Thank you very much. Let's go ahead and dive into this presentation that we have labeled a stronger business ready for its next chapter.

Obviously, this is then related to that we are performing a bit better than we have been historically, and that we have divested quite a large chunk of our business, and therefore we feel that we are prepared to move on to the next chapter. We're trying to change pages here, but we had a bit of an issue.

Just give us a second. Here we go.

All right, this is the agenda for today's call. We have three little sections.

The first section is where we go through the Q3 itself with some highlights, and talk a bit about the divestment that we have now executed and so on. Then Anna will come in and give you some flavor of the financials of the quarter, and then I will end with some forward-looking thoughts.

That said, let's move into the Q3 highlights. When we look at the Q3 highlights, I think it's important to remember the Q3 that we had last year, and that of course has created a bit of funny comp numbers.

For those of you who remember well, we had a quite major issue with one of our largest customers last year that had a cyberattack, and that obviously had a large impact on our sales and our profits and so on, but it also created quite big timing swings on our cash flow. That aside, I see this as a fairly strong quarter that goes in the right direction.

We had a good sales growth also comparing to the last couple of quarters that we have had, and we have had a few years now of declining volumes, it's nice to see that the volumes are starting to tick up again. We also see a sequential improvement in our profitability that has now improved for a few quarters straight, we're happy with that and hope that we can continue that trend going forward.

We had a very good conversion from EBIT to cash flow. Overall, from a financial point of view, I find this to be a good quarter, and clearly in the right direction.

Then, obviously the key event from last quarter is that we have concluded the divestment that we communicated before the summer, where we handed over the keys to our European manufacturing operations to [Mähler?] here on October 1st, and then on the 16th of October we handed over the keys to our Tianjin factory in China to Mr.

Chen and his friends, and then in December we will hand over the keys for our real estate in Hallstahammar to [Mähler?] as well.

I think we are quite happy with this. These are important, big steps in our transformation that we wanted to execute, and these are also the largest, and probably not final, but there's nothing major in the transformation box that remains.

We are very happy that we have gone through the first larger part of our plan to create a more resilient, stronger, and better-performing company of Bulten. Very happy with that, and also want to take the opportunity to thank both [Mähler?]

and Mr. Chen for good collaboration around these businesses.

We will continue to have a relationship with them going forward as customers, we also wish them best of luck in their continued operations. The business then that remains, as you can see, margin has improved.

In Q2 we had 7.6--or sorry, Q1 7.6, Q2 8, Q3 8.1, and we look forward to continuing that trend going forward. On the larger highlights, we are having some big progress or large move forwards in Asia.

We have fairly good growth on some key customer segments. Particularly, we are quite happy with the development that we have in India, where we are building a new plant for micro screws and micro fasteners in general.

That project is moving forward well. We are also having quite large operational improvement in our operations.

We still have a couple of factories in the group. We have a factory in Wuxi, we have a factory in Shenzhen that we co-own, and we have a factory in Taiwan, all of which are moving the right direction, improving their operations in a good way, happy with that.

We have also been able to capture a few opportunities in the AI space. Obviously, when we speak about AI, it's not about large language models and things like that, we're talking about the infrastructure side, where we have customers that are in the energy supply and so on of this sector, and we have won some quite large new projects for that, also related to then the semiconductor business connected then to the AI as well.

We are happy with that development. We see that we keep broadening our verticals that we make business with, and become less and less depending on each one of those, so that's very nice to see, and that is something that we will continue with going forward.

Happy with the development overall in new verticals, in the operations in Asia, and overall a stable operations also elsewhere in the world. With that, I hand over to Anna to give us some flavor of the numbers.

Thank you, Axel. Net sales for continuing operations amounts to 831 million SEK in the third quarter.

That is a significant increase compared to last year, but as Axel already mentioned, last year's quarter was heavily affected by a major customer's production stoppage. However, when comparing with previous quarters this year, the sales is stable and increasing.

The continuing business is delivering a stable and positive profitability for the third quarter, and a quarterly EBIT amounts to 67 million SEK, which is equal to 8.1% margin. The EBIT comparison between the years is also affected by the customer stoppage last year that we mentioned.

The performance during the year reflects a more favorable business mix, more competitive cost base, and disciplined operational execution. It's positive to see the stable profitability.

Our key indicators for continuing operations are steadily improving on both return on capital employed and net debt/EBITDA. They are quite positive compared to full year 2025.

The equity-to-assets ratio is, however, affected by the write-down due to the divestment. The discontinued operations had an effect on equity with approximately -1,200 million SEK.

This was mainly due to impairment charge, but also some current result for the business. The expected cash effect from the transaction in Q4 is approximately 545 million SEK.

Now back to you, Axel.

Thank you, Anna. I think it's good to see that when you look at those debt ratios and so on, obviously that does not include then the cash that will come into Q4, that will then help us improve those numbers as we close Q4 and move forward, just to make sure everybody's aware of that.

If we look at the business going forward then, I think obviously we have had these large divestitures, and a top priority is to make sure that that runs smoothly, as that carve-out work now is in full speed. The largest part here is obviously separating the physical flows between the businesses, and that has more or less been concluded, and then we have some IT stuff and so on that needs to be completed that are the largest work streams at the moment.

The team is doing a very good job with that, and very happy with how that is proceeding at the moment. If you go down to more kind of practical priorities for the remaining business, profitability is key.

We can see that this is a business that overall performs much better than the full business that we have had before, with some kind of base level here now around 8% EBIT. We do want to improve that significantly going forward, obviously then we have a lot of work to do with driving the right type of business into the company that has a more favorable gross margin and more favorable EBIT, but also we need to continue to work on our cost base so that we stay competitive and disciplined in our operational execution.

The growth side is obviously super exciting at the moment, both when it comes to organic and inorganic growth. On the organic side, we have, as many other businesses, very, very favorable growth connected to anything that has to do with infrastructure or AI, but we also see favorable growth numbers when it comes to consumer electronics, so that is also moving in the right direction.

We see in the automotive side fairly stable volumes. Overall, the mix is improving and the overall performance is quite strong.

We do believe that there are good opportunities going forward to convert a large portion of our earnings into cash. As you can see in this quarter, we moved more than all of the EBIT into cash.

That will not be the situation going forward always. Obviously, you have some losses in between, but we do foresee that we would have a good cash conversion, and we would have a high focus on that area going forward.

India is a key piece in our long-term puzzle. We are making a fairly large bet on India, maybe not kind of capex-wise, but effort-wise it is a big piece for us.

We have a high belief in the Indian market in general, and especially in the consumer electronics-related space and AI infrastructure space. We are just about finalizing our new factory.

For those of you who have followed us a while, we used to have a factory in northwest of India that was just completed when we decided to move it down to Chennai to be much closer to the kind of key area here for consumer electronics and AI infrastructure production. We decided to move that factory.

Now we're building a new factory that is now completed, and we have ordered a lot of new equipment that we expect to install during Q4, and hopefully we will start to then be operational during the beginning of next year. Super excited for that, and our team is doing a great job pushing through on that timeline.

Great to see, and a very exciting opportunity for us going forward. With that, we hand over for questions.

I hope there are a lot of questions from the team here today, but please raise your hand and ask any questions that you have, and we will do our best to answer.

A quite large portion of that is driven by the cyberattack. I think we still have a good growth number underlying, but it's not no 40% growth, of course, that we're seeing.

I don't have the exact split, you need to interpret what you can from the numbers that we have given you. There are some splits under, I think it's one of the notes where you see some of the splits that you can look into, and I will refer to those numbers for you on that question.

Hi. Thank you.

A couple of questions. First here, you have the margin here in the third quarter of 8%, and it seems to be you have higher ambitions going forward, but given the current business mix you have, is it fair to say that there are sort of opportunities to fine-tune this mix and maybe, well, accomplish even higher than the 8% you did here in the third quarter?

I would say that the mix in general is fairly average, as we see right now, I don't see the mix short-term moving a lot. Obviously, long-term, this mix will change.

We have one large customer in the automotive space, as most of you are aware in here, and obviously the margin for that business is in general lower than what we have for the average. As we continue to grow everything else in the business, there are good opportunities to improve the average margin that we are showing.

The pace we're currently having, I would say the mix that we have in the Q3 is fairly as such.

The mix, you indicated automotive is still quite high portion of sales, and there aren't sort of any sort of, well, pent-up impact from the, well, problems you had last year. It's more on the stable normal level currently?

Yes, the customer is running well. I think most of the factories are running at the speed where they want to run it, and we don't see any major fluctuations from that anymore.

I think they've done a really good job recovering well from the massive attack that they had, everything seems to be quite okay with them at the moment. I do think it's important, though, to reflect on the business model that we have related to this industry at the moment.

For those of you who have followed us for a while, you would typically have seen a very low margin in Q3 due to a lot of stoppages in the other automotive customers that we had. Given that we had a large portion of fixed assets, that means that the margins go downward fairly fast when the volumes drop.

Today, we don't have that liability of large fixed assets anymore. Now we are in a pure trading model with very low fixed assets, which means that we are much more resilient to volume fluctuations and have a much more attractive business model with less risk today than what we used to have before the divestment of the factories.

Yep. Good.

Then, well, you mentioned the divestment proceeds here that you get in the fourth quarter, and I guess gearing will be, well, improved quite substantially. Should we expect you to sort of, well, continue growing the business through acquisitions, or are the more sort of an organic strategy you are sort of focusing on coming years, or could you say something about that?

Yeah. I think a sound business strategy does not rely on acquisitions alone when you're in an industrial business.

That is more of a tool for us to achieve the targets that we want to achieve. We do have quite a large focus on making sure that our businesses organically perform better and stronger every year.

That is the foundation of what we do. Then we see very good opportunities to buy distribution businesses in certain places where we feel that it's a good opportunity to do that.

We also look to acquire production of certain type of products, typically products where there's make-to-spec products, C-parts in that area, where we think that the suppliers have a bit too much say in where the margins should lay, and therefore we would prefer to have them as part of our supply chain instead. We will look to acquire both on the front end when it's distribution side, and back end on selected suppliers.

Thank you very much. I step back in line.

Thank you, Mats.

I'm not sure there is a delay, given that we just sold the factories here a few weeks ago. I don't see the delay.

I think that needed to be done first before we could communicate any external targets. Now this task sits with our board.

We had a board meeting today, of course, where this was discussed, and when the board is ready, we will communicate new targets to the market. I don't have a date for that, as we haven't communicated a date yet.

When it comes to the name change, that is an interesting process. Obviously, we know what name we would like to have, and we have applied for certain names in certain areas that we would like to use, but there's an approval process to go through.

Once that is concluded and we have a name that is approved, we will call for extra shareholders meeting to vote for a new name, because that's something we cannot just do by ourselves. You will know that at least a month in advance when that is getting ready.

I don't really want to comment if that is the floor or not, but whoever wrote this question is right, we typically would have had in the past quite large drops in profitability in Q3, but not really because of the mix that we now have in the business. The historical mix has been much more skewed towards direct sales of contract manufactured parts to the automotive side, where we had those large fixed assets that we just talked about, and therefore that affected the margins.

Going forward, we don't have that in the business, and therefore the margins should be more stable in general. As I also said before, we have a large focus on growing a lot of other areas than automotive, and as that grows, we do believe that other verticals will have in general higher margins, and that should push the margins upwards.

Until we have any financial targets, I will not speak about any kind of levels where that will end up or what ambition we have for that.

Yes to both those questions. We will update targets, and we will have a capital markets day, most likely in fairly tight connection to putting those numbers out there.

In Exim, we own 100% of the shares, to my knowledge, there are no outstanding shares that we don't own today. We had a JV in India that we have now acquired, we own all of that.

I would love to share--to buy the rest of the shares in our JV, said, we'll say JK. I think it's a great business that we have together, and if the owner would be willing to sell, we would be willing to buy, probably.

Let's see where that takes us in the future. It's a very nice business, and we have a good collaboration today, if the current status quo stays, we're also happy with that.

Then we have some other smaller JVs in Japan and Italy and so on, and if they would be for sale, we would be interested in discussing that as well. They're nice businesses with good people, well run, we're happy with them and happy to support the local local management as well.

There were a lot of questions in that, to see if we can kind of break them down. I think we are on track with most customers in this space.

I don't see anyone deviating from the growth path that they have. If you look at all those customers in the AI space, when you talk to them, most of them are public, which means that you can go and check on their web pages and from their earnings calls what kind of growth they are expecting, but typically those growth numbers are very, very high.

When they grow, we typically grow, we're happy to follow them, but they need to speak for their own deviations. I don't want to speak on their behalf on anything basically.

I probably missed some part of that question. Was there anything else in there that I should answer to?

That is a very good question. I don't like that question, but it's a good question.

I hope that one day it is the opposite, where they have to explain why they are behind us, but that is not where we are today. I think the main difference is the mix.

If we look at the part of our business that is outside of automotive, they have more favorable margins, both on GP and EBIT level. I think it's to some extent there's a mix difference that we see, and I think as we continue to broaden our mix, we will have more favorable margins.

Can we reach Bufab's level? I will say yes.

Will we do it? I don't know.

I don't see any reason why we would be less good than they are at anything. I think we beat them in many cases when we are going head-to-head in the distribution businesses that we have.

We are confident in our ability to go toe-to-toe and win on our service levels. It's to be seen.

We are smaller, but we are kind of just getting a reset where we can start to chase players like Bufab or Bossard or others, but we are up for the challenge and look forward to shrinking the gap.

I don't know. I have not been in any such discussions where that has been a real topic of discussion for that purpose.

I think the board, at least the discussions that I have been in, are quite excited about the opportunities that we have ahead, both in investing in organic growth and inorganic growth. Any other discussions that I have not been part of is difficult to say, but I think we are all excited about the opportunities ahead.

To be discussed. I would say given that we don't show the numbers, that means that I don't want to talk about them in a call like this either, and we should probably have that as public information.

I think we are just getting a reset of our business, and we need to look at what is the right cut to have in this, and if it makes sense in the future to have segment reporting. We need to get back to that as we get to know the business in more details and also kind of understand where our acquisition path takes us.

I don't really see exactly what split that would be today, and we need to get back to that as we have developed the business further.

I want to thank everybody for the questions. I think that is nice to see all the engagement from shareholders and potential shareholders.

I would just like to end with the last word and thank Anna. I think you have been a great colleague, and you will be missed in the business, and we wish you best of luck in wherever you end up next.

It will be exciting to follow.

Thank you.

Good. With that said, thank you, everybody.