Welcome and good morning on our behalf as well. We are glad to present a strong quarter, and let's start with the overall highlights.

We had a good development in many areas in the quarter, starting with the top-line development. Demand continued to improve, and total order growth was 14%, of which 8% organically, with the majority of our companies growing.

Continued positive book-to-bill of 105%, and the strongest demand was with companies having customers within the medtech and pharma area, and also the energy sector. Net sales increased 11% in total to record high 9 billion SEK, with strong organic growth of 5%.

EBITA was also on a record high level, and EBITA margin improved to 14.7%, with good operational leverage on the organic sales and margin accretive acquisitions. Cash flow from operating activities increased, and inventory levels were flat from last year organically.

We continued being successful in terms of acquisitions: nine companies acquired in 2026 so far, and slightly larger companies on average. Our pipeline remains strong.

As mentioned, top-line development was strong and demand improved, however still varies across companies, geographies, and segments. Companies with customers within medtech and pharma and the energy sector experienced the strongest demand, but all major customer segments improved compared to last year.

Despite the strong net sales, order intake was even higher, resulting in a positive book-to-bill in the quarter. The order backlog is now 8% higher than the same period last year.

In terms of sales, acquisitions contributed positively with 6%, a sequential improvement from the 5% we had in Q1 '26, and currency movements had no impact in the quarter. The organic development was good, plus 5%, benefiting from the increased order backlog development the last few quarters.

All in all, a very good top-line situation, strong sales, but even stronger order intake. If we move into sales per market, sales improved in the Nordic countries with a broad positive development in many companies and segments, except in Denmark, which were down due to lower deliveries to Novo Nordisk.

In the rest of Europe, the situation was mixed, with slightly negative development in the Benelux region, mainly due to lower construction activity and some tough comparisons in a few companies. Sales was flat in the UK/Ireland and Switzerland and Austria, and up in Germany.

Development in Germany was mainly driven by the engineering sector and companies within medtech and pharma. Sales in North America and Asia is more volatile.

This quarter, it was flat in North America and up in Asia, and development in Asia was mainly driven by valves for power generation. Total EBITA increased 19%, corresponding to an EBITA margin of 14.7%, compared to 13.7% last year.

One of our companies in the final earn-out stage has performed better than expected. Their earn-out became larger than the provision we had, the additional amount we had to pay to them impacted our profit negatively.

Excluding this revaluation, the EBIT margin was 14.9%. EBITA margin was positively affected by the organic sales development, continued strong gross margin, and margin accretive acquisitions.

Regarding the gross margin, there have been price increases in many areas during the quarter, especially connected to freight, certain raw materials, semiconductors, and some electronic components, but our companies have done a really good job in passing price increases to the customers and protecting their gross margins. Looking at the sales development per business area, four out of five business areas had organic growth in the quarter.

Life Science stands out with really strong development, and it's mainly connected to broad positive development for many companies within medical technology distribution. We have, for example, deliberately invested in the Polish Life Science market since some time back, and see some really good progress there recently.

Process, Energy & Water and Industrial & Engineering had good development for many companies and segments, Process, Energy & Water benefiting from the large order book built up the last quarters. Within that sector, it was predominantly the energy segment broadly increasing, and, for example, investments in gas-powered power plants, but also cooling applications for data centers, and we see some emerging defense orders coming into this business area as well.

In terms of Industrial & Engineering, it was rather broad in terms of sales improvement. To mention some areas, we had good progress in terms of hard metal tools, specialty chemicals, and the automotive aftermarket.

Infrastructure & Construction was down 3%, still impacted by the weaker general demand, and thus lower order book values coming into the quarter. I would say that the outlook for the second half of the year is cautiously optimistic.

Technology & Business Solutions had a positive development with 2% organic growth, however, from somewhat lower levels, but nonetheless good progress. Also, I would say that many companies are delivering in a good way, and stepwise increasing.

I would say that also there we have a cautiously optimistic perspective on the second half of the year. Four out of five business areas improved the EBITA margin in the quarter.

Industrial & Engineering and Life Science were positively impacted by the organic sales growth, gross margin improvements, and also margin accretive acquisitions. Infrastructure & Construction has for a longer time worked with cost reduction measures and some divestments to improve its margins.

Margin accretive acquisitions contributed positively in Process, Energy & Water. Technology & Business Solutions had a lower EBITA margin compared to last year, impacted by weak performance in a few project-oriented companies, mainly in the UK, as we have talked about earlier.

Acquisition pace was good in the second quarter, and we have so far this year welcomed nine companies to Indutrade with a total annual turnover of 1.5 billion SEK, continuing the successful trend we have had since the second half of 2025. Looking at a rolling 12 months, we have formally closed 16 companies with a total annual turnover of 2.2 billion SEK.

During the quarter, we announced the acquisitions of Axotan in Sweden, FAKO-Tech in Germany, Valvco in the Netherlands, KREATECH in Germany, and Ortech in Norway. After the end of the period, we announced two add-ons, Dorte Egelund in Denmark and Albiocx in Finland.

All business areas except Infrastructure & Construction have done acquisitions. Infrastructure & Construction continues to prioritize organic operational improvements.

This year so far, the average company size has been on a slightly higher level. This should not, however, be seen as a strategic shift.

We are opportunity-oriented and act on the opportunities we believe to be accretive and successful. Consequently, there will be periods when we have periods of larger acquisitions, and also periods with smaller acquisitions being made.

The acquired EBITA was in a high level in Q2, as can be seen on the graph to the right, at 85 million SEK. Also looking at the EBITA margin of the acquired companies, it was on a margin accretive level of 17.6% for the quarter, and 17.5% rolling 12.

Good to note that this includes transaction costs, the underlying margin is even higher. Our business areas are proactive in the acquisition work and building pipeline.

Our business segment leaders are spending more time on acquisitions now compared to a year ago, and the current acquisition pipeline is on a high level. By that, I leave the word over to Patrik to comment more on the financials.

Thank you, Bo. Bo has already talked about many of the KPIs, but good to highlight is also the year-to-date numbers with order intake and net sales up 8% and 6% respectively.

Gross margin strengthened in the quarter and also year-to-date. As Bo described, our companies they are successful in transferring price increases to the customers.

That's really good of them. EBITA and EBITA margin was strong in the quarter and even higher actually if you exclude the negative effects Bo described regarding revaluations of earn-outs.

They are connected to one company performing better than expected, which of course clearly is a good thing. If you exclude this revaluation, the EBITA margin would have been then 14.9% in the quarter.

Year-to-date, we are on 14%, in line with our financial target. Financial net decreased 4% in the quarter and 11% year-to-date mainly due to lower interest rates.

Tax cost increased 22% in the quarter and 14% year-to-date as a result of the higher profitability mainly. Strong growth in earnings per share of 23% in the quarter and 10% year-to-date.

I will talk about that a little bit more on the coming slides. Return on capital employed, same level as we had in Q1 on 18%.

Operating cash flow improved on the back of the higher result, and was up 20% in the quarter and is up 10% year-to-date. Finally, net debt/EBITDA was on a controlled level of 1.7.

Let's look in more detail on the cash flow. Cash flow from operating activities improved 20%, as I said, mainly due to the higher result.

Inventories were in line with last year, but working capital in total is up slightly, primarily due to increased receivables coming from the higher invoicing pace. Cash conversion continued to be very strong at 137% in the quarter, and working capital efficiency took another improvement step.

Looking at the EPS, following a soft development for some time, EPS improved significantly in the quarter, up 23%, actually on an all-time high level, and of course taking historical share splits into consideration. Main reason is obviously the higher operating profit, but also the lower finance net that I talked about helped as well.

Looking at a more long-term perspective, the three-year CAGR it was minus 2 coming from a strong level then 2023. Plus 7% looking at the five-year CAGR.

Lastly, looking at financial position and the net debt, that is seasonally high in quarter two and due to the dividend payout, of course. It increased versus last year because of the increased acquisition pace.

However, our net debt ratios are stable and on a controlled level. Net debt/equity on 55% compared to 52 last year, and net debt/EBITDA slightly higher than last year and came in at 1.7.

If you exclude earn-outs, it is on 1.6 compared to 1.4 last year. The financial net debt, which is then the part of the debt that relates to borrowing that needs to be refinanced, is also low at 1.2.

In conclusion, our financial position is strong, creating good room for continued accretive acquisitions and also organic growth initiatives. I think this is also confirmed by S&P, who actually upgraded their outlook for us from BBB- with stable outlook to BBB- with a positive outlook.

By that, I leave over back to you, Bo.

Thank you. We recently announced some changes in the group management, where we have recruited two experienced and well-qualified persons.

First, we have Anna Wihl-Górak, who will be the new CFO of Indutrade. She will assume the role no later than January 14th, 2027.

Anna has a broad experience from senior finance positions in global listed companies, combined with deep expertise in capital allocation, business control, and strategy. She's currently the CFO of Ratos AB, having previously served as CFO of the Nuvent Group.

In addition, she has had many roles within Sandvik, working with group strategy and M&A before taking on senior finance positions, including head of group business control and CFO of the rock processing solutions business area. Then we have Håkan Svensson, who will be the new head of business area Infrastructure & Construction from August 1st.

Juha Kujala, the current head, will continue as a business segment leader within Indutrade in another business area. Håkan is not new to Indutrade.

He was actually the managing director of our company Bengtsson Maskin back in the year 2000. Since then, he has continued to successfully manage companies in different situations and geographies, including being the CEO of the Darekon Group, and EVP of Södra, and various positions within Dow Corning.

I'm very glad to welcome Anna and Håkan to Indutrade. I'm confident they will be highly valuable as we continue our journey of sustainable, profitable growth.

Lastly, some key takeaways before opening up for questions. Strong top-line growth in the quarter.

Despite the strong net sales, order intake was even higher, resulting in a positive book-to-bill in the quarter. Also, EPS growth was strong.

All-time high EBITA and EBITA margin improvement with good operational leverage and strong gross margins. Looking ahead, we have a larger order backlog and good acquisition momentum, but the general market uncertainty remains on a high level.

Nine acquisitions so far in 2026, and a continued strong pipeline, providing good conditions for a continuously strong acquisition pace. We delivered on many of our financial targets in the quarter, and are fully focused to keep the momentum going.

Thank you.

Good morning, Bo. Good morning, Patrik and Martin.

Thanks for taking my question. Three from my end just on order book, margin, and M&A.

Firstly on order book, appreciate we've talked about a growing order book for a few quarters now, but could you give an update on lead times just in the context of the larger order book in this quarter? Secondly, could you just give a bit more detail on what drove the performance in Life Sciences?

Is that just a large customer, or is it sort of broad-based across the Life Sciences group?

We have had part of the order book with longer lead times, partly in the Life Science area and partly in the energy segment. Quite a lot of the deliveries linked to this order book will happen in quarter three and quarter four now, I would say.

That should be a strong platform for a good sales situations in those segments in the second half of the year here. Life Science was broadly, I would say, strong in medical technology companies.

In the previous years, I would say Life Science has been mostly driven by production-related sales to the pharmaceutical companies, and now it has switched a bit to our medtech companies selling products which are used in hospitals and laboratories and research institutions. We had some sort of locomotives in that area, but the order intake growth was not purely driven from that.

The Polish market is interesting and strong. I would say it's a bit underinvested versus other Western European countries.

There is a strong investment phase which has started and will continue for some time. We bought a company in the Polish market 2016, and since then, we have done some other activities, and we have a continued strong acquisition focus on the Polish Life Science sector.

I think that's the answer to your order intake question.

What was the-? Thanks very much.

Just two quick ones on margin and M&A. Sort of on margin, could you just break out how much of that was operating leverage versus margin accretion from M&A, but also maybe just give a comment on price cost given the pricing headwind you faced in the quarter offset by some pricing on your side as

well? If we start with the gross margin, it was slightly better than a year ago.

I think we had 35.6% this quarter and 35.3% the last one, a slight improvement in terms of gross margin. I don't know if you can, Patrik, better than me answer the balance between operational leverage organically and acquisitions.

I can try. We had good leverage on both the organic side and the acquisition side.

I think the biggest driver, I would say, this quarter for the margin improvement is the organic one, with organic sales increase of 5% and organic profit increase with 11%. There you have your biggest driver, but the acquisitions also contributed.

Okay. Do you have an outlook for sort of price cost going into H2, or is it sort of similar dynamics in Q2 and till end of Q1?

I would think it's fairly similar going forward in the second half.

Okay. Thank you very much.

Just lastly on M&A, any change in terms of pacing of deals? I know sort of you paused them slightly at some point last year.

Is it kind of more linear in terms of when they happen for the coming quarters?

Now we have a strong pipeline, and right now, less hesitation in terms of finalizing projects, the expectation is that we would continue in a good pace also in the second half of the year.

Great. Thanks for taking my questions, and best of luck for the summer and the coming quarters.

Thanks.

Thank you, operator, and good morning, Bo and Patrik. Thank you for taking my questions.

Perhaps starting with the Infrastructure & Construction segment, as you mentioned, you are cautiously optimistic here for the second half, and I suppose that has to do with the book-to-bill actually being slightly above 1. Two questions on that segment.

First, are there any specific subsegments or sub end-markets that are perhaps trending in the right direction? Then also with as you said, Håkan coming in as new vice president for that segment, do you see any changes that would be made, or will it be business as usual?

I think it's broadly a better momentum in several countries in terms of infrastructure and construction coming up now. There has been quite a lot of delays in projects.

In the first quarter, it was quite a lot of weather-related issues. Installation companies had to delay that, and now, obviously, there is prime time to dig in the ground and work with outside installations.

Then just that the macros are step-by-step trending in the right way, yeah, we see a better and better momentum broadly. I would say water/wastewater is a segment where we have very strong positions and where we expect good growth, and there are other areas as well where there's been a bit subdued situations.

No, it's step-by-step just a better broad improvement, I would say. It's not going to happen overnight.

It's step-by-step, and I think sometimes smaller steps as well. Håkan and Juha are both good leaders.

They have slightly different leadership styles, as we all have, and to use a bit of a sports analogy, sometimes it's beneficial with a new voice in the locker room. Juha has managed the business area through a phase of a lot of cost reductions and some divestments, and now it needs to be a phase with revenue growth, business development, strong focus on sales, and I think this shift will be beneficial in that perspective.

Okay. Sounds good.

Then turning to the Technology & Business Solutions segment, you said the same thing there. I believe that you're cautiously optimistic here for the second half, and I think we have seen now three quarters in a row with a book-to-bill above 1, and quite a bit above 1 here in the last two quarters.

If you could just touch upon the lead times and everything [laughs] all else equal, how soon should this potentially then translate to a bit more positive organic earnings growth for the segment, if you have any thoughts on that?

As you remember, we had an unfortunate situation in quarter four in that business area with two UK companies which had some mismanagement in them, and that is impacting the business area quite significantly, and there is transformation of those two companies ongoing, and it takes a while to go from one sort of niche orientation which they had to going back to more of their original business platform. I really hope that towards at least quarter four, we will see first signs of financial benefit from this transformation.

If you exclude some of these problematic companies in that business area, the earnings quality is actually good. It's more specific, a small number of specific companies holding them back right now, and there is intense work going on to rectify that situation.

As all of it takes some time to transform companies. There are new MDs in these companies since some months back now.

We have had really strong support from also outside help to kick-start focused agendas in these companies now, I'm optimistic that we will see improvements, but maybe more towards the later part of the year than in the beginning of the second half here.

Perfect. Then focusing a bit more on this specific quarter, Q2, you have mentioned it, and we see it in the numbers, it was very broad-based, the improvement, but is there anything extraordinary in the quarter that supported the outcome in terms of project completions or something similar that could be relevant to be aware of?

No, not on Indutrade Group, sort of not significant on a group level. There were some drivers in specific business areas, for Process, Energy & Water, we see strong sales into the energy segment and gas power plants.

That will continue also in the second half, even stronger in the second half, I would say. In the Life Science area, I spoke a bit about this Polish market, and that's been strong, and equal to Process, Energy & Water, I think that will also continue in the second half of the year.

Perfect. Then the final question, a bit broader perhaps, but as you stated during the presentation, very very healthy M&A activity here during the first half of 2026, and it seems like you're quite upbeat here on the second half as well.

This, of course, would mark a quite clear acceleration versus the previous two years that, as also mentioned previously, were perhaps burdened by the organizational changes that were made, and then also perhaps a more hesitant stance due to the geopolitical turbulence, and so on and so forth. The question being basically just do you feel that the organization is fit for fight to now maintain a acquisition pace more in line with historical average for Indutrade?

Yes. I would say even stronger than the historical average.

Now we have a very strong platform now, and the focus is also clearly there, and the understanding of the importance of a strong pipeline, and we have step-by-step, I would say, built capabilities on generating leads and deals ourselves, rather than relying on external brokers to the same extent as before. I think the platform is stronger than ever now.

Perfect, very clear. That was all for me.

Thank you very much, and well done.

Thank you so much.

Thank you. Good morning.

Max took almost all of my questions, I'll see if I find something else here. [laughter] But what I was wondering was on Infrastructure & Construction.

You've done a lot on the cost side, and I'm just curious to understand here if we still get let's say [coughs] kind of limited organic sales growth, do you still have more benefits to come that would support a margin increase? A

very relevant, interesting question. We start to be a bit limited in terms of driving performance with cost reductions.

Maybe one additional smaller step, but it really needs to come more and more from the top line now, I would say. If that answers your question,

yeah. All right.

Then on PEW here, there's been some comments before at least on some customer hesitancy, and now this quarter, it was up year-over-year, and in million SEK, it improved sequentially as well. Can we say something about customers now actually coming back to the negotiating table and placing orders now to a greater degree?

I think they have placed orders for some quarters now, but the sales haven't really been realized. Some of them have had longer lead times and so on, the outlook is quite positive for that business area for the second half of the year and going forward.

There are some strong underlying drivers on the energy side. We see yeah, both benefits using gas-powered power plants linked to solar and wind, it's not always the sun is shining and the wind is blowing, and you see some of these plants being updated to also manage hydrogen.

You see investments in this area now linked to what has happened in the Middle East recently. I think there is a strong underlying sort of demand for that continuously for some time.

Then that business area see more and more opportunity, I would say, linked to data centers. They work a lot with flow equipment, as and both when you actually build the facility, there are different types of flow equipment needed for the general facility, but not least also for the cooling systems.

Some of the companies have opportunities in that area. We also have some companies who have had, I would say, the emerging interests from some defense customers also needing flow-related equipment for different application areas.

No, it's an interesting business area definitely, and we have strong market positions, high-quality brands and products, good platform to stand on there.

Understood. That was all from my side.

Thank you.

Thanks.

Hi, Bo, Patrik. Thank you for taking my questions.

The first one is a little bit going back to the discussion of the Life Science segment, and just to get a feeling for how sustainable the growth pace is that we're currently seeing. Can you please give some more color on where we are in the kind of ramp-up, ramp-down phase on your kind of Novo Nordisk exposure, for example, and you seem pretty bullish on the Polish kind of growth for second half, but how much of a one-time, say, element is that, and how much is kind of sustainable in the longer perspective on the growth side there?

Yeah. I think, overall, it's a quite sustainable situation for that business area, but between years, drivers can change a bit, and as I said, for the last 2-3 years, we have seen a lot of production equipment to pharmaceutical producers being sold, as you understandably also have identified a lot to Novo Nordisk, but also to the Irish market, a lot of pharmaceutical companies producing there.

Both these two takers, if I say the Irish cluster being a taker and Novo Nordisk another taker, has had definitely lower demand the last year. Novo Nordisk, I'm slightly optimistic actually that there could be a bit of a increased phase for certain application areas for the second half, and maybe next year.

If anything, maybe a slight increase linked to that customer. Maybe the Irish market is a little bit more stable as it is for some time linked to the US European trade situation.

Then we have also had a good demand from the single-use area during COVID, and then a sharp decline because they had a lot of safety stock. Now we see a fairly good situation in that market as well.

Then broadly, there are actually quite a lot of medical technology companies selling products into hospitals, or even products patients are using on them. That's also broadly quite strong.

I think we have a very good platform, and we are not dependent on single companies or single locomotives in that business area.

Thanks for the color. Sounds promising.

My second question is on the kind of cost side. We see in this quarter that revenues start to go faster than your SG&A cost items in the P&L.

If we look into the second half, and potentially into 2027, any reason not to assume that this kind of decoupling from say the revenue growth versus the SG&A cost to continue, as you have ramped up cost quite a lot over the last few years, or any area where you see you need to add on more cost that we should be aware of?

No, there's not going to be any sort of cost increase on group level or business area level of significance. It's linked to the companies, and if you're a growth company, you should add more direct people if you need to in your production or whatever it might be.

I think we are at a level where we should see benefit actually from top line, and SG&A will not increase in 100% correlation to that, for sure not. More of a decoupling if you call it that.

Or a good operational leverage at least on the incremental volumes.

Yeah.

Perfect. Those were my two questions.

Thanks a lot for the answers. I get back in line.

Yeah.

Hi again. Just two clarifications from my end.

Do you mind giving a sense of the Polish market within Life Sciences just to get a sense of how large and significant it is there? Then I think you kind of talked about the data center and defense exposure already within Process, Energy & Waste, but could you give a sense of sort of are these orders where you're already seeing firm commitments, or it's sort of upside potentially in coming quarters and years to growth within that segment?

Thank you.

No, the Polish business right now is not super significant for the total business area, but the growth rate has been high now for some time, and we see that the plans the Polish government has and a lot of private institutions in the Polish market has are, I would say, stronger than what a lot of the other Western countries have, which are more up to date in terms of equipment. It's just a very promising market for a phase of several years going forward.

It's both interesting in terms of organic growth based on the presence we have, but also, I would say, interesting for further acquisition activity into that market. Your question regarding Process, Energy & Water, I would say right now the gas power plants are the stronger driver versus data center and defense.

What we have seen in terms of data center and defense is more maybe not embryonic, but promising signals and potentials going forward. Another strong segment for that business area is the marine area actually, where we made quite a significant acquisition in the Netherlands during the spring here, 35 million euro company with strong international sales, and we already had a Swedish company with a manufacturing facility in China, which is also quite large.

We bought actually another niche operator in the Netherlands as well in that segment. We have a cluster of companies in the marine area, which is also promising and a growth provider for the future.

There are many pockets of opportunities there.

Thank you very much.

Yes, good day, and thanks for taking our questions. Two short ones from my side.

Firstly, on the order intake, you, similarly to previous quarters, I think, comment that just over half of your companies have seen an increased order intake. Could you share a bit on the more underlying?

Is it that your larger companies tend to be the ones that are growing more, or how should we look on that dynamic?

I wouldn't say it has anything to do with size. It doesn't really either have anything to do with if it's a trading company or production company.

It's more what customer base you have, and actually if there is underlying demand, and if the company is really on their toes in terms of working with business development, which basically all Indutrade companies are, obviously. No, there is no size dimension which is standing out in that perspective.

Very clear. On the M&A side, you briefly touched upon that you're relying a bit less on brokers.

Could you talk a bit more about internal flow you are seeing, and how it has developed? You've been clear since the 2024 basically that this would be gradual, and where do you see that you are on this gradual journey when it comes to inflow?

It's different phases in this work. An initial phase is we have defined 30-plus segments we are active in and interested in, and more broadly, we are also very opportunistic in terms of good companies.

We will always find a home for a good company which fits our criteria. Now we work with utilizing the network we have with customer bases, supplier bases, peers in industries, the personal networks we have.

Then we add, I would say, AI-generated lists of relevant companies for all these segments, and the second phase is to start to build relationships with these companies. Obviously, not all of them are in a situation where they want to divest right now.

That relationship building can go on for 1, 2, 10, 20 years, I don't know, until something is up for sale. When it is up for sale, we want to be in a pole position to be a real contender to acquire that company.

Most of that early phase of using our network and using AI and so on is in place, I would say, now. It's a lot of relationship building going on within Indutrade right now.

Sometimes you're a little bit lucky, and you take contact with the company and it's actually for sale, or will be for sale within very short, but that's a minority, obviously, of the contacts we take. Most of it is establishing something with potential for the future.

Very very clear, and just a quick follow-up on the comment there on shall we say the AI-generated list. How do you view sourcing work over time, since I guess this AI-generated list over time will become more of a commodity when it comes to other acquisition-driven companies like yourself looking for these niche good companies?

No, then

if you have identified a company which fits to our criteria, and you have a dialogue, then obviously usually the seller will compare a few different buyers with each other, and then it's extremely helpful to have a 50-year history, to have basically a very strong brand in this perspective. We have no scandals, no issues, we've always been profitable, and we have quite large smorgasbord of different things to offer a seller being part of Indutrade long term in order to help that company take a step from 10 million euros to 20 million euros.

We have real credibility to help them do that, and they can talk to 200 other MDs who are part of Indutrade, who can testify to that. If you compare that to an acquiring company who was founded 3-4 years ago with less history and less or a smaller smorgasbord, we are usually in a very strong situation when it comes to those competitive situations.

Very clear. Thank you.

Those were my questions, and also I want to wish you, Patrik, all the best for what comes ahead.

Thank you.

Yes, good morning, it's Gustav here from Nordea. Just two quick one also here for me.

If we start with Industrial & Engineering, just to get a bit more conviction in that margin development year-over-year, 170 basis points, is that, would you say, purely driven by volumes, or is there a sort of meaningful impact also from a temporary mix effect or anything, just to get more conviction how sustainable it is?

I wouldn't say it's a temporary mix effect. I think it's a more of a broad top-line based leverage benefit, I would say, this is where we should be and plan to be also going forward.

Oh,

that's very clear. Thank you.

Just to build on Zeno's question here on M&A and sort of internal sourcing and so forth, I think you commented in Q1 that two out of three acquisitions there was sourced internally. Is it possible to give an updated figure on that, and also if you compare the M&A pipeline as you have now versus entering the year, would you say that your total EBITA in the pipeline or number of acquisitions is larger now than it was entering the year?

I don't want to give you any exact numbers between what's external and internally sourced, but the internally sourced is step-by-step improving, increasing all the time, and I would say that it's a strong pipeline right now, and it's broad-based basically in all business areas except for Infrastructure & Construction, where we also have a pipeline, but there has been more transformation of work there than in the other areas, and part of that area is a little bit more cyclical than others, we don't want to enter into clearly very cyclical businesses. We want to avoid that and have more of a stable, profitable growth outlook when we acquire something.

No,

that makes sense. Thank you very much, and wish you a good summer here.

Thank you so much.

I would like to say thank you from our side as well. Great questions, good discussions.

I also want to formally thank Patrik for 8-plus years within Indutrade. Done a fantastic job, and we wish him all the best in his new role as well.

Thank you all, and have a nice summer.