Welcome to today's event where we have the pleasure to present WindowMaster. As we can see here on the front page, half-year report, half-year results is the topic of today. Fresh from press this, I would say morning, but it's more midday. To help us through today's presentation, we are joined by CEO Erik Boyter and CFO Steen Overgaard Sørensen. Steen will do most of the financial presentation. Erik will join us in the Q&A session. As always, there's a box down below, feel free to ask questions. We will do the Q&A in the end of the sessions, but do feel free to do it during the presentation. Do feel free to do it in Danish. I will translate to the best of my abilities. For now, I will hand the call over to you, Steen. Thank you very much. As you said, we sent out the financial report this morning for the first half year. I'm just running through some of the highlights of that report. First of all, if I start actually with the pipeline, we see a strong pipeline development here in actually in Q2 and Q3. Especially from our partnership we have with Fieger, which is a louver solution that supports our business also. There we see a growth, which is also when we look into the rest of the year and also into 2027, is supporting our ambitions that we want to grow for the future. If you look at the order intake, we have this time looked a little bit differently on the way we present. We have three business areas within WindowMaster, which consists of what we call building business area, which is project-driven, where we are deeply involved in the solution that is implemented. Then we also have a product segment or business area, which is more over the counter and also towards the key accounts. That's where we don't necessarily have the contact to the final installation or customer. Finally, we have what is called safety business area, which is also a company called Climatic AS. It's mainly focused on the Danish market and a bit in Germany. Also, if you have read our statement from this morning, we are looking whether to divest in this business area. That's why we want to focus a little bit more on, you could say the core business of WindowMaster, which is our solution within fire and also natural ventilation. That's why we have split it up like that, because we do see quite a strong development in our order intake on this building business area where we've seen a growth over the last 12 months compared to the previous 12 months of 31%, which is pretty strong and also fit with our strategy that we set out in 2022. We unfortunately see a little bit of a decline in our product business area. We have lost some key accounts, but we have quite an ambitious goal to regain some of that market share, and that we are focusing on as we speak. Finally, the safety business is declining in order intake, and that's also why we have taken the decision to look for potentially other owners of that activity. However, the pipeline in the safety business is strong and solid, so there's activity out there. If we jump to the next slide here, I have put also the net sales, and that is also stated in our guidance back from May, we did see a very slow Q1, primarily linked to weather conditions. A lot of building project was postponed and could not be put into the ground, and that gives a delay in the whole construction phase or refurbishment phase within the building industry. Especially also the Climatic activity was pretty hardly on that because of the weather, so we could not go on the roof due to snow on roof surfaces. We are back on track and as also we see here in Q2, we are pretty strong. Again, especially within the building business area, we see a strong development and that is also continuing to what we know of Q3. We are optimistic on that. Finally, that is the EBITDA and EBIT levels. They match to the model we have in WindowMaster, and there we see, you could say once the turnover is there, then also profitability is following. We see in here an EBITDA ratio of close to 10%. It is not at the level we wish to be. We want to be at 15%, but still we are on that track from a profit point of view. Finally here also we have the key figures or the key numbers, as also put into the statement early on. There are no surprises as such. There are no special circumstances here. Net working capital, if we take that and focus on that, then it is a little bit higher, but that is due to seasonality and more activity here in Q2. Net working capital is also a little bit on the high side, but as we normally see also for the second half of this year, activity are picking up. That means that net working capital will decline in the second half. That is also with a pattern we saw back in 2025, and we assume and expect that pattern to also be the case for 2026. Finally, equity ratio again, linked to the poor performance in Q1 mainly. Here we also do expect that we will be back on the level we saw also in 2025, yeah, in the year 2025 and expect in the range of close to 25% when we end the year as it looks right now. All in all, these numbers support the guidance we also put forward as stated here. We do expect a turnover of DKK 285 million-DKK 305 million and also an EBITDA level of DKK 30 million-DKK 40 million. That is supported, again, by the pipeline, but also the order intake as we see it right now. Again, coming from this strong business area of buildings where we continue to see growth occurring. On that note, we are positive and it is also supported by the numbers we are looking into from July, but also what we see on the order intake for August as of today. I think that was it from the half-year account, and I think I will let it over to you. Perfect. Let's jump into some questions. There are some questions about the Climatic. There is one here, is it a possibility to close it? Has that been a possibility, or do you think there is a value for a buyer? There is also one asking what is the field of buyers? Is there any competitors? Is there any capital funds, equity funds that could be looking into that? So a little bit about is there value in Climatic? You are talking about they actually have an order momentum and it is a sale and not a closure, and maybe a little bit about the fields of potential buyers. Maybe I should respond onto that one. We see more value in selling the business off to potential buyers, and those could be either in Denmark or it could also be that they would be in the Nordic market, in Norway or Sweden. You could say, also if you look into the business, there is a lot of service contracts, and there is also a pipeline of opportunities. Unfortunately, they have not materialized yet, but there is going forward. So we reckon we can sell most of the business for a price and get out of it with skin in the game, you could say. Also the questions about this, about closing it down, that is not something we wish to do, and that would actually have a bigger negative impact than selling the activities off. We are optimistic that we can find a potential buyer for the activity. To stay in Climatic and maybe also a little bit about the message, but first, when I read it was DKK 3 million that it had costed on the bottom line, and then you mentioned DKK 10 million. I think people are putting it together. Could we have the explanation? You are indicating that you will go after cost savings in 2027 of DKK 10 million and Climatic as a part of that, but I think that was DKK 3 million. Maybe we can specify a little bit on how that should be understood. Yeah, it's because actually, the DKK 10 million relates to also other cost savings. What we are saying here is that last year we had a negative impact on our financial results on DKK 3.1 million, and we expect could be similar this year, depending on what we can sell it off to and also some cost savings and so on. The impact we are trying to look at is around DKK 10 million going into 2027. We have actually also had some cost reductions on employees, which was announced today to the organization. This will impact fully around DKK 10 million, including Climatic. If we look at the kind of 2025, then it's around DKK 10 million impact. Yeah. So- That's how we calculate. That's the base year and then that will give you an estimated DKK 10 million. Yeah. Can we talk a little bit about that? Because actually, it looks like your order book is accelerating in your projects division, and that is somewhere where you have to hire people to keep the projects there. So a little bit about how you balance this cost savings with actually the ambitions and what looks to be an accelerating project business for you. Yeah. Actually, if we look into what we have done on the employee side, you can say there is a part is the Climatic overall, you can say, accounts. Then we have looked into our business all over and we have reduced an amount of business development managers that create specification sales around in our different markets. That is U.K., Germany and Switzerland. And we have also reduced in Denmark where we have reduced people that have in connection with Climatic. So overall, that is the DKK 10 million. But we do not see that the reductions in the business development side will have a negative impact on our business because we are also looking at the We have IT systems that makes the rest of the business development managers around be more efficient and more on a higher performance level. Yeah. Check. Then there is a little bit about the investments in Germany. You mentioned these DKK 20 million. There is a question here, is that in 2027, 2028? How should we be dividing that? Is the DKK 20 million you want to put into your factory in Germany, is that isolated to 2026, or is it also divided into the coming years, 2027 and 2028? Steen, maybe you just should answer first on this one, and then I will also- Yeah. Add onto it. Yeah. Yeah. From a, you could say investment point of view, we have already started that process here in 2026, and depending on how fast the process goes with the refurbishment of the factory, then yeah. We have a facility with a local bank and we will use that on the go. It depends what is possible. There is a lot of regulations in Germany that you have to apply to, and that defines a little bit the speed of that investment. But we have a plan that it will run, so 2026 for sure, but also full year 2027, and it might run into the second half of 2028 before we are fully done with that. But exactly how the investments will occur is not set in stone. Again, that depends on the speed of the project. We are not- Is our question, is the DKK 20 million extra on top of what you already invested, or is that- Oh, that is the total. The total investment? That is the total investment. That is the total investment in the German facilities. Yeah. Maybe Michael, just adding on. Yeah. What are we doing here? We are updating our production facilities so they have facilities actually to, with the potential of having two shifts. That is the beauty with the production we have. We can double and triple with the two shift, three shifts if we really want to do that. It is not a question about the machines, but it is a question about labor in the factory, so that the capacity can move for us. But it is certainly also on the energy efficiency on the building because we are using gas at the moment in the building for heating, and here we are going to go over to electricity for heating. That will also have an impact on the cost levels going forward. But it is all about energy efficiency, and there is also grants into this that we will get from the German government because that is very different from Denmark. So they will pay part of the investment we actually doing in the building. I think Steen could elaborate what that is actually. Yeah. So for, especially on the installation side, but also for new heating systems and solution, we will get simply one to one or 80% of that investment we will get as subsidiaries from the German government. That will be paid out. Once you have an invoice, you get the money. So it is pretty straightforward. So the DKK 20 million is a net sum, and so actually the overall investment is a little bit higher, but the net cost for WindowMaster will be the DKK 20 million. There will not just be capacity. We will actually see some cost savings out of this investment, it is up to me going into the future. Is that correctly understood on the energy side? Correct. Perfect. There is a little bit about the adjustment you made to your guidance earlier this year. Trying to understand the building blocks and the mathematics between actually a small adjustment to the top line and a larger adjustment to the EBITDA. You have a high operational gearing, but mathematically it looks like that was very, very high. Was there some extra cost or something that we should understand to do the building blocks on the guidance adjustments you made, I think, earlier this summer? Maybe I can comment. That is the, you would say the operating model of WindowMaster. Turnover upwards and downwards hurt the bottom line pretty hard because we do have a fixed cost base that is very fixed, so to speak, unless we do adjustments as we have indicated here with employees. That is the mechanism. But again, it is also important to say it also goes the other way. More turnover goes fast. We have, as also seen in the financial report, you will see our margins are solid, and especially within the building business area, it is very strong. More turnover there, but also less brings good value very fast. Perfect. Then a little bit about the market development. You touched a little bit upon it, Steen, but the question here is you also have visibility into August. How does the market feel compared to Q1, compared to when you were adjusting your guidance? Are you continuing to see this pick up? I think you alluded a little bit to that is actually what you are seeing out there in the market activity. Yeah. Maybe I should respond to that. We are seeing more activity again, much more than we saw in Q1, was very disappointing. We have seen, you can say since the last part of the first or mid Q2, we have seen actually an acceleration of activity. That is also why we have a record order intake for the first six months. We have never had so much in order as this first half. We see things picking up, but especially in the buildings business area we are seeing, that is where we are much more in control of the buildings. Our service department is actually strong and really developing, and we are seeing refurbishment projects coming along on a regular basis. That is, you could say, is really developing positive, and it was a big part of our accelerating core strategy. What we are seeing, and we have touched also on this, is on our product side where we actually supply to distribution and to manufacturers. We have actually seen that over the last couple of years, mainly manufacturers have not been running very well because high interest rate. A lot of them are much more targeting residential area. There we have seen, because of high interest rate around, that the market has been down, and it has been a bit more slow. It is not only because we have lost market share, it is because the activity level in the building and especially residential have been down. Let us look a little bit on the structural. We always have this, the German economy uptake, the big plans, the refurbishment, which I think is one of your strong sides, and the green agenda sides compared to that we are actually seeing interest rising right now. Is it your feeling that you can be a little bit comfortable with this development you are seeing here lately, even if the interest is rising because it is actually coming from areas like the German economy pick up the business activities and maybe the refurbishment areas? You say our German market has always performed quite well, developed. It is not like it is up and down in Germany for us. It is developed over time slowly, and it is kind of a good base for our company, yeah. Of course, we can see that there is still not an effect of all the government debt that has been taken and going into the economy. We can see it, of course, on our factory where we can get grants for our things, yeah. I think it is also a question about it takes a bit of time to come into the market. Germany, in general, I feel it is a steady diesel engine that runs, but it could run a bit more faster, and I think that is what we are all waiting for, yeah. A little bit about the structural. The interest rising, as you say, they hurt the residential side, but you are more on the refurbishment and the business activity side. Do you feel comfortable with what you were kind of seeing here in Q2 and Q3 continuing into the rest of the year? Yes. Yes. You can see it on our guidance and our experience. The second half is always better than the first half. A lot better, because that is how it is. Because projects get finished, and that is the rhythm of the building industry. But we talk about refurbishment here. I think we should touch a little bit on what it is actually we are. What is our core business in that? It is public building. It is offices. It is your schools, and universities. That has been a very good area for us, and this is also where we see these EU regulations are targeting higher refurbishment rates from 1% to 2% to 3% and so on. That will have an impact on WindowMaster over time. But we still need to see a lot more from our own government that it opens up for this because there is also restrictions on how much the local authorities around in Denmark are allowed to use of money. We need to see that being a little bit more loose. If that is loosened, you will see it is a big potential for WindowMaster. Military buildings might be the place for Denmark. You better know, [inaudible]. Yeah. You never know. No. You never know. If we do have military projects in our portfolio, we will often not be allowed to disclose them. Disclose it. I know that. Then there is this expectation of a more positive cash flow with the returning of the working capital and including that you also might sell some of your business and cost saving. Could we expect maybe you returning to share buybacks, dividends, or would you prefer to bring down the debt level at the current levels? There is two sides to that question. We, of course, would always like to reduce our debt levels, but I don't think our debt levels are extravagant currently. They are in balance. That is one thing, but another thing, I think we also want to grow the business, so acquisitions is also part of our agenda, and they come on an opportunistic level, and we are always interested to do that. Yeah, if we cannot find any acquisitions, then we might see that we will return and do dividend yet again, or buybacks is also a possibility. That is all part of the, you can say, the ammunition to uphold the share value. But we are investing also in product development and so on. So we use our cash to develop the business, and that is the biggest priority. Our biggest priority, yes. No mention of the U.S. in the half-year report. Is ambition still the same, and can you tell us whether some of the order intake has been in this region? We have actually seen that our still North America and the U.S., we are quite optimistic about this. We have also mentioned in the past, this is a long-term project. You cannot see this, and I also know from history, from some of our biggest Danish companies into this market, that it took many years for them to get return on their investment and to develop and so on. So I have always said it's a long-term, and we are there to stay, and we are developing. We wanted to develop more aggressively, but we also have to be much more clever in what we select in the market. But I can say that the tariffs that are on the market have not affected our business in the U.S., and our margins in the U.S. and North American market have actually grown, even with the tariffs. It's still one of our big areas of investment, and it's also a high priority, but we don't mention it because there's nothing new to mention here. But maybe just a supporting comment is that we do see a strong growth compared to last year, so it follows what we wanted to see, and I would say we are on track on that side. The end of the year for the full year report, we will of course comment on it, and there we do expect some positive developments at that level or at that stage. Yeah. Final question. I do not think we have more time. No. One more question I think I can push in with the deadline. How sure are you to reach the EBITDA target? It is very back-end loaded. Maybe more, how sure are you about the order book that needs to be delivered in that year, in the second half of this and not being pushed into 2027? We do understand that if the revenue comes, we have seen historically no problems with the earnings in WindowMaster. A little bit about the comfort about the order book and the fulfillment of the order book in the second half of the year. Is that giving you comfort in your EBITDA guidance? Will you answer that, Steen? Yeah, I think that there are two areas that supports the guidance. First of all, the pipeline. That is also where we put in when do we expect actually to close to an order, and that is pretty front-loaded, if you look at when do we expect an order. So both the pipeline but also the orders, and there we believe it looks as it has done the other years, that we will fulfill a lot of that in the second half of this year. So I think with the knowledge we have on the table, we are pretty confident in that guidance. You never know what happens, but with the knowledge we have, I think we have a good feeling on that. Then of course, there was a last question for one long-term shareholder, to others. What should drive the return? I am guessing I am asking the biggest shareholder and one of the biggest shareholders here on this call. So a little bit about the shareholder return, and what should drive this for the long-term investors. Well, the market decides the share price, yeah? That I cannot influence. But I can influence it with doing good results for WindowMaster. I think also the platform of the Nasdaq First North Growth Market might also keep our share price down as such, because there is not enough- Liquidity. You can say, not liquidity enough on the market, yeah? Because if somebody came to me and wanted to buy the company, then the valuation would be a lot higher than what you see on the market today, yeah. That is, of course, an issue that we are faced with. I will say that as a shareholder, I am here for the long term, but I certainly also want a return, a higher return than what I have seen over the last couple of years, and that is what we are working towards. I think that would be a very good place to end this call. Do not think we can do it much better. No. Perfect. Thank you to you both for taking us through your results and answering question, and thank you for the audience listening in. May everybody have a nice weekend. Thank you very much [inaudible]. Thank you.