Thank you, and welcome, everyone, to our quarter 4 '25 call. As always, I have Sylvain with me here.

Turning page, yeah, recapping the group a little bit. We are a diversified global industrial group focusing on vertical access and a leader in the segments that we are focusing on.

We have some fundamental drivers supporting our business like urbanization, electrification, regionalization, robotization also with our movable platforms, and health and safety. Strong presence, long history, which means we have a lot of installed base around the world, which is great for our service business, which is a fundamental piece of each division.

We also run with a capital-light operation, which means that it's a solid financial business. Turning page, our strategy.

We started 2020 with what we call the New Heights, and that has served us well. This is also what we talked more about in the Capital Market Day a couple of months ago.

We are now into the second phase of this and stronger profitable growth in the coming years. Turning page, we also upped our financial targets last time we spoke.

We have an average annual revenue growth target of 8 to 12%, and we also said that we should reach 20% adjusted EBITA margin by 2028. Also relevant for today is our dividend payout ratio policy of 40 to 60%.

Turning page, diving into Q4. Happy to see we are continuing with a strong organic growth for the group, but also a little bit disappointing with mixed profit performance in the quarter.

The strategy continues to work well. We have four out of five divisions with strong organic growth: Facade Access up 18%, HSPS 14, Wind 72, and also Industrial 4% in the quarter.

While then, very disappointing, was Construction, of course, which is down 29%, but driven entirely by the difficult market condition. Also affecting the group heavily still, which has done for a couple of quarters, is the currency effect, the strengthening of the SEK.

In the quarter, we had negative impact of 9% on order intake, which is for 158 million SEK, but also significant negative impact on EBITA of 26 million SEK in the quarter, and also significant effect full year. EBITA margin 16.8%, disappointing as you understand, and again, Construction is the one that pulls this heavily down, but also multiple smaller things within several divisions which didn't provide any help in the quarter.

Strong financial position and cash flow was 276 million SEK, giving a leverage of 1.76. Turning page, looking briefly at the full year.

We have delivered, I think, a strong order intake also for the full year. It's up 8% even though it's been a challenging market from an external point of view.

We have had many headwinds. One is the currency effect that I just talked about.

We also had the U.S. tariffs, which have impacted demand during the year, and, of course, this global construction market, which is remaining difficult.

We also had the wind market, which delayed order intake for a couple of quarters that the U.S. administration put pressure on that market, but something we now see has changed.

Also full year, four out of five divisions show strong organic growth on order intake: HSPS up 6%, Facade Access 14, Industrial 15, Wind 17, while Construction division is then down 10%. Happy to see that we're also lifting margin, even though, of course, we entered the year believing and feeling confident we should be able to do more.

With everything around us, I think it's been a year of consolidation and where we've also continued to invest, and we are absolutely ready for moving forward and taking the group to the next level. Strong financial position, which means that the board of directors propose a dividend of 3.3 SEK, which is up 10% to last year.

Turning page, details of Q4: order intake was 1 billion 808 million SEK, down 2% or up 6% organic. Good contributions then from Facade Access, Wind, HSPS, but also Wind growing.

Weak in Construction. Revenue was 1 billion 692 million SEK, down 7% or up 1% organic.

Here it was HSPS and Construction which contributed positively in the quarter, while we saw a decrease in Facade Access and Wind. Adjusted EBITA: 284, down from 320, giving this margin of 16.8 versus 17.6%, 11% decline year-over-year.

Here 8% is due to the currency, but also, of course, to weak margin in Construction and also in HSPS. Turning page, Service remains to be, of course, a fundamental thing for the group for all divisions.

Order intake decreased by 5%, but 4% organic increase to 604 million SEK. Organic growth was driven by Facade Access, Industrial, and Wind.

Revenue decreased 8%, flat organically, to 658 million SEK. We saw good performance in Wind and Industrial.

For the full year, organic order intake increased 4%, and revenue increased 7%. Turning page, Facade Access: order intake was 511 million SEK, up 6% or 18% at constant currency, strong order intake, and also a positive book-to-bill here, which is the first time we have seen in some quarters, it's a very good sign.

We had good momentum in the Middle East, we saw refurbishment in Netherlands, and also UK, we saw good momentum in the quarter. North America continued to do well for us, mostly driven by all our great initiatives with integrated design services, low-complexity solutions, and also on the infrastructure side with a nice variation order in the nuclear segment.

Revenue was 447 million SEK, down 15% or down 5% at constant rates, and it's reflecting the lower order intake in the previous quarters. EBITA at 68 million SEK, down from 82, giving still a strong margin of 15.1 versus 15.7%.

It was a high comparable towards last year, I'm happy with this margin. Somewhat reduced fixed cost absorption due to lower revenue, but also supported well by our continued operational improvements.

Turning page, the BMU market continues to be somewhat challenging, and we only take what we really are comfortable with from a contract and a margin perspective. We had some nice wins in the quarter, especially in Asia.

Then it's the strategy we drive with integrated design services, infrastructure, and also 3R or aftermarket, which is continuing to also bring very nice orders for us. Positive outlook going forward.

Optimized manufacturing is also, of course, something that has been on our agenda for a while, as you know. We finalized the improvement and cost-down in the CoxGomyl factory in Spain.

This is something that will also support us now into 2026 and onwards. We, in addition, made a cost of 40 million SEK related to closing down of one legacy project, which has been painful.

Overall, you could say, historically the situation with Facade Access has been a bit painful, but I'm very happy to see that we have very good progress in fixing this division. Operationally, we are really on a good move now.

Turning page, Construction, again a challenging quarter. It's what we see that the willingness from our customers on the rental side and also on construction companies to drive capex investments into machinery when their yards are not fully utilized as it is, that's, of course, very difficult.

Also in the last quarter, the aftermarket was lower because machines are standing in the backyard and thereby underutilized. Order intake was 300 million SEK, down 36% or 29% at constant rates.

Revenue was 380 million SEK, down 5% or up 5% constant rates, and supported by previously booked orders, but also some light equipment projects in UK and US. EBITA at 36 million SEK, down from 44, giving a margin of 9.4 versus 11.1%.

Decline was primarily driven by the lower revenue, but also some negative mix effect. This is, of course, well below what we would like to see and believe that this business can deliver.

Under current revenue situation, it is what it is. Turning page, we are continuing to drive, and that's also what has been the essential piece of this division, like with any other divisions, since we started New Heights to take control our own destiny.

We have focused heavily on product development, being closer to customers, and driving new solutions. This has served us well.

If it hadn't been for this, the situation in the division would have been much worse as we speak. We see some nice successes now coming on the STS 300, the scaffolding transportation system.

We are launching a new work platform also. Also in the quarter, we have changed EVPs.

I'm very happy to have Karin Baathe appointed as our new head of Construction division, and she will start on April 7th. I would also like to mention that we start to see some few positive signs in the European market, not so far in the North American market, but in the European market and in the Nordics, we see and hear that some of the rental customers start to get back capex budgets.

There are some positive signs to maybe that we are at the bottom point of where we see the construction business. Turning page, Height Safety & Productivity Solutions, very pleasing to see strong order intake after two soft quarters.

Meaning that our transformation works, but it's still a lot more to do here. Order intake was 358 million SEK, up 6% or 14% organic.

We have strong momentum in the Middle East and India on the elevator segments, but also North American market was good. We continue to see a challenging construction market, and specifically in Europe, which is then also affecting order intake negatively.

Revenue was 312 million SEK, down 2% or up 6% organic, and influenced by the softer order intake in the previous quarters. EBITA 47 million SEK, down from 56, giving a margin of 15 versus 17.5%.

Multiple effects, unfavorable product mix. We have increased investments in product development, marketing and sales, and we also had some one-offs in the quarter putting pressure on the margin.

Turning page, full speed in the transformation of this business. Really, as it's been resilient from a profit perspective, but not growing.

That's what we are driving, and that also means some disturbance, of course, inside the organization and investment. We are reorganizing sales.

That's ongoing both in Europe, in North America, and it's about getting closer and more aggressive in the market. We focus heavily on where we see high-potential segments.

We accelerate product development, more products in the making to come to be launched very soon. We also, of course, drive operational improvement projects like lean in the factories to ensure that we also utilize our resources in the most effective way.

Of course, we win some nice ones, and that's also good to see. Turning page, Industrial: order intake 439 million SEK, up 1% or 4% organic.

We had strong equipment order intake in Americas, Asia-Pacific, but offset by some timing of some projects in Europe. Several projects won within power, mining, oil and gas, these are strong segments for us and continue to be.

We also had a stable aftermarket in the quarter. Revenue 415 million SEK, down 2%, up 1% organic.

Solid equipment deliveries despite some project delays. EBITA at 106 million SEK, down from 108, giving still a very strong margin of 25.5 versus 25.7%, slightly diluted by some mix effects, but also put under a little bit pressure from the Century acquisition, which, as we said was according to group margin levels, but not fully at Industrial margin levels.

Something we feel comfortable we will be able to lift and important contribution going forward. Turning page, we focus on also here, taking control.

Mining and Latin America has been an important focus for the division as many other things. Very nice to see we are investing, and it's also paying off.

We are also investing, of course, in the aftermarket and have launched a new e-learning for operators, which should also generate more revenue streams within the aftermarket going forward. Turning page to Wind: very strong order intake after two softer quarters, and order intake was 209 million SEK, up 59% or 72% at constant rates.

Strong recovery in U.S. and also solid performance in Europe.

APAC continued to be important and high-performing for us. Here we also clearly see we are taking market share gains working with our strong Chinese partners in the Asian market.

Revenue was 150 million SEK, down 10% or down 2% at constant rates, and it's reflecting the lower order intake in the previous quarters. That was again put under pressure due to the U.S.

administration. EBITA at 28 million SEK, down from 29, but giving a strong margin of 18.7 versus 17.4%.

Again supported by excellent operational activities with price management, cost management, and operational efficiency, while at the same time we continue strong investments in R&D. Turning page, the wind market globally going forward is being slowly and steadily pushed upwards, looks good in the years to come.

This will remain an important energy source. We put high pressure, of course, on developing products and solutions.

It's a market very automotive-driven where it's a cost-down pressure from our customers all the time. We need to really be on our toes, and that's what's really also making us great because we are able to do that in a good way.

With that, we turn page to profit and loss, and I hand over to Sylvain.

Thank you very much, Ole. Good morning, everybody.

In the quarter, adjusted EBITA decreased by 11%, 3% organically, whilst revenue decreased by 7% and grew slightly organically. We see a quarterly adjusted EBITA evolution which is slightly worse than the revenue evolution.

That is primarily driven by the lesser absorption of SG&A cost, and I come to that on the next slide. I'd like to mention that on a yearly basis, adjusted EBITA performed slightly better than revenue.

We see a small margin expansion to 17.4%, although that is still short of our expectations. Items affecting comparability in the quarter relate to the Facade Access division.

The main component, 40 million SEK, is a non-recurring loss with respect to the last remaining legacy project. The rest comes from the restructuring activities, which are now fully completed.

The plan was executed within the total 60 million SEK cost which we had announced, and we still expect 30 million SEK of annual cost savings. The quarterly amortization is in line with the previous quarters and our expectations.

The decrease versus Q4 2024 relates to some Tractel-related intangible assets, which are now fully amortized. Looking forward, we should see a similar level in 2026.

Finance net in the quarter is up versus Q4 2024. That's coming mainly from foreign exchange favorable effects which we had in Q4 2024 and were not repeated in Q4 2025.

We are still slightly above the expected level of 40 million SEK per quarter in '25, and that is due to our investment in Scanclimber Robotics, which value was decreased in the quarter to reflect their financial performance. We are still very confident in the future of robotics for the Facade Access division.

Taxation rate in the quarter was 25.3%, up versus Q4 2024, and that's coming from the country mix. But 25.3% is close to our expectation of around 25% for the group.

In the quarter, net earnings come down by 91 million SEK, that's a 47% reduction, and the main contributor to the decrease is IAC. For the full year, the net earnings decreased by 3%.

If one excludes IAC and the related tax effect, it's a small increase of 3% in the year versus 2024. We now move to gross margin and operating expenses.

Excluding IAC, gross margin went up in the quarter from close to 40% in Q4 '24 to 41.6%, excluding IAC, in Q4 '25. Facade Access and Wind are the two divisions which have driven that increase.

In both divisions, that reflects improvements in operational efficiencies. In Facade Access, we start to see the benefit of the restructuring program.

In Wind, the quarter was supported as well by some favorable product mix effect. To be complete on that, we saw slight margin degradation in the HSPS and Construction divisions.

As a percentage of revenue, operating expenses, excluding IAC, went up in the quarter. Again, the same two divisions drove the increase: Facade Access and Wind, and that's due to some investments, in particular product development in Wind division.

Overall at group level, the SG&A share of revenue has grown faster than the gross margin expansion, and that has resulted into the small adjusted EBITA margin degradation. That means the work we do on cost efficiency is even more critical.

We don't plan any additional restructuring program at this stage. We do surgical work, we hunt waste, we hunt cost inefficiencies, and at the same time we continue to invest in some expenses, again typically R&D, sales and marketing to fuel the profitable growth.

I'm now coming to result for the period and EPS. The result for the period was 103 million SEK versus 194 million SEK in Q4 2024, that's a 47% reduction.

Excluding IAC, the result was 164 million SEK versus 200 million in Q4 2024, that's an 18% reduction. EPS was 0.98 SEK versus 1.83, 47% reduction, we have had the same number of shares.

Adjusted for IAC and acquisition-related amortization, EPS was 1.64 SEK versus 2.21, and that's a 26% reduction. We have generated solid cash flows in the quarter.

This has been the best quarter in 2025, and that's mainly coming from the working capital reduction of close to 120 million SEK. You surely remember that Q4 2024 was exceptionally high.

If we look at the full year, we saw a small or somewhat working capital increase of 90 million SEK, and that's primarily coming from the Construction division. This is due to some increases in stocks in some geographies in a voluntary way to be able to seize commercial opportunities.

We were affected as well by the softer revenue. Although it's not impacting operating cash flows, I'd like to make one comment on capex, which this quarter included the acquisition of the Century premises.

That was an opportunity to establish ourselves long-term in Houston and regroup the operations of the Construction and Industrial divisions locally. Excluding this purchase, capex is well in line with our expectations, the historical practices of Alimak, and this is 2.3% of the 2025 full year revenue.

In short, cash generation is and will continue to be in very high focus. The net debt at the end of Q4 2025 was 2.4 billion SEK, down from 2.6 million SEK at the end of Q3.

The decrease comes from the operating cash flows partially compensated by the Interlift acquisition and the capex. Leverage at the end of the quarter is 1.76, slightly down versus Q3.

That remains well within of our target of being below 2.5. As I already said, we will continue to focus on cash generation in order to contribute to future deleveraging.

Our capital allocation priorities remain unchanged. We will invest in organic growth, as I've commented a few times, typically R&D, sales and marketing.

We continue to actively work on acquisition opportunities. Then we have room for maneuver with our relatively low leverage.

We have generated dry powder here to make those acquisitions. We are committed to delivering our dividend policy, and then you have seen that the board proposal for this year is again within that policy.

One final comment on ROCE, which is an important metric for us. It decreased in the quarter to 24.7% excluding goodwill, 10% including goodwill, to be compared with 26.1% and 10.6% respectively in Q3 2025.

That decrease is driven by the lower profit margin in the quarter. On that note, I will hand over to Ole for some concluding remarks.

Thank you, Sylvain. We turn to the summary slide.

New Heights continued to serve the group very well. We end the year with strong organic growth, which we have seen throughout the full year, up 8%, as I was saying, the organic growth for the year.

Profit, somewhat mixed and a bit disappointing in Q4, but full year we are increasing, and that I'm happy to see. It's maybe a year of a little bit consolidation before we also continue our step-up towards the financial targets of 20%.

We see the geopolitical tensions around us in the world, we are sure, will drive local and regional investments, which will be an important piece, of course, also for us going forward. Short term, construction market will remain subdued, and at least for the first half, even though we believe that maybe we should start to see some improvement towards the second half and that we are most likely at some turning point.

We see some positive signs in Europe at the beginning of the year. Strong financial position for the group, which means that we are well set to continue to take the group to New Heights and deliver on our both financial and sustainability targets going forward as we have done.

With that, I would like to thank all our employees, customers, partners, shareholders for their support. We turn page and move to Q&A.

Yes. Hi, thank you.

Can you hear me?

Yep. Hi, Sofia.

Great. Hi.

I will focus on the Construction division for my first questions. Order intake was down 36% year-over-year.

Obviously, the order intake is volatile from quarter to quarter. Would you say the order intake reflects a more negative underlying market now for you?

Are you preparing for even worse underlying market into 2026, or do you expect to stay same low levels, or do you expect an improvement from here? Curious about your reasoning here given what you see.

It's a good question, and I wish I would know. [laughs] I don't know, but we believe that we have seen the worst of it.

We believe it shouldn't become worse. We, as I said, we are hearing and seeing that some rental customers in the Nordic start to get back investment or capex budgets for 2026, something that hasn't been there since '23.

There are some positive signs. We saw the order intake was very low in Q4, so, of course, that will follow us also now in the beginning of the year.

We are taking whatever measure we can, of course on the factory side, on the cost side, in the sales and everywhere, to make sure we save and to make sure we hold back on everything that we could hold back on because protecting profit is the first and the foremost. At the same time, we don't want to make stupid moves, as I've said all along, because it's just a question of time, and it will start to move slowly and steadily in the other direction.

We have continued to invest throughout all this period. We are lean.

We are very lean as a group. We are also very lean in Construction.

It's not really a question of that. It's more to also be able to stand through this period, I believe, and be very, very cautious with cost.

I can't say for sure that we will see better times during '25, but I would believe so, that we would start to see some improvements throughout the year.

Okay. Could you give some more color on where you see the weak order or the weakest order trend in the Construction division?

Does it differ depending on geographical regions or is it the same low levels in many of your countries?

No, it's mostly North America and Europe. That's been the core market for our hoist business, which was really the dominant piece of this division when we started New Heights.

Then basically all of it was focused on that. We have driven a strategy over these last years to really go to new markets, strengthen our presence all across Asia.

We have built up a solid, very high-performing factory in China, which is serving all non-CE markets, Eastern Europe, Asia-Pacific, Middle East, Latin America, with high-quality machines, very cost-competitive out of that factory, which has served us extremely well. We have lifted and driven globally now this used strategy, etc., etc.

These are things that has helped us a lot during the last years while the market has been depressed. Now the market is even more depressed in North America and Europe, what we saw at rock bottom in 2025.

It will still remain challenging on the new hoist in North America and Europe in '26, but we believe at least in Europe that we will start to see some improvements in '26, and we think we already do slightly. North America, I don't see anything yet.

Yes. Okay.

You touched upon it earlier when you answered my question, but what could you do in-house in order to improve margins in the Construction division? Or how much are you dependent on the underlying market to pick up?

The margin is now 10%, and full year was 14, same last year's. We have been able to maintain a 14% margin on a full year base, which if you go back historically, that would be, I think, you need to have peak years to be on or slightly maybe above that level.

I think the margin that we still deliver for this business, we shouldn't neglect. Then also since I came here, we have changed in the sense that we do not have excess resources.

We are very lean in all parts of the organization. I don't feel it's about cost or excess cost in that sense.

Of course, you have a significant factory in China and also in Skellefteå. It's the Skellefteå factory which is under most pressure because they have these hoists that go to North America and Europe.

That factory also supports the Construction division. We need to keep a balance in that sense.

We have a very good dialogue with the unions. We save cost.

We use short-term. Unions are active educating and investing in our people, we do all these things, absolutely.

I don't foresee that we can take that to a much lower level than where we are today. Then it's also a question of activity level in all parts of the world, that we utilize whatever we can, and that's, I think, what we have been very good at.

It's also has some limitations, you can't create what is not there. We believe that we are, as I said, in a place where things slowly and steadily should start to move into a more positive direction again.

Okay. Thank you.

Then I have a question on your HSPS division. The margin dropped during Q4.

It was clearly below your financial targets and also historical levels, I would say. How should we think about the development of this business going into 2026 versus 2025?

Also, if you can give some more color on the specific margin drop within this division during Q4.

It's a disappointing margin, of course what we saw in Q4 here, below, as you say, also very clearly, what we have as an ambition and also where we believe this business should be, and it has been historically. At the same time, it's a quarter where we have multiple things hitting us.

They are also quite significantly construction-exposed. That was very low in Q4 in Europe, and that HSPS is mostly Europe and North America.

They are not so much into Asia-Pacific. I'd say the main reason for the drop was lower revenue, which is then coming from a low construction market in Europe, and also some one-offs that we took in the quarter because we are changing, we are updating the organization.

It's in many aspects some people changes and focus, etc. Then we are also investing in sales and marketing and going forward product development.

In a way, you could say that focus on this division when we got it into the group was really to ensure we stabilize it, get control over it, and so forth. Now the mandate to José María when he went in a year ago was really to ensure that we turn this division into a profitable growing business because it had not been growing over the last years.

Then we see it's a lot of things we want to do. We are changing a lot in sales, we are changing a lot in the factories, we are much more active out in the market, and we are much more active in product development, driving a lot of things there.

I don't foresee that this should be turning anything worse than what we are seeing, but there is a lot of things happening inside that division, but it will be for the good absolutely going forward.

Okay. Thank you.

That was all for me. Thank you for all your answers.

Thank you.

Thanks. Thanks for taking my questions.

I start with the Industrial division. You mentioned that it was some timing effects on orders in Europe.

Can you quantify how big that effect was?

No, I don't want to give you a correct number on that one, but we expected some more order intake in the quarter, but something that moved into Q1. This is a bit the normal thing also, but it's a good, strong order intake, but it was more a remark towards maybe people, and we are all used to having double-digit order intake in that business for a long, long time.

Just to explain that still we see a very good order intake level in this business.

Okay. Then it seems that you are performing very well on the mining end market.

What is the average size of the mining orders? Are they bigger than the orders from the other end markets or segments?

Oh, you ask a question I can't answer, actually. I do not know.

I cannot answer. Yeah.

Okay. Thanks for that.

Then the industrial outlook, of course, it has been super, super strong performance in the last couple of years, and sounds that it is still a very positive outlook. Can you say anything about the sales funnel or pipeline or how they have developed to give us some understanding that how fast you could grow in '26?

You talk about Industrial still, yeah?

Yes, yes, yes.

Yeah. No, but I think we don't see really slowdown in this business.

Of course, you also need to take into note we have done extremely well and over a long time. Never anything is just a straight line upwards, it will be some sort of levels.

Of course, we are better every day at attending to customers, we are in more places every day because we move forward, and we develop our portfolio, and we do more with our customers. Absolutely, we expect this to continue to grow.

Also, of course, as you grow it, you also meet higher comparables all the time. That also needs to be taken into account, but we believe this is to remain a very solid, growing, highly profitable division for us as Jens talked very clearly about a couple of months ago.

Thanks. Then I move to Facade Access.

Of course, now that the legacy projects are delivered, the margin of the backlog must be clearly higher. Can you say anything about the margin of your legacy Facade Access backlogs?

I can't give into the detail of the margin, but what we have done over the last years is completely change the way we work in this division. We are changing the way we sign the contracts, we are changing the profit, how we calculate, ensuring we have full control over that as much as you can have, of course, in that type of business, and that we are not taking contracts which we should not take or provide a significantly profitable margin for us.

We are always building in contingencies, etc., plus that we have a very, very rigid and solid process to follow up projects, to drive change orders, etc. during delivery, or basically from the time we get the order.

That process that I now describe is there now with the order book we're having. We are not having anything really in the order book anymore of this type of contracts in the past where it was very different, or we didn't have the same control on the terms and conditions, we didn't have the same profit perspective, because then it was more to get orders to fill factory, and we didn't have any contingency, which is the fundamental piece, and we didn't have the process to really ensure throughout the life from the moment we signed the contract until we have delivered it and got paid everything, that we have full control.

That piece is behind us. That's what we now mean also with the legacy projects.

That means that now we have control over it. It also means that we live in a real world, I cannot sit here and promise forever that we will not have a sour project.

We will not have sour projects that we have had in the past where it was nothing in place basically from the beginning. Now we have all the fundamentals in place, but still we can, of course, face issues.

Then if we look at the fourth-quarter profitability, and, of course, excluding the one-offs and the delivery of the legacy orders, was it something kind of special in the fourth quarter, or was it a clean quarter excluding the legacy projects?

For Facade Access, I would say it's a relatively straightforward quarter, nothing really special. I think what you should expect from us going forward, you need to recognize the quarters also historically and so forth, but that we slowly and steadily continue to improve our margins, but not that everything now jumps from 16 to or from to 215 or everything jumps, if you go back and look at our Q1 last year, we should absolutely improve compared to Q1 last year.

We should be on that journey now, continue to be on that journey.

Thank you. Thank you.

Yeah. Yes.

Hi, good morning, gentlemen. Just one final question there on Facade Access, because you mentioned now a couple of quarters these integrated design services in North America having good momentum.

Are those types of services something you excludedly offer in North America, or is that also in other regions, or could you expand those to other regions? Has that been a sort of extra part in boosting the margins lately, or is that anything you could comment on?

No, absolutely. I like the question.

It's an important piece. If you just bear with me 2 seconds, we analyzed and tried to understand why is it or how to get more or how does this overall business work.

Then we realized that we are far away from actually the real decision maker. We were offering to consultants and dealing with consultants, which can have a lot of different incentives to decide upon who should deliver versus really the customer that were sitting with the machine for 30 years.

When we really realized that, we said this cannot go on, we decided to start that type of service ourselves. We are becoming the consultants in this value chain.

That means that you are dealing with general contractors and you're much closer to the final customer, plus you are sitting in this position where you are more or less basically advising them on which supplier to choose. We are one of the suppliers.

You see, it gives us a good spot. This was taken on board very quickly and very well in the North American organization, which was at that time headed by Hervé, which is now head of this whole division.

They also took on this service, and they took on the infrastructure. Hervé has really, with his structure there, has been the structure and the brain and the capability to get this done and to make it commercially viable, and business.

Of course, yes, this is something which we're now moving to the rest of the world. Hervé is driving that very strongly.

We've already done it to Europe. We have examples in Europe where we're now also taking IDS contracts.

It's there, and it will be a global thing, absolutely.

I see. Just maybe touch upon or give some more color also on because you also mentioned within Facade Access, getting a growing amount of orders within the nuclear industry.

Is that a subsegment that is growing rapidly, or is that something you would like to comment extra on, or give some color on?

No, it's too early to say it's growing rapidly, but we all know that nuclear will be, or most likely will be, a very important and back on the table energy source in the years to come, but projects are long, but most likely a very interesting segment going forward. We focused on infrastructure, because again, the group I came to had extreme focus, pure focus on these big BMUs.

We said, with the market depressed and all of that, and dependency on that, we have no control. That's why we decided to go for infrastructure.

Then we have done some very nice bridge projects, we have done some tunnel projects, we have now also won lately a couple of nice nuclear projects. It will be more of this, and we also see that it's something we manage very well.

I see. Perfect.

Thank you.

Thank you.

Thank you. We have on our screen here no further questions.

I think it's been plenty of time to also write it, unless something pops in the next second, I think that, yeah, it's not. Then I would like to thank you all for listening in and also for great questions.

Thank you, and until next time.