Thank you very much. Good morning, everyone, and a warm welcome to this webcast covering Inwido's third quarter of 2026.

My name is Fredrik Meuller. I'm the President and CEO of Inwido, and next to me here in Stockholm today is Peter Welin, our Group CFO and Deputy CEO.

We will follow this schedule in today's call, starting off with key group messages, followed by a deep dive into the business areas and our financials, and then, as usual, towards the end, we will wrap up with an outlook and a Q&A session. As usual, the presentation material is also available on our website, inwido.com.

The strengthened market conditions that we saw already in Q2 largely followed suit also in the months of July through September. There are signs of light on the horizon, best exemplified by the Scandinavian market and the project segment.

Recovery is so far not fast, but it is happening. Also, at last, the Green Deal is starting to be implemented across the EU, offering some tailwind to the energy efficiency theme and order intake.

It's of course no surprise to anyone that the Middle East conflict has continued to put a wet blanket on the supply chain in particular and on demand in general, which is also now driving some fears about inflation and interest rates going up going forward. Looking at M&A, the M&A market has been impacted as well.

Valuations are a bit trickier at the moment as many year-to-date figures are softer for many of the targets that we're looking at, while at the same time sellers' expectations on valuation can still be quite high. As for Inwido, well, we continued to improve our performance, growing organically in both order intake and in sales, and we reached our highest operating EBITA to date for a single quarter.

I think it's a sign of strength also to record organic growth in the order intake, as well as a higher operating EBITA margin across all four of our business areas. Three of them also grew sales organically in the quarter.

We have stuck to our recipe of profitability before growth, where the key ingredients are volume, pricing, operational efficiency, and cost control. If you think that sounds simple, it's everything but, because the competition out there still remains razor-sharp.

Last but not least, our cash flow was strong once again, reducing our gearing and meaning in turn that we can be proactive and opportunistic when acquisition opportunities do arise. We've had reasons for some extra celebrations this past quarter.

I'm very proud over these milestone achievements in three dimensions across the entire value chain actually. First, Inwido had one of the highest upgrades in Nordea's ESG rating to single A.

Second, SparVinduer, our e-commerce business in Denmark, exceeded some 10,000 Trustpilot reviews, and worth noting is that more than 90% of those had a score of 4 or 5. Third, Elitfönster På Plats was ever recognized for its professional sourcing and manufacturing work with aluminium.

Done, everyone. Keep it up.

Now it's time to look at our four business areas. I'll go through them one by one.

We have one slide on each and in order of size, meaning that we will start with Scandinavia. This was again a strong quarter by Mats and his team, building on the momentum from Q2 and growing top-line organically while also seeing a healthy raise to the bottom line.

I think it's great to see that the operating EBITA margin is now close to 17%. Sentiment is improving in Denmark and Sweden, and so far mostly within the project segment.

Norway is also doing a bit better. We did get some tailwind from something called Villaeffekten in Sweden, which is a newly launched government incentive program for energy efficiency renovation, where some 300 million SEK has been allocated per annum up until 2030.

I think this is a concrete, positive example of the much-needed EPBD directive now beginning to be rolled out in all of the EU member states. Moving on to BA West.

As you can see, Jonna's business is growing rapidly. Integration of our newly acquired entities is proceeding nicely, including Sovereign Group that we took on in Q2.

Profit climbed higher in both absolute and relative terms, driven by Ireland and Scotland in particular. In England, the consumer segment remains tough, with both consolidation and price pressure prevailing still.

Worth noting though is that both energy awareness and renovation of social housing is on the rise. I think the new Labour government looks rather promising actually.

Antti and his team keep fighting the fierce headwind blowing across BA East, primarily in Finland where everyone is lacking volume, possibly with the exception of the project segment. Order intake, profit, and margin were all up, and we saw nice contribution coming from our recent acquisitions.

Market-wise, Poland and Croatia are quite strong, with Slovenia a bit softish from the recent government change. To conclude this BA run-through, let's turn our focus on BA E-Commerce.

I know I'm beginning to sound like an old vinyl record, but Bo and his team keep pushing, raising profitability in yet another quarter, reaching 10% in Q3 and almost 11% on a latest 12-month basis, and with a strong organic top-line growth as well. Here we're seeing a successful mix of volume, pricing, efficiencies, and cost management.

Now for more flavor on Inwido's consolidated Q3 financials, I'm handing over to you, Peter. Please.

Thank you so much, Fredrik. We start with this page, the income statement.

To the left, you can see the development in the third quarter. In the middle, you can see the year-to-date, and to the right, latest 12 months as well as full year for last year.

Starting with the quarter, sales is +22%, organically is +5%. We have a negative net impact from increased material prices in the quarter, and this has then been offset by improved volume and improved operational efficiency.

Thereby the gross margin is more or less on the same level as last year. The operating EBITA margin has been improved from 12% to 12.3%, and we have also then efficiency when it comes to expenses and thereby an improved operating EBITA margins.

Operating EBITA has been improved by 25%, from 268 million last year to 334 million this year, a record so far for the for a quarter. Looking further down in the income statements, we can see that profit after tax is +36% compared to last year, and the earnings per share is +32% compared to last year, 2.65 to 3.49.

Looking at the year-to-date, January to September, sales is +15%, organically is +2%, we have now a growth, organic growth, in the year after slow start in in Q1. The operating EBITDA margin is above last year, and the operating EBITA margin is on the same level as last year, 9.8%.

However, in SEK, we have an improvement by 15% or more or less 100 million Swedish crowns compared to last year. Further down in in the income statements, we can see that profit after tax is +21% compared to last year, and the earnings per share has been improved by 1.07, from 6 kronor to 7.07.

For the latest 12 months, we are just below 10 billion Swedish crowns, on 9 billion 968. We have an operating EBITA margin of 10.4, and the earnings per share is just below 10 10 kronor, 9.96.

On this page, we can see the development in the third quarter from Q3 last year to Q3 this year. To the left, you can see the development on sales then divided between the different business areas, and to the right, we can see the development in operating EBITA.

All business areas have improved in the quarter both in when it comes to results, both in SEK as well as in margins. All business areas has growth in the quarter, but not organic growth.

Inwido East has a negative organic growth in the quarter. For the for the group in total, we have then reached the highest operating EBITA so far in a single quarter, with an operating EBITA result of 334 million.

This graph is showing the sales as well as operating EBITA margin in in in in the third quarter from 2020 until 2026. The results in the third quarter was in SEK we have the highest operating EBITA ever in SEK, but not the highest margin ever.

However, the margin has been improved compared to last year, 12.3% this year compared to 12% last year. We have made acquisitions, and we have six acquisitions this year in the third quarter which we didn't own in Q3 last year.

All acquisitions, they have developed well and have good contributions to the profits. However, the combined profitability is below the rest of the of the group, and thereby they have diluted the operating EBITA margin in the quarter when comparing to last year.

Excluding acquisitions, we have a higher operating EBITA margin than the 12.3. On this page, we are showing the cash flow before financing activities, excluding financial assets and acquisitions, and to the right, you can see the development when it comes to our CapEx.

We have an improved cash flow in the quarter. We have a higher contribution from operating activities, an improved results, and also lower tax payments in the quarter this year compared to last year.

Working capital has increased more this year compared to last year, and we have somewhat higher CapEx this year compared to last year. In total, we have an improved cash flow of 56 million this year compared to Q3 last year.

An improved cash flow, it means then we have then reduced the net debt. This page is showing the net debt and the net debt in relation to operating EBITDA from Q3 2023 until Q3 2026.

We can see that we have a good leverage, leverage remains healthy, and we still have headroom when it comes to M&A. Net debt in relation to operating EBITDA is 1.9, excluding IFRS 16, and if we then calculate on a pro forma basis from the latest acquisitions during in this year and last year, we are on 1.8.

When it comes to net debt including IFRS 16, we are on 2.1. Still good headroom compared to covenants, and also good headroom compared to the target of maximum 2.5.

Return on operating capital has also been improved. This page is showing the return on operating capital development from Q3 2022 until Q3 2026.

We have improved the return on operating capital during the last two quarters, from 11.7 in Q1 to 12% in in Q3. We can see an increased operating capital, and the increase is related to acquisitions during the last 12 months.

Looking at the order intake, the total order intake has been improved in the quarter. The organic order intake of the group is +7%, and we have growth in all business areas: Scandinavia +7%, East +4%, West +10%, and E-Commerce +6%.

The growth is mainly within project market, but the consumer segment has also a slight growth of 1% in the quarter. Thanks to the improved order intake and acquisitions, we have then reached the highest order backlog ever, with an order backlog of close to 3.5 billion Swedish crowns end of September this year.

If we then divide the order intake a bit differently, and this page then showing the order intake for each market, not business area, markets, and this is then showing the organic order intake for the consumer markets. The highest largest sales consumer markets of Inwido is Denmark, stands for 40% of the consumer sales, followed by Sweden with 24%, in total they're two 64%.

This graph then showing the organic order intake development compared to previous years from Q3 2025 until Q3 2026. As you can see, we still have a growth or we have a growth in Denmark, and we have a growth in Sweden in the quarter.

Sweden is then followed by UK. UK stands for 15% of consumer market, and then Finland 7% of the consumer market, and combined those two have 22% of our consumer sales latest 12 months.

Here we have continued decline. The consumer market in UK and consumer market in Finland is still a challenging markets, and as you can see, the percentage is actually more decline in Q3 compared to Q2, still challenging market for UK and Finland.

Then the rest is also slightly growth, and the rest stands for 14%, and the rest that is Norway, Ireland, Germany, Poland, Slovenia, and Croatia. If we then look at the same thing for the project market, and then I must say the project market is much more volatile compared to the consumer market.

On previous page when I showed the consumer market, the scale of the graph was up to 20%. Here is a scale up to 300%, just indicating that there's a higher volatility in the project market when it comes to the order intake, not when it comes to sales, relates to order intake.

Finland is the largest project market of Inwido, stands for 30%, or second largest, 30%. UK, together with Ireland, is the largest markets.

Finland has there we have a slightly growth in the quarter, and we have the highest growth in Ireland in percentage. In total, a growth of 18% for the project market in the quarter compared to last year.

Now handing over back to Fredrik.

Thank you very much, Peter. It's time to round things off, let me reiterate today's key messages.

Green is good, as and here we listed several green tick marks for Q3 that I'm really, really proud of. We do see a stronger performance at both group and BA level.

We see it across both the top and bottom lines of our P&L, and we also see a better cash flow and a healthy balance sheet. Market sentiment is gradually improving, starting with Scandinavia and with the project segment that Peter just talked about.

Yes, recovery will take time, but the Ferrari that we've built is picking up speed, which is kind of exciting. If we look ahead then, there is now light at the end of the tunnel.

We don't think it's an oncoming train this time around, we're cautiously optimistic about our near to medium-term prospects. We do stick to our clear game plan, with priorities including, once again, first of all, managing the Middle East situation, i.e., securing the supply chain, together with disciplined pricing and cost containment, and then pursuing selective M&A.

As shown so far this year, we are ready for whatever scenario the market has in store for us. With that said, Peter and I would now be delighted to answer any of the questions that you may have.

Please go ahead.

Can you hear me now?

Hello, Albin. Yes, we can hear you.

Perfect. Some technical issues here.

Good morning. Nice to see a solid report.

I only actually have one question on Eastern Europe. Maybe you mentioned this, I didn't hear all of the call.

Is the gross margin down as it has been tough markets, but then you managed to hold the EBITA margin stable year-over-year? Maybe if you can dive into this and give us the reason behind it.

Thanks.

Generally speaking, yes, it's tough. We have continued to look at the cost base, to prune it even further.

Our largest entity in Finland is, given the circumstances, still doing quite okay. They have also raised prices a bit, of course primarily linked to the situation in the Middle East.

It's a combination of those factors really. Where we have seen volume coming into the factories, again we get the efficiency upside.

That's, I think, really well-managed by them. They keep fighting.

The outlook is still challenging. We don't see any near-term at least improvements on the horizon for Finland in particular.

Then we're also somewhat diluted when it comes to gross margins from the acquisitions. We have made acquisitions in Slovenia and Croatia, and looking at the adjusted gross margins, there are some dilution there when comparing to last year.

All right. Then you mentioned something about that the organic EBITA margin was better than reported.

Is there any of the acquired units that maybe didn't go as planned or is that just normal dilution?

No, it's more normal dilution. I think most of them has gone just around plan or very close to the plan from the acquisitions.

The margins on the acquired companies combined are lower compared to the rest of the group when it comes to the third quarters. Then of course some acquisitions have higher margins and some have lower, but the combined margin is lower compared to the rest of the group.

We are somewhat diluted for the group, but also when it comes for some business areas as well. Then looking at the gross margins development for East, there is a dilution from the acquisitions.

Okay. Then maybe final one on Eastern Europe here, or final one from my side.

Order intake positive, mostly projects. Can you split East in countries?

Is this mainly Finland or are the order intake positive in Finland? Also the order intake, since it's projects, how much is it in a year or can you give us some sense of how long that the order book is or that order intake that you have?

The organic order intake is positive, meaning we have then excluded the order intake for the latest acquisitions. Slovenia and Croatia is not included in organic order intake.

Poland, there is more or less the same, a little bit higher order intake compared to Finland. The order intake improvement for East is mainly then related to Finland, and then mainly then related to the project market, where consumer market is still challenging.

The orders we are taking now in Q3 some will be delivered end of this year, but it's more or less then going into 2027. Albin,

maybe just to add something on the acquisitions that we made over the last year. I think the starting point for all of them is a little bit different.

In some cases, of course, they have not been used to even producing a monthly report, and have perhaps not been used to quite the extraordinary market conditions linked to the Middle East conflict. I think they're all following plan more or less.

Long term, they are for sure the right deals that we've done at the right multiples as well. It already goes to show that we're up there when it comes to helping them with primarily sourcing, the purchasing side of things, plus operational efficiency and the financial controlling.

It just takes a while to get the full upside potential pursued here. We're not there yet, but it looks good.

Nice for them to be under the Inwido umbrella now with messy times. That said, that's all for me.

Thanks, I get back in line.

Thanks so much. Thanks.

Good morning, hi. Can you hear me?

Yes. Good morning,

Linus. Yes.

Good morning. Sorry, a bit of technical issues here on my end as well as Albin.

Just starting off here on E-Commerce. You have had a pretty nice margin development during the last quarters, and I'm just wondering here, where is the ceiling?

On R12 rolling basis, you are at almost 11%, right?

The sky's the limit, Linus. No, but it's a relevant question.

I think what we have created here is a different animal compared to where we were just a year, a year and a half ago. That bodes really well also for the future, cuz we must not forget that the volumes that they are seeing are far from normalized yet.

When they do get the volumes in, and as you know they have three factories, in Estonia, Poland, and Romania, then they see the margins improving. On top of that, they have managed their what we refer to as SMAD costs, sales, marketing, admin, and development costs, really, really well.

The figures that we see today are actually linked to actions that they took again a year, a year and a half ago, where they also embrace a lot of the new, exciting technology in, for example, marketing. On top of that, last but not least, they have been really, really good at working with value-based pricing.

Of course, it's something we're looking at. Far so good.

I think they have quite a bright future. They're doing a really good job.

We're actually also looking at bolt-on acquisitions in this field. Something we haven't done for quite some time, but that could be exciting, entering in some new territory.

Let's not forget that we are the only actor in this field making money. If you look at, for example, one of our larger Danish competitors, they made a loss of €3.7 million in 2025.

Here we are at 10% in the quarter, almost 11% on a last 12-month basis. Now we keep pushing.

We haven't set a specific target for them, but it's obvious, of course, that when they get the volumes in, they make more money. Hopefully they can continue.

All right. Hopefully more to come then with recovering volumes then.

Another question just to follow up on Albin's question here on the margin and perhaps underlying margin being a bit stronger than reported. Do you have a number on how much the acquisitions diluted the margin?

We are slightly above this 12.3%. We are not on the level that we were 2, 3 years ago, but we are above the level of the 12.3%.

All right. Underneath negative Just

you are saying underlying margin compared to reported, the acquisitions are included now. The underlying and reported is the same thing.

It's no extraordinary items, something like that, in this statement. It's just stating that when we acquire companies, and this has been in the past, it has always been in the past, when we acquire companies, we are short-term diluted because the margins of the acquisitions are lower compared to the rest of the group.

Then we work when it comes to pricing, we work when it comes to synergies in materials or purchase, and we work with operations. Over time, we are improving the margins so we have the same margin on acquisitions as the rest of the group in general.

This is normal for the business, it's nothing unusual. There's no extraordinary things here.

It's just stating that when we acquire companies, the margin of the acquisitions are lower compared to the rest of the group.

Yep, got it. A question here on M&A and the pipeline forward.

You mentioned solar shading companies in the report as well. Could you perhaps elaborate on that and perhaps the size of some of the targets in the pipe?

Sure. As I've said, I think I stated it already in our Q2 report, that it's proven a little bit trickier the last few months to get to a handshake on valuation.

It's not for lack of targets, and we have quite a few interesting discussions ongoing that makes me cautiously optimistic about the next 3 to 6 months where we can hopefully announce a signing or two. It is tricky because many of the targets that we're looking at have had a so-so year-to-date performance, and at the same time they point towards a fantastic hockey stick going forward, and meaning that their valuation expectations are on the high side as well.

We have been, particularly over the last few weeks, flooded by teasers, i.e., prospective cases from all around, but primarily from the UK. It's on the same theme as before, i.e., many of them are in financial difficulties and then not something for us.

The discussions that we are having are covering both existing and new markets. Again, the sweet spot for us these days is somewhere turnover-wise between €30 and €60 million, and that's where these targets are.

On solar shading, as I've said before, the companies that we would be looking at for some kind of entry into that segment are typically a little bit bigger, but we would still be looking for a majority stake, but they can be in the vicinity of €100 to €200 million in size, but of course also typically more profitable than the Inwido average. Some of them are in the 15% to 20% plus EBITA margin category.

We're working on that, and again I think it looks quite promising. I think it also goes to show that the Inwido model is very attractive.

Quite a few are knocking on our door and want to involve us in various processes. We are, for many reasons, selective and cautious.

All right, got it. That's clear and exciting also.

Just a question here ahead of Q4. As you state, the organic order intake was positive across the board.

How do you reason when it comes to Q4 and perhaps price cost effects also?

This is a billion dollar questions in that sense. Yes, the order intake is plus in the quarter, +7%.

However, the increase is mainly related to the project market, and there is +18%, whereas consumer market is +1%. There is a, in that sense, a negative mix impact.

When it comes to material inflations, yeah, that is the big questions how the material prices will develop. We can see one challenging thing for Inwido is of course the gas prices.

Gas prices continues goes up and is now on the second-highest level, and that has a negative impact especially on the glass prices. That's of course a question mark in that sense.

We have also somewhat interest rate is going up, and that also a question how that will impact the markets. Last year, we had ROT, and that was a change in the ROT of Sweden, and that impacted Scandinavia a little bit higher sales in Q4 to utilize the full ROT, and then that was changed from the beginning of January.

Then, of course, we have all the worries what happens right now in Europe. Then the big questions how will the total impact be in Q4 is a bit hard to say right now.

There's a lot of psychology involved in a lot of the markets, and sort of we work with scenarios. One scenario is of course that households, particularly if you look at Scandinavia as a market, still believe that they have quite a lot of money in their wallet, and they look at energy prices going up, and the fact that they have pushed that renovation project in front of them for quite some time, and they realize or recognize the fact that it will have a big positive impact on their quality of life.

They sort of go ahead, because the world is a crazy place, but at the same time life must go on. It is always going to be a bumpy ride, but we do see light at the end of the tunnel.

The recovery of the market will take time, but it is moving in the right direction. Maybe just one comment on glass prices to what Peter said.

Far, we have benefited from the fact that there is an excess supply of glass across Europe, we haven't been hit in that particular input category as much as one could perhaps expect. That could happen, as Peter said, now later in Q4 or early in Q1.

Having said that, we are a big buyer and an important customer for these suppliers, I'm not overly concerned about it. Far, the Middle East conflict has been more hampering us in the areas of aluminium, PVC, energy, and transportation.

Then

when that is said, we have also managed to show that we are flexible within this group and we are able to adjust to the market situations. Also then considering that the market is still very, very low.

When comparing the markets in Scandinavia now compared to 2019 pre-COVID, then the Swedish market is in volume down by about 30%, and in Finland and Norway is more than 20% down, and Denmark is, yeah, just a little bit less than 20% down. We are still on a very low markets, and we see potential on the markets.

Then for the question just related to Q4, it's of course a bit trickier.

I get that. Thank you very much for taking my questions.

We'll get back in line

again.

Thank you, operator. Good morning, Fredrik and Peter.

I have a couple of questions as well. I want to start with the organic growth here, which looks very good at 5% here.

Looking at the currency and FX impact, was a bit less positive than I had anticipated. Given the strengthening of currency throughout Q3 here, my question is, did sales momentum cool off throughout the quarter, would you say?

Because I know that August and September they are important months for you. Is that that type of element, or did you see other reasons why the FX had no positive impact in the quarter?

Hi, Jonny. Good morning.

If I start, I think in terms of the months and the momentum throughout the three months of the third quarter, I think we sort of gained momentum. July, August, you always need to look at in combination.

It's a bit like January, February. September was not worse in any way, I think momentum was actually quite solid all across the three months, and almost with a peak in September.

Other than that, currency-wise, yeah, I don't know, don't think we have any real comment.

No. That's one thing we can't impact.

Yeah.

Understood. I just wanted to make clear that there's no effect that we should keep in consideration.

Good. Then just moving to gross margin a little bit.

I know there've been questions already about this, but I think last time you said that a gross margin 1, that is selling price minus material, I suppose, was down, but compensated by higher efficiency. Is this the case as well in Q3, or did you manage to sort of compensate for higher material prices with price effect as well, given that group gross margin looks good, but you have this negative mix effect?

Could elaborate there a little bit?

No, if you take our sales prices and material prices, then we have a negative net impact from material prices. This then has been offset by improved efficiency in our factories, as well as having higher volumes in our factories.

Same situations in Q3 as it was in Q2.

Maybe if I can just add to that, I think and if you remember in Q2, we had not seen perhaps the full impact of the cost increases and the inflation on the input categories. At the same time, we had not seen the full impact of our corrective measures on the pricing side, and some of that has continued in Q3.

If you take one of the larger entities in Sweden, for example, again, already in April, they had their annual price adjustment of let's say 3%, 3.5%. On top of that, they were because of the Middle East crisis fairly early in Q3 with another price increase where that was possible of another 3% to 5%.

Then in September, and some of them have been out in October as well, we've tried to pursue even a third price increase where possible. That gets trickier and trickier because we are, with the larger customers as you understand, in contracts where we cannot raise prices by maybe more than one or two times per annum.

It has been a little bit of a floating materia also in this quarter. If we start with the supply side, in some cases we were already in Q2 given surcharges or at least heads-up notices about surcharges.

Then when we did sit down with each of these accounts, it turned out that we could take maybe that +10% down to +5% or, in some cases, even down to zero because we are professional in purchasing and because we are large. We can leverage the economies of scale and we are important customers for these suppliers.

Then the parallel activity has then been the value-based pricing where, in some cases, and I'm not saying this has been common across the board, but in some cases, a business unit may have ended up actually being able to raise prices by more than what they have been effected on the cost side. It's been a net positive impact for them, a bit similar to what we saw during the pandemic, I guess, in the early days of the pandemic.

It varies quite a lot from entity to entity and from market to market. It's really a battle and some arm-wrestling between these two forces, and I foresee that continuing also in Q4.

Understood. I know it's a lot of moving parts.

What would you estimate the price impact were in this quarter on organic growth, and how should we read the price effect? It should be more visible in Q4, or?

We have a total organic growth of 5%, and we have a volume growth in the quarter as well. If there is 50-50, now it's a little bit more volume increase compared to price increase in the quarter when compared to last year in general.

Understood. Just one final from my side.

I think looking in West, delivery looks good. I just want to question here, have you started the delivery of the large Scottish order you press-released earlier this year, or is this still ahead of us?

That's a very good question, Jonny. Thanks for bringing that up.

We have actually not started that. That will commence in November.

It's not due to our fault. It's because of, yeah, documentation, etc., on the buyer side, this Falkirk Council, as you may recall.

There are no volumes linked to that one included in the third quarter figures. That will come or start to come from November and onwards.

I think worth mentioning on the order intake side, we have actually taken yet another quite large project for social housing in Scotland linked to our Sidey Solutions Group, £10 million, and that's included in the Q3 order intake figures. It looks like a small increase in order intake, but that's because we also got a lot of order intake in last year's Q3.

It's yet another sign of us being in the sweet spot and doing a really, really good job with it.

Sounds promising. Thank you.

That was all for me, and have a great day.

Thanks a lot, Jonny.

Hello, Igor Tubic here from DNB Carnegie. I have just a couple of follow-up questions.

If we start with the M&A, given that you mentioned that it's hard to negotiate with the counterpart and they believe that the valuation is much higher, are you considering any share buybacks in a scenario where the M&A activity slows down, to say?

Good morning, Igor. Good question, of course.

No, that's not been on the table at all, I should say. I guess we don't really have the mandate for it either.

For me personally, I think it would be a somewhat strange sign. It would sort of implicitly indicate that we were lacking growth opportunities, primarily then on the M&A side, which is definitely not the case.

It's just a bump in the market right now, and I think we should all be quite pleased about the fact that we have not pursued some of the cases that we have been looking at in the past, and I include in that countries like France that was on our radar screen through one or two concrete cases a year, a year and a half ago. Given what's going on there at the moment and the outlook for that country, I'm rather pleased with that.

Linked to that is the fact that we have a reason to be cautious when it comes to M&A. I do think we have proven over the last 12 months with the six acquisitions we have completed that we can be very agile and quite speedy when we do see the right targets.

Again, a lot of them are coming to us, which is good. I don't feel that we're at the same time missing out on any major opportunities.

A long answer to your question, but, no, we're not discussing that at the moment.

Makes sense. Thanks.

Just a final one also. When you talk about the solar shading business, can you share what the multiples are in this type of business that you are looking at?

Some sort of

Normally, as we pay typically 5 to 7 times EBITDA, and here we would most likely be forced to go up to 10, 10+ times. Having said that, I think it would be worth it.

We, of course, need to do our homework before pushing the button on that kind of transaction. Looking at the analysis right now, I think it looks quite promising, where we would see quite a lot of sales synergies and it would be already day one a positive mix impact for the group as such.

It is something we are pursuing, but we need to find the right target and coming in at the right level. The traditional multiple wouldn't really work here, meaning that we indirectly wouldn't get necessarily the arbitrage that we would be hoping for.

I think it would be a very interesting third leg for Inwido to pursue. This trend has already started in Southern and Central Europe.

There is no reason for it not happening in the northern part of Europe either.

Okay. In terms of that type of business, can you share or have you seen anything how that sales in these type of businesses is developing?

Is it similar to your business, or is the correlation similar or is there negative correlations, to say?

There is some correlation. If anything, it has developed better than the window business as such.

It varies a bit from market to market, but typically they have been developing quite nicely, linked to, yeah, global warming and what have you. Let's not forget that we actually have one company within this field already within the group, namely Artic Kaihdin in Finland.

Smallish, but it's been a bit of a litmus test for us. Of course, they have been facing the headwind in Finland as well on the consumer side.

We do see that 1 + 1 can equal 3 when we put our products together. Generally across Europe, the solar shading business has developed favorably, despite, yeah, GDP not being fantastic in all of the Central European countries.

Perfect. Thank you both of you very much.

Very helpful.

Thanks, Igor.

Hi, sorry. Hi.

That was actually a mistake on my end. Sorry about that.

No problem, Linus, at all.

Thank you very much. Please pencil these dates into your calendar if you haven't already, and don't forget to follow Inwido on LinkedIn.

In the very near term, we have Capital Markets Day coming up here in Stockholm. Always exciting, and so do take that opportunity to meet us and our group management team in person if you have the opportunity.

With that said, on behalf of Peter and myself, thanks, everyone, for attending. Stay safe out there, and bye for now.

Thank you.