Thank you. Good morning, and thanks for joining us today.

I will focus my update on execution and progress across a few key areas: integration of Sonepar, customer platform, our operations in Kumla, and then finally also some growth segments where we see increasingly activity and relevance for Solar. After that, I will give the word to Michael, our CFO, who will give you some insights into our financials.

Let's start with the integration of Sonepar Norge. Overall, the integration is progressing ahead of plan, both operationally and commercially.

Execution is strong, and collaboration between teams is working well. Importantly, we already see synergies taking shape.

Operational efficiency are improving, and on the commercial side, we are seeing positive momentum from leveraging combined capabilities and customer access. From a financial perspective, we now expect integration costs to be 10 million lower than originally planned.

This reflects disciplined cost control and a very pragmatic approach to integration. Turning next to our customer-facing digital platform.

We are approaching an important milestone with our new platform scheduled to be launched on our smallest entity, that is Solar Faroe Islands, during June. This launch marks a concrete step forward in our broader digital strategy.

The platform is designed to simplify how customers interact with Solar. It enables an easier buying experience, supports better visibility, and allow us to engage customers in a more consistent and scalable way.

Beyond the initial launch, the platform is a key enabler for cross-selling, higher customer engagement, and more digital end-to-end customer journey. Just as importantly, it provides a modern, flexible foundation that can be rolled out and expanded across additional markets over time.

Let me now turn to operations, and specifically to our new distribution center in Kumla. Operations have been ramped up as planned.

AutoStore is now operating, and the long goods systems are all already for operation and currently being loaded. This has been a complex and important transformation, and execution is tracking well.

At this point, Kumla is handling more than two-thirds of Solar Sverige's total order volume per day. We remain on track for the warehouse to take over all distribution in June.

Kumla is a critical cornerstone in strengthening our logistics platform in Sweden. It supports high efficiency, improved service level, better scalability, and ultimately better customer satisfaction.

Over time, it will also support margin resilience by improving cost efficiency and throughput. Next slide, please.

If we look at the growth areas or segments, we continue to see that the defense industry, constructions, and related critical infrastructure, this is a segment where requirements for reliability, documentation, and security are particularly high. In this context, it's worth noting that Solar is already ISO 27001 certified, and that plays an important role as it support confidence in how we handle information and operate securely.

This strengthens Solar's position as a reliable partner in projects involving sensitive infrastructure and security requirements. The next one we are working with at the moment is data centers, and it's particularly small- and medium-sized projects.

Demand in this segment continues to grow, driven by increasingly needs for local capacity, resilience, uptime, and information security. While much attention is often given to large hyperscale facilities, we see attractive opportunities in smaller and mid-sized projects where flexibility, logistics, and standardization matters.

Solar is well-positioned to support these projects, and we see already now that orders are coming in to smaller and mid-sized data centers. Last but not least, we have a special focus on what we call small installers or small installation contractors.

We call it SmartPrice customers. The new initiative is simply to do it as simple as possible to work with Solar, a simpler pricing, faster onboarding, and an even more digital approach and an easier customer experience.

This is to aim and reduce complexity, improve accessibility, and make it easier for smaller contractors to do business with Solar. Before I give the word, I will summarize our priorities: integration is ahead of our plan and delivering synergies faster than expected; our logistics and digital performance are scaling as intended; and we are seeing increased activity in important segments such as defense, critical infrastructure, and data centers; and at least we are sharpening our customer propositions to support long-term growth.

We remain focused and disciplined, executing stronger customer relations, and hopefully over time sustainable value creation for our shareholders. Thanks for your attention, and look forward to your questions.

Now I will give the word to Michael. Please, Michael.

Thank you, Jens. Let's turn to page number 6.

Now, Q1 was quite a roller coaster quarter. We started out weak in January, and that was known when we came out with the guidance, followed by an even weaker February, where we came down to -7.4 in negative growth.

Then things started to return, we ended in March with -0.8. If you take Solar Polaris out of the equation, which makes things more comparable, we are actually growing with +1 now.

The turning point that we saw materialize late Q1 has continued into April, as expected. Also the price competition has also continued.

Now, this resulted in a revenue of 3.3 billion versus 3.2 last year. Now, please notice that the acquisition of Sonepar Norge added approximately 175 million, and in addition there is a minor positive FX effect as well.

If we look a bit at the segments, installation saw positive growth in both the Netherlands and Sweden and Poland, whereas the other faced headwinds to some degree, but not something dramatically. Within industry, we came out a bit worse.

Only Poland managed to deliver positive growth. If you look at the sub-segments within industry, we see quite a scattered picture.

Infrastructure saw close to -30% in Q1, particularly in Denmark and of course in Norway, which is where we have the strongest position. The harsh winter was particularly evident within this segment.

Marine & Offshore was also negative both in Denmark and Norway with -10, which was slightly more than we expected. It should, however, be noticed that Marine & Offshore to a large extent is driven by projects of which there were very few in Q1.

MRO also came out slightly negative. MAG45 were also in negative territory as in line with our expectations.

We still expect MAG45 to return to growth mainly in H2 due to an increasing order pipeline that has continued to strengthen throughout the quarter, but also continue to strengthen here in Q2. Now please turn to page 7.

An EBITDA of 59 million in Q1 was in the low end of our expectations, mainly due to the harsh weather, where integration and restructuring costs actually came out as expected, it is the underlying performance. Regarding the guidance, I'll comment on this a little bit later.

If you look at the underlying EBITDA, which is equal to 90 million, this was below our expectation. As I mentioned just before, can mainly be explained by the headwind we saw within the infrastructure due to the harsh weather, which simply put a stop to all work in the soil, can simply not put cables in.

We do not expect any catch-up effect from this, what is lost remains lost. If we look at the cost of goods sold, we saw decrease of 0.9 compared to last year, of which a minor part can be explained by increasing cost to freight due to the increasing fuel costs.

The drop we saw was mostly pronounced in Denmark. If you look at Denmark, spread out across segments and sub-segments, it is our assessment that this is due to a very fierce price competition in the market, but there's also an impact from negative mix with more sales to low-margin customers, particularly in the Netherlands.

Regarding freight, we have not yet seen the full effect of the increases in fuel prices that we have seen. I'll comment a little bit more on this when we come to the guidance.

Cost initiatives mainly done last year ensured that there's only a minor dilution of the margin due to costs despite the headwind that we saw in the quarter. Loss on trade receivables remain well under control.

Now please turn to page 8. Operating activities came out with -173 million.

If we take a closer look at this, we can see that there's actually an increase in inventory, which is in line with our expectations due to the transition where we merged Sonepar in Norway with Solar in Norway. We have increased the inventory in the Norwegian part of the business with approximately 75 million.

As Jens also mentioned, during the integration, we're well-prepared now for the transition. We have started also to do tactical purchases to counter not only potential price increases, but also potential shortage.

As of the end of March, we have not seen any major impact on the inventory value due to this, but it will start to materialize here in the coming months. Now, given that the additional purchase is only done within A-articles, and that is the fast-runners, and only typically up to max 3 months of additional sale, we think that the risk here is fairly limited, and we also think that to a large extent, if you look at the inventory as at the end of June, there'll be a limited impact.

The increase you see in accounts receivable of 401 million is due to normal seasonality, December versus March. Now, if you look at the investing activities, we spent 111 million.

Of these, 62 million can be referred to our new central warehouse in Kumla. There remains approximately 50 million, and we're done and over, and you should expect this to materialize the main part of it here in Q2.

You can say that will be the finalization of this huge investment program that we have seen, meaning moving into H2 territory you'll see a normalization of our investment, and therefore also an improvement of our cash generation. Please turn to page number 9.

Now, if we look at net working capital as an average for the last quarters, we've seen a slightly reduction of it. This did not materialize here in Q1, and the reason is, of course, that the ramp-up we've done in Norway.

All other things equal, we will, when we're on the other side of this, start to see a continued reduction. If we kind of take out the 75 million we invested in Norway, and there is a small impact already from the tactical purchases, we still think that the inventory is slightly on the high side compared to what would be the optimal level.

Now, looking at the gearing, we see an increase from 2.8 to 4.2. It is, of course, without our range, but it is as expected, and it's well within the lines of the covenants within our debt financing.

Now, please turn to page number 10. Now, in general, the macroeconomic uncertainty increased throughout '25, and I think it's fair to say that the start of '26 did not offer any relief, actually on the contrary.

Now, in the most likely scenario, the mid-range, and we stick to what we said before, we expect still our markets to be stagnant in '26, installation being slightly positive and industry supported by MAG, although might be slightly negative. Compared to Q1, an improved run rate.

Solar Polaris delivers to a major solar park with an expected total revenue of 275 million will positively affect '26, and it'll start to kick in during Q2. Our outlook for '26 reflects a minor continued decline in gross margin, mainly driven by the ongoing price pressure we see.

Compared to previously, we have now increased our expectations to cyclical inventory gains up to 20 million compared to our initial expectation. This is due to these price increases mainly within oil-based products, but we can see that it's also spreading out to other categories that we expect to come in the coming months.

Revenue. We confirm the revenue guidance we had before with 13.15 as the mid-range.

If you calculate with the growth we saw in Q1, you need approximately 3% organic growth for the year to go. Please note that the reference point in Q1 was fairly strong, whereas the quarters that followed last year were substantially softer, and you can return to the figure which was shown on page 6 in order to see the development, so that's makes it slightly easier.

In EBITDA, we still expect an outcome between 400 and 480, now including 75 million in restructuring and integration costs versus previously 85. The latter can be split into approximately 40 million to integrate Sonepar, 20 million to relocate to Kumla, and approximately 15 million in restructuring costs.

This is basically unchanged with the exception that we changed Sonepar due to the strong progress we have seen. Now, despite the weak start where we ended in the low end, we still think we can manage to catch up, mainly due to the factors that mentioned above regarding less cost to integrate, but also increased cyclical inventory gains.

As regards increased cost for transportation, in March we only saw a limited impact of it. We expect this to continue in the remaining part of the year to go.

We cannot—that's not the assumption at least—expect to carry all of this into the market. We will need to absorb part of it within Solar.

This has been taken into consideration. Then again, as said before, there are quite some uncertainty on this point, but we tried to incorporate the things that we can quantify the way we see things now.

If you look a little bit ahead, you can see that the Sonepar acquisition currently dilutes the margin with approximately 0.7%, but of course, moving forward from the end of the integration, and that'll be done here in H1, we expect this to turn and it'll be able to strengthen our margin. Thank you.

Okay. Thank you, Michael.

Then it's time for questions.

Hi, Michael and Jens, and thank you for taking my question. It's on the inventory gains here that you alluded to, Michael.

Maybe I missed it, but could you maybe just talk around again the 20 million number here that you flowed in the guidance section of your report? Compared to an inventory position of around 2 billion, I think it doesn't sound like a lot, to be honest.

Maybe just talk around the dynamics and the assumptions baked into this number. Also, could you clarify to what extent these 20 millions, is that a firm number baked into your full-year guidance or how should we think of it?

Thank you.

Hi, Sebastian. Bear in mind that in the estimate there is what we will call a normal level of these gains already.

You can say this is additional due to the price increases that we see coming. Of course, there's quite some uncertainty, it's not a bulletproof figure as such because I understand if you measure it against the total inventory value, you get to this consequence.

You need to look into that this is still within a fairly limited range of products that we see. You should also take into consideration into what extent can we pass this on to the market.

That'll vary from market to market, from product to product, and from segment to segment. You can see it as something that came in on top of what we had in our estimate year-to-go before.

Normally, we expect prices to increase between 1% and 2%, but now we expect them to increase substantially more. We've seen that.

That is the rationale for it's an incremental increase to what we already had in the books, and it's a narrow assortment. It's not widely.

It may spread out. We do not know that yet if we get, I think it's called second-wave inflation, where because there is basically, you can say, energy in all products to a larger or lesser extent.

That has not really materialized yet. Then again, if you look back to 2022, I think the situation here is slightly different because in 2022, what happened there and we had very huge additional gains above what we would say our normal level, there was simply an imbalance between demand and supply that made this happen.

I think that's not the case here to the same extent.

No, I fully agree.

That was a long answer. I hope it made a little bit...

No, no, no, but I really appreciate the color. Thank you also for the reference to '21, '22.

That would have been my follow-up questions because obviously with you, if you benchmark the 20 million that you guide here compared to back then, I think it was more than 200 million in '22. I think it's quite a substantial difference.

It's a fair point.

It's a very different scenario.

Yeah. Could you maybe elaborate a bit on the discussions you have had with some of your customers and the ability to pass on these increases?

Because it seems like you have to maybe give in and, as you say, also absorb some of this yourself. Maybe some more color to the dialogue and dynamics here.

This is for illustration purpose. If you normally sell a product for 100 and you make 20% on it, that means you're left with 20 in profit on it.

Now the price goes up to 120. Our underlying assumption is that we'll still be earning 20 on it.

As you see in percentage, it doesn't go up because if you took the same percentage and added to the 120, my earnings should increase from 20 to 24. Didn't.

We don't necessarily expect that. We may be left with something in between.

That's the underlying assumption. As I also said, it will vary a lot from market to market

what happens. I'm saying that still the demand for products is there, but of course it's weaker than it were back in 2022 where we saw a lot of shortage and also a lot of hamstring.

That's not the case at the moment. I think I support Michael that the fierce competition compared to a stagnant market, then you cannot put everything out in the market.

It's simply impossible. As we see it right now.

It can change in 1 month or 2, but that's our predictions right now.

For sure.

You might be right that we were conservative, but it's our best guess.

It's a good thing to be slightly conservative in the equity markets, my experience.

Count on there's a big uncertainty here before you deem us way too conservative.

No, I get it. It's a fair point.

Maybe a follow-up question on the activity levels that you see. Do you have any examples of customers who have sort of cancelled projects in the wake of increased energy prices and material prices?

Or what do you see on the activity level here on an underlying basis?

It's always a difficult question to answer 100%. We do not hope, but I think that the sum of major projects is lesser.

On the other hand, there's a lot of smaller projects. Hopefully that will be materialized over the coming months.

Of course, the price for bricks and isolation material is increasing like hell

due to the

price increase. You might see a stop and hopefully a go effect again when thing will normalize.

There is a risk that something will stop for a period or at least be postponed.

We also see some benefits from it. We can see that the sale of heat pumps is gradually gaining more traction.

It's coming up.

Okay.

I think there is a risk that something will be postponed, that's for sure.

No, that was it for me. Thank you for taking my questions.

Okay. Thanks.

Thanks.

We currently got five written. The first is: How is Sonepar Norge integration progressing in the Q1?

Are you on or ahead of schedule, and what are the early KPIs on synergies and market reactions from customers, suppliers, and competitors?

I hope I already answered the question. At least we are on track or beyond our original plans, and the synergies we are measuring is also tracking as expected.

Far we haven't seen any negative reaction from customers. On the other hand, we have seen positive reaction from a part of our suppliers, I would say.

I think that answer is... Covered.

Yeah. Solar Polaris is delivering DKK 275 million to a single solar park project in '26.

Is there a pipeline of similar projects, and do you see your project business as a structural growth leg rather than a one-off contributor?

I would say like this: we cannot disclose our pipeline, but I would also say that we do not have a similar-sized project coming in as the one we're working at the moment. As we all know, sustainable electrification is again on the agenda.

It was more or less closed down for 2 years, now it's coming up again. The access to the grid is also a problem because the grid, at least in certain markets, are overloaded.

Even though there are projects, there's a risk that the grid cannot allow us to connect. At the moment we only have size-wise this big one, and then we have a lot of smaller ones.

Summing up, the big one we have now is the only one.

Third question: You are operating in a market that are soft across the board, and your '26 guidance reflects an assumption of broadly stagnant conditions. History shows that downturns tend to accelerate consolidation and separate strong distributors from the rest.

My question is this: Are you approaching the current market as an offensive opportunity to take share, deepen customer relationships, and position for the recovery of the near term, or primarily to protect margins and manage the balance sheet back with your gearing target? Consequently, what would it take for you to shift from one mode to the other?

Thank you. Yes, it's true that the market we look into right now is a bit soft, but I would still say, if we look a little bit ahead, we're not overly concerned.

As Jens also said, electrification will be a key driver. Previously, it was mainly due to reducing the CO2 footprint, but now it also has strategic importance in order to ensure that we get less dependent.

Bear in mind that we have quite a strong position within infrastructure. Currently they are investing in high-voltage, there we have a limited role to play, but soon they'll move into mid-voltage and low-voltage, and then we'll have a substantial role to play.

We're not overly concerned. Now, looking at the consolidation part, I've been in this now for 26 years, and I've seen nothing else but consolidation.

It's been going on at least for the 26 years I've been around, maybe it's accelerating, I don't know. It's an open question.

I think we'll take part of it where it makes sense. We did acquire Sonepar in Norway, and it was not a brand new idea to us.

We have actually, share this with you, for many, many years been wanting to buy Sonepar in Norway. As always with these things, you need both a buyer and a seller in order to succeed.

It's difficult to plan, but we have a close monitoring of the market, and we have a list of things we potentially would find interesting in case the opportunity should occur, and for good reason we will not share that list. Now, in terms of the financing that was also a part of the question, yes, it's true that we currently are above our target gearing.

We still expect that this will start to normalize after the summer and continue to do so so that we doing next year will get back within line. At the annual general meeting, we actually got a renewed permission from the shareholders so that we could also potentially do a capital increase of another 10% if the need should arise.

I think we're in a good position to manage. Should, say for the sake of the rationale, something materialize already in Q3, even though we are above the gearing, we will take a look at it.

We have very good relations with our financial sources. I think we have a huge portfolio of opportunities in front of us here as well.

It was a long answer again.

It was a long question, I would say.

That's right. Fourth question: One of your Danish competitors recently bought a cable distributor, and cable seems to be your unique selling points.

How do you think that this will affect your already somewhat sluggish sales in Denmark?

I would say we're talking about JMV. We know them already.

They are servicing the same customers we are servicing, with the same assortment, and with the same or not the same, but at least some cable knowledge. For us, it is simply not an M&A target.

Another saw that differently, which is as the market is. It only explains that consolidation is going on, like Michael explained we did in Norway, someone did the same in Denmark.

For us, we already have the knowledge, we already have the assortment, and the customers are already served by Solar. For us, it was a no-go in this case.

Fifth question: Which country/countries are the data centers and other growth initiatives primarily located in?

I think it's spread all over, but for sure we are very strong in our infrastructure footprint in Denmark and in Norway. Of course, we can also serve the Dutch and the Swedish market.

There we are strongest, at least when we look into infrastructure, of course cable-wise, because it's not only about infrastructure that way around. We also have a specialized team within data in Denmark and partly also Norway and Sweden.

I think we are in the Nordic at least, we have a decent footprint to take in the mid- and small-sized data centers, or a part of it.

The final question: Does Solar lose or gain market share across different segments? How is ThermoNova performing?

What are the earnings expected for ThermoNova in 2026?

There's no single answer to that question. At least

if we turn back, we doubled the number of sold units, entities or products last year or solutions last year, we doubled from '24 to '25. Of course, the energy crisis right now should increase demand for ThermoNova's solutions.

Again, we cannot disclose that on this call. We can, of course, follow us during the next quarters.

Far, we have won quite a lot, mainly in the solar business, and then ThermoNova for a moment is a little bit weaker in the export share. That can be changed in 1 or 2 months.

It's very early days in 2026. At least we have won some good, strong orders also to the defense industry with ThermoNova, by the way.

Regarding the market share, first of all, data is what data is, and what's the market, that's always the question. Based on what we know, we know that in some countries we are actually gaining market shares in the country as a whole, but we can also find sub-segments where we clearly are losing market share.

Again, it's a mixed bag. There's not one answer that's a silver bullet here.

Some places winning, but we're clearly also I think losing in some sub-segments. The infrastructure part where we really saw the headwind, let me just make that absolutely clear, that has nothing to do with loss of market share, just for the avoidance of doubt.

No further questions.

Okay. Then we will close the call for today, and thanks for listening and have a nice, sunny day.

Bye-bye.

Bye.