Good morning, a warm welcome to the presentation of Skanska's second quarter report for 2026. I'm Antonia Junelind.

I'm the Senior Vice President for Skanska's Investor Relations. Here with me to present the second quarter report is our Chief Executive Officer and President, Anders Danielsson, and Group Executive Vice President and Chief Financial Officer, Pontus Winqvist.

Shortly, they will take you through a business and performance update, look at the market outlook for the coming 12 months, and provide an update on our financial position. After that initial presentation, we will open up for questions.

If you have a question, please use the telephone conference provided in the invite. Telephone conference number that we have provided, just follow the instructions by the operator, we will get back to you and answer your questions in a little while.

Now I will hand over to you, Anders, to start the presentation.

Thank you, Antonia. Before I start, I want you to look at the picture.

You can see the Portage Bay Bridge in Seattle, where we are replacing the existing Portage Bay Bridge to meet higher standards when it comes to seismic resiliency standards. We see a robust demand and good pipeline of projects for traditional infrastructure, this is a good example of that and our capabilities and market position in the U.S.

If I look at the second quarter, it's a solid performance. Construction, very strong operating margin and a record quarter when it comes to order intake.

Residential Development, strong results in Central Europe, Nordics are impacted by low volumes, provisions, and restructuring costs. Commercial Property Development, two project divestments, we also have U.S.

asset impairment charges in the quarter. Investment Properties delivered stable result, we also divested the PPP asset I-4 in the U.S.

during the quarter. Operating margin in Construction, 4.3%.

If you look at the rolling 12 months, 4.3%. The return on capital employed in Project Development on a low 1.3%.

The return on capital employed in Investment Properties, a decent 4.8%. The return on equity of just shy of 11%.

We maintain a robust financial position, which is critical for us. We have reduced the carbon emission with 64% since the baseline year 2015.

If I go into each and every stream here, start with Construction. Revenue pretty much in line with last year.

We have a record high order bookings of SEK 68 billion, which gives us a book-to-bill ratio of 114% on a rolling 12-month basis. A record high order backlog, close to SEK 300 billion Swedish.

Operating income SEK 1.8 billion, again, representing our operating margin of 4.3%. Strong performance overall.

I go into the Residential Development. Revenue was at SEK 1.7 billion.

We have solid sales and strong profitability in Central Europe. A weaker result in the Nordics due to weaker market.

The Nordic operation are impacted by low volumes, provisions, and a restructuring cost. We have started one project in Central Europe comprising 156 homes, and we started two small projects in the Nordics.

Moving on to Commercial Property Development. Operating income is -SEK 170 million in the quarter, and that's due to the asset impairment charges on a few U.S.

properties that negatively impacted the result. We have a gain on sale in the quarter of SEK 217 million.

We have 17 ongoing projects, which representing SEK 12.8 billion in total investment upon completion. We have 16 completed projects, which correspond to SEK 18.5 billion in total investment.

In these completed projects, we have a decent leasing ratio of 77%. We have a positive cash flow from those assets.

Two residential rental projects were started and divested in the quarter, and we also handed over four previously sold properties to external buyers. Moving on to Investment Properties.

Very stable operating income of SEK 85 million. We have also a good economic occupancy rate of 83%.

The portfolio today consists of seven high-quality office properties in Sweden, with a total property value of SEK 8.3 billion and a solid performance in the second quarter. I move back to Construction to look into the order bookings.

Here we can see order backlog, order bookings over time, over five years. You can see on the blue bar here, which is the order backlog, which is on a historically record-high level.

I would say it's a good quality in the backlog. We have been successful in position ourselves and winning projects and position ourselves where the market is strong and good.

That goes for pretty much all the geographies. You can see almost touching the SEK 300 billion mark here, which is good.

If I look into the different geographies when it comes to order bookings, here you can see very strong order intake in Sweden and U.S., which contributes to the SEK 68 billion for the single quarter. Here, you can also see the book-to-bill ratio rolling 12, ending up at 114%, which corresponds to 21 months of production.

It's unusually high also when we look at that. With that, I hand over to Pontus, who go into the details.

Thank you, Anders. Starting with Construction and the income statement.

As you may remember, we had a somewhat weaker start of the revenue in Q1. You can see that we are now catching up by especially growing the Nordic business.

U.S. revenue is still somewhat behind, but you have all seen that we have a strong order booking in the quarter, and you also saw that we released another order here during the day.

Quite confident that we will gradually see an increase also with the U.S. revenue.

Totally, the revenue increased with 1%, if you adjust it for currencies. Selling and admin of SEK 1.7 is resulting in an operating income of SEK 1.8 billion for the quarter.

A strong operating margin of 4.3%, both for the isolated quarter and for the rolling 12-month period. Looking into the income statement for the different units, you can see that it's a strong delivery overall, and I would say especially in the Nordics and in the U.S.

Operating income increased by 12% in local currencies, resulting in a margin of 4.3%, compared to 3.9% for the same quarter last year. Going into Residential Development, you see here that we have a lower revenue compared to last year.

This is mainly because of fewer started and consequently fewer sold units, resulting in an operating income of SEK 25 million and a weak operating margin, I would say, of 1.5%. For the different units, we have had a low sales in Finland and Norway.

It has been a better sales in Sweden, but still, we are selling from a backlog with lower profitability. Added to that, we had taken costs for warranty provisions and restructuring for SEK 70 million in the Swedish business.

Central Europe continues to perform on a very strong level. Started 156 units and sold 132 units in the quarter, they came out with SEK 122 million in operating income, which is 23% in operating margin.

If you look into the rolling 12 months margin, it's 18% for the Central European business. If you were excluding the restructuring and warranty provisions, the total RD margin would have been 5.6%.

In the Nordics, two minor projects were started, and as I said, one larger project with 156 units in the Central European business was started. If you look into the sold units, the absolute majority of the sold came from either Sweden or Central Europe.

I would say that we have stable levels of the homes in production, where more than half is within our Central European business. The sales ratio increased somewhat to 55% from 53% by the end of first quarter.

The number of unsold completed is decreasing from 315 in Q1 to 326. Here it's worth to mention that Nordics is decreasing more, actually.

They are decreasing with 42 units, and the Central European business is increasing somewhat with the completed unsold, increasing with 18 units. That's basically good because we have a positive price momentum in the Central European business.

Going into our Commercial Property Development business. We sold two rent residential projects in the second quarter, we had divestment gains of SEK 217 million.

Those include also some provisions from previously sold projects. We have, as you heard, made impairments in a couple of our U.S.

properties. Total amount of writedowns was SEK 464 million.

The reason for that is that we have seen increased long-term interest rates within U.S., which also is then resulting in uncertainty among U.S. property investors.

Therefore, we have seen that there is a need to reduce the value of our U.S. portfolio somewhat.

When it comes to the development gains in our portfolio, it's stable unrealized gains. We completed one project during the quarter, and therefore you can see that it's a slight increase here of the completed properties and the unrealized gains.

The completion profile of our unsold projects has increased. You can see here the bar far to the left increased from 71% to 77%.

One project was completed. Generally, you can see that it's good leasing activity in our completed portfolio.

There are some other, if you're tracking this, other increasing of leasing ratios if you compare to previous quarters. As I said, stable leasing in the portfolio.

We leased out 54,000 sqm in the second quarter, and you can see that we steadily are keeping the occupancy rate above the completion rate of our ongoing projects. Investment Properties continues with a stable operating income, similar to previous quarter of SEK 85 million and an occupancy rate of 83%.

There are no changes in the market value, and we have an average valuation yield on the portfolio of 4.7%. Summing up the group, you see that we have an operating income from our businesses of SEK 771 million, and that includes then the writedowns in the CD business of SEK 464 million and the warranty and restructuring costs of RD of SEK 70 million.

On the central line, we have a positive contribution of SEK 334 million, and that includes then a net contribution from our business operation of SEK 559 million. This includes the profit from the PPP portfolio, including the divestment of I-4, and also cost from legacy operations.

Net financial items of SEK 241 million includes interest payments from dispute settlements. Tax rate is the same as we had in Q1 and ends on 24%.

Cash flow. We had a very strong operating cash flow during the quarter that was supported by payment and delivery of previously sold commercial properties, as well as the positive development of working capital in Construction.

The dividend was distributed out to the shareholders of SEK 5.9 billion during the quarter. You can see also after that, we had a positive cash flow in the group.

Continued strong development of the working capital, and by the end of the quarter, it amounts to SEK 33.9 billion. We had SEK 31.6 billion by the end of Q1.

SEK 1.7 billion on that is based on improved working capital within the business. Especially, I would like to mention that there are milestone and mobilization payments in recently started projects in especially our U.S.

business. SEK 0.5 billion in a positive currency effect of the working capital.

Investments and divestments. We had strong net divestments during the quarter, mainly then because the earlier mentioned delivery and payments of CD assets.

RD contributed with net divestments during the quarter. This also resulted in a reduced capital employed and sum up to SEK 63.4 billion.

We had SEK 66.3 billion by the end of Q1. When it comes to available funds, it has gone down somewhat from SEK 27.7 to SEK 23.1, of which SEK 7 billion is unutilized credit facilities.

The reason for the decline here is that we have chosen to reduce some of our unused credit facilities and also repaid some parts of our external debt in order to have a more efficient management of our financial position. We continue with a strong financial position with an adjusted net bearing interest net receivable of SEK 8.7 billion.

You can say that the reason for the reduced adjusted net cash position, even with the strong operational cash flow that I mentioned, is explained by a lot of the cash that has been coming in is coming into our joint ventures and then is treated as a restricted cash, and that is then deducted from our adjusted net cash position. By that, I hand over to Anders to comment about the market outlook.

Yes. If I look at the market outlook stream by stream, start with Construction.

The Construction market outlook is mostly stable. We have a demand in the civil segment, generally robust in all our geographies.

The building market is somewhat weaker but improving, supported by investment in tech, industry, and defense sector, and also other social infrastructure. U.S.

market is stronger than Europe, but we do see increased activity in the Nordics. We have raised our outlook for the building market in Sweden and Finland based on demand in our important segments like social infrastructure, industry, data center, and so on.

Residential Development market, good level of activity in Central Europe, with stable increasing prices. In the Nordics, slowly improving activity in Sweden, but it will take some time before full recovery of the market will take place.

The Norwegian and the Finnish market for new build remain muted. Commercial Property Development in the U.S., the occupier market remains broadly stable, but the transaction market activity is constrained by elevated long-term interest rates and macroeconomic uncertainty.

Good access to financing and generally stable yields support transaction activity in the Nordics and Central Europe. For the Investment Properties, it's a polarized market.

We do see a strong demand for high-quality space versus the older stock, and we can offer that, of course, high quality. It's a competitive market, but the rents are expected to remain mostly stable.

If I summarize this report, strong performance in Construction. It's a mixed picture in Project Development.

Construction operating margin, very good and record high order intake. Residential Development, strong result in Central Europe and Nordic, they are impacted by low volumes provision and cost for some restructuring.

Commercial Property Development, two project investment and U.S. asset impairment charges in the quarter.

Investment Properties deliver stable results, and we divested the PPP asset I-4 Ultimate in the quarter. Cash flow from business operation was high, and we maintain a very robust financial position.

With that, I hand over to Antonia to open up the Q&A.

Thank you very much. Thank you for presentation of the second quarter performance.

As Anders mentioned, we're now going to open up for questions. As I said before, if you have a question for us, please just use the telephone conference number provided in the invite.

You will get put through to us here by following the instructions that you can get from our operator. We will answer the questions one after the other.

I will start with now open up for the first caller, and I will ask you to present, stating your name and organization. Miruna, please introduce the first caller for us.

Yes. Hi, and good morning.

Julia Sundvall from ABG Sundal Collier. Just a couple of questions from my side.

Starting on the Residential, you are rebalancing the Nordic portfolio. Can you give us some more flavor?

How long will it take? When are you happy with it?

What's the strategy and target? Yeah.

Yeah, I can answer that. Hi, Julia.

Our target is a 10% return on the capital employed in Project Development. That goes for RD as well, of course.

We are not starting project if they doesn't support that target. What we have seen now in the quarter with the increased sales in Sweden, most of them are from the older stock, with low profitability.

We can see that product that we recently started, they are performing as expected and supporting the 10%. We also have refocused our portfolio or strategy in the Nordics.

We are focusing on fewer cities, and we are focusing in Sweden on the large three cities with the surrounding area. The same focus in Norway and Finland as well.

That because we see that we need to come back to the 10% return on capital employed in a reasonable time.

Yeah. Perfect.

Sounds reasonable. The restructuring/provision cost you're taking, is that the end of it, or should we expect more in the future?

We have done some changes in the organization, and we've taken charges for that in the quarter. I cannot outrule any further action going forward.

It depends on how the market will develop. Right now, we see we have the right organization structure in place to meet the current market.

Yeah. Perfect.

Another question on Commercial Property Development. You take writedowns in the U.S.

Can you give us some more flavor? Is it in a large project?

Is it smaller projects? Which regions?

Hi, Julia. The flavor I can give you is that there are in a couple of projects in our U.S.

completed portfolio.

Okay. That's clear.

Then on the Construction, the margin is overall super. Europe is a little bit weak.

Can you give us some more on that?

Yeah, it's weaker than the other. It's very strong in the Nordics and U.S., but I would say it's not something I'm concerned about.

They have a good position, and I expect them to continue to perform on a decent level.

Yeah. Then, just one last question from me, on the U.S.

sales in Construction. Is it the same reason as in Q1, if I understand it, or is it some other reason behind it?

You mean a U.S. sale?

What are you referring to?

Yeah. The construction U.S.

sale.

Yeah. Were your question on top line, so revenue?

Yeah, exactly.

Just please repeat the question. It was regarding when the top line will increase or what?

Sorry.

Yeah, exactly. It was a little bit weak in the Q1, it's a little bit weak now with a decline year-over-year.

Yes. It's lumpy.

There are especially some projects related, you can say, to data centers, where you have a quite quick burn rate in the projects. It depends a little bit when you are starting new projects, and they are, so to say, burning into the revenue.

As I said in the presentation here earlier, you also see that we have quite a strong order intake in our U.S. operations.

I think you will gradually see an improvement during the year.

Okay, perfect. That was all for me.

I will jump back in the queue. Thank you.

Thank you very much, Julia. We're going to move on to the next caller.

Hi. Yeah, thanks, guys.

I'll ask two questions, and then I might jump back in the queue, and both on U.S. construction, actually.

First of all, margins here, I think exceptionally strong in the quarter. Just trying to understand if there's anything one-off in the print.

We've seen some other companies booking tariff refunds as a positive, so just checking if there's any impact from that in the U.S. in your numbers in Q2 or anything else that you'd call out that drove that strong margin.

A second question on U.S. construction.

We've seen order intake in this market be very strong in Q2, particularly in some of these large civils projects. Has there been anything that's really driven this acceleration?

We've been going through a period of slightly softer demand, I suppose, so we've really seen that pick up in the first half of this year. Just trying to understand what you're seeing on the ground for order intake and what you're thinking or how just outside of the order book is looking into the second half.

Thanks.

Yes, I agree. If I start with the U.S.

margin, we have some movements underneath this overall margin, which is very strong. It's more of a normal positive effect than also some negative effects.

Overall, and we don't have any impact from recovering from tariffs. That's not included in the U.S.

operation. It's a strong performance, and of course it can be a bit lumpy when you look at the single quarter.

It's overall very strong. We have a very strong on a rolling 12 months basis, which supports the second quarter as well.

It's a strong performance. Order intake has been great, and we have been very successful.

It is a strong market and have been a strong market over time. We have a very good book-to-bill of 126% in U.S., and that also supports the operation and the revenue going forward.

I'm optimistic. We can see that the current infrastructure investment program is holding up, and we see that very good pipeline going forward.

We can also see that the House of Representatives, the Congress, they are discussing new funding program for the future. The current one will support the market for a few years ahead.

Definitely.

Thank you. I might squeeze just one more in.

Sorry. Just on the buildings outlook upgrade for those Nordic markets, I think I can see that those have been weak for the past three years, and just looking at trying to understand what you're seeing there that's really driven that upgrade and outlook.

Particularly, you mentioned around the data centers. Is that somewhere we could hope for a little bit more activity from Skanska in the Nordics region, going forward?

Thank you.

Yes. We see higher activity from clients, and we have a good experience from U.S.

and U.K. from previous years.

We are coordinating and transfer knowledge and also the client relationships to the Nordics, and I would expect us to be part of that development, positively. I also said in the presentation that we see a higher activity in other segment as well, social infrastructure, prisons in Sweden, very high, strong demand and, for sure, investment in defense that is strong in the whole Europe.

Thank you. Thanks.

Very good. We're going to move on to, I think, Bank of America.

Thank you very much, and good morning to everybody. Just a couple of follow-ups on Commercial Development.

If I remember well, I think in the U.S. you have seven completed projects.

I'm just trying to understand why, considering interest rates have gone higher, why you think it made sense to do some writedowns on only two projects? Why not the other five, I guess, is the question.

The second question is in terms of the strategy in Commercial Development. You've been talking in the past about expanding in new categories, including life science, but it feels like maybe this is on pause at the moment, waiting, maybe for more disposals in the office assets.

Is that the case, or are you already exploring opportunities in new product categories? In a way, your balance sheet is strong, so you don't really need to sell projects to start new ones.

Thank you.

If I start with the writedowns there. You said two.

Sorry, you misheard me, I would say. It's a few projects.

A couple of projects that we have written down. Regarding the other questions when it comes to other kinds of investments in U.S.

segments, I would say right now, we are not starting any new projects. We are focusing on the existing portfolio.

What happens later on, it's very difficult to say anything about right now.

No, that's it from my side, just for life science development, if you have any projects in the pipeline.

We don't have any in a shorter pipeline, no. Of course, for a longer perspective, we can't say that right now.

Okay, fair enough. Thank you very much.

Thank you, Arnaud. Moving on to Keivan with SEB.

Yes. Good morning.

Can you hear me now?

Good morning. Yes, we can hear you now.

Yeah, perfect. Just a couple of questions.

The first is sort of a follow-up question on the Construction U.S. net sales.

You mentioned it has been a bit behind in both Q1 and Q2, but given the backlog also, maybe you should expect some improvements in the growth rate for net sales onwards. Could you maybe say something about what is a reasonable run rate in Q3 and Q4, and maybe into next year, given that your backlog is up by 20% in the U.S., compared to last year?

I can answer that. We don't give you forecasts, but we have a very strong order intake, and it definitely supports growth in the future.

I cannot give you any figures on that.

Then my second question is related to CD. You made some impairments in this completed property.

I also would say that what is required for you to be able to divest any of these assets in the foreseeable future? Is it solely due to long-term U.S.

interest rates, or is there anything else that could maybe open up for some divestments?

The transaction market in the U.S. is still muted, the transaction that we see in the market is more opportunistic.

We have very good assets, high-quality assets in good locations with good leasing rates too. We want to get the value out of those when we divest.

We have good relationships and discussions with investors that we have used to do repeat business with. They are sort of standing at the sideline right now and waiting for the right moment.

When they do take action, we have very attractive products and assets to offer the market. We're not in a hurry.

We have positive cash flows during that time.

Yeah, that's good. Also another question on CD.

Are you willing to maybe deploy more capital within your better markets, that is the Nordics and Europe, to be able to compensate for the U.S., and be able to have a pipeline to sell heading into next year and onwards?

Yes, we are starting projects, but we're doing it in Central Europe and in the Nordics. We are prepared to do that where we see that the market activity is supporting our business cases.

Okay, good. That's one question.

Perfect. Thank you very much, Keivan.

Moving on to the next caller. Miruna, can you please introduce?

Thanks. Good morning.

Can I ask a follow-up question on the construction order book growth and timing of converting this into revenues? I appreciate you don't give a revenue forecast.

It looks like over half of the growth in the order book in the second quarter came from tech industry, which tends to convert a bit more quickly. Is it fair to view this as order book growth driven predominantly from the building side, which does execute a bit quicker?

Yes. That type of tech building, they are quicker starts.

It's slower starts before we see revenue in more traditional infrastructure. That's correct.

Okay. Thank you.

Just a question on Project Development and how you view the occupier backdrop, and whether you think leasing activity in general is improving. When you look at values across the portfolio, clearly they've been dominated by yield movements.

Do you view any support from the leasing environment?

Hi. Yes, I think we had quite a good quarter when it comes to leasing.

We leased out 54,000 sqm during the quarter. Generally, you see that there is an increase also in our completed portfolio, reaching now 77%.

I think yes, there is a leasing market out there, and it's working, and it's actually working in all our markets. Even though, as you understand, we are not currently divesting in our U.S.

properties, but we are leasing out in our U.S. property portfolio.

Yes, the leasing market is working.

Okay. Thank you very much.

Very good. I believe that we have a couple more persons in the queue.

Can you please introduce our next caller here, Miruna?

Yes. Good morning, guys.

Just a couple of questions. First one on U.S.

Construction. I'll leave aside the revenue debates, but focusing more on the margin side.

When we look at the makeup of orders over the past couple of years, you should continue to skew more and more towards civil and data center. It usually tends to carry a higher margin.

You should stop me if I'm totally wrong. Should we continue to see improvement in the margin just out of the mix, considering you've been signing these projects in pretty healthy markets and backdrops, margins should be higher above and beyond what we see in the first half.

That's the first one. Coming back on RD, on Residential Development.

You've accelerated the cleanup of the backlog of completed and sold homes. That's something we should expect to continue in the near future, mostly in the second half, this is going to be, again, on and off for the foreseeable future.

Thank you.

Okay. Thank you.

First, when it comes to the U.S. Construction margin, you talked about if we will see improving margins coming from civil and data centers.

You are right that we continue to see a strong increase of both general U.S. civil contracts and the data centers.

However, there is a little bit mix when it comes to those two different categories and margin expectations, because the data centers are normally more of a construction management kind, where you don't have the same margin levels as you normally have in the more self-performing works within civil. It's a mix, but you are right, it's probably growing in both of those segments.

When it comes to RD and what you said, the cleanup of the backlog, yes, we are, of course, continuing to divesting out of our current unsold Residential Development projects. You will continue to have an impact of a lower margin from the current backlog.

At the same time, when we are starting up new projects, those projects should support our margin ambitions. It will take some time, but gradually we will close out the backlog and have new, fresh projects with good margins in.

If I may squeeze a last one. The effect you've seen in the U.S., a bit of a slow start to projects.

It's something we've kind of seen as well in Europe. Is there anything new there, or it's just, once again, the makeup of the projects, which means it's a bit of a slow revenue recognition at the start, and then we should ramp up?

You've won some big projects, especially in the U.K., for example, Fleet, but it seems that's not yet contributing to the P&L, if I'm correct.

Yeah. It's always the case that you can win projects, and different projects, some are started directly after you won them.

Some is taking some time during the ramp-up. It's not that just direct after the win, you will see that in the revenue.

It's not one answer. There are many different projects.

If you are looking into the trend, I think you get a good guidance, and you have seen that we have a strong order take, and that will, of course, at some time, come into the revenue.

Okay. Final one, promise.

Just on U.S. building.

We've seen some relatively mixed numbers from the market in terms of excluding data centers. The market is basically at a standstill.

Are you worried when it comes to the outlook on the building side, ex D.C., in terms of what you're seeing on the ground?

I can take that. No, I'm not concerned over that.

It continue to be a stable market outlook, we are well-positioned. We are building mainly social infrastructure, like schools, hospital, universities, airports, which is a big need.

Also that we've been discussing the data center. I can see a healthy pipeline going forward and a stable market.

All right. Thank you very much.

Very good. Okay, I believe I have one last person in the caller queue.

Miruna, can you please introduce?

Yeah. Thanks for allowing the follow-up.

Sorry to keep you here. Just two for me, please.

Just coming back on, maybe one for Pontus and one for Anders. You called out, Pontus, the underlying margin, operating margin you would have seen in resi ex the one-off.

Are you able to give us that on the gross margin level as well? I'm just trying to understand the profitability of the housing you're selling before the restructuring costs.

If there's anything captured in the gross margin, that is. Second question, maybe for Anders, just on margin outlooks for Construction.

When you set or when you lifted the margin target at the CMD last year, I believe, could you see this positive development that we're seeing now? Was that what was giving you confidence to sort of raise the target, or have you been positively surprised by the delivery this year?

In that context, how are you seeing delivery for the full year and beyond? Is it running ahead of your expectation?

Thank you.

Start with me.

Okay, Graham. Yes.

You were asking a little bit about the underlying gross margin within the RD business. I said that if you were excluding the one-off Stena SEK 70 million, it would have reached a 5.6% EBIT margin on the total RD business.

That is, of course, quite tilted towards the positive margin that you have in our Central European business. When it comes to the one-offs, part of that is within the gross margin.

I would say the majority is within the gross margin, while a smaller part of that is included in the selling and admin. I don't know if that's a clear answer, but of course, it will take some time until we reach the margin that we would like to see from the Nordic operations.

As you see, we are selling in quite a good pace, I would say, from our Swedish business. It's more slow when it comes to the Norwegian and Finnish part.

I will comment on the second question regarding the margin targets. You're right, we increased the margin target end of last year.

We saw it, we talked about it on the CMD, also, that we have a very good quality in the backlog. We also showed some trends there.

I'm not surprised, but I'm very pleased with the performance in the Construction organization. They have performed well over quite many years now, and we have a very high quality in the backlog that definitely supports the 4% or more, or higher operating margin.

We have to execute, of course. It's not in our hand, but I'm very pleased to see that we continue to perform on a higher level than our current target.

I'm satisfied with that.

Thank you very much. Thanks, guys.

Very good. That means that we've come to the end of this session, your questions, and therefore we're going to wrap up this session.

Thank you very much, Anders and Pontus, for presentations and answering the questions here today. For everyone joining us, engaging with questions and listening in on our webcast, thank you very much for that.

We will be back with more comments and the presentation when we release our Q3 report later this year. Thank you very much, and have a lovely day.