Ladies and gentlemen, welcome to the Assemblin Q3 2023 report. For the first part of this call, all participants will be in a listen-only mode, and afterwards, there will be a question-and-answer session. Today, I'm pleased to present Mats Johansson, CEO, Philip Carlsson, CFO. I will now hand over to Mats Johansson. Please go ahead. Good morning, everyone, and welcome to our presentations for the Q3 2023. I hope you all can see the presentation in front of you on the screen. I am Mats Johansson, and I will start presenting the Q3 report on an overall level, and I will let Philip Carlsson, our CFO, go a bit deeper into the figures in each of our business units. Then in the end, I will conclude, and then we will have a Q&A. So let me just briefly start by giving a short overview of our group, for those of you who are new to us. Assemblin is a leading provider of smart and sustainable technical installation and service solutions with presence in Sweden, Norway, and Finland. We have more than 7,000 employees and 20,000 clients and more than 3,000 ongoing projects and more than 100,000 service assignments in more than 100 locations. Today, our business looks like we have 70% of the business in Sweden, 15% in Norway, and 15% in Finland. You can also see here that on a LTM basis, our business consists of 42% of the revenue is service and 58% is projects, and the majority on the project side is very smaller projects, I will say. We believe we differentiate ourselves as a group by being a strong entrepreneurial but disciplined culture, focusing on profitability before volume. We see ourselves as the with the business that we have within the group, as the leading provider for smart building and green tech solutions. We are obsessed and, or focused on technical competence over and above geographies and contract types. You can also see here on this slide here, our LTM Q3 numbers, a sales of SEK 14.6 billion, an EBITDA margin of 7.1%, and a cash conversion of 73%. We have a strong and solid order backlog of SEK 9.1 billion. I feel, I'm really proud about that we now have had nine consecutive quarters with an LTM EBITDA of 7% or better. At the same time, during these nine quarters, the top line has increased with more than 40%. So super proud about that, showing stability and predictability on a high level compared to the overall industry, but of course, not satisfied as we are aiming higher to become best in class. So let me remind you about our long-term targets shortly. We have said that we aspire to have an Adjusted EBITDA margin above 8%, net sales growth over time above 8%, including then both organically and acquired growth. And then we have a sustainability targets to push us towards climate neutrality. And for us, there's a lot of things going on and that we are doing, and one of this, of course, for us, with a huge, big car fleet, which is now really started to rearrange towards electrification. Before moving on, now in the presentation, I wanted to let Philip describe why we actually are calling this presentation today, not the quarter result presentations, rather, a report, rather information. So I leave it over to you, Philip, to describe that. Wonderful. Thank you, Mats. And thank you all here for bearing with me as we digress into some accounting niceties. The divestment of Assemblin from the Triton Four Fund to the Triton Four Continuation Fund in May 2023 resulted in a new group being formed from a legal accounting perspective. So Assemblin Group AB, formerly Apollo Swedish Bidco, which is the issuer of our current bond, acquired Assemblin Financing AB, which was formerly called Assemblin Group AB. And then for legal consolidation purposes, this means that the legally mandated accounts will be prepared starting from the third of May 2023, with no comparative information, resulting in obvious lack of comparability. Therefore, we've chosen to present Assemblin's financial development, including the consolidated accounts from the two legal groups at different time periods, to be able to show a consistent development of the underlying operations. So we're deviating from the presentations mandated under IAS to be able to show comparative information in a sensible manner. The P&L, cash flow, and balance sheet for the Q3 2023 are all consolidated within the scope of the new group. However, to get comparative information for the year-to-date period for the P&L and cash flow of 2023, that is made up of the old group from January 2023 to the beginning of May, and thereafter of the new group, as we've tried to showcase here in this slide. And with that, over to you, Mats. Thank you, Philip. So let's move on here in the presentation and look at the numbers for the quarter. So I would sum up the Q3 quarter as a stable quarter. Compared to Q3 2022, we had the same adjusted EBITDA margin of 6.7% in the quarter. And when it came to growth, we grew 8.6%, slightly above our long-term targets. And also our order intake increased somewhat, which I'm really satisfied with, especially seeing from the light that it's really only consist of small and medium-sized projects. Except for privately financed residential and commercial new builds, I think the market is good for us with continued activity. Of course, even if the competition has increased, then that we can also see that decisions from clients takes a bit longer than it previously did. But, regardless, I think we remain disciplined and selective, because we know that that's the only recipe to be really profitable in this type of business. But, it's more important than ever that we are really close, and which we are. We are a local business, primarily, and that we are close to the local markets and its clients, and that we could react towards a market decline in demand of which we see what we see in each of every market, so to say. When it comes to profit or to cash flow conversion, that was similar, Q3 2022, but LTM, it's lower than our long-term target, mostly due to increased... But I will let Philip comment on this later in the presentation. We have also done one acquisition in the quarter. Let me come back to this. And I think again, that a little bit more about the market situation, that despite this, you know, slowdown that we see in some sectors, it's a very mixed market for us. But the installation market remains very strong in the Nordic region, so to say. And we see a continuing stable, high demand from the public sector and in industrial customers. And we also see, for example, increased demands in sectors like security, technology, and solutions for intelligent buildings. We also experience a high interest in green technologies and energy improvements, but I will also say in shorter perspective, we have seen that decisions takes longer time now due to interest rate increases and lower energy pricing. So again, as I said here, it's very important to stay close to the market and be able to meet changing market conditions. And if I overall sum up the quarter here, I think you can see here, it's the unchanged markets on a high level, the stable cash flow and a solid cash position, a slightly increased order intake, as I said here, and that consisting of small and mid-sized projects, and a strong order backlog. We did one acquisition with annual sales of SEK 35 million. Again, mixed market signals, but still stable demand. We are really well positioned, I feel, for what we have in front of us, both in opportunities and challenges. And because with a flexible cost base, we can mitigate a recessionary environment that we are start to get into. If we take then go a little bit deeper here, into the growth, as I mentioned, we have 8.6% growth, where you can see the split up here is 2.5% is organic and 4.9% is acquired. On top of that, we have a currency effect that gives us another 1.2%. And, I'm pretty satisfied with that number. If we continue with profitability, again, we had the same EBITDA margin of 6.7 compared to the same quarter last year. If we then go into order intake, as I mentioned, we continue to have a solid order intake in the quarter, slightly higher compared to Q3 2022. But again, really only consisting of small and medium-sized projects, which I'm actually very satisfied with. We need to have a good project portfolio. We are good at doing big projects, right? But I think also that our, so to say, strengths are within small projects, medium-sized projects, and of course, service. And that is what takes us helps us climbing when we talk about profitability. And I think a strong also, it gives us that strong diversification, which is also really good to have now when we get into tougher times. So moving over to acquisitions and divestments. Here you can see the acquisitions we have done during Q1, Q2, Q3 now, and also Q4, Q4 so far. Total of 10 acquisitions, and with a net sales contribution of more than SEK 700 million. And we on top of that, we have also divested two smaller units. I think all these acquisitions are very much aligned with our strategy, and I would like to welcome all these companies and their staff to Assemblin Group. I also wanted to, every quarter here, highlight something that I think is pursuing our future agenda, and we've done that every quarter here. It's been customer solutions and being efficiency tools, it's been new sectors and exciting projects. And this time, I just want to highlight something, I think it's very simple, but it's also a massive business opportunity here, very much related to energy efficiency and changes in legislation. So since August this year, all manufacturing of fluorescent tubes with mercury has stopped or ceased within the European Union. And this type of lighting tubes is now phased out and replaced with more environmentally friendly LED lighting. And this actually represents a big opportunity, of course, for everyone in the installation business, but also for us in Assemblin. And I think this is a good example on how we organized ourselves and creating a market offering and trying to sell. Not a massive part of our business, but the business consists of small, small, different initiatives, all related to energy efficiency. And when you add them up, you know, that's who we are. So with that example, let's move over back to the numbers again and take a little bit deeper look into the performance of our five business areas here. So, Philip, over to you. Thank you, Mats. Looking closer then, at the development on a business area level and starting as usual with our Swedish units. Compared to 2022 and Q1 of 2023, we've seen a normalization of growth as material inflation has slowed. We have normally a good ability to pass through material inflation, but as that effect has slowed, so does our organic growth. EBITDA increased somewhat in Sweden in total, although our smallest BA ventilation had a somewhat weaker quarter. Order intake increased with some more mid-sized projects compared to Q3 2022, but no large 100+ million orders in the period, and our order book remains at similar levels as the equivalent time last year. Moving on then to Norway. Norway shows growth, driven both by organic expansion and a strong order intake. Margins are strong at almost 9% in the quarter, although not quite reaching last year's high point of 9.5%, but Norway continues to remain our most profitable business area on an LTM basis. So good work, work there, Norway. And in Finland, showing organic growth, combined obviously with positive FX translation effects as the SEK has weakened versus the euro. The order intake decreases as opposed to the overall trend. And here, I think it's important to note that this is directly linked to the restructuring of certain operations, where we're simply exiting unprofitable business, which then drives a lower order intake, combined with a slowdown in demand for heat pumps and energy efficiency solutions, especially within the residential area. EBITDA is improving now, the cost of restructuring continue to be a headwind, but we're starting to see positive results in the financial development of Finland. So moving on to the next slide, and to the reporting mandated in our offering memorandum, as issued in July this year. The EBITDA we use to track our net leverage contains certain adjustments, which we've summarized in this bridge. The first adjustment is an adjustment for items affecting comparability. However, this is very small in the period, and this brings us then to SEK 1,298 million in adjusted EBITDA, which is what we track in our accounts. In addition, we have adjusted for the pro forma effect of acquisitions up to the 30th of September 2023, adding an additional 46 million SEK as if the companies had been part of Assemblin from the 1st of October 2022. Acquisitions and divestments closed after this date, such as the cases that Mats showed previously, that have closed in the Q4, are not considered in this pro forma figure. So based on these adjustments, we arrive then at a pro forma adjusted EBITDA of 1,344 million SEK. Leverage has now then increased to 4.7 times, compared to the 4.5 times in the offering memorandum. And this is due to two things. One, a weaker SEK compared to the pro forma leverage shown in the offering memorandum, which was based off Q1 FX rates. And then secondly, the Q3 seasonal decrease in cash flow, in line with all our historical trends that will reverse here in Q4 as that working capital buildup translates back to cash, seasonally in Q4. Therefore, we're expecting a decreased leverage in the next quarter as cash flow then comes back, and the majority of our euro exposure is now hedged since the issuance of the bond in July. So moving on to the next slide, and looking at cash conversion, LTM cash conversion has increased from 67% in Q1 to 73% now, but remains below our target of 100%. This is really still very much related to the buildup in working capital that we saw in the latter half of 2022, and we're continuing our efforts to improve working capital. But also note that there's the structural headwinds in the sense that we have some more capital-intensive businesses, such as service, showing growth, and we also remain generally cautious in reducing inventory buffers until we know that we are fully aligned with the needs of our production. But we are obviously working hard now to bring our cash conversion back above 100%. All in all, a stable quarter. Over to you, Mats. Thank you, Philip. So, let's just conclude with that. Again, unchanged margins on a high level here, a stable cash generation and a solid cash position, a slightly increased order intake consisting of small and mid-sized projects, one acquisition in the quarter. Talking about markets, it is mixed market signals, but we still see a stable demand in most of the sectors, and well-positioned for, as I said, both for future opportunities and challenges as we have a flexible cost base that we can mitigate changes in the market environment. But it is important here, as we move forward, to stay close to the market, its clients, and to see that where if we need to adapt our operations due to change demand in the different markets, we can do that quickly. So I think with that, let's open up for questions. Thank you. Ladies and gentlemen, if you do wish to ask an audio question, please press star one one on your telephone keypad. You can also submit your question in the Q&A box on the web. Once again, it's star one one to register for a question. There will be a brief pause while questions are being registered. All right. The first question comes from the line of Alex MacLeod from Sculptor. Please go ahead. Thank you very much for the presentation. I was wondering if you could help us with, on an organic level, price volume growth across region, more just trying to get a sense of where the weakness is or if anything is by sector as well. That'd be helpful. Right. I'll sort of give you the answer based on sort of our current financials, and then Mats can maybe give you more color on the general market. So overall, we've had very strong price-driven increases in our organic revenue, driven by just our pass-through effects, and that's pretty much over now. We're meeting quarters that are at a similar material price level. Although we haven't seen any clear softness yet, we're not really seeing a boost from increasing material prices. So what we are seeing is more sort of the standard growth coming out of just increasing volumes, and then obviously, there's sort of the general kind of underlying inflation for, say, labor and so forth, but that's obviously much smaller. So it's really tough to tease out in the project business exactly what's volume and what's price, but I would say that we are now, the majority of our organic growth is now volume from what sort of we can see sort of anecdotally in the market. That said, there are very mixed market signals with different, different trajectories, and Mats, maybe you'd like to give him the- Yeah, I mean, we all know that, right? That new build residential, and I will also say it's spilled over to new build commercial. Everything that's privately financed, it's more or less, I will say it's kind of stopped, that type of projects. But for us, that's, I would say it's less than 10% of our revenue, when we talk about new build, type of projects. But especially then, we see there is a huge demand on the public side. You know, when we talk about probably there's a huge demand on the, on the industrial side, which where we have a big, pretty big exposure towards, right? And if you think about it, why? It's not like we have had that focus for years and years and years, because it's also like in many of these public facilities, hospitals and so on, that we do a lot of things with the intensity of the installation and building technology in the building is more than it is in residential projects. But that's what we see, right? And then, as I said, I think that overall, you can see that it takes a little bit more to get your costs together, you know, from, from the investor side, even on the, on the public side, and, and therefore, sometimes decision-making processes maybe takes a little bit longer today than it did for a year or two years back in time, right? But we, we see in these sectors, a, a good stable demand, where we are today, right? And, and who knows what's happening the next, year, and so on. But this is where- what we see right now. That's very, very helpful. So just to confirm, then, the majority of this, the organic growth was volume-driven then, in this quarter? That'd be fair to say. Yes, that would be sort of, I mean, that would be kind of what we would see based on sort of what we're hearing in the market. But again, it's, we don't have kind of the hard facts, since it's not possible to break it up properly. But, we sort of based on our best estimate, that's the case, yes. No, no, that's, that's very, very helpful, and thanks for the context there. And then another question: Can I just check how trading in October has been? Is it a similar trend to what you saw in Q3? I'm afraid we don't comment on our forward-looking figures, so- Right. I can't- You what? You can't, you can't give any sort of directional guidance there, either, I guess. You won't say anything. Well, I mean, I would put it this way: We're not seeing any sort of major changes in trends, but that's about it. No, that's very, very helpful. Thank you. And then one final one for me. Could you just talk about the actions you've taken on the cost base and just the embedded flexibility, and what the timing is of that as well, for when markets do become more difficult? I think the fact of the matter is that the operational model allows for a flexible cost base, so we don't need to sort of launch a restructuring program to allow for a flexible cost base. I mean, obviously, if we then, if we completely close businesses and exit a market, we will have restructuring, as we had in Finland, but that was still more related to closing out unprofitable projects and that sort of thing. When it comes to the cost base flexibility, that's built into the fact that we have a very clear view on where we're going to be in the next, let's say, six months, based on our order book and the sort of recurring nature of service. Time periods further than that, we have the ability to either through furloughs in Finland or through just planned layoffs according to the union rules, where people work their entire termination periods in Sweden and Norway, the possibility to then flex our sort of our blue collar and sort of the working white-collar population. Which means we're then just exposed on our OpEx side, which is less than 10% of our revenue. And that way, we will be... We can be very flexible in how we take care of things. Obviously, the first hit is always from where we are now, where we're still sort of producing at a fairly high level, is that we have subcontractors in there to manage local high points. All in all, the flexibility is more of a consequence of our operational model than sort of any nifty restructuring programs. Understood. Thank you. That's all from me. Thank you very much. Thank you. Thank you. The next question comes from the line of David Alty, from Arcano. Please go ahead. Yeah. Couple of questions. Just on the M&A front, what kind of quantum should we expect over the next 12-18 months, given the slowdown in the operating environment? And also on that front, what sort of multiples are you seeing? Has there been any change in multiples that you're paying? Yeah, no, I mean, it's for us, our kind of standard acquisition is looking at sort of what we've done so far this year and what we're looking at in terms of our pipeline for the next, for the coming quarters; it pretty much remains business as usual, to be honest. I mean, we're looking for add-ons that are significantly smaller than us, making up sort of a branch or half a branch, really. And we continue to see sort of a strong pipeline there. And I'd say we're looking at businesses that tend to have very strong local market positions, usually high shares of service. And obviously, we as part of our due diligence, we take a look at sort of what type of sustainable results they have, and we value them accordingly. So if we look at sort of the valuation based off sustainable results, that doesn't really change that much, despite sort of the changes in the stock market. We're looking at similar multiples as we always have, simply because we've never priced the companies off their top top years. We're pricing them off stable results and usually with an earn-out component to make sure that we can flex properly and basically pay for the next three years as they actually pan out. So there's no real benefit to us from sort of lower equity markets, but we... And we can really, we're seeing sort of a similar amount of potential bolt-ons in the next quarter or two in looking at our pipeline. And then it's obviously always sort of depending on what actually pans out or not. Okay, cool. Thanks very much. That's it. Thank you. The next question comes from the line of Andreas Dahl-Jensen, from Capital Four. Please go ahead. Hi, and thanks for taking my question. A quick one on your P&L. I see you booked a SEK 46 million gain from other operating income. Could you just explain what that was related to? Sure. That's related to revaluations of earn-out provisions. Okay. So they are which are then essentially the reason, the reason why we're looking at a fairly low net Adjusted EBITDA, is basically, we've had a lot of costs for the refinancing of the group. All these lawyers and accountants cost a bundle, and that's pretty much exactly netted out against, as we've recalibrated certain of our earn-out provisions, and which funnily enough, under IFRS, becomes an other operating income, and those two take each other out. So essentially, that means that we are, our Adjusted EBITDA ends up being our regular EBITDA. Then I just wanted to ask on the order backlog, of course, being down year-over-year, and also as a percentage of contractor revenue or installation revenue. Could you just speak to your—I mean, you already made some comments to the general outlook, but just where the—how we should view this backlog coming down going forward? I mean, I think the thing with the backlog, I guess if you see that the order intake numbers has kept on a pretty high level here going forward, and but we have due to the whole portfolio structure, I will say, with several bigger projects really in the so to say foundation here of the backlog, that has started to change into a little bit less bigger projects, but more smaller and medium-sized projects. And that's why you see, I think that the backlog goes down a little bit, and it's-- And, well, I think that's really positive. We are going after bigger projects. We have bigger projects that we are executing as we speak. We are going into new projects, where we also are in the projects, in the early phases, but haven't really put it in our order book yet. And that's something that's important for this company, but we will continue to be super selective when it comes to these bigger projects. And I really like the beauty of this company with the full diversification of the markets, of the different type of projects, smaller projects, medium-sized projects. That's how we run a business like this, not just based on big projects. So if I could add in there in terms of sort of more from an accounting perspective, what we have here is just a change in the mix of our order book. So just as a practical example, back in Q3 of 2019, or was it maybe it was a Q2 of 2019, we won the Stockholm Bypass project, worth SEK 500 million, which has obviously been increased with indexes and so forth since then. That project completes in 2028 or something like that, and it's been part of our order book since 2019 then. We're obviously progressing on that project and producing, but there's no sort of equivalent, order intake to that, in the last few quarters. So that's why we get an order book that, over time, becomes more smaller mid-sized projects, plus the parts that are serviced, and therefore, we get a smaller order book in relation to sales. But what we do have is a very strong order book when looking sort of over the next few quarters here, which gives us kind of the planning horizon that we need, and sort of a you know, a belief in our near-term future. Mm-hmm. Okay, so just two follow-ups then. So I'll just make sure I understand it correctly. Are there larger projects that are being canceled? And what type of projects are that? And then- Sorry, just to take that question. The larger projects are not being canceled, but they're being produced. So let's say I had, you know, SEK 500 million in my order book back in 2019, sorry, and then that progresses forward, and I produce, you know, SEK 50 million a year. Then, it obviously by now, it's just, like, SEK 350 million or so. I keep producing SEK 50 million a year for the next few years, but, you know, rather than having. But that, that would still mean that my order book would have decreased from SEK 500 to SEK 350 over those few years without anything corresponding coming in, because these larger SEK 100 million kroner type orders only come in infrequently, and then they're worked over several years. It's a change of the composition of the order book rather than the kind of the- Right ... rather than linked to sort of the near-term future of revenue. Mm-hmm. And you said you had this large project in 2019 that came in as part of the order backlog, and it only completes in 2028. So your entire backlog, as you report it, is just all the projects that you have visibility on. It's not. There's not, like, a cap, it's only, like, it would only be the next three years or next, or for a certain period or? Our order backlog includes all orders where we have a firm volume commitment from our customer, where the customer cannot cancel without paying substantial fines or so forth. So that's. The order backlog, once it's in there, is fairly firm, but it is then, you know, it, it, it's there regardless if it's, you know, to be produced in five years' time or to be produced next week. So you don't count- So the division timing changes? Yeah. I mean, exactly, and that's exactly what's going on now. That's the difference, yes. Okay. All right. That was all for me. Thank you for answering all the questions. Thank you. Thank you. Thank you. The next question comes from the line of Saul Casadio from M&G. Please go ahead. Good day, everyone. Thanks for taking my questions. Just have a couple. First one is on your sequential EBITDA decline from Q2. Just wondering if that whether that is normal seasonality or in the bridge from Q2, Q3, that there were other factors? No, no, no, that's, that's normal. I mean, Q3, remember, is July and August, which, I mean, July- Yeah is basically a lost month for us because everyone's toddled off on vacation. So if and I think that's visible as well, we have exactly the same overall margin in Q3 2022 as it is in 2023. Yeah. So margins are stable- Yeah rather than anything else. Okay. No, I noticed there was a similar pattern also last year, but wanted to check if there was something else this year. Thank you. The second one is on, you have-- you made this comment in a number of calls by now, you talk about a mixed market signals. And, yeah, I was wondering if you can provide us more color, which market signals are pointing towards maybe something kind of a positive, they're giving you, you know, a positive signal, other which market signals are actually instead pointing in the other direction, so we can have a better sense of what, what you mean with that. I think, first of all, you need to differ from short-term situation to long-term situation. I are saying that long-term situation with what we are doing, what's happening, you know, with the built environment, what's happening in terms of energy efficiency, sustainability, and all of that, that we are in the middle of, are extremely strong, right, for this type of business that we are into. I mean, short term, as I alluded to, and it's, it's, it's actually also, I think that it's hard to there are overall themes, you know, which is, of course, very much connected to the what's happening on the big macro picture. But then it's like, remember that we are really small, local play, not small, local players in the local arena, and depending on, of course, our exposure to industrial sector, public works, there are maybe some... There are some branches which we have more than 200 of them, that are maybe doing more residential. They have it over years, right? And their client base is more related to that sector, and that sector is really tough right now. But what I can see from where I stand is that the public investments, the public sector, it's about hospitals, it's schools, it's the defense industry. I mean, it's prisons, police stations, all of that stuff. It's happening a lot in both of, especially Sweden, but also a lot what we can see in the Norwegian market and the Finnish market. But then, coming back again, everything due to the environment that we are into, changing interests pretty quickly, everything that has to do with real estate, you know, residential developers, everyone who is going to invest private money, so to say, that is, it is as it is right now. But the good thing for us is that overall, if it stays there, it doesn't have a major impact on us because our exposure towards that sector is minimal, right? But I can also say, as I said there in report, that what has happened here, and I think it's short term, is that we can see parts of the business connected to energy efficiency. You know, there are solar, there are maybe EV and stuff, investments that companies or people are doing at the moment, and also right now, energy pricing is pretty back on a low level. It halts a little bit. People are sitting and want to see what's happening here, you know, with interest rates and energy pricing and so on, right? And then there are some players who starts coming out of the woods now and saying, "We believe in this long term." So we can when we do its life cycle estimations of a building, for example, we look upon it from 20 years or 10 years, and not like 2 or 3 years. But I think we are starting getting back on track on that. But for a while, that has been a hesitation in the marketplace, right? Okay, so if just to summarize to check that my understanding is correct. For mixed market signal is more what you mean is kind of weaker short-term signals, but kind of remain confident on the long-term trend of your industry, that if I can summarize what you have said. I think there's that, as well as certain parts of the market, say, for example, defense, security, and some public works that are actually still growing quite, quite well. So that's all, which as opposed to then, you build residential, which is, you know, absolutely nothing, and a clear hesitancy in a lot of the sort of the energy investments. Mm-hmm. Okay. Okay, thank you. There are currently no further questions from the phone lines. Great. Then we'll go on to some written questions here. We have Nicholas Remy. What does explain the strong positive momentum in Norway compared to the other Nordic countries? To be honest, I mean, in Norway we've got the NOK has strengthened somewhat compared to the second period, and then there's some M&A, but there is a strong organic growth in Norway in the period where projects in particular have shown strong growth. I think that's more kind of sometimes you just have a bit more growth in projects than another. I don't think we have a clearly different trend for Norway. So it's, but it is a showcase within the service coming down in Sweden in terms of its proportion of revenue in that specific period, but nothing sort of fundamental and difference in trend. No, and you can say also like a starting point, that business is very solid, very high performing. I would say one of the best margins in the installation industry in Norway, and has had that for many years now, right? So it's a solid business that they connected to what Philip said, right? It's not something that has happened right now, right? Exactly. But I mean, we should, you know, be careful to take credit for things that are just movements within a quarter. Yeah. It's. And so for us, what matters is maintaining stable margins. Volumes do fluctuate in our business, and, you know, we're up in Norway in this specific quarter. And then a further question here from Marko Moilanin, "You highlighted demand in public business and infrastructure have remained strong. Can we read in a way that order intake in Q3 was mainly related to those segments and difference in profitability versus public versus private segments?" I don't think we can see a clear difference in profitability in public versus private at all. It's. It has much more to do with what type of building we're talking about, and the specifics of the local market and technical discipline. The projects, the contract types, and all of that, right? Has more impact than that there's any difference between if it's public or private. Yeah. But, I mean, we are obviously seeing a skewing towards, say, more, publicly funded works compared to privately funded works in the order intake, but it's not like the one is completely stopped. I mean, we're still seeing order intake across all segments, even the ones that are weaker currently. Mm-hmm. And then we have a third question here from Agnes Karnats. Hi there, Agnes. "Why is the effect from depreciation of intangible assets so big? Have you changed the model for valuation?" So, amortization has increased a lot as a result of forming the new group in May 3rd. So what's happened is, when we formed a new group, we need to do then this purchase price allocation, where the majority of it, obviously, has been allocated to goodwill, which then, you know, increased goodwill compared to previously, but part of it is then allocated to a sort of an intangible asset in terms of the acquired order backlog. So that means that our entire order backlog of over SEK 9 billion is valued as an intangible asset, and it then is depreciated over the next year, which creates this, amortization charge that's huge. Which, I mean, we get this for every acquisition we do, but normally, these are small bolts on, so you barely see them. But when we do it for the entire group, we get this huge amortization, a charge just running through the accounts, which is absolutely no relation to sort of our continuing reality at all. It's more sort of a consolidation effect of creating a new group based off essentially just the same group that we had previously, but has been recreated as a consequence of the, change of funds. And then for, again, from Marco Moilenin, "Have you seen any bankruptcies in your customer base, and what kind of impact has those had?" We have seen bankruptcies. There has been a number of smaller construction players in Sweden and Norway, Finland, that have gone bankrupt. As so far, that has led to sort of an increase from a very low level of bad debt, but not anything that has kind of had a like a significant explanatory effect on the development of our EBITDA. Matt Cunningham, "Please, could you break out your exposure to new build versus upgrade renovation? Thank you." Thanks, Matt. We don't have an exact breakout of that. If you're looking at our projects business, we estimate that the majority of our projects business is upgrade renovations as compared to new build, but we don't have an exact breakdown. It is also a bit of a gray area, you know, what constitutes a major renovation compared to a new build. For us, the sort of the interesting trend is more to see the type of segments involved, and what the buyers are doing there, and then see being confident that our project business is more related to renovation, which has sort of a much lower barrier for decision compared to new builds, which are always much more connected with various permits, as well as kind of investment decisions. And then number 6, again, Agnes Karnats, "What is the increase in other, operating income about?" I, I believe we've answered that one already, previously. And then 7, Michael O'Sullivan, "How should we think about the outlook for Q4 sales? Is it normal seasonality of 25+% quarter-over-quarter a good benchmark, and how should we think about earnings drop-through on this growth?" Again, we're very cautious in giving any kind of forward-looking guidance. I think we'll just have to stay with saying, so we don't - haven't seen a huge change in our trends, but I think we're gonna have to leave it at that. And then from Baptiste Paroda, "Good morning. Could you comment on the increase in sales and administrative expenses, representing 21% of sales in Q3 2023, compared to 14% in Q3 2022? Yes, let's just get that straight out of the way. The majority of that has to do with the change in amortization that I was looking at. I could refer you; there's a page on our definition page where we break down sort of the moving from EBITDA to EBIT, where you can then see sort of how much that increase in amortization just hits our cost base... and why we have a huge negative change in EBIT, but EBITA is virtually unchanged, and obviously, it's the EBITA that we then track, and which is sort of showcasing our underlying operating performance. And then finally, we have Marco Moilenin: Could you describe how you look at your M&A pipeline at the moment? I guess we've kind of discussed that previously. It is actually fairly similar to sort of where we've been, so business as usual. Oh, yeah, I'm sorry, there's another question here. Two more questions. Oh, great. Niklas Arnseth: Are there any plans to expand to Denmark? Not in the near term. And I think it's a short answer there, Mats, so- Yeah, I know, I think I have the- And then, Rolf Garberson, from Installationssiffror: Thank you for the presentation. Could you elaborate a bit on the reasons behind the sharp rise in goodwill depreciations compared to last year, and specifically, the other operating items? I think we've covered the other operating items already, and also, the increase in goodwill is obviously just relating to the formation of a new group. A new fund is an entirely new investor base, so when we transfer from one fund to another, we get this goodwill step up as kind of our underlying equity is translated into our accounting. Let's see here now, Michael O'Sullivan: Comment on consultation pricing environment. Maybe, Mats, you'd like to take that one? Yeah, I mean, I think it's very. I don't think there is kind of a general statement there. Again, the most part of our business is very local, and of course, if there are installers being very focused on these sectors that are not that strong, they might come over to projects, you know, school projects or prisons and all, or what it is, right? So there is a tougher environment if you talk about on the bid side today, but there are also. I hear from different sectors, that's not really the case. So it's again, a very mixed picture. Again, I think that if you go after the right projects with the right people, with the right clients, and the right conditions, contract conditions, and so on, and you have the capabilities, it's more about being profitable in this business. It's more about how you execute projects, if we talk about the product side, of course, on the service side, too. But rather than that, the margin is, the bid margin is a little bit pushed down, so to say. So yeah, mixed picture there. Also, I feel if you read the questions, right? Right, so Michelle Yana, also there was a reference to slowdown in green projects. Can you please add color? I was almost said green, but there, which areas is the comparison to a strong prior year or less government subsidies, et cetera? I think it's just like, like people are. If you talk about the professionals, the real estate, the investors, and companies, right? They have so much to do at the moment of figuring out their own business and their portfolio and all of that. So some of them have just said that, "Let's pause some of these energy renovation type of projects," as an example, "and let's move them ahead for six months or a year or so on." That's one example. And then I think that, and that's also connected, for example, we have a business that I know is going through big portfolios of rental apartments and going in and doing heat optimization in the apartments and for the buildings and so on. That type of stuff also, there are clients who's just saying, like, "We, we, we, we wanted to do that right now, but we will come back to you later because now we have other issues to think about short term here." And then we have another example. I think we have a solar business, a pretty small business. We acquired from many three years ago or something a solar company to get to know and to learn that business, and then we are ramping up a business by ourselves organically. And of course there, it's both also to private people, which the private customers, consumers, which is not primarily our group, you know, that we are working through in Assemblin, but that's a small example of that. Right now, people are thinking like, you know, with this high interest rates environment, and on top of that, also, that energy pricing is cheaper now. Maybe I wait with this for six months or a year to do this installment. So I think it's again, more temporary. It starts to build up, you know, and again, long term, this type of examples I gave you is massive, you know, for the society, for the industry, and for us. Yeah. So I mean, there is a discrepancy here between the sort of the long-term, super strong secular trend when it comes to energy efficiency and the short-term hesitancy in a few, especially in the privately funded stuff. It has really nothing at all to do with government subsidy base. No. To the extent they've changed, they've improved. Yeah. And then an additional question here from Rolf Garberson, relating to the operating income. Does the revaluation mean we've seen worse progress in prospects in one or more acquisitions? I think what we're seeing is, rather than kind of a failure in acquisition, that we simply, this is the way we calibrate our acquisitions to make sure we're paying the right price. So we pay a multiple on what we think is the, what we're absolutely certain is the sustainable EBITA, and then we pay a multiple on their average over the next three years, is our typical setup. And obviously, as that changes and they sort of approach the full three-year period, you then have to sort of make a true up compared to where they actually pan out. So it still ends up being a profitable business that has done well, but it might not have reached all the way, and then we readjust accordingly. And that's really what we've been doing here. And then 16, Matt Cunningham, how does the margin profile compare between large orders and mid-size projects, or is it on a case-by-case basis? I think it's more of a case-by-case basis in the way that depends on the contract type, the type of project, the risks are involved and so on. You know, and we have a we like to do the bigger projects on not on a fixed lump sum type of setups, right? But it depends on from project to project. Yes. and then you talk about resident—sorry, Philip, you— Sorry. Another question from Marco Moilenin in here. You mentioned earlier that your exposure to residential sector is minimal. Can you give some more color, how large share of the net sales of housing construction stands for? I think, to give some color on that. So when saying minimal, that is, about new build residential, not residential as an entire real estate sector. Obviously, we've got a lot on renovation service. The maintenance of residential is, you know, a very stable business over time. People, you know, keep living there almost regardless. But when it comes to new build, our estimate has been that that's been less than 5% of our entire revenue base. So in the scheme of things, it's well within sort of the flexibility that we have overall. And then, Rosalind Dalton, apologies, I missed this commentary, but can you please advise by organic growth rate has been shown contraction versus PY over the last two quarters, and should we expect this to develop? Well, sorry, yeah, we were discussing that earlier. The short version is simply that we used to have a very strong, material price inflation pass-through effect in 2022 and the beginning of 2023, but now we're meeting quarters where, you know, the material price inflation is arguably nilled by now, and therefore, we, that pass-through effect, disappears, and we're back to sort of mostly volume when looking at our organic growth. So I mean, and we are a business that, organic growth-wise, should be looking at single-digit figures. It was, as we were saying, throughout 2022 and 2023, double-digit organic growth is just not normal in our business, and frankly, not even a good idea, given the fact that if you're doing it volume-wise, you almost have to on board too many people. And then an additional question here, Andreas Dahl-Jensen, where do we see the prepayment of the shareholder bridge loan in your accounts? And that was part of the use of proceeds in the OM. I think you... We might need to take a look at that. We put, as I was saying earlier, we put the accounts together as an amalgamation between the old group and the new group, which means it's not necessarily always traceable. So it's, so the purpose of this information report is to provide you a view on how the business is progressing rather than kind of the legal view of what the group looks like compared to May, and then on. So we will obviously be following on with our annual report as usual, where that would be shown. And I will, if you send me an email, I can also sort of take a check in and see how we've handled it exactly in the way we've set up the accounts now, rather than kind of just guessing here on the call. And then, let's see, essentially a final question here from Mishi Yana. Again, back to the earlier volume versus price question, Q3 organic growth of 2.5% implies negative volume. Is it possible to quantify scope? I think there is, there are negative volumes in Finland, where we have, where we're discontinuing some business, but there we also have growth. So I'm not quite saying... I can't see that we can see negative volume overall, but I'd say we are looking at a scenario where we are kind of volume plus a little labor cost inflation flowing through to the figures. Remember, labor cost isn't 100% of our cost base in any way, so it is a mixed bag of what gets passed through. And yes, yeah, I think we've concluded a number of good questions here. Thank you, everyone. Yeah. Mats, any final conclusions? No, thanks for listening in here. And yeah, thanks a lot, and have a nice day. Thank you. Thank you. This now concludes our presentation. Thank you all for attending. You may now disconnect.