Good afternoon, welcome to today's presentation of WindowMaster's first half 2025 results. Today, I'm joined by WindowMaster CEO Erik Boyter and CFO Steen Overgaard Sørensen. Together, they'll present the results and answer questions in a Q&A at the end. My name is Philip Coombes, if you want to ask any questions in English or Danish, you can do so in the chat box below the video here. With that said, I'll pass over to Erik to begin the presentation. Yes. Thank you very much, Philip, welcome to this presentation behalf also from WindowMaster's side. I will just do a small introduction, then I will let CFO Steen Sørensen do the financial presentation. First of all, I would like to say that we, as WindowMaster and a management and company, are not very satisfied, of course, with the half-year result we sent out to the stock market yesterday. There are reasons for this, but we are also confident in second half and also into what we see already into 2026. To just highlight some of the main reasons for the lower turnover, lower order intake in the first half of this year, what we have seen is, especially on residential building in most markets we are in, there has been a slowdown and of course, this is a slowdown that was caused by higher interest rates maybe one, two, three years ago, where we see. Because we come in at the end of finishing these buildings, this is especially in our product business, there we have seen, you could say, lower order intake in this area than we had last year, for example. That is materializing a little bit better going forward. Second thing is that we have seen a significant delay decision in projects being executed on for several reasons. Some are in the U.K. market especially, we have seen a postponement due to some regulatory situation on security in buildings that is delaying for all the market. It's very well described in the Financial Times in articles there that this has a delay. Also the geographical situation around has seen that there has been issues on the decision-making to go on making some of these projects. Saying that, we're also confident on the second half of this year. Historically, we do much better in second half, and we expect it to be like that. Also, what we can see is into our opportunity pipeline, which is quite strong, and we keep on getting projects on board to make offers and so on. We keep building on our pipeline on projects going forward to execute on. Of course, they have to materialize in orders, that's what we have seen, that they are a bit delayed. In that way, you can say we are disappointed about first half, we are looking optimistic about the future. That's why we say this is a periodic dip, we should be able to go back to levels from last year when we move on. Thank you very much. I will then pass to Steen. Thank you. Thank you very much. I will start with this disclaimer on the forward-looking statements we will touch on here in this presentation and jump into the overview on P&L and order intake. I'll wait a little bit on commenting on the order intake, but go more into the P&L, the revenue from the first half. As Erik already stated, we are kind of disappointed on the performance. However, there are some reasons, as already explained, but there's also a reason that actually 2024 was a little bit of a special year and shown by the fact that we had a very strong first half of the year and a less strong second half, which is not what we normally see. If you go back into our financial numbers into 2023, 2022, and 2021, you will see that we have a less strong first half and quite a strong second half. That's already what we start see indications of in here also in 2025. That said, it's not still good enough for our performance in the first half. Within the gross profit here, it might seem there are quite a decrease in the performance, but it's all linked to external costs. It's not linked to the performance of the margins of the projects we run or the products. There, actually, we see an increase in that margin, but it's more on the external cost. Here, we have to remember that 2025 first half is what we call a BAU year. There's an exhibition held in Munich in January, which is every second year, that is what we held in 2025. That is a one-to-one explanation of why we see this dip in the gross profit. I think it's very important to say it has nothing to do to the overall performance of our margins in products and services. Just a note. EBITDA is a result of what is just explained. Turnover is everything for WindowMaster. DKK 10 million equals immediately DKK 5 million, roughly, in EBITDA. That's the simple model we have. It's worth to remember that everything we should focus on is on the top line. Just to comment on cash flow, I think we can illustrate and demonstrate here we are on top of the working capital and also the overall cash flow from the business. We don't have any signs that we are sidetracking on that. I think we can say we have an okay performance seen in the light of the top line. With the expectations for the second half of this year, we actually believe we have a good performance on the net working capital. I'll jump to the order intake here on the graph here, just illustrating here you see the strong performance in the first half of 2024, with very high turnover, or sorry, order intake, maybe a little bit of a slowdown in the third and fourth quarter last year. That also is the indication of a less high performance in 2025. The curve here you see, we actually anticipate that based on the numbers we already have in our books, that will level out or even increase in the third quarter. That's our expectation as we see it right now, as also indicated in the release from yesterday. On turnover, that's the history backwards. Again, here the performance is not as expected. However, we already have numbers from July and also indication from August indicates that we are on the level where we should be compared to our guidance already communicated. There we have a confidence in that. Finally, the result of what we have just explained, the EBITDA and the EBIT, it's not where it should be. Of course, you could be worried should we start cutting costs or do a lot of actions. Again, we have gut feeling saying we have seen this situation in the past also. It's something we saw actually in 2023, where it was important to maintain the overall resource level and fixed cost level, because otherwise we're not able to execute on, for example, here in the second half, and also with the pipeline we see into 2026, then we need those resources to be able to execute, and that will then materialize in potentially a strong EBITDA. That's the model we have, we are affected by external things, like already mentioned by Erik, that's just how the nature of our business. We have not been able to come up with a different model to execute in this market, and we still believe it's the right one we have. Finally here, again, the guidance we already communicated in mid or beginning of July, we maintain and keep, we have a good base for believing that. Just maybe a comment on how we have come to that. It's a little bit of a mix of looking into how did we perform in second half of 2024, but also looking backwards into history and saying, how do we normally perform in a second half? Those numbers, that's what indicates this. Of course, we have matched that up against a pipeline, as already mentioned, that looks solid for being able to execute. Again, there are risks. Things can be postponed. With the knowledge we have available, we're confident in this guidance. I believe that's it on the financials for now. Perfect. Are we ready for the Q&A? Yes, I think we are, yes. Yes. Okay, great. Well, I can see we do have several questions that have come through along the way. If I take the first one, which says, can you indicate the size of your opportunity pipeline compared to the current order book or compared to the same period last year? Yeah, I can comment on that. We have a pipeline, we have an active pipeline, and we have about around 900 plus opportunities that we work on, and they have different levels towards termination. All of them is somewhere we have given offer and we may be in the specs and so on, and that has not changed. That is actually higher than what we have seen in the past. We continue to get projects in. What we can see is the time from when we get them to when we start working on them to when we win them, that time is getting longer. Yeah. That is also why our business model, you can say, how we operate, a lot of our fixed cost is actually dedicated not only for the sales for this year, but for obtaining and getting projects for and being specified all over in projects in the future. We're not seeing, that is why it also gives us confidence on this, and the pipeline is still strong, and it's definitely not going down, but it's growing. That's understood. Quickly on that delay, is that something structural that you see persisting over time, or is this maybe more isolated to things specifically in the first half year, and you see it more normalizing over time? This is specially and unique for new build, but we have seen that refurbishment projects, that they come quicker and because from the time we get them to the day we execute on, that time is lower. This is where we have all the expectations about the new EU legislation, about the renovation rate per year of public buildings. That is going from 1% to 3% per year. That will have a great impact on our business. That is being adopted by the EU, and now it's been also adopted around in each country, and many of the companies that we also collaborate with, like Rockwool and VELUX, and so on, they are expecting that this will actually make their business grow quite well. That's something we're also waiting on to see. That makes good sense. If I take the next question, which is about the guidance, and says you can see a bit the growth is supposed to be faster than the revenue growth in half two. What is the driver behind that? Yeah, sorry. Go on. Steen, would you- Yeah, I think I already touched a little bit on it. It's simply the model we have. The higher turnover we do expect in the second half will simply drill down into a better profit. There's nothing special. There are no actions needed to drive this performance. It's more the nature of our setup we do have. Yeah. That makes good sense. Yeah, the operating leverage really coming back into play when the revenue returns. Maybe, Philip, just to comment on this, because if you look at our business, then about around 20% of our business is actually service work. Yeah. That continues to be strong, so that's a good base in our turnover. We are seeing more business coming along, and historically, many projects are finished in the second half of the year. There comes a time when projects have to be finished, and they work towards the end of the year. That's actually also what we saw last year, that that was why we also could adjust our guidance a couple of times at the end because we were terminating projects where everybody wanted them to be finished before the end of the year. That's great. That makes good sense. Staying on the guidance, we have a question from someone in the audience that asks, "Why not guide lower at the start of the year based on these reduced visibility and things?" I think more generally a comment on what you could see at the start of the year, how that's changed, and maybe how that's impacted guidance along the way. If I have to comment on this then, or say something, then I did already comment on this, about the residential side with a bit more slowish, and there has also been a tendency that things have been postponed and that we couldn't see when we did our budget for 2025. That's great. I'm sure that's answered the question. The next one is about the, you mentioned in the half one results that you see an improving sentiment in July and August. Is this generally an improving sentiment or something deeper? I think you've already mentioned it multiple times, but maybe just to give a direct answer. Yeah, we do see that improvement. For now, orders and turnover are running as indicated here. That's what we strongly believe in, yeah. Perfect. If I can ask a little bit more about the individual markets. You mentioned that there's some unique challenges in the U.K. relating to building regulations. We've also seen turbulence in the U.S. from tariff uncertainties in Q2. Maybe you could add some context and detail to how you're seeing things in the different markets, Europe, U.K., U.S.A. more generally. Yeah, maybe I should do that, Steen. Just to comment on the U.K. market, I think we all remember the Grenfell fire, that has had a lot of political effects afterwards. Some of this is about approvals, building approvals, to go ahead with finishing buildings, especially also when you talk about safety and so on. This was implemented by the U.K. government, currently, there's a big delay in approvals now that you didn't use to have to do for buildings in the U.K. It's very well described in the Financial Times, there have been several articles about U.K. construction, we are also hit by the same. I think in the U.K., when we see on our order intake there, we will close the gap to the budget looking ahead this year, because it looks promising on some of the projects that we're going to be getting, especially in the education market. That is the U.K. market. In general, we have seen a bit slowish on the German market. I think everybody is seeing the same, it's again the same pattern we see around Europe. Germany expecting to improve a lot over the next couple of years because of public spending. That is also something that will impact our business going forward. We're going over to this subject about the U.S., you are asking about the tariffs, Philip, we don't really see the tariff as a showstopper for our development in the U.S. market. Of course, our model is that we have a subsidiary we sell to in the U.S., we send them our products directly from our factory in Germany, they are deemed as being European, they get the 15% tariff. There is some unique things about steel and aluminum, that is not the main thing on our products. It's 15%, when we start translating that into the market, how much is it? You can say what hit us is, of course, on the turnover we have in the market today, we are expecting to grow a lot more. Everything we grow may be grown with a lower margin, we still have good margins in the U.S. market when we sell in both U.S. and Canada. We don't really see it as a showstopper. There is a little bit of a cost on it. We also have to remember there was something there before also, so it's not 15% totally. If you look at it, how much it's impact us, we're talking about maybe 5%, 5%-7% on our margin. As we are a business that want to grow a lot more, it's not taken from us. We can only do better in the market. It doesn't really have that much impact on us. Also, there's no U.S. manufacturers of what we do, so everything comes from Europe, and we do it in different ways. Our model with a subsidiary that sells on and does things with the product in the U.S. is a good model for us. It covers us, and it takes more risk out of our business. That was a very detailed explanation. We have another question here asking about the potential development of the U.S., but I think that was really clear and that it's still plans are for it to be a growth market for WindowMaster moving forward. Yeah, thank you for that answer. Maybe, Philip, I should also just add to this one here that I think when we talk about U.S., my experience is also you have to build it properly, and you have to have a little bit of patience on the U.S. market. It will give you a good development if you do it cleverly, and I think we are doing it cleverly, and it's, of course, one of our big investments is going to North America and not to Asia and so on. Yeah. We expect that will grow, even in the environment we see currently. We expect the U.S. economy to become even better, yeah, and stronger over time. I'm not really concentrated of who is in the White House, because we can do whatever. Whoever is in the White House, we will do okay. That's how we look at it. That's great. Thank you, Erik. The last question I have here from the audience is about the warrant program. There was an announcement about the warrants. Maybe you could just put a few words on the warrant program, the rationale, and yeah, generally about the recent warrant program so people can understand. Yeah. Maybe it's up to me to do it. We made a program, a warrant program, and we've done over several times. We did one some years back in 2023 when the share was around DKK 6. Both Steen and I have taken the opportunity to use our warrants currently. I personally feel it was a great way to get some shares into the business. Of course, I'm also injecting a little bit of cash into WindowMaster in this way, so that's why I did utilize my warrants. It's part of our package, and why should we not use it? I can see the question about that, of course, the share was DKK 10.40. DKK 10.42, that was our IPO. I think this is a comment. We are buying it at DKK 6.01. This is a part of the package in the way it's done in many companies, and I don't think I should have waited. I had the opportunity, and it's about taking the opportunity, and personally, I will keep them. Thank you for the answer. We're almost through the questions. I think while we're just on cash, we can talk quickly on the balance sheet, and we saw cash has come down and gearing's gone up slightly as a result of the weaker cash flow in the first half. You addressed this in the report, but maybe you could comment a little on expectations for cash flow, for leverage, and then maybe also on the prospect of a potential dividend at the end of the year based on current guidance. I think I can give a little bit on the cash flow, but I think Erik can comment on. Yeah the dividend potential. Also remembering gearing is also now including bank loans for our facility in Herford, in Germany. Which we purchased in second half last year, so it moved from being a lease obligation until a bank loan. That increases a little bit the gearing. Normally what we see in our performance when turnover is as is actually we perform good in our working capital because everything we do, that is working capital. Investments we can manage. It's a go stop thing, but it's the working capital. There we are in, I would say. We have good control over that. All in all, I expect a stronger cash flow in the second half as we have normally seen. Nothing that indicates differently. Great. I promise just to give an input on dividends. We have no decisions on dividend paid out next year on the accounts of 2025. We have taken no decision, how it's looking at the moment, I think we are more concentrating on the operations and getting back and delivering on the second half of the year. That's great. I can see we're through all of the questions now, I'd like to say thank you to the audience for joining us, thank you to Erik and Steen for the presentation. We look forward to following the second half and the catch-up after, yeah, the first half. Thank you both. Thank you those who have viewed, and we will see you again soon. Thank you.