Welcome to the Beijer Ref Q2 presentation for 2026. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. I will hand the conference over to the CEO, Christopher Norbye, and CFO, Joel Davidsson. Please go ahead. Welcome, everyone. Christopher and Joel here on a beautiful summer day. Looking forward to present the result. As usual, we'll finish off with some Q&A at the end of the presentation. Starting, a little bit of summary of the quarter. Of course, we like the heading of another record quarter, as you know, when we put all of our business together, Q2, driven by EMEA, is the strongest quarter of the year. We had a 6% growth of sales, about 1% organic of that 6%, the rest acquisitions. Also, as we stated a little bit before, we're now coming to the end of very strong comps from Eastern Europe, driven by some inventory issues in Eastern Europe last year. As we move forward and out to Q3 and Q4, that'll be fading off. That's also why we stated if we adjust for Eastern Europe, the underlying organic growth was around 5%. We see some good trends, especially in EMEA. APAC continues to be positive, there's no major changes in the U.S. market. We also notified, of course, this quarter, no FX, it's nice to be more of a clean result in the business. Solid margin again, I would say in all regions across the board. We have been continuing work with our margins and develop value in the different regions, despite reporting just 1% organic growth. Cash flow continues to be positive. Joel will speak more of that, now we move into a very strong cash flow generation in the next couple of quarters as we flush out our accounts receivable for the year. We also closed AM Distributors in Q2. A very nice asset in Florida, a new state for us, focused on parts and supply with good margins and extremely good growth profile. We do see quite some opportunities to grow organically in Florida as we expand their business. All in all, I would say another solid quarter, with picking up underlying trends, especially in EMEA, we'll come back to that in the next slides. Looking at the group, as I noted, we will continue and accelerate growth in our OEM business, driven by EMEA, also very good activities around in APAC, in Southeast Asia. We see more and more trends moving over to natural refrigerants and a lot of activities there. In EMEA, we see an accelerated transition into the natural refrigerants. Part of that is that January 1st, quota levels in the EU is going to be cap another 50%. You see a lot of trends on the natural refrigerants on the heating side through our Fenagy platform. Record backlogs, good growth in the OEM side, we see that continue as we move through the rest of the year. HVAC, negative affected by Eastern Europe, otherwise positive. We also see trends now in Europe are picking up demand in countries like France, Netherlands, U.K., and other markets. Pretty positive on the HVAC development as we move through the year. The refrigeration stable, 3%, so solid quarter on the industrial and commercial refrigeration side. Moving over a little bit to EMEA, as we talked about, we would say a good underlying organic growth in the platform. We see good activities across the board. As I said, Nordics positive, Central Europe positive, Southern Europe positive. We see that trend moving in with good backlogs on the HVAC side as we move into the second half of the year. Positive on EMEA, as Eastern Europe is fading away here in Q3. We'll have a good development as we move through the year, both driven by the HVAC side but also on the OEM side, as we mentioned before. I would say a good backlog and as we state here on this slide, both our two key platforms in OEM, Fenagy and SCM Frigo, having record order intake and record backlogs to move through the year. We see a lot of activities on the OEM segment. Of course, a very strong quarter for them on the sales side. Margins at good levels. We still are producing at record levels for Beijer Ref here in Q2, we continue to be happy with the margin side in EMEA. All in all, very solid quarter in EMEA, and as I stated before, it looks positive as we move into the rest of the year in the EMEA division for us. Very happy about that. We move into APAC. APAC continues to deliver a solid development, continue to be driven by Australia and rest of Asia. Also active in the OEM segment. It's very happy a lot of these regions don't have regulation, but still looking at transitioning to natural refrigerants. They continue to do a very good job in those areas, and we continue to invest quite a lot of building up sales training centers around Southeast Asia, where more activities in a lot of countries, South Korea is mentioned here, China, Thailand, India. Quite a lot of activities here that we believe long term will also start driving more growth, in this region as step by step they start moving into more of OEM type solution for us. Margin, solid. All in all, Q2 is a smaller quarter. It's more a winter quarter out in Australia, New Zealand. Of course, their season starts ramping up at the end of Q3, moving into Q4. Another good solid development in our APAC region for the quarter. Moving into the U.S., -3% organic. It was a messy quarter in the U.S., to be very frank. It started off with some bad weather and rain in April, the season got started late. We also had some announcement in May on pricing and different type of customs from Mexico, where a lot of equipment is manufactured for OEM. We first had sharp price increases, then the announcement were pulled back, and then price decreases and et cetera. For us as a distributor, it was a very messy May to align with these, and our exclusive OEM went first with price increases, then realigned it. Looking at a more clean June and July, was pretty good and a nice growth in there. We're keeping track of that. We believe the pricing issues are behind us. A little bit of a messy quarter to start off April and May, but strong June and a good development in July. Margin solid, if you adjust for dilution, continue to develop good margins. Nice acquisition in AM Distributors, we do continue to have a nice pipeline expecting to close a nice deal here in the next couple of weeks as well. That's very strategic for the U.S. All in all, quite positive. As I mentioned before, we don't see any big trends in the market shifting. We're still waiting for higher activity in the housing market. In the meantime, we continue to develop well and stable in the U.S. in aftermarket replacement repair. I think worth mentioning what's going extremely well in the U.S. is our private label expansion now moved in to almost 90 over 130 branches. We're going to continue to expand the portfolio, we'll continue to grow at high double-digit levels on this, we expect this to continue. It's a very nice added part of our portfolio in the U.S., also as we move into this acquisition, a big driver to expand their sales and margin through this platform. We continue to expand in the U.S., we expect this to continue. If you summarize the quarter, sales growth of 6%, organic 1%, EBITDA of 5%, EPS change 5%. An okay quarter, a little bit more positive as we move into the rest of the year, especially in our EMEA platform that we expect to see pretty good growth. That should also accelerate our numbers in this type of slide as we move into the rest of the year next year. With that, I'll hand over to Joel. All right. Thank you, Christopher. Good morning, everyone. As always, straight into our EBIT, which is up 5% compared to last year. As mentioned, the FX translation effect that has been substantial now for a number of quarters have now almost finally faded fully. On a currency-neutral basis, our Q2 EBIT is up 6%. Financial net continues to develop well on the back of our new financing structure. We report a financial net here in the quarter of SEK 122 million, which is SEK 5 million below last year, despite the higher net debt position. We did have some favorable FX effects in the financial net compared to last year, adjusted for that, we are basically on par with last year. Tax line, SEK 285 million, effective tax rate of 25%, in line with last year. All in all, net profit of SEK 834 million, 5% higher than last year. Moving over to EPS, SEK 1.63 in the quarter, increase of 5%. Year to date, we are at 3%. As you remember from Q1, we had some relatively tough FX headwind and, on a currency neutral basis, our EPS is up 5%. Cash flow, as you know, Q2 is also a quarter where we continue to build working capital. We did, however, deliver an operational cash flow in Q2 of almost SEK 300 million. Cash flow in Q2 was lower compared to last year, but it was driven almost exclusively by a more back-ended buildup of accounts receivable this year compared to in Q2 last year, where trading faded a little bit differently in individual months in the quarter. Next slide here, as you see, continued to deliver positive cash flow in our seasonally weaker first half of the year. Now we are entering the more cash-generated quarters where we have a rolling 12 months operating cash flow of SEK 4 billion here so far. Leverage. Net debt increased by approximately SEK 1 billion here in the quarter on the back of M&A activity and distribution to shareholders. Our leverage ratio here sits at 2.16x, which is 0.3x turns above Q1 and also above Q2 last year. As said, we are now entering the seasonally much stronger cash flow-generating quarters, and we are in a very good position to continue to execute on our M&A pipeline. With that, I'll hand back over to Christopher. Chris, can't hear you. Summarizing Q2, another record quarter. As I said before, Q2 is our strongest quarter, driven by the EMEA summer season. Good underlying organic growth if we adjust or look at EMEA and a lot of regions, especially in Europe, looks good. OEM, strong development. Solid EBITDA in that only the second time over 12%. Of course, it was Q2 last year. Then there were some currency effects. Underlying margin and what we see looks good. Cash flow, as Joel said, will accelerate quite a lot here in Q3 and Q4. Also that it looks positive as we move into the rest of the year. You have the acquisition that we really like down in Florida, and we have more of those hopefully coming in here actually in the next couple of weeks. It looks good. If you look at the long term, I think just updated here is, of course, the backlogs in the OEM and the development there. I see a lot of activities in there and looks positive here. I see not only for the rest of this year but also for 2027 and moving forward. Hopefully we start seeing this acceleration in transition as by 2030 in the EU, you cannot use the synthetic refrigerants and moving over to these type of equipment that we focus on. Also in general in EMEA, backlogs and HVAC looks good. You follow the news, it's been quite hot all over the place and a lot of requirements on moving into HVAC. As you're probably aware today in Europe, I think penetration is less than 17%-18%. Just as a reference point in the U.S., penetration is 80%. It's two different market also. This is, of course, not going to change in the short term. Looks good. The U.S. platform, I think a little bit of a messy quarter, running through April and May, especially on the pricing side, as we talked about, looks to be in control now and find the right alignment with our OEMs. Private label continue to grow at a high pace, and we'll continue to expand in our portfolio. If you look at the rest of the position, balance sheet, cash flow, and pipeline looks good. A little bit more positive this quarter as we move into the rest of the year in 2027, as we finally, at least in EMEA, see some good traction and improvement of the business. With that, our presentation is concluded, we open up for any questions on the call out there. 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 Adela Dashian from Jefferies. Please go ahead. Good morning, gentlemen. A couple from me. Firstly, you mentioned here that you started to see accelerating momentum towards the end of the quarter and into July. You did, Christopher, mention heatwaves just now in your ending commentary. Can we dive a little bit deeper into that? Are you actually seeing that the heatwaves across Europe is impacting your demand positively? If that's the case, I guess what sort of trends should we expect for Q3? Because you are meeting tougher comps on reported numbers in Q3 than you did in Q2. Thanks for that. As you know, talking about weather always makes you a little bit uncomfortable because it's probably one of the hardest thing to predict and understand and see. Sitting here in EMEA and in countries like France, if you try and get HVAC now, your installers will probably tell you have to wait quite some time. What we see in key markets, Central Europe, U.K., and France, where it's been extremely hot for a long time, penetration in those countries are not at the levels. If you have heat waves in Spain or Greece and other countries, it's more replacement market. In these markets, you also get penetration in that sense. In these segments, we're realigning inventory setups and moving inventory in here and supporting because there is a lot of demand out there. I think we're moving towards higher comps. You're absolutely right. If you look at EMEA with this trend and also on the OEM side, we still feel pretty positive around a good EMEA expansion here over the future. With those two points, it looks promising. Also remembering we're sitting in July, it's one month moving into that, but June was pretty solid. July started. Eastern Europe is fading away during the quarter. All in all, what we're seeing right now looks good in that part of the world. Thank you for that. On Cool4U, can you remind us if the contribution was as significant in Q3 last year as it was in Q2? It was massive, and that is one of the main components. If you look at Cool4U last year, we reported that sales growth in M&A, as it was in organic. It has a major impact on organic growth in EMEA in Q2, and then it faded off. For details, the reason why Cool4U was up so much last year because it was an inventory issue in their key market, Hungary, where they have a huge market share. They had to replenish the whole inventory, and that drove up their sales. It wasn't sales out. It was more sales into their distributors. It was a little bit of a special situation there. When we look at these things, the underlying development in most of our regions is really good. As you see on EMEA, it was solid in Q2 if you exclude this. Cool4U is one of the main reasons for that, more a one-off situation last year, and that's normalizing now as we move into Q3 and Q4. Great. Then you were talking about the refrigerant upgrades in Europe as well. Should this result in any sort of price tailwinds as you enter H2? No, I think on what we're seeing in that is, of course, the acceleration on the OEM side, driving that you need to replace your equipment. On the refrigerants per se, we had seen one, and I think some of the analysts picked that up. U.K. has made a significant price increase on refrigerant because they're starting to follow more the EU phase-out, and they haven't been doing that for many years. That's positive for us, but it's not big enough for Beijer Ref to make any significant difference. In the rest of Europe right now, refrigerants are stable. There's no significant price changes. We are curious how the market will start moving at the second half of the year as January 1st, the quota levels for refrigerants in EU will be cut by another 50%. Right now, we're seeing more stable prices on the refrigerants, so no major impact on our margins. Okay. Then lastly, if I may, on North America, it has been somewhat of a disappointment over the past three quarters. Granted, it's been moving factors impacting the organic growth development, but how confident are you in the recovery now already by the third quarter? No, I think it depends on your expectations, and we would challenge the word disappointed. I think right now, as we see the U.S. market, for that to start on the distribution side, you had some alignment on product changes, R410A being phased out in your SEER. OEM and distribution wasn't in line for the last 18 months. I think it's in line now. On the market that we see and are active on the aftermarket replacement and repair, we see the market as pretty stable, and we haven't seen any change really in the market from Q1 and Q2, and we don't expect to see it really in Q3 or Q4. In the meantime, we don't see any deterioration, but I don't see any major improvements. I think we need to start looking at housing sales and other triggers to start picking up in the U.S. to start seeing that tailwind. Of course, what we're seeing in the market is that you start building up a pretty nice pent-up demand on the housing side, but also as you're repairing equipment, you need a replacement. You have indication that you start getting to an age of the equipment that a replacement cycle mathematical should start picking up here in the second half in 2027. I think to balance that, you need also the consumer to get some more investment into it with interest rates or housing sales, how it's connected until you start seeing a nice tailwind in the U.S. I don't have any signals today where we look that that's shifting or changing. In the meantime, I have no signals either that the market is going backwards either. Great. Thanks a lot. Thanks, Adela. The next question comes from Viktor Trollsten from Danske. Please go ahead. Yeah, super. Hi, Christopher, Joel. Thanks a lot for taking my questions. Perhaps firstly, if I could push a little bit on. There's a bit of moving parts here in Q2. If you could just elaborate a bit more on the phasing of comps in EMEA. You obviously sound quite optimistic for growth in the coming quarters. I guess in Q4 this year, comps in Cool4U will be completely gone, if I don't read this commentary wrong. How will it look now in Q3, more specifically? You had a 7% headwind now in Q2. Is it half? Perhaps you have another perspective on that. You mentioned 8% underlying organic growth in EMEA. How does that help us for Q3, given how comps develop? Does that turn 5% organic growth or whatever in Q3? If you could just help us a little bit with the quantification. Do you want an exact number? Do you have the decimal tools to play with? Yeah. Let me open my AI tool and I'll get it to you. I understand what you're asking for, and of course, there's mathematical ways to calculate on our side, depending on comps and et cetera, and then you have the market and trends and everything else. I'll leave the details to Joel on how it fades out. I think if you try and just be short term, Viktor, Q4, just to take that, was kind of a weak comps quarter. I'm not too worried about or while Q3 was still okay in most regions, I think we had a 5% organic growth, so it's more of overcoming that as Q2 last year was plus two, so Q3 was a good quarter for us. I think you can look at the Eastern Europe fading away at least 50% as we move into Q3 and completely gone in Q4. Based on that, underlying looks good. You have the OEM sales. We had a really strong OEM in Q2, right? + 25%. You look at those components, it just will move more from the Beijer Ref, the underlying or the adjusted for Eastern Europe. We think these are the activity levels we see right now. In the same token, let's not get carried away and start pushing out very high numbers. Let's see. We do believe based on those adjustment in the OEM side and the activities in EMEA, that they will accelerate as we move into the rest of the year and into next year based on what we see right now. Yeah. That's brilliant. Very helpful. Perhaps just a follow-up on that, because from my perspective, 8% underlying organic growth in European Q2, very solid. Yeah. We discussed a bit heatwaves and our weather, difficult to forecast also. The question being, do you feel like that 8% includes a lot of heatwaves in Europe or is that more of a Q3 topic? I don't know, end June or July theme. Just to understand if that 8% is boosted a lot from that. Of course it is, because if you look at our Q3, as we speak about EMEA, the two big months are June and July. Right? As you move into August, you pretty much have two weeks of business, then all of Southern Europe shuts down for two, three weeks and et cetera. You have parts of the heatwave in June, then it triggers off in July. Yeah, of course, part of that 8% is the very high growth in OEM, right? If it's a 25% growth then you add June strong and July at a good level. The numbers for us as a seasonality fades off in August, September. I think you can look at it, half in Q2 and half in Q3, type of thing. Then, of course, the OEM will continue and grow, maybe double digit and balance that. I think with those points, that's how we're looking at the market right now. Fair enough. If I just move, just a final on North America, just to understand a little bit, because a lot of moving parts there also. That sounds like messy April, May. Yeah. A bit better in June, July. Could you just help us, what is okay June and July? We discussed flat markets. Is that volumes? If you could just help us with what is the cadence on volumes and on top of that price, of course, because we discussed price quite a lot in North America. Is that a positive factor now into Q3 then? If you could help us with some sort of cadence for North America. I think it's looking a little bit on if you try I'll help you with exact numbers. You look at 2025 and 2026, we don't see the markets have changed a lot on the sentiment, right? It's still repair, it's replacement, housing sales continues to be weak, new construction is weak. Of course, if you live in the southern parts of the U.S., you have to repair or replace your HVAC equipment. It continues to be, I would say, on a sales level, a flattish level. Then if you take volume, you probably have 3%, 4% price mixed into that. I would have seen volume being down 5% or a little bit more, depending on that. Of course, sometimes this will catch up, but I think to catch it up, you need some trigger points where this volume is going to start picking up organically on volume. I don't see that trend changing right now. I think you need some changes in the housing and et cetera to move. Of course, in the meantime, you can only repair this equipment so many times. They are aging and replacement cycle coming in, so I'm more looking at more of the same in 2026 as 2025. Then you might have a quarter that's up or a little bit down, depending on some project or some weather patterns or anything else that affects the business short term. I'm expecting that with summer in Q3 and then Q4, you move a little bit more into heating, then let's see how 2027 plays out. Of course, for every quarter in the U.S. with these type of development, you continue and build out a pent-up demand because the difference here is, of course, you have 80% is installed HVAC in the U.S. and equipment is aging, and it's getting hotter, so you're wearing it down. I think long term, we feel extremely good about the U.S., and then short term, we continue to invest in branches, in private label acquisitions. It's a very good time to buy companies, we believe. We're active on those sets. Our sentiment, I usually say every quarter is a quarter closer to the market improving. Right now, I more use the word stable. Well noted. Many thanks, guys. Thanks, Viktor. The next question comes from Anders Åkerblom from Nordea. Please go ahead. Yeah. Hi, gents. Just a few questions from my end. Firstly, I wanted to ask a bit about OEM, obviously very strong sort of numbers here on organic growth. And you say that both SCM Frigo and Fenagy enter Q3 with record order books. Could you give a bit more color on sort of the, I guess, the backlog duration and if you see any production capacity constraints going forward? Yeah, it's two different colors, right? If you look at a company like Fenagy, their backlog is built on longer lead times and projects. There's no standard product in their portfolio. So a Fenagy backlog will be somewhere between six, 12, and 18 months. And then you deliver accordingly. So the fantastic part of Fenagy, they have a backlog now well into 2027, with nice growth and a lot of activities out there. While SCM Frigo should have a lead time of 10-12 weeks, what happens when the order intake with activities is higher than we expected, lead times gets pushed out, and you shouldn't have more than 10 or 12 weeks in this industry to be competitive because our customers doesn't have the same view as if you do a project with Fenagy, it might be planned to be executed 6- 12 months later. It's two different stories. Capacity, yes, we are ramping up in SCM. It's more putting on a second shift and these type of things, but we've been working on that for the last six months as we see in the order book accelerating. I think the question, should I assume 25% growth every quarter going forward? No. But should I assume that would be the- Yeah, that's what I was getting at. No, I think this was a lot of finishing projects on Fenagy, but double digits, I feel pretty comfortable to say, yeah, it'll be double digit as we see for quite some time now in the backlog we have in the OEM side. Okay. Makes a lot of sense. Thanks for that. I also wanted to ask a bit about the U.S., not maybe talking so much about the sort of organic prospects, as that's been covered quite well it sounds like. You mentioned expecting a strategic deal in the next coming weeks, if I didn't sort of hear you wrong there. Without disclosing specifics, could you characterize anything about sort of the size or geography or product segment of this? I can give you one. It's HVAC. That's not what I was looking for, but all right. Well, but there is that. You don't want to say anything more. I can give you some. There is some unspecific is that we're just about to wrap it up, but we will in next couple weeks. I can give you, it's bigger than AM, it's in HVAC, it's a strategic area for us, and we've been working quite some time together with this target. We really look forward to get it over the fence. Of course, in the U.S., when we do signing, it's signing and closing at the same time because you don't have any competition authorities. We also have fantastic opportunity in Europe, where we're looking at expanding the OEM side with new capabilities. That's also on the way in. We're positive on that side as well, and we are lumpy when we do acquisition, right? It doesn't come five a quarter. We've been working on these for quite some time. They're fairly strategic for us, we look forward to getting them into the platform here by hopefully next couple of weeks, to be honest. Exciting. Thanks, Christopher. Finally, I just wanted to ask sort of a high-level question, elephant in the room, obviously MSAB is set to become the, or is the largest shareholder by voting rights. Does this change in any way the strategic direction of you guys, or alter the pace or nature of capital allocation decisions going forward? Anything there that you want to share? I guess it's the good elephant in the room. Usually when you hear an elephant- Yeah. It's a bad thing. No, I think. I didn't mean it as a bad thing. I know. No, it's very good for us. I got the question earlier this morning that everybody has been aware over the last three to six months that EQT was on the way out, which was, you always want to have clarity in this situation. I usually answer that we had a fantastic journey together with EQT. It was more to transition the last ownership of A shares that was important, I think, for Beijer Ref, for management, for our shareholders and investors out there. I think we've got a fantastic solution with one of the best owners we could ever wish for long term, strategic involved owner with good capabilities. Short term and long term, I think a little bit as the press release, they support strategy. They like the M&A, they like the consolidation, they like the industry. I think we're fairly aligned on the plan going forward as well. I don't expect any major changes than what we continue to do and continue to grow the business. Okay. Very good. Thanks a lot, guys. Have a good day. You too. Thank you. The next question comes from Carl Deijenberg from Carnegie. Please go ahead. Morning, team. I just had one more topic that I wanted to follow up on, which we are obviously following very closely, the private label expansion in the U.S. I mean, you talked about it in the beginning. It seems to be progressing really well here. I just wanted to hear, could you talk a little bit more broadly when you expect this to be wide in most of your branches? Maybe also secondly, given that you have a different main distribution partner external in the U.S. relative to your European operations, do they have any views on this, the expansion you're doing on the private label side, or is that fine? Yeah. I'll combine or I'll start with you, when we talk private label in the U.S. under our brand Sinclair, it's under what we call the transactional part of the business, which in the U.S., it changes per territory and branches in most. But transactional, we would call about 30% of your HVAC portfolio. That's a second tier for the OEM. If we are exclusive, say, with Rheem, that would be related to our premium brand and dealers and portfolio work together to expand. On the transactional part, always historically, you can buy anything you want. You could be Rheem has five second-tier brand carriers, 10 you have Allied, you have a plethora of things and there's no exclusivity. We're never being loyal to Rheem on the private label. We used to buy it from somebody else, et cetera. The whole strategy was built to exchange that transactional with a much better product in our view, a stronger brand and a stronger margin with Sinclair and build up that brand. Today we launched it at, I think, 80-90 branches, where by the end of the year it'll be fully integrated, and next year we will only do transactional with Sinclair. We're also expanding the portfolio into ductless and some other areas from ducted. It's two different strategies we'll continue and expand together with Rheem and that part of business. Now we have a fantastic portfolio. It also opens up, we can go into more project basis. We can go into new construction, we can go into different areas on the commercial side with this portfolio and still make good margins. We can't do it too fast because it's also building capabilities, setting up the inventory. When you do private label, you do your own logistics, you set up. It's a lot of steps to build, and that's why not a lot of companies can do this. Of course, as we do acquisitions, we can integrate this portfolio into it. We're excited. We're extending, we're building the organization, and it's growing a lot. Because it's also a great product priced at a good place. For us, it's more within this 30% of business that we think we can transact 100% with our Sinclair product as we go through the next three to five years. Interesting. Yeah. I wanted to ask also, I mean, Rheem has obviously been quite active in Europe with the last couple of quarters with the consolidation of Atlantic and so forth. I know we talked about this last quarter as well, but that was quite early days back then, and I just wanted to hear, is that opening up any incremental opportunities for you in Europe? I guess historically you haven't done much with Rheem in the European markets, right? No, it does. Our agreements together with Rheem is global agreements. We always have that part of the business as we work with their global management team. That is the U.S. team, both Fujitsu and Atlantic will roll in under that management team. Fujitsu, of course, have good distribution across Europe. Atlantic, of course, a little bit related to Fujitsu as well, more on the heat pump side. They also have water heaters in Australia. We have a good platform. Yeah, it's part of the strategy, and it's also Fujitsu in the U.S. that's part of the strategy as well. These are the strategic meetings we do talk and also have incentive to drive, because the more we do together with them, the better our overall portfolio becomes and also on the pricing side. It is part of it, but it is still early days and it's still more plans on how we could help each other in different territories, but no significant impact, at least as of yet. It is a good partner for us, and we are happy when they're expanding because we do have a very strong relationship in the U.S.. Okay, great. Thanks, guys. Thank you. The next question comes from Karl Bokvist from ABG Sundal Collier. Please go ahead. Thank you. Good morning. My first question is on the measures that you previously announced, targeting improved profitability and also on the back end side of things in Europe. How is that program progressing, and has there been any changes to the scope in terms of financial impact? I'll leave that to you, Joel. All right. Morning, Karl. The whole restructuring program is progressing according to plan. Obviously, as mentioned, you recall very high activities on some of the markets here involved, which is a good problem. Overall, everything is no changes to estimates, and so on. In line with plan. All right. Then you did talk about it a little bit here earlier, in North America on the branch initiatives, that kind of dilutive effect on margins, can you say a rough timeline on how you think about this dilutive effect? Is it something that as you continuously expand new branches, every branch will have this dilutive impact for 6- 12 months? How are you thinking about it compared to the well now announced inefficiency measures in North America and the ability to perhaps extract synergies from previous acquisitions and so on? Yeah. Obviously, if you look at the quarter here, on the acquisition side, it's fairly straightforward. I guess on the branches, there is always differences in how quickly you ramp up and so on. I think the assumption of around 12 months dilution from a branch opening is, on average, relatively correct. All right. That's all from my side. Thank you. Thanks, Karl. The next question comes from Rajesh Patki from Barclays. Please go ahead. Yes, good morning all. I have got four questions, hopefully quick ones. First one is for Joel. Maybe you could add some color on the buildup of accounts receivable that you reported at the end of the second quarter. Was it related to a specific product or region, and do you expect it to normalize during the second half? Yeah. It's a bit of a combination, of course. U.S., we talked about and we had a turbulent start to the quarter in April and May, which obviously tilted more sales to June. Then you have equal, but for different reasons, in Europe, where you have sort of the hotter weather coming in in June to a larger extent. It's just a question of growth profile within the quarter, which pushed accounts receivable higher at the ending balance compared to how it came together last year. Obviously, accounts receivable will be paid back here in the next quarter, so nothing to worry about. Very clear. The second one is around M&A activity. I see there is a change in wording on the slide from good to very good. Should we read that as indicative of an acceleration in the second half? I'm glad you picked that up. I think it was me who did it last night. No, it was just relating to that we were actually hoping to have a couple of really nice strategic ones I spoke to sign here before the report. It's imminent in the next couple of weeks. I talked about it for quite some time. It's just that some dragged out for different reasons. Now, we're crossing the T's, getting financing ready, and et cetera. Yeah, I feel comfortable to use the word "very good." It's more short term. You'll have some nice acquisitions falling into Beijer Ref. Yeah. Great. The third one is on price increases. Do you see any scope for mid-year increases driven by rising inflation? I want to explain it because we talked about this before, right? You had some of those areas in the U.S., as we said, a messy April, May on price increase and price decrease and et cetera. I don't expect any more price expansion in the U.S., but you never know, right? Right now, I think that should be settled. In May, of course, when you have a high development expectation here in HVAC, there's also always opportunities for us to work with price. We have countries where we're almost not accepting any new external customers. We're just working with the one that's our strategic customers, and then you could have prices if a new customer comes on board, they will be on a different price level in these areas. In general, I think pricing in Europe is more related to anything from 1%-2%. What we have seen now to finish off that is that on the HVAC side in Australia, New Zealand, which is our main market, we do expect price increases as we roll into end of Q3 of 3%-4% on HVAC equipment. That's what we're seeing from the OEM. In general, you've been positive on APAC, hasn't been price increase for a couple of years. U.S., you probably know the story, and pretty stable in EMEA as what we see right now. Got it. Very clear. Last one for you, Chris. We've had some shareholders asking about what EQT's exit means for your individual alignment with Beijer Ref. I hope there is no reason to see any change there. Sorry, I missed the last part of the question. Just hope to see there is no change with your individual alignment with Beijer Ref with EQT's exit. No, I think we have those things part of the journey, and we always had an ambition to keep those things separate for the long-term benefit of Beijer Ref as well. Perfect. Thank you very much. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Gustaf Schwerin from Handelsbanken. Please go ahead. Yeah, good morning. Sorry to come back to Viktor's question on the pace there in U.S. for June, July. I think my line broke up a bit, so I am not sure if I got it correctly. Did you say that sales was flattish in June with, let us say, a 3%-4% price contribution? Thank you. No, I am not that clear on an individual month. I said nothing around flattish. I think I addressed the full quarter. We said that we finally had a nice trajectory in June. July was positive from a sales perspective. What I did say when we talked about prices in general and the U.S. market, what we see as a pricing effect on the HVAC side is the 3%-4% in general. That is nothing new. It has not changed. The noise we had in May was that there were two announcement on tariffs going up and then tariffs going down for Mexico, which is a big platform of manufacturing for some of the OEMs. Rheem, who is our main partner, has the majority of theirs. They went up with prices. Some of the other OEMs did not, they went down, it was a messy May for us on the pricing and customer, I'm sure we lost some sales short term because of pricing issues from our OEM. That's settled now, we feel like we're in line with the market as we moved into June and July. That's a little bit how I explain the situation in the U.S.. Okay, got it. Thank you. Thank you. There are no more questions at this time, I hand the conference back to the speakers for any closing comments. Thank you for all the questions. I was debating with Joel if everybody has gone holiday or will have questions for us, but I appreciate the discussion. Of course, as always, if there's any specific questions, we're still around. We wish you hopefully some summer holiday when it comes, and we, as you know, like that it's hot. That's all from me. Thank you very much, and we'll talk soon. Thank you very much.