Good morning, everybody, and welcome to Boreo's quarter three 2026 webcast. I am Tuomas Kahri. I am the CEO of Boreo, and I have Rafael Osmanov here, who is our Head of Financing and M&A. Rafael is here to help me facilitate the questions and see that everything goes smoothly and answer questions in case I need a little bit of support. Let's get started. Today in our report, we are showing the eighth consecutive quarter of organic growth and this quarter actually led to a doubled operational EBIT. All in all, a very good quarter. What we will go through today is that we will talk about the highlights and the strategic focus to start with. Then we will dive a little bit deeper into the quarter three, and also the first nine months' performance, both for the group and the business areas. We will finish up the webcast with the questions and answer session. Then finally, at the very end, I would like to just remind everybody that we have a Capital Markets Day scheduled on 19th of November this year. I want to extend an invitation to all of you to join also that. Going through the highlights of quarter three. Our sales went up to EUR 41.5 million, which was 26% up from the comparison period, and most of that was organic, so 25% of the growth was through organic means. That also led, due to the operational efficiencies and the operational leverage that we have, to a very high operational EBIT at EUR 3.5 million, which was 111% increase from the previous year. That led also to margin improvement to 8.5%, which was compared to 5.1% in quarter three 2025. Maybe I will just stop here or pause here and just highlight the fact that actually the quarter three 2025 was fairly low quarter for Boreo. In that sense, especially the percentage changes are a bit maybe exaggerated and quarter four 2025 was exceptionally high. That is just good for everybody to notice. Then if we continue with the numbers more, the return on capital employed was up to 11.6%. So, we were on double-digit numbers there, which was also a substantial increase from the 8.2 in 2025. Return on capital employed. The trade working capital was 34.7%, and that was also substantially going up from the comparison period. However, our trade working capital increased during the quarter three, due to the fact that since our business is growing quite substantially, we have some inventories that have been going up. Those inventories are needed to make sure that we can also make the deliveries for quarter four, because what we see currently are some supply chain-related risks with the delivery times, especially on the kind of heavier products that we sell. So the concrete pumps, some of the Machinery MTs products that are fairly large and fairly sizable. We are trying to balance the potential supply chain challenges in order to make sure that we meet the quarter four or kind of deliver a good quarter four also. The increase in inventories led to a negative operating cash flow of EUR 1.1 million, and that took down also our rolling 12-month number to EUR 8.2 million. Maybe then a few words about leverage. As you see, leverage went up from 2.4 to 2.6, and this is very much to do with completing our refinancing during the quarter. What happened there is that the financing structure changed as we bought back the EUR 20 million hybrid loan and replaced that with a EUR 13 million new hybrid loan. And of course, then increased somewhat the bank debt, leading to a situation where the leverage overall increases. As you all remember, we don't calculate the hybrid loan into the leverage in this calculation. All in all, the refinancing was successful. Our cost of financing went substantially down, and this has to be also put into the relation of the fact that the interest rates have gone up at the same period as we negotiated with our new financing. We are very happy with the new financing structure that we have in place. Maybe finally here, a few words about the market demand. We see there is a good level of market demand, especially with our industrial customers. Somewhat, the supply chain risks have increased over the past months due to the We all are aware of the situation in the Middle East, et cetera. The transport times are a little bit going up, and also global demand for some of the products we sell are quite high. However, no major impact to be expected either in this area. If we reflect the result against our long-term strategic financial targets, the operational EBIT and the operational EBIT percentage with the rolling 12-month number went up to 45%, which is, as you can see, a very big jump from the previous quarter. However, again, I'd like to just remind you that the quarter three 2025 was a fairly low comparison point. What happened this year is actually that the sales, for example, started extremely well after the summer holidays. We haven't seen any kind of a normal slow fall start with our sales, and that led to a very positive quarter. Return on capital employed, we are keeping that in yellow due to the fact that we're still behind the 15% target. The net debt to operational EBITDA, we're also keeping that yellow even we are within our targeted range between 2x-3x, but still have one hybrid loan of EUR 30 million. So keeping that yellow. However, we see the new financing giving us a very good base for the future activities that we are driving for. If we look at the strategic areas that we are working against or for this year. We have communicated earlier three main topics. So disciplining the M&A, clarifying the company roles, and strengthening our balance sheet. As mentioned, the refinancing has now been completed, so the focus moves a little bit from number three towards number one, where we are continuing with the increased activity in the M&A. As communicated in the report, we are pushing forward negotiations with the several parties and have a capability or ability to close those if everything goes well still during this year. Of course, after the report period here, 1st of October, we announced the first M&A this year. A company called TEXpro in Rauma was acquired 1st of October, and the integration has started extremely well. We are looking very much forward to welcoming TEXpro team to our Boreo family. The third item, so number two here in the middle, is the item where we've talked about the clusters. And for example, TEXpro is a good example of an addition to a cluster where we have similar businesses with a similar type of customers and products within our portfolio. We see that the kind of a collaboration between the companies in our clusters are going to be helping them to grow and improve their profitability over time also. Also, the ERP projects, as we have communicated, have now been completed for this year, and we are working towards extracting the cost benefits coming from the new ERP systems. Maybe that is the summary from the strategic topics and quarter three highlights. Let us then review the numbers in a little bit more details. Here we have the sales numbers both in the group and in the business areas. As we can see, we are now at EUR 172 million in the rolling 12-month number, and we had growth both in electronics business area and in the technical trade area. Both business areas growing, which of course kind of tells you that the market conditions are positive, and we have been able to get the deliveries done fairly successfully. In the electronics business area, there have been two companies maybe worth mentioning. Milcon continues to grow very nicely, and SSN Group had a strong quarter there. In the technical trade business area, also very strong performance. The two areas worth mentioning here are the welding businesses, Spetselektroodi and Pronius, who have had a very good quarter, and also both Machinery and Machinery MT have been delivering strongly in that quarter three and showing a very good growth overall. Then if we look at the gross margin picture, here we are showing or seeing a very slight decline in the group level gross margin. When we have analyzed this, it is, let us say, very much to do with the changes in the product mix. If we look at it from the group level, the impact of two business areas are impacting the group level. Within the business areas, the volume changes between companies within the business area are impacting the gross margin. Finally, within kind of companies, we even see with the largest companies some impact of changes within the product mix in the companies. An example, for example, Machinery that has grown very well. The growth comes a lot from businesses within Machinery that have higher unit prices and therefore, slightly lower sales margins, and that impacts the product mix overall. The operational EBIT then the rolling 12-month numbers is showing a good growth in both business areas. Cash, as mentioned earlier, we had some increased working capital, both coming from the inventories growing due to the fact that we have a quick and large growth in the sales and therefore need to increase somewhat the inventories. Also, at the same time, we are seeing some impact coming also from the delivery times in the sense that we end up paying some of the products before getting them delivered to the customers, and therefore we have been a little bit cash tied this quarter. All in all, I think this is an area where we need to continue with our focus going forward. So, the trade working capital development as the return on trade working capital has improved. But the biggest driver in this is very much the improvement of the profitability. Therefore, we need to make sure that we have a very strong focus on the inventories and see that this positive trend continues also going forward. Then finally, if we look at the business areas. In the electronics business area, we saw a 14% increase in sales, and this was mainly driven by Milcon, Delfin, and SSN Group. There was a slight inorganic growth from YE RS. Maybe worth mentioning that YE RS is continuing now to develop well. It is still below the expected level that was expected when the acquisition was done. However, we see a good development also in this business. Operational EBIT up to EUR 1.6 million compared to EUR 1.1 million in that comparison quarter, and the EBIT margin increasing to 9.5%. ROTWC we have seen in a constant level in the electronics business. We see that the overall trend in the business remains good. We have companies focusing on capitalizing the growth opportunities going forward in this business. In technical trade, we had a very strong growth, so 36% growth compared to the comparison period. As mentioned, the Finnish industrial base is now in a fairly good demand situation for us. That of course then brings growth in the welding businesses and also the businesses delivering machines for the industrial buyers in Finland. Operational EBIT increased to EUR 2.5 million, so that over doubled from the comparison period and coming to an EBIT margin of 10.0%. Very good development here in the technical trade. This I think very much shows that the operational leverage and the operational gearing that we have works extremely well. When the sales go up, and we can manage the cost structure, we have not been needing to hire new people or so, or the OPEX has not increased substantially. We can see that the increased sale actually rolls down to a result quite nicely. The order books are remaining at the stable level and overall in the company, we have the order books now roughly on the same level as at the end of June. But then compared to last year's comparison period, they are substantially up. Also in the technical trade, we have the short-term market outlook remaining good. That concludes the run-through of the numbers for quarter three. Now we are ready to open it up for questions coming from the audience. Thank you, Tuomas. We have a couple of questions so far, and at least the first one is for you. Can you break down the organic growth a bit more and explain if there were any extraordinary sales recorded in the quarter? The operational EBIT growth is purely organic and we have very much impact coming from the inorganic part of the growth. I don't see we have any extraordinary sales items, but as mentioned earlier, there is a clear kind of a compare to the quarter three 2025. We had a very strong growth compared to the quarter because the last year's comparison quarter was lower than the quarters before. Therefore we show very high growth numbers compared to the comparison quarter. On an overall trend, however, I think the trend continues to be positive. So we are growing both top line and also the result. Yeah, I think that we could summarize that it was kind of a perfect storm for us where we got everything delivered with good demand for our products. Yes, absolutely. Another question for you, Tuomas. The profitability was also impressively high, even when looking at historical levels. Were there any one-offs or how do you view this level going forward? The one-offs, no, there hasn't been any clear one-offs. We have some items impacting comparison that were due to the structural changes, so ERP projects. Then in terms of numbers, what is fairly large is the correction or kind of impact of the bonuses that we have now for this quarter recorded in IAC because at the end of quarter two, those were made on the group level, and during quarter three, we have now just moved them to the company level. So no actual change during quarter three. But in the books, it looks like we have increased the cost and they've corrected in IACs. Right. Thank you. Another question. Inventory growth, does it relate to all businesses or is it concentrated to some specific companies? Should the inventories reduce already in Q4, or should we expect higher net working capital in the future as well? There are two trends now on top of each other. The first one is that when you have a very large growth, basically across all businesses, then the inventories are bound to grow somewhat. And of course, we as a management need to be extremely carefully looking through the inventory levels. Then on the other hand, we have several kind of larger deliveries in Let's take an example in the Putzmeister-related businesses or the Machinery MT business, where we expect the deliveries to happen still this year. And of course, those then will be out of the inventories by the end of the year, provided that we don't have a disturbance in the supply chain and the products get delivered to us in time. And therefore, we can get them out of our system also by the end of the year. These are not anything which are now kind of specific in that sense that in those businesses there's always kind of the year-end drive to get the deliveries done. So nothing kind of extraordinary out of that expected right now. However, the supply chain or the transportation situation being what it is, there is maybe a slightly higher risk than before. Great. Thank you, Tuomas. Then more detailed comments regarding businesses. First, about Delfin. Meaningful profit improvement drivers here and outlook of the business going forward. Yeah. In case of Delfin, what's coming through now is the fact that we've now done the platform upgrading in Delfin and the sales on their products are going well and therefore, again, we also see it in the improvement of the profitability as the volume increases. It's a similar operational leverage or efficiency item as we have in most of our companies. Okay. Thank you. Next one. The estimates for residential construction for the next year are still very low. What's the outlook of construction-related businesses and do we see some improvement? The message that I get is that there is a slight improvement also in the construction-related businesses. However, as we are also aware of these similar statistics that of course then becomes a potential upside for Boreo going forward if we can get the construction building, our business also growing in Finland. Let's keep our thumbs up for that to happen. This quarter, still the business is pretty much done without the help of the construction business. Thank you. Then, tell us a bit more about the new acquisition and how you view the M&A landscape currently. I'll pass that over to you, Rafael. Are you comfortable with starting acquiring more consistent now given current debt level? That is a very good question. Thank you. The TEXpro acquisition, how we view it was a spot on for us, because of the size, because of the valuation levels, and most importantly, because that we actually do know what they do, and we feel that as a part of Boreo the company has more potential. We know the customers, we know how they behave. As Tuomas mentioned that the onboarding has gone really well for the past month. We are really happy with this acquisition and this is something that you may expect from us in the short term also. Regarding the debt level and acquisition base, we are very mindful of our leverage also including the hybrid loan and we see that we are able to execute reasonably priced M&A while reducing the leverage. The leverage decrease is main focus but we see so many good opportunities in the market. We have a very good deal flow so we might want to take on these opportunities also within the next 12 months. Yeah. Thank you. Thank you. I think we are more or less coming to the end of the webcast. Thank you very much for your participation and one more time, welcome to our Capital Markets Day on November 19, 2026. Thank you very much.