Thank you for joining us. Our CFO Christer Johansson is sitting beside me, and we will now present MEKO's results for the fourth quarter and full year 2025.

The fourth quarter marked the end of a year that can be described as an important investment year for MEKO. In parallel, we concluded major warehouse upgrades in four markets, according to plan, for improving operations within the program Building a Stronger MEKO.

We also launched several key initiatives to attract new customer segments and drive growth. In addition to this, we started the launch of our new ERP system in Poland and accelerated our cost-savings efforts.

In total, we reduced the number of full-time employees by 500 during the year. We did this in a somewhat weaker vehicle market compared to 2024, with more car owners postponing service and maintenance due to uncertainty about the future.

For MEKO, this resulted in lower sales in the first half of the year, which we partly offset in the third quarter. The market situation remained unchanged in the fourth quarter with sales growth reported in line with the same period in 2024.

Overall, our results were negatively impacted with an adjusted EBIT margin of 2.2% for the period. The lower results have increased our leverage, and we are now fully focused on improving profitability and reducing our leverage.

Compared with the very intensive 2025, we see better conditions in 2026 to do this. Let's move to slide 3 for a closer look at some of our important initiatives in '25.

As mentioned, we completed upgrades and construction of four central warehouses, all at the same time. We automated the warehouse in Finland and built new automated ones in Norway and Denmark, where we now have moved in.

In addition, we relocated to a central warehouse in Warsaw that is nearly twice the size of the previous one. This required a lot of focus.

The benefit is that we now have stronger logistics platforms that support future growth. During the quarter, the business area Sørensen og Balchen began relocating from its warehouse to our new facility outside Oslo, which caused some disruption that Christer will elaborate on.

We will continue to fine-tune processes and technology in all our warehouses, as always the case in projects like this, but the major work is behind us. Most importantly, we still have significant efficiency gains to realize.

Let's look closer at some of the most important growth initiatives that we launched in 2025 and move to slide 4. One important initiative is our increased focus on exclusive brands.

We're seeing higher demand for affordable alternatives and therefore launched the Everypart Matters in seven new markets to reach new customer groups. 2,000 products has been developed during the second half of the year into 2026, including the brake discs shown here.

In addition, we decided to expand our e-commerce offering to meet the growing online consumer demand. Our web shop Mekster has now been launched in Finland and will soon enter Denmark, ensuring strong coverage across the Nordics.

Let's move to slide 5 and to other key initiatives. At the beginning of 2025, we entered into a partnership with Goodyear.

The goal was to increase our tire sales, which we did. Revenue in this category increased by 12% during the year.

We also strengthen our focus on commercial vehicles, where we see a strong customer interest. MEKO's ambition is to be at the forefront on delivering convenient digital customer experience for car owners.

We're therefore pleased to see that bookings through our leading digital booking platforms increased by 19% in 2025. Higher volumes strengthens our relationship with the end customers and creates significant value for our affiliated workshops.

We also see strong sustainability performance as a competitive advantage over time, let's look at the progress we have made in this area on the next slide. During the year, our climate targets were approved by the Science Based Targets initiative.

This means that we are now one of 10,000 companies worldwide to receive this approval. It's a milestone achieved largely thanks to the leadership of our head of sustainability, Louise Wohrne.

We also reached our gender equality target for the year, with 17% female managers. Our goal is to reach 20% by 2030.

We do operate in a heavily male-dominated industry, which we are working to change through long-term initiatives, including mentorship programs for women, and we are not done with this work and will increase our efforts going forward. Finally, we also reached our target for using green electricity in our own facilities, and we now have a coverage of 98%.

These are just a few of the initiatives we carried out during the year to strengthen the company, and there are many more. Finally, MEKO has now a new group management team in place.

The new team, including our business area managers, has a stronger connection to operations, and this enables an even faster execution. I'm also pleased to welcome our new managing director for Sweden, Erik Angervall, who started his position on February 1st.

With that said, I hand over to Christer.

Thanks, Pehr. Looking at financials for Q4 on page 7, the takeaway is in many ways similar to that for the year as a whole.

This has been a year with flat top line, pressure on gross margins, and significant investments for the future. Q4 is normally the weaker quarter, as also seen in '23 and '24, taking this seasonality into account, Q4 reflects a continuation of the stabilization that we saw in Q3.

Net sales are down 3% versus Q4 last year, and this is fully due to FX translation and a stronger Swedish krona. Organic growth, which is FX-adjusted, remained around 0%.

Cash flow was stable compared to Q4 last year with some help from working capital. Profitability, however, measured as adjusted EBIT margin, is down compared to a year earlier.

One factor in this is pressure on gross margins. Pushing in the other direction, we have, as communicated, launched initiatives to improve cost efficiency.

For this quarter, those initiatives did not provide a full offset, but we are seeing good traction. Perhaps the best illustration hereof is the size of our workforce on page 8.

As a fact, we leave 2025 with circa 500 FTE less than we had coming into the year, and on top of this 8% reduction, we have further reductions, circa 70, which are decided, negotiated, and communicated, and which will come about in Q1. Here, I wish to highlight three contributing work streams.

Firstly, the cost program that we launched mid-2025 is progressing well. The required decisions are taken.

Much was completed late in Q4, and a smaller part is still in implementation phase. Secondly, integration of Elit, the acquired business in Poland, is nearing its end.

This include merging both central functions and reducing overlaps in the network by taking out what soon will be 18 branches. Thirdly, automated warehouses do require less staff, and realizing the upside here is not yet complete.

In terms of execution, we took the last big step here around year-end, where we merged the warehouse operation of Sørensen og Balchen into the new joint facility in Norway. To sum up, good traction and very tangible effects, not quite done yet.

Completing these actions and doing so to the full extent is, of course, key to protecting profitability in a market where gross margins are under pressure. Staying on that note, let's move to page 9.

Comparing gross margins with Q4 2024, the development is similar to what we've seen earlier in the year. We have commented on the country mix before, pointing out that growing in Poland is in itself a good thing.

It may be dilutive to group margins, but it is supportive to the purchasing power of the group. The larger factor here is, however, the price component.

In several of our markets, including Denmark, Poland, and Finland, we have seen tougher competition. This comes in the form of new entrants and intense competition for volume amongst existing ones.

With those comments on margins, the step to adjusted EBIT on page 10 is not long, because with sales being more or less flat, the trend in adjusted EBIT is a net result of cost and gross margin development. Here, the effect from price is more or less instant, but several of our improvement projects, they have longer lead times, contributing to the year-over-year development seen here.

Looking at the warehouse projects specifically, the full year has been a transition, and this impacted many parts of the business also below the EBIT line, as illustrated on page 11. As discussed in earlier calls, we took new leased assets into use early in the year, including the new warehouses and automation in Denmark and Norway.

Those are long contracts, corresponding to large lease liabilities, as shown in the graph. Under IFRS 16, they are also reported as interest cost or represent interest cost.

In the table here, we single out that part, highlighting that what I would call regular financing cost has remained flat. Even more important, this warehouse transition has now come full circle, and we have vacated eight out of eight legacy buildings.

Going forward, one should hence expect a gradual, uneventful amortization of these lease liabilities. Moving to page 12, one can note that net debt, which excludes IFRS 16 liabilities, has stayed relatively flat, and the increase in leverage is instead driven by reduced EBITDA, which in turn is heavily affected by one-off costs incurred in 2025.

Now, regardless of reasons, operating with a leverage of 4 is not in line with our financial targets, and getting back to the 2 to 3 range is a priority. This will take some time, and in that context, it should be noted that Q1 normally comes with a weak working capital development due to seasonal trends.

It is also against this backdrop that the board intends to recommend to the 2025 AGM that no dividends are paid for 2025. Before we sum up, I will give a few brief comments by business area, starting with Denmark.

In Denmark, we saw a slight organic growth in Q4, with new regulation on winter tires being supportive. Efforts to ramp up the new facility remain intense, which also came with a fair share of temporary costs, as seen here in the difference between EBIT and adjusted EBIT.

Also in Finland, on page 14, sales benefited by healthy demand for tires. However, that product mix in combination with the competitive pressure affected margins and profitability negatively.

Turning to page 15, Poland and the Baltics, we saw relatively healthy organic growth of 5%, and this growth has been achieved while also doing many things on the cost side. This went some way, but not all the way, to offset reduced gross margins.

Moving to Sweden and Norway, the picture is a little bit different. Here, organic growth remained in slight negative territory, but we were able to defend margins.

Operationally speaking, the quarter was quite busy, as we brought the warehouse of Sørensen og Balchen in under one roof in Norway. This joint setup is also reflected in cost-sharing models between the two business areas, and this lowered cost in business area Sweden and Norway in the quarter.

The flip side hereof is seen in the final business area, Sørensen og Balchen, which in effect end up with double rents in the quarter. As of February 2026, the old facility in Holmlia has been decommissioned, and we are glad to note that with this we have, as I mentioned earlier, exited eight out of eight legacy facilities.

That said, it was a challenge to drive sales throughout the move, and we assess that a majority of the business area revenue shortfall in the quarter is due to limitations in availability. With that, I'd like to hand back to you, Pehr.

Thank you, Christer. A few final words from me.

We have now left the project-intensive 2025 behind us, with better conditions to increase sales and profitability and gradually reduce leverage. Our logistics platform is now of high international standard, and we are working toward long-term growth with several initiatives.

With that in mind, I'm confident that we have the right core pillars in our strategy. We will always improve our operations, build stronger workshops, and offer the most car-owner-friendly services and grow sustainably.

However, we are evolving how we execute our strategy. This means, for example, that we have accelerating e-commerce offering to consumers while continuing to invest in our branch network.

It means launching our own brands to grow and attract new customers alongside established third-party brands. We will move forward with the same goal as before: to be the most complete partner for those who drive, repair, and maintain vehicles, even as the playing field changes.

That will be all for me. Thank you all for listening, and now we are open for questions.

Yeah. Hi.

Thank you. First, well, a couple of questions.

Christer, you mentioned that, well, working capital is somewhat, well, boosted during the first quarter due to seasonality. I just wondered what opportunities do you see when things now have settled to reduce, well, inventories and working capital in a mid- to longer-term perspective?

Yeah. Now, the main priority now with regards to the new logistics setup is to get efficiency up through reducing FTEs.

That is our main priority now. I would say that's the bigger contribution from these projects here over time.

Could there be opportunities for us to reduce working capital? We're definitely looking for it, but I'm not yet willing to commit to a number on that front.

Okay. Then, fourth quarter was somewhat mild and winter conditions have sort of progressed more here in the first quarter.

Could you say something about, well, how demand have developed here during, well, it's early days still, but what are the normal sort of trends when winter conditions becomes like they are right now?

It's too early to say because we don't have any numbers yet to share on that moment. Generally speaking, the first thing which happen when it's very cold is that the waiting time to get a time at the workshop will be longer, due to the capacity.

That's probably the first thing that will happen, that it will be take longer time to get an appointment at the workshop, but again, we will come back when we have some more details about how it impacted this time.

Okay. Finally there, you have pretty good progress in Sweden and Norway in spite of, well, the warehouse structure changes and the impact of those in Norway, and Denmark maybe a touch better than I expected.

What about Finland there, and Poland and Baltics? Should we expect those markets to perform at break-even at best, or do you see any sort of light in the tunnel, or could you say something there?

Again, we're not guiding like that, but of course we have much higher ambitions than we're showing now. If we split a little bit, the operations in Baltics is very stable, so that and quite good also.

In both Finland and Poland, it has been a year of a lot of investments and changes. Finland should starts to benefit of the automated warehouse, which we installed during the year, and also a lot of other cost savings, so that should be good for possible better profitability.

Also Poland this year has been extremely intensive. We had the move of the warehouse, we launched the ERP system, and also the integration with ELIT Polska, which we now are kind of on the finish line also.

There has been a lot of, let's say, call it investment years or change years of all changes, we have absolutely much higher ambitions for those markets.

Yeah. Finally there, you mentioned that the capex program is now implemented.

What kind of capex could we expect here for 2026?

We've been through an investment boom, if you will, in 2025. I think this is by no means a normal year on this front, but if you go back a few years before 2025, you see the kind of the maintenance capex level being reflected, and that is what one should expect going forward.

Okay. Great.

Thank you.

Thank you.

Good morning. Thank you for taking my questions.

If I start with the price pressure markets, i.e. Finland, Poland, I think you mentioned Denmark as well.

In addition to cost-saving, what can you do about the situation on the demand side?

There's two very clear initiatives when it comes to handle the price pressure, and that is the launch of, can you please mute your phone because I can't hear myself. The e-commerce is one way of doing it.

That is to offer a let's say a cheaper way for the consumers to buy the parts. We launched it in Finland a couple of weeks ago, and we are also entering Denmark later this year.

Then maybe even more important is our initiatives around exclusive brands, where we have the ProMeister brand, which is the top brand, but now we're also launching Everypart Matters, which is a more price-effective and affordable brand, which will be available for the customers here during the spring. That's two very clear initiatives which we're doing.

Okay. Thank you.

You also talk about the fight for supplier bonuses among some of your competitors, i.e. they reduce prices to get more volumes.

How is that dynamic Does it differ depending on what time of the year you are in and how do you view it in 2026?

Let's see how it develops, but usually this is a question for Q3, I would say, because then we know if the general demand in Europe has been okay, then it's one thing. Otherwise, there will be increased in competition in the end of the year, because that's when people starts to realize that they are missing the target.

In the beginning of a year, it should not have any impact.

Cool. What about currencies?

You source a lot in euro, I think. How is that situation, and will you benefit from that in 2026?

It's correct as you say that we do source quite a bit in euro. We're also selling some parts in euro-denominated currencies.

The impact from FX is not as large as it was if you go back a few years. The blend in our sales and purchasing is now more balanced, you can say, one should not anticipate massive effects from this.

Generally speaking, though, stronger SEK is somewhat supportive.

Okay. Thank you.

On the cost programs you already touched upon, but can you say something more concrete on how much you realized in the fourth quarter, and what programs are already starting to help?

Yes. As I think we said already in Q2 and definitely in Q3, the focus here has been to reduce staff.

As you could see from some of the numbers we shared, we've been successful in this. Relating specifically to the 100 million cost-saving program, we had by end of year reduced the number of employees by 100, and then there was another 70 then that's kind of in the pipeline, if you will.

That means that the full run rate is not reflected in Q4, for sure, but as of today, we're happy with the progress in this program. That is of course then, as I think we've also explained earlier, unrelated to the efficiency gains from the automation, so that's a separate work stream, if you will.

Good traction, but definitely not full run rate in Q4.

Thank you on that one. Can you also touched upon the in addition to the one-off costs, if you will, you have running too many warehouses in '25.

Could you quantify that or what implications it had on top-line cost?

Absolutely. In the bridge between EBIT and adjusted EBIT, which is in one of the notes in the report, you will find a specification by item.

One of those items are the call it the double rents and extra staffing related to the warehouse transition. I think it's in the range of 80 million SEK, if I'm not mistaken, for the year.

It's quite pleasing to note that this is now coming to an end, because of course those are big costs that we've absorbed in 2025. As of recently, we have handed back the keys, and we've settled everything with the landlords and whatnot, there's nothing of that now impacting the P&L.

Cool. Finally, then, if you don't want to comment on the outlook or on the start of the year, can you talk about this Q4, was kind of in a mild weather?

Weather that was positive, negative, or neutral for your demand side? Thank you.

I don't know how much the weather was impacted. It was a slower end of the quarter in December, and that could be mix of working days, how the workshop has been open or closed during the holiday times and so on.

It's more of a mix of a lot of things, I don't think that we can blame the weather rather positive or negative for Q4.

Cool. That concludes my questions.

Thank you.

Thank you.

All right. Thank you all for listening, and wish you all a good continue of the day.

Thank you from us.