Welcome to the Alimak Group investor call. For the first part of the conference call, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound five on their telephone keypad. Now I will hand the conference over to CEO Ole Kristian Jødahl. Please go ahead. Thank you. A warm welcome to all of you for this short conference about the acquisition that we made, Pro-Bel. With me, I also have Hervé, who is the Head of Facade Access. He will give a little bit more deeper insight into the company. I also have Johnny and Sylvain with me here. If you turn page, Johnny. This you know, I will not spend time on these intro pages, global industrial company. Let's move on. We have our New Heights strategy. Next. We have our financial and sustainability targets. Next, please. We come to the company. Very happy to announce that we are able then to, yesterday, sign this deal and the closing is in the making. Should be also relatively soon, so it's not a big thing to get it closed, but it was impossible to do in the same day. It's a project we have been working on for quite a while. It's a North American provider based out of Toronto in Canada, providing then suspended access and fall protection solutions to both the North American, or to the U.S. and to Canada, the North American market. It's a company that Marc Lebel started 50 years ago, and for 45 out of those 50, it's been working on these solutions, developing the company. It's a very long, solid history, and they have become the leader in this profession. It's a very complementary offering. We have been talking about for a long time that we wanted to go more into lower buildings and a more comprehensive offering, and not be so dependent on the tall buildings, and this is in the midst of that strategy for Facade Access. That means also it brings synergies, and it also brings growth opportunities because it's a lot of the same customers, it's the same market. We can work with the same end customer, whether it's architects, it's general contractors or end users. Financials of this company is also very strong. It's CAD 69 million in the last 12 months, trailing for April by April 2026, which is then SEK 473 million, based on today's rates. Adjusted EBITA of CAD 24 million, so that means SEK 165 million, and also a very strong margin of 34.6%. This is a margin which is not only there for the last year, it is a margin level which they have been able to have for over many, many years. It has been a growing business, of course, over many, many years, or since they started. The last two years has been slowed growth. It is more flattish, and that has been due to the current turbulence, as we all know, related to tariff situation. We will come a little bit more back to that. Transaction highlights. We pay CAD 200 million for the company, which is then close to SEK 1.37 billion. It gives a multiple of 8.3 on the adjusted EBITA. We pay CAD 177 million now up front at closing, and the last CAD 23 million will be paid after 18 months. We have financed it all through our existing facilities. From a leverage perspective, this will slightly overshoot our 2.5 target, which we say we normally should stay within, but we can exceed short-term, and we should be well within our frame again by the end of this year. With that, we turn page, and I leave the floor to Hervé so he can give a little bit more detail about the business and how he sees this into Facade Access. Hervé? Yes. Thank you, Ole. Hello, everyone. I hope you can hear me well. A few words about Pro-Bel. Pro-Bel is operating in a structure standardized, and I will say a low-friction operating model. They are engineering, installing, they are also servicing safety systems for people working at height. Same as Facade Access Solutions, they are operating on facade, as well on rooftop, both commercial and residential, across North America. We will come back to the point, both U.S. and Canada. Thinking about their portfolio, we are talking about roof anchors, davit systems, lifeline, monorails, but also BMU solutions. Pro-Bel, what it is? First, we are talking about design and engineering. As you may know, every building is different. Pro-Bel is also offering this customized engineering solution for each building, for sure to be compliant with the safety code and the standards. Second, I will say that they are also a turnkey solution provider. They are manufacturing, they are installing, and they are also commissioning the systems. The third part, and this is probably what part to remember, is the recurring services. They are very strong in inspection, in testing, in recertification, and then ongoing maintenance. This part is especially important for us and for the future because all these safety systems that we are talking about must be inspected and recertified regularly by law, and this is what I call the compliance model. My view is that today, once Pro-Bel is on the building, I would say they stay on that building. That is also what we call the life of the asset. This recurring, the contracting revenues, and long-term customer relationship are same as us on top of their new installation work. The combination between the sales approach, the compliance-driven, but also the building aftermarkets, is exactly what makes Tractel also attractive. Next slide, please, Johnny. So- Johnny? Hello? We have changed it, Hervé, so you can continue with the next slide. Okay. Thank you. Why we are joining forces with Pro-Bel. I will say first, for diversification. Today, as mentioned by Ole, the facade access trend is on the engineering solution, sometimes complex, but for sure on the high-rise building. I will say Pro-Bel is taking us to the, what we call the low and mid-rise segment, where building are simpler and where there are far more of them. This is what I was explaining also during the last Capital Markets Day. It will make us, as a division, more resilient, less dependent on any single segment or just project cycle. We can talk about expansion. Expansion of our customer offering. We know how can we offer now a full range of access and safety solution, strengthening, for sure, our position in North America. Third, talking about synergies. This all together bringing us to a complete complementary capabilities. We are talking about product portfolios and customer relationship. When we are now combining and sharing best practices, operational expertise across both organization, that, for sure, will create real opportunities for operational efficiencies over time. In short, I will say that it's not today just adding our revenues, it's making the full and the whole division stronger, broader, and for sure, more resilient. Next slide, please. How Pro-Bel is fitting our Facade Access Solutions platform. I will ask you just to think about our offering as a ladder of complexity. On one side, on what we call the idea engineering end, we have our both brand, CoxGomyl and Manntech, and this is where we are operating with a complex, again, customized and custom BMU system, most of the time for iconic towers. We have Tractel sitting in the configured, and I call it mid-complexity space. We are also using Tractel as a customized and customer solution access for infrastructure. What we didn't have, and I will say at scale, is what we call the core, the high volume end on that ladder, the standardized access solution. This is exactly where Pro-Bel is sitting now. It's a very good complement for our portfolio. Now if you think about whatever the building is, and it could be from a two-story commercial roof to a super tall tower, I will set the division as a solution across both equipment but also aftermarkets. This is really strengthening our market leadership, owning the full range of access solution. Next slide, please. This slide is probably one of my favorite one. Is what you can see is showing why we can grow faster together than just apart. Please look at the split. Our existing Facade Access Solutions in North America, we are dealing, 90% of our revenues are coming from U.S., and I will say only 10% is coming from Canada. Where Pro-Bel today is 50/50, with a very strong, and I will say, established position in Canada. Immediately, when each other, I will say each of us is strong where the other is less present. In terms of, again, complementary solution is very interesting. On one side, we can take the Pro-Bel product into our larger U.S. footprint and also our sales force. Also where we are not focused, it's exactly on the same states in U.S. We are not operating in the same state between Pro-Bel and the current Facade Access Solutions. In addition, as I was mentioning, Pro-Bel also give us this established platform in Canada to build on. On top of that, the geographical coverage, we have also the cross-selling, the customer needs Pro-Bel inspection, the certification services, and we can also access the broader access solution with the Pro-Bel customers. Same buildings, same decision-maker, and this is where we will have to work on. A few other also in the longer term, the Pro-Bel operating model is proven. This is what we are buying, and frankly, it's also exportable. Today, the focus and the integration will be in North America, but it's also a model that we believe we can take international over time. Next slide, please. The question that we can see is on the operational excellence. Here we are talking about how we can justify, how can we explain this 34.6 adjusted EBITA. I think that the answer is the operational excellence. First, we are talking the standardization. Pro-Bel works on what we call a modular standardized design, very repeatable processes, bringing lower unique cost and very consistent quality. Two is the stock. They are running a very disciplined inventory strategy. In the core access solution, you're often winning the deal not only on price, but also on the availability and lead time. Very important for us. I will say also on the sourcing, when you are starting now to combine Pro-Bel with our North American Facade Access Solutions, the purchasing volume will for sure unlock better supplier pricing in terms of components that we are both sharing. On top of that, and this is something that I repeated already during the Capital Market Day, is the team discipline. We have, in a way, the same DNA here. Behind all these processes, we have a very focused and dedicated team at Pro-Bel. The discipline in execution, the attention of the detail, the ownership of the daily performance are, for me, the key reason, and for us, the key reason why the model is working so well. When you are putting all together the standardization, but also the inventory discipline together with the operational leverage, we think that this is a really scalable and margin accretive to the division. Again, high quality, recurring revenues, high margin business will make us more diversified, for sure open to new growth, and we know how to run the business. Very pleased with this partnership. Next slide. I think that Ole will give you the lead now. Yeah. Thank you, Hervé. Just a short summary. As you understand, it's a very nice another step in our New Heights strategy. It will make the Facade Access division much more resilient and also diversified, and that also means it adds the same thing to the group. It's a highly profitable business, which means that it will, of course, impact the profitability level significantly, in the Facade Access division. I want to highlight that doesn't mean that this is solving the underlying business. The targets that we're having on the existing business remains there, and we know what we can do with that, and we are moving ahead full speed with that also. This is something that comes on top of that. It also has an impact on the group profit level, as you understand. Overall, it strengthens the group and further takes us forward in our profitable growth journey. With that, I think we take next slide and move to Q&A. If you wish to ask a question, please dial pound-key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound-key six on your telephone keypad. The next question comes from Oscar Rönnqvist from SEB. Please go ahead. Good morning. Thanks for taking my questions. Uh. I have just two boring modeling questions. One would just be the integration. I assume that this is 100% Facade Access, or is it any sort of spillover to like HSPS, et cetera? This is 100% Facade Access. Yes. Great. Thanks. The next one, could you share anything on the sort of CapEx levels or depreciation levels for Pro-Bel? Yeah. Maybe Sylvain, you want to comment? Yes, it's small. They don't have their own manufacturing, so we're talking something around half a million CAD depreciation per annum. It's very on a low level. Yep. Perfect. Thank you. The next one, just could you share anything on Pro-Bel's share of service sales and the growth profile, please? Yeah. Today, they classify service slightly different than us, but the way they have done it's around 17% of their sales, which is what they qualify as pure service. We would need to work a little bit more on it to say the exact figure for us, but it's not far from that figure as it stands today. The business has been growing very well over these 45 years. As I also mentioned in the beginning here, the last two years, due to the turbulence around the tariffs and the U.S. situation, the growth has stalled. We expect again, and we have growth plans to this, and we expect absolutely that they should continue to grow, and grow along with what we normally see as our growth pattern organically in our business. Perfect. Thank you. Just a final one. Looking at the Facade Access, I think this adds approximately five percentage points to the margin. I think you targeted Facade Access to be quite in line with the group average on the margin side on your latest CMD. Just wondered if this sort of alters anything on your ambitions, or are you still expecting a large or a significant margin expansion on this underlying Facade Access business? Yeah. As I just also said, absolutely, that this will add a good margin contribution to the existing business, at least in the range of around four percentage points. The underlying business, and the plans for improving that, as we have been talking about for a long time, and as we also have been doing. We have slowly and steadily been improving the underlying business, and that should come also more, remains absolutely. This is not something that fixes the older problems. They are there, we are continuing to fix that. This is something that we expect on top of the existing performance improvement program. Understood. That was all for me. Thank you very much. Thank you. The next question comes from Andreas Koski from BNP Paribas. Please go ahead. Thank you very much, good morning. A few questions from me as well. I understand that it has been growing over the last 40 years, can you give us an understanding what the organic, say, CAGR has been over the last five, seven or 10 years for Pro-Bel? I'm not ready to give you the exact number on that now, it's been organic growth over the last years, absolutely. It's just the last two years which has stalled. Else it has been historically a nice organic growth. It's been growing in the years, absolutely, up to the last two years. Understood. Can you say what you expect for fiscal 2027? Do you expect any major changes to top line or margins compared to fiscal 2026? No. So similar? Similar. Absolutely. Yeah. Of course. The thing is, when you make a significant acquisition like we do here, we have done it in the same way that we did Tractel. That means we are not using a lot of external players to help us make all of the understanding and analysis of the business. We have done it ourselves to really ensure that we understand what we are buying, that the people in question that will run it, they have been part of this for a long time. It's no surprises coming now after it comes into our hands. Uh. But still, the focus will be, of course, to maintain short-term what we have acquired so that we are not losing speed or profit or anything of that. Then, at the same time, working together with the Pro-Bel team on how then we can accelerate this and get into strong growth and also lifting margins, because that should always be the target. That's also doable, absolutely. I think- yeah. Growth is more important than margin improvement in this case, I guess. Yeah. When the margin is on 35%. Does it come with any significant acquisition costs that we should expect in the coming quarters? No. Again, we have not engaged anyone to do this for us. We have done it ourselves. Mm-hmm. Yep. Is all the production taking place in Canada, how has Pro-Bel been impacted by tariffs, any changes to expect there in the coming years or quarters? Yeah. We have seen the effect on the market, they have been able to counter effects, like we have also on the. They have been exposed to the tariff situation now for, what is it? One and a half years. We don't expect anything further from the tariff situation. That market has already been there for a long time. Yeah. Lastly, in your press release, you're saying that Pro-Bel has more than 140 employees. I think on Pro-Bel's website, they are saying that they have a team of more than 200 people. Has there been any major restructurings recently, or why are they saying more than 200 and you more than 140? I can't say. Okay. -mistake somewhere. It's not related to any major restructuring recently? No. Nope. No. Understood. Okay. Speak tomorrow again. Thank you. Yeah. Mm-hmm. Bye. The next question comes from Anders Jåfs from SB1 Markets. Please go ahead. Yes. Hi, good morning. Just small couple of questions from my side as well. Just regarding the tariff exposure, is that one of the elements that has driven the weaker growth seen over the last two years, or is that anything you could comment on? Or it's more market-driven overall? No. I think the tariff situation has caused also market turbulence. That's the reason behind it. Yeah. Yeah. Previously, maybe five years to three years ago, you saw a sort of solid growth at least- Yeah -before the turbulence took place. Okay, perfect. Have you maybe identified some core cross-selling opportunities you could maybe put some more colors on as well, or internally? Of course, we have been working a lot on this, and we have a lot of ideas we have discussed a lot with Pro-Bel. Maybe, Hervé, you want to shortly comment a little bit? I can, I will not give you the full view, but I will say a few example. I was talking about synergies on purchasing parts, for example. We will have to work as well on the service aftermarket. There is also a lot of things to do altogether, especially in U.S. We're going after this expansion, the full range of solution together with also the customer relationship. We believe that these synergies are also a key driver for us in the future. Also globally, that we can take this business slowly and steadily also, because it's an excellent setup, which also then is something we could do and move to other parts of the world, not at least Europe. Perfect. Thank you. Maybe just lastly, as the leverage will temporarily overshoot your 2.5x financial target over the coming future, how does the active pipeline look then? Maybe will you sort of wait to close other deals potentially, or how do you view the M&A activity for the rest of the year? Should we expect that this was sort of the big deal that was made, or maybe just shortly how you view the setup for the rest of the year, so to say? Yeah. We have a very nice pipe, I would say, of good companies. Here you saw one of them. It's more companies out there with very nice margins, and that would be very nice adds to the group that we are continuing to work on, and that will not stop. We see that this is a very cash generative business, which is also what we normally should buy. That will quickly take us down again in the range where it's possible to act. We have means, and so that's not an issue. It's just the leverage, how close you want to be to that. We will continue on our work with M&A, absolutely. Perfect. Thank you very much, gentlemen. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Yep. We have a couple of written questions, so I will deal with them. The first one is what is the reason for the very high margin level? The reason for the very high margin level is, I think what Hervé explained in his last slide before handing back to me, that they have a modular standardized setup, which they have been refining over many years, which makes it very cost efficient and a standard range that they basically can apply. The other piece, the main piece is that they have developed a process which is an excellent process. It's a very standardized process, and they apply extreme level of discipline into that process, which means that it's excellence in whatever they do. This has been Marc's trail, I think, throughout the whole thing, to really refine the details to ensure that they don't waste time on anything they shouldn't waste time on. It's that type of finesse which makes this high margin. Then the second question here, do you think the margin is sustainable over time? To that, the answer is absolutely yes. They have had this margin over a long time. That's already proven. That's absolutely what we expect to also continue going forward. These were the last two questions and the only questions I had on the written side. I think just then mindful of time, I want to thank you all for listening in, and then I guess I will talk to you again tomorrow. Thank you from our end.