Thank you, operator. Good morning, everyone on the line, and also thank you for joining us for this Hexagon third quarter 2026 results.

My name is Anders Svensson. I'm the President and CEO of Hexagon.

I'm pleased to have with me here in the room, Enrique Patrickson, our CFO. With that, we turn into the cautionary statements.

Then after this, we go into the agenda for today. I will begin with Hexagon's performance in the third quarter.

Enrique will then present the business review and financials in more details. I will then conclude the presentation, and we will open for question and answers.

Next slide. Let me begin with an overview of our performance in the third quarter, and we can now turn into the highlights slide.

We delivered another excellent quarter. Organic growth accelerated to 13%, and this is our highest level in the last five years.

We achieved that against a tougher comparable, while also generating even stronger order intake and adding to our order book in the quarter. Gross margin held stable at around 62%, and our EBIT1 margin, excluding Robotics, rose to 25.3%.

That is up 450 basis points on a like-to-like, and quarter-on-quarter, that's up 100 basis points. Cash conversion was 82% in the quarter, and that's reflecting the normal seasonality that we have in the second quarter.

Or in the third quarter, versus the second quarter. Operationally, we continued building our business for long-term profitable growth.

The acquisition of Waygate Technologies is expected to complete during this quarter, the fourth quarter. We also announced the bolt-on acquisitions of Guidance Marine, ZG Technology, and Rocscience during the quarter.

We continued to embed the Hexagon Way. That was also done during our leadership forum, where we collected 200 leaders across the group, where we improved alignment, accountability, and collaboration.

We also launched our new company-wide values, which are trust, curiosity, and courage. AEON, our humanoid, continues to make great progress.

We gained two new customers during the quarter. Two of our existing customers have now started training AEON independently for different use cases.

This is an industry first, and possible thanks to our simulations and world models. This is a great step forward to full production deployment at our customers.

As the Hexagon Way takes hold across our business, we are well positioned to capture the significant opportunities for profitable growth lying ahead of us. Let me now take you through the quarter in more details.

I will start with the organic growth slide, the next slide. Organic growth accelerated to 13% during the quarter, and every one of our business areas grew.

Autonomous Solutions was again leading the way with 23% growth. Manufacturing Intelligence delivered a strong 16% growth.

Infrastructure & Geospatial grew 4% 4% in quite tough environments. All categories grew, but sensor sales led the way with 20% growth.

Strong hardware sales today is enabling future sales of software and service solutions, which are normally at a higher margin. Adoption of our newer products continued to progress very well, and represents an increasing part of sales for us.

This is an important support for growth of both the top line and gross margin development going forward. On the next slide, I will now show how the organic growth was spread across our regions and industries.

Looking at the regional industry picture, growth was the strongest in EMEA with 17% growth, followed by China at 15% and the rest of Asia at 14%. The Americas grew 6% with tough comparables.

Construction, which is our largest industry at 27% of sales, remained mixed. Growth was strong in China, but however, from a low base, as you are aware, and helped by large monitoring projects, and monitoring projects of infrastructure, of course.

Western Europe returned to growth on machine control and reality capture. In North America, construction services and software were strong, but machine control was weaker, and South America declined for us.

In general manufacturing, we were strong basically across the board, with the Americas particularly strong due to reshoring trends. Aerospace and defense continued to see strong demand across both Manufacturing Intelligence and Autonomous Solutions.

Mining also grew well in the Americas, including a record quarter in LatAm, and returned to growth in EMEA and the rest of Asia. That was driven also by mining radar.

Sentiment remains cautious given the high fuel costs within mining and also the iron ore inventories and iron ore growth rate that we see. Automotive was a more mixed picture.

The Americas is improving in both shipments and in orders, while EMEA was flat and China was clearly weak, a trend that we have seen now for some time and also see with all our competitors. Electronics was a bright spot in Asia, with strong orders and shipments of bridge machines and also vision systems, both within China and within Southeast Asia.

Finally, agriculture, which is only represented 2% of sales, remains weak, with farm income continuing to be under hard pressure, both from, again, fuel costs, diesel, but also from fertilizer costs due to the Middle East conflict. I'll now turn into the next slide, which is the gross margin.

We kept the gross margin around 62%, so that's the same as last year. This is despite the growth of sensor sales of 20%, like I mentioned previously, which is a reminder of the strong gross margin profile across our portfolio, from sensors to software and services, but also that we manage to keep pricing in a good way year-on-year.

We should remember that increasing the installed base with a large sensor sales is enabling future high-margin recurring and solution sales. Then we move into the next slide.

We generated €265 million of EBIT1, excluding Robotics, and that's giving us an increase in our margins to 25.3% in the quarter. That's up from 23.1% in the previous year.

Last year's margin here was flattered by 230 basis points from a large, very profitable one-off order within Autonomous Solutions for defense application. This is an order that we spoke about one year ago as well.

We also had some smaller one-offs included in that flattered margin increase. If we remove those one-offs, the margin improved by 450 basis points year-on-year.

If we break this down, roughly 130 basis points was from favorable FX, or currency, and 170 basis points came from the full contribution of the cost-saving program that now reached the €18.5 million in the third quarter. Then the rest, the 150 basis points, were the drop-through from our organic growth.

We benefited in the quarter from some tariff refunds, but these were more than offset by the increase in costs related to the Iran war and costs from semiconductor shortages and memory costs. We aim to mitigate these impacts also going forward, of course, but some of these effects will wait until the Q1 2027 to get full effect.

Sequentially, the margin increased 100 basis points compared to the second quarter, even though that the third quarter is seasonally weaker than the second quarter. This was another proof of a strong third quarter.

Including Robotics, EBIT1 margin was 24%, compared to 22.5% a year ago. The difference reflects then the investment of €13 million during the quarter versus the €6 million in 2025.

I then move into the next slide. Now we turn to Robotics.

This quarter has been a breakthrough quarter for AEON. We have hit several customer milestones towards production deployment, and our customers can now individually train our humanoid themselves.

That's a big step to scale up use cases with customers. Two of our existing pilots, that's BMW and Schaeffler, are already doing this self-training.

In August, AEON became the first humanoid to be trained in Schaeffler's Humanoid Gym in Germany. The gym recreates real factory workstations and environments so AEON can learn, validate, and refine new tasks before it goes into the production line.

This is the next step in Schaeffler's planned rollout of at least 1,000 AEON over the next five to six years. What makes self-training possible is a combination of several Physical AI efforts.

This is an industry first, and only possible because of the AI models and simulation capabilities that we have built. In the market, this was also recognized.

Arc Advisory named AEON and Hexagon as a major player in its humanoid report. During the quarter, we also added two new customers to the Robotics business.

Now I turn to the next slide, which is acquisitions. We continue to be active in M&A, with three acquisitions announced and one of those closed already in the quarter.

First, Autonomous Solutions will acquire Guidance Marine. Guidance Marine makes the sensors that position vessels next to other marine assets or quays.

It generated revenues of around €22 million in 2025. The second acquisition is within I&G, and that's to acquire Rocscience.

Rocscience makes geotechnical engineering software for mining and infrastructure projects. Rocscience has revenues around $50 million, and we expect both Rocscience and Guidance Marine to be completed during the fourth quarter.

In Manufacturing Intelligence, we acquired the remaining 49% of ZG Technology. We bought the first 51% in 2021, but now with full ownership, it strengthens our portable metrology portfolio and also enable us to run a globalization strategy of the offering from ZG.

On the next slide, we will move into the Waygate acquisition. Before I hand over to Enrique, we have this update on Waygate, which we also expect to close during the fourth quarter.

As a reminder, Waygate is Manufacturing Intelligence' entry point into the non-destructive testing, with high product and customer synergies with our existing business. Waygate adds around $631 million of revenue at around 10% EBIT, and those are 2025 numbers.

We will have four businesses being added, and we have allocated different strategic mandates to those four businesses. Remote Visual Inspection has a growth mandate in the beginning.

Radiography has a profitability mandate, and this is the CT business. Then we have Imaging Solutions and Ultrasonic Testing, which are in stability mandates from the start.

On margins, Waygate is, of course, dilutive at first. If we applied the numbers from 2025 that I mentioned, it will dilute the group EBIT1 margin by roughly 150 basis points and the MI margin by roughly 300 basis points.

We have plans in place already to bring Waygate's EBIT1 margin into the MI's target range of 21% to 24% EBIT1. This is a real possibility for a value-creation journey in the next coming years.

Then, of course, we will update regular on our progress with this as Andreas Renulf and his team work to unlock this value. I will now hand you over to Enrique to talk to the financials and the business review.

Please, Enrique, go ahead.

Thank you, Anders. Before I begin, let me add my own perspective on this quarter.

It is fantastic to see the business executing so well on the market opportunities we are seeing. I'm also very pleased to see the Hexagon Way embedding further into the organization, and that is reflected in the underlying profitability performance that we show.

Now turning to the revenue and profitability bridge. This slide bridges the performance year-on-year.

Starting with the net sales at the top, we added some €73 million to our top line to reach €1.05 billion. Structure, mainly the divestment of the D&E business, took out €68 million, and currency added €20 million.

Organically, we grew by about €121 million, and that's the 13% organic growth that Anders mentioned. What you will see when I comment on the business areas is that our growth is really broad-based and structural.

More importantly then, EBIT1 grew organically by about €37 million, or around 16%, faster than sales. As you heard from Anders, once we account for the large one-off defense order last year, the organic EBIT1 growth would have been around 28%.

Currency also helped, adding €18 million. This is broken down to €8 million in the quarter translation, and €6 million of transaction, and then the balance of €4 million is the negative impact from prior period.

Now let's turn to the business areas. Starting with Manufacturing Intelligence, which grew by an outstanding 16% organically, and delivered a strong improvement in margins.

Growth was driven mainly by the stationary and portable metrology divisions, with general manufacturing, aerospace and defense, and electronics all growing well. Automotive improved in Americas, but remained weak in China.

Overall, though, China grew very strongly, and our export strategy is increasingly contributing. Importantly, order intake was strong again for them.

On profitability, if you exclude the divested Design & Engineering business, EBIT1 margin improved by 310 basis points to 25.2%, which is a very, very good progress. This was driven by the strong organic growth, the benefits of the restructuring program, and some currency benefits.

As Anders mentioned, the Waygate acquisition remains on track to complete in this quarter. Moving to Infrastructure & Geospatial on the next page, that one grew by 4% organically, up from 1% a year ago, despite the mixed markets that they see.

By division, growth was strongest in construction software and services, in geomatics, and radar and monitoring. China continued to grow after destocking, and there was good growth in North America and Western Europe.

Our new TS20 total station continued to sell very well, and that supported the growth in geomatics. EBIT1 margin rose 120 basis points to 23.7%, reflecting the higher volumes, a more favorable product mix, and some help from currencies.

Then moving on to the last one, last but not least, Autonomous Solutions, which once again delivered a fantastic growth and margin performance with 23% organic growth. This is the strongest quarter ever for Autonomous Solutions.

Aerospace and Defense continued to drive a very strong performance across our positioning divisions, particularly in Septentrio. Mining also grew, while agriculture remained weak.

EMEA drove the growth, in particularly Ukraine-related spend. North America declined on headline basis due to tough comparables from the one-off order last year, but continued to grow excluding that.

By product, growth was led by our anti-jamming solutions, our high-precision GNSS, and our correction services. Backlog also continued to grow.

EBIT1 margin expanded by 250 basis points to 31.5% margin on the back of these strong volumes. This is despite the large one-off defense deal from last year.

Currency also helped during the quarter. Now moving on to the income statement, and I focus on a couple of items below the EBIT1 line.

EBIT grew by 5% against 11% for EBIT1. The difference is the capitalisation and amortisation gap, which narrowed by 80 basis points, or 120 points if we exclude the D&E and Robotics business.

Adjusted EPS was 8.2 euro cents, up 19% from 6.9 cents a year ago. That is lower than the reported EPS because reported earnings include a fair value gain on investment.

As you might have noted, this refers to Unitree. The effective tax rate for the quarter was 18.7%, slightly below the lower end of our guidance range of 19% to 21%.

Now turning to cash flow and net debt, and starting with the cash flow waterfall. EBIT1, including Robotics costs, was €252 million.

Adding back depreciation and capitalized R&D takes us to adjusted EBITDA of €370 million. After capex and non-cash items and a working capital outflow of €63 million, operating cash flow pre-tax was €208 million.

That is the number that we compare against the EBIT1 number here, and that takes our cash conversion to 82%. After taxes, interest, and non-recurring items, operating cash flow was €119 million.

On the net debt bridge, you see the €119 million here as a positive, reducing our net debt. That operating cash flow more than covered our investments in €35 million, mainly related to acquisitions, and then the outflow for leases and share program.

As a result, net debt fell from €532 to €489 during the quarter. Then on the next page, to give you a sense of the combined businesses, this slide shows roughly how our last 12 months would have looked if Waygate, Rocscience, and Guidance Marine had been part of Hexagon for the full period.

Revenue would have been €4.7 billion, up from €4.0, and EBIT1 of around €1 billion, up from the €0.9 that we have currently. On that basis, net debt to EBITDA goes from 0.3 times today to 1.4.

This is well below the 2.5 times threshold that we have set for ourselves. Even after these three acquisitions, we keep a strong financial firepower for further acquisitions.

It should be noted that when we look at net debt here, this is financial net debt, excluding leases. Finally, on next page, sustainability, where, as a reminder, our 2030 target is to reduce our Scope 1 and 2 emissions by 70% against our 2022 baseline.

By 2025, we had already reduced them by 33%, and we are on a good trajectory for further reduction in 2026. Five months after we launched our new sustainability targets at the Capital Markets Day, the Science Based Targets initiative has validated both our near-term and our net-zero targets.

We are now building sustainability into every part of the business, from product design to how customers use our products and how we refurbish them. In the quarter, all our sustainability program commitments progressed as planned, and all our targets remain on track.

Several programs gained traction. We are using more renewable energy.

We are replacing combustion engine vehicles with hybrid and electric cars. Our production is more energy-efficient.

This progress in emissions reduction is helping us to win business also. Increasingly, customers include sustainability criteria in their tenders, being a leader in this area places us at a distinct advantage versus competitors.

In short, our targets are now externally validated, our emissions keep falling, and we remain on track for 2030. I now hand you back to Anders for concluding remarks.

Thank you, Enrique. Let me now bring this together with a short summary of the quarter.

Before we do that, let's move into the save the date slide. On February 25th next year, we will host a site visit at Septentrio in Leuven, Belgium, where you will be able to see GNSS receivers being developed and also production.

The second date that we ask you to hold is 26th of October, and also next year. We will open our doors at our Manufacturing Intelligence facility in Rhode Island, where we will demonstrate our production, talk more about Manufacturing Intelligence, and, of course, the North America marketplace and situation.

Investor Relations, Tom and Anton, will send invitations with the full details in due course, and we hope to see many of you there. Now if we move into the conclusion slide.

To summarize, the third quarter has built towards value-creation levers both in the near and in the longer term. We delivered an excellent quarter with 13% organic growth and further improvement in margins.

At the same time, we delivered an even stronger order intake, while further embedding the Hexagon Way and the benefits that it's increasingly delivering for us. This allows us to enter Q4 with strong momentum.

We are also investing in longer-term value creation initiatives. We have at least three acquisitions that are expected to close during the fourth quarter, all representing great value creation opportunities.

Waygate, as we know well, is the largest one and brings an opportunity to generate a material step-up in profitability over time. As you've heard, AEON is continuing to take broad steps forward in commercialization, giving us access to a sizable humanoid robotics market in the future.

A lot of execution at Hexagon currently, and much to be positive about. With that, we would be happy to take your questions.

Operator, please.

Yes, thank you. Good morning, Anders and Enrique, and thank you for the presentation.

Quite encouraging demand trends here, especially in MI. I know you don't report orders, but you have for some quarters now given comment about them.

I'm keen to understanding if the book-to-bill in MI is directionally up, down, or flat versus Q2. Then I'm curious to understand how you would describe your visibility into 2027.

Is there anything that suggests that the recent trends could reverse or cool off as we move into that year? Thanks.

Thanks, Simon. If you look at MI, that is basically flattish in terms of developing sales versus order intake, equally strong, I would say.

Autonomous Solutions is considerably stronger on the order intake side than on the sales side, and we also have positive book-to-bill in Geosystems or Infrastructure & Geospatial. If you look at 2027, currently, we don't see any dramatic changes in demand if we look at our strong areas like aerospace and space also, defense, electronics, general manufacturing.

They all seem very stable for us and not sort of weakening in any way. If you look at the weaker sectors like agriculture, automotive, and also the construction side, which are the weak markets, we don't see a specific uptake in those markets either going forward in the short term.

Of course, these markets are quite large, they are not changing in one quarter, two quarters from being weak to being strong.

That is crystal clear. Thank you so much for that.

Then I'd like to double-click on the latest acquisition of Rocscience. It's a quite sizable deal with a multiple at least above yours, and directionally, you have moved a bit away from software more recently.

I'd like to get some more color on the rationale for this one, also with aspects to pricing as we know that at least public software multiples have been hammered over the past year or so.

Thanks. No, Rocscience is a very very good acquisition for us.

If you put it simply, Rocscience is a leading software company specializing in geotechnical analysis. Hexagon's and Rocscience technologies complements each other perfectly.

As we have the sensors that primarily radar monitoring, sort of slopes and monitoring infrastructure, bridges and tunnels, etc., where we continuously record data on how these structures are moving. Then Rocscience adds a simulation on top of that, they actually simulate how these will move in the future.

Then on the mining side, we actually have how the mines need to plan. We have the mine planning tool as well, so that's how you change your planning then to run the mine in the best way and to do the necessary fixes.

It's extremely complementary to what we are doing currently. Hence, we know that we are able to grow this company significantly going forward, and it feels like a perfect fit for us.

Then the second part of the question was related to what? Can you please repeat, Simon?

Yes, it was regarding multiples and how you reasoned when acquiring these companies, partly in light of the fact that public software multiples have been coming down.

Exactly. If you look at Rocscience, if you look at the multiple, it's actually very similar to the multiple that Hexagon has.

It's basically not contributing in multiple, and it's not eroding in multiples. We think from that point of view, it's a good fit.

Then if you look at the performance of the company, it has a much stronger growth trajectory than the Hexagon Group. The recurring revenue is 80%, very stable revenues.

The EBIT1 margin is north of 40%. I think the multiple that we paid for this company is high, but if you look comparing to what we get and what we can do with it, it's definitely a value-creation opportunity going forward.

Thank you so much. Just a final, short follow-up.

Can you shed anything on how Waygate has developed in terms of growth or margin since the acquisition was announced, also given recent market trends? As

we don't have included Waygate yet and we are in this period where it's a bit hands-off, we are not giving basically any comments on Waygate's performance or similar, more that we are planning for receiving Waygate and the employees into our organization. We are looking already now on what we can do without having full insights in the company on how to start with running from day one, basically, to make sure that we do the improvement journey that we have been discussing to bring them up into MI's average performance.

Lots of planning ongoing, Simon, but we look forward to receiving the team.

Very encouraging. Thank you for having my question, and congrats on the strong numbers.

Thank you.

Hi, good morning. Thank you for taking the questions.

I've got two, please. I'll perhaps ask them one at a time because they're quite different.

The first one is on the growth by geographic region. It's a very different picture than in recent quarters, with EMEA, Asia, China, the drivers of growth well above the US now.

Obviously, that's a good thing to have a broadening out, but obviously, how should we think about the evolution of the geographic exposures into Q4? Are you seeing any change in tone or customer behavior in any different regions of the world that you'd call out as we should think ahead to Q4, please?

That's that.

No, thanks, Phil. If I start with the other market, start with EMEA, we had a growth of 17% in the quarter.

I think that's really encouraging to see that we are back to good growth in EMEA. China, also back to strong growth with 15%, very important market for us, especially when it comes to MI.

Rest of Asia, strong when it comes to electronics, etc., and we grew 14%, in line with China, basically. Very happy to see that development as well.

Then of course, when you look at the Americas, like you say, it dropped to 6% growth. However, if you then take in the one-off order that I discussed in my presentation that we had within Autonomous Solutions in the comparison period last year, it shoots out as a standoff, a one standoff, and if you would remove that, the gross numbers are much stronger.

We will, of course, not go in and discuss specifics of that order or customer, but the underlying growth is much more positive than the numbers you see there. If you would remove that number, you would also see that the group would have a growth of 16% instead of 13% if you would remove that one-off order, and that would bring up Americas significantly from the 6%.

We don't see that Americas has slowed down for us or so. We see continued strong demand in North America, and we expect that to continue in the next coming quarters as well.

Thank you. I guess part of the question was there's no one-offs in EMEA or Asia or China, that's kind of like an underlying-ish number, is that fair?

That's correct.

Great. Then secondly on AEON, obviously good to see two new customers come in during the quarter.

I know you won't disclose who they are. Are they European-based companies?

When it comes to the investment profile into 2027, given you are now moving into production and you're gaining new customers, how should we think about the increase in investment 2027 over 2026 in approximate terms, please?

Thanks. Focus for our early deployments are in Europe partly because of proximity, of course, from the home base and the R&D team.

These customers are also based out of Europe, even though they, of course, have global operations. If we are successful, which we believe we are, that will be rolled out on a more global scale.

Onto your second question, how you should think about the investment profile, AEON will or Humanoid will continue to require investments going forward. Last year was €25 million from our side, and this year, we end up somewhere in between €45 and €50 million, as we guided for also previously.

Next year will be an increase from that. I would say that we will be in the range of €70 to €80, maybe, but that's not confirmed yet, but in those kind of levels is likely.

We will start having revenues also next year within our Humanoid or Robotics division. Some of the robots will be sold, some will be robot as a service, most likely.

There will be different business models that we operate with customers within this area. It will still require investments in the next coming years.

I would say after '31 or so, this project is probably breaking even, and then the Humanoid sales is targeting to take off '32 or so. If you look what the people who understand this better than me are saying, and then the market is exponentially growing very quickly.

We are currently in a good position, and we can see that from the feedback we get from customers. We can see that from the feedback we get in media and recommendations, etc.

We are in a strong position, and we intend to hold that. We will invest what's required to make sure that we keep our position.

That's good to hear. Thanks very much.

Thank you.

Thank you, operator, and good morning, Anders and Enrique. I have a couple of questions as well.

Congrats on a strong report, like sales as well. I was a bit surprised by the strong automotive segment, after 10% of revenues, seeing good growth in Americas, positive in EMEA, rest of Asia, and only negative in China.

Can you comment a bit if this is the beginning of a more positive trend or more of a temporary effect?

Thanks, Daniel. I start from the other direction.

I start from China then. As we all are aware, the automotive business in China is currently on a decline from the manufacturing side.

We have quite large inventories of battery vehicles, also in Europe. I think it's the highest inventory ever of electric cars around the world as Chinese are offloading more globally since the domestic market is weakening.

Where we see positive effects is rest of Asia and EMEA, and I would say those are not huge positive effects, but there is a positive atmosphere, and we can see increased order intake and increased sales, as you can see, but it's still in the single-digit area for us, it's not double-digit yet. When we look at North America in specifics, very strong, and I think this is related also to tariffs announced of 50% tariffs on imported cars from the 1st of January.

I think that drives investments in local manufacturing of cars, etc., and there is a general feeling of homoshoring in US at the moment. I think that drives investments, and I think that's probably here to stay.

I believe also that we are recovering in Europe, and of course, the Chinese market will probably remain weaker for some time, but I believe that that will also turn in the not too distant future.

Perfect. May I also ask you, and thank you for the pro forma on Waygate, you highlight your plans obviously to improve the margins towards the MI level, 21-24.

Have you got some ballpark planned timeline of this, or is it too early to tell?

We have a plan, but it's too early to go externally with that. We first want to include the company and get to know the company, understand our people, and do this plan together with them because they are the people that should execute on this plan.

It won't be me and it won't be Andreas Renulf that executes on the plan, they need to be on board, of course, and own what we are going to do to make the improvements. When we have done that, we will talk externally about this.

Super. That's fair, I think.

My final question would be on AEON. Congrats to two more customers and so on, but you also talk about finding cooperating partners, and I was also a little bit of curious in how you work on versioning, if it will be upgrades by the air or if it will come the new AEON 2.0 or something at some point just to understand how you work with that.

Yes, you are correct. We are looking for partners.

We are not looking primarily for someone to invest money because we can fund this ourselves. We're looking for partners that actually can add value, which we ourselves have difficulties to add.

That could be a range of different things. That could be sort of technologies.

That could be manufacturing capabilities, and that could be being a supply chain partner, etc. We're looking for someone who adds value rather than only capital.

We are proceeding with this, but of course, finding the right partners for this, we are not in a hurry with. As we go into commercialization in the beginning of next year, of course, then we have a lot more proof points that also, I think, creates a more secure valuation of the AEON's value, both now and going forward.

I'm not in a hurry, but I think finding the right partners will add value going forward, and will also put us in a stronger position competitiveness. Then your question on AEON going forward, if it's going to be AEON 2.0, I would think it will not be.

I think it might even be with a different name, but of course, there will be, for lack of a better word, Robot 1 instead of Prototype 7. There will be a change both design-wise, but also the components inside, and how we have optimized it more for production than for proof points.

Perfect, crystal clear. Thank you so much.

Thank you.

Hi, good morning. Thank you for taking my question.

I have two questions. The first one is, is there anything that you can give us a bit more color on the acceleration of the Autonomous Solutions organic sales growth despite your tough comparables in the second of '25, and should we expect this to continue in the fourth quarter as well?

The second question I have is on your tariff refund impact. Is it possible to give us a bit more color on the magnitude of one-off benefit you had this quarter, and how is it split across your divisions so that we can understand a bit more on the underlying margin?

Thank you.

Thank you. I think the main reason for the AS growth was the high demand of anti-jamming antennas, primarily in Europe.

We see this with countries re-equipping and modernizing the defense against the backdrop of the war on the eastern border of Europe. It's also relating to the anti-jamming solutions for airplanes, marine, and other applications, it's not only related to defense applications.

Being a Swedish company, of course, puts us in a very strong position to get increased orders and customer loyalty within the European Union. This development is, of course, driven also by political agendas, I think this will continue also going forward.

The rearming of Europe will take several years. I would say it's just started, actually.

There is probably a long, positive tailwind for this sector. It's also strong in North America.

However, like mentioned, was a fantastic order in the comparable, so that makes this quarter's number look a bit tougher. There is some effect of that order also into the fourth quarter before that goes out of our comparables, but generally very strong across North America and Europe, I would say, and we see that trend to continue.

There's also rebuild of what has been used by US in also supporting Ukraine and the Iran war, etc. There is a tailwind that is not only in the short term.

For the tariffs, I probably leave it to Enrique to respond to that one.

Thanks for the question. We have a small effect coming into our gross margin and helping there.

This is largely then offset with other headwinds that we have on memory costs, chips, Iran effects, and so on, higher transportation costs. Those two are a wash.

We estimate it to be in the tune of about somewhere between 70 to 90 basis points each, it's not of a big magnitude on either side.

Got it. Then is this mainly in the Autonomous Solutions impact?

Because what's sort of the net balance between each divisions that were impacted by tariffs more?

I would say it's across the board, but Autonomous Solutions that you highlight, it's a smaller business area, they have a smaller share of that. The bigger impacts are in I&G and MI.

Actually in Autonomous Solutions, a lot was actually paid by customers directly of those tariffs.

Got it, very clear. Thank you very much.

Thank you.

Thanks.

Yes, good morning. Thank you very much for taking my questions.

Maybe I'll start with the construction one and EMEA. I'm just looking at your very helpful indicators by market by quarter by region, and looking at EMEA, we kind of were in growth territory, then dipped into negative.

We're now back in the blue dot. I just wondered, do you think there is a beginning of recovery there in construction market EMEA for you or are we just kind of treading water?

Thanks, Andre. I think the sound is not perfect here, but I think I got most of your question.

Construction in EMEA, we see some sort of bounce back, very, I would say, early indications, primarily in UK and Germany. We see positive effects.

It's not significant still. It's single-digit numbers, basically, I would say, but this seems to be more than one quarter effect and driven, I would say, primarily by machine control and new product sales like the TS20.

That's very helpful. Thank you.

I hope the sound is a bit better now. I've changed the headset.

I also wanted to ask on the strength in Manufacturing Intelligence that you're seeing, especially in US. We're kind of hearing from some channel checks that this is getting really quite sort of buoyant and heated up.

Are you seeing any signs of customers trying to stock up as well?

No, I wouldn't say so. Our products are generally not products you stock up on, I think it's mainly connected to actual underlying demand.

We can see the reshoring of manufacturing into North America is driving a lot of these investments. I would say those investments are more long-term than some bump from stocking up in that case.

Perfect. Just a very quick one.

Your M&A activity has clearly stepped up, but you also indicated that your gearing is still well below the limit where you'd be comfortable with. It sounds like you're continuing at full pace.

Would it make sense to expect that kind of continuation of deal flow that you've delivered in the last six months or year-to-date?

I would say that's probably something you should expect from us going forward. If you look at us historically, this company is built from being very skilled at doing M&As and create value, and we have the competence internally to do that.

We are expecting, and we have a very strong M&A funnel, actually, across the whole group, within all the business areas and divisions. We are not buying companies to buy companies.

We are buying companies that we are sure that we can create value over, that we can get those companies a better home than where they are today, where we can generate double-digit sustainable growth going forward, that we can have a return on capital at least at WACC after three years or so, and that we have a cultural fit, and we have also synergies that we can create from our current portfolio when we are adding into the portfolio.

Very helpful. Thank you very much.

Thank you.

Thank you, everyone, for participating and engaging with good questions. Make sure that you lock in the dates that I mentioned previously.

Be safe and see you soon. Thank you.

Bye.