Thank you so much. Welcome, everyone, to the presentation of GARO's reports for Q1 2026.

My name is Joe Ree, and I am the acting CEO of GARO since February. I'd be surprised if any of you know me, please allow me a short introduction.

As you may guessed, I'm not Swedish, I'm Irish. I apologize for not being able to speak Swedish, but I did try quite a while ago when I lived here for a year.

I have worked in GARO now since 1989, became Financial Controller of GARO Ireland in that year, and then in 1994, lived in Värnamo in Sweden with my wife for a year working as the Group Controller. That went very successfully, but sadly failing very badly at learning Swedish.

Moving back to Ireland, I was appointed CEO of GARO Ireland in 2015 and Chief Operating Officer of GARO Group in May last year. It's an honor and a pleasure to be here today and to have the opportunity to lead GARO as Acting Group CEO until Tobias, our new permanent CEO, starts on June 15th.

With me today is Helena Claesson, our CFO, who will walk you through our financial performance in more detail a little bit later in this presentation. Next slide, please.

Let's start with some operation highlights for the quarter. Our Electrification business area continues to perform steadily and remains the financial backbone of GARO.

One interesting tender won by our sales team in Sweden this quarter is a five-year procurement contract worth 50 million SEK. The electrification outlook is of increasing sales, also indicated by the increasing temporary power sales we are experiencing in Sweden, which are normally a strong indication of an uplift in installation and project business.

We have, as promised, conducted a review of the E-mobility business area. We will stay in this area because we see potential in it, but continue to closely monitor its developments and our performance within it.

Our overall assessment is that the market for E-mobility continues to develop positively in Sweden and the rest of Europe. Whilst GARO sales are currently less than expectations, we remain very confident in our E-mobility products and know that the strategic measures we are now taking will form the basis for recovery in this business area.

What exactly are these strategic items? Big one, Tobias will take up his position on June 15th.

We have implemented a group sales governance system in all of our companies to drive sales growth. Our new ERP has successfully gone live at the beginning of this month with an integrated CRM, complete with comprehensive marketing slides.

Next slide, please. Here to let you know are some of the strategic decisions that we have taken after the conclusion of Q1.

Following a review of our factory footprints, we will wind down our production facilities in Szczecin, Poland, with a phased relocation of all production to Sweden to be completed in 2026, before the end of the year. Consolidating production in Sweden will generate clear economies of scale, more efficient processes, and a more robust and flexible production structure.

This will result in annual savings of 25 million SEK. Additionally, the property in Poland is in excellent condition and will be sold, with an estimated value of 110 to 130 million SEK, depending on market conditions at the time of sale.

We will also close our sales office in Germany. Customers will be retained and developed through our new export function based in Sweden.

This will result in annual savings of 5 million SEK. This facilitates leveraging and expanding our European sales for both of our business areas on a wider customer base in Europe.

We are introducing a structural change in Sweden, which involves the consolidation of three of our companies in Sweden into one. This would be GARO Elflex, GARO Montage into GARO AB.

This means a clearer, more cohesive business partner for our customers, as well as creating important internal synergy effects. A staff optimization program is underway, which will result in annual savings of 17 million SEK arising from the synergies of merging the three companies, and also the adoption of the new ERP.

These type of organizational decisions are never easy to make, but it was deemed necessary to create a more focused, efficient, and sustainable company for the long term. Next slide, please.

As we've said, we have concluded our review of the GARO E-mobility business area, and it will continue to develop. We will, of course, monitor these developments and respond proactively to market trends and developments.

Several of the strategic changes previously mentioned are expected to contribute to increase growth and improve profitability in E-mobility in the future. Further development of our apps and web interfaces, combined with continuous review of product build costs, product range rationalizations, will enhance our position on the market.

At the same time, we are developing our sales processes, restructuring our sales teams, enhancing our marketing efforts, and strengthening the organization with increased sales resources. We continually strive in GARO to get closer to the customers to better meet their needs.

Now over to you, Helena. Next slide, please.

Thank you, Joe. I would like to start by looking at the financial summary for the first quarter.

Net sales amounted to 246 million. This is a decrease of 7% compared with the same quarter last year.

The lower sales is explained by current business economy, but also the unusually cold spring, which made it difficult or delayed outdoor installations. The sales within GARO Electrification continue to show stability, while the charging infrastructure market has remained challenging for us, with a decline in sales of 26% in GARO E-mobility.

The gross margin has dropped a little bit compared to the same quarter in 2025, and is explained by product mix, targeted campaigns, and currency effects in both business areas. The adjusted EBIT for the quarter amounted to -13 million.

In the quarter, we have seen a little bit higher sales and development costs compared to the same quarter in 2025. As Joe said, I am happy to say that two weeks ago, GARO successfully went live with our new ERP system.

This is a strategic investment of 23 million, whereof about half, half of it, 50%, has been charged to this result. Costs are now decreasing, and together with a more efficient system and better tools, this will gradually result in stronger profitability.

Even if it is a little bit challenging to learn a new system and ways of working, we can already, however, see clear improvements in quality and follow-up of our operations. Next slide, please.

Then we move over and look into the two business areas separately, and I'll start by GARO Electrification. Net sales amounted to 201 million in the quarter, 3 million less compared with the same quarter last year.

Sales in Sweden were on similar levels, and in Ireland and Norway, we have noticed an increased sales within projects. This is pleasing as increased sales within projects normally rub off on increased sales within electrical distribution products.

Also, temporary power showed a growth, albeit from low volumes. GARO has won a five-year procurement with the Swedish Transport Administration worth 50 million for the delivery of low-voltage switching equipment to the Swedish railroad infrastructure.

After the end of the quarter, this contract has also been signed. Adjusted operating profit amounted to 10 million, almost 11, compared with 17 in the same quarter last year.

The lower profitability is explained by product mix and currency effect, and also we have had some higher sales and development costs compared to the same quarter last year. Next slide, please.

Now we move over and focus on GARO E-mobility business area. Net sales amounted to 45 million in the quarter, giving us a negative growth of 26%, or 15 million, when comparing with last year.

Adjusted operating profit for the quarter, at the same time being our EBIT, amounted to -24 million and is in full explained by the low sales and gross profit. Since end of last year, we have started targeted campaigns for certain products.

This is a strategic choice to fill up production over time and achieve economies of scale. As Joe said earlier, GARO has decided to close our sales office in Germany.

Existing and future customer relationships will be secured in the future through sales and through already established channels. This change will give us an annual saving of 5 million.

Additionally, we are doing some hard work to reduce the number of product variants to simplify GARO's customer offering, free up working capital, and improve margins. Next slide, please.

Now looking a little bit into our cash flow and balance sheet. Cash flow from operating activities after change in working capital amounted to -7.5 million in the quarter.

Tied up capital from inventory remain unchanged when comparing with previous quarter. We have a deposit with a supplier for materials ordered, but not yet called off.

The deposit, being in euro, has remained unchanged and amounted to equivalence of 43 million by the end of the quarter. Our net debt position amounted to 255 million compared to 286 in the year earlier quarter.

We had an equity-asset ratio of 50.6% and available liquidity, including overdraft facilities, of 56 million. Now I will hand back to you, Joe, for some last words and outlook.

Next slide, please.

Thank you, Helena. Looking forward and coming out of this last quarter, we are building a stronger and more predictable GARO going forward.

The work initiated by Jonas, our former CEO, continues, with myself as Acting CEO and our management team building and executing on what has already been decided and planned. One particular focus area is creating a clear and predictable framework for how GARO operates throughout the group.

In Sweden in particular, this means that the work on increased customer focus and presence continues with close monitored follow-ups. We have strengthened our sales organization both in Sweden and internationally, and during this quarter that has passed, we have carried out extensive sales training for the entire organization.

The purpose of this was to strengthen the team's skills, implement a uniform group sales governance system, and to ensure that we exploit to the maximum our rich heritage and experience in our business areas, and exploit the business opportunities available in the market. Next slide, please.

When we look forward, we look at marketing and we look at E-mobility. E-mobility is growing as a business throughout Europe and Sweden, and GARO has the products and market approach to grow market share.

Trends such as rising oil prices are accelerating the transition to electrified infrastructure, most likely giving increasing demand for charging and electrification products. In Sweden, residential construction is expected to recover in 2026, which will grow sales as well, and we are seeing stable demand for electrification products.

Thank you for your kind attention, and we will now take any questions you may have. Next slide, please.

I'd like to thank everyone who listened, and wish you all a good evening. Thank you so much.

Thank you, as well.