Thank you very much, and thank you everyone for listening in this nice summer day in Stockholm and Sweden. I was very happy to have Charlotta today at my side.

It's She's now finalized her first quarter as a CFO for Volati. Let's get into the presentation.

Let's see here. We start by looking at some highlights from the quarter.

It's a mixed, but I would say overall disappointing quarter when it comes to the EBITDA development. We have some highlights.

We have Ettiketto performing more or less in line with expectations, Communication, I would say, performing very well with a strong EBITDA growth, and Coroventa also performing in line in for them a very small quarter. However, as you all can see, we have low earnings in S:t Eriks Group and Tornum Group, and we will get into some more details about all the platforms later on.

On the positive side, I would like to highlight the very strong cash flow that we have, and that has enabled us to maintain our acquisition pace and do two more acquisitions just the last couple of weeks. That summarizes three acquisitions in total for the last 12 months, and actually three acquisitions in 2026.

We have also finalized the separate listing of Salix Group. Just before digging into our Q2 numbers, I would like to just summarize that the separate listing very shortly.

I think we through this have demonstrated that we can really create value through our platform development model. We acquired a company called Lomond Industri, Lomond Industrier, for just over 500 million crowns in 2015, now 11 years ago.

We have developed that to a now listed platform, standalone platform, a cousin on the Stockholm Stock Exchange with a market cap in excess of 5.5 billion Swedish crowns. This model we continue using developing our five existing platforms that we still hold on to.

Let's then get into the quarter in more detail. As one can see, we have showed a sales growth of approximately 11%, and in that, we have an organic sales growth of around 2%.

The EBITDA development has been weaker than last year, and the reason for that is Tornum and S:t Eriks, which I already highlighted. We've had a strong cash flow, I would say really strong cash flow given where we are, and that has put us in a position where the net debt to adjusted EBITDA is at 2.9, and that is slightly lower than the same period last year.

Looking at the LTM numbers on this slide six, of course, we're not happy with the negative trend since 2023 when we had our last EBITDA peak. The development since then is mainly driven by tough end markets, and that's the main It's a construction market for S:t Eriks, and that's It's a grain or agri market in Europe for Tornum, and also that we've had a very dry last 18 months for Coroventa.

I still believe that 2023 is representative is a representative year for what we should achieve in an average market. That's definitely something that we we should be able to achieve in in a in a normal market.

Looking at our financial targets, of course, as you can see, we are underperforming in terms of the our growth target. We have now underperformed underperformed for quite some time, which means that in all in order to reach that goal, which is to have at least 15% growth over a business cycle, we have to overachieve our 15% growth target for for some time.

The ROE, the return on equity, is now at 18%. We do then adjust for the capital gains that we got from the separate listing of Salix Group.

If you take that into crowd into account, the return on equity is actually 368%, but we do adjust for that. That return on adjusted equity or the return on equity will increase once we get the EBITDA growth going.

The capital structure is I think it's where we deliberately want it to be. We are at the upper end of our range, but we are deliberately there because we continue doing acquisitions.

With that, I thought I would go into our now five business areas, one at a time, and we start with Ettiketto Group. Strong net sales development, as expected, mainly acquisition-driven, but we've also had some organic growth despite that we saw some material shortages in the quarter.

We have also seen some material cost increases in the quarter because of the situation in the Middle East, which we have met with price increases. The margin development are, as expected, lower than last year, and that is driven by that the acquisitions that were done and that the companies that we acquired show lower margins that we do than we do overall in the group.

Operational efficiency, the synergies that we are able to achieve will over time increase that those margins. We have finalized one add-on acquisition to Ettiketto in Sweden, Nic Etikett.

It's a a acquisition on the smaller side, 35 million Swedish crowns of revenue, but it's a per it's precisely the type of smaller add-ons that we want to do. They're value very value creating for us.

We are now able to do these kind of acquisitions in not only Sweden, we're also able to do them in Norway, Germany, UK, and the Netherlands because of the geographical footprint that we've been able to achieve the last two years or two or three years. That was that about Ettiketto.

If we then go over to Communication, I would say that Communication is performing very well in the quarter. It should be seen in the light of a slightly weaker quarter last year, but still we're performing very well.

Demand in key markets was somewhat subdued, but we were able to compensate compensate that with strong party deliveries in other markets, for example, in Asia. We have a global footprint or very a large geographical footprint in this platform, which enables us to capture these kind of growth opportunities when they occur.

I would also want to highlight that Communication now after three or four years being owned by by us at Volati are really well positioned to to do acquisition and continue drive growth by acquisitions. Next platform or business area is then Coroventa.

Coroventa developing very much in line with our expectations. It's just another dry quarter, but it's also by far smallest quarter of the year.

Development very much in line with with last year. I will later on in the presentation get into the acquisition that we finalized, which is now the first add-on acquisition to Coroventa, which is really nice to see that we're able to to complete that.

S:t Eriks, then. S:t Eriks saw an okay sales development in the quarter, more or less in line with last year.

The construction civil works are markets are still challenging, while infrastructure, and I will for for example want to highlight electricity, is developing is developing stable or or even strong. However, we see some signs of delays in the water and wastewater segment, which is important for for S:t Eriks.

EBITDA development significantly lower than last year, and the main driver to that is lower production rates and the under-absorption that has as a consequence. During 2026, we have deliberately lowered the production pace below what is needed to meet the current market demand, and that we have done in order to reduce the inventory levels.

We can see that that works because of the very good cash flows that we've had in in S:t Eriks both actually in Q1 and now in Q2. During the second half of the year, we will gradually increase the production rates again to normalize them to the market demand that we we see right now.

We've also early this year initiated a cost reduction program that we did based on two reasons. One was to meet the shift that we're doing from volume segment to the more high-margin and lower-capital-need product segments, and the other reason is that is to meet a lower demand in the market.

This cost reduction program is now finalized. That has led to some nonrecurring costs in in the quarter, and we will gradually see the effects of that throughout the H2 or the second half of this year.

Then we have Tornum Group. Tornum We had a very tough Q1.

Q2 has developed slightly better actually than than Q1, but we still saw a decrease of 8% on top line. We are operating in a very challenging market.

It's characterized by low grain and pulp prices, which affects our overall demand. We also seen that the war in the Middle East continues to weigh on order intake.

We also see some delays in projects and in order intake, but the underlying investment needs are remains, but it's it's being deferred. The order backlog is on the positive side slightly stronger than last year, so so we have that with us for the for the rest of the year.

EBITDA declined as a main reason for that is the lower net sales or sales development, but we also see some continued pricing pressure on the market. We are meeting the pricing pressure with margin improvement initiatives, and as we already highlighted in Q1, the Q1 report, we are also meeting the lower demand with cost adjustments that has now been implemented, and we expect to gradually see the effects of that during the course of this year.

On the next slide, this is more of a summary, I would say. We do spend a lot of focus and priorities on improving profitability in Tornum and S:t Eriks, and this slide is a way of kind of summarizing and highlighting this that.

Again, the emphasis on activities and key priorities to drive the profitability in these two platforms. If we look at Tornum Group, we need to deliver on the order book that we have that again is stronger than last year, but we also need to capture new volumes in a market that is slow and is very competitive.

We need to meet the price competition, the price pressure, with selecting projects very selectivity selectively and also working with margin improvements. As a group, slightly larger group than many of our competitors that we meet, we are able to to to to do that in a good way.

We need to strengthen execution and operation efficiency. We have previously highlighted, or I have previously highlighted, that we had some challenges with acquisitions one of the acquisitions that we've done in in Spain, for example, and some of these measures relates to that.

When it comes to S:t Eriks Group, what are the key priorities there? We need to restore the profitability in in division Infrastructure.

That's where we see an unsatisfact- factory profitability. That's where we have the more volume-dependent segments.

We need to improve the Also, when it comes to to the profitability in division Infrastructure, we will get some help of now increasing the production pace again during the second half of this year. We also need to improve the product mix.

We have a structure shift away from the volume some of the volume-related segment and towards high-margin products. We need to continue that, and we also need to work on production efficiency.

Then we've done a very, very good job, I would say, during the first half of this year with reducing the working capital and then mainly the inventory levels, but we still have some work left with that. This summarizes some of the measures and key priorities for for Tornum Group and S:t Eriks Group.

Then looking at So this slide is now highlighting our five platforms, our five business areas, and it's as proof of that the kind the add-on acquisition model that we have, acquiring companies to our existing platforms, works. We've done three acquisitions during 2026, highlighted on this slide, two in Ettiketto, and very nice to see the first one in Coroventa.

Now we've done add-on acquisitions in all of our platforms. Just a few words on the acquisition of Tramex then.

Tramex, very nice family-owned company based out of Ireland. We've known that company for I would say many years, and they were now willing to initiate a dialogue with us about the potential sale.

It's a premium provider of moisture measurement solutions. You can see one of the picture here on this slide.

Basically, these moisture measurement, you use that when you enter a site where you have some flooding, where we have a problem with moisture, you enter first to identify where the moisture is, and then you use these kind of devices, Tramex devices. Once that has been done, you leave the site with a Coroventa machine to take the moisture out.

This is very complementary product to our offering. Our customers are using both Tramex and Coroventa products.

The company showed sales of 90 million and EBITA margin of around 20%, so as as you all can understand, it's a very nice, profitable company, very similar to the characteristics of of Coroventa. This, again, this marks the first acquisition for Coroventa, and it complements us both in, in terms of products, but also geographically.

Tramex are present on some of the markets that Coroventa isn't, and the other way around. The acquisition pace, then.

What one can see is that from, I would say, from '23, 2023, 2024, 2025, we had a slightly lower acquisition pace is in what is now the remaining Volati. We prioritized growing with acquisition in Salix Group.

I would say that the last 12 months, now we're back at remaining Volati. Roughly 600 million of acquired turnover is okay, but of course, now when we don't have Salix Group anymore, we need to make sure that we maintain the acquisition pace in in the remaining platforms that we have, and we are very well positioned to do so.

One important factor to do so is that we have the cash flows and that we have the net debt to adjusted EBITDA. I already highlighted that we had a very good cash flow in in Q2.

The last 12 months, the cash flow has been, or cash conversion has been, 86%, so that's that's okay, but it was very strong in Q2. The net debt, of course, have decreased significantly, and that is mainly or that is more or less solely because of Salix Group repaying the internal debt to us.

Now we have a net debt to EBITDA ratio of 2.9, and the ones that could listening into Salix' presentation yesterday saw that they also had a net debt to EBITDA ratio of 2.9. That was something that we wanted to achieve with the separate listing of these two entities.

A few words summarizing: strong performance in Communication. They've done a very good job, while Ettiketto and Coroventa is also performing well in line with expectations.

We have the weaker earnings in S:t Eriks Group and Tornum Group. We are meeting them with continued profitability improvement initiatives.

The operational cash flow is there, which means that we can continue doing acquisitions. We have finalized the separate listing of Salix Group this quarter, which I think shows the type of long-term shareholder value that we can achieve with our platform development.

With that, I open up for questions.

It's always hard to describe our outlooks without getting into the individual platforms, but to put it very shortly, we have Ettiketto, which should be able to or will be able to achieve acquisition-driven growth because they still have acquisitions rolling in, and they're operating in a stable market. In terms of Communication, I think the telecommunication market is somewhat there, I don't expect any big shifts there in relation to the longer-term trend that we've had now for one or one and a half year or so.

We have Coroventa, again, dependent on floodings, but with the addition of Tramex, that brings some additional stability. They are not as dependent on floodings as the rest of the Coroventa.

Then the big question marks are to S:t Eriks and Tornum where we are in both those entities working under tough market conditions. We do not expect any big shifts there either, meaning that we will still face a tough markets.

S:t Eriks has been fairly stable now for the last year or so, the main challenge there is to increase the profitability. When it comes to Tornum Group, again, we have a strong order book, but it's also about delivering on these orders and not getting them delayed.

I would say it's good to have that order book in place.

Seems to be on mute still. Yes, now.

Yes.

Hi, Andreas and Charlotta. Anton here from Nordea.

Starting off in S:t Eriks, obviously, quite challenging quarter and still some costs to be taken out here, but you allude to a sort of gradual improvement here in H2. Can you give a bit more flavor on that and sort of the building blocks towards 2027 as well here?

Thank you. Firstly, very much with the profitability in S:t Eriks, that relates to the production rate, and that's why we've been talking about that.

Now what we did in H1 is that we have produced lower than the current market demand to release inventory. We will shift that during the course of this fall or H2, again, increase the production pace, which means that the under-absorption that we've seen will at least be much, much lower.

I would say that will be the main building block of increasing profitability in S:t Eriks. I'd say the second building block is the cost measures that we did in Q1.

We took most of that, and also in Q2. All of those cost measures have now been executed, and we will see the effects of that during the second half of this year gradually as well.

Also, when looking at S:t Eriks, I would say that we're meeting somewhat easier comparables, especially in Q4, but also somewhat in Q3. That will also kind of support the profitability trend in S:t Eriks.

Going into 2027, I think the measures and the structural measures, the things that we're doing now, that, of course, puts us in a lot better position into 2027. We first have the remaining 2026 to deliver on.

Perfect. That's very clear.

In Ettiketto, you mentioned some constraints in the supply chain and some price pressure here. Would you say that sort of those problems have picked up during Q2 compared to Q1?

Yes, I would say so. Maybe we had some of that in Q1, not much, but it picked up in Q2, and it was more fierce in the beginning of Q2, it's actually eased up a bit towards the end of Q2.

We've seen that before in the labeling segment, in that industry. It's extremely important to be able to deliver those labels to the customers because they're integrated in the production of our customers.

What happens when you get the signals of shortage in raw materials, the company starts building stock. That, of course, and also then hits kind of the supply.

That's what happened in Q2, and that has led to that we have built order book a bit in the quarter. We haven't been able to deliver as much as we would have been able to do if we had all the raw materials, and it's also meant that we've had some increase in prices.

I think we're very confident that we will sort that out during the course of this year.

Okay. That's fair.

In terms of price increases, what are you looking at in Ettiketto?

We don't give that specifically, but what we've been able to prove in the past that we've always been successful in kind of transferring these price increases to the customers. We haven't in the past been stuck in between, and we're confident that we'll be able to do that this time as well.

Perfect. Lastly in Ettiketto, obviously margin pressure from the two acquired units here.

How is the integration process proceeding here? Is it going as planned?

Sort of when do you expect to see the sort of the full benefits here? Yeah.

In order to answer that question, I think we have two major acquisitions that we're still working on integrating. We have the acquisition of Kleeber that we did in Germany in 2025, and we have Intecett, which is actually more or less five entities that we four entities that we acquired at the beginning of this year.

These are the companies that we're integrating and the companies that we're working with operational efficiencies and synergies from. If we start with Kleeber that we did last year, I would say that that integration is somewhat delayed.

We are a bit behind schedule there. Nothing to be worried about, but it's taken a bit more time than we anticipated.

On the other hand, the Intecett acquisition that we did at the beginning of this year, we are before schedule, we are before planned. The market that we're really working in with regards to operational efficiencies, getting them to work with the Ettiketto way of working, that's the German markets, which the management team of Ettiketto and the supporting functions there are working very actively with now is the German market.

That's where we see the largest operational efficiency effects going forward.

Perfect. That's very clear.

Thanks a lot. That's all for me.

I think I pretty much answered that in the sales-related first written question. It's very hard to kind of address that because you have to address that in five for the five different platforms.

I would leave that answer to the first question that I received earlier today.

Yes. Thank you.

Thank you again for listening listening in. Also big thank you for all the colleagues at Volati.

It's a very mixed quarter, and we have platforms that are Communication, for example, which are delivering very well where sales and EBITDA development has been with us, and we also have platforms like Tornum and S:t Eriks which are facing headwind headwinds. I also know that all colleagues out there, independent on where where you are within the group, independent on which platform you're working in, you're all doing a very, very good job.

I hope, as most of us are based Many of us are based in in Europe, I wish everyone a nice holiday, and we're going to come back after that with some extra energy. Thank you very much.