level.

Yes, it's still a big part of that division in terms of turnover, the development of Luna will have an impact on the division performance as such. It's very important that Luna kind of develop in a positive way.

Great. Thank you very much, Magnus.

That was all of my questions for now. Thank you very much.

Thank you.

Hi, and good morning, Magnus and Peter.

Morning.

Morning. Morning.

Just a quick couple of questions here from me. Starting in Machinery & Equipment, especially the margin decline here, I note that the order book is full for ATE.

I'm just wondering how we can think about the margin going forward. When you execute on the order book here, will we see some recovery here in the margin and what would a normalized level be?

In this division, we have ATE, and we also have Polartool that is company that historically have performed very, very strong. I expect ATE to perform better going forward.

They have, as you said, a very strong order backlog that hasn't been delivered yet and is up for deliver now in combination with Polartool that have also some expected deliveries to go out here in the coming month. That those two together will enhance the margin in this division going forward.

When do you think you will start to execute on that order book? Is it instantly now from next quarter, or

That is the likely scenario. Polartool is delivering a lot to the US, and they're also delivering to the US Air Force.

Those defense product is not having any tariffs, at least according to what they have communicated, but there is a long delay in the process of delivering to the defense in the US due to the more stricter control of the tariffs and the deliveries as such. Polartool have, for example, a lot of products ready to be delivered to the US Air Force based in the US.

The products are already there, but they just wait for get some delivery sign-offs. We expected that to happen already in December.

It hasn't happened yet, it's a lot of things that is out of our and our company's control. It's very uncertain, but my expectation is that we will see some positive impact on deliveries in this quarter.

Super. Thanks.

Just one other question here. You had a positive 9 million impact here from remeasurement from the contingent consideration, and you also had a bit larger post in Q2, if I remember right.

I'm just wondering what we can expect here. Are the projections aggressive in regards to where we are in the market, or how can we think about that forward?

Just a comment on that. As you said, we had a positive 9 million effect based on the earn-outs, but we also had in this quarter 8 million cost in term related to acquisition.

Those more or less level out. Some of our companies are facing a tougher market than expected, and that is partly effect then that we have results of the earn-outs that haven't materialized.

Then it's very difficult also to forecast what we can expect going forward. That's dependent on a lot of different things.

I'm not ready to make a forecast of the future earn-out kind of payout.

Super. Thank you.

That was all for me. Thanks for taking my question.

Okay. Thank you.

Thank you.

Okay.

Everyone, we have a couple of written questions. The first one is: "Do you know how high the EBITA growth would have been without the divestments?"

Of course we know, but we don't communicate the organic EBITA development, sorry for that. Next question is related to the Nordic market, and: "Please can you elaborate on your comment around seeing increased investment activity in the Nordic construction sector by country, by end market, residential versus commercial, new building and repass, etc.?

Are you seeing more hiring in the Nordics? Thank you."

If we look at the investment within the construction sector, the new housing has been very dampered across, I would say, all the Nordic countries. Sweden is our biggest market on a group level, followed by Norway.

If we look at the forecast for new house gross investment 2026, it's close to 20% in Sweden, it's 16% in Norway, and 15% in Finland. Those are quite big numbers.

All of them, we are now starting from a very lower level, but there are investments increase in housing in the construction sector. If we look at the same parameter in new business premises, the forecast for Sweden is 4% and in Norway is 14% and Finland is 9% in 2026.

We also see there are an increase in gross investments in the Nordic across the business premises segment as such. There are solid data that indicates that there is an increase.

We also had an increase in 2025 in both Sweden, Norway, and Finland in the new housing, even if they are a little bit lower than the forecast for 2026. We see also already in '25, there was an increase in investment.

As noted in the quarterly report, it takes some quarters before our companies get the orders after the investment has taken place in the construction sector. There are proofs that the investment has increased 2025 and there are strong indication that the increase will be even bigger in 2026.

Good. I think that was all the questions.

Thank you for this teleconference and all your questions. We'll meet again soon, hopefully with a positive report once again.

Thank you very much.

Thank you. Bye.