Looking into the second quarter 2026 for Prevas. Prevas delivered a stable revenue performance in a quite cautious market.

We delivered 405.1 million SEK versus last year 408.8. That equals a negative growth of 0.9%.

The EBITA was clearly below our ambitions. The EBITA adjusted for restructuring was 23.1 million SEK, 5.7%.

During this quarter, we have made several initiatives in the group to reach a more agile and efficient organization for future profitable growth, and we have taken restructuring costs of a total of 8 million SEK during the quarter. We also during this quarter had a negative EBITA in Finland that affected the EBITA, of course, and that was due to the restructuring costs we have taken for a change program, which I will come back to later on in the presentation.

We had postponed projects in Finland and also low utilization. Excluding Finland, Prevas as a group delivered improved EBITA versus last year.

We delivered excluding Finland 6.6% in EBITA for the second quarter. The reported EBITA was 3.7%, equals to 15.1 million SEK.

The operating cash flow continued to be strong. We've delivered 42 million SEK in operative cash flow for the quarter compared to last year of 49.6.

EPS 0.5 SEK versus last year 0.73. All in all, if we look into the second quarter, it was clearly below our ambitions, and to be honest, I'm not satisfied with what we are delivering.

The quarter was mainly impacted by Finland and the restructuring costs of 8 million SEK. We have taken necessary actions throughout the group to increase efficiency and to reach improved profitability and growth for the future.

Looking into the business in Prevas as a total, we can see that the underlying business continues to improve. We have a continuous trend with increased utilization in the group, in major parts of the group, I would say, and that is driven by operational improvements that we have been doing.

One example is that, during the first quarter and also affecting the second quarter, we had three business units in Malmö-Lund area that we merged into two focus units. We also closed an unprofitable unit in Malmö.

We have worked with adaptations to demand in several units in order to adapt the workforce towards the actual demands in order to increase the efficiency of Prevas as such. That is one part, the operational improvements.

Another important part is that we are growing as well. We are growing in several areas in Prevas, like in AI-based vision system, a clear niche where we have a strong position.

The core of Prevas, embedded systems, software development, is growing in Prevas in total. We are growing in defense, we are growing in enterprise asset management systems, we are growing in smart production.

We have many areas in Prevas that actually are growing. If you combine the operational improvements and the action we are taking in that area, combine that with the growth we see, that drives increased utilization that we also see in major parts in Prevas for the second quarter.

Looking into Denmark, as previously informed, we had a slowdown in demand in the life science sector, that affected our Danish unit. We have reduced the number of employees in Denmark, taking those kinds of actions.

We have also focused on sales and growth, especially in cybersecurity area and industrial Linux in Denmark. What we see now is that the actions and the focus we have taken gives effect.

We see a trend that is positive in Denmark. We had a positive EBITA in June, which proves once again that we are going in the right direction in Denmark.

Another positive thing is that we see a slow recovery in the life science demand, which affects Denmark in a positive way. All in all, the underlying business in Prevas is improving, and we see increased EBITA for the second quarter for the group excluding Finland.

Looking into Finland, what are we doing in Finland? What we're doing right now is that we are repositioning our Finnish operations to improve profitability.

I would like to zoom out a little bit to explain more the context around Finland. We made the acquisition of Enmac in 2024.

Since then, the market dynamics has changed quite dramatically. It has been a weak market with slow demand in Finland more or less since then, and most particularly in the pulp and paper area for quite a long time.

One example in this is a customer called Valmet. In 2024, Valmet was the single largest customer in Prevas Finland.

That customer is now negotiating for temporary layoffs of 2,400 people in Finland, that is 40% of the staff. Changes like this actually affects the demands for external services that Prevas are delivering to customers like Valmet.

What we have been doing in Finland, and the team has been working very hard with, is to change and to adapt to this more changed market dynamics that we have seen. We have had good progress for six consecutive quarters with positive figures, but what we have seen is that the margins that we are delivering in Finland has been too low.

In Q2, we decided to implement a change program. What we see in the second quarter is also that the EBITA was actually negative.

That was due to the cost for this change program, the restructuring costs connected to the change program, but also due to postponed investments from our customers and low utilization. Coming back to the change program for Finland, what are we doing?

We are revising our organization when we have new leadership in place for our largest units, the unit that we have seen the largest challenges connected to the change in the market. This unit is now designed and set for growth and higher margins after this change program.

We have been focusing on areas with growth, like in the defense sector, in energy sector, in the nuclear area, where they are nice demands in Finland. We focus on new sales to new customers as well on top of the present ones, of course.

One good example there is within Internet of Things. We have signed a breakthrough order in that area towards a global industrial customer that is a new customer to Prevas.

We open up a new account through this, and it's not a huge order, but it's a breakthrough order because it's in IoT, it's in data collection, and we're delivering services in Finland that we historically are very strong delivering in Denmark and in Sweden. This was the first time that we now are entering this kind of business also in Finland.

That's also part of the logic when we acquired Enmac, to take the strength that we have in the rest of Prevas also implementing that into Finland. That we now have a breakthrough order in that sense, I'm very happy for that, of course.

Generally, we see effects of the things we do. We had a very strong order intake at the end of the second quarter in Finland, a total of 55 million SEK at the end of Q2, including major orders from defense customers, and not the defense customers we had in the past, for new customers in the defense area in Finland.

Of course, that is very positive for the future as well. Adding those 55 million SEK in orders to the total backlog, we see that the total order backlog for Finland is actually larger now than one year ago.

We enter the second half of the year with a very strong foundation. We have a new efficient organization in place, we have a driven team that are very, very focused on delivering, and we have an increased order backlog for Finland.

I'm really looking forward to what our team in Finland will do for the forthcoming quarters. With this, I ask Helena to review a little bit about the cash flow and the financial position in Prevas.

Thank you Magnus. Cash flow from operating activities amounted to 42 million SEK in Q2 compared to 50 million last year.

The decline was mainly driven by a change in working capital reflecting different billing terms in project compared with the corresponding quarter last year. The overdraft facility of 100 million SEK was used with 24 million SEK end of the quarter.

Cash at the end of the quarter amounted to 1 million SEK compared to 70 million SEK last year. Net debt in relation to EBITDA rolling 12 was 1.06.

Prevas' financial goal is not to exceed 2 over time. Equity ratio was 49.8% compared to 48.4% last year.

With that, back to you again Magnus for some market update.

Thank you very much, Helena. Looking into the market, we see that it's quite a flat development that we have seen for quite many quarters now in our business.

We see high variation between different industries, between different customers in terms of demand. What also has continued in this quarter is the continued strong demand from the defense sector, and also in the cybersecurity area.

A new thing for this quarter is that we see positive signals in life science. Life science is a big part of Prevas.

We have a strong position in life science. What we see now is that investment decisions are being taken in terms of R&D, and what we see is that they take more decisions and they are more forward-leaning in the life science area.

That is very important for Prevas into the future because we have a very strong position supporting these customers in R&D. We also see that the funding for startups in this area is slowly picking up.

It has been more or less dead for years, but now we see that startups is starting to get money also in the life science area, and that also is something that will help the demand for Prevas actually. I'm also pleased to see that the market activity in Finland end of Q2 has increased.

Generally speaking, I would say that we see some positive signs despite the continued uncertainty we have in the global economy as such. One thing is the Swedish PMI for manufacturing.

That metric increased to 58.3 in June, and that is actually the highest level since 2022, and that is above the historical average for longer period. This is indicating increasing demands moving into the second half of 2026 and also '27.

I've been in the business for many, many years, and my view is that there is a correlation between the PMI for manufacturing and the actual demand for engineering services, although there is a time lag before we actually see the effect in the consultancy industry. For me, that is an early positive sign.

Also the European PMI is also increasing actually, is now above 50, indicating growth as well. As a summary, continuous flat market development.

We have a strong variation between different customers, different segments. We have a continued growth in defense, and we see some positive market signs.

A short view upon the growth in defense. For the second quarter, Prevas grew with 8% organically in the defense sector versus last year.

The rolling 12 sales was around 280 million SEK, and that equals 17% of group sales. We continue to grow in the defense area.

We are growing on existing customers, but I'm very pleased to see that during this quarter, we also have signed new customers. It's not a bunch of customers, but it's new customer in Sweden, Finland, and Denmark in this quarter.

It's not major orders for these customers, but it takes time to grow and you need to build the trust in the defense sector, all sectors, but most particularly I would say the defense. Prevas comes in with a strong heritage, strong references, and now we're aiming also of course to come into new customers also in the defense area.

Then a little bit about some customer cases in Prevas. We signed a contract with [Luniera?]

Energy in Trondheim, Norway. The value for the first six years was 20 million SEK.

This is an implementation of Octave Enterprise Asset Management. It's systems for improving asset management and maintenance in customers.

Octave is actually a part of Hexagon that was sold out from Hexagon, our partnership with Hexagon is now a partnership with Octave instead. What are we delivering to [Luniera?]

? What we do is that we support the customer by optimizing maintenance operations within the customer, extending equipment lifespan, and reducing costly downtime.

It's very profitable for the customer to work with these kinds of implementations that we support with from Prevas. Another interesting case is Kährs.

It's a wooden tree manufacturer. In that case, we have delivered AI-based vision system for quality assurance, fully automated in production, and this sounds easy, but it's not easy.

It's actually truly complex, and it's possible now thanks to the AI technology that we are implementing into this solution for this customer. We have a clear connection with the rapid development in AI and new business in Prevas.

For the customer, what does this mean for the customer? They can maximize the value from each manufactured plank.

It's very positive. I think these two cases, they are showing that Prevas are winning contracts in the strategic growth areas where we have strong positions, like in the AI area, vision area, like in defense, like in maintenance systems, etc.

We see that where we have the strong positions that Prevas continue to win contracts in those areas. Then a summary of the second quarter of 2026 for Prevas.

Q2 was clearly below our ambitions. That was mainly due to Finland and restructuring costs.

These restructuring costs, we need to remember that it's a consequence of the several actions we take in order to create a more focused and efficient Prevas in Finland and in the group for the future. Actually, in one way of thinking, we are investing in the future by doing these necessary actions in order to improve.

It's also important to bear in mind that the underlying business in Prevas performs. The EBITA outside of Finland grew in Q2.

We had a positive progress in Denmark, where we had a positive EBITA in June, things are in motion. We continue to grow in the defense area, 8% of organic growth, and now up to 17% of the total revenue of Prevas.

That is in an area where we continue to see strong demands. We have a very good position in that area also for the rest of the year or the years to come.

Prevas has a very solid financial position, as Helena was mentioning, and we generate a strong cash flow. This means that Prevas has the ability to take the actions that we need in order to build a long-term and a short-term fantastic company and enable future profitable growth.

As a summary, we now have an improved position for the second half of 2026. We have a more focused and more efficient organization in place.

We have a stronger order backlog, especially in Finland. We have a continued growth in the defense area, and we have positive market signals in selected areas.

As a summary, Prevas is entering the second half of the year in a much better position in order to improve our profitability and to reach growth. For me, myself, and my team, we really look forward to the autumn to show and to prove what we really can do in Prevas.

With this, we move on to the Q&A session and I hope and look forward to interesting questions this time as we normally have. Thank you very much.

No, actually it is like this. The turnover in our management team in Finland is very, very low.

The core team that came in through the acquisition remains and they are also shareholders. We have a very stable management team in Finland.

The challenge we have in Finland is related to the market development as such, not to that what can happen in the consultancy industry that you acquire a company and that the team that manage the company disappears. That is not the case in Finland.

We have a strong management team, very committed.

Thank you. Good question.

The share of revenue to life science was 13% in the second quarter, it is an important segment for us at Prevas. Regarding the future development, of course, it's quite hard for me to judge, but as I mentioned in the presentation, we see positive signs.

We see that our customers take decisions for new R&D-related projects, which is positive for Prevas. We also see that funding for startups is coming back again in this area.

All in all, we see positive signals, but as I said, it's difficult to judge the future in that sense.

It's not a big segment for Prevas, the percentage changes are quite big. The reason for that was that we had a large order that we delivered on for automation to a data center project in Sweden.

We are actually recruiting in many parts of Prevas right now, and more or less not all of the competencies we have, but many of the different competencies we have in Prevas. Specifically, we see demands in cybersecurity, in embedded systems.

We have a very strong position in AI vision systems. We look for engineers with those kinds of experience as well, automation, electrical and power engineering and design.

In quite many areas, we see needs to recruit in Prevas right now.

Sorry, take the question again.

had

I put it like this. The turnaround in Finland, as I said in the presentation, in 2024 when we came in, there was one kind of market situation.

Then we had a very big change in the dynamics in Finland, which has affected our Finnish operation in that sense. After that, we have been working quite hard to turn around the company.

We have also for six consecutive quarters delivered positive EBITA. What we have seen in Finland that we have not reached the profitability levels that we want to have in Prevas.

We decided to make a change program in Prevas in order to set the structure for long-term profitability in Finland. Looking into the second half of the year, we come into the second half with a new and lean and efficient organization and a very high order stock as well.

In that sense, it's a very good foundation to come back to profitability ASAP in Finland. I don't see this as a free fall.

I see this as a necessary investment we do in order to put Finland back on track for long term.

The typical lead time for orders like that can be quite short actually. In these cases, we will see effect directly after the vacation period.

We will come back to situation in Finland where we have work to do. The team will start up with new projects.

That will affect the situation immediately after the vacation period. Then there were two questions.

What was the first question?

The changes will start to affect immediately after vacation period and then of course gradually during the second half of the year, but I expect that we will have a good progress rapidly in Finland after vacation.

It's actually a consequence that we have made decisions to optimize our organization. We have reduced with, for example, in the southern parts of Sweden where we have closed one unprofitable unit and merged three units into two units.

As effect of that, we have also discontinued some business with very low or not negative margin, but very low margins. That affects the revenue growth for this second quarter as well.

We will not see the same magnitude of restructuring costs moving forward into the second half of 2026. Although, in Prevas, this is an integrated part of what we do.

We will always work with efficiency in our organization, but I don't foresee restructuring costs for the second half of the year at the same magnitude as we had in the first half of the year. In that sense, we have taken the absolute majority of the restructuring costs.

The final part, I think from my point of view, what we have done is that we have now worked for the first half of the year with optimizing Prevas. We have set up a more lean organization, efficient organization, combining that also with that we see that the market activity starts to move.

Especially in Finland, we come in the second half with a strong order stock, which, of course, will influence our ability to make a good progress in the second half of the year. One final part as well, I would like to thank all of you for listening and also that you should have a very great summer.

Thank you.