Hello, and good morning, everyone, and welcome to the Byggmax Interim Report, Q3. My name is Emily, and I'll be coordinating your call today. After the presentation, there will be the opportunity for you to ask any questions, which you can do so by pressing star, followed by the number one on your telephone keypad. I will now turn the call over to our host, Byggmax CEO, Karl Sandlund, to begin. Please go ahead. Thank you very much, and again, welcome to this conference call, where we will present Byggmax Group's report for the third quarter of twenty twenty-four. As you heard, I'm Karl Sandlund, the CEO of Byggmax, and with me is Helena Nathhorst, our CFO, and as usual, the presentation we will be discussing is available on our website, and during the call, we will guide you to the correct page of the presentation. And as you heard, I will begin with a brief business update, and Helena will walk you through the financials, and once the presentations are finished, we open up the floor for any questions, so with that, let's flip to page number two in the presentation, and as you already might have seen, we continued to deliver on our priorities in the quarter. Our profitability continued to improve, and we strengthened our balance sheet with optimized inventory and lower net debts. We have a strong operational focus during the summer season, and the main priorities are to serve our customers, secure logistics, and efficient inventory management, and in my view, we have been well-prepared during the summer and delivered strong. Our net sales in the quarter was in line with last year. Like-for-like sales was up 1.3%, and that is a better sales performance than we have seen in quite a while. Similar to what we mentioned the last quarter, there were differences in the demand between different categories. In addition, there were variations between the markets we operate in, with the strongest performance in Sweden, where sales increased by almost 4% compared to last year. For seven consecutive quarters, we have managed to reduce our costs, and successful cost control, in combination with the strong gross margin, improved the profitability, and we delivered an EBITDA of SEK 249 million in the quarter. In addition to the better result, we continued to reduce net debt, and we are now at SEK 488 million, and that is, one hundred and forty-two million lower than last year. Helena will come back to the financials in a minute. This year's efforts to secure strong operational excellence have been successful. It has secured an improved position to build from, and from that foundation, we continue to our efforts towards our long-term targets. Before we get into more details of the quarter, on slide number three, a short overview for those who may not know us that well. Byggmax was founded in nineteen ninety-eight, and today we have grown to 212 stores across four markets, establishing ourselves as the leading discount player for consumers in the Nordic region. Our foundation is built on a strong selection of products for home renovation and maintenance. We offer everything from building materials, paint, and tiles to flooring and more. Our in-store assortment is enhanced by smart online solutions, providing an even wider range, but also home delivery of heavy building materials and customized products. We are a true discount retailer, and offering the best prices requires maintaining the lowest possible cost. Our store design not only keeps operational costs low, but also ensures efficient shopping experience for our customers. Cost focus is an essential part of our DNA. Another key part of the DNA is our culture and values, and we have very high employee engagement, which allows us to quickly drive change and make improvements through strength for the organization. Our amazing employees really make the difference, because so far this year, we got feedback from 500,000 customers in our stores, and 90% of them gave us the highest rating. If we move on to page number four, you see that, size-wise, we are a SEK 5.9 billion company, and we delivered SEK 208 million in EBITDA last twelve months. We have a business model that is efficient with high cash generation, which is seen in a strong cash flow, SEK 678 million, last twelve months. To summarize, we have a strong discount position, the part within retail growing the most, in combination with high customer satisfaction and a relevant assortment. This enables growth. We have a sound combination of store and e-com, two channels complementing each other, and the last years, we have made significant investments in our store network, something that's enabling increased volume. And as you saw, we have a strong cash flow, allowing both for dividends to shareholders and investments in profitable growth. On page five, we have some macro context. And during the last period of time, there have been a slight improvement on macro factors with inflation back to more normal levels, and in some markets reduced interest rates, and this has resulted in gradually improving consumer confidence. As you know, it differs between the markets, and in Sweden, where the consumer confidence has improved the most, we saw the relative strongest sales development in the quarter. In the rest of the Nordics, we still experience more hesitant consumers and a slightly weaker development, even though it's a little bit better than before. And also, as mentioned, there were variation in demand between categories also this quarter. Demand for products related to outdoor and smaller projects developed better, while there still was a weaker demand for the larger indoor projects. So in total, still a cautious market, but not with the same decline as before, and in this market environment, we improved our profitability, as seen on page 6. As we've seen, in Q2, our sales were down 5.5%. In Q3, it was more or less flat. So it's improved cost, optimization of assortment, high gross margin, and a great performance by our employees that are drivers behind this result. We are still below our long-term targets, but it's encouraging to see that we are able to improve despite the quite cautious market. In the quarter, our EBITDA margin was up two percentage points versus last year, reaching the margin we had in the same quarter in twenty twenty-two, and then actually a somewhat higher margin than the years right before the pandemic. On page seven, you see, I mean, in this an illustration of one of our main accomplishments, because despite last year's inflation and more stores in our portfolio, we have managed to reduce our cost for seven quarters in a row. All parts of the organization of the group have really contributed to this. We have introduced new way of working in the stores, improved energy efficiency, minimized waste, and reduced our overhead, to give some examples. The reduction in the last quarter was less than before, perfectly natural, as we are approaching the second consecutive year of reductions. Already a year ago, we implemented lower operational costs in store, more efficient way of working and so on, and this summer, we managed to further improve this somewhat. And in addition, there were some effects also from reduced administration. Strong cost control could impact customer experience or operational performance, and this is something that we have managed carefully, and it's encouraging to see that we continue to have strong customer satisfaction in the store, actually higher than last year, and that we have lower waste. So in summary, strong delivery on operational excellence. Another priority is seen on page number eight. We have optimized assortment and inventory. Earlier during the year, we analyzed store assortment to set the right inventory levels for every product. We also decided to discontinue with certain products. In addition, a key area has been to secure smart inventory buildup and management throughout the high season, and we have performed better than before when it comes to this. And you see some of the effects on this slide. The total inventory is substantially reduced, but that is only one side of the equation. In addition to lower inventory and less tied-up capital, we have managed to increase product availability in the stores. Compared to last year, we have improved our service level, something that creates opportunities for sales. If we move to page number nine, since the third quarter is part of our busiest summer season, we try not to introduce too many changes and use during the quarter. Our main priorities are to deliver the best customer experience and securing strong operational focus, which we have accomplished. At the same time, we have made some commercial improvements, and one example is our made-to-order offering online. We have both increased the number of products within the categories, such as board doors, windows, some blinds, et cetera, but we have also improved customer experience and back-office processes. And we saw good effects from this in the quarter. Furthermore, we have analyzed the entire online range. As mentioned before, we adjusted our store assortment earlier this year. Now, we made similar to online. Changes include adjustments to the assortment, where we also have discontinued some products, as well as optimized price, price options. And those changes resulted in a strong margin, but the short term in a slight decrease in sales. Before handing over to Helena, please turn to page number ten. This year's effort to secure efficiency and strengthen balance sheets have created an improved position to build from. We have high customer satisfaction, widespread network of upgraded stores. We have managed to reduce our cost and cost per store. And together with the adapted inventory levels and reduced net debt, we are stronger than before. And from this foundation, we continue our works towards our long-term targets. We have a clear roadmap built on three main pillars, where first, we are a discount retailer and recognize the potential in simplicity, and by refining our assortment, boosting efficiency, and so on, we will always continue to streamline our operations. And, second, the commercial investments we have made over the past year have significantly amplified our revenue potential. And going forward, we will try to make sure to fully capitalize on these investments. And, finally, we will continue to enhance our offering and optimize our store portfolio to meet and exceed the market demands. With that, over to Helena, and more financials. Thank you, Karl, and good morning, everyone. I will walk you through the third quarter results, with focus on financial performance, margin improvement, cash flow, and our continued commitment to debt reduction. We start with an overview of the sales performance in the quarter, and we are on slide eleven. Sales in the quarter increased by 0.3%, reaching SEK 1,965 million. As mentioned, still, our sales performance for the quarter shows a mixed picture, with large variations in demand between market and categories. The consumer continues to be hesitant, although our sales growth decline has gradually improved quarter by quarter versus last year. Our like-for-like sales saw a growth of 1.3%. By region, Sweden performed notably better compared to other Nordics, with a growth of 3.6%. We have had four new store openings this year, three in Sweden and one in Norway, combined with one closing in Norway. The net of three new stores in twenty twenty-four contributes with a net of 0.3% to sales. Store openings are all related to the first two quarters. Foreign exchange impact in the quarter, primarily by weak in March, reduced sales by 1.3%. In summary, sales in line with last year and development in Sweden is stronger compared to other Nordics. Moving on to slide 12 and a strong gross margin improvement in the quarter, an increase by 180 percentage points. The product margin in the quarter benefits from a slightly untypical product mix for the season, with a higher degree of maintenance, paint, outdoor, and garden, in combination with less of the larger, heavy building material projects. Also, initiatives are taken to our e-commerce offering by streamlining the assortment, applying a minimum order value, and optimizing price alternatives and terms, all having a positive impact on our gross margin. In addition, product margin also improved by intense purchasing negotiations, pricing strategy, and uses of supplier cash discounts. Altogether, more than one driver behind the strong gross margin improvement in the quarter. On slide 13, we have an improved profitability in the quarter. EBITDA increased by SEK 39 million, from SEK 210 million to SEK 249 million, and EBITDA margin increased by two percentage points. The improved performance is driven by an enlarged gross margin, combined with continued cost discipline. Modest sales growth, combined with a strong margin improvement, is the main driver in this quarter, while the decreased costs have been the main contributor in previous quarters. We have focused on reducing our cost level to mitigate sales volume during the last two years. Costs have been reduced, both in store and administration, quarter by quarter, to align with lower volume. We have accomplished lean and efficient processes, combined with an ability to scale. We maintain our cost focus also in this quarter, and costs decreased by 2%. Depreciation is in line with last year, meaning that inflation in store rents and higher number of leased stores accounted for as depreciation, according to IFRS, is balanced by lower investment levels. Overall, we have improved our EBITDA, showing that we are well positioned to handle different market conditions. On page 14, talking about cash flow generation. Rolling twelve-month cash flow from operating activities amounts to SEK 678 million, versus SEK 843 million last year. The 2023 figure is mainly enlarged by action to reduce inventory, while inventory now have reached a more stable level. Hence, our cash flow from cash flow remains robust supported by enhanced profitability, continued effective working capital actions, together with a firm ranking of investment. Our strong cash generation continues to strengthen our financial position and provide flexibility. On page 15, we have made significant progress in reducing our net debt, which now stands at SEK 488 million, down from SEK 630 million in Q3 last year. Our net debt EBITDA covenant is at 1.3 times, compared to 1.6 last year. Our average net debt EBITDA ratio over the last twelve months is below our target of 2.5 times. Additionally, we have credit facilities committed, ensuring a liquidity position for operational flexibility. The strength in the financial position allows us to be well prepared for future opportunities. In conclusion, we have achieved significant milestones, showing improved profitability in the quarter, continued strong cash flow, and reduced net debt position. Thank you, and I hand over back to Karl before opening up for questions. Thank you, Helena. And page 16, I think it is, to summarize our presentation, the key messages again. We continue to improve profitability in the third quarter, delivering an EBITDA of SEK 249 million. In addition, we strengthened the balance sheet, as you heard, and the like-for-like sales was 1.3% higher this quarter than the same quarter last year. We have used the time wisely. We have an improved position to build from, in addition to higher customer satisfaction and our widespread store network. We have reduced cost and improved balance sheets. So MAX is fit for the future. The commercial investments already made have enabled substantially higher volume, and our employees are ready to welcome more customers in the future. With that, we thank you for your attention, and we are now happy to take your questions. So let's open up the floor for questions. Thank you. As a reminder, if you would like to ask a question today, please do so now by pressing star, followed by the number one on your telephone keypads. Our first question today comes from Benjamin Wahlstedt with ABG Sundal Collier. Please go ahead, Benjamin. Hello, guys. So a couple of questions from me. In Q3, you had near perfect weather conditions for both outdoor product sales and also garden, dry and warm summer weather, with a wet and cold comparable quarter last year. Could you give us any flavor on the sales development for typical outdoor products, or the sales growth rather, for these products? Benjamin, I'm not really sure that we got the question. Could you repeat, please? All right. It was sound quality. So, it's not your question, but the sound quality. Oh, no, no worries. Can you hear me better now? Yes, we can. Perfect. So in Q3 this year, the weather sort of impact year on year, I believe, was or should be material, given the significant differences in weather. Could you give us any flavor on the sales development for typical, like, outdoor products, including garden products, in year-on-year terms, please? Uh, okay. How much of this 1% like for like is directly attributable to weather effects through higher garden product sales, for example? Okay. I actually don't think that the weather effects are material. But it differed throughout the quarter in different regions of the Nordic countries. It was not a bad summer in any way when it comes to weather-wise, and as you say, maybe a little bit stronger than last year. When I look at the figures, I don't really think it's primarily weather-driven, when it comes to that kind of projects. Yeah, maybe a little bit, but that was not my main analysis of the figures, but rather maybe, you know, a little bit stronger consumer confidence and stuff like that. All right. Thank you. Moving on to gross margins, which obviously were very strong, and you show a bridge here. I was wondering if you could put some numbers on that bridge as well. How much of the year-on-year improvement is a higher share of small product sales? How much is cash discounts, and what is the support from e-commerce? If you could put numbers on that, that would be helpful, please. Well, if I start without the numbers, and then let's see if Helena could add on. But because Helena told you, right, that there are several drivers behind this margin. It's about optimization of the developments of assortment, of freight, successful purchasing, and slightly higher than normal demand for products with high margins. We have not provided exact split of the different aspect drivers impacting the margin. But there are, as you heard, several factors impacting it. Mm-hmm. So what I'm thinking is, for example, like, cash discounts, you spoke about cash discounts in Q2 as well, right? So compared to Q2, that should not be materially different, or how should we understand that? Yes, we have, as you say, sort of, consumer behavior and product mix, which is quite a material part of this quarter. And something, if you are asking about the continuity in the actions on e-commerce, and also, obviously, our purchasing negotiations will continue, and continue to work and strengthen the product margin. While the mix and the behavior and the weather impact on these kind of things is obviously changing. But maybe the action taking represent part and the rest is estimates. All right, perfect. Clear. And one final question from me as well. I would like to ask you as well about the OpEx base. So in previous quarters, your cost savings and year-on-year terms have been material, but it appears it slowed in the quarter. In my figures, I arrive at roughly flat admin costs year on year, for example. Should we expect further OpEx savings from here, or have you sort of cut the costs you can cut? That's my question. Yeah, well, as you say, right? We have managed to, despite inflation and more stores, managed to reduce the cost for seven consecutive quarters. We were efficient before and managed to further reduce them. And that's perfectly natural, right? That when we are now reaching the second year of cost reductions, the reduction is smaller than the year before. That said, we are low price. We are the discount retailer. We always try to optimize the efficiency of our operations, not the least, to make sure that we can handle the higher volumes. Perfect. Those were all of my questions for now. Thank you. Thank you. Thank you, Benjamin. The next question comes from Magnus Råman with Kepler Cheuvreux. Magnus, please go ahead. Thank you very much. A lot of the questions have been asked, but I'd like to ask about your store expansion plans. I mean, in Nordic retail in general, we have seen a clear trend that discounters have generally won market share in this consumer environment, and now you allude to having reduced debt levels and having, you know, better opportunity to invest, so in this backdrop, don't you see there is an opportunity to grow and take market share and you know, being the leading discounter, as you say, in your category, and actually plan for store expansion? Well, the overall strategy remains. We aim to secure profitable growth above the market growth both through more stores, through assortment, through more volumes in the stores, and so on, then the pace of new stores, of course, also are impacted by market situations and so on. With optimizations we have made in our existing store network, we also see that we have a potentially increasing volume in the existing stores. That said, we have a very flexible store concepts where we can both be in the larger cities, but also in the smaller ones. We still believe that there are many white spots and opportunities for us going forward. But that the pace and so on will differ, depending on the current market situation. Sure. But looking into 2025, as of now, you do not foresee any additional store openings? That's what you have in plan. We haven't announced any yet, and well, we have usually announced them a little bit before they open, so we haven't announced any yet, but well, let's see, and as mentioned, we haven't changed the overall strategy. Great. Then just a final one for me on... Already been asked here about the gross margin, but, and maybe I'm not sure if I got it when you mentioned the different factors, but perhaps you could. I mean, when you, in the presentation, you have put product mix as the first factor. Can you acknowledge that product mix is the leading driver behind this gross margin increase in Q3? Yes. If you take our three drivers that we mentioned, I commented on previously, partly it is things that we control and, partly, behavior from consumers. ... our customers, and I would say that, yeah, the top, the first one is probably half of the improvement. Excellent. Okay. Thank you very much. Our next question comes from Julien Battteau with Pascal Advisors. Julian, please go ahead. Yeah. Hello. Okay, hello, Karl and Helena. Congrats for the very strong results. I would have a remaining couple of questions. And the first one would be: Would you be able to share the like for like in Sweden only, in your reporting, or just a ballpark number that would be there? But because it seems like Sweden went very well, while probably Norway was a little bit weaker. Yes, Sweden, same thing. Sweden increased by slightly less than 4% in the quarter, while the rest of Nordic was below zero. Let me, minus 6.7% in the quarter, that is including the currency effect. Yeah, but does it mean that like for like in Sweden store was probably closer to the 4%? So like for like in Sweden, the growth in Sweden is to a large extent the like for like. We have three new stores- Yeah. and they are opened recently in this year, so the majority is like for like. That's correct. Yeah. Okay. And to come back on the gross margin, numerous questions. I would try to phrase it another way. If I look at nineteen as a reference, the gross margin is roughly three hundred basis points higher than it used to be. Obviously, as you pointed out, there is some mix impact there with the lower share of timber and building materials. I was just wondering, do you feel that structurally the gross margin is higher now than it used to be in nineteen, for example, and also maybe because you've acquired the right price style and the other different format from the bank? Yes. If you compare to nineteen, those are correct. We have made acquisitions that have slightly different position, and also, I would say from purchasing logistics, how we handle our inventory. That is practice underlying slightly higher margin. Is it fair to assume that the gross margin in a... I mean, if you have a normal year, the gross margin should be in more towards the 35% rather than the 30% as it used to be in five, six years ago? I would say more to the higher end, but not 35. No, no, sure. No. Not, not- What I'm saying is that the higher, if you look at the 30-35% range, you would be on the higher side than rather than on the lower side. Correct. Okay. And then question, last question on inventory position. Since you had a good season, is it low now? Would you say it's lower, and you need to restock a bit for the Q4 and for the higher season in Q1, Q2, or you are happy with the position? We worked a lot with optimization of the inventory levels lately, both adapted to lower sales, but also made some changes to assortment and improved processes and so on. Actually, if you compare today's inventory level with Q3 two years ago, I think we're down 28%. Optimization of the inventory is part of daily business, and the total value will vary dependent on yeah, season and the sales performance. So it will differ a little bit between different things, right? So but it's a key part of it, key focus for us, so both yeah, every day and also going forward. So it's not abnormal, you know, at the moment, you say? No, I'd say that we will continue quite stable for this year, and then we have the normal seasonality with- Yeah - the build-up in Q1 going forward. So, from here, stable. Maybe if I squeeze one that I should have asked first. On the positive like-for-like, was it only traffic in stores or was it rather the basket size that was better? It was a mix of volume, price, and traffic, and then also. Yeah, so it was a mix of all about. Okay. Okay, thanks. Thanks a lot. Have a good weekend. Thank you. Thank you. Those are all the questions we have for today, and so I'll turn the call back to the management team for any concluding remarks. Thank you a lot for attention, and thank you a lot for your questions. We really hope that you will have a nice weekend, and if not before, we're looking forward to meet you again after our fourth quarter. Thank you. Thank you everyone for joining us today. This concludes our call, and you may now disconnect your lines.