Thank you, and welcome to this quarter 3 call 2026, and as always, I have Sylvain with me here. Turning page, Alimak Group, diversified global industrial company.

We are a leading provider of sustainable access and working at height solutions. 3,100 FTEs now.

We are present all around the world, and we have some fundamental drivers supporting our success. On the global trends side, health and safety is an important driver for us, of course, urbanization, the current regionalization that we see driven by geopolitics, and also electrification to mention some.

We do have a leading market position in the niches where we operate, which gives us a good base to drive business. We have a long history.

We have machines installed all around the world, which also forms a fantastic base for our service and aftermarket business, and a relatively light model, which gives us a strong balance sheet and good cash conversion. Turning page, our strategy, this is the New Heights that we launched back in 2020.

We renewed it 1.5 years ago, and it's also now what we are continuing up towards 2030. It has served us very well, and, yeah, we will continue to drive the same strategy going forward.

Turning page, our financial and sustainability targets, you see here, to mention a little bit on the financial side, 8% to 12% average annual revenue growth, to reach a 20% adjusted EBITA margin by 2028, and have a leverage of below 2.5 times over time. Also this year we also signed up and got approved our science-based targets.

Turning page, and diving into Q3. We saw solid order intake growth, and also resilient profit in the quarter, despite a still challenging construction-related market.

We had order intake of 16%, and 4% organic, and 4 out of 5 divisions delivered organic growth. It's the Construction piece which is still struggling on overall business, but it was, and that's also affecting Facade Access, which again had a somewhat lower order intake.

Tractel strengthens Facade Access and the group, and provides a significant margin contribution to that business, but also a broader market exposure, making the business more diversified and resilient, which is an important strategic drive that we've had for some time to become less dependent on tall buildings, which is currently a very challenging market. We also have not delivered fully on our profitability ambitions over the last couple of quarters, that's why we also launched, some cost efficiency and and reduction activities in the quarter.

We have identified 80 million SEK in annual savings, which will then have a full impact from Q2 2027. This involves 4 out of 5 divisions and also group functions.

The only division which is not part of it is Wind, where we are so lean, it's really hardly anything to do in that sense, at least as we see it now. Short term, also the leverage increased in the quarter due to Probel acquisition, we are at 2.82 reported and 2.60 if we would include 12 months of Probel earnings.

With our good cash conversion, we should be below the 2.5 target by the end of the year. Turning page, order intake was then 1,789 million SEK, up 16% or 4% organically.

Organic increase in Industrial, Wind, Construction, and HSPS. Revenue was 1,783 million SEK, up 8% or down 2% organic.

We saw organic growth in Wind and Industrial. Adjusted EBITA at 318 million SEK, up from the 287, giving a margin of 17.8% versus 17.3%, where then, as you understand, Probel contributed positively to the quarterly margin.

We still continue to see a very weak Construction margin also this quarter, which is, of course, disappointing, and we will come a little bit back to that later, while Facade Access and Wind improved operationally in the quarter, and Industrial and HSPS remained stable. We have now then 4 out of 5 divisions reporting around 18% or better in EBITA margin.

Turning page, service side, a key component, of course. We had order intake of 788 million SEK in the quarter, 32% up or 24% organic.

The increase came from Facade Access, Construction, HSPS, and Wind. Revenue was 730 million SEK, up 10% or 3% organic, with positive contribution from Facade Access, HSPS, and Wind.

We also, as you see, we had a very strong book-to-bill in the quarter, and this is important for us, of course, that we are growing this piece of the business, which is a strategic focus in each division. Turning page, Facade Access, order intake 448 million SEK, up 18% in the quarter or down 8% organically.

The organic decline was primarily driven by project award delays in the Middle East and also North America. While it's also partly offset by our focus on refurbishment, retrofit, and replacement, where we saw nice growth in in Europe, but also some new equipment orders in Southeast Asia.

To be further said on the order intake side, we have had no significant larger orders in this business this year because that market is very, very slow. That also is a very, very price-pressured market currently, we will not take business which is not supporting our margins.

As part of our strategy, we have talked about for long, we want to go into lower- and medium-height type of buildings, and and this is also then what we are doing, and also what we are doing with with the acquisition of Probel. Revenue was 554 million SEK, up 13%, down 10% organically.

Organic decrease was due to the lower backlog. EBITA 101 million SEK, up from 64, margin 18.3% versus 13%.

We continued to see improvement in the operational margin, but also, of course, a significant contribution from Probel in the quarter. Turning page, we continue to drive the strategy and our growth initiatives.

The compact BMU solution that you see on the picture here for more medium-height buildings is something we have been reviving and have had success with in the Benelux, and we are now also creating more Europe or opportunities across Europe. IDS, we have been focusing for a long time, continued to serve us well, and we also signed some nice contracts in Dubai and Saudi Arabia in the quarter, which is nice because the bigger things or main product projects in in that regions has been more or less full standstill for the last 6 months, which is also affecting the business.

We also continue to focus on infrastructure, as and we have now also established a dedicated team in US for this. The Probel integration started off very well, and the business is continuing like it were prior to acquisition, which is, of course, important.

I just want to highlight also there is some seasonality to this business, where typically Q2 and Q3 are the stronger quarters, and due to winter normally, then Q4 and Q1 are slightly lower, but nothing really fundamental, but some seasonality to it. We continue to also drive, the operational improvements, and in this group project, we've also identified more savings potential in in Facade Access, and that amounts to then 20 million SEK of annual savings effective from Q2 next year.

Turning page to Industrial, order intake was 410 million SEK, up 15% or 11% organically. New equipment order intake was up against last year, supported by mining, ports, and also power projects in North America, while we also see that several large equipment opportunities that we have been working on, they remain in pipe, nothing really fundamentally closed lately.

The service business came down also somewhat in the quarter due to timing of refurbishment projects. Revenue was 400 million SEK, up 7% or 2% organic, driven by revenue growth in previous or new equipment in previous quarters.

EBITA at 99 million SEK, up from 92, giving a margin of 24.6% versus 24.5%. The positive gross margin development that we saw allows us to also continue to invest in sales and product development.

Turning page, the market still remains relatively strong, even though we also have some weaker pockets that we have seen throughout the year. It's strong equipment growth in Americas and Asia Pacific, especially in power, mining, and heavy industries, while on the oil and gas side, we have, as you understand, due to the war, seen nothing happening over the last 6 months.

Also another effect is that we see in the oil and gas segment is that the aftermarket, it's negatively affected because the sites that is up running, they run full speed, which means that they don't take the time to do bigger overhauls or services, it's it's something which we are sure is due to come. We continue also to focus on product development, and we are launching now a new competitive SE range, which is a more cost-effective machine, is more flexible, and also easier to install with lower CO2 footprint, etc.

Product development remains, of course, a very important piece. Turning page to Construction, order intake was 398 million SEK, up 10% or 6% organic.

We saw strong order intake in India and Australia. Australia is where we run our own rental operations, so that gives us a strong connection direct with customers, and India, we have it's an important country, of course, which is supported by our Chinese factory, while the demand for new equipment in Europe continued to remain very, very slow, while we see good momentums for for parts and service.

Revenue was 318 million SEK, down 4% or 9% organic, and this is also due to some delay in project start-ups in the in the quarter that we were expecting to come, these are projects in the order book. EBITA at disappointing 22 million SEK, down from 44, giving a margin of 6.9% versus 13.3%, and it comes down due to lower revenue, but also some operational inefficiencies, and we are working on a lot of things to improve.

Turning page, the market remains challenging, as I was saying, and it's we also continue to see rising interest rates, to expect a short-term change in the market is is not there, while at the same time, we have seen now 2 quarters in a row where we have order intake growth, and also 3 quarters where we have had a positive book-to-bill. There are signs that that we might have seen the worst when it comes to order intake.

We also see that infrastructure projects, there are quite a bit happening still, of course, as in the construction sector, and that was particularly good for us in Australia, and again, there we have our own rental setup, which which gives us the possibility to be close and get that business. Some pluses in our business currently, it's our own rental, that holds up well, even though we also face a tough price pressure in that business.

The aftermarket is important and good for us. What we have done on light machinery over the last years to develop that range is is providing us sales these days.

Special machines, for special big projects, that's something we are good at and we get. Of course the China setup that we have servicing APAC, Eastern Europe, Latin America, Asia Pacific, etc., is is good for us, and also the used it is the new sales in Europe and US, which is under on very low levels.

We are doing cost reduction activities. Karin have also been here now for around 6 months, lots of focus on making the organization more efficient and performance driven, we have done quite a lot of or she has done quite a lot of changes to the organization, and also we are reviewing business models to see how we can actually get even closer to customers and and more in control of of the market.

We continue to invest, of course, so that's still a fundamental piece, something we do not stop because the market will also come back one day, and and we work on on improving the position. We work with the product portfolio, we work with digital, we work with safety, etc.

Turning page, Height Safety & Productivity Solutions, order intake was 359 million SEK, up 18% or 5% organic. We saw good momentum continuing with elevator customers and also Middle East, India, significant orders with lifting solutions for the energy sector, and also the construction market is affecting this business, and that continues to be soft, and especially affecting some European and US parts.

Revenue was 318 million SEK, up 3% or down 2% organic, and it was strong deliveries to elevator customers was offset by some weaker performance in North America. EBITA 57 million SEK, same as last year, giving a margin of 18% versus 18.5% last year, and a positive gross margin development also here, which we are also using to invest in selling and R&D to ensure profitable growth.

Turning page, and our profitable growth plan, and the transformation continues. We invest in product development.

We are launching a new self-retracting lifeline, as you can see here, also continuing on organizational changes. We have done some some streamlining in France and in the US.

We continue to build on our service capability because one fundamental piece of this business is that we try to do more direct, to also get more in control. We will continue the distribution business, but but also more direct, and then service is an essential piece that we can grow and need to develop connected to that.

Also to leveraging on our special application competence, and we have had some very nice wins in the energy sector in Europe last quarter. Turning page to Wind, order intake was 179 million SEK, up 14% or 10% organic.

We saw growth in new equipment in Northern Europe and the US, while China was somewhat softer compared to previous quarter, but also we need to note that China was extremely strong in 2025. Revenue was 202 million SEK, 26% up or 23% organic, and driven by, of course, a strong backlog.

EBITA reached 39 million SEK, up from 30, giving a margin of 19.2% versus 18.6%, higher sales volumes and good performance, as I would say, almost always, offset by a slightly unfavorable product mix in the quarter. Turning page, the Western OEMs had a strong order intake in Q3, which also points to more, business for us on turbine installations from 2027, so that's good.

Offshore, it was unchanged in the quarter, but still look very strong medium to long term for both Asia and Europe. We see some skill shortages in this industry, which is giving us a nice opportunity to train more people, good for our training business, and also the the repowering, which I mentioned last time, that there are also now turbines that starts to be rebuilt, which cause, that you redo everything inside, and also driving in new lifts, and and a good business for us.

We continue to drive our strategy. India, we have expanded with a new facility.

We just start to get the first business there, and we have also established a new training center in UK. From a innovation and product side, we have launched a new fall arrest device, which has kicked off very well, and we are also launching or we are getting into this service, because when we designed, the first lifts, which is now around 20 years ago, they were having a defined life of 20 years, which means that if you want to go further, they need a a full overhaul by us.

That's also a nice aftermarket business, which is coming up. Then we are with the more financials, and I leave the floor for Sylvain.

Thank you Ole. Good morning to everybody on this call.

We saw in the quarter that adjusted EBITA increased by 11% whilst revenue increased by 8%, so that obviously implies an adjusted EBITA margin expansion, which is coming from the higher margin of the Probel group of companies. Excluding Probel, the margin was 16.8% in the quarter versus 17.3% in Q3 2025.

The reduction, as explained by Ole, is mainly due to the Construction division. As always, I will provide more details regarding gross margin and SG&A on the next slide.

Items affecting comparability amounted to 18 million SEK in the quarter, and most of them related to the restructuring costs, 15 million SEK out of 18. The total one-off cost of our cost program is expected to be around 40 million SEK, and most of the balance will be recognized in Q4 2026.

As far as the quarterly amortization is concerned, the increase is due to the Probel acquisition. It is based on a preliminary purchase price allocation, and looking forward, we should see a quarterly amortization charge of slightly above 50 million SEK.

Finance net in the quarter was close to our expectations at 43 million SEK, and the increase is due to the higher borrowings implied by the Probel acquisition. Looking at the next few quarters, we should be around 40 million SEK per quarter.

Taxation rate was up in the quarter, 27.7% versus 24.9% in Q3 2025, that is due to country mix effects. This is consistent with what I communicated in July, and then we see the lower earnings in Sweden, and we see the growing share of the Canadian earnings in the total group earnings.

With the current country mix, we should continue to be around 28% as far as the taxation rate is concerned. Overall in the quarter, net earnings went up by 13%, and the main driver for that increase was the higher EBITA.

Next, the gross margin increased in the quarter, and excluding items affecting comparability, it expanded by 250 basis points, with Probel contributing 60 basis points to that increase. All divisions expanded organically in the quarter with the exception of Construction, affected in particular by the low revenue.

We see that we have been managing quite well the inflationary pressures implied by the war in the Middle East. That's the focus area and it will continue to be a focus area for us in the coming months and quarters.

Regarding operating expenses, as a percentage of revenue, excluding items affecting comparability, they went up this quarter. This is partially driven by some investments in R&D, sales and marketing, primarily in Industrial and HSPS, and those investments are gradually paying off, if you look at the organic growth of those 2 divisions, we see the impact.

Beyond those investments, we have seen a cost base which is too high, in particular in the Construction division, and that's led to the cost program mentioned by Ole. In Construction division, most cost activities have already taken place.

Operating expenses will start to come down in Q4 2026, with the full annual effect from Q1 2027 onwards. As we have identified additional efficiency gains outside of Construction in other divisions, and the total annual savings for the group will be 80 million SEK, with full effect from Q2 2027 onwards.

Facade Access will be the second largest contributor to those cost savings after Construction. Moving to the next page, the result for the period was 150 million SEK versus 133 million SEK in Q3 2025.

This is a 13% increase. Excluding items affecting comparability, result for the period was 167 million SEK versus 173.

This is a 3% decrease. EPS was 1.42 SEK versus 1.25 SEK in Q3 '25, that's a 13% increase.

Adjusted for IAC and acquisition-related amortization, EPS was 1.88 SEK versus 1.78, this is a 5% increase. Moving to cash flow, overall, I'm satisfied with the operating cash flows in the quarter.

It's 196 million SEK, same as last year. If you look at the reporting numbers, we increased working capital by 57 million SEK, but this increase is due to 2 very well-identified effects.

First, the impact of the mechanics of the Probel acquisition. We acquired Probel with a working capital below normative working capital, it's affecting cash flow from operations, but it doesn't really reflect any operational issue.

The second impact is the phasing of the revenue within the quarter. We had a strong September in terms of revenue, with a higher share of the September revenue of the total quarter versus previous Q3s, and of course, this is affected negatively.

Outside of those 2 impacts, the working capital would have been stable, which is more where we want to see. It's well understood where we are there, and we are positive for Q4, and we'll continue to focus highly on cash generation in Q4 and the coming quarters.

Moving to the next slide, the net debt was 3.8 billion SEK at the end of Q3 versus 2.6 end of Q2, and of course, increase is primarily due to the financing of the Probel acquisition. More marginally, we had some adverse forex effects due to the weakening SEK, and this was, of course, partially compensated by our operational cash flows.

Leverage was 2.82 reported, including 12 months of Probel earnings, it was 2.60 versus 2 at the end of Q2, and it's of course high priority for us to reduce debt and deleverage, and it's our number 1 capital allocation priority. Beyond that, we'll continue to invest in organic growth, in particular with R&D, sales and marketing expenses.

I refer to what we are doing in particular in Industrial and HSPS divisions. We continue to be active on our potential acquisitions in a selective way, and of course, at the same time, we are mindful of the leverage target.

Finally, we are committed to delivering our dividend according to the policy, knowing that, of course, in the end it's a board proposal and AGM decision. Finally, one comment regarding ROCE, which increased in the quarter thanks to the impact of the Probel margin.

It increased to 22.9% excluding goodwill and a 9.3% including goodwill versus 22.7% and 9.2% respectively in Q2 2026. On that, I will hand over to Ole.

Thank you Sylvain, and we turn to the summary slide. Solid order intake growth in the quarter, and also resilient profitability.

There are, as we have been into, 2, I would highlight, main effects macro-wise, which is affecting the group currently, and it's the construction market, which has been slow for a long, long time now, driven by higher interest rates, and this is, of course, affecting our Construction division, but also partly our Facade Access and HSPS. Then you have the other bigger macro thing, and that's the war in the Middle East and how that affects investments there, which is also affecting most significantly our Facade Access and Industrial business, but also partly HSPS and Construction.

These are things which are out of our control, the only thing we can do is, of course, to continue to drive our activities, and that's also why we are, like we did now in Q3, doing more on the cost side to compensate and to ensure that we continue to drive profitable growth in the group. I will also want to take this opportunity to thank all our great people inside the group for, I think, delivering a good quarter, considering everything around, and also making the group even stronger going forward.

We will continue to execute on the New Heights like we have done. With that, we turn page and take questions.

Thank you and good morning. A couple of questions on construction.

First, can you just confirm that the order intake you report that is net, it's including any cancellations you may have in a quarter or in a period?

Yes, absolutely. It is.

Yes, yeah. Good.

Then if we look at the order intake in the last 3 quarters, I sum them up to 1.2 billion or close to 1.2 billion, and at the same time, the sales in the last 3 quarters, they've been less than 1 billion. That would imply that sales will start to increase in the coming quarters.

Do you disagree with that?

No, I don't.

No.

Absolutely not.

Yeah. Then if we look at the operating leverage that we have had, the flow-through down to the bottom line, it's been massive.

Maybe you can explain why it's been like that. Is it just

undersold

that you're not able to cover your fixed costs? Is it also a lot of mix effects in there?

When sales start to increase again now, say going into 2027, should we expect the same kind of operating leverage also on the way up that we should see 40%, 50%, 60% drop-through rates, or what to think about that? Thank you.

It doesn't carry just a yes or no answer because the business contains of a mix. The rental business, and when I say rental, it's what we actually perform as our rental, it's not that we sell to rental customers, but our own rental activity, that's holding up well.

That's also what has been really the main driver behind the order intake recently. The main part or the uptick in the order book is rental order intake mostly, which carry a lower margin and also a little bit lower now also, I would say, than normal because the price pressure in that market is immense.

You have that effect, and then you have the effect that we have very little sales, record, I would say, low levels out of our Skellefteå factory, and that's driven by the European market and the North American market mostly, where we have seen very low sales. This is because our rental customers, they don't reinvest their machinery because they have enough, and for the time being, when the market is uncertain, they rather keep what they have and service it rather than changing it.

That's also what I allude to regarding business model. It's something we need to look at a little bit, sometimes they just keep our machines too long.

They're too good. There we have an enormous negative leverage and drop-through, because there we have the factory in Skellefteå, which we have done whatever we can, I feel, to manage cost, but at the same time, that factory also supports mostly the Industrial business, which is going at a very good speed.

It's a balance there on what you can do, but it doesn't carry that full flexibility, it's not that you can shift all that to Industrial, there is quite a lot of cost here also coming through on the Construction side. There, when that volume come back, we will have a similar positive drop-through, for sure.

It's difficult to say when that volume is coming back because we don't really see it much yet. The order intake, as I say, it's mostly driven by our rental business.

Yeah. In the near term, when sales pick up, we should not expect that kind of drop-through because the sales pick-up will be driven by rental, and rental is lower margin.

We will continue to see a margin under pressure in Construction for some time, even though we should improve from the levels that we've seen in Q3 maybe.

Exactly. Correct.

It's first when you start to see machines coming back in Europe and North America that we will start to get that positive type of leverage.

Understood. You mentioned that Karin has joined you, and she has already did some changes to the organization or the structure of Construction.

Can you maybe share what the most important changes have been?

It's ownership and the overall structure. We have had a strong support to and a structure driving mast climbing work platform and light equipment that we have now reorganized in how it's being managed.

We have reorganized how we are managing rental versus direct sales to get more clarity, more type of clear ownership and focus on these pieces. That means also that we have simplified, we have taken out resources, so that also leads to cost reductions, but a more to the point and more forward-leaning, sales-oriented structure.

Understood. Then one last question, but that's on Facade Access.

When I back out or take out the acquisition of Probel, I get to an underlying order number of around 350 million SEK, which it looks like it's sort of a record low for Facade Access after your acquisition of Tractel. Understand why the business in Middle East is weak, but can you talk a little bit about the project say delays in North America?

What's driving that, and are you seeing any signs that that will come back anytime soon? Thank you.

Yeah. I wouldn't say it's driven by the Tractel acquisition, even though I understand you refer to the number.

It refers to tall buildings. Historically, when I came to this group, the focus was only on tall buildings.

They had stopped smaller and medium-sized height type of buildings, and the tall building market has been extremely slow since actually the pandemic hit. It has never really come back because also the interest rates affects that.

This is a purposeful change that we have done. At the same time, we're also focusing on fixing the margin problem we had in that business.

You have two effects on order intake: one is that the market is very slow for tall buildings, which we are trying to also more and more not get out of, but do less of, and become less dependent on, plus the fact that when the market is very low, the few projects that are there are under heavy price pressure, and we cannot and we will not take projects which is not substantiating the margin commitment that we have given on this. We have done a lot on the cost side.

We have closed down factories, simplified, and moved more to Asia, and so, yeah, it's a constant drive there to ensure that we are competitive, but it's not so that we have competitors taking high-margin projects in that field. They are not making money, they're just completely desperate.

We know that. The contracts we jump off or don't get are, I would say most cases, lost-type of projects, it's nothing we want.

It's a purposeful change that we are doing into the other part of this business, which is highly profitable, as with Probel, and applying our competence on more lower- and medium-height business around the world, and also on infrastructure, etc. That has caused lower order intake last year, and that's also causing lower order intake now, and on top, you have had Middle East then, which has also led to that it's nothing there over the last 6 months.

The pipe is not completely empty. We have projects in front of us, and we are fighting for this every day, and we see competitors are having problems, it's absolutely not a business that we have, let's say, written off.

On the contrary, we are sure we can grow that business, but it will be a slightly different business than historic, and it will be at fundamentally different margins than historic.

Understood. Thank you.

Thanks.

Yes, good morning, Ole and Sylvain. Just two follow-ups from my side, starting on Facade Access.

Because my impression has been to maybe expect stable revenues and margin for Probel near term, I just wanted to check if that remains the fair assumption, given how the order intake developed for the legacy portion in Q3 in Facade Access?

Did I understand your question correctly that you wonder if we expect the Probel to continue like we have seen now? Or Exactly.

Because the Facade Access, you've talked a bit about it, but that order intake wasn't as solid.

No, but order intake and the business for Probel has been good, but that's also a little bit always, it's not a flat type of thing every day, but it's much more stable and reliable than what we've seen, because that's the business we are moving into. That business has kicked off well with us, and in line with what we saw, and we don't see anything else with that.

Of course, I can't say what happens in 2 years or in 1 year because you don't have that type of insight into it either, but everything points to that this is continuing as of now.

Perfect. Very clear, thank you.

Then my other follow-up is just on the margin level in Construction. If we don't take the cost savings into account, just thinking about the inefficiencies that partly held back margins in this quarter, is that expected to remain during Q4 and Q1?

Just trying to sort of understand how we should think about the cost base short term.

Do you ask about the cost or do you ask about the margin? Because I think margin, our expectancy is that we've seen the worst of it.

Because you mentioned the inefficiencies on the organization.

We have seen also inefficiencies, but that's also driven by turbulence now with a lot of focus on changes and stuff like this, inefficiencies I don't expect to continue, if that was the question.

Inefficiencies that will be better in quarters ahead with some from cost savings, while the sort of product mix is going to remain probably.

Because, unfortunately, it's also like that when you do more changes, then you lose a little bit focus here and there, so that's also causing some short-term inefficiencies.

Perfect. That was all for me.

Thank you.

Thank you.

Thank you, and we have no questions on the web here. I guess sitting waiting they have had time to type, I guess that means it's nothing coming there neither.

With that, again, I want to thank all our great people for delivering what I say a decent Q3, and thank you all for listening in. Until next time.

Thank you.