Thank you, and welcome to today's earnings call. As mentioned, my name is Johan Nordström.

I'm the CEO of Green Landscaping, and I'm joined today, as always, by our CFO, Marcus Holmström, who will manage the financial section of the presentation in a few minutes. As always, let me tell you about our most recent performance and put that into perspective.

We close the year with an EBITA margin of 8.1% in the fourth quarter, and that represents a 7.1 EBITA percentage for the full year. In particular, this was following a weak first quarter, and then we have had market headwinds for the duration of the year, in particular in Norway.

The Q4 highlighted a mixed performance across our segments. If we look upon Sweden, that showed an improvement year-over-year, and we have had quite significant amount of work in terms of increasing the profitability that now is, I would say, turning a corner in Sweden.

There, we're really looking forward to what's going to happen this year. Norway remained a challenging situation.

It started by a weak market condition, and then it continued with market headwinds. On top of it, we had, let's say, challenges in one of our companies in Norway for this year.

Then at the same time, if we look upon other Europe, and that is basically Finland, Lithuania, Germany, and Switzerland, they are actually delivering at a very high performance. I'm really impressed on what's going on there.

Also, we do welcome the new companies who are contributing to the performance in that particular segment. During the year, we also made good progress on our growth agenda, and we in the fourth quarter reached our full-year acquisition target, meaning investing in businesses corresponding to roughly 80 million in EBITA.

In total, we completed four acquisitions during the year: three in Germany and one in Lithuania, and all with margins above the group average. I think that's the highlight and the background, and moving into the presentation for the fourth quarter.

Just one page on who we are and what we're doing. We are the leading landscaping company in Europe, and we do ground maintenance and landscaping business.

We are active in a very large market. The advantage of being in a large market is really about you can select the customers, you can select the type of services, and also we have the possibility to select the different geographies.

We also have structural growth into the market because we have urbanization and we have environmental that really supports what we are doing. Being in a growth market that is very large is clearly advantageous to us.

Now, given the type of work we are doing and the geographies, we have chosen to be a decentralized structure. Being local enables us to be close to the customer.

We are quite agile in what we are doing, and it also means that we can have above-industrial profitability as well. We have developed a decentralized model over the years, and it serves us very well at this point of time.

Then, of course, being a serial acquirer, we have an element of M&A activities where we invest in great companies, making the group better, and also increasing the shareholder value. That's a short introduction on the group.

Now, looking upon the financial performance and to summarize the year 2025, we saw a decrease in net sales by 2% organically, and that's reflecting that the headwinds we had in the market was a negative 8%, and then we were quite happy to add another 8% in terms of net sales from investing activities. The EBITA suffered by 16%, and that means that we delivered 444 million SEK in EBITA, and the full-year EBITA margin shrank from 8.3% down to 7.1%, and the cash flow from operating activities came in at 340 million SEK.

Then from the investing activities, or M&A, we completed four companies, and that corresponds in line with target of 80% acquired EBITA for the full year. Now, looking upon the fourth quarter more specifically, we can see that net sale increased by 1%, and organically, we were negative 5%.

The trend is slightly shifting here, and that is on the upside. Then, of course, the EBITA decreased by 11% to 145 million SEK in the quarter, and that amounts to a healthy margin of 8.1%, even though we delivered 9.3% the previous year.

There's a difference on the profitability in the different quarters for the year, and the fourth quarter is typically among one of the strongest quarters we have, and the 8. 8.1% is a good margin, even though it doesn't fully reach the previous year 9.3%.

Then cash flow from operating activities came in at 206 million. That is slightly weaker than expected, and that means that our financial leverage are 3.

3.0. I know that Marcus going to develop on that topic further on, as it came in slightly below expectations.

Then, of course, from the M&A activities, we completed two investment in the fourth quarter. Now, looking upon the long-term performance of the company, we have been on a constant growth for a fairly long time, where 2025 is actually flat.

I won't say it's a breach of trend, but it's moving sideways in tough market headwinds, and we expect that to pick up again as we move into this year. Profit-wise, it's the same story that we are actually weaker in the 2025, given the market situation, but also the activity levels inside the companies have been quite high.

We do have higher expectations as we move into 2026. Now, Sweden.

We have been talking a lot about Sweden and all the activities we're doing there, and we launched a fairly comprehensive program moving into 2025 where the closure of companies and basically cleaning up that one, and that has been let's say, developed during the course of the year. That program is almost done, I'm happy to report on that one.

That means that net sales decreased by 10%, and that's a combination of market activities as well as the closing down of non-profitable companies. Then we saw that EBITA decreased by 18% to 112 million with a 4.5% EBITA margin.

Again, it was the Q1 that was really the weak part of it, and we do expect Sweden to pick up, as I mentioned. For the fourth quarter, we see an unchanged sales of 670 million, and we see a slight increase coming from low numbers, but increased by 34% to 28 million SEK, giving us a 4.2% EBITA margin in the fourth quarter.

As I mentioned, we had a lot of activities going on in Sweden, and we are basically looking upon that the trend curve will change as we move into this year for the region Sweden. Norway: for the full year in Norway, net sales decreased by 10%, and organically, we saw a negative 9%, while we made one acquisition in Norway, contributing with 3%.

We see a significant decrease in profitability by 66% to 87 million for the full year and a rather weak margin of 3.7% versus 9.9%. There are a couple of factors going on in Norway.

We started out the year with basically no winter activities, and we have a fairly high winter dependency in Norway. That means we had a weak first quarter, and then we have the market conditions that was for the full year, and then on top of it, we had project write-downs in one company that affected us in the third and the fourth quarter.

I think that's the backdrop on what's going on in Norway. The fourth-quarter performance, there we saw that the sales decreased by 16% to 649 million, and we saw significant decrease in EBITA of close to 70%, meaning that they delivered 27 million in that particular quarter.

Moving on into other Europe, for the full year in other Europe, and this is really where we have our growth focus, we can see that net sales increased by close to 40% to 1.4 billion SEK. Organically, we were flat for the duration of the year, and acquisitions contributed by 43%.

Also that we had an even higher increase in EBITA, close to 50% for the full year, to 287 million with a healthy profit margin of 20%. The fourth quarter, we see that we had a net sales increase of 42%, and the EBITA increased to 104 million SEK, giving us a 22% margin, which is basically all-time high, a very strong performance and in the companies we have.

That's all over the board. It's Finland, Lithuania, as well as Germany and Switzerland who are contributing to a very strong performance.

Then, of course, we completed two investments by the end of Q4 2025. Moving on to the companies that have joined us, we have Markus Schulz Forst- und Landschaftsbau.

It's a company who was founded by Markus Schulz himself back in 1995. They operate in the area between Hamburg, Hannover, and Berlin, it's a rural area.

They do offer a wide variety of services, and among them, landscaping, ground maintenance, as well as forestry and woodworking. It's a very nice company that we do welcome into the group.

They have a sales of approximately €9 million with 60 employees. It's a sweet-spot company that fits very nicely into the group.

Then we have one company in Lithuania. Was UAB Ekonomas.

They were founded back in 2006. They operate in Vilnius, but they also do work all over Lithuania.

It's mostly public customers, and what they do is basically children playgrounds and outdoor gyms and installations and services of those. It's not that a big of a company.

It's €3.4 million, but we have to keep in mind that the wages and the cost of playgrounds and so forth are significantly lower in Lithuania compared to Europe. In order to generate the 3.4 million, they actually have a fairly decent operation in Lithuania.

We are really looking forward to working with this company going forward, and this also supports our ambition to build clusters of companies. Now we have the second company in Lithuania, and we find it advantageous when we have companies close to each other so we actually can get the communication flow and best practices flowing between the companies.

We do welcome Ekonomas to be part of the Green Landscaping Group. I think that is my part of it, and then I hand over the financial slides to Marcus.

Marcus, please go ahead.

Great. Thank you, Johan, and I will, as usual, cover the main financials.

Q4 showed net sales of 1.8 billion, concluding our full year at 6.2, which reflects a total negative growth of 2%. Organically, that shows -8, meanwhile we added acquisition of 8.

Adding on to what Johan earlier said just in terms of the organic growth development, we have during the year discontinued underperforming units in Sweden, which impacted the organic growth development on group level corresponding to 2%. These measures will strengthen profitability and cash flow in 2026.

Looking at EBITA in the fourth quarter, 145 million, lower than last year, and as Johan just disclosed, a mixed performance between the segments. Our EBITA margin at rolling 12 months for the full year, consequently at 7.1, which is lower than our financial target, but still a testament of margin resilience in a tough market condition.

I will cover cash flow in more detail in the upcoming slides, but the cash flow from operating activities amounted to 206 million compared to 282 last year. As we were a bit weaker on cash flow, financial leverage in the quarter was sequentially flat compared to Q3 at 3.0.

Order backlog amounted to 6.9 billion, which is lower than last year, and we see the continued decline in backlog for Norway, but to a lesser extent in Sweden and stable in other Europe. It's important to note that the order backlog tend to fluctuate between quarters, don't see it as a short-term indicator.

When it comes to earnings per share in Q4, it declined 18% to 0.89 SEK, which was a result of the lower profits generated in the period. Moving on to cash flow, in line with seasonality, our cash flow from operating activities contributed clearly positive in the fourth quarter, amounting to 206 million.

It was slightly weaker than expected as we did not fully release the working capital built during the high season. This is something that we are focusing significantly on and which is turning to actions.

Q4 is our strongest cash flow quarter, but followed by Q1, which is typically also strong, and we expect the same seasonal pattern to continue this year. Working capital development and cash flow generation continue, as always, to be a focus area for us.

Total cash flow bridge in the quarter, as said, operating activities amounted to 206 million. Then we completed the acquisition, which Johan presented, totaling a total cash consideration of -123 million in the quarter.

Then we had CapEx and other lease amortization totaling to -83, and the net difference between new loans and repaid debt was positively 115 million in the quarter. Then in November, we also launched a share buyback program for 250,000 shares, which was activated and completed during the period, and it will be used to finance future acquisitions.

That, all together, concludes a overall cash flow of 104 million in the period. As I mentioned, financial leverage was sequentially flat compared to Q3, which is higher than our financial target, and our long-term ambition is to return to the target.

However, I want to underline that we maintain good headroom to meet our financial covenant in our financial agreements. Looking at our maturity profile for our interest-bearing debt, in October, we successfully renewed our bank loans in line with our plan for the year as they were maturing in 2026.

Together with the bond issued during the second quarter, we now have secured and broadened our finance base for the upcoming years. The new loan terms are more favored than previous one and will reduce our interest cost in Q4 and going forward.

We believe this is strengthening our financial position, but also sends a clear message that the credit market has a strong confidence in us. Then concluding the year with our financial targets, and we've gone through them in the presentation, but we have a growth target of 10%.

We managed to deliver 8% in acquired growth during the year. However, the total growth was impacted by the negative organic development we had in Sweden and Norway, partly due to the tough market, but also the mild winter we had in the beginning of the year.

Then on EBITA level, as said, we have a target of 8, and we will conclude the full year at 7.1, which we're not happy to be below target, but we still believe in light of the market we have faced during the year that it is a testament of margin resilience in the market condition we have operated in. Financial leverage, 3.0, we have a focus on getting deleverage during this year that we're going into.

The fourth financial target is on dividend, and as communicated in the interim report for Q4, the board proposes that the AGM to not pay any dividend for fiscal year 2025, which is in line with previous decisions. With that, I will hand back to you, Johan, for some closing remarks before we open up for questions.

Sure. Thank you.

It's really about two items here. That is a cash flow generation and what's going on in Norway, I think.

For the other sections or regions, the company's actually performing, I'm happy to see where we are in Sweden, even though the numbers doesn't really support it at this point of time, but knowing the activities we have done and looking into the future, I'm quite confident in Sweden. We are having a lot of activities going on in Norway as well, but the market conditions in Norway is still challenging, I would say, even though we expect improvements in Norway going into the future.

Then, of course, other Europe, Finland's done a great work with Tapio and his team over there, Lithuania is a strong performance, and Germany and Switzerland is also performing. Even though 2025 turned out to be a challenging year, all in all, as you said, Marcus, I think it shows resilience, what we are doing here, and I'm really looking forward to moving into the future and to some extent leaving 2025 behind.

It was a tough year, but nonetheless, that's where we are. Let's open up for questions in that case.

Yes, good afternoon, Johan and Marcus. A couple of questions from my side.

I will start with Norway, I think. Profitability in Norway seems very weak, and the margin is down some 740 bps here year-over-year.

Maybe could you elaborate more closer what is really happening in Norway, and also do you see any signs of improvement at all going into 2026, or are these the levels we should expect to be representative for 2026 as well in Norway?

Yeah. Hello, Johnny.

Johan here. Thank you for the questions.

I totally agree with you. We are not happy with the performance in Norway.

We have to keep in mind that given the type of companies we have in Norway, we have actually a couple of road companies who typically overdeliver when you have decent winter conditions in the fourth and in the first quarter. Those companies are selected by design because typically the landscaping companies do not have that active season, in particular in the first quarter.

When we do not have any winter activities in the first quarter, which we didn't have in 2025, Norway is particularly affected by the winter activities. They really don't have the same possibility as the other companies have in terms of getting other things done when they don't have the winter activities.

It's by design, and when we don't have winter, then they are negatively impacted by that situation. That is what happened in the first quarter, as they are road maintenance companies.

However, profit-wise, when I look upon the activities we are doing, we are doing quite a lot of activities in Norway in order to improve the situation. That should be visible going into the future, and I do not on this point of time actually see any major signs of market improvement, but that doesn't mean that we expect Norway to continue at this level.

We do have actions in place. We have done a lot of activities in Norway and strengthened the organizations.

We have a couple of new MDs, and we have also cost-reduction programs in order to rightsize the companies given the market situation. We are not waiting to see that the market should recover.

We are taking quite a number of active steps in Norway in order to improve the profitability, and we expect that to be shown during the course of 2026. We do not expect Norway to remain at these levels.

The base quality of the companies we have in Norway are actually quite good companies with very good entrepreneurs. I think we will see a different performance in Norway going forward.

I understand that. If we stick to Q4, I understand Q1 had this snow season effect affecting the full year, but in Q4 specifically, I talk year-over-year in Q4, then if I remember correctly, there were no super snow in Q4 last year, and I want to understand it's quite huge drop in the margin year-over-year.

I would like to understand what's driving that. If I understand you correctly, you expect a better margin next year regardless of market improvement, but can you elaborate there?

Is it low-hanging fruits, or can you shut down any unprofitable business, or what are you trying to do there?

No, we have three items or, as I say, causes affecting the fourth quarter. It's the market condition in Norway because there is a tough marketplace, and the companies in Norway have been good in terms of keeping the revenue at decent levels, but they are doing that at the price of profit margins on the projects they are executing.

They're actually doing work, and they have a good customers, and so from that perspective, I can't say it's okay, but they are keeping themselves busy. They have order books, they're doing work, they're keeping the revenue in place.

The market is very competitive in Norway at this point of time, meaning that the prices are very low. The companies know what's going on, and they are winning contracts, but they do that at a lower profit margins given the market situation.

It's pure market. We have one company in Norway who we are talking about where we had project write-downs, but besides that, the companies in Norway are quite healthy and doing good work, and I think that's the major driver to the low profitability in the fourth quarter.

Then, of course, I can always say it was the winter effect again, but yes, it wasn't really that good winter in the fourth quarter in Norway either, we didn't have any contribution from the winter services in Norway as well. That is typically a higher profit margin business when it comes, when it's snowing in Norway, we have a couple of companies who benefit from that situation.

The base reason, I would say, that is a market condition. It's a very competitive environment in Norway at this point of time.

Okay. We will see.

I will come back to the winter a little bit. Before I do that, I want to ask something about the cash flow.

You said that you're not happy with the cash flow, and cash flow seems weak here in Q4 given not released as good cash flow year-to-date. Despite the small working capital release in the quarter, you tied up working capital despite this negative organic growth, and I'm just trying to understand this better.

What sort of cash flow improvements are you trying to do going forward, and are you expecting to have a good release in working capital in Q1?

Yes, Johnny. Starting to answer the last question, yes, we're expecting a release of working capital in Q1 in line with seasonality, and that's supported by the actions we're now implemented and have implemented during the year.

As said, we've been focusing a lot on the release of working capital during the year, and we're not happy with the full outcome of Q4, even if it was positive. It comes down to traditional housekeeping out in our all subsidiaries where it comes to make sure that everything is invoiced on a timely basis and collected when overdue.

That is our prime focus, securing that we get the cash on our bank accounts. Then we implement additional measures, but for where we're standing currently, that's the main focus for us, bringing the cash home.

That's fair. In the quarter here, I look in the cash flow, and the change in current liabilities seems extraordinarily high in the quarter, and it's also quite high full year 2025.

What is driving that, would you say?

It's more of a accounting timing when it comes to payment and receivables, we don't see any extraordinary deviating from that, but it's more of a timing effect.

Okay. Then one final from me, coming to Q1 here and the snow weather.

How is the start of Q1, would you say, given the favorable weather? In terms of profitability, I think, Johan, you said that it's a better margin on snow, should we expect Q1 margin to be in line with sort of a normal winter quarter, or how should we put that in relation to the price pressure in general in Norway now?

I think that we are typically careful with forward-looking statements. If you look upon the weather reports where we have had in Sweden in particular, I would say compared to last year, we are in a significantly better situation, even though we are only at the end of January.

We have to keep in mind that the full quarter is another two months to go, which we do not know at this point of time. I'm carefully positive on what's going on, and having the situation we had in Q1, I know it's a lot of weather discussions here, but it was very abnormal or unusual situation we had that occurs every 5 to 10 years in Q1 2025.

For the month of January in 2026, we have a much more normal winter, I would say. Snowfall in Sweden has been frequent, but it depends on where do we have the contracts and what does the contract state that we're supposed to be doing, it's a mixed picture.

Of course, I'm significantly happier with the month of January 2026 compared to Q1 2025. It's a very big difference.

I understand. The margin here, what sort of margin could we expect on the snow, because Norway, you said it's very tough now, and you explain the weakness in 2025 due to weather in Norway in Q1.

Now weather is looking good in Q1 2026, what sort of margins should we expect on that? Is it fair to look at historical patterns, or does it deviate from that?

It's a very detailed question. The snow contracts we have are typically part of framework agreements.

That's multi-year or long contracts you have. When we talk about the market conditions, it's either the project-based business that is suffering, and that's the majority of the business we have in Norway except for the road maintenance companies.

Yes, I would concur where you're leading to that I would expect let's say the service agreements we have or the framework agreements, they should not be that heavily impacted. Then we always have the additional work, and when the customers are out of money, then of course you don't get that type of work.

Within the fixed framework agreements or the fixed service agreements, that's where you have the snow. They fall into that category, they should not be negatively impact by the competitive environment as we're experienced right now to the same magnitude as the other sector of the business.

I believe we have roughly, is it 65% of the revenue in Norway that goes within the maintenance contracts or framework agreements? It's a big part of the business in Norway.

Okay. A

long answer to

your

question.

Yes, I appreciate that. Thank you.

That was all from me.

Thank you.

Thank you.

Hi, Johan and Marcus. Thank you for taking my questions.

First off, I'm curious about your European business, and if you could elaborate on the factors that those operations maintain significantly higher profitability than in Sweden and Norway, and to what extent you can have best practices from Europe to be integrated in Sweden and Norway.

That's a very good question. I don't know in which area to start with here.

Let's start with the first question in that order in that case. We have a few companies within that group who are very profitable.

When we invest in new companies, we have a baseline in profitability. We didn't have that when we started out in Sweden, so that's another topic, because Sweden is Green Landscaping Svensk Markservice, they have a totally different history.

The companies we are investing in, then of course we are choosing, and are quite picky in what type of companies do we invite into the group, what type of customers do they have, what type of profitability, is it sustainable, and so forth. That means when we're laying the foundation, given the experience we have, we have the advantage of choosing really good entrepreneurs who is running really good companies, and that is what's reflected in the profit margins.

Then on top of it, we have a couple of companies who are really overperforming, and that means that we are at a profit level in Europe of 20%. That's the explanation behind that one.

Sweden started out differently with the old Green Landscaping, where we changed the strategy, and then the acquisition of Svensk Markservice. In Norway, we actually had the same philosophy as we had with other Europe at this point of time, and that's why I'm quite confident that the quality we have on the companies in Norway are quite good, and it's actually a market situation that creates the situation in Norway.

That means we do not have that market situation in particular in Germany. It's a more stable environment, and as you have good companies in a stable environment, then you're actually able to have that type of profit margins.

In terms of best practice, I would say we have great companies in both in Sweden and Norway and in Germany as well. Yes, we are working actively within the different regions on spreading best practice, because even if we have very good companies, there are always items that can be improved.

Building clusters where the companies are geography, and also language-wise and so forth, that is really beneficial to the case. Then we, as a group, are able to learn from all the companies we have within the group on how to improve the operation in each and one of the companies and build resilience and build quality companies.

That's really the aim of the whole configuration we are doing, that we are able, through implementing best practices, improve each and one of the companies within the group.

Thank you. Very insightful.

Then a second question, what, in your opinion, will be needed to improve the market conditions in Sweden, and especially in Norway?

I would actually say that market conditions in Sweden are showing signs of recovery. I'm not overly concerned about the market situation in Sweden.

Independent, I would say, on market development, now I'm obviously promising too much, but my expectations are that we would see that we have passed a turning point in Sweden, and I expect margins to improve in Sweden going forward. I'm not saying that revenue should show a significant increase, but given the actions we have done, I do expect the profit margins in region Sweden to improve in the coming years.

Norway is a different situation with the market conditions. There, I'm more careful, and I'm not, what say, betting on that the market would change, and that means we have to change the companies and how we run the companies in order to improve their profit margins in those entities we have in Norway.

As I said, even though the numbers are really bad for Norway, we do have good entrepreneurs. They are doing a good work keeping up with the revenue and keeping up the profit they have.

I know it's tough comments when you look upon the data, but it could actually be worse in Norway given the market conditions. Our entrepreneurs in Norway are actually working extremely hard in order to improve the situations, I have a great confidence in what they're doing.

They are in a very tough marketplace in Norway.

Thank you very much. That was all for me.

Thank you.

Thank you, Stefan.

Good afternoon, guys. Starting off with a follow-up here on Norway, and looking at the quarter specifically, just wondering how much of the decline in organic sales growth that was related to sort of aggressive percentage-of-completion accounting in the comp from Q4 last year, and also how much of the margin drag that was attributable to that.

Alexander, we have decided not to release the actual numbers, but as you refer to the project write-down we did in Q3 last year, part of that write-down was released in Q4 last year, and so that entity delivered strong profits. Meanwhile, as Johan referred to, we continue to have challenging numbers from that entity in the quarter, and consumed write-downs in combination with costs related to turning the boat for the underlying operation of the entity.

That entity is actually delivering a loss in Q4 compared to very strong profits last year. It is explaining a significant part, and we're referring them to, but roughly 30% of the decline year-over-year.

That's very helpful so we can try to look at the underlying development in Norway on the market conditions. Thanks for that.

Then turning to Sweden, I would say quite solid underlying growth given sort of your exits. What's your view on market conditions?

Are they improving somewhat considering that you seem to deliver growth here year-over-year excluding exits, and when you talk about the margin uplift here into 2026, can we expect sort of 200 basis points as you sort of mention a noticeable uplift from here, and that Q4 didn't seem to capture sort of the full momentum?

No, we have made a significant [unclear] Can you repeat the question, please?

Yes. Just on Sweden, I think the underlying growth seems quite solid.

Just firstly, on market conditions seems to be maybe on the positive notch, and then also just the extent of the margin uplift that you're seeing to '26, considering that we didn't see the full extent here in Q4.

That's true, and thank you. Yes, as we are closing down a couple of entities, then of course that contributes negatively to the organic growth development.

If you clean the data from that one, the performance in Sweden is actually kind of decent given the market situation. We do expect, but we do not disclose, but it's a substantial magnitude of profit improvement we expect going forward in Sweden given the activities we have done.

Also, that is in Sweden, that is public information. If you look upon the companies and their performance as we are closing down, that would give you a rough idea on the negative EBITA contribution that would disappear as we move in.

We have a slight impact in the first quarter, but it would give you a neighborhood number on the total amount of negative contribution that would disappear going into 2026. I would say it's a fairly substantial improvement we will see going forward.

That's what I expect, anyway. Market conditions in Sweden, when we talk to the managing directors in the local subsidiaries, they are definitely more positive.

There are more quotes, they're writing more quotes, there's more work to be done. Yes, we are seeing that the market is improving in a positive way in Sweden.

Of course, it will take some time, as we have order books, we have contracts for the next 6 months and so forth. I expect a gradual improvement in the market in Sweden as we progress through 2026.

That's also very helpful. Then maybe a final one, just wondering about your ambitions here on M&A into 2026.

Are you still aiming at 80 to 100 million in added EBITA, or somewhat slower considering leverage, and also maybe you focusing more on the internal improvements?

They are not exclusive from each other, to say. It's very much true that when you have the leverage at 3.0, then we are becoming careful.

I know that Johnny from SEB is really pushing on the cash flow, are we. For the first quarter of this year, we really need to see that we have a good cash flow generation going on there, and that's what we have in the plan.

Assuming that we have a cash flow development as we expect, then the target is 80 to 100 million. Of course, we are evaluating that one, because if we see that we do not deleverage in the rate we would like to see, then of course we're going to slow down there on the M&A activities and use the cash for deleverage.

It's a gas pedal that we own those type of decisions internally. We do expect the deleverage in the first quarter, and we do expect the M&A agenda to continue, and the target number is 80 to 100 million EBITA to be acquired during the course of 2026.

Okay. Perfect, that's it from me.

Thanks very much.

Super, thank you.

Thank you, Alexander.

Yes, good afternoon, Johan and Marcus. Thank you for all the extra color that you've already given.

A couple of drill-downs for me as well, please. Looking at Norway, just looking at that unit that you now described being, say, obviously very profitable in Q4 last year and now doing a loss in Q4 this year, how do you see the outlook for that unit going into 2026?

Is that going to be a normalized at a low level, or is there still risk for further losses?

It will be normalized at a lower level.

As I understand it, basically the rest of the Norwegian operation is doing quite well in considering the market environment.

Yes. Then you have the third element you have, that is of course, again, as we have two companies who are road maintenance, or one company is part of the business road maintenance, and another large company is a road maintenance company.

You will always have a part of the activities in Norway who are depending on snow removal.

Let's hope for the good snow also to hit Norway near the rest of the quarter. Looking at your commentary on Sweden that you just gave about that quotes are coming in quite nicely, you're building a good backlog.

When you see the stability in the Swedish operation coming back, do you believe that you are also going to be able to close in on the 8% margin target that you have on a group level in the Swedish operation?

Wow, that's a good question. If I give you not for Sweden alone, but if you look for all the companies when we choose to invest in a business, we basically have a 10% margin as the goal, that we do not really want to go below that number.

If we are going below that number, we really have a headache on 8%. I wouldn't bring it up to the board or to the management team if we see that the company has a profit level that is lower than 8%.

That is kind of the minimum expectations we have for the companies within the group. That doesn't mean we will have 8% in Sweden for 2026, but on the average, we don't tolerate companies who basically have profit margins below 8%.

That sounds very fair. If you look at, say, the structure of the Swedish market, the structure of your Swedish business, there's nothing, say, fundamental that will mean that you will never close in on the 8%, that's what I tried to aim for.

I like the question, and you're absolutely right. The way we look upon the market is that the performance of the company individually is more significant than the market per se.

There could be differences in the market, except that we have a challenged situation in Norway. Given normal market conditions, there's nothing that should difference Sweden from Norway, from Finland, from Germany.

It's the company performance. It's not that we have a customer who doesn't want to pay.

It's similarities in terms of customer, it's similarities in the projects we are doing, and we have companies in Sweden who easily makes 10%. It's more on the individual company performance than what they're doing or where they're based geography-wise.

Sweden does not show lower profit margins in the industry per se. That's where I'm coming from, and that means that if the companies in Sweden are not meeting the targets, we are not blaming the market in Sweden.

They should be able to make that, and we have companies in Sweden who easily makes plus 10%.

Excellent, excellent. Final one, looking at other Europe, congratulations for a stellar performance in Q4.

Similar thing there, when you look at backlog, look at quotations, and the business you see, say, coming in to those units, is that still on par with kind of being able to deliver towards these levels that you see for the moment in this quarter?

For the vast majority of the companies, we don't see any major differences. From that perspective, I would say the market is moving sideways.

The market isn't booming in Germany. It has been on the low side for the last 3 years.

If I look at for the 2, 3, 4 years ahead, then I would actually say that there's room for market improvement in Germany versus where they have been for 1 year ago and where they are today. If I am supposed to speculate, guess, whatever you would like, then I would actually see that there could be room for market improvement in that market.

Then, of course, we have a couple of companies who are really high profitable-wise, Lithuania to mention one of them. There, we also see that, yep, those profit margins are perhaps not sustainable and will be normalized during the coming 2 years.

Makes sense, and I guess that's no difference compared to how you've earlier talked about it. Then just one question also on the most recent acquisition, Finke.

I noticed that there seems to be quite a big project business in that operation, and you've earlier talked about maybe staying away from project. I know there's different kinds of projects.

What makes this one stand out compared to the previous one that you might have had problems with in the project business?

We don't have that big projects. They have decent projects, because if they were a big project, then we would stay away from the company.

They are doing decent-sized projects, I would say, all over Germany. They have very good relationship with 10, 15 customers who are recurring customers to that particular company, and they have working relationship with them.

They have a very sound foundation on what they are doing. We like the type of work they're doing because they are doing the landscaping work when they are building new schools and that type of thing.

Yes, they are slightly bigger than a playground, but it's not a big project risk company from that perspective. It's a repetitive customer who comes, and it's business they know well on how to execute on.

This is more of a question that it's the right type of project rather than not looking at projects, if you put it like that.

I don't like the big projects to begin with. We stay away from companies that have too big projects, then you add a project risk to the portfolio, and that I do not like.

If you have a project up to €2 million, €2.5 million, then it's still within scope of work. If you start talking about project sizes of 4 million, then it becomes uncomfortable for us.

Excellent, very clear. Good luck out there, and all the best.

Thank you very much, and thank you for the question.

Thank you.

Okay. Thank you very much for listening in, and thank you all for the questions, because it provides an opportunity on giving color, to say, to the numbers, we do really appreciate that one.

As we discussed, we have good progress in Europe. I'm happy with where we are in Sweden.

Norway is really where we are focusing on this point of time, and the cash flow. Those are two main topics we are working on in order to improve, and looking forward to Q1 report in a couple of months here.

Thank you very much.

Thank you, all. Take care.