Everybody, welcome to Green Landscaping Group Q3 report 2026. Presenters today will be Marcus Holmström, our brilliant CFO, and myself, Clein Ullenvik, interim CEO.

This is my first quarterly report as an interim CEO. I joined Friday, July 17th, the worst period to start if you really want to hit the floor running, since it was in the middle of the vacation period, but I managed to spend the week after in Lithuania, getting to know that team.

Just in one and a few seconds, I know several of you in this call, but my background is ABB 12 years, Ahlsell 7 years, Monier 5 years, Swedol / Alligo 13 years. My intention was to start working through boards, but here I am.

More importantly, this is a little bit like coming home for me. I grew up in a family that ran a landscaping groundwork business, my entire childhood I spent weekday evenings and weekends filling up diesel tanks, helping my father weld something or fix something on the machines, this is like coming home in a way.

It's a report-heavy day, we will bring up just a few topics, be reasonably quick, open up for questions, and then we can move on with the day as it is. What we will do going forward is to try to bring up one or two different themes to be more transparent and to educate all the listeners a little bit more about the Green Landscaping Group.

It could be different themes, one or two per quarterly report. This time it will be, of course, quite focused on what we've been doing these few weeks to start with.

Just an orientation, Green Landscaping Group is a home for entrepreneurs. We work in ground maintenance and space management, landscaping, large attractive market, and we have a history of successful entrepreneurship.

Looking at the map, it is roughly one-third each: Norway, Sweden, and other Europe. We also have businesses in Lithuania and even one company in Switzerland.

This was the timeline I did when I joined in the middle of the vacation period, as I said. I was a little stressed that we had a leaders conference already since before planned for 24th to 26th of September, but it turned out it was a good timing.

We tried to hit the floor running, did a lot, a lot of things, had a board strategy day on September 14th where we got a sign-off on the activities we wanted to do. We had to communicate on September 22nd about some restructuring, cost, and a little update on what we've been doing.

We'll come back to that shortly. We had the leaders conference 24th to 26th of September in Mainz, which was, as it turned out, a brilliant timing because we had come that far in many, many different aspects, we could launch it and discuss it in the Mainz conference and go home and be 100% aligned.

As it turned out, the timing was brilliant. Today, October 23rd, the Q3 report.

This has been the timeline we've been working along up to today, and tomorrow we start with batch number two, but let's come back to that in the future. What we did during the hectic days in the middle of the summer, we established a new vision.

We want to be Europe's leading group for sustainable outdoor environments through local entrepreneurship. What we do is quite obvious, where we operate—the Nordic, Baltic, and the DACH region—and we compete through strong local entrepreneurship.

Also very, very important on this slide is the core values. Our business is not only allocating capital, it's also trying to be aligned with us working in the group.

Our core values is accountability, simplicity, and community. I will come back to the word community a little bit later because that is a bit of a change to how we run the company today.

This is the slide actually. If we look back to prior 2018, Green Landscaping Group was very much centralized and coordinated, and the feeling back then, I guess, was that it didn't get the financial outcome that was expected and wanted.

Over time, the company has moved down to being decentralized, which is good, and uncoordinated, which presents some opportunities. For us going forward, we say we want to keep the decentralization, of course.

It's our local heroes who is going to win in the local markets, but there is potential and also need and also a want to be more coordinated how we work. That was quite obvious when we met in Mainz that that's actually something the companies want and expect, which is good.

Looking at the right-hand side of this slide, if we start from below: start communicating more. We didn't even have an intranet, but we do now, where we share projects we've won, experiences, we put in policies, we are gathering around this intranet which has been launched a couple of weeks ago; share technology and be more transparent when it comes to data to get a better grip quicker on what's happening; we are fine-tuning a little bit the M&A process, how we do acquisitions, how we want to structure them; cash flow, of course, the number one focus area at the moment for obvious reasons; Green Book, we have a playbook, of course, we want to have that as simple as possible, as meaningful as possible, bringing as much value as possible, and I think we are well on our way to fine-tune that to become just that; and then the governance structure, what are you allowed to do on different levels to get acceptance for projects and investments and so forth.

As we communicated, we have a new management team in place, having now welcomed our four country managers into the management team: Jan Lerbrekk, Country Manager Norway; Tapio Sundholm, Country Manager Finland and Baltics; and Matthias Asplund, Country Manager DACH; and Jakob Charno, Country Manager Sweden, in parallel with being COO. By doing that, we will have more business focus in the management team, but we will also have an easy way to implement things since we agree in the management team, our strong country managers ensures that it's being implemented in their respective countries.

Since before we had Marcus, of course, in the management team; Daniel Linderstål, Head of Performance; and Jakob was already in the management team. Then a guy at the top trying to keep up with these youngsters' speed.

Yeah. This was the press release.

During those hectic weeks, we tried to turn all stones and see what was under them, and we had to communicate us doing this. The first point is quite obvious, cost for changing CEO is a quite obvious one.

Then we had a restructuring cost related to some group functions, but that's in a way a good investment since it saves us 10 million—6 million in cost gives us 10 million lower cost run rate per year. Then we have some project write-downs in two different companies, Swedish companies, two different projects dating back actually quite a few years, one of them back to 2021 even, but it's a typical effect when smaller companies taking larger projects and losing grip of them, and then time goes and the visibility hasn't really been there.

The local management has hoped that it would fix itself, but it hasn't. Then we also have a write-down in a company in Germany.

It's actually not a project write-down, it's the acquisition write-down, which as we have actually reported to the police. It's from our perspective, it's criminality, to be frank.

We also communicated that all the changes we are doing, we're doing under the umbrella of Green Performance. New organization structure, cost reductions, focus on projects, getting data transparency, launching the Green Book, it's all under the umbrella Green Performance because it's aimed at improving our performance.

This is just not me showing vacation photos. It's just to show that this is not a one-man show, it's not a two-man show.

This is our local heads from our companies around the group when we met in Germany in September, and that was a super important meeting because we launched everything we want to do, and I think and feel and know we got a brilliant sign-off. Even if it's me and Marcus in this presentation, it's this team who will do a big part of the job and succeed in their local markets.

Very good. Handing over to you, Marcus.

Perfect. Thank you, Clein, and I will cover the financial part of the presentation.

The third quarter showed net sales growth of 11%, totaling at 1.8 billion, bringing our rolling 12 months to 6.8 billion. In the quarter, we had organic growth at 3%.

It was the third consecutive quarter where we reported organic growth, and we're very pleased to see that trend at group level, despite it being a mixed development on segments, which I will come to on the next few slides. Adjusted EBITA amounted to 123 million, compared to 135 last year.

We note profitability improvement in Sweden, meanwhile continued price pressure in Norway put the weight on the profitability, and other Europe continue to deliver solid earnings supported by positive developments in Germany and Finland. The adjusted EBITA margin in the quarter came in at 6.9%, and at rolling 12 months we are now at 6.3%.

As Clein already have framed it under the launch of Green Performance, we're not satisfied with the overall financial performance, and we remain strongly focused to improving our operational execution to bring the profitability to the level we expect. I will go into cash flow more in detail also on the upcoming slides, but cash flow from operating activities totaled at 28 million, compared to 47 last year.

The third quarter is a quarter where we traditionally do not release that much working capital, even if we're working intensively to adjust the working capital profile in the group. Adjusted financial leverage increased sequentially and compared to last year and concluded at 3.5 times.

Encouragingly, we saw the order backlog amounting to 8.5 billion, which is an increase. However, as we always iterate, the order backlog varies between quarters and should not be seen as a leading indicator in the short term.

Turning to our segments more in detail: in Sweden, the market remained tough. Companies focused on green space management and maintenance were affected by weaker demand for alteration and variance orders in the quarter, which ultimately led to lower volumes.

On the other side, from a market point of view, it is encouraging to see that we have early signs of fewer bidders on the contracts that we were bidding for, and this may indicate that we have gradual move towards a more balanced market condition going forward, even if the next few quarters will be important for to see it in the numbers also. Net sales in the quarter decreased by 7%, and that was organically -4%, but also the divestiture of Svensk Sjöentreprenad in the beginning of the year impacted 3%.

Adjusted EBITA increased 57% compared to last year, 19 million compared to 12, and it is very positive to see that the initiatives we now work for a long while are yielding positively. However, the lower volumes in part of the organization impacted negatively, it's positive signs, but still work to do ahead.

When we turn to Norway, Norway has been a tough market for us during several quarters, and from a market point of view, it has been very high competition. The landscaping and construction market remained weak in the quarter, but our companies managed to secure volume, but it is to high price pressure, and therefore we see strong growth of 16%, whereof 9% organic, but at the same time our EBITA decreased to 25 million compared to 36 last year.

Some of the businesses had a clear positive development in the quarter, meanwhile some of the entities we have earlier mentioned which are facing challenges are continuing to weight the profitability. Worth mentioning that a year ago we had one company really standing out in the portfolio, and we've put strong actions into it, and that company is now on the right track and continue to deliver good progress compared to where they were a year ago.

Also worth mentioning under segment Norway is that we have now strengthened the leadership platform within the country, led by Jan Lerbrekk, and while profitability remains below our ambition, the overall trend is moving in the right direction in the local business. Other Europe, a bit of a mixed market landscape within the countries we're present under the umbrella of other Europe.

Finland remained challenging, although we are also there seeing early signs of recovery as we see that the broader construction market is gradually increasing. Lithuania has been and continued to be a market with solid demand, meanwhile the market in Germany remains to be weak, but the resilience of our German entities the past couple of years has been proven and continue to be proven solid.

In the quarter, other Europe increased net sales with 29%, mainly acquisition-driven, but also in combination with stable organic growth of 5%. EBITA amounted to 91 million compared to 96 last year.

The profitability in Germany and Finland improved compared to last year, meanwhile Lithuania was behind last year, and it was driven through that we had somewhat lower volumes than expected under the contract that was renewed in the end of Q2 this year. We are expecting activity in Lithuania to increase going forward.

With that said, I will turn to where we, as Clein also mentioned, have our main focus in combination with driving profitable improvement. Cash flow and cash generation is the top priority for us at group level and at company level.

Cash flow from operating activities amounted to 28 million, and bringing our 12-month rolling cash flow from operations to 364 compared to 390 last year. We continue our efforts to improve our working capital profile and prove strengthening our financial governance, clear performance oversight, and disciplined operational follow-up.

I want to really make the remark that we have come a long way, but we're not completed that exercise, but we see underlying positive trends within the portfolio and are expecting that we should deliver on a large portion of the remaining during the next two quarters here. As Clein also framed it, cash flow generation is a central part under the improvement program of Green Performance.

In addition, we have a seasonal cash flow, and we're now in Q4 and following that Q1, which is, from a seasonal point of view, our strongest cash flow quarters, and we are expecting that we will deliver according to historical working capital releases in those quarters. Adjusted financial leverage amounted to 3.5 times in the quarter compared to 3.0 last year, and it remains to be above our target.

In a steady-state scenario, our ambition is to deliver through operational cash flow in combination with our underlying improvement activities from a result perspective. I can also confirm that we have headroom to our financial covenants in the loan agreement from where we're ending the quarter, and the cash flow, as said, remains the priority for us to start deleveraging ahead.

From a financial overview, we did a lot of refinancing activities during 2025, and so we refinanced our loan agreements with the bank, SEB, DNB, and SEK, and we also issued our first senior unsecured bond of 500 million last year. All of them are maturing in the end of 2028, but we have the option to extend the bank loans by additional two, and that remains an option for us in the agreement.

Per quarter end, we have cash available at 495 million, and we have unutilized credit facilities amounting to 239. Available liquidity is there for the group.

A concluding financial slide looking at our financial targets, and we're very pleased to see the growth trajectory we have and the trend we have had during the past couple of quarters, and can now say that we are delivering in accordance with the growth target of 10% in a combination of acquisition and organic growth. We're not satisfied with 6.3% on adjusted EBITA margin level, and therefore we have now framed the Green Performance program to accelerate the improvements in the business to return to our target.

Also, adjusted financial leverage at 3.5 times is above our financial target and remains our key focus to bring back to the levels where we want us to be over time. We also have a fourth financial target, which is distribution of dividends, but the AGM in May this year, in accordance with previous year, decided to not distribute any dividends to the shareholders.

With that said, I will, together with Clein, open up for questions.

Let's say that we are well on our way, but there is a lot to do ahead of us. We know what to do, and we will, for sure, do that.

We have a good spirit in the team. I should have said that earlier, that is my super reflection that the team is super psyched to take on this challenge going forward.

I'm confident that this journey has only started, and thank you for listening in. Take care.

Thank you all for joining today, and see you in Q4.