Good morning, everyone, and welcome to Relais Group's Second Quarter 2026 Financial Presentation. We are live from our studio here in Helsinki this summer morning with the lovely sunny weather in Helsinki. Today we have myself, Christian Gebauer, the Group CEO, and with me, the Interim CFO, Sebastian Seppänen. Good morning. Before jumping into the quarter two, I would like to make a short recap of what we presented in the Capital Markets Day back in May this year. We are a group of specialized leading niche companies working across the vehicle aftermarket. Our business is to identify, attract, and develop these specialized leading niche businesses. As you have seen, in July, we acquired tershine. tershine is a perfect example where we are able to attract one of the most exciting brands in the vehicle aftermarket and in vehicle care in Sweden. Tobias chose to join us because he thinks we have the best possibilities to support him in his ongoing journey and development of his company, and that we are proud of. We work in a decentralized environment, meaning we let the management teams of the companies run their business, continue to develop their business, grow the EBITDA, work on a capital efficient way. We are there to support them. Our aim is to create the best surroundings, the best possibilities for them to continue growing and developing their business. Our focus is clear. We focus on long-term EBITDA growth, and we are very focused on making sure that we use the cash that we have in the most efficient way. We are operating today across eight countries. The majority of the business is in the Nordics, and we also have establishments in the Benelux. We operate across three different business areas since the beginning of this year. We have the Commercial Vehicle Services, where we do service and maintenance of commercial vehicles across Sweden, Finland, and Norway. We have Products and Solutions, the leading brands within the vehicle aftermarket in the Nordics and as well in Benelux. Then we have Technical Wholesale, the distribution, and availability of spare parts and tools for the vehicle aftermarket customers. As we laid out in the Capital Markets Day, we are working on three different steps towards 2028. We are, first of all, building the foundation, very much an ongoing work during the first half of 2026, and this will continue for the rest of the year. We have also started on improving the quality of growth, focusing on organic EBITDA growth and capital efficiency. Then we are coming into the scale the model. Then we are ready for the next acceleration and the increased growth journey. Our financial targets are double-digit EBITDA growth over a business cycle, return on capital employed above 13%, and when it comes to dividend, it is 30% of fully diluted earnings per share. Let us dig into the second quarter. We had a strong cash generation, and we are continuing to focus on improving our returns. What went well in the quarter? We had a 33% net sales growth, and we are happy to post a 4% organic growth, continuing the organic growth journey in the group from also the Q1 to Q2. We had a strong cash flow in the quarter, EUR 6.8 million cash flow from operations. Actually, in the first half of the year, we had a record cash flow from operations in the group. We never had such high cash flow from operations in the group before. And this quarter, we posted almost 100% cash conversion. As you have seen in the report, we had especially three items that impacted the profitability significantly in this quarter. First of all, we had a EUR 1.2 million swing year-over-year, related to the expected credit loss provisions. This is primarily hitting to the Technical Wholesale business area, and you will get a more detailed explanation about the dynamics behind that in Sebastian's section of the presentation. Then we are also doing investments for the future. We are investing in growth opportunities in the Technical Wholesale business area. In three of our companies, we have established new locations. We have a better reach for our customers. We provide a better service for our customers. Of course, these establishments come initially with 100% of the cost with personnel, and the facilities, and the logistics and everything that comes around it. The volume is week after week increasing as the customers get to know our new facilities and change their habits to do the purchase from our facilities. So this is initially harming the margin, but in the long term, going to be a big contributor. And then we had the relocation of the workshop outside of Helsinki in Raskone. This is one of Europe's largest workshops for commercial vehicles. It has been very well received by the customers. We have been able to increase the throughput and efficiency in the workshop. But of course, it came with some downtime, and that is also putting a weight on the margin and the profitability in the quarter. Coming to the outlook, it is very clear for us what are our priorities for the rest of this year. We are continuing to focus on converting the growth that we have on top line to profitability and a stronger return for our shareholders. Looking into the net sales, we had 33% net sales growth in the quarter, and out of that, 4% was organic growth. We had organic growth in two out of the three business areas. In Products and Solutions, we had good organic growth, driven especially by Strands that is continuing to perform very well. We also had organic growth in the Technical Wholesale business area, to a large extent driven by the establishment of the new facilities. In Commercial Vehicle Services, we had a slight decline of the organic growth related to the Raskone relocation and one of the workshops in Sweden that posted lower sales in the quarter. Overall, we see a good demand for our products across the business areas. Coming into the profitability and EBITA. We had, despite the headwinds, 6% growth of EBITA in the quarter in absolute figures. It comes from, of course, acquisitions that we have done, but also in Products and Solutions, we have a strong profitability and growth of adjusted EBITA in Strands. In Commercial Vehicle Services, we are happy to conclude that the focus that we have had and the actions in the Swedish operations are starting to pay off, and we see that the profitability is increasing in that entity as well. The negative drivers, I already talked about them briefly, but we have the swing of the expected credit losses that put the burden on this quarter by EUR 600,000, and was putting a positive effect last year on the quarter of EUR 600,000 in total, EUR 1.2 million swing effect that disturbs the comparability. We had the growth investments in Technical Wholesale and Raskone relocation. We introduced in the beginning of this year the new segments. This has served us well. We appreciate that you, the market, get a better transparency on what's going on in our businesses. We have a better and clearer structure in terms of accountability, who is running what, and how are we structuring and following up the group. Finally, when it comes to capital allocation, we can do more precise capital allocation when we have this segment split. Coming into the business areas. Starting off with the Commercial Vehicle Services, we saw a strong growth in the quarter of 46%. This is in its entirety driven by the acquisitions that we did last year, Team Verksted, Wetteri workshops, TJ Fordonsservice, and Landströms Bygg & Plåt in Sweden. We conclude that the demand across the three markets, Sweden, Norway, and Finland, where we're operating in this business area, is stable. We saw a slight net sales decline organically that we talked about in the previous slide. We are showing a 14% increase in the EBITA in the quarter. A positive effect is the improvement in Sweden, where we can see now that the margin is improving. Still, we are on a journey, and we have more potential in Sweden, but it's encouraging to see that we are on the right track. We had the negative effect of the relocation of Raskone, but also we consolidated Team Verksted Norway last year, only from June, meaning only June came into the quarter last year. June is actually the best-performing month in the second quarter. This year, we took in the whole quarter, obviously, and April and May is kind of taking down the margin for the quarter as a total, and that is impacting the comparability between this year and last year. Products and Solutions continues to perform well. You can see 112% top-line growth driven by the acquisitions of Matro Group and Qpax, but also Strands Group that is performing very well in a still challenging market. The EBITA is also following the top-line growth with 103% improvement, driven by the acquisitions, obviously, but also by the strengthening profitability in Strands Group. We got in Matro and Qpax in this quarter, and as you know from the acquisitions, those are coming in with the margin slightly below 20%, and we are working on the product mixes and with these companies to bring them above 20%, but as a total, they put, at least initially, a downwards pressure on the margin for the business area. Finally, Technical Wholesale. You see a good growth of 18%. A big part of that is organic growth, driven by the organic investments that we have done. Coming to the adjusted EBITA, of course, it's a disappointment to see -17%. But when you read that figure, you need to be aware about the expected credit loss provisions that is significantly impacting the comparability between this quarter and the last year's second quarter for the business area. We have the growth investments that are investments for the future. Also I would like to mention that towards the end of the quarter, we saw early signs of increased price competition in the Finnish market. tershine. I would say that this is the proof point that our model is working. Tobias with team have been developing a star within vehicle care in the Swedish market. Very strong brand loyalty, very loyal and supportive customers. In this process, Tobias had many buyers to choose from. He selected us. He selected us because he think that we are the ones partnering up with him, can help him take the company to the next level, do the international growth that we have done in other businesses, and that Tobias would like to learn from. So we are really proud of welcoming such excellent business into our group, and especially into the Products and Solutions business area. The acquisition pace that was very high last year has continued to be on a, I would say, rather high pace in the first half of 2026 with these acquisitions done in the last 12 months. With that, I would like to hand over to Sebastian for the financial slides. Thank you, Christian. Good. Let's start with some details on the adjusted EBITDA margin quarter-on-quarter bridge. Last year in Q2, we had an adjusted EBITDA margin of 9.1%, and this year 7.3%. What Christian was talking about, this change in expected credit loss provisions, this had a non-cash impact in the margin of 1.3 percentage points. That's actually the biggest explanation in this margin gap. Then we had a -0.3 percentage points as a result of acquisitions, and that's mainly due to the business mix of the acquired companies. We have a further -0.3 percentage points from a couple of factors. Positively impacted by organic EBITDA growth in several group companies. Then we have a negative impact from the organic growth investments that Christian was talking about. Below adjusted EBITA, we had approximately EUR 1.9 million of items affecting comparability, meaning that the adjusted EBITA from EUR 8.0 million and the reported EBITA was EUR 6.2 million with a gap of EUR 1.9 million. These items affecting comparability were primarily two items. We had a discontinuation of two central IT development projects that are no longer fitting our decentralized operating model. These had a non-cash impact of EUR 0.9 million. There are other items that together sum up to EUR 1 million, and most of that is relating to a one-time cost relating to this establishment of a new long-term incentive plan. Then there are acquisition-related costs on top of that. Cash flow and cash conversion. Christian was already talking about this. We had a really strong operating cash flow in the quarter. Last year, operating cash flow was EUR -0.2 million and this year EUR 6.8+ million. There is both an operating element here. Cash flow before change in net working capital was EUR 13.9 million against EUR 11.9 million last year. This reflects the healthy underlying operational performance in the group. Then we have a change in net working capital impact that last year was EUR -2.3 million in the cash flow and this year EUR 1.7+ million in the cash flow, meaning that there is a EUR 4+ million cash flow impact from net working capital efficiency measures that we have seen in the group. Then there is slightly smaller net financial items in the quarter compared to last year. When looking at the net working capital, there is an increase in net working capital, which is mainly driven by the acquired companies. Excluding these acquisitions, the net working capital actually decreased in absolute terms. Especially what is noticeable is that the net working capital in relation to sales declined significantly. This is also a result of the capital efficiency focus that we have had across the group. Inventory turnover declined to 4.3, and net working capital turnover increased to 4.5. Inventory and net working capital turnover were both impacted positively by the efficiency measures, and they both have a decreasing impact from the acquisitions as the net sales component in the formula does not include the full year sales of the acquired companies. Cash flow in summary, EUR 6.8+ million this year in operating cash flow. Then we had cash flow from investing activities of EUR -1 million, which mainly consisted of investments in intangible and tangible assets. Last year was EUR -20.7 million, and that is of course relating to the acquisitions we did last year. Cash flow from financing activities was EUR -11.9 million. In the review period, that consisted of repayment of lease liabilities of EUR 5.8 million, loan amortization of EUR 2.9 million, and a paid dividend of EUR 2.8 million. So just normal operating stuff. Last year, it was EUR 11.3+ million, and that was impacted also by the acquisitions that I mentioned last year. This is the acquisition financing part of that. Looking at the net debt, this year in Q2, end of Q2, we had EUR 226 million in net debt. Last year it was EUR 226.9 million, so net debt decreased. We had an increase from lease liabilities and acquisition-related liabilities. Then we have a decreasing effect from repayment of the bridge loan with the hybrid bond proceeds, and then more cash on hand. You can see here that the undrawn, uncommitted facility was EUR 5.9 million at the end of the period. After the end of the review period, this uncommitted facility has been fully drawn. Looking at the net financials, we had EUR -4.6 million net financial expenses compared to EUR -4.4 million last year. Interest expense on loans net of the change in fair value of floating to fixed interest rate swaps were EUR -1.8 million compared to EUR 1.4 million last year. Interest expense on lease liabilities were EUR -1.5 million compared to EUR -0.8 million last year. The increases in interest on lease liabilities was attributable to significantly increased lease liabilities as a result of the acquisitions. Exchange rate differences included in the net financial items were EUR -1.4 million, of which EUR -0.8 million were unrealized. Relating to these net financial items, historically, Forex differences have caused quarter-to-quarter fluctuations on net financial items. We have now implemented measures in the loan portfolio to reduce the fluctuations going forward. Good. Coming down to EPS, earnings per share for Q2. Basic earnings per share was EUR -0.09 per share this year, and last year it was EUR 0.08+ per share. The decrease is mainly in addition to the other factors discussed today. The decrease is due to increased amortization of acquisition-related intangible assets. As we acquire, we also get those intangible assets on the balance sheet that we amortize. Then we had a decrease due to hybrid bond interest this year. Adjusted EPS excluding these acquisition amortizations was EUR 0.12 per share, and last year it was EUR 0.15 per share. This decrease is in addition to the other factors we have talked today, it is mainly due to the hybrid bond interest. Looking at the returns for Q2, return on net working capital and return on capital employed were impacted by acquisitions. Return component only includes partial year profit while the capital employed and net working capital includes more of the acquired assets. Return on net working capital was 42.8%, and return on capital employed was 10.8%. Return on equity was 7.1%. Events after the review period. Highlight in July was, of course, the acquisition of Team Verksted that Christian mentioned. Then we had shares subscribed with 2023 options, and then we had the share issue relating to the tershine acquisition. Thank you. Thank you, Sebastian. The focus for 2026, as we have said now in several of the quarterly presentations and in Capital Markets Day, we are focusing on converting our top-line growth to profitability and returns. We do that through operational discipline in our operating units. We do that through working capital discipline, and this will convert into profitable growth and healthy cash generation for the years to come. Coming into the outlook for the year, as you know, we do not give a numeric guidance for the full year. We see that the market conditions across our portfolio was broadly stable. As always, in our diversified portfolio across different geographies and market segments, the demand continues to vary between the different operating units. Looking ahead, our priority is clear. Focusing on EBITA growth, focusing on making sure that we only have the cash that we really need in each of the operating units, so that we can release it and invest it into interesting growth opportunities. With that, I would like to sum up the quarter. Strong cash generation. We are proud with the 4% organic sales growth in the quarter above the market growth. Cash conversion of 100% in the quarter. The profitability in this quarter had some factors that needs to be considered when you read the report. The ECL provisions, the organic growth investments for the future, and one of Europe's biggest workshops was established in Raskone. The priorities for the year is unchanged. We are focusing on converting the growth into profitability and returns. With that, we would like to say thank you and open up for questions. Yes. Let us start going through. We have five questions at the moment. First three comes from Joni Sandvall from Nordea. Is there further seasonal variation in H2 that we should be aware of? Due to the increased share of Commercial Vehicle Services, the second quarter is more seasonally impacted than before in the group. We have historically had a stronger second half of the year, and we expect the second half of this year also to be a bigger part of the group's earnings than the first half. Good. Joni continues. Are higher credit loss allowances due to increased risks related to expansion in Technical Wholesale, or have you seen changes in your client base? Of course, when the group is growing, we have more receivables and as a technical effect, we need to have a higher provision, everything else equal. We don't see an increased credit risk across the group. The increase of the provision that we saw this year is based on the way we calculate it and on a management adjustment or assessment of what is the healthy level going forward. That is all we're going to say about the reason for that. Good. The last one. Based on history of organic investments, how long ramp-up period are you expecting in Technical Wholesale? Have you seen any deviations from your plans on these investments? Yeah, thank you. Brilliant question. I don't think you can say it's the same in every investment, in every new location. Naturally, it takes a few quarters, I would say, for the customers to change their habits and get to know our offering and to get the full potential of a new location. It can take 6- 12 months to reach to the full volume of a new location. We see a couple of locations where the demand is not following the expected growth paths. Sorry. And there we are very closely monitoring the development. And of course, we are ready to take actions should we need to if we don't see that the growth is coming the way we expect it to come. Good. Then let's move on to Petri Gostowski from Inderes. Is the number of the new locations in Technical Wholesale three? It's more. More than three. Okay, it's in three different operating units, but it's multiple locations across these operating units. And continuing on that, what kind of ramp-up time do you expect, and how big of a revenue potential do you see in these new locations in the long term? Can you give some magnitude of potential revenue? The ramp-up will continue throughout the rest of this year. But quarter by quarter, the effect is coming additional top line, of course, but more important, we're going to have the conversion to profit. I'm not going to give a figure of what exact revenue do we expect from these new establishments, but you can see the growth in the business area that is a good indication and high single-digit organic growth in the business area due to these investments. So I guess that gives some understanding of the magnitude. Then let's move on to Pia Rosqvist-Heinsalmi from DNB Carnegie. Does your plan include significant further investments in growth in H2? I can say like this, we are not planning to start any new organic investments or new locations in the second half of this year in Technical Wholesale. That's as far as I'm aware, and I don't think there will be any new ones coming up. Rather, the current ones being focused on making sure they reach their full potential. Good. Then Pia continues. What are the reasons for the reversal of the expected credit loss provisions last year? A change in management assessment or? Neither me nor Sebastian was here last year. It was an assessment done by the management at that time, and now we have done this assessment. That is the fact. Thank you. That is all the questions from the chat now. All right then. Thank you very much for listening in. We are happy with the strong cash flow and organic growth in the quarter. This quarter, you need to read the report in the details to get the facts behind the figures. We are very much looking forward to the second half of this year and to meet all of you again in the Q3 report. Thank you.