Welcome to NYAB Q3 2025 report presentation. For the first part of the Welcome to NYAB Q3 2025 report presentation. For the first part of the conference call, the participants will be in listen-only mode. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to the speakers. Please go ahead. Hello everyone, and welcome to NYAB's result presentation for the third quarter of 2025. NYAB has today released its interim report, and with us in this call, we have the Group CEO, Johan Larsson, and the Group CFO, Klas Rewelj. My name is Erik Petersen, and I'm the VP of Corporate Affairs and Head of Communications and Investor Relations at NYAB. Participants who wish to ask questions to our management of the presentation are welcome to join the teleconference via the link in the invitation, where also the dial-in details will be provided. You may also submit questions in the chat. Now, to get started, I hand over to Johan, who will go through the results. Thank you, Erik, and welcome. We clearly continue our work to build a bigger and stronger company. We have solid progress in the third quarter with high growth and an increased operating profit, and our margins remain at healthy levels. Swedish margin is, of course, impacted by the strong growth. Note that in civil engineering, we in the quarter have a growth of 67%. We have high market activity in Sweden, and the underlying order intake trend remains solid. Order backlog is on a continued high level, which provides a robust platform forward. Year-over-year, we have a growth of 60% in the quarter, 32% organic. As I mentioned earlier, in our original core business, civil engineering Sweden, we have a growth of 67% in the quarter. Rolling 12, the growth looks pretty much the same as it does in the quarter. For the company as a group. Our operating profit grows, I think. A growth of 27% year-over-year in the quarter. A really impressive number, our rolling 12 growth of 53%. EBIT. Our order intake is strong. Worth mentioning is that we have additional orders and also additional EBIT in our joint venture at a quite low level, since we are in phase I with the Uppsala tramway project. That is worth mentioning at least. year-over-year, our order intake declined with 11%. I would say that, as mentioned, the order in the joint venture would take us up to a different number. Of course, it is a quarterly effect, and we have a clear ongoing trend of growth going forward as well. Rolling 12, we are on pretty much the same level. The backlog is up 6% year-over-year. Remains at a healthy level. We are selective in our growth. Choose the right projects and in the right segments. Of course, an increasing amount of the contracts are different sorts of collaborative contracts. We have a couple of collaborative contracts where we are in phase one at the moment that hopefully and most likely will get into a phase II where you have the contracted volume, so to speak. The selection on new contracts, the Uppsala tramway, it is a collaborative contract for phase one in a joint venture with ASVI. We have two energy EPC contracts that are signed in September that have quite a high value for our Finnish business. Also related to that, we finally see the Finnish market overall having a positive trend. A lot of more activity coming up there. We are happy to. Have a new view on the Finnish market going forward. Very important for our Finnish business as well is the Fingrid Class A approval, which we received during the quarter. That heavily strengthens our position in the Finnish energy market for the biggest and most complicated transmission line contracts. When it comes to our long-term financial targets, revenue growth exceeding 10% is the first target. At the moment, we are at 61%, rolling 12. It looks quite good. When it comes to profitability, an EBIT margin exceeding 7.5%. As we have stated earlier, this will not be a year when we view it as possible to reach our goal, mainly from the fact that we have a dilution of our margins since our acquisition of our consulting business, which we happily are margin improving as we speak. Rolling 12, the outcome is 5.9%. The capital structure, we want the net debt in relation to EBITDA below 1.5. We have close to no net debt whatsoever. A lot of room for the future going forward. The direct shareholder return, we want to have a dividend exceeding 35% on net profit. So far, we have been well above our target. With that, I leave over to Klas. Thank you, Johan. We take potentially some reiterations and more details on the group financials, and we start with the revenue side. As you heard, the third quarter revenue was EUR 150.1 million, and that, as said, represents a growth of 60% in relation to previous year comparison period. The organic growth component high, 32%, where the driver remains mainly our Swedish project activity, and in particular in this quarter. The quarterly year-on-year acquisitive growth effect linked to the Dovre acquisition was 28% calculated. Our rolling 12 months revenue, EUR 510 million now, representing a growth of a full 61% against the comparison period. Where the organic growth component there, 35%. Taking a look at the profitability side. Third quarter operating profit, EUR 11.3 million, is an increase over the comparison period with 27%. Net of IFRS item effects, the Dovre business contributed to quarterly operating profit increase with EUR 0.6 million this quarter. The operating margin consolidated was 7.5%, where we see the expected dilution against comparison period from the Dovre acquisition, as Johan mentioned. Our rolling 12 months operating profit increased to above EUR 30 million, and that is in percentage a 53% increase to the comparison period. Equally, our earnings per share, EPS, increased with a full 94% on that same 12-month basis. Okay, our financial position. The free cash flow for the third quarter was a +EUR 9.3 million. That is a strong conversion well over the comparison period. The result from that was then, as Johan said, a small net debt of EUR 1.8 million, giving a minimal ratio to EBITDA of 0.05. Thus, we are now back at the level we saw before the Dovre acquisition. Adjusted for that same acquisition payment, the rolling 12-month free cash flow represents a cash conversion to EBITDA of 111%. Return on capital employed was 14.2%. That return measure continues to increase, following an improved sales to capital employed ratio as a lever. Okay, we now take a some more deep dive into the business segments and their financial highlights, starting with civil engineering. With civil engineering then represented by our legacy NYAB business, construction projects in Sweden and Finland. For that segment, the market activity remained at a very high level. In the quarter, with tender values resulting in that well above last year. We have several strategic attractive bids in our pipeline. Order intake was EUR 101.6 million there. That is a decrease with 23% against the quarterly high comparison number. Whereas the underlying trend for order intake remains really solid. The two large EPC contracts signed in the quarter give a good base for our Finnish operations ahead. Total order backlog showed an increase of 6% over the comparison period. It remains really well balanced and includes healthy margins. Profit and loss, the civil engineering quarterly revenue increased with 32% to EUR 122.2 million. The segment's operating margin in the quarter was 8.4%. The growth was driven by Sweden with high activity and an operating margin somewhat impacted by the growth, the high growth, including capacity build-up to meet the activity and demand. Our Finnish operations is currently showing reduced revenue over the comparison period. Having finalized large project assignments and still waiting to start up the activities from the new ones, the margin for Finland was improved in the quarter. For the total civil engineering, the rolling 12-month operating profit shows an increase of a full 54% over the comparison period, fully organic with a margin of 7.2%. Thus remaining in the solid range versus our financial target. Okay, we move to the consulting segment. That is our new business with the acquired Dovre Group combined with the system operations in Finland as a total. We saw that the offshore market. Important for Dovre, showed some retractions during the quarter with a lot of project completions and combined with a somewhat cautious new investment level. We saw positive demand and order development from the public sector in Norway. Quarterly order intake and book to bill was low, whereas the short-term trend with number of assignment consultants increased during the quarter. Consulting revenue thus resulting EUR 28.3 million with an improved margin of 4.5% versus previous quarters. We continue to progress integration of Dovre, including increased financial clarity and strengthened management for a further Nordic expansion as the plan is. That was a short summary of the financials, Johan. Over to you to summarize our message here. Thank you, Klas. Yeah. To sum it up. We have high growth and we have an increased operating profit. Our margins. Happy to say that they remain at healthy levels. As I said, the Swedish margin is, of course, impacted by the strong growth. It's our own choice. The market is there. The clients are there. They want to expand their collaboration with us. Of course, it's not sustainable in the long run to have 67% growth in the quarters. But it's full under control, and I feel very satisfied with our performance. The market conditions in our core geographies continue to differ. It's a very high activity in Sweden. If you view it clear-sighted, the only thing where you have a real problem is, of course, housing. And we don't do housing. We're not a big for a targ. There are a lot of activities related to that market that are quite suitable to us. Otherwise, very high activity, a lot of demand within energy and infrastructure. It is quite clear that the demand is growing. It is more cautious in Finland, but Finland is clearly improving. We have been in the bottom. In Norway, we see some slowness coming up now going into 2026. Solid underlying order intake trend. Our order backlog is on a high level. We have a real robust platform going forward. Our financial position is supported by our strong free cash flow. I would say for this business and for this industry, an extremely strong free cash flow even, which we have always had and aim to continue to have. We have a low net debt, as always. We have been on a more than decade-long growth journey with good and healthy margins. We continue to grow. Very selectively. We are well positioned for both the remainder of the year and for the year to come. Thank you, Johan. Thank you, Klas, for the presentation. We will now open up the teleconference for questions on the link provided in the invitation. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Simon Jönsson from ABG Sundal Collier. Please go ahead. Hello everyone, and thanks for taking my questions. First, I have a question on margins in civil engineering, Sweden specifically. Here you said that it was impacted by high growth, which I think makes a lot of sense. Can you maybe share a bit more details, specifics about that? You mentioned some of it, but maybe a bit more specifically if there are some costs isolated to Q3 here, or if we should sort of have it as a base scenario that the margins will remain at these levels as long as the growth remains this high. Can you maybe elaborate a bit on that? Thanks. Hi. Hi, Simon. Yeah, and thanks for the question. Naturally. At this level and size we are now, together with the increasing size of projects, it would be very irresponsible not to take costs in advance to prepare for these coming projects. For natural reasons, our very well explained growth model, CapEx light, and a lot of work done by subcontractors and such, works perfectly with no hit on the margin if we have a growth that is in the level of 20%-25% within civil engineering. It's an exceptional market, and the clients want both more from us, closer collaborations, and a bigger undertaking from our part. We answer to that. I would say as soon as our growth levels are a bit lower than this, we will immediately quite heavily improve the margin in civil engineering. I would still underline that they are still at a healthy level even when we go this fast. Yeah, no, I agree on that. I think it's worthwhile to stress our 12-month performance in, over that type of period as well. We continue to manage the civil engineering towards our financial target. We stay both for Sweden as well as total with Finland in the solid range as we stress. I think that's a good indication of how we hope to perform in the future as well. All right, thank you so much for that. Makes a lot of sense. On market activity, Norway specifically for consulting business, you talk about some slowdown in activity. I'm just curious how we should view that for Dovre's growth next year, and if you expect that that business can still grow even if there's a slight slowdown. Thanks. Yeah, I would say that, of course, as we have stated, our focus on Dovre is the margin improvement. It's not volumes. As you see, we have made quite good progress on the margin side. We continue with that work going forward. Of course, it's more difficult to both grow and maintain volumes in a declining market. We will see. Of course, there are markets outside of Norway as well with the consulting business. Yes, I understand. Thanks for that. That's all from me for now. Thank you so much. Simon. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Christopher Jennel from Inderes. Please go ahead. Hello, it's Christopher from Inderes. A couple of questions from my side, and I take them one by one if that's okay. I just wanted to expand slightly on the previous questions on Dovre and the margin that we saw now in Q3. Would you say that there were any one-off effects that benefited margins now in Q3, or is the synergy realization progressing better than expected? These are the levels that we can expect going forward for the consulting segment. The margins on a short-term and quarterly basis can go up and down. I think we remain focused on that the consulting business over time will be accretive to our operating margin in total for NYAB, but it will take some time to get there. I think we focus on developing the business short-term, medium-term, long-term with a more value-based offering, very client-centric team approach. I think that that's our focus on it. To answer it a little bit broadly. Okay, thank you. That's helpful. I wanted to switch to the order backlog. Would you say that you're satisfied with the current composition of the order backlog in terms of the sector exposure, the customer mix, and execution timeline heading into 2026? Are there any areas where you would like to strengthen before the year end? We are quite happy overall at this stage and at this phase. We have always run our growth journey in a way that we are never pushed or have to take any contracts. We are in a solid position, stand strong, and are very selective going forward. Of course, there are like two months left of the year, and with all certainty, the order intake will be there during these two months as well. Whatever gets into our order book is what we want. Right, thank you. And then a question on the Fingrid Class A approval. How would you say that that impacts your growth expectations for the Finnish operations in 2026 and beyond? Long-term, it's of great importance. I mean, that's exactly what we are doing in Sweden. Those kind of works and jobs, and we are qualified for them. There are a lot of investments in that sector coming up for the coming decade. Of course, it opens a new market for us that are substantial and important going forward. All right, thank you. If we talk about M&A, how do you view M&A at this moment? Is the full focus still on Dovre, or are there any specific areas or capabilities where an acquisition would make strategic sense for you in the near term? Yeah, I would say that M&A activity is constantly ongoing. We are extremely selective. Of course, with our free cash flow, we have a lot of possibilities and our strong financial position coming stemming from that. We will find a great way for a good capital allocation that will please our owners. I can't be really too specific. All right, got it. Got it. The last one for me. Can you clarify whether NYAB has any contractual, operational, or financial exposure related to the EGAS Bodden project, given the current uncertainties surrounding that development? If so, how big is that exposure currently? Yeah, good question. I think Lady Luck must have had a role in this, just as Lady Luck had a role in. We had no exposure against Northvolt, but no, it's zero. We're, of course, happy with that in the current situation. It's nothing. And has never ever been anything either, so. All right, thank you. That's all for me. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. Let's move on to the questions from the chat. Nordic Guarantee Foresighting's Belong asks, what are the reasons? How much has the Dovre acquisition diluted the R12 profitability? I think a simple way to read that from our report is to compare the group operating margin on a 12-month basis, 5.9%, to the civil engineering segment, which is on a rolling 12-month total, 7.2%. I think there you see the dilution effect with those two numbers as it stands. A follow-up question, what are the reasons for the profitability growth? Yeah, that's the name of the game. That's why we run a business, I would say. Of course, it's a growth in revenue. We are always looking to improve and grow our EBIT. That is like the bottom baseline of why we run this company, I would say. I agree. We do that focused on retaining and keeping the high margin that we've proven historically. I think that's what we do. That's also about making sure that the operational risk we take is manageable all the time throughout the execution of the growth. I think that's the factors. Yeah. We see very strongly that our customer, long trusted, the big clients, their demand for our services are growing. We are in a position where we can be very selective. There you have the main and core reasons why our profitability grows. I think we have time for one more question. How are the exchange to the main list in Stockholm proceeding? We have proceeded. We have initiated activities. We remain focused on making that transition during next year. Exact timing, we will revert on. It is progressing well with the preparation phase right now. Okay. Thank you, Johan. And thank you, Klas. And thank you to all the participants that participated in this call. NYAB will release its year-end report for 2025 on February 12th in 2026. And for now, we thank you for participating and see you again next time. Thank you. Thank you.