Good afternoon. My name is Mikko Kuusilehto.

I'm the Group CEO of Robit, and I'm joined today by Arto Halonen, our Group CFO, to go through the Q1 2026 financial results. We're happy to present a quarter where we clearly saw strong growth in orders and a clear improvement in profitability.

Our orders received increased by 20%, reaching €24.1 million. This was due to a very stable demand on the mining industry side as well as a clear increase in activity in the piling business in the Nordics.

Our net sales remained roughly on the same level year-on-year on €21.3 million. Our comparable EBIT increased clearly almost—well, clearly more than doubling from the year year year 2025, reaching €1.4 million.

Our net cash flow from operational and financial side improved as well. Net cash Net cash flow from operating activities was -€1.5 million, improvement from -€2.2 million year before.

Our net liabilities were €16.6 million, reduction from €21.7 million year year before. We saw a clear improvement in our performance in the Americas, where our our revenue increased by over 30%.

Still, the EMEA region remains the biggest region in our our portfolio. More softer development was on Asia and Australasia side, where our revenue decreased from last year.

When looking at the SBU side, the Top Hammer business remains the the biggest share of of our revenue, but we saw significant improvement from the Geotechnical side. When looking more specifically into the development of the SBU side, we saw that the Top Hammer net sales decreased 15%, falling to €12.9 million.

Our Down the Hole business increased by roughly 4%, and in the Geotechnical side, we saw a clear increase of 53%, roughly 53%, reaching €5.4 million euro revenue. Like said, we saw clear improvement on the on the profitability.

Our comparable EBIT was was 10.7% of the net sales.

I will continue here. Thank you, Mikko.

Then if we take a look a bit more detailed about the financial figures. The net sales remained largely unchanged year-over-year at €21.3 million.

We had very positive net sales in our Geo business, like Mikko highlighted, but at the same time we saw a decline in our Top Hammer business. When it comes to the SBUs, our Geo business was very positive, all in all, in the net sales and with the orders.

With the profitability, there was a clear improvement or a significant improvement in Q1. Our EBITDA percentage increased to 10.7 percentage, and our EBIT in Q1 increased to 6.5 percentage.

This was driven by healthy margins as well as the headwind with our currencies. Our Q1 result of the period strengthened and was €0.9 million.

Moving on to net working capital, our net working capital totaled to €41.6 million. Our inventories increased to €39.4 million, and this was due to increased material costs.

During the early part of the year, we have seen significant growth with tungsten, which is a major raw material in the carbides, and we also expect the inventories to continue increasing in Q2 driven by the high tungsten prices. Our receivables decreased on year-on-year to now 19- €19.6 million in Q1, and our payables increased to €17.4 million euros, and this was driven by increased material costs, especially with the tungsten, and our orders received during Q1, which we will need to prepare now for selling in Q2.

We also have some seasonality here, when looking at the graph, we see that traditionally Robit has had increase in net working capital from Q4 to Q1. Our cash flow was very close to last year.

Our cash flow before changes in net working capital was €2.3 million. Our operating cash flow was -€1.5 million, and our cash flow from financing activities resulted to €0.2 million.

Our financial position remained on a healthy level. Cash and cash equivalents at the end of Q1 were €8.2 million, pretty much on the same level as last year.

Total interest-bearing loans and utilized credit limits were €24.8 million, and this includes IFRS 16 liabilities of €3.1 million euros. Our capital structure remains strong.

Our net debt decreased and was now €16.6 million. Our financial covenant, also net debt 12 months rolling EBITDA, was now 2- 2.83.

We continuously monitor this KPI, and we do the necessary actions to ensure that we are below 3.50, which is our financial covenant level. Our equity ratio remains strong at 51 percentage.

Our loans from financial institutions at the end of Q1 totaled €20.9 million. Now, when the interest rates have been going up and down, we as a company have also an interest rate swap, which enables us to focus on the operations, and it is providing us some hedge towards the interest rate fluctuations.

Our interest rate swap is €10 million, and that has took effect on last year end of Q1. Handing over to you, Mikko.

Thank you, Arto. Although the start of the year was a positive one, still the fact is that we have to continue working on the basic fundamentals to make sure that we are more successful in the future.

Like has been said in the past, we focus strongly on growth, and this growth comes through our active participation with our distributors as well as selected direct presence in the market. We have to focus on those applications and segments where we win on performance and reliability.

Especially in this type of circumstances where we're living in the geopolitical sector at the moment, and where we see the tungsten prices increasing tremendously over the past six months, it's clear that we have to focus on pricing knowledge, we have to focus to find ways how to mitigate the price increase and tariff risks that are involved in the daily business that we are running. All in all, I'm a strong believer in the fact that with a strong face-to-face presence in the market, with actively engaging with our distributors, we will be able to find ways how to improve the performance also in the coming quarters.

That work is something that needs to continue from our side day after day. Now looking forward, we keep our guidance as has been informed earlier, we expect that our net sales will increase and our comparable EBIT in profitability will improve compared to 2025.

Then I think to questions.

Yes. That was all.

Thank you. Now it's the time for questions and first, are there questions online?

Okay. Then we'll take the questions from the chat functionality.

There are a few questions from [Aapeli Pursimo?] .

The first question, "Orders received increased nicely, but were focused more on the project side, Geotechnical. How do you see the project market for the rest of the year?"

If we look at the front activity that we see in the Nordic markets, we do still expect that the business will develop positively during the latter part of the year. We see that there are a number of tenders at the moment in the market, and that gives us confidence in it that we sort of foresee that there will be positive development during the latter half of the year.

Thank you, Mikko. The next question, "Then how about the more continuous business, Top Hammer, Down the Hole side?

How have sales effort progressed?"

I guess we could sort of see the positive development with the sales efforts when we see that our numbers are trending in a positive way. The fact is that we have plenty of work to do to improve our performance in the markets where we operate so that we can get the growth in the other SBUs also to be happening quarter-on-quarter.

That work continues to be done on the daily level in each of the entities and with all the distributors that we are supporting in their markets. Let's hope that we see better performance in the coming quarters with those segments.

Continuing on that one, "In Top Hammer, orders and revenue decreased compared to comparison period. What is the main hurdle of Top Hammer at the moment?"

I guess it's it's a sort of It's There's no single sort of cause that would would would explain the this the fall on our side on that side. It's naturally when you look at the Top Hammer development over over a longer period, you can see that it has been a a sort of sliding trend for us.

Of course, the market dynamics have changed a lot during the past years. Competition has increased tremendously in in the in the Top Hammer segment, and and that, of course, is having having an impact on it.

The other thing is is that that although certain portion of the business is is a sort of quick-turn type of business where where revenue can be generated on a on a relatively short short sort of time span, the fact is that still with the larger contract, it takes quite a while to to come to that state that you are able to prove your your product performance and and the and the added value that it brings compared to the current suppliers. In that sense, it's for us where we stand is with at the moment with that business, it it means for us that we have to continue that that active sales and and and promotion work in the market to ensure that we get that value add proven to the customers, and then are able to divert con- contract into our pockets.

Thank you, Mikko. The next question, "Profitability developed strongly.

How much of this was due to the sales mix, e.g., larger share of Geo? Can you elaborate a bit how much exchange rate supported EBIT in Q1?"

If I'll take that, especially now first, the exchange rate supported EBIT, we are talking about a few hundred thousand impact, positive impact in Q1. What comes to the profitability of sales mix, we had healthy margins across all the SBUs, and we need to work continuously that all the SBUs have healthy margins, especially in this situation where we have a high inflationary pressure coming especially from the tungsten.

Then the next question, "Tungsten remains as a challenge for the time being. How successful have you been mitigating the effects?"

If I continue, I would say that in Q1, we have been still successful, and we have been capable of ensuring that we have healthy margins in all our SBUs. That work needs to continue in coming quarters, especially when we have seen that the tungsten price has also continued to increase still during Q2.

It might continue still in the latter part of the year. That remains to be seen.

That was the last question in the chat.

Yeah. On our behalf, thank you everyone.

Oh, okay. There's one more.

"Have you seen any effects from the Middle East situation?"

We have actually seen. During the recent sort of weeks, we've seen especially in certain Asian countries that they are clearly affected by the shortage of fuel.

This problem is secluded to certain specific countries in the Asian region that are not having a great impact on our business. That's pretty much the only market where we've till now sort of seen clear impacts of the Middle East situation affecting the business environment.

Are there any further questions? If not, then thank you for participating in our Q1 result review.

Thank you.