Hi everyone, and a warm welcome to Alimak Group's Capital Markets Day 2025. My name is Matilda Wernhoff, and I'm responsible for strategy and M&A at Alimak Group, and I'm also your host for today. We are very happy to have you with us here today, both those of you that are here today physically at Studio Puck and those that are joining through the live stream. We have a full agenda with interesting presentations, and you will get the chance today to get to know Alimak Group better and also our strategy. There will be plenty of time for questions as well. We will start off this day with our CEO and CFO presentations. That will be followed by strategy presentations on construction and industrial. After the break, we will follow up with wind, facade access, and the height, safety, and productivity solutions. Before ending, we'll also have an M&A presentation. As I said, there will be plenty of time for questions. We will have one Q&A before the break and also one Q&A after the break. If you're joining on the live stream, you can send in your questions in the browser during the presentations as well as during the Q&A sessions. For the audience here, you will be able to ask your questions live. With that, I would like to welcome our first speaker up on stage, our CEO, Ole Kristian Jødahl. Yeah, also from my side, a warm welcome to you all. It's great to be able to host. This is actually the fourth gathering we have as a Capital Markets Day in Alimak Group since I joined back in 2020, if you count also the smaller update we had last year. The plan for today is that we will give you a little bit more of our understanding, and going forward, I will talk a little bit about the group strategy and how we work as a group. Sylvain will dive in, so you can guess the numbers and say a little bit more about where we stand from a financial perspective and also how we are working and thinking about our financials going forward. While then, after that, you will get quite a thorough presentation from each of the five divisions on their business, where we are, and also there, of course, the way forward for each of these divisions. Then Matilda will take us through shortly in the end a little bit how we work on M&A, because I think that's also an interesting piece for how we do things. It will be Q&A, as you know, and we will sum up in the end. Hopefully you will have a good session here. We, yeah, started 2020 with this new heights thing. I came to the group then, so that was a kickoff for me, really. Basically, also, you know, the group had gotten long-term owners not far earlier, and we had some discussions. We wanted to create something sustainable, something long-term, an industrial company that, yeah, in a way, from an owner perspective, would be a Latour company, you know, fit in that type of structure. It was, you know, multiple facets like this that came into the fact that we wanted to change the way we were organized and the way forward and how to drive the group. That was the, and then also the group had not performed according to the financial targets. That's why we set out on this new heights strategy, which we put up in three steps. First was fixing the base, and I will take you a little bit through that again, because that's a fundamental way in how we drive the company. It was fixing profit, and that was basically, you know, are the things, part of the group that does not belong here, that will not support the growth and the financial results or levels that we want to see. We had some of that in wind that we had to take out, but also to really make these division strategies during those days to ensure that we knew where to go. We should be in some sort of phase from 2022 to 2025 where we delivered, you know, profitable growth and moving forward. We said that could also be a time where we can start to take on acquisitions also, because you need some sort of, you know, comfort and peace and quiet in your daily business to be able to handle new things coming in. Yeah, and that led to that we also acquired Tractel. During the first phase there, we also spent a lot of time on Avanti and Facade Access, because they were two acquisitions done a couple of years earlier, which needed a lot of attention. Yeah, and we will come back to that during the day. Today we stand in this place, you know, we have been through what we said were new heights in those days up to 2025. Of course, for us, it's natural then to work on what's the next step. We have chosen to call it New Heights 2.0. Why? Yes, because, you know, we have done something that we are very satisfied with. You know, we feel that we have a very good base. We have gotten a good structure. We have a good culture. We have a good model. You know, we have things in place that we would like to carry with us forward. You know, it's a good way of working. We now believe also that we can actually accelerate our growth going forward. That's why we call it 2.0, and this is what you will learn more about today, how we are, you know, accelerating our profitable growth forward. This is, you know, the core of what we did when we started off New Heights. It was, again, you know, several things that you need to fix to really have an effective organization. I think, you know, to have some sort of simple framework, still powerful, you know, or where you want to go with your organization is essential. You can be very detailed and so forth if you want to run everything from top. If you want the organization to be, you know, engaged, if you want them to be taking decisions where decisions should be taken, you need to give a good framework, which will actually allow them to do that, you know, and you feel comfortable with centrally, you know, delegating out all of this. This was the, let's say, the idea behind the strategy. We made it very simple. We said we, first of all, we need to be market-driven, you know, market and customer. It was way too much product-oriented focus. We said, you know, moving people, material, and businesses safely at heights would be the guiding star of the group. Then as one of the four elements in our strategic pillars was customer obsession, really ensuring that we could put customers in the forefront of all decisions. They are paying for everything, so they need to be at the top of our heads. We said we wanted to be technology leaders because that was a natural type of DNA of the group. But also, if you really want to perform sustainably over a long time, you know, you need to have something more than just low cost and, you know, fight for every day. You need to have a vision about, you know, that you want to do something good from a sustainability perspective, from a long-term owner perspective, shareholder perspective. You know, we are in global trends which are supporting our business long-term. It was about operational excellence, really to ensure that we, you know, we work smart, we learn every day, and we improve every day. It is not about having a good setup and then hopefully that works, but it is to constantly move that forward. It is to constantly improve. It is to constantly find and be hungry for something more. The final and maybe the most important of them all, you know, recognizing that people is the most important asset. Especially when you want to run a setup where you decentralize the structure, you know, because we pay salary to 3,100 people in Alimak Group, and for a reason, you know, we want them to use their heads. We want everyone to think. We want them to learn and apply their knowledge onto doing things better. We have put strategic and operational measures, a lot of that in place to ensure that actually the asset that we spend most time on and we invest most in and drive forward is people. This should, over time, you know, then generate, you know, this sustainable results and so forth with these and also the sustainable relations with our around us and so forth, you know, so we have this long-term thing. You know, the culture. If you do not have the right culture, if you do not have the right focus, it will neither work. That was also something we spent quite a lot of time on, what type of, you know, guiding things should be there in our culture. Of course, in a decentralized structure, you get responsibility. You know, you are expected to take responsibility. That was one of the core elements that take ownership for your thing. You know, you are, you get it, and you will have to take it. The other thing was move fast and deliver. This is the thing that, you know, you never to stand still, always to move forward, as I was talking about, you know, if you want to be in the forefront, you can never rest. You can be, you know, happy with what you have achieved, but you can never be satisfied, you know, because you know it's more to do. It is also not about being busy and having a lot to do. It is actually to have the ability to deliver. We also put a lot of focus on, you know, health prioritizing, making sure that the things we do, they are meaningful. That comes also with the ownership. You know, if you own it, you're also interested in making sure that you spend the time right and that you make the right decisions. Challenging the limits, fundamental piece also. It's a lot of legacy in an old group, but also this, again, you know, to really push. Not only to, it's allowed to make mistakes, but it's more, you know, even though that it's expected to make mistakes. That's when you start to push, you know. That's when you learn, and that's when you are at the borderline of always being best. Of course, you know, as a, we are a team, so you're not supposed to be alone, even though it's a lot of responsibility on each individual. We expect a lot from everyone, but you're not alone. This was the fundamental, you know, strategic thing that we set, which I think is the core in a decentralized structure. Then you come to that decentralized structure. What is that? Yes, that was these five divisions that we set up. This allowed for focus, you know. Someone was really focused on their business. It's all the way through locally, so it allows local decision-making, but this global language inside each division. They understand it, and they talk about the same thing, and they sit in the same thing. They are fully responsible for the full customer journey, which means that, you know, they have the benefit of finding the right products for the OEMs or new sales, and they also have the benefit and the, you know, all the reasons to take care of the aftermarket, because, you know, the more you have of both, the more and the better you do. That's the fundamental piece of each of these divisions. You also need to measure them on the right KPIs. You can't measure on a lot of activity level, and I can't neither, you know, force them to do a lot of things. They need to decide themselves, and I measure results. That is what we do in the whole organization. You measure on KPIs, which are result-driven. This is a structure that was also intended to be long-term, something that can stand, you know, over time. This way of working, you know, that's also, I think, fundamental, because you can have this framework in place, and you can have the right culture, but you also need to stand in it every day as a leader and as leaders in the organization. We need to be true to the concept of actually working the right way. One of the elementary things there, I believe, or we believe as a management team is that, you know, we do things ourselves. We do not rely on others to have knowledge. Others can have a lot of knowledge about things, you know, but we need to know it ourselves, you know. The core processes and the core elements, the core things we do, we own ourselves. We do ourselves. We learn it, and we take responsibility. That means that we do not have managers in the organization which are just managers. All people have a job, a true job, and they know their job, you know. This is how we also believe that you can actually manage an organization over time with confidence by just measuring output, that you actually are into it. You are, you know, you know what people are doing. You know when I have discussions with my team and they have with their team, that we all know that we are working on the right things. That gives you comfort. You can relax and you measure results. If you are depending on everyone else telling you what to do, you are, you know, out of the game, and you become nervous, and you start to measure things you shouldn't measure, and you start to be involved in decisions you shouldn't be involved in. You know, decentralized decision-making and really stand true into this, we believe is fundamental. That's the way we work. This is maybe the most challenging piece, you know, when things are going down or, you know, fluctuating, that you stand true to that concept. It has worked, you know, because we have delivered results. We have, you know, grown 12% plus CAGR on top line, you know. Yes, it's also M&A and so forth, but it's been very challenging times. We have 2.7% organic growth during these years. The organic piece is still there in very challenging times. We have lifted profit fundamentally. That was the biggest, you know, topic of them all. When we had to choose growth or profit, we chose profit. That's what we have been pushing. Now we have come to a place where it's not so much more, you know, we need to choose. Still, we have some profit things to do in some divisions, but we can also accelerate, and we will also start to get more benefits out of the things that we actually have put in place and done, you know, changed fundamentally over the last years. That's why we now talk about accelerated profitable growth. That has led to, you know, this change that you have all read about this morning. We are upping our targets. Yeah, we first of all, on the sales side, we are upping it from 6-10 up to now 8-12. As I said, you know, we have done 12% CAGR over the last five years. Top line. We have done 2.7% organic. If you look into the first nine months of this year, still very, very challenging times. Our facade access, or if you look order intake, organic facade access organization up 12%. Industrial up 18%. HSPS 4% and wind 4%. Also in very challenging times, you know. Construction is somewhat down. The fundamentals are there for this group to absolutely deliver growth. Plus, you know, we have this M&A opportunity in front of us, which you will also hear more about. Adjusted EBITDA, I guess everyone expected that. If you look into our figures, you see what we have done. You know that we have more to be done in some divisions. It is more of a mathematical exercise to, you know, either to give in or to actually say that yes, we are continuing what we have started. That is basically what this is, you know, that we are still ambitious. We are still, you know, hungry. We are still also humble. We know it will not come easy. It's been hard work all these five years, but we are ready to start, you know, and or not start, you know, but more continue that journey and work even harder and smarter and better, you know, because we have so much more knowledge with us now on how we do things. That's the financials. We also update our sustainability targets. We have now gone, of course, full in on science-based targets like any group like us should do. We are a little bit late because we had to wait until we had data on Tractel before we could apply. Now we are in the finalization phase. Beginning next year, it should all be cleared and set, and we should have the targets in place. We are also updating our targets towards our suppliers that we will have more than 90% of our direct material suppliers signing up to our code of conduct unless they have something similar in place themselves or yeah. That is the updates and a little bit the framework of where we are from a group strategy perspective. I think I leave the floor to next, and we continue the journey into more details. Sylvain, please, you are next up. Thank you very much, Ole. I'm Sylvain Grange. I've been Group CFO for three years. Most of you know me, and most of you know that I've been enjoying very much the Alimak journey for those three years. I'm going to take you through a few financials. We start with the evolution of order intake over, you know, the five years of New Heights program 1.0. As Ole said, we grew 12.2% CAGR over that period, which is a strong performance. Acquisition made a significant impact on that CAGR, in particular Tractel, which we acquired in November 2022. The organic part is more modest, but it's well understood. It comes from the initial priorities of New Heights programs, which was establishing the base, focusing on uplifting the margin and the headwinds we have been going through in some divisions, in particular those exposed to the construction cycle. We are today a fairly different group. We were five years ago a SEK 4 billion group. Today it's SEK 7 billion. It has changed quite a lot. One of the things we have built over time is diversification. We have moved a long way from being a manufacturer of rack and pinion construction elevators to, you know, a business with five customer-centric divisions. Three of them, facade access, construction, industrial, make around a quarter of our total sales. HSPS is slightly below 20% and wind slightly below 10%. This picture implies that, you know, we are fairly diversified in terms of products, customer segments, customers, exposure to cycles. We do not depend on one customer. We do not depend on one microcycle. That brings definitely resilience to the business, including in difficult times. We are a global group. Sweden is a small part of our business. We do 1-2% of our sales in Sweden. We are present physically in 28 countries. In the biggest region, Europe, Middle East, top three countries are U.K., France, Germany. We see that Middle East is growing, in particular UAE and Saudi Arabia. In the Americas, obviously, this is the US, which is the biggest country, and it's a number one country at global level as well. We are very global, but our market shares are not identical in all the territories. All territories where we see that we can increase market penetration represent as many opportunities. Of course, it varies depending on the divisions, but there are still plenty of geographical growth opportunities for us. Another important dimension of our business is service versus new equipment. I would like to repeat here something which we often say, but in our business, we make money on both new equipment and service. There isn't a game where we make less margin on the new equipment to be able to capture the service business. That's not us. Service for us is primarily aftermarket maintenance, spare parts, refurbishment, retrofit. There is a small rental component which is coming from the construction division, but definitely primarily we do aftermarket in service. It is an important piece of our business because we see this as a driver for further growth. We have a growing install base. We have an aging install base, and that creates opportunities for us. Service as well comes as a support for new equipment sale. Our customers more and more look at total cost of operation. They look at how they can expand the life of their Alimak equipment, and being able to provide a quality service is critical in that game. Overall, diversification for us means resilience, in particular in difficult times, and growth opportunities. I am now moving to something which is very close to my heart, cash flows. Since I've been in my job, I've always said, you know, we would focus on cash flow. I'm happy to see that we see on this graph, you know, the translation into numbers of those efforts. Of course, the Tractel acquisition had a significant impact on the cash flow generation, but there is more to it. This is reported cash flow, so it includes interest and taxes. Of course, it matters that we have a good optimized financing structure. It matters as well that we're able to deliver a reasonably low average corporate tax rate, which is around 25% for the group. When I'm saying we focus on cash flows, we primarily focus on the operating levers. That's a margin. We work on uplifting the margin. We have said that many times, and you will hear that more during the day. That means as well controlling our net working capital and applying a good discipline when it comes to capital expenditure. That is what I am showing here on this slide: evolution of net working capital and CapEx as a percentage of revenue over the five years of the new heights program 1.0. You see that, again, there has been some impact of the Tractel acquisition when I look at the net working capital. Still, after the acquisition, you know, we were around 30%, and it has come down now to closer to 25%. That is really a translation of the efforts we have made to minimize working capital. I have to say that we have not done that at the expense of our suppliers. We do have a policy of paying our suppliers on time, but we expect our customers to pay us on time. To some extent, we have achieved a certain shrinking of our balance sheet. We are a CapEx-light business. You know, we do primarily assembly. We do some cutting, bending, welding, but you know, we're not heavy industry. We are a CapEx-light business. You can see on these graphs that we have been around 2% over the five years, with a peak in 2023. That is related to a one-off. We had to rebuild the facility in France following a fire. That was fully covered by our insurance policy, but still, it had to go through CapEx. If I look forward, you know, we have no intention to change this CapEx-light model. You know, we are between 2-2.5%. I think we should stay below 2.5% in the future. That makes our business a cash-generative business, and you know, it will continue to be like that. This good cash generation means ability to deleverage. You see on this graph the history of the leverage ratio. Again, it went up with the Tractel acquisition. You see that soon we managed to deleverage and to be below our target, which was and is still to be below 2.5% of leverage. More recently, you know, we deleverage. It has slowed down a little bit because we had to pay our dividend in Q2, and then we made the Century acquisition in Q3. The fundamentals are there, and we'll continue to deleverage in the future. We have not changed our capital allocation priorities. We will, we have, and we will continue to focus on R&D, sales, and marketing. We won't do that at the expense of our profit. That means we permanently work on our cost base. We generate cost efficiencies. We try to track and kill the waste so that we can make those investments in R&D, sales, and marketing. M&A remains a high priority for us. You know, we have a specific session on that later. We see lots of opportunities to create additional value for the group. You know, as you know, we have decided to keep the same dividend policy. If you look at the history of the last five years, on average, we have distributed 50% of our earnings, right in the middle of the range. We are definitely committed to delivering on that policy in the coming years. ROSI is a very important metric for us. It's one of the most important. Looking at the evolution, we started on a relatively low level, and that's a factor of a lower profit margin, you know, in 2020, and a relatively high capital employ, which is coming from the acquisitions of 2017. We have lifted ROSI. You can see that there is a temporary dent in the evolution. That's coming from the Tractel acquisition. It's due to the additional amortization. That's something we are prepared to do. You know, we are prepared to experience a small temporary dent if we know that long term we continue to create value and that we will uplift ROSI, which is happening now. We are above 10% on unreported ROSI and above 25% on ROSI, excluding goodwill. EPS is, of course, the ultimate financial measure. You see, you know, the same pattern as for ROSI, you know, with the impact of the Tractel acquisition. Over the five years of New Heights 1.0, we have more than double EPS from 3 to 6.6. It is definitely a focus. There is no automatic effect on the dividend because dividend remains a board proposal and a GM decision. Of course, keeping the same policy, increasing the EPS means setting the framework and the grounds for future improvement in the dividends. I've talked a lot around financial metrics, but we don't measure only financial data. We focus a lot as well on sustainability. You know, we have sustainability targets. We do that not only because, you know, it's an obligation or a duty, but we see sustainability in the group as a performance driver. It is really, really important. I'm showing here on this slide CO2 performance in the recent years. We have basically overachieved our previous target in terms of CO2 emission reduction. That's not all of the emission. It's scope one, scope two, and business travel in scope three. Still, you know, we are very happy that we manage that. As you know, and as said by Ole, we are moving to science-based targets for the next cycle. A few very simple conclusions. We believe we have a strong track record. That track record includes an M&A component. We have proven, we know how to buy and how to integrate, which is even more important. We have uplifted the margins thanks to a decentralized, lean, agile business model, thanks to our ability to work on the cost base to generate cost efficiencies. We are comfortable. We can continue on that path, that we still have levers to pull and to grow to 20%, which is a new target. We run a cash-generative business. That will remain. We are very confident with that. Overall, we, you know, we see a good level of confidence in the organization to continue improving the financial performance, which will create means to invest in future profitable growth. Again, it's a virtual circle. You know, better performance means more means to invest in the future, improving the performance, and at the same time setting the grounds, as I said, for, you know, further improved dividends in the future. On that note, I will say thank you very much for listening, and I will welcome David Batson, Head of our Construction division. Thank you, Sylvain. Hello all and welcome. Look, seriously, I'm proud and honored to represent the division today, of course. I'd like to firstly thank all our people in the division for their contribution, but also our customers, of course. My name's David Batson, and I'm the Head of the Construction Division since 2021. I joined Alimak in 2016 and previously held the role as Managing Director in Australia and the Pacific area, as well as New Zealand. Let's have a look at the division. Let's dive into this. What is it we do, and how do we contribute to the group? We provide temporary products and services to move material and people safely at height. We work in new construction, refurbishments, major infrastructure projects like bridges and tunnels. We manufacture products in three facilities in Europe, Sweden, where we do our hoist for CE-marked markets, and have been impacted by market conditions where volumes have been a little bit lower. I'll share a little bit about that in the future. Our mass climbing work platforms are manufactured in our facility in Poland, and our building construction products, such as transport platforms, are from Spain. Our manufacturing facility in China has been fixed. When we talk about fixing and making sure the base was right, we've seen a strong turnaround here with high volumes from non-sea markets, places like Latin America, Southeast Asia, and Middle East and Africa. This was described at the time if some of you are in the room, our China for China strategy, but I think we can call it China for the rest of the world with the growth that we're seeing from those markets. We're market leaders. We have sales coverage in 22 countries of our own, and often we're the only OEM in those countries. We have distributors in 47 other countries. We have a rental and used offering, and they're important offerings. I'll expand a little bit about this in a couple of slides. We provide services and parts, asset management, refurbishment, application engineering, installation, operation, service and parts, of course, the dismantling of the product, and also training. Let's look at the numbers. The construction division represents 22-23% as we saw of Alimak Group. It is currently performing at 14.4% EBITDA. Our services, parts, and rental represent 39%. We have a return on capital employed of 18.5%, excluding goodwill. This is not catastrophic for us, but we know that that in EBITDA is not where we want to be. I'll show you how we're going to move that higher in the future. Our rental and used offering, let's focus on this and why. It's often a question that comes up. Why are we renting our products in certain markets and not all markets? It's selective, and we operate in France, Germany, Benelux, Australia, Switzerland, Spain, and Canada. Our rental strategy is selective. It's a result of the legacy, and it's a balanced strategy, not a full-scale offering. That's not our intention. It provides better flexibility for us and for the division. It enables us to introduce new products into the marketplace. It keeps us very close to our customers. We prefer to sell to rental houses and our customers where we don't see the market growth or the share that we believe we have a right to win for. We have the flexibility to go direct and penetrate those markets. We did that, if you remember, with our acquisition of Tall Crane in Canada recently. We have a globalized used offering from where we were in 2020, driving parts and service solutions. As you can see on the slide, it's a circular economy, cradle to grave. It's represented here in graphics reflecting components of our sustainability efforts, recycling and reusing and redistributing our products through the population. We've built a strong, robust division, and we are well positioned. Market or not, we will continue to invest and continue to grow this business. What is the construction world as we know it? What is the world that I'm living in and the team are living in? It was mentioned before we were a very product-focused hoist company in 2020. We were not global in our offerings at all. We were farming some parts and some services from products we sell historically. We needed to transform. We fixed the base. We set the strategy to ensure we're able to grow and protect the business through the cycle of construction that we're actually living right now. We set the strategy with a technology leader to be the best partner. You'll remember we talked a lot about digitalization and transforming the organization. We wanted to work on things that customers wanted to pay for. Our customers are adopting these technology trends. We're living in this new world. They are long trends, and they take time to adopt. What we're trying to do is to improve the efficiency of the construction project. Think of a smart building site. Think of Industry 4.0. Think of the Internet of Things and all that data to make that project more efficient and more productive. Just have a look at this image here. Have a look at the logistics on this site. The logistics at height in the middle of the building and all the logistics on the ground. I'll expand on how and we will continue to transform this division. When I talk about logistics, what am I actually talking about? I mentioned it before, moving people and material safely at heights. Faster machines, larger machines, and connected machines. Have a think about a glass facade panel coming from China being tracked all the way to get to its position on the construction site. How does it get there? It's often put in an Alimak hoist and actually lifted to exactly that position. Those assets are tracked now from the time they leave the factory. We've got a huge role to play. Not just moving people, but what about robots? Robots at the right location, at the right level, at the right time. It's just an emerging trend. We're collaborating with the industry, and we're advancing the methodology of the sites of today and tomorrow. When I talk about connectivity, we're talking about connected assets. What does this mean, and what does it mean for us? Where and what the product is doing in real time, increasing utilization of the customer's products and getting a greater return on their investment. This value-added offering is expected, and we have transformed that division. What is it? An example would be underload and overload. What do I mean by underloading the hoist or overloading the hoist? Can you imagine that you have this massive product that's meant to be moving 5 tonnes, and it moves 1 tonne a day? Inefficient, not productive, and not meeting the goals of our customers. We can track that, and we can supply that information. What about overloading the product? That is dangerous. That is a lot of risk. We need to provide our customers the data to manage risk on these projects. Predictive analysis is so important for them. Let's talk about robotics and AI. It is really a new frontier in construction that is not fully appreciated. Our products are potential enablers via our leading position in mass climbing work platforms and our rack and pinion technology, where robots can be installed to work at the heights horizontally and vertically. We are collaborating on a lot of these opportunities right now. These trends are not to be ignored, but they are to be explored and embraced. We continue to be customer-obsessed to work on those. An example I would like to share with you is, can you imagine you are wearing PPE, helmet, glasses, earplugs? You walk onto a construction site. You go into a construction lift. AI can detect if you've got that PPE on. That's a role we can play to make it a safer site for the future for our customers and deleverage their risk. I mentioned it before. We've been impacted by a challenging market, for sure. Higher interest rates, higher construction material inputs, and that's impacting developments and approvals. There has been a reluctance for developers to invest. However, there is a pent-up demand. As the government's invested in infrastructure, rails, tunnels, bridges, and hospitals, we've all seen this happening in the past two years. The development in commercial, retail, and residential is needed, and it's pent up. We're well positioned for the upswing, as the graph from the global data shows here. APAC's been quite good for us, especially India, Malaysia, and Vietnam. Europe's on its way back with some green shoots in the Nordics, and Germany's starting to come through. The Americas is forecasted to be improving. The fundamentals of mega trends such as housing density, multi-story developments, they exist. The Middle East is a prime example of this. We have had good orders from the Middle East in these growth markets, and we continue to take orders. An example I would like to share with you is in my hometown in Melbourne, Australia, if you did not pick the accent up. Forty public housing towers are required to be refurbished, demolished, or rebuilt in the city of Melbourne alone. That is a pent-up demand for 15 years. The governments have to act. These residential towers have people in them, and they are not to standard. We are seeing exactly the same in Zurich, London, New York, cities all over the world. I'd like to switch and just talk about the growth areas, our drivers, product expansions, our mass climbing work platform activity and why that's important for us, and our product support solutions program. Product support I call parts and services, not just the labor, but the things that we do around our products. Let's look at product expansions. In 2020, we had one brand, Alimak. We've invested heavily in R&D and product development and expanded our hoist product offerings for traditional and emerging markets. Why? Why have we done that? To protect our profitability, investing in lighter, smarter, and more efficient products, which our customers can enjoy now and into the future. We've opened up new markets like the STS 300. That's the scaffolding transportation system, the small one on the right there. We've expanded our offering with the ScanClimber mass climbing work platform business. It's a huge full product line. It's the widest and best in class. I'll expand on that shortly. Camac of Spain. It's a very small investment. We have the ladder hoist now, which enables us to install solar panels. It's opened up a completely new market that we've never participated in before. Now, what I'd like you to do now is just have a look at this clip of our Scando 650A, next-generation construction hoist, the sustainable hoist offering more payload, greater efficiency to ensure we maintain and grow our leadership position. The new Scando 650A, designed to drive productivity, enhance safety, and set a new standard for sustainability. With reduced energy consumption and a lower carbon footprint, it establishes a new benchmark for sustainable performance. Every detail has been engineered for improved ergonomics, simplified installation, and enhanced safety, all designed to protect people and equipment at every height. Through digital connectivity with the My Alimak Portal, operators can monitor performance, predict maintenance needs, and maximize uptime across every site. The new Scando 650A, a smarter, lighter, and more sustainable way to move the construction division forward. Let's have a look at mass climbing work platforms and why it's important for the division. Our solutions are ergonomic. They're modular. It can do straight brick walls, working at the right height for the people that are installing those bricks. It can also do balconies, as you can see in this slide. It has many applications and benefits, not just in new, but refurbished construction, but industrial applications. We've seen growth in Australia and the Middle East in 2025 through a consultative selling approach, where we engage with multiple stakeholders to share the ergonomic, productivity, and most importantly, the financial advantages of this access solution. The scaffolding market is 100 times larger than the construction hoist market. It's a proven approach meeting our growth plans. Now, I'll share an example where we were 30% more productive, resulting in 50% less cost than scaffolding. How did we do it? We defined. We spoke to the stakeholders. We understood the timing of the project, and we understood the risks of the project. We also differentiated. We increased the safety. We improved the ergonomics. We enhanced the logistics. Can you imagine wrapping a building full of scaffolding, the amount of material that needs to be transported to be stored around the building and then to be installed onto the building? Our solution, you bring the trucks in, you install it onto the facade, and you're working. You're not storing it down in car parks or children's centers. We improved productivity and the impact on the building itself, where you tie the scaffolding into all those points in the building, we have so much less ties. There is less refurbishment of the facade. I want to say it again, 50% less cost and 30% more productive. On this particular project, I am talking about EUR 1.5 million versus scaffolding. It is proven. It is financial, and that is something we should take away with us. Let us look at more examples outside of construction. Here we have an example of access platforms at shipyards. It is not a new solution, but there are 135 shipyards in Western Europe alone. They are not all using mass climbing work platforms. They might use EWPs. They might use scaffolding. We believe there is an absolute opportunity to go after this market. The middle image here is the Snake platform at a petrochemical plant. The reason why this one's important is its industrial shutdown maintenance, temporary in its use. Think of a flare tip in an oil and petrochemical, replacing that flare tip. We saved the site two weeks in replacement time. Can you imagine getting a petrochemical site back online two weeks earlier? The millions and millions of EUR. It's a proven solution. Are we penetrating all the petrochemical sites across the world? No. There is an opportunity there for us. We're pursuing new segments. Those new segments are 3D printing, where they're using our components, buildings that are being 3D printed. I'm sure you've seen houses being 3D printed. We're collaborating, and we're working in those innovative concepts. Another one is 360-degree platforms working and building towers. Another one is weather protection, where we protect the building, the existing building, with weather protection with our mass climbers, enabling more productivity and finishing that project quicker. I want to switch over to what we call sustainable product support solutions, our parts and services solutions. Safety is our number one priority, enabling our customers to work, of course, safely at height. We have 20,000 active assets in the marketplace today, 20,000, which means safe application, the engineering, the installation, the use, the maintenance, the dismantle. Remember, we're temporary. This just occurs all the time. We've introduced our five-star training program and our online calculation tools. Remember, I talked about the digitalization journey we've come from in the last few years. These are all revenue-generating activities. What about productivity? We've introduced parts online to enable our customers to interpret the parts, to be able to get a request for quote quicker, to make it easy to do business with us. Virtual assistants, BIM galleries. These are some of the construction trends I mentioned earlier and our solutions for those trends. Smart controls, enabling remote access to the assets to drive greater loyalty and connectivity. Loyalty and connectivity, retaining and growing our customer base and therefore increasing our share of the wallet. Efficiency. We have our My Alimak Online portal, where you can use your QR code on the machine. You can get the data and the service history. That's critical to manage risk. Remember, we're moving people at height. An example would be using genuine Alimak parts, using a genuine Alimak safety device. Would you get into a lift without a genuine Alimak safety device? I can tell you I wouldn't. I'd like to know what's on there. Growing, we believe growing our CAGR of 7% organically in this space alone. Our population is growing every week, remember, in new territories and in new solutions to meet our customers' needs. To conclude, yes, we've had some headwinds, acknowledged. We're well positioned, though, our growth in product development and building a sustainable business. We're providing alternative solutions to access at height. We're addressing more of the market than we did in 2020. We're expanding outside traditional construction and segments, looking at all temporary access opportunities. We see M&A opportunities as well to the growth drivers of product expansion, geographic, or even technological. It can add profitability to the vision, such as we did with Tall Crane in Canada and we did with ScanClimber in the last few years. Our ambition is to be at the group financial targets by 2028. Thank you for listening, and I'd like to invite Jens Holmberg to the platform. Thank you very much, David, and hello to you all, to you guys online and you guys here in the studio. My name is Jens Holmberg. I'm leading the industrial division here at Alimak Group. Very excited to be here to tell you about what we've been doing since we met at least some of you a year ago, but most importantly, what our plans are to further improve our business going forward. First, a quick recap of what the industrial division is. We provide permanently installed elevators based on either traction or rack and pinion technology. When we do so, we strive to partner with our customers in long-term service contracts, making sure that the units we supply are well maintained and operating smoothly. This is really what forms the basis of our aftermarket, which is preventive service, repairs, spare part sales, as well as refurbs. That aftermarket, I would say, combined with the fact that we are exposed to multiple geographies and multiple customer segments, creates a truly resilient and highly profitable business. Let's have a look at some of those numbers for that profitable business. Today, or end of Q3 rolling 12, we sit at SEK 1.5 billion of revenue and a share of service sales of 56%. I think Sylvain made a very important point that even though we do good margins in the aftermarket, we also make good margins when we sell new equipment. That combination is obviously a very good combination and has allowed us to reach rolling 12 for the same period in EBITDA of 25.5%. Here's a number that sticks out. That has taken us to return on capital employed of 126.4%. I've not seen that before, and I'm obviously very proud of it. I think it's a fact of our high margins in every part of our business. We're also very careful when it comes to inventory. We don't have too much, and we certainly don't have too little to not be able to serve our customers. We make sure that when we sell our products, we negotiate fair and good payment terms, and we make sure that we get good prepayments when we deliver more complex projects. Also, I would say that me and David, we come as a bit of a package, and we share the investments that we do in our fixed asset and our factories. That is generating the return on capital employed you see there. We have been in the industrial business and still are, I would say, on a strong, profitable growth trajectory. While our rolling 12 revenues, they sit at SEK 1.55 billion, the same period rolling 12 order intake is at SEK 1.7 billion. I would say that this growth trajectory is the result of a high-performing team that knows how to truly leverage our business model. We go after geographic white spots where we're not at the moment. We strive to learn our customer segments at depth, and we continuously improve our aftermarket. It's also important to note here that the growth trajectory and the CAGR of 12.5% is almost, I would say, to 99% without any acquisitions. Even though we are exploring opportunities more and more to add M&A to our profitable growth, the organic growth will remain at the core of what we do. I see plenty of opportunities for us to grow organically going forward as well in geographies where we're already present and in new ones, and in customer segments where we already are, as well as in new ones. When we look into our customer segments where we operate, and here are some of them, not all of them, we see a very strong and positive growth story ahead of us. Even though that solid market growth would help us, we, of course, want to make sure that we do not only grow with the market. We want to outpace it, and we want to take market share. That is why knowing our customer segments at depth is critical. Take ports, for example, which is a market that is expected to grow long term, but we are already seeing quite a lot of investment going into ports now, in existing ones as well as new ones. Our biggest business within ports relates to the elevators that sit on the ship-to-shore cranes, but we can leverage our service footprint that we have in the ports to find new application and new opportunities in the ports operations to drive growth. Oil and gas. Even though, hopefully, we find ourselves in a transition away from fossil fuels, oil and gas will remain and continue to grow for the foreseeable future. Customers that do operate within oil and gas, they are quite particular when it comes to their demands, both technically as well as on the aftermarket support, especially offshore. That creates quite high barriers of entry. We have shown over the years that we can fulfill those demands, which position us for many of customers operating in these segments as the preferred supplier for their elevator needs. Mining is another one, a segment that will grow propelled by commodities such as gold, copper, rare earths, and base metals such as iron ore. Traditionally, this has been an underinvested segment at Alimak, but we have shown this year that we can outpace the market, and we've been especially through focused and dedicated initiatives successful in Latin America this year. We have more growth to find in places like Canada, Sub-Saharan Africa, Western Australia, and so on. A segment where we haven't been so successful this year is the marine segment, which is about vertical transportation solutions at shipyards as well as elevators in the actual ships. In order to be truly successful in this segment, you need a competitive traction offering. That competitive traction offering is what we have been missing, but we are busy at work addressing that, and I will talk about that later. I've mentioned the aftermarket a couple of times, and I would say that our own installed base of elevators is the most natural and obvious way for us to profitably grow our business. It's also a very natural way for us to drive sustainability, as if we succeed in the aftermarket, we extend the life of our products. I would say that the recent success that you see here expressed in our parts and service sales per installed elevator is the result of more focus, securing more service contracts, and growing our workforce of skilled service technicians. As we continue to grow our workforce of technicians, we need to make sure that we enable them to focus more on productive service work and less on administration. That's where the rollout of our field service management software Service Protocol comes in. Another way to further improve our aftermarket and further better serve our customers is to improve our training offering. I'll talk more about Service Protocol as well as training on the coming slide. Yeah, I mentioned the benefit of Service Protocol allowing our technicians to focus less on boring admin and making sure that the elevators, they operate smoothly. That's obviously a core and a key benefit. I would say we, through Service Protocol, are able to improve safety for our service technicians. Safety is what we deliver to our customer. Therefore, it needs to be important for us. Actually, the most dangerous job that we do as the division is the job that our service technicians, they do on site. Service Protocol enables them to do high-quality risk assessments prior to starting any job, making sure that we can keep our safety records. We will also enable them to make and present quotes of repairs on site to the customers when they're there doing service. If we can leverage Service Protocol, which we can, to improve availability of spare parts in the service trucks, we can speed up the turnaround of those quotes and get paid faster, and our customers will get a safer elevator faster. That's moving. Fantastic. The users of our equipment, they are really a key part of making it safe. Obviously, when we install and we commission our elevators around the world, we provide on-site training to our customers. Since our products are inherently sustainable, most of them last for more than 25 years, operators on site, they will change, and new needs for training will occur. We want to make sure that we provide a cost-efficient solution for our customers to address that. That is where our end customer operator e-learning comes in. If we equip those operators with showing them what good practice looks like in case there is an incident in the elevator and equip them with basic troubleshooting, I am sure that we can improve the safety of the solution as well as reduce unnecessary downtime to the benefit of our customers at the same time as we create a new profitable aftermarket revenue stream for Alimak. Traction. If we develop, which we will, a competitive traction offering, we will seriously be able to tap into what we estimate a SEK 50 billion plus market. The benefit of how we operate within traction today, which is a bit different from rack and pinion, is that we run a very asset-light approach. What that means is that we design, we install, and commission elevators, but we rely on partners for the manufacturing of components and some assembly. This is something that we intend to continue with and potentially further and to some extent extend as well. In order for us to reduce time to market, reduce the R&D investments, and the risk of being able to comply with local standards, we are partnering up with suppliers regionally while we also make sure and use their design, while we make sure that we keep control of key components in the design, such as the control system, making sure it's an Alimak touch and feel of the end product. When we get access to this product, which I think that we will end of this quarter or beginning of the next latest, we need to make sure that we continue to invest in our traction competency globally, both when it comes to sales engineers as well as service technicians. If we do so, I'm sure that we will also be successful in customer segments such as the marine segments that I mentioned earlier. M&A, we will use that selectively to further accelerate our growth. We have three focus areas. The first is the rack and pinion to ensure more growth in that field. As you might know already, rack and pinion represents the lion's share of our business. We know it well. We also know what our weaknesses are, and we know that there are companies out there that can complement those weaknesses. That is what we're looking for. The aftermarket, aftermarket is obviously an area that we want to grow. I've mentioned it many times. There are a lot of profitable, high-performing local service companies out there that actually do maintain our equipment already. Acquiring them will allow us to, of course, increase our aftermarket, but at the same time, increase the margins on our spare parts. As an additional benefit, it can allow us to establish a direct go-to-market model if we acquire service companies in geographies where we aren't direct today. Last but not least, as all divisions within Alimak Group, our mission is to bring people, material, and businesses safely to new heights. There are many other technologies available to fulfill that purpose other than rack and pinion and traction. We want to make sure that we do not discard those solutions as well. There are companies leveraging those technologies out there that are very complementary to our business and with which we can find synergies and drive more shareholder value. Our most recent acquisition that Sylvain mentioned briefly is the one of Century Elevators. Maybe a brief recap of what Century Elevators is. It is a US Houston-based supplier of rack and pinion elevators with an annual turnover of about $11 million. What we get, what we did get when we bought Century Elevators is that we get access to a complementary rack and pinion offering, especially complementary when it comes to explosion-proof design, which is needed in oil and gas and petrochemical, for example. It will strengthen our market position in North America, which is obviously a very important market for us. It will allow us to grow our service business as well as improve efficiency in our service business, both being able to drive more penetration in the Alimak installed base as well as the Century installed base as we get access to a team of very skilled service technicians. Finally, we can drive some management and cost synergies, consolidating our sites in Houston, actually. We are about to finalize the move from our old premises to the Century premises, which is much better suited for growth going forward. I have talked a lot about different growth opportunities that we aim to pursue. Whilst we do that, we obviously need to make sure that we work on our internal productivity to make sure that that growth remains profitable. First and foremost, as I mentioned, we sell safety. As we sell safety, we need to prove that we know what safety is. Our primary priority in our operations, in our three factories, is to maintain our current safety track record, which is, in fact, I think, very impressive because we have had year to date and on a rolling 12 basis, no lost time injuries at all. We are very busy at work making sure that that remains. I'm also proud to say that we have very clear plans to achieve the SBTi targets when we present them. I'm especially proud of our scope three plans, which relates to our product and the emissions from that product. I think the plans that we have, as Sylvain mentioned, they go very hand in hand when it comes to cost efficiency, cost reduction, and sustainability. It's really about resource productivity, and that's what we see here. I see a need, and we're busy at work updating and modernizing our rack and pinion offering. Last time when we met, I spoke about the modularity and our ability to tailor our offering to fit many different customer applications. That is a strength, but we also have weaknesses that we can improve, and that's what we need to do going forward. We will continue to assess whether we are best positioned to do things on our own or if we outsource. AI is high on the agenda for all companies, and we are no exception. To conclude, the messages I want you to bring with you from today, we are supported by underlying market growth, which we can leverage. We can take market share, better customer focus, expanding into new geographies, and grow the aftermarket. We'll continue to drive innovation in the traction technology, as I've mentioned, in rack and pinion, as well as in the aftermarket. We also have the footprint, both for the industrial division and the construction division, to cater for our growth ambitions without substantial CapEx. All that, bow tying it up, our ambition in the industrial division is to grow above growth target, at least at minimum at our current EBITDA margins. Thank you very much. With that, I welcome Matilda back on stage. Thank you, Jens. Now we have heard presentations from our CEO, CFO, and as well the construction and industrial division. It is time for our first Q&A of the day. Good. Now with me on stage, I have Ole, Jens, David, and Sylvain. Welcome back. Just a reminder, if you have a question here for the audience, please raise your hand and you will get a microphone. For those that are joining the live stream, you can just submit your question through the browser. We would love to get your questions as well. We will start off with questions in the room. Do we have? Yes. I need a mic. I hear you, but. Thank you, Timo Heinonen at Handelsbanken. If the industrial division has a target or ambition to grow faster than the group and the profitability is clearly higher, 20% EBITDA margin target means that other businesses will show the declining profitability or what am I understanding wrong? No, you can do the mathematical exercise, of course. What you see here for every division throughout the day is their ambition level. The sum of it you see as a group ambition level. I think it's the group ambition level that you need to take home. Of course, there is also some sort of mathematical exercise that you can do that if all divisions are meeting and doing exactly what they hope for, it could be even more coming. Again, as a group, I think important for us is to also make a realistic target and have a high ambition level. We want to meet them, and we want to continue to do what we have said we should do. If I can continue, can you be a bit more open about the targets by different businesses? I mean, what kind of growth do you see for those five different business lines and then the profitability targets? The type of comments for each division will be in line with what you have seen for the first two. You will get a similar type of comments so we can sum up also in the end. We will have a Q&A in the end, and you will have the other three. Thank you. Thank you. Sofia here from DNB Carnegie. I have my first question to Jens. Actually, it sounded quite optimistic, the market expectation for oil and gas. My impression is actually that the oil and gas CapEx budgets will shrink ahead a little bit or come down. That has been quite difficult challenges for the industrial equipment segment back in 2016, 2017. How would you say that your business model today would, if the CapEx budget for oil and gas would shrink into 2026? How would you navigate that environment? I would link it back to the resilience of our business, right? We are not only exposed to oil and gas. If oil and gas were to shrink, which obviously I do not think because our investigation shows something different, we need to find growth in other customer segments. That for me is totally possible. Additionally, if the CapEx budgets shrink, there is always the recurring service revenue and growth through the aftermarket in oil and gas as well, which we are busy at work doing. If I may, also, if you remember back to when we started the new heights program, basically, there was not really any industrial division. It was something on paper, but it was not anything real. The fundamental piece that we did in those days also was actually to separate properly the construction business versus the industrial business. That allowed us to create this type of focused and lean and nowhere-to-hide type of structure that are only doing industrial. Back in those days, the group, I would say, from my understanding, was very dependent on oil and gas. While today, we have an industrial division structure, which is, as you have seen here, very focused on all segments. More and more we are. That has been part of the journey. First you create that division structure, then you really start to dive into each segment and ensuring that you understand customer needs, that you do proper solutions and work and develop the business like you should. That is true industrial business. It is important to see where we are coming from. Then whether one segment will go up or down, that will be part also of, let's say, the exposure we have to all types of business. What we need to ensure is that we are broad enough and good enough to really be winning anyway. Okay, thank you. A question to David. It seems like you see a lot of potential in the rental business ahead. Could you share a little bit of how large that share of net sales is today and what you expect into, for example, 2026, 2027? Actually, thanks for the question. I do not think I mentioned that growth in rental for us was something that we were focusing on. Our customers are rental companies. We have many, many customers that have assets that they rent to the end users. Their market is exposed to the same challenges that we've been facing in developments in the past. What I can say is that you would have seen the graphs, and we believe that we've got a great upside coming forward for sure. Okay, thank you. Thank you. We have a question over here. Yeah, it was Hello, Anders Jåfs from SB1 Markets. My question is surrounding Tall Crane, which was maybe the last minor acquisition you made before the Tractel one in 2022, I think. You touched upon it lightly, but how has the trajectory from that add-on acquisition gone over the years? What kind of other sort of similar M&A would you look upon within the construction divisions, I would say? Yeah, I can give you a little bit of history is that our performance in Canada, we felt wasn't where we wanted it to be. We saw a unique opportunity to really hit that market through Vancouver. Tall Crane were ideally suited for that. What we've been able to do, that was a very complementary business and improved our EBITDA. We didn't bring that business in and had to change it. We brought it in, and now it is a true Alimak Group Canada division. It's not branded Tall Crane anymore. I use the reference today because of history. Certainly, it is our sales company in Canada on the West Coast, and we're very, very proud of it. It's been integrated well. They're a great team. Yeah, thank you. Maybe a follow-up on that towards the industrial division, how you made obviously the first one being the one in the U.S. Was there any particular reason that you chose this acquisition in this market, or was it that sort of? North America is a very important market for us. We had seen that we had been actually losing some business due to the fact that we did not have the right offering. This opportunity gave us the opportunity to quickly address that. That is what we are looking for. Thank you. I can just build on what David said on Tall Crane or now Alimak Group USA. It is actually a beneficial acquisition for the industrial division as well because we could use that as a starting engine, so to speak, to propel our growth into Canada, which we are now busy doing. Starting that up from scratch would have been much more effort for us. All right, thank you. Question. Hi, Adrian here from Handelsbanken. You clearly are very ROSI-focused. I mean, one division clearly excels on this matter. How do you think about capital allocation? I mean, surely investors would want to see more investments into the industrial division as the ROSI is so high. Yeah. You hear my question? Yeah. I think why they want microphones is because also they want out in the online so they can pick up the question. My question was, sorry, my question was basically how you think about capital allocation and does the industrial division get more of it given the high ROSI? Thank you. It's of course an interesting question because yes, should we, since they have a much higher ROSI, put all the money there? In a way, you can't put more money there than what you actually would benefit from. We are driving the investments into industrial division that we see is meaningful. We are also doing the same thing in the other divisions because we have decided upon that all these five divisions are meaningful for us. We are very careful with all investments that we are doing that they are the right from both a division perspective, but also from a group perspective. So far, it hasn't really been any big issues. We are capital light. We are not investing heavily internally. We don't have really that need. It's more the front-end type of activities. It has not really been an issue for us up to now. If we have to choose, of course, you have to choose the thing that gives you the most back. That is obvious. I could say I do not think for me personally that I do not feel that the industrial divisions have been held back just because Ole or Sylvain or the board are being stingy with CapEx. More CapEx would not necessarily help also, as Ole said. No. We are not like a governmental department somewhere that you just fight for CapEx. They do only the CapEx they find is meaningful because they sit with the consequence of the CapEx themselves in each division. Good. More questions from the audience here. Yes. Yes, about the industrial services. What is the service penetration rate at the moment? You said that there are third-party or independent service providers taking care of the service. What is the service penetration rate? What is the spare parts capture rate? If you are acquiring those independent service providers, you said that the profitability for the spare parts is up. Could you also see the higher penetration? I think last time I got that question a year ago as well. I think the answer back then was that roughly our service penetration on our installed base is about 50%. Now with improvements that we've made, it's north of that. What was the other part of your question, Timo? .Spare parts capture rate. I would argue that the service contract penetration rate and the spare parts capture rate would sort of go hand in hand, but we do sell to those third-party suppliers. The spare parts capture rate is slightly north of the service contract rate. What we do in order to understand where we do have the possibilities to grow is that we compare, benchmark our internal operations when it comes to spare parts sales per install base to understand, they do that in the US discounted for price difference, but they do that in Canada. Then we can know where we have the opportunity to improve. If I can continue, construction-related questions. The business has been amazingly stable, I would say, if looking how the construction kind of underlying volume has been down. If the construction new build activity will be up 5% or 10%, how fast the construction division will grow? That's absolutely what we're all after, isn't it? We saw the graph today that we believe it's bottoming out, and we believe it's coming. I can't tell you exactly when it's coming, but I do know there's a pent-up demand, which I mentioned in the presentation. I'm excited about the future for sure. I think you've picked up on the message I was relaying is that when it comes, it's going to be good times. If the new equipment volumes will be up, then can you maintain the profitability, or is it so that actually the operational leverage will lift it up? Oh, yeah, we don't believe this will affect profitability or the gross margin targets that we have for our division. We have capacity, absolutely, operationally to fulfill the demand. No, yeah, when the volume increases, the profitability will go up because we get better utilization of our fixed asset in our factories. It'll help me as well. Yeah, yeah. That's really what's holding it down today. It's the low volumes, as we have been saying, conveying now for some quarters, especially on the bigger machines into Europe and North America. That affects quite significantly the Skellefteå factory, which is shared by also the industrial division. That also helps holding it up because that piece is much, much better. Still, it affects quite heavily the construction division. That division would have had fundamentally different results if it would have been exposed like it used to be. The things that we have done over the last years to build up this capability in China very successfully, we are really taking market and growing in the rest of the world, the used business, the reviving of the lighter equipment, mass climbing work platforms, and so forth. It's not massive volumes yet, but all of it is something there now, which was not really there. When the market comes, it should also affect all pieces of this, plus the leverage, of course. We would be getting back into the core old business of that division. Yes, we expect that when the market comes, that should affect that division in a very good way. Good. More questions from the audience here. Let's jump in then with a question from Steve that we received online. Within your 8-12% growth target, how should we think about organic growth in that target? I think, as I said, you should think about it. That is a substantial piece of the growth. We are not giving an exact figure year over year, but I have been saying many times that, of course, there is a fundamental growth into our business that you should think, I think, beyond GDP because you have trends like urbanization, electrification, health and safety, this focus that you come into this sector. In addition, we have built a structure that positions us, as you have already seen, with two divisions that we take market share, that we also go after growth on our own. There is clearly, and on top, divisions are measured internally on organic growth. The whole incentive is really around that. That is where the whole thing sits. A business which is not fundamentally growing is dying in my eyes. We are not giving a figure, but it is a fundamental piece. We also have this nice ability that we have strong cash flow, good financials. Even though we distribute 40-60% of our dividends, we still have a lot of means to invest well into good acquisitions, which on top we have proven that we can actually handle also well, I think. You are never comfortable, but still we feel that we are absolutely ready to drive those targets going forward. Great. We received also a ROSI question here. Maybe that is for you, Sylvain. It says, your ROSI has been at a level around 10%, including goodwill. Do you see potential to improve that going forward? I do. I do, definitely. I've tried to explain. I think we will continue pulling the levers we have pulled in the last few years. We see levers to improve the margin, which is a first step. We apply, I think, a good discipline on our balance sheet. As I said, we control net working capital. We are not afraid of working capital, but we want to have the working capital we need to grow our business. The same applies to CapEx. We do not prevent Jens from investing into the future. We are careful on how we spend our money. We have that discipline. We feel very comfortable. We increase ROSI in the future, absolutely. Great. We have an industrial question here as well. You have stated that after-sales accounts for approximately 60% of the industrial division. Do you see further potential to grow your service business? Yes. I mean, we intend to grow both our new equipment sales, that's the future aftermarket, and improve our penetration in aftermarket. That combined will allow us to grow faster than the group targets. Great. Do we have any more questions coming from the audience here? Oh, good. It is time for us to take a break. When we come back in 20 minutes, we will start off with our wind division. Thank you. Welcome back to Alimak Group's Capital Markets Day. We have three division presentations left, as well as an M&A presentation before our second Q&A today. Let's get started right away. I would welcome up on stage Rafael Peña, our EVP for Wind. Hello, good afternoon. My name is Rafael Peña, and I am an EVP for the Wind Division at Alimak Group. I am excited to share how our Wind Division is uniquely positioned for sustainable growth and profitability. Today, you will see our strategy, performance, and the actions that we are taking to capture value in this rapidly expanding wind energy sector. Our focus is clear: commitment to innovation, focus on operational excellence, and service expansion in order to deliver strong financial results and long-term shareholder value. Our portfolio is organized into four main areas designed to maximize safety and efficiency for technicians working in wind turbines, supporting both onshore and offshore sites. The first block is service lift, industry-leading vertical access solutions for safe transport of people and material. We, of course, meet all local regulations and any specific customer requirements. The new, the more recent lift delivered to the market has digital controls and connectivity to our Alimak or My Avanti web platform, enabling remote monitoring for improved safety, efficiency, and service performance. We have all technologies commonly used in wind towers: wire-guide lifts, ladder-guided lifts, and also rack and pinion driving and guiding elevation systems. We have the ladders and others. They are safe and efficient climbing systems, and also it's the original business from Avanti since 1885. We produce them locally at five different sites in order to always stay very close to our customers and markets. We can customize, and we can deliver climbing solutions, convinced or not, with fall protection systems. We also deliver cable management systems with cable ladders and also guiding Avanti ladders for the ladder-guide lifts. The third block would be safety. Safety is very relevant for us. We supply advanced personal and collective protective equipment to ensure safe work in wind turbines, including fall protection systems for ladders, personal protective equipment, mainly for working at heights, and rescue devices for emergency response situations. The final block is the service. A strong after-sales offering drives growth, enhances resilience, and reinforces also our market position. We can provide local support to all our customers in the main key markets through, one, certified safety product trainings, also through our digital e-learning platform. Second, installation and all kinds of maintenance and service services. Third, the supply of the original parts. This is the Wind Division. Our Wind Division is built on safety, service, and technological leadership. In the last 12 months, we have generated a revenue of SEK 656 million, with 36% of our sales coming from service and a stable high-margin segment. Also, we have provided an adjusted EBITDA margin of 18.1%, and our return on capital employed, excluding goodwill, stands very close to 32%, reflecting our disciplined capital allocation and, of course, operational excellence. These metrics reflect our systematic approach and the resilience of our business model. Margin improvements, as you all know, have been a very focused area in our strategy. Through the original New Heights 1.0 program, we have been able to increase our share of profitable products, also reduce our cost via operational excellence, and enhance product value through innovation and technological leadership. The results, as you can see, are quite clear. Our adjusted EBITDA margin has steadily improved, reaching from 18-20% in the last quarters. Now, as we are transitioning to New Heights 2.0, our focus shifts to growth acceleration, building on our margin gains to expand our footprint and capture new opportunities in the wind market. The wind market is now really entering a phase of very robust growth. Onshore capacity is growing at 7% year-over-year, and offshore is a remarkable 27% through 2030. Asia is leading the way, followed by Europe, while North America is still set for superior onshore growth at 16% year-over-year. The U.S. wind energy market is experienced now as searching new projects as developers accelerate timelines in order to secure the fuel incentives under the current legislation that they have today. This dynamic is creating a short and mid-term window of opportunities because projects must commence immediately in the next, let's say, before July 4, 2026, and reach completion before the end of 2030 to maximize these tax credit benefits. This trend is expected to drive significant investment activity in the US, reinforce supply chain demand, and position the sector for sustained growth over the next at least five years. This is regarding the US, but talking about worldwide, we are anticipating also the installation of new lifts annually, as illustrated in the adjacent graph. This growth will be driven by an increase in lift penetration rate that will offset the moderate raise in tower numbers, resulting in higher rate power per wind turbine. Yeah, this expanded market presents significant opportunities for our divisions to capture share, to innovate and deliver solutions that meet the evolving needs of our customers. These are our three main growth drivers moving forward. Our strategy is built on these three pillars: innovation leadership, after-sales expansion, and safety product development. These blocks are not isolated. They work together to reinforce our current competitive position. By focusing on innovation, service, and safety, we are building a resilient, profitable business with customer-centric solutions that position us to capture further opportunities for the future. Now, let's take a closer look at each one of these three drivers. The first one will be about innovation in service lifts. Innovation is at the heart of our growth strategy, especially in lifts. The wind market is now expanding, as we have just seen, and with it, the need for smarter, safer, and more reliable lift solutions. We are capturing now market share through technological leadership. First of all, with our remote control solutions that allow technicians to operate lifts safely and efficiently, reducing downtime and improving productivity. With new predictive maintenance capabilities that mean that we can anticipate issues before they occur, minimizing disruptions and lowering the cost for our customers. We have the new battery-powered lifts that can offer flexibility and sustainability, aligning with the industry's shift towards greener solutions. In this picture, we can see our service lift, Dolphin, together with our climbing ladder and our fall protection system integrated in a nice and very unique wooden wind tower. These innovations are not just technical achievements; they are strategic differentiators. They allow us to win new customers, retain existing ones, and command premium pricing. By continually improving our products, we are setting new benchmarks for the industry and reinforcing our reputation as a technological leader. For investors, innovation is key. In lifts, it is a key driver of growth and profit. It demonstrates our commitment to staying ahead of the curve, meeting customer needs, and creating lasting value. Our focus on R&D ensures that we will remain competitive and relevant in a rapidly changing market, positioning us for long-term success. For years, tower internals have seen little innovation. At Avanti, we've introduced several new innovations inside the tower, and here are two we're especially proud of. First, an autonomous service trolley with a robotic arm, capable of checking, tightening, and documenting flange bolts with high precision and complete consistency, reducing manual work and improving safety for technicians. Second, a remote visual inspection system, allowing maintenance teams to monitor and assess tower components completely risk-free. A smarter, safer, and more efficient way to maintain and monitor the inside of the tower, driving the next generation of wind innovation. Again, innovations, this time not about service lifts, but internals. Our internal strategy has changed and has gone, and there are significant transformations. As you can see today, we are more focused on driving innovation and delivering added value for our customers rather than simply producing products tailored for individual specifications, as we did in the past, in previous years. Yeah, the video demonstrates one of our patented innovations. This is a solution that we call a service trolley. The main gain that customers can have is that they eliminate completely the platforms that they have inside the tower because they do not need it anymore with this system. These solutions could also autonomously perform visual inspections of some mechanical and electrical components using artificial vision and AI. Our goal is to enhance safety, performance, and ease of maintenance for wind installations. Our R&D teams are working on new designs and materials that improve the durability and reliability of the tower internals, and this advance reduces maintenance costs, expands equipment life, and enhances safety for technicians. By integrating these smart technologies and modular designs, we are making it easier for operators to maintain and upgrade their systems, reducing the very important total cost of ownership for our customers. This approach strengthens customer relationships and also is creating new opportunities not only for new equipment, but also for service contracts and aftermarket sales. Our commitment with innovation, again, in internal companies, is a clear driver of growth and profitability going forward, helping us to capture additional market share and differentiate from our competitions, which is very important in our market. At the end, we secure our continued relevance and leadership in the wind energy sector. We have gone through innovation in both service lifts and internals, and now we will talk a little bit about service. As you can see in the graph, our install base is expanding rapidly, and with it, the opportunity for service contracts is also growing. As more lifts come out of their warranty period, we are well positioned to capture service share and provide overall solutions for aging equipment. We are investing in our service infrastructure, expanding our training programs, and enhancing our parts supply to ensure that we can meet this growing demand. Our focus is on delivering high-quality, reliable service that keeps our customers' operations running smoothly. This not only drives recurring revenue, but also strengthens our relationship with customers, making us their preferred partner for long-term support. This accumulated number of lifts, also out of warranty period, also creates a substantial market for maintenance upgrades and overhauls. By offering comprehensive service solutions, we are turning our install base into a stable, profitable revenue stream. For investors, the growing base for service contracts provides stability and also predictability for the future. It reduces reliance on new equipment sales and creates a foundation for sustained and profitable growth. Also, about service, we need to talk a bit about the life extension wave. We are now preparing for a significant wave of after-sales opportunities as lifts are reaching 20 years of service and require life extension solutions. This is, as you can see, a major growth driver for our division. By offering inspection, certification, and a complete retrofit package, we can create economical, environmental, and social value for the customers. Life extension service lowers CapEx by delaying the need for new equipment, optimizes OpEx through improved efficiency, and also reduces waste by extending the lifespan of the existing assets. Additionally, this service also improves safety and working conditions for technicians, supporting our commitment to sustainability. The accumulated number of lifts with life extension needs is set to rise sharply in the coming years, bringing new business avenues for retrofit services and modernizations. This provides recurring revenue, enhances profitability, and reinforces our position as a trusted partner in the wind industry. Finally, our third block is about safety. Safety is a top priority for our company and our division. We are expanding our range of fall protection systems and personal protective equipment related to working at heights to meet the growing needs of the wind industry. These launches that you can see will be made possible thanks to the close partnership that we have with our HSPS division. By working together, we can leverage the deep product knowledge that exists within the Alimak Group. This internal expertise means that we are building on a strong foundation of technical understanding and market experience. The synergy between divisions will allow us to accelerate development, ensure compliance with the highest safety standards, and deliver solutions that truly meet the needs of our customers. By 2030, we estimate that over 600,000 workers will need the PPE and fall protection systems, more than doubling our addressable market today. Our plan, as you can see, is to expand from one currently to four different types of fall protection systems tailored for the wind market that will significantly increase our market reach. Also, personal protective equipment is replaced as an average in the wind market every three years for technicians, creating a recurring revenue stream. Although the segment currently contributes very little to our revenue, the growth potential is huge. Through innovation and this partnership with HSPS, we aim to lead the wind safety products. In conclusion, our wind division stands on a strong foundation with a proven business model, very solid value proposition, and a clear focus on accelerating growth through New Heights 2.0. We are leveraging underlying market expansion, innovation in lifts and internals, a wave of after-sales opportunities, and also safety equipment, as you have just seen, expansion to drive both top-line revenues and margin improvement. Our ambition is to be within the group revenue growth target while maintaining our high EBITDA margin levels. Thank you very much for your attention, and I give the floor to my colleague Hervé from Facade Access Division. Thank you. Thank you, Rafael. Good afternoon. My name is Hervé Ros. I'm leading the Facade Access Division since August 2025. I joined Tractel in 2017, and for the past three years, I was in charge of the Facade Access Division in North America, leading the team both in Canada and in the US. Today, we will discuss about the division, and we will discuss about where we stand, as well as about how we manage to deliver on our commitments, and we'll talk about the present and the future, strategy, our go-to-market, how we want to leverage our technologies, and in a way also including our approach towards sustainability. For the past three years, we work a lot. We work a lot, especially when we are dealing with restoring the discipline, and I will come back to that point later on during the presentation. We have also stabilized our operation. We have worked on our legacy challenges, and in a way, we have rebuilt our foundation. We are ready for the next phase, and our next phase is profitable growth. Let's start with the Facade Access, sorry, with the revenues of the division. We are delivering SEK 2 billion revenues with 41%. 41% is our revenues coming from the services. If you go back to 2023, we were at 29%. We are seeing a significant increase in this field, and I will come back to that when we will talk about the aftermarket. We are also delivering a 12.4% EBITDA margin at the end of Q3 2025, and our return on capital employed is at 16%. I will say it's okay, but clearly there is room for improvement here, especially because we are now focusing on the profitability and as well on operational efficiencies. We are working on three main segments: the new construction, the infrastructure, and the aftermarket. This is key for the discussion today because that's clearly the foundation for our strategy. The strategy, again, will be based on profitable growth. The profitability, we were talking about profitability, so I will invite you to look at the trend, the trend over the last five years from 2020 to 2025. In 2021, we were delivering something like 2.5% EBITDA margin, where today, at the end of Q3, we are at 12.4%. It is a significant improvement, for sure. You can ask me how we managed to do that. I will say with different steps. First, we have to be correct to say that the acquisition of Tractel was a positive impact for our profitability within the division. Also, we are in the project business, and I am coming back to my previous comment on the discipline, the discipline in execution. From the sales point of view estimation, it is clear that we are today more selective on the job that we are bidding. We are making sure that we have the right terms and conditions. We are making sure also that we have the right contingencies because when we are doing our risk assessment, we want to be covered. At the same time, the first phase is the sales and estimation, but we have also the project execution. Here, we are applying the same method and same discipline in execution, especially when we want to mitigate our risk, when we are looking at the different opportunities in terms of version order, change order as well. All the processes that we put in place are today helping us to deliver the results. Few words about the legacy challenges. We work a lot on the legacy project, and I will say by the end of 2025, we will be at the end phase, at the final phase, sorry, of this legacy project, meaning that for 2026, we do not see, as of today, a potential significant negative impact of this project for the division. A few words about also what we developed over the last two years is the consolidation, the consolidation of our manufacturing base, especially the BMU manufacturing base in Spain. We are in one location in Madrid. Today, we are able to deliver and to supply and to manufacture, sorry, the three leading brands: Tractel, Cox Gomyl, and Manitowoc. Coming back to the 12.4%, 12.4%, again, is better than before, but clearly is not at all where we want to be. There is still a lot of work to do. The ambition is really clear here is we want to be at the global level margin. How will we manage to do that? We'll manage because we'll be focused. We'll be focused on the main key and growth driver that we have for the division: new construction. A brief description, new construction, we are talking about new equipment for new building when a customer asks for an access solution to access the facade for the different operation. We are mainly dealing here with turnkey solution projects, and this is what we are doing, especially with our three leading brands. The second leg is the aftermarket. The aftermarket is mainly driven by service and maintenance, but as well with our triple R strategy, where we are offering value proposition towards the retrofit job, refurbishment jobs. Refurb is, for example, you are taking a major part and you are trying to extend the life of the equipment, part also of the sustainability goal for us and for our customers, and the replacement. Replacement, we are taking an old machine existing, sitting on the roof of the building, and we're replacing it by a new one. The third focus that we have today and for tomorrow will be the infrastructure. Infrastructure, clearly, we are targeting three main segments and three verticals: the nuclear segment, the bridges, and the tunnels. Here is, we are providing a complete customized solution for customers, mainly also driven by the engineering expertise that we developed over the years. Let's start with the new construction. New construction, here again, we are leading the market. We are leading the market, especially with our leading brands. The idea for us, after the acquisition of Tractel, is today we are in a position to completely offer the full portfolio of solutions to our customers, meaning that we can go from low complexity to standard product to the high-end product, such as the BMU, the building maintenance unit. We can also talk about technology. Technology, as we are leading the market and because we are a manufacturer, we have a role to play here. I will give you the example. Last week, we have been awarded the Latour Sustainability Award. We are very proud of that. We have been awarded this specific prize due to the technology that we are putting in the BMU, where we are putting the mechatronics system. This, today, is helping us to differentiate, to differentiate for a very competitive market. That's also a key point because at the end, remember, we are a global player. We are a global player because we are operating in North America, we are operating in EMEA, Europe and Middle East, and in Asia-Pacific. The strength of the division is that we are also local, local through the expertise of our engineering, expertise in our project management. This is helping us to, in a way, be very close to our customers, to understand their needs, and to be also having a deep knowledge, sorry, of the code and regulations. I will make a quick parallel. For years, we were doing and dealing with general contractors, and we are still dealing with them. We want to move higher in the value chain. Higher in the value chain meaning that we want to be close to the decision maker. The decision maker in this industry are the owner, the developer, and the architect. We will come back to that later, but the strategy that we initiated two years ago with our integrity design service over the full division will help us to move forward in this value chain. How we will find and where we will find the opportunities. I will give you here an example of our ambition supported by the market trend. On one side, you have the tall building. Tall building, this is what I call building above 200 meters, where you see on the completion year from 2022 to 2028, a significant increase in terms of volume by +50%. It is coming from the U.S. and as well from the Middle East. Some of you will ask me, where is Asia in this graph? Don't get me wrong, Asia is and will be a focus for the division. But due to some, I will say, non-reliable data, just for the exercise today, we didn't put this in the graph. Tall building, this is what we did for years. It's good. Again, I told you about the fact that we want to go for the full portfolio. The full portfolio is also with the low rise, low building, so from four to nine floors. We are seeing a significant volume from nine to one between a low rise building and the building from 10 floors and above. It will trigger, let's say, a different solution where we can propose also the standard solution. Again, this is where we want to go, supported by the market data. How we'll capture the market share? Through the integrated design services. This is something that we launched in 2024 in North America first. Today, we are really active as well in Europe, in the Middle East, in APAC. We have recent successes in London, in Dubai. This is where we want to move upstream in the value chain. I was mentioning the owner, the developer. The idea is to be very close to this decision maker to offer a new value proposition, to be able, in a way, to assist them at the early stage, meaning that we can have a better constructibility, we can move faster, and we can be faster in the timeline for the project, and in a way, proposing a total control of the cost for the customer. I will ask you just maybe to remember three key data to illustrate the success of this initiative for us. 17%. 17% is the new order in tech in North America coming from this initiative as of today. 10% of all the new equipment projects in North America today are also starting with this initiative. This, remember, only after 18 months. At global level, at division level, 5%, we are contributing 5% of the division order in tech. It is significant for us. We are very positive because we are seeing now some traction as well from other segments, which is the aftermarket, but also the infrastructure project. The second leg, the aftermarket. The aftermarket, for sure, is driven by the inspection and maintenance with our service technicians being present on the job site. I will say more technicians that we have at the job site, the more we'll be able to grow our pipeline. Why it's important for us is because we have also developed over the last two, three years our strategy, the triple R strategy, refurbishment, retrofit, and replacement. This strategy is probably one of our biggest successes over the last two years because the order intake from, again, this initiative has increased by 50%. It's for sure a very strong positive margin contributor. We are also very enthusiastic for the future because we know that 40% of our installed assets are more than 20 years old. What does it mean? It means that it will trigger two possibilities. One, a refurb, or two, a replacement. In both cases, we are able to provide. This is what we want to do. I will finish with, let's say, the initiative to reinforce our relationship with the property manager. That's the key decision maker here, with the training to reinforce the relationship, but as well to reinforce the safeties. We are going through a digital approach. Also, the fact that because we are talking about extending life, asset life, we are talking here about supporting the CO2 reduction for our customers. The third leg, very important for us for the future, is the infrastructure. The infrastructure, again, I can give you some examples, especially on tunnels and nuclear. We just announced yesterday a significant project for us in nuclear for supporting the construction of the small modular reactor. You can see on our website. For the exercise today, I will focus on bridges. The bridge is a very important market for us in the near future. Why? Because you are seeing significant investments, and these significant investments are driving the demand. We have examples in the U.S. We have examples in Europe. In Germany, they announced a major investment for the next 10 years. You have the same example in Norway. I'm coming from Canada. I can tell you in Canada, it's also a major part where the government and the states are investing. For good reason. The aging of the bridges. 50% of the U.S. bridge and roughly 50% of the European bridge are more than 50 years old. In this, you have only two solutions as well. You maintain the existing one, or you replace one. This is what we developed over the last two years. We signed two projects in North America recently, and we are proposing this kind of solution. A temporary platform underneath the bridge to help them to build the bridge, or a permanent platform, a different technology, a permanent platform underneath the bridge to help them to inspect and to maintain. We are well positioned today for this market, for the bridge, for the nuclear, and for the tunnels. A key data is our ambition is also very clear. We want to have, let's say, 15% of our order intake by 2028 coming from this segment. Now, talking about the future, and because we are leading the market, it is also our role to anticipate and to define where we want to position the division within the next three, five years. This is key for me. I think that we want to position the division within the asset management value chain. Why? Because we have a role to play. We are closer today from the key decision maker, the owner, the architect, the developer. We are seeing that as the asset manager, their role is to protect the value of the asset. The asset here is the building. You have information from the inside of the building. You can deal with the elevators. You can real-time with the AC system. You can control the flow of your people. You can predict the maintenance. Think about the outside, the exterior of the building. You have nearly nothing, no information. That is the idea. How can we use the tool? Today, our tool is the access solution along the facade. How can we access, use this tool, not anymore as a tool, but as a data hub? Meaning that between every job or for each or every job, sorry, we can start to collect data. We can start to monitor the health of the facade. We can map 3D the facade. We can work on the operational efficiency of the facade as well. This is key for us. It will also probably help us to develop more and more opportunities. We are investing money, resources, and time, especially with our R&D team. How can we accelerate that? We can accelerate that also due to our partnership. I want to focus on this specific one because we signed an exclusive partnership for the next five years with Skyline Robotics. We had the ambition together, combining our R&D to support, in a way, the key decision maker here is the property manager. The property manager is facing difficulties today for the cleaning, the cleaning cycle, the window cleaning of the building. For one good reason is the aging of the population. The window washer today, first, is difficult to attract talent. The job is still, I will say, difficult to operate during winter. It is not the safest job in the world. As of today, the lack of resources is also impacting our customer and basically the way that they are dealing with the operation. Our goal is to create and to develop an integrated robotic building maintenance unit. We are very glad to say that we already signed our first integrated design services with them in North America, where we are starting now to develop, to study, and to be able to provide solutions for the next two to three years. One important point, we believe in this technology. We believe in this value proposition for our customer because we have invested in this company. I will summarize and I will conclude quickly with one key point, profitability. I will continue to say that will be and will be our key priority. For one good reason. I was managing the business in North America for two years. I can tell you that this business in facade access is proving that the model is working, meaning that we managed to deliver for years an EBITDA margin above the group level margin. We know the playbook. We know what we have to do. I explain to you where we want to position as well the division on the high-value segments, the IDS, the integrated design services, the infrastructure, the aftermarket. Because we are also, again, leading the way, leader of the market, we want to continue to innovate from the facade access to the facade intelligence. Again, in terms of ambition, we want to reach the 18% by 2028. You know, at the end, it's all about people. And our people, the 1,000 people working in this division, they are committed. We know what we have to do. We are doing it. In a way, we are, and I am very confident on the outcomes. Thank you very much. I will leave the floor to José Maria. Thank you, Hervé. My name is José Maria Nevot. I'm heading height safety and productivity solutions. In the past, I was running wind divisions, but from March 2025, I started and I have the honor to take this role. Today, I will walk you through what is the current division performance, what we do, where we do that, the new strategic directions, and the growth opportunities that we look ahead in 2026 and beyond. As the last 12 running months, we are at the level of SEK 1.3 billion with a share of the services just up to 15%, even if it has been improved in the last few quarters, at an EBITDA level of a good 18.3% and a ROSI of 14.3%. We are not happy with this data, and we are ambitious and expect revenues to grow beyond what's ahead of GDP. For the EBITDA, we have to establish a new bar to increase the service level, not at the group level, but a little bit closer, and the same in the ROSI. Before we move into that, what is the division about? Height safety and productivity solutions has three main areas. Height safety, in which we can divide in personal and collective. Then we have productivity solutions with lifting, handling, and measuring. Finally, the services. In the services, we make inspection, repairs, calibration, spare parts, and training. If we start with height safety, here, our job is basically safe work at heights. For that, the first thing you need is to have a harness, a harness, a positioner, and a lanyard, and an anchor point. That's the first point. To be able to walk around for your work, on that, you need these kind of self-retracting devices that we commercialize under the trade name Blocfor. The rest of the equipment for rescue and the senders, and even for more complex solutions that go into what it is called the confined space. In the height safety collective, we have a large range of products as well. The first one would be the guardrails and gates that are used in the industry and in the construction. This is an important and relevant product range that we commercialize in North America. We have safety lines that are based on cables or in rigid profiles. Last but not least, the safety access ladders. Moving into productivity solutions, in the lifting, here we have to think that we are in a workshop and we have to move to lift some loads. We have the full portfolio. We have motorized and manual for cables and for chains. I would start by the manual cable hoist, which is called TIRFOR, and it was patented in 1945. It was a revolution in the sector, and it is today one of the best sellers. When it moves into motorized, it was for the Mini 4, up to 500 kg. Above that, it was the Tirak which was a machine that was delivered to the market in 1975. Actually, it was a world success on sales, which is still very relevant in many sectors. We have as well the chain hoist, manual, the Bravo and Tralift, as well as the motorized one, which is Voltrac. When we are having something to pull, we have to handle the loads. Here is what we have from very simple clamps to, I would say, mid-complexity to move barrels or to move big stainless steel cylinders, or even to make the rotation of trailers in track construction. We have the magnets, permanent and as well fed by batteries, and sheaves and hooks. Here, again, from very simple and basic solutions to very heavy solutions that are used in the polar crane of a nuclear power plant. Finally, if we are pulling goods and we are taking them and clamping them, in order to make it safe, we need to have a measurement and control of these loads. It is developed a full range of devices that are able to measure the loads. That is the DINAFORT range that goes from a few kilos up to 350 tons. As well, to measure the tension of the cables with the DINA rope and DINA line. Can I have a little bit of water? Sorry. Thank you, Matilda. Okay. Okay, that is what we do. We move where we do that. We have nine manufacturing facilities in seven countries. If I start with textile or soft goods, we have in Mexico that is dedicated for the North American market, in Turkey and in France for the European, and the last one in China. For what is height safety and productivity tools, it is basically in Central Europe, Germany, France, and a little bit in Spain. We have the factory in Houston for the guardrails and the gates. Talking about the sales, I would like to mention that our sales are very much concentrated. 64% of our current sales are happening in Europe and 28% in North America. That is giving you, I would say, a guide of what would be the strategy to come. Another point to understand as well is where our sales are happening in the distributors for at 60%. 50% of that is generalist. One third is going to lifting and handling, and the remaining for PPE specialist. The 40% remaining is going to elevator companies, installers, OEMs, rental firms, and other small users. Getting back into financials, we have proven stability. I mean, it's extremely flat in all the parameters. Over roughly 12 months, order intake has been consistently beyond SEK 1.2 billion-SEK 1.4 billion, and the EBITDA margin has been between 17%-20%. Our ambition is to trigger a profitable growth of revenue at the level of between 8%-12% group level, while our adjusted EBITDA margin, even if it has been quite resilient, we have to go to the level of 20% or beyond. How to achieve that? Here the enablers or the pillars or the main strategic initiatives are these three. In the organization streamline, here it will be a little bit like a new height 1.0. We are going to establish the base, the foundation in order to further development. Second, customer obsession. Here we are segmentating the customer to understand what is our potential reach and right to win with the appropriate offer and tailored solution. Finally, which is natural with the geographical expansion, as you can see, after the 90% of sales that are happening in Europe and North America. Let's start with the organization streamlining. About the structure, we want to reduce the number of fiscal and reported entities. We will centralize operations, R&D, marketing, and product management. We will share platforms, KPIs, and governance for making faster decisions and execution, and we will improve the margin through efficiency gains. Related to supply chain, we will need to optimize that as well. We are introducing the make-or-buy concept, and we will set a smart manufacturing footprint. We will digitalize the operations, and we will use a common ERP in all the units, and we will apply consistently in practice across sites for quality, efficiency, and safety. It has been mentioned in sustainability and the traction side, we have to catch back, and we are doing that by the end of the year. We have been working the lifecycle of the products, the processes, and even with the reporting, and we will get there. In the product development, that is, I would say, a substantial change with the previous strategy because here it is going to be absolutely driven by market needs and customer value. We need to understand what is their game pains and associate it with the new technologies or current technologies to find the right solution. We are simplifying our structure to become more efficient and robust, integrating sustainability through our value chain and fostering an innovation-driven portfolio. Our model will be ready for growth. In the second pillar, customer obsession. Here we are going to adapt our sales channels. We will establish if it is going to be direct or e-commerce or through distribution based on the customer and solutions. This flexibility will allow us to maximize our reach and impact in each of the segments. We will get into detailing what each one of them. I will start with elevators, where this sector within construction is a sector where we are well introduced thanks to the solution that we have within Tractel. For the Big Four, there will be centrally managed with customized support and project coordination. The others will be supported by regional systems with distributors supported with training and package offers. In construction, for the large, again, there will be a direct engagement to understand what are the true needs and to find the solution. Meanwhile, the mid and small companies will be through standardized offers via the distribution networks. Nevertheless, in general contractors, we will develop project-based lifting and handling solution, basically elaborating on the Tirak with modular equipment and eventually flexible leasing models. We will set up this localized service structure via certified partners with digital tools to ensure fast and reliable support. We will explore textile products and chain hoist to capture price-sensitive but high-volume markets with cost-effective solutions. Moving into industry, here we will adapt our offering to local safety regulations and industrial standards in the targeted industries. The targeted industries, there are some where we have already a degree of introduction, which is in the energy, in the oil and gas, in the nuclear, as well as in wind. The others that we have the possibility or the opportunity to get better penetration, like in food, beverage, pharmaceutical, and chemical. There will be direct sales by offering specific solutions in lifting equipment, confined space, rail and gates access. We will engage with the maintenance department through specialized distributors for the rest of the standard catalog. Into the third, which is the infrastructure here, it will be absolutely direct because we will win the trust through demonstration, expertise, and tailored access solutions for cities and public services. Here we will focus on city municipalities and utilities in water, water waste, and electrical networks. Here we will have direct sales by on-site demos and pilots to show the full solution portfolio. Beside that, to manage that, we will need to manage public tenders with structured follow-up, with clear timelines, proactive bid management, and we are using artificial intelligence in order to manage that. We are building a regional partner network as well to ensure the project execution, compliance, and a smooth implementation. Here, I would like to say that even if our sales are divided 70% in construction, 20% in industry, and 10% in infrastructure, what we expect on the growth ahead to come is going to be divided in equal parts for each one of the areas. About geographical expansion, yes, clearly, we are strengthening our position in Europe and North America. You will see that in a couple of slides. Meanwhile, as well, we are increasing our activities in potential markets like Brazil, Dubai, the Kingdom of Saudi Arabia, India, and Australia. Each one of these regions is offering a unique opportunity for growth, and we are committed to unlock all the potential. In order to achieve that, we are using, again, our well-established position with the elevator industry that is allowing us to penetrate these markets in a much faster possibility. All these countries actually are very, well, we are leveraging as well the fact that in some of them, there are other divisions present, so we can establish ourselves faster. We expect that about 25% of the total growth will come from these regions. While, yeah, we will drive our destiny through these three strategical initiatives, there are inorganic opportunities for expanding this profitable business. The market here is actually very large, is very fragmented, is dominated by regional players and standards. The possibilities for inorganic growth here are extremely large. Here, what we have established is a clear strategy in order to weigh them in order to manage the funnel or the pipeline, where we are looking at the possibility of vertical integration downwards and upwards in our value chain, in the new footprint in areas that we have not present, and in the new technologies and services activities. Actually, we are starting to act according to that. A good example could be the recent acquisition of Interlift that was signed on October 21, and we expect in the short term to have the closing. It is a distributor, it is a lifting and handling specialist that is based in the south of Sweden, with revenues of about SEK 50 million. What is that bringing to us? It is, first of all, strengthening our position in Sweden, where we were not present as HSPS. We are creating a direct relationship with very large customers, where we can leverage the full value chain from the production to the end user. We are expanding our portfolio because he is adding as well some solutions that can be applied for shipyards and water infrastructures. That is, as lifting and handling specialists, generating as well possibilities and opportunities for high safety solutions that we can increase in the portfolio. All in all, it can be a model for future strategic moves in other markets. In summary, our division is well positioned for growth. We are streamlining our organization, tailoring our approach to customer segments, and expanding geographically. The market consolidation through acquisition will further accelerate our growth. Our ambition is to deliver the growth target financially with this 8%-12% and 20% EBITDA. Thank you for your attention. Looking forward to your questions. I give the stage to Matilda. Great. Thank you, José María. When I'm not hosting our capital markets day, I actually have a day work, and that is working with M&A and strategy. I thought I would take a couple of minutes to present a little bit more around the M&A work that we do. I would like to start off with showing our M&A process, and this is fairly standard. I think most companies have a process similar to this, but I would just like to highlight a couple of things here. As you see, we start with the group and division strategy. It's really all M&A that we do links back to the strategy and the strategy that we have. It's also based on those that we get our prioritized M&A areas, as well as the funnel with the target long list. As you heard from my colleagues today, we do see a lot of M&A opportunities in all divisions, and you can see that that's clearly linked to the growth strategy that we have. In the end of the process here, we have the integration, and that is the most important step for us when the companies become integrated into us. What are then the key success factors when it comes to M&A? Common for all M&A we do is that it builds on the same principles. First, we do it ourselves. We create our own target lists, and we prioritize them based on our own criteria. In the beginning, we look at things like the market position, the strategic fit with us, and also the financial performance. This is something we do get a lot of questions on. What are your sweet spots? What are you looking for when it comes to the financials for targets? The target should be of a decent size for us, not too small to spend our time on, but also something that we can swallow. On the EBITDA level, we have quite high requirements. We would like it to contribute to the group margins or be at the margin today where we quite quickly can lift it to the group level. That is a quite tough criteria that we have. Further, when it comes to doing it ourselves, we are the expert in our own industries. That means that we drive the commercial and operational due diligence ourselves. For some of the due diligence process, we might need local advisors, but we always make sure that we own the process and we take all the key decisions. That is always up to us. Second here is our focus on people and culture. As mentioned today, people is the most important asset in the group, and that is certainly also true when it comes to M&A. Therefore, we believe in being transparent early on, being clear with our plans for the acquired company. Also, we make sure to assess the culture fit along the process and along the discussions with the target to really make sure that we could fit well together. Lastly, the ownership of the plans. Here we make sure that we get the right stakeholders in from the start into the process and that they help to create the plans. This creates commitments both from the buying and the selling team, and it's also a key success factor in our integration work. It also means that we can drive multiple M&As at the same time because it will be different people from different divisions and different geographies that are involved in the processes. It's not only up to me and a small team sitting in Stockholm to do everything. Good. Now we talked a little bit more about the traditional M&A, but in the last couple of years, we have also done a couple of strategic partnerships that we have invested both time and money in. Jens mentioned all the good benefits that we get from the partnership with Service Protocol. That is a company that we acquired a 45% share of in 2022. Since then, they have actually become four times bigger. That is not only due to us rolling it out to our own service equations because we think it is such a great tool, but actually 70% of the revenues come from external parties. They are also driving growth on themselves. Another partnership that has been mentioned was Hervé that mentioned our partnership with Skyline Robotics. It is a bit newer. We formed it about a year ago. There we also did a minority investment. Partnerships like this is something that we hope to be able to do more in the future to really stay at the front and be leading the technology. That was all from me on M&A. I would like to welcome up Rafael, Hervé, José María, and Ole again for a second Q&A. Good. Let's start to see if we have any questions in the room. Thank you. How happy you are with the current business structure? Five, five divisions, and of course, I understand that there are some synergies, R&D synergies between the certain divisions, but I must ask that why you have a height safety division? Because it just makes your group more complex, and it is very hard to see how it kind of creates the shareholder value if it's just increased the complexity. Can you please give me one reason why you don't divest it tomorrow? Why I don't divest HSPS? No, no, but you know I think all these divisions actually function into more or less the same market. We are involved in the same thing. If there is one division which actually has entanglement with all others, it's HSPS. The go-to-market for HSPS is not direct like you see for most of the other divisions. It ends up with the same end user. The go-to-market is more typically driven by distribution channel and partners. That is why it has a benefit of driving it separate as a division and not sitting or splitting it up into the other divisions. I think it has a clear value long term. I think also some of the things that we see going forward in the strategy that we can actually become even closer to customers with these types of solutions. We might over time move more direct and get more into the service. This Interlift acquisition we did, I find to be actually very interesting. Not because it's a great company, but for what it is. It is actually a local distributor in Sweden focusing on lifting and handling. It's been a distributor of HSPS, but also multiple other brands. Also what they do quite a lot is integrate. They have lifting knowledge and capability, and they work with different integrators or companies to provide lifting solutions. It has a very, very, I think, interesting perspective going forward, which will also take it closer to the other businesses. For us, it has a natural home here. I think it also has a very natural structure today, these five divisions, the way we operate it to ensure focus and not try to mix it too much. I hope that, yeah. Okay, let's take an online question and we see if we get more here. Here we have a question. Would you be willing to exceed your leverage target when you make acquisitions? In principle, the short answer is no because we have a leverage target for a reason, and that's something we should stay within. It is also said by when we made this by the board and the agreement is that for strategic purposes, we might be able to overshoot it like we did with the Tractel acquisition we had. There is a possibility for the board to act on it or to overshoot if something like that would be needed. The plan and the ambition is absolutely not that. It's to stay within. Yeah, a question. You said something about the North American margin within Facade Access being higher than the group. Maybe how much of that is legacy Alimak Facade Access, and how much did you get some margin increase from the Tractel synergies for the Facade Access division, or how maybe some comments on that and yeah, what you see? I will not provide a straightforward answer. I will not give you the numbers. It's clearly, I think if you compare, especially North America business, the thing that I know, I will say that we are coming back to the principle of the discipline in execution. This is what I believe Tractel brings to the table is discipline in execution. Everything that I explained today was, yes, the strategy where we want to move forward and what we want to achieve. It's representing what, 10%? The 90% will be the execution. This is what we bring to the table at that time when Tractel has been acquired. Yeah, yeah. Just to follow up on that, of course, you have seen maybe a larger increase within the service part for Facade Access also over the years. Is there a ceiling of that part, or is it, as you said, focused on all different? No, no, it's the group value. We are challenging the limits, so I don't see any ceiling. My point is the situation is very different between countries. For example, one question was about the penetration of the service. I'm not looking at the penetration at the division level. The penetration in a few countries in Europe or in Asia or in North America is completely different. It's based on how we operate in the past, if we are present in the country, how many competitors we have in the region. In terms of ceiling, the fact that we are progressing and continue to progress, the fact that we are putting a dedicated team as well for the aftermarket, this is for sure a driver also for the growth for the future. Yeah, and also sort of how you review projects today compared to previously, what was sort of the main issue where you got these legacy projects with lower margins? Was it? Yeah, I will tell you. I believe that legacy Facade Access Alimak was product-driven. Here we are in a project business, totally different world. When I was talking about tender reviews, contingencies, my background is project manager. I was starting as a project manager. Contingencies, the mitigation, risk mitigation, how we want to deliver the value to our customers and how we want to pilot our project, that's what we are doing today. This is what we started three years ago. I see, I see. Okay, thank you. If I also add to that again, and also this HSPS question and so forth, it's not only about the product or that you actually, but you need to understand how you should go to market and how the business works and how to set yourself up to be in the most effective way and in a competitive position. Understanding that this business is a project business and running it like a project business versus that you try to define it to be a product and sell it as a product, then you are lost. That happened there basically. The same with HSPS, or it's not the same history, but HSPS to really understand that that is a distribution business and handle it like that and work with it in that sense and be set up. You have other parameters that drive success. This is a fundamental piece in why we have the division structure. They have different not only products and customers, but also different go-to-market, different critical processes, and we need to be set up and handling that in the right way. Thank you. Yes. Yeah, a question within the wind division. Given the initiative within innovation, et cetera, how do you view the competitive landscape within your division in particular? Yeah, we are now growing in R&D resources, and we are mainly having both base for R&D technological center. We have one in Spain and another one in China. Because Western and Asian markets are quite different, we need to have our own R&D in China for the Chinese market and also the European one for most of the Western OEMs and utilities. We are growing and very happy to see that the advancements and the new products that we are launching to the market, that they are really covering the customer expectations. Okay. Would you say that the competitors are also looking at this type of innovative? I mean, is it an advantage for you, or would you say that this is just a necessary development within your division? We are not looking at the competition. We are more looking to the customer needs and the market demands. In this case, the service trolley is not coming from any competition. It is coming from discussion with the customer. Okay, you are paying a lot of money for some platforms that maybe you could avoid if we could put the service trolley in our system, then you could avoid to put all these metals, and it is more cost-efficient for you and sustainable. Also, we are working with a lot of AI new products for the next years to come. We know that some competitors are also doing that, but we are focused on our own knowledge, the knowledge of the experience of the market that we have, and also to be very close to the customers in order to really understand what they need, how can we make their lives better, and how they can pay for this value that we are adding to our product. This is where we are focused. It works. That's great. I'll take one more. It related to your M&A, and it seems like you see a lot of potential in all the divisions, but do you see any more stronger potential or more low-hanging fruit in any specific division in your view that could add value in the near term? I think all divisions have a lot of potential in their own way. We have a little bit different maturity level also in that sense. I will sum up a little bit also about each division. I think I will come back to it a little bit in my sum up. All are today absolutely equally important, and we see great potential in all of them, as I think you have seen today. Yeah, still they are in different places. They serve different markets, and it's different things on the agenda. Again, it's the logic behind these divisions so that you don't bake a cake out of everything. Yeah, and I can just add as well, as we mentioned, we have M&A opportunities in all divisions, and we have active pipelines that we are working on. It is of course also a timing question sometimes that the right target should come up for sale at the right time. It is not that we are prioritizing one division above someone else. It is more sort of coming down to the right target and finishing that process. Good. We have a question at the back. Could you talk a little bit about what sizes of acquisitions you are looking at? Would you, for example, mainly be doing bolt-ons, or would you consider larger acquisitions as well? If you could delve into sort of return criteria or multiples that you wish to pay. Yeah. First of all, I think it's bolt-ons. We don't have anything in pipe or any plan that we will do Tractel again. It's not because we don't want more French people on board or anything like that. It was a fantastic acquisition that we did with Tractel. We got so much competence and great diversification, all these aspects that we have gotten into the group. It is a big one, and it requires a lot of time and effort and so forth, which you would like more to be able to keep speed in all parts of the business. Acquisitions could also be this catalyst that helps keep things moving faster forward. I more believe long-term that it's better to do smaller and in more places in the group. That's more, let's say, the strategy and the sweet spot. Our type of size of divisions may be from some tens of millions, 30, 40, 50, up to some hundreds, but it could also, yeah. As I said, it's nothing in pipe or nothing that points towards today that it would be something like the one we did. Multiple-wise, you talk about the pricing and so forth. Typically, then you buy or you're into acquisitions, which is maybe more privately held or localized in a certain way. Then typically you have quite favorable multiples. As is very well known, we paid a 10x multiple on Tractel, but I don't see at all that we would need to be back in that type of level with the acquisitions we are working on or seeing in pipe today. That would be well below, which I think it's market standard also more. Pricing shouldn't be a big issue, but also it's this thing. You need to be pragmatic. If it's not within the range that you're willing to pay, then we don't do it. Good. We have some questions online as well. We have an M&A question to José Maria in HSPS. Can you explain more about the acquisition targets in HSPS division? As you say, it's very fragmented. Is it more that are similar like Interlift, or is it other segments as well that you're looking at? What I mean about the market itself is not related to Interlift. It's that in the height safety and productivity solutions, the quantity of product solutions that are is very huge. We are taking part in some of them, and there are other adjacent niches that we are not touching, for example, these kind of things for breathing in confined space and things like that. There are many of these activities. Additionally, for the range that we are developing and commercializing and servicing, there are many, many actors because it is very much regionalized by the local actors with the local standards. Therefore, the potential for consolidation there is huge. We can be strong with some range of products in some regions of the world and consolidate with others in others. What is different about Interlift is in the downstream, to be able to get the full value chain and then to have direct customers that are relevant in the energy and so on. It is a little bit different. Hope that answers. Good. We have a question here for you, Rafa. You had an impressive improvement of the profitability in the wind division. I mean, some of it was also driven by José Maria, so you could take some cred. Do you expect to be able to remain at that level? Of course. This is our target. We want to grow according to the group targets, and we will keep the profitability levels that we are providing today. We will be growing in equipment, but we will also be developing, as I explained before, new services about inspection, 10 years inspection, and lifetime programs that will keep our profit high. Yes. That is our ambition. Great. That was all questions online. If we do not have any more questions from the audience in the room, I would like to hand over to Ole for some concluding remarks. Okay, thank you. Yeah, I think I'll start here. First of all, very nice to have been hosting this event today. I will try to summarize a little bit what you have heard. Started off with a group strategy, trying to give you again, I've said this many times, but we think it's so essential to how we operate and who we are and why this group is now very different and is on a nice journey going forward. To really understand how we work, why we are set up the way we are, and also how we can also continue to drive forward in a strong way and now accelerate into stronger growth and even more profitability. Hopefully, also get some confidence that we actually do what we say. We deliver. That's a fundamental piece of the attitude and the way we run the company. It's an important piece, of course. You could all say in this room, yeah, of course, it's granted, but it's not like that everywhere. This is something we really, really focus on. That's also why we put targets relatively close to our heart, that it's not five years or seven years out. You need to think about it in two or three years. These are targets that we wake up to tomorrow morning. We need to drive them, and we need to, or we are already doing that. That's a fundamental piece that you also understand how we drive metrics. It's a reason why we show you ROSI on the division slides. It's not because we want to brag about it, because maybe in one division you can brag about it, but for the rest, it is what it is, and you have a lot of potential. The point is just that we want to show you the way we run the business. For each division, ROSI is important. For each division, capital allocation to the question is important. It is driven in each piece, and it is driven at group level. Again, it is a symbol of how we are decentralizing and giving responsibility and activating everyone in the organization throughout. Fundamental. Then about each division, if we sum them up a little bit, what you have seen today and where we are. Industrial division, starting off there because it is a little bit performance-wise currently best in class. It has not come from there. It's been really this work that we have done over these last five years, putting up a separate focus on it, getting people in and giving them the autonomy and nowhere to hide. You can't sell a bunch of construction hoists and be happy and meet your targets. You actually need to drive industrial projects, which is fundamentally different. Driving this globally, adding people and going forward, that has led to that we have been growing very fast, and we will continue to grow fast. We have also lifted margins fantastically. Talking about this penetration rate of service, of things like this, that's a language that is now part of the daily business, but it wasn't before if you are not into it. As an example, facade access, the way that has been lifted and where we are versus where we were five years ago. Driven both from the legacy, fixing that, but also what the acquisition of Tractel meant, getting capable people on board, getting a process that actually is working, getting this successfully together and driving it forward. Also there, we have done, I think as a team, a great job, but we are not finished. We are on to that. We will fix that. We know how to do. It is just to continue to do it, but it takes time. When you are long-term, you have also that time. It is not that we work slow for that purpose, but it is just that we work in the right way, I would say. If you take construction, also the legacy business of the group where we have a fantastic base to bring forward the name, the presence, the leading thing all around the world. Wherever you go, you see these orange machines. We all have dressed up well for that for today also. A unique position, but the core product. They had also lost it a little bit, that lighter machinery and really working from a product or customer perspective was not fully there. It was more focused on the product. When you turn that around, you start to see all these opportunities. Pay attention to what David was saying. We are diving into industrial temporary opportunities. We are taking control of our own future destiny, not sitting here waiting for a rental company to order hoists from us. We go after segments and business and really know we have a good competence. With our market presence, we can do more. That is what is happening there. Then on top, the market has been very, very unfortunate or not good for us, and that will also support it going forward. For wind, fantastic turnaround that has been done with that business when we really started to become focused on the customer, understanding what these few customers wanted, understanding that this was some sort of automotive type of business and driving it that way. That turned profit, that turned the confidence from the customer side into us into something completely different. We win, but it does not come easily, and it does not come that it is this hard work every day, committed to always drive forward that keeps that business in the way it is. Then HSPS, I think, fantastic base that has so many things with integration possibilities and market and so forth with the rest. It will be so easy to also break it up or do things and try to bake a little bit of cake again. It has uniqueness to it. You need to keep it separate and to get that type of thing. Slowly and steadily, like Rafa was talking about, we see now, and they are driving between wind and HSPS, so clear-cut synergies on the product and the market side. These things, I think, also clearly will come, but we do not enforce it. It needs to be found a little bit by the business themselves. There is greatness, I think, to all of these divisions. We share a very thin layer on top supporting. Technology is basically the only thing. We have this nice way of working. One example I did not bring up when I started, but ERP, the way we work, I guess when groups talk about ERP implementation, it is something that wakes investors up and analysts because normally that means a lot of cost. It means a lot of complexity. It means a lot of issues. Historically, I think it was the most common denominator for CEOs being kicked out. We have been doing ERP now for two years, but we are not talking about it. Why? Because we are doing it. It is not the cost that you see below the line or that we try to address. We are doing it day by day. We are implementing unit by unit, but it is driven by the divisions, and we own the whole thing. Yes, we use some consultants, but it is just to basically learn. We are also doing it in the smart way. We do not do it because we think that an ERP needs to be fitting to us. We do it because we need an ERP to be able to do our daily business. That is the opposite thing. That would be an Excel thinking. If you need a spreadsheet, would you think about starting to adopt or change Excel before you entered your figures? No, you would not. You would enter your figures and utilize Excel. That is the thinking we also have with ERP. We have found Microsoft's ERP, very simple, but more than enough for us, and we implement it, and we adopt to that. Simple as that. I think small basic things like this is the way we try to do things. It's the decentralized when people own it and they are seeing the consequences of decisions themselves that you get effects like that. I hope that you have seen that we are true to our strategy, that we have a lot in each division. As a group, hopefully, it should be a good investment. I've talked a lot about this number two, so I will talk about this before I close up, is that it is a proven business model that we are showing you now. We clearly believe we have this fortunate thing that we are supported by megatrends. It's a business which actually will live for a long time. It's not something that will die. As long as we keep moving forward, we will also be the winners in this sector. We have a great foundation in the fact that we actually do sell bigger machines with the service need. We can really be part of a bigger loop, and we are that to the full context, which gives resilience and all what also from a geographical perspective and also from a divisional or customer perspective, as you saw from Sylvain. We have a good financial model. We are not over-capitalized. We run healthy in that respect. We follow the right metrics. That means that we are able to invest and take care of our own destiny also in that respect going forward. That is the status now. Now we are moving into 2.0 with a new hike in our financial targets, which we are committed to deliver, like we have been with the ones that we have had so far. With that, I would like to start my thank you. I would first thank the team that has organized this from our end today, Matilda, Johnny, it is Tobias, it is Daniel, it is several people here that have worked intense with this for a long time, of course. I want to thank Studio Puck for organizing everything here. It has worked very nicely, and that is important so you feel that you are taken care of. Of course, all the 3,100 in the group that are delivering results every day and drive the group forward. And the speakers that have been on stage today, it is not something we do every day. Of course, it is a nervous exercise and so forth. I really hope you see the genuineness and the way we are into our business, all of us, and how we drive things. Of course, thank you to all of you supporting, listening in, being here today and online. Thank you, and till next time.