Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Co-founder and Group CEO, Niels Eldrup Meidahl. Please go ahead. Yes. Good morning, and a warm welcome to InstallatørGruppen's presentation of our interim report for the first half of 2026. My name is Niels Eldrup Meidahl. I am Group CEO. With me today, I have Mathias Ringsted Grüner, our Group CFO. This is our first interim report as a listed company. We were admitted to trading on Nasdaq Copenhagen on June 11th, so the period covers both the run-up to the listing and the first weeks after being a public company. Let's look at what we will be covering this morning. I will take the highlights, our growth, and acquisition. Then Mathias will take you through the financials and the outlook. After the presentation, we will open up for questions. Let's look at the highlights for the first half. There are five points we see as the most important for the first half of the year. I will start with the listing. We were admitted to trading on Nasdaq Copenhagen on June 11th, and I am very pleased that we took that step. A very warm welcome to our new shareholders in InstallatørGruppen. The listing of the group is broadening out our shareholder base and creates visibility for our company and will help us with the next phase of our expansion. It does, however, not change the way that we run our company. Second point, our revenue. We have delivered DKK 2.2 billion, up 29.5% on the first half. The growth came from acquisition we completed in 2025 and 2026. Our switch platform and organic growth of 2.2%. We managed to increase our EBITA by 34.6%, so a bit faster than the revenue. Third, Denmark. Revenue in Denmark was DKK 1.9 billion, up 15.9% on last year. We had an EBITA margin of 9.3% against 9.1% last year. This is our consolidated platform, and it improves margin in the first half despite harsh weather in Q1. Fourth point, Switzerland. Here, revenue is up from DKK 77 million last year to now DKK 322 million this year. We have moved the business from a loss-making of DKK 9 million last year now to being profitable with DKK 19 million this year. Fourth point is our order book. It stands at a record high level of DKK 4.3 billion. It is up 19% since the end of the year. And when you look at it on like-for-like, it is up 9.8% compared to last year. Overall, the first half was in line with our expectation, and based on that, we confirm our outlook for 2026. Let's look at the organic growth. We saw solid underlying growth across our portfolio in every discipline in the first half. First half 2026 was, however, impacted by strong comparison in the first half of 2025, as well as postponed projects into the second half of 2026, mainly due to the harsh winter we saw in the first quarter. Our organic growth ended up at 2.2% in the first half against 18.2% the year earlier. The growth we saw in the first half was in line with our expectations. We have already seen growth picking up in Q3, and the 2%-5% organic growth that we have communicated earlier is still our expectations for 2026. This brings me to the order book. It stands at DKK 4.3 billion today, the highest level we have ever recorded. That is up 19% as of beginning of the year and 72% compared to last year. On a like-for-like basis, it is up 9.8%. The work the winter pushed out has not been lost. It is contracted work, and it sits in our order book, and we anticipated it to move into the second half of the year. The same effect that held back the growth in the first half, we anticipate to have positive effects into the second half of 2026. Bear in mind, our order book is only the signed contracts. All service work is not included in it. So the figures understand the secured revenue rather than overstating it. Let us talk a bit about our acquisitions. I will not read through the whole list, but I will take three points from it. We have completed eight acquisitions in the first half, six of them in Denmark and two in Switzerland. The majority of the companies we bought was within the electrical discipline. We have also bought a ninth company, Erik Lytzen, that was completed the 1st of July, just after the period closed. Three out of eight were acquisitions by portfolio companies that we already owned. That is why eight transactions took us from 42 to 47 and not to 50. Looking at the discipline, the list is weighted towards electrical work with heating and plumbing and one ventilation business alongside with it. Erik Lytzen covers all the three disciplines. In total, the acquired companies represent DKK 630 million in revenue and DKK 55 million in EBITA based on their last full year results. Now to the two segments. Denmark first. Revenue of DKK 1.9 billion, up 15.9% on last year. The margin is up from 9.1%- 9.3%. The improvement came from procurement synergies and from revenue management and pricing. Switzerland, here we saw a revenue of DKK 322 million, up from DKK 77 million last year, and the margin has went from -12.1% to now being profitable with 5.8%. The country organization was built first, and revenue is arriving now. The Swiss margin is still 3.5% below the Danish one, and the gap will be closed when we get more scale in Switzerland. Switzerland is now 14.5% of group revenue against 4.5% last year, and we are moving it from loss-making to being profitable. That is where the business stands. Mathias, will you take over on the financials? Thank you, Niels, and welcome also from me. I will take you through the financials and the outlook before we open up for questions. Let me start with revenue and margin. Revenue for the half year was DKK 2.2 billion, up 29.5%, driven by the 2025, the 2026 acquisitions, the Swiss buildup, and the organic growth of 2.2% in line with expectations. in the second quarter, revenue grew 25%. On margin, the comparison is with Q2 last year, an unusually strong quarter to be measured against. As the chart shows, the second quarter is generally busy, and the higher Q2 margins reflect that. This year's slip, 8.7% in Q1 and 9.9% in Q2, follows that normal pattern. Last year's was higher than normal, so the cleanest comparison is the half year. An adjusted EBITA margin of 9.3% this year, up 0.3 percentage point compared to last year. Turning to slide 10 on cash flow. Adjusted cash conversion came in at 71.3% for the half year against 97.2% last year and 110.3% for the full year of 2025. The first half is seasonally the softest period for our cash flow. June remarks the peak in receivables and the working capital built up over the first half and is released over the second. Much of the June position has in fact already been collected in the third quarter. Working capital tied up DKK 56 million in the period, partly the seasonal buildup of work in progress and receivable, also reflecting the much larger revenue base. CapEx remains low, consistent with the asset-light model. Adjusted free cash flow was DKK 141 million. The adjusted measure excludes acquisitions of subsidiaries and tax. It measures the operation, not the acquisitions. Cash flow is what funds our compounding model, so it has our constant attention. The cash we generate is redeployed into acquisitions and the returns on that capital are attractive, reflected in the 2024-2025 return on capital employed of 21.1%, up from 18.4% in previous year. Reinvesting at those returns is what compounds value. Moving on to slide 11, the capital structure. Net interest-bearing debt ended for the half at DKK 1.09 billion, DKK 248 million above the year-end. The increase mainly reflects acquisitions together with the reevaluation of contingent consideration, the buyback of own shares at the listing, and the seasonal working capital buildup. Leverage stands at 2x against our target of below 2.5x. The 2x is at the same level as a year ago, up from 1.7x at year-end. Regarding financing, at the listing, we put in place a new revolving credit facility of DKK 1.75 billion with a five-year tenor. The headroom to our leverage target is backed by committed facilities ready to fund further acquisitions. That brings me to the outlook for 2026 on slide 12. All five guided measures are unchanged from the listing. Reported revenue of DKK 4.65 billion- DKK 4.9 billion, and adjusted EBITA of DKK 415 million- DKK 465 million. On the combined basis, which includes the acquired companies for a full year, we expect revenue to be between DKK 5.45 billion- DKK 5.7 billion and adjusted EBITA of DKK 475 million- DKK 525 million. At last reported EBIT of DKK 225 million- DKK 285 million, where the first half carried the listing related special items, which do not repeat. Results are in line with our expectations and the outlook is reiterated. Reported revenue and adjusted EBITA both stands at about 47% of the guidance midpoint. For reference, the same point last year corresponded to 46% and 43% of the eventual full year. There is still a half year to deliver, but with the seasonality stronger period ahead, the record order book and postponed work now sitting in it, we consider the outlook well underpinned. That concludes our prepared remarks. Operator, please open the line for questions. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now go to our first question. One moment, please. Our first question today comes from the line of Kristian Tornøe from SEB. Please go ahead. Thank you. A couple of questions from me. I will just do them one by one. Firstly on growth. Maybe if you can elaborate a bit on the difference between the 2% organic growth and the 10% like-for-like growth in your order book. Why has not the order book development pushed up the organic growth to a high extent? Kristian, I think, first of all, it is a like-for-like comparison. The 2.2% organic growth is generated from the same company's order book. Those company's order book has increased with 10%. I think some of the reasons why this has not materialized in the growth generated so far is due to the reasons that Niels has described here. Some of the orders come in during the half year. Secondly, we have also been impacted by this cold winter, creating some delays in the start of projects. Yeah. Can you help us then on the DKK 4.3 billion backlog? How much of that is expected to be recognized as revenue in the second half of the year? To be honest, Kristian, we do not have that kind of exact numbers on how the order book is played out. As you know, it is 48 companies and it is put out on several hundred different projects. But the order book sits at a really good place and we for sure anticipate a large part of this to be delivered in the second half. All right. If I can then move to cash flow. The notable increase in your work in progress and hence the drag on cash flow, that is materially different to the performance last year. So maybe if you can elaborate on that one. Kristian, we consider this a timing element as we have seen a lot of these receivables and work in progress coming in here in Q3. We expect to see a catch-up in Q3. Okay. Would that also mean that we should expect your adjusted cash conversion to end above the 85% and in line with your medium-term guidance for 2026 as well? We expect to deliver on what we have promised. Yes, great. Last question from me is just a bit of commentary around your M&A pipeline, and if you expect to sort of reach the acquisition equaling DKK 100 million in adjusted EBITA for the full year. Yes, that is for sure still the plan. There is a lot of activity going on at the moment, and we believe that we will be in line with our expectations put out forward around the DKK 100 million. And maybe for some expectation management, those deals we are waiting for then, when could we expect that they would close? I think as we mentioned, I think also earlier, was that most of that will be in Q4. All right. Great. Thank you. That was all from me. Thank you, Kristian. Thank you. We will now go to the next question. Your next question today comes from the line of Sebastian Grave from Nordea. Please go ahead. Hi, good morning, Niels and Mathias. First of all, congratulations on your first report as a listed company. Maybe for a start, could you talk a bit around how you see the overall Danish and Swiss installation market shaping up currently? It appears that your Swedish peers have seen a sort of inflection point in terms of growth. I guess for your markets, we are at a somewhat different place in the cycle. So maybe for a start, if you could talk around the overall market developments, also if you would like to highlight some specific disciplines, that would be great. Yeah. I'll be happy to do that. I think compared to the Swedish market, the Swedish market has been really under pressure the last years, and there you're seeing a strong rebound into that. The Danish market has not been falling in the same way. However, when you look from 2022 and to where we stand at the moment, it is down around 14%, the Danish market. I think the Swedish market is more or less the double of that. When we look at the expectation for the market for the Danish market this year, we anticipate around 4%-5% growth in the Danish market. In Switzerland, we anticipate a bit lower growth, around 2% market growth in Switzerland. Bear in mind, in Switzerland, there is hardly any inflation. If you put that on top, the Swiss market are more or less developing the same pace as the Danish market. Okay. How about if we look at disciplines, Niels? Are there any disciplines that stands out, or is it broad-based, you expect the 4%-5% in Denmark, for instance? I think that it's fair to say that the pharma industry in Denmark has stopped up a bit. We've seen that in the first half. We can see that the pharma part is growing in the second half, we anticipate it to grow in the second half. We have also seen a lot of the military investments that was planned to start up in the first half, have been postponed into the second half. I think that is the two biggest swing that we have seen. We are also now seeing that the legislation are coming in place in order for the starting up the green transition in the municipalities. We also anticipate that to start up with a stronger pace, but not until next year. Okay. Thank you. That's great. If I look, and it's sort of on the same line here. If I look at your performance benchmarking to your Swedish peers, your organic growth in particular for the quarters seems slightly underwhelming. I guess I understand that we are in a different place in the cycle in Denmark, and I also understand that you allude to difficult comparisons from Q2 last year, as well as some project delays. On the latter two, maybe you could possibly even try to expand a bit more on these dynamics. I guess maybe the organic growth comparisons, are they to ease in the second half of the year? In terms of these project delays, are these only driven by weather or, as you put it, is it also some structural challenges here in place, or how should we think of these dynamics? Yeah. I think there's two things around this. We have seen quite good growth in the minority of our businesses. There are two companies that are below last year and significantly below last year. They had, as you said, very strong revenue in the first half last year, and we have not seen the same kind of revenue in those two businesses this year. That is the timing. We anticipate that to pick up in the second half for those businesses, and the rest of the businesses are developing in line with where we had anticipated it. It's very difficult for us to compare Denmark against the comparables in Sweden. But some of the Swedish comparables have also been out with measurements for their Danish business, and there, that was driven by very large pharma projects where they have seen significant growth. Finally, on the second half, I think the comparable will be significantly more easy in the second half than in the first half. Great stuff. Just my last question, if I may. On the M&A pipeline, if I look at the acquisitions year to date, it has been heavily skewed towards electrical companies. What is the strategic direction going forward in terms of M&A? Do you still prefer building a stronger platform within electricals, or how should we think of M&A in terms of disciplines moving forward? I think, Sebastian, for the coming half year, we are still slightly skewed towards electrical companies, but are getting a more balanced split. I think from there on, we cannot give direction around how the mix will be. But for the near future here, we still expect to have an overbalance in electrical discipline. Okay. Thank you, Mathias. Great stuff, guys. Thank you for taking my questions. Thank you. As a reminder, if you would like to ask a question, please press star one and one on your telephone and wait for your name to be announced. That is star one and one if you would like to ask a question. We will now go to our next question. Our next question today comes from the line of Mikkel Løgsted from ABG Sundal Collier. Please go ahead. Yeah. Good morning, both Niels and Mathias. Again, one question on the revenue and it being impacted by these order postponements. Are you already seeing some uptick here in July and August? Yes. I think we are not specifically commenting on months, but we are seeing a pickup here in the first half of Q3. All right. Thank you. Then maybe I will turn to Switzerland. Switzerland is now profitable, and what should we expect in terms of the timing of improving margins in Switzerland going forward? Is that with the same pace as we have seen the last year or maybe, yeah, some color on that would be helpful. I think it's difficult to set the full timing of when will Switzerland be as profitable as the Danish business. It takes some economy of scale to bring it up. Today, the HQ in Switzerland is a bit higher, when you look at the full company down there compared to the Danish one. But over time, we anticipate the margins in Switzerland to come to the same level. But bear in mind that the revenue down there is only 15% of the Danish one, so it will take some time for the margins to come up due to the lack of scale that we have in Switzerland. But we should expect to see margins improvements going from quarter to quarter as revenue grows, right? Yes. That you should anticipate. I just cannot promise you when the Swiss margins will be in line with the Danish ones. But you will see an increased margin quarter-over-quarter in Switzerland. All right. Thank you. And maybe some additional color on the third market. It is now between Austria and Ireland. What will be the main swing factors in terms of deciding the new third market? I think there will be two things. We are looking at what kind of management can you get in the two different markets. Having a strong local management is super important for us. We both see the two markets as being very attractive, but also very different. When you look at the Austrian market, there has been hardly any consolidation happening in that market. The Austrian market very much looks at the Danish market when we started up in 2022. Hardly any consolidators. A lot of companies that are looking for succession and so on. That is the Austrian market. The Irish market, there you are really seeing a market booming. There, the consolidation is starting, but you have a really, really strong underlying growth in that market. Also a strong population growth of almost 2% in the Irish market. It is a little bit also, do you want to go into a market that looks very much like the Danish three years ago, or do you prefer to go into this very, very strong growth market and have more competition from other compounders? It will be a part of the management, what kind of management can we have, and then a final decision on whether we would like the one kind of market or the other. But overall, super interesting market, both of them. All right. Thank you. That was all for me. Thank you. Once again, if you would like to ask a question, please press star one and one on your telephone and wait for your name to be announced. That is star one and one on your telephone keypad to ask a question. There are currently no further questions. I will now hand the call back to Niels for closing remarks. Thank you all for attending this meeting today. We are looking very much forward to meet you all again already on our Q3 announcement later this year. Thank you very much. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.