Thank you very much, and welcome, everybody, to our Q4 call. As was said, we will have some Q&A in the end.

Before that, we have a few different points. We will go through the key things from Q4 and then also kind of touch on what happened for the full year before Anna goes through the financial results and I give you a few words on where we are heading going forward.

That said, let's have a look at Q4. In Q4, for those of you who read our Q3 report, you know that we kind of projected that our Q4 would be impacted in the same level as Q3 from the cyberattack on our largest customer.

They did recover faster, as they have communicated in the press as well, faster than expected, and they have remained on a good path with their recovery, which, for us, was very positive, and we are quite happy and proud to see their work on this. For us, it meant that, for the last half of the quarter, our volumes were kind of more or less back to where we expected them to be before the cyberattack.

That is quite nice. Happy for that.

I think the only thing that is really deviating were the currencies, where the Swedish SEK strengthened more than we expected. That did have a fairly large impact on our top line.

Other than that, I think we did fairly well. For those of you who have followed us also during the past year, you have noted that we have worked a lot with our costs.

We have streamlined our organization a fair bit. We cut quite a lot of costs in the business.

This continued margin discipline and operational focus has supported that we were able to have a positive result despite these volume drops in the last quarter. If we kind of take a little bit more of helicopter view on the full year, the story is still fairly similar, because on the full-year level, I think currencies is a major thing that affected us.

There's a couple of hundred million that were dropped on top line from currencies. We also had a few kind of really disturbing events.

We have had the Swedish Customs authority enforcing antidumping fees on us that we do not agree with and that we are disputing in court, but that has had quite a large effect on our profit for the year. Then, of course, the cyberattack itself had a major impact on us, and that has put quite a negative flavor to our year.

The underlying performance is actually doing reasonably well. We have finalized now the reorganization that we planned to do, and we have decentralized the business into quite a few self-sufficient and independent business units.

We do believe that this decentralization and increased focus on making money will have a positive result for us going forward. Obviously, having a lower cost base makes us resilient to volume drops as well.

That is nice to see. We continue to work with our strategic review of the business, and a lot of that has to do with shifting Bulten away to other customer segments, such as consumer electronics and medical equipment and so on, where we see better profit pools, but we're also moving further towards having more value-added services in our business.

Obviously, if you can have more value-added services, you can provide more value to your customers, there are opportunities for us to also make more money in that. We are quite happy with the overall development of the business.

With those kind of noteworthy items, I hand over to Anna to walk us through the financial results of the fourth quarter.

Thank you, Axel. If we start looking at the sales, we can see that the year-on-year decline reflects lower volumes following the cyberattack in the second half of the year, while we can see a stabilization towards the end of the year.

When we then look at our mix, the shift in the mix reflects lower automotive volumes during the year as well as continued growth in non-automotive segments. While automotive remains our largest customer group, the development supports our strategic focus on broadening the customer base.

Even though we faced negative external factors, the fourth quarter delivered an adjusted EBIT of 37 million SEK, which is equal to 3% EBIT margin. This shows that the underlying business is heading in the right direction, and we continue to work with efficiency in our operations that is having a positive effect.

Our adjusted key indicators for rolling 12 months are affected by the customer cyberattack, and we judge this effect is more short term and that we will be back in 2026. The adjusted net debt in relation to adjusted EBITDA is in line with last year at around two.

Now back to you, Axel.

Thank you. A few short notes before we move into our Q&A, which I assume is the highlight of this afternoon.

If you look at what we're going to do going forward, I think, when we are in the type of industry that we are, we're never going to get away from the importance of being excellent in operational execution and be very, very disciplined in our cost management, and that will continue. We will spend a lot of time and effort to make sure that we are as streamlined as we can be as a company.

We will also continue our shift towards consumer electronics and medical technology and so on. As Anna said, we have increased that share, but I would like the ratio to be kind of the opposite if you compare automotive OEM business to these kind of other businesses to be reversed, where this is the majority of our business in the future.

Obviously, that means that we need to take quite a large grip on this growth, but also be very, very disciplined in what type of automotive business that we go after. We need to have a clear value add in it.

We need to know that we do create the right customer value when we quote. Then probably then win a little bit less business, but the right business when it comes to automotive.

When it comes to non-automotive, we need to scale up. We need to invest more in sales resources and probably also do a fair bit of M&A to grow that bit of the business.

Furthermore, we will continue to explore footprint reductions across our manufacturing base. In my opinion, we have too much underabsorption in our factories.

Given the fact that we are focusing most of these factories on a, let's say, more slimmed-down type of business, meaning the automotive type business we go after needs to be the right one, we will probably then add less volume to the factories as well in the future, we don't need the full footprint, and we don't foresee that we will fill it, and thereby we need to probably shrink it down. We are exploring opportunities to do this both by divesting manufacturing, but also closing and consolidating factories.

We do have a lot of customer relationships that we value, and we will continue to work intensely with those. We do believe in close collaboration with the key customers, which, of course, is a given.

You can do that in different way, and we know that we can improve, we know that we can deliver more value and increase the trust with these customers so that will give us more business over time. There are a lot of value for us in that.

Obviously, the last point is also a given. We need to work quite a lot with our capital efficiency.

For those of you who analyze our numbers over time, you will see that our cash flow is not strong. It hasn't been strong for years, and this needs to be fixed.

We need to have a space to invest, and we need to be able to acquire businesses, and for that we need cash. Therefore, obviously, the cash-generating activities are very high up on our agenda going forward.

With that final note, I do leave over to some Q&A and see if anybody have any questions they've posted during the presentation today.

From the report itself, I'm not so sure, but if you answer it from a year perspective, I think what I'm mostly happy about is the reorganization that we are now decentralized and we can drive faster improvements in our business. That is for me a key highlight.

The other key highlight is the wins of business that we have outside of automotive. I think we have won a lot of really interesting contracts, and that will be beneficial for us long term.

Hi. Great.

Two questions. First, you talked about, well, the order intake is pretty good there, and you talk about the growth in non-automotive and the sales mix there with the growing part of non-automotive, as I understood it anyway.

Is the picture similar in the order intake?

I think, overall, our ordering take is actually not a very good number. The number is 1.5 billion order intake is fine, but one should know that the way we record order intake is also that we take production schedules in that we get from our customers, and that is recorded as order intake, which is why that number can go up and down over time without really meaning that much.

I just want to put that kind of disclaimer in there when it comes to people who analyze our ordering take. It's not a good indicator overall.

The customer mix of that, I do think is reflective of the way the business is developing. We do have a good order intake of non-automotive business, and that grows faster than the rest of the business in general.

I'm quite pleased with that mix development, even though we would, as mentioned before, like to see a significantly bigger portion of other business.

Great. You also talked about this strategic review and measures you are implementing to reach the targets that you indicated of growing in non-automotive.

What's the time frame there? Should we expect some thing to happen already this year regarding maybe your production capacity, or is it more of a long-term target that you have and, well, could you give some more flavor there regarding this process?

We do expect to see quite a bit of impact in 2026. As many of these things are not 100% on our racket, for example, when it comes to divesting a business, if that is what we do, we need to make sure that that kind of process goes all the way through.

If it is about consolidating factories and closing down and so on, that is also something that a lot of external factors impacting that. I cannot guarantee that we will see the results, but in our plans, we should see a lot of this impacted in this year.

Okay. Then you mentioned antidumping, well, charge you got from the Swedish authorities there, and is there any chance that you will sort of regain or get some, well, more limited impact there, or, well, how does this talks progress?

We haven't had the hearing in court yet for that, is yet to be seen. The good thing, as we have taken the cost in 2025, it is only upside from here on.

If we win all or parts of the court case, we will, of course, is re-course an upside in the numbers. I think that is good.

There's no further downside what we can see. We do expect to win all or parts of this claim and get that back.

You never know. When the court rules, the court rules.

It's not always about being right, you also need to get them to agree with you on being right here. Let's see.

You also mentioned opportunities to grow with acquisitions there, and is it sort of a balance there, you need to free cash before you're able to make these acquisitions, or could the sort of targets be so interesting that you sort of have a case already to present and then maybe try to get external support from shareholders and, well, other lenders?

I think if the case is strong enough, we would happily go up and ask our shareholders to contribute to acquiring the right business. With the current state where we are today in the business, I don't see that we have too much headroom to acquire with our own balance sheet, maybe smaller stuff, but not anything of significance.

I think that the top priority for us is to make sure we start to generate a lot more cash so we can use that cash to acquire. If the right case comes up, we're happy to go to the market and our shareholders to ask for money.

Where do you see those opportunities the most? Is it to free working capital, or is it sort of make divestments of assets in general, or, yeah, could you say something about that?

I think it is both. It is both in divesting businesses that do not fit our strategy anymore.

We do have a couple of buildings that we own that could be realizable assets as well that we could divest if needed. Obviously then with operational performance, where we could generate more cash.

Okay. Great.

Thank you. I step back in line.

Thank you, Mats.

We do expect further improvement on this. What is also important when one read those numbers in the right way, because it's also if our inventory goes down 10% because sales goes down 10%, okay, then it's actually not really an improvement.

It's just an adjustment of levels. I think you also need to read that into the numbers.

In my opinion, we have relative to sales, quite a large improvement to do on our inventories. Then obviously, our receivables are on a reasonable level, I would say.

We have quite decent contracts with some of the largest customers. I do not expect a large improvement of the receivables in relation to sales.

Small ones, you can always do more, but I don't expect any large adjustments of that.

I do not know yet. Our board needs to approve new targets, and we do not have any decisions on that yet.

I will leave that to my board to approve, actually.

Obviously, if you look at the total mix, Asia probably has improved a little bit. Mostly what has improved is the consumer electronics business, where we have seen quite good growth during the year.

I think that is the most significant shift, even though it's not big enough. As I said before, we would like to see more because we're coming from fairly low levels that we're growing from.

We also see less business in North America overall and less focus in North America at the moment.

Thank you.

Thank you.