Welcome to Brødrene A & O Johansen interim report for the first half of 2026. For the first part of the presentation, all participants will be in a listen-only mode, and afterwards, there will be a question- and- answer session. To ask a question, please press five star on your telephone keypad. I will now hand it over to your speakers, CEO Niels A. Johansen and CFO Per Toelstang. Please go ahead. Good afternoon, and welcome to our second quarter and first half of 2026 webcast. Let us look at some of the highlights of the second quarter. It is indeed busy times in AO. We are excited about the M&As and the massive investments in the future that we are carrying out. We are just as satisfied that our daily business is showing strong development, even stronger than we expected. AO saw the highest second quarter sales ever. We saw a growth of 11.6% in Q2. B2B grew revenues by 10.9%, and B2C saw 15.4% growth. Excluding VVS-Eksperten, the organic growth was 10.6%. I am particularly satisfied to note that the growth in Q2 and first half of 2026 now exceeded our expectations, despite the tough winter, which has a negative impact on the month of February. Based on the higher-than-expected growth in Q2, we revised our guidance, and Per will walk us through the updated guidance later. Gross margin improved 24.6%. Overall margins increased from 24% last year to 24.6%. We calculate that the one-off gain from the increase in prices amount an increase of approximately 0.2%. The pressure on margins is still fierce, but the B2B business managed to deliver margins that are 0.4% higher than last year. B2C margins increased 1.8% - 33.1%. I am satisfied with the margin development. It is and will be a priority for AO to focus on securing margins and, at the same time, growing our projects activities. AO has acquired JMV Cables as of August 1st. The acquisition has been approved by the competition authorities. JMV Cables is a Danish supplier of cables for construction, for the industry, and for the infrastructure market. Yearly revenues amount to approximately DKK 125 million. The acquisition strengthens AO's product assortment, primarily within medium voltage cables, and will strengthen our positioning in the project segment. The acquisition is expected to bring approximately 50 million revenues rest of the year at an EBITDA margin around 10%. Our offer to buy Elektroimportøren has met support from more than 90% of the shareholders of Elektroimportøren. I am delighted to conclude that by late August, Elektroimportøren will be part of the AO Group of Companies. Let's walk through the rationale behind the acquisition, which increases the size of AO Group of Companies by more than 20%. Elektroimportøren is a market leader in Norway. Sales of almost NOK 2 billion, driven out of 32 stores in Norway and two in Sweden, holds a leading position in Norway and has defined Sweden as a growth market. The assortment is a broad range of electrical equipment, serving both the B2B customer and the B2C customer. Approximately 52% of sales to B2B and 48% to B2C customers. Elektroimportøren owns an impressive brand called Namron, accounting for approximately 33% of sales. The Namron assortment consists of approximately 1,600 articles and is popular both with B2B and B2C customers. Elektroimportøren has slightly more than 400 full-time employees. More than 70% of all shop employees hold an education as electrical installer, which is a signal of the quality marks in Elektroimportøren. We see a strong rationale in adding Elektroimportøren to the AO family. Combining B2B and B2C activities, Elektroimportøren has a leading position in Norway. AO has a leading position in Denmark. We see a common potential in growing the activity in Sweden. The acquisition supports AO's long-term growth strategy in Scandinavia. Both Elektroimportøren and AO operate a business model that serves B2B and B2C customers. Relevant parts of the AO assortment can be included in the assortment of Elektroimportøren across the 34 shops and vice versa. We will utilize our strong property portfolio in financing the acquisition. The acquisition calls for approximately DKK 800 million in additional financing. Approximately DKK 500 million will be raised by loans as well as sales and leaseback arrangement in our property portfolio. The additional DKK 300 million is expected to be split in DKK 150 million CapEx line, which we plan to repay during the coming 10 quarters, and a DKK 150 million revolving credit facility. The acquisition of Elektroimportøren is historical for AO and marks our transition from being a Danish wholesaler into becoming a Scandinavian wholesaler. Now, let us look at the management's observations. The competition remains fierce. Demand remains lower than supply of wholesale capacity in Q2. This causes a somewhat one-sided customer focus on price, especially on project sales. During such times, we observe an increasing tendency from customers in negotiation, even smaller order, as normally done for larger projects. Over time, we expect a more balanced demand-supply situation. By then, we expect a less one-sided price focus and an increased customer focus towards solution sales and other add-ons, such as how the customers are served in the best and most convenient way. Our investment drive up cost of doing business. As we stated in our outlook for 2026, our investments in business will increase the cost base. The full year impact from the new shops in Sweden, the investment in additional competencies within the project activities, and our focus on strengthening coverage of tooling and fasteners are all investments which will bring growth. Short-term, these investments will increase the cost of doing business ratio. Many of the investments in Denmark have the purpose of supporting our everything under one roof concept. I am happy to note that customers appreciate this, which further increased our store visits and market share in Q2. Geopolitical tensions and uncertainty. AO buys 88% of all goods in Europe and the rest in Asia. More than 99% of our sales are within Scandinavia. As we speak, we do not see any signs of geopolitical tension in our numbers and order backlogs. However, the warring situation in the Middle East has been driving up price levels. We have chosen to increase inventories by approximately 5% with regards to assortment, where we deem the supply situation to be less reliable than usual, or where prices are expected to rise further. For the time being, and to the best of our perspective, we do not see this having a material impact on AO in 2026. I do want to stress that the current geopolitical and macroeconomic uncertainty increase uncertainty to current outlooks. Now, Per, please take us through the financial performance. Thank you, Niels. Number of sales days were the same as Q2 last year. Q2 sales showed a growth of 11.6%. Organic growth, excluding VVS-Eksperten, was 10.6%. As Niels said, highest ever Q2 revenue. Sales in Q2 continued the high activity level we saw in March, and as Niels said, the growth was higher than what we had expected. Margins improved from 24% - 24.6% and improved in both segments. Approximately 0.2 percentage points of the margin increase was caused by price increases. Margins appreciated by increased cross-selling and the fact that recent M&As have brought higher margins. Cost of doing business ratio was 17.9% of revenues and at par with last year. High investments in the business mitigated the scale impact. In addition to normal cost inflation, the quarter includes approximately DKK 10 million cost related to the impact from strategic investments in growth initiatives. EBITDA came in at DKK 113 million, 21% higher than Q2 last year, and EBT came in at DKK 62 million, 18% higher than last year. Earnings were slightly higher than expected. Now, let's turn to the margins. Q2 margins improved from 24.0% - 24.6%. As I said, margins appreciated in both segments. AO took advantage of the positive mix effect related to higher margins from recent M&As. Furthermore, AO gained from the positive cross-selling margin impact following our everything under one roof concept. The margin pressure is still intense, especially in projects. Let's leave the margins and turn to the segment info. The B2B segment accounted for 83% of the Q2 revenue, and the B2C segment accounted for 17%. We are quite satisfied with the segment performance. B2B revenues grew 10.9% and margins improved 0.4 percentage point in Q2. Cost increased 10% in B2B, and consequently, the EBITDA margin amounted to 11.5% compared to 11.0% last year. B2C revenues increased 15%. Organically, B2C grew 10%, while 5% came from the VVS-Eksperten sales. B2C margins increased by 1.8 percentage point and ended at 33.1%. The margin increase mainly relates to continued price management. The B2C segment EBITDA margin increased to 10.5% from 9.1% last year. Finally, indirect non-allocated cost amounted to 4.6% of revenue, up from 4.5%. The increase is mainly due to investments in growth activities. Let's turn to the investments. The highlighted band shows the normal level of maintenance investments in AO, estimated to be close to DKK 100 million on a yearly basis. Please note that we have increased this due to the increased size of the AO business. It used to be DKK 60 million -DKK 100 million. The investments in Q2 2026 amounted to DKK 48 million, at par with Q2 last year. Tangible assets included DKK 19.5 million, whereof approximately half related to the finalization of new warehouse capacity. Intangible assets amounted to DKK 28 million, mainly relating to investments in IT and digitalization and software related to the new warehouse. Full year investments excluding M&As is expected to be at the same level as last year. Q2 cash flow from operations before changes in working capital amounts to DKK 114 million, being 20% higher than Q2 last year. Cash tied up in working capital has increased DKK 60 million compared to Q2 last year. The increase being partly due to higher activity and partly due to us increasing inventories where we deem supply to be less reliable due to the geopolitical situation. Interest-bearing debt over EBITDA was 2.7x, compared to 2.9 x EBITDA end of Q2 last year. Let's turn to the updated guidance for 2026. We increase organic revenue due to higher than expected sales in Q2. The previous range was DKK 6.4 billion-DKK 6.6 billion, and now we expect DKK 6.55 billion-DKK 6.7 billion. The new guidance imply a rest of year growth of 5%-10%. On top of the new organic revenue range, we add DKK 50 million related to rest of year sales from JMV Cables. Summing up, the new revenue guidance will be DKK 6.6 billion-DKK 6.75 billion revenues, including JMV Cables. Looking at earnings, we expect the increased organic revenue to contribute with additional DKK 15 million earnings, and we expect JMV to contribute with approximately 10% EBITDA margin, thus approximately DKK 5 million earnings. In other words, the underlying earnings guidance thus implies an updated EBITDA expectation of DKK 480 million-DKK 520 million, and an EBT range of DKK 280 million-DKK 320 million, both up DKK 20 million. We estimate approximately DKK 20 million transaction cost related to the acquisitions of JMV Cables and Elektroimportøren. The transaction cost relate mainly to advisory fees, et cetera. Summing up, we expect the earning range to be unchanged DKK 460 million-DKK 500 million EBITDA and DKK 260 million-DKK 300 million EBT, but now including transaction cost of DKK 20 million. Whilst the new guidance include the impact from JMV Cables and estimated transaction cost, the guidance does not include the impact from Elektroimportøren and the financial cost related to the acquisition from closing to end of year. We will issue an updated guidance end of August, which include the rest of year impact from Elektroimportøren and the associated financial costs. As Niels said, we are following the macroeconomic and geopolitical situation closely. We don't see the uncertainty reflected in current numbers, neither in Q2 nor in the order pipelines. The most significant risk towards our guidance are that the margin pressure will increase further during 2026, and that the geopolitical and macroeconomic tension result in lower consumer investment appetite, and market activity being more volatile than normally. This concludes the presentation, and we are ready to take your questions. Yes. Thank you. To ask a question, please press five star on your telephone keypad. There will be a brief pause while questions are being registered. Our first question comes from the line of Kristian Tornøe from SEB. Please go ahead. Your line will now be unmuted. Thank you. I have a couple of questions. First one goes to the organic growth in the B2B segment, which picked up quite nicely in Q2, compared to Q1. I am just wondering whether you think there is any sort of weather-related impact considering the cold weather we had in Q1, and how we should take that into consideration for the second half of the year. Hi, Kristian. Well, yes and no. Of course, it is a right thought that you might have had a catch-up from the cold February or cold Q1. But the growth we have seen since March has been pretty steady. So, actually, I think it is only a minor impact from Q1. Okay. That is comforting. My other questions relates to the acquisition of Elektroimportøren. Can you just broadly, maybe talk a bit about the potential synergies and obviously ideally if you can quantify anything that would be hugely appreciated. Well, first of all, the synergies we see ahead of us are definitely growth synergies. This is not a cost synergy acquisition. Actually, Elektroimportøren is in pretty good shape, and we won't have the other cost synergies, I believe, than the one we may have and hope to have from supplier comparisons between our prices and their prices. The main synergies will be growing their business, so assisting Elektroimportøren in growing their business in Norway and in Sweden. Further to that, as you know, in their 34 shops, they have electricity assortment. We would like to, if relevant, to add on assortment from our shelves, needed for their customers to do a one-stop shop, basically. So one synergy we hope will be expanding their assortment with relevant parts of the AO assortment. On the other hand, they have this own brand, Namron, and obviously it will be part of our evaluations if Namron would fit the Danish market. We don't know yet, but that will definitely be an interesting investigation. So that would be the main synergies. It's a little bit early for us, Kristian, to quantify the synergies. There'll be a press release late this month with a revised guidance, and then we will have the October and the February webcast. We will gradually become more familiar with the numbers and the potentials in Elektroimportøren. Fair enough. Then probably just my last question here on Sweden. It seems Elektroimportøren has sort of entered that market with a limited presence, but an ambition to grow more. We can say AO in Denmark has done the same, not necessarily in the same segment. But can you maybe just help us understand how we should think about the strategy for the Swedish market now that you have two ways to address the market? You're right that Elektroimportøren, they have a strong position back home in Norway. We have a strong position back home in Denmark, and combined, we are agreeing that Sweden is a very interesting growth market for both brands. When I say both brands, you should also see this as a sign that we will grow the Swedish market with two brands. So it will still be Elektroimportøren and AO, those two brands. You should definitely expect more shops to pop up in Sweden, both in AO, as you know, but now also in Elektroimportøren. That would be an interesting journey. We will not combine the shops, Kristian. You will see separate shops for Elektroimportøren or Elektroimportøren and AO. Understood. Excellent. That was all from me. Thank you so much. Thank you, Kristian. As a reminder, to ask a question, press five star on your telephone keypad. We will have a brief pause while questions are being registered. As no one else has lined up for questions in this call, I will now hand it back to CEO, Niels A. Johansen for written questions. Please go ahead. Hi, this is Per. We have had a number of written questions. First one, do you see any scope to consolidate the warehouses logistics of Elektroimportøren with existing AO capacity over time? The answer is no. On the contrary, we plan to keep the warehouses logistics of Elektroimportøren extremely busy in the future by expanding in both Norway and Sweden. As I also answered Kristian, this acquisition is not a cost synergy acquisition, it's a growth and sales acquisition synergy, and we are looking forward to harvest those positive synergies. We have another question related to the net debt EBITDA. Going forward, how long time do you expect it will take before net debt EBITDA return to our targets? Well, it's a tricky question. Obviously, you should see us prioritizing to deleverage. By deleveraging, it will be paying back debt. It hopefully will be mainly by increasing EBITDA, but it will also be by paying back or reducing net debt. When it is tough to answer, it depends on future investments, future wishes, future plans. You should expect us to have a rarely fast reduction of leverage. I am not sure I can get closer to it than that. Another question is, do you expect also to refinance the debt Elektroimportøren had in NOK? As you might know from the Elektroimportøren's accounts, the major part of the interest bank debt in Elektroimportøren is IFRS 16 lease debt. Actually, the bank debt is quite low in Elektroimportøren. So we may refinance the debt, and we may not. That is not clear yet. A third question, do you expect that the new debt will impact the payout ratio of 50%? In AO, basically we feel, and you also know our capital allocation policies, we feel that paying out a solid dividend is a part of being AO shareholder. We would like still to pay out dividends. Obviously, this is a decision that we will take together with the board end of year, but we like paying out dividends. We have another question. How much of the inventory increase is driven by price versus volume? Inventory has increased approximately DKK 60 million this year. Around 30% is due to prices, and around 70% is due to additional volume. Regarding Namron, what is needed to be able to launch it? [Non-English content] Regarding Namron, what is needed to be able to launch it in the DK markets? Do you think it is already possible to do in 2027? We think that first of all, we have to take the decision if and when we will do it in Denmark. Assuming we had been taking that decision, then I would expect it to be possible in 2027. Not in the beginning of 2027, but within 2027. We have another question related to the finance cost. What will be the cost of borrowing percent related to Elektroimportøren acquisition? This goes for the bridge financing and the, I guess of the DKK 800 million or DKK 760 million. The borrowing cost will be, if we lend it in Danish kroner, it will be CIBOR plus less than 1.5%. If we borrow it in NOK, then it will be NIBOR plus less than 1.5%. We have another question related to our property portfolio. Can you estimate the loan to value for your properties after having paid for the Elektroimportøren purchase? We do not disclose that, but even after the refinancing of property space. What we will do is basically to increase the loans in properties only up to the original main share. So the loan to value will still be pretty low even after the financing. So there will be a basis for, you can say, utilizing the property portfolio more than what we have done now. Can you update on progress in the new brands or sites that you have established in Sweden the last 18 months? Yes, sure. As you know, in 2024, we bought the Vallentuna site with one aim to get a hold of a very interesting site, but also to spearhead our further growth in the Stockholm area. We did, and we opened another three, four shops since then. What we have seen is that growth is picking up rather fast. Typically, we are in break even, EBITDA break even within the first 12 months. We see the growth. It typically takes approximately, you could say, around three years for it to become a mature shop. But it goes to break even within the first 12 months. Some of the shops has been break even faster than the 12 months. Great. I think that is all. Thank you for the many good questions and the big interest we have seen in this webcast. We are looking forward to issue the updated guidance, including Elektroimportøren end of this month, and then we will be looking forward to host the next webcast late October. See you. Bye.