Hello, and welcome everyone to the Byggmax's Q1 2026 interim report. My name is Becky and I will be your operator today. All lines will be muted throughout the presentation portion of the call, with a chance for Q&A at the end. If you wish to ask a question this time, please press star followed by one on your telephone keypads. I will now hand over to your host, Karl Sandlund, CEO, to begin. Please go ahead. Thank you very much, and welcome to today's call, where we will present Byggmax Group's interim report for the first quarter of 2026. As you heard, I'm Karl Sandlund, CEO, and with me is also Helena Nathhorst, our CFO. As usual, the presentation is available on our website, and we will refer to the relevant pages during the call. I will begin with the business update, followed by Helena's review of the financials. The presentations will be followed by a Q&A session. Let's move into the presentation and please go to slide number two. The first quarter of the year is part of our low season and is usually the smallest one of the quarters. Sales this quarter was SEK 888 million, 5% down from the same quarter last year. The cold weather in February had a dampening effect, especially on demand for outdoor categories such as cement, deck blocks, and outdoor timber. The cold weather also meant that the seasonal ramp-up was somewhat delayed compared to last year. That said, we continued to have a strong growth margin, high quality, and strict cost control, in combination with reduced depreciation and amortization. This led to an operating profit almost in line with last year, SEK -4 million. Helena will come back to the financials and give more details in a minute. As you have seen, we also continue to have a very strong financial position. Our net debt is SEK 510 million, SEK 250 million lower than a year ago. Again, a seasonal small quarter, with strong operational performance and a solid financial position. We are fully prepared for the upcoming summer season. Before we continue, please go to slide number three. It provides a brief overview for those who might be less familiar with our business. Byggmax was founded in 1993 and has grown to 211 stores across four Nordic markets. We serve primarily consumers, with a clear focus on home improvement and maintenance. In addition to the Byggmax brand, we operate Right Price Tiles in Norway, focused on tiles and bathroom, and Skånska Byggvaror, offering products and solutions for home and garden, such as conservatories and greenhouses. Our offer starts with a strong and relevant assortment within building materials, paint, flooring, and garden, with high availability in our stores. Customers can rely on finding those core products they need when they need them. We are built for fast and easy shopping. Our drive-in concepts make it convenient to purchase heavy building materials, while in addition, our efficient e-commerce enables customers to order large volumes for direct home delivery. At the core of our model is a commitment to the best price, and this is enabled by large-scale purchasing and a highly efficient operating model across the entire organization. For an overview of our last 12-month financial performance, please refer to slide number four, where you see that our sales was SEK 6.1 billion, and we delivered a 5.7% in EBITA margin. We have a business model that is efficient with high cash conversion, and this is demonstrated by a strong cash flow, which amounted to over SEK 800 million last 12 months. Helena will give more details later on. As mentioned before, we have a strong financial position. Our leverage, net debt over EBITDA, is down to 1.1x, compared to 1.8x the same period a year ago. A brief update on the macro environments on slide five. The Nordic consumer has been in a phase of slow or gradual recovery following several years of pressure. Inflation has more normalized and real wages are once again increasing. At the same time, consumer confidence remains below historical averages, reflecting a still cautious mindset. This is clearly visible in our segment of DIY. Smaller maintenance-related purchases have been recovering while larger projects have been postponed. While house transaction volumes have softened somewhat in the recent months, activity remains above the lows seen a couple of years ago, and together with improved household purchasing power, boosted by policy measures such as reduced VAT on food in Sweden and other broader fiscal stimulus. These are historically important drivers for renovation activity. At the same time, of course, external uncertainties remain high, such as the conflict in the Middle East, which could impact both inflation and consumer sentiment. It's always hard to predict the future. We continue to closely monitor developments to position ourselves in the best possible way. We have very short lead times, and we have the ability to quickly adapt, as demonstrated over recent quarters. Turning to our priorities for the quarter, starting on slide number six. Key focus during the quarter has been on creating the best possible conditions for the upcoming summer or high season. Operational control and flexibility are really among Byggmax core strengths, and our ability to shift quickly between seasons is a fundamental capability we have. The strong seasonality in our industry requires a rapid transition from winter to summer operations, where we need to quickly adjust our inventory levels, secure availability of prioritized products across our over 200 stores, and also adapt staffing to meet increased customer demand. This year, we have further intensified our commercial efforts. We have placed particular emphasis on enabling our store teams to focus on sales. This includes training and improved in-store communication, all aimed at strengthening customer experience and also driving conversions. At the same time, we have maintained a high level of operational quality during the winter season. As you have seen, cost development has remained well under control. Taken together, this positions us well for the high season with a business that is prepared to take care of our customers while remaining flexible and ready to adapt. We have made progress towards being an even more customer-focused approach, as you see on slide number seven. A key part of our strategy is to further strengthen the connection between customer focus, volume growth, and operational efficiency. One example is the launch of our customer program, and the program will be developed step by step together with our customers, and the aim is to further simplify the customer journey. It includes features such as digital receipts, saved shopping lists, customer accounts, and simplification in store, all aiming to contribute to a more seamless and consistent experience. In parallel, we are also developing way of working by using customer insights and analytics more. We can make better decisions across the assortment and customer experience. As part of that, we also continue to implement more AI-driven tools to support our customers from customer service and support to also guidance in planning of projects. We're also working on improving the relevance and positioning of our communication across channels, websites, social media, and marketing. This creates better conditions for increased engagement and loyalty over time while maintaining a clear focus on driving volume in the near term. Taken together, these initiatives are aimed at strengthening our relevance to the customers to create conditions for increased volumes and benefit from the scalability of our operating model. Further supporting customer needs, we continue to introduce new in our assortment. Some examples on slide eight and these updates, they span both from smaller and larger initiatives. Just to give some examples, we are expanding and renewing our assortment within tool accessories, supporting customers in completing everyday projects efficiently. We are also broadening our range of smaller indoor projects, including more solutions for shelving and storage, reflecting a continued demand for small and accessible home improvement. At the same time, we are launching a new generation of our sliding door system for conservatories and garden buildings with improved design, functionality, and a great flexibility for customer adaptation. We are also expanding our wall panel range, refreshing parts of our flooring assortment, and introducing more premium decking options. Overall, these initiatives are all aimed at increasing relevance and price perception, driving customer interest across both smaller and larger projects. This together makes us well prepared for the summer season. Over to Helena and our financials. Thank you, Karl, and good morning, everyone. I'm on slide nine, where we show the rolling 12-month sales and margin development over the past three years. Sales figures improved last year, even though still strongly affected by cautious consumers and high volatility between months and quarters. At the same time, our EBITDA margin strengthened during 2025, and our rolling 12-month EBITDA margin is 5.7% at the end of the quarter, improved from 4.5% in Q1 last year. In addition to the underlying macro and external uncertainty that continues to have an impact on consumers' behavior, our Q1 sales were impacted by cold weather and late seasonal ramp up. Still, despite the lower sales, we maintained a strong gross margin and continued to exercise strict cost control across the organization. As a result, our performance remains strong given the circumstances. Q1 is seasonally a small quarter for us and focuses on the upcoming high season when most of our earnings are generated. On slide 10, we have the operating profit bridge versus last quarter. As outlined, net sales decreased in the quarter. The sales decreased by 5.3% and is the main factor negatively affecting performance this quarter. Currency impact on sales is -0.7%, and like-for-like is impacted by two openings and two closed stores. We also estimate that the structural review of our drop ship assortment, initiated and communicated last year in line with our strategy to simplify and focus on improved profitability, has had a negative impact on the total sales of approximately 1.7% while still contributing to improved gross margin. Sales development varied in the period. Sales towards the end of the quarter, though, were in line with last year. Looking at gross margin, it is still improved in the small quarter containing seasonal impact from product and channel mix. The underlying margin remained positive, supported by continued procurement improvements, a refined e-commerce offering, and low in-store waste. The operating expenses increased by 1.7% year-on-year, reflecting continued focus on the core business and simplification, concluding cost discipline remains solid alongside ongoing investments in customer experience and digital tools to streamline operations. I will comment further on decreased depreciation and amortization on the next slide. In summary, EBITDA decreased in the quarter while considering the lower depreciation and amortization operating result is broadly in line with last year, despite the lower sales in the quarter. On slide 11, we have the movement in depreciation and amortization in the quarter compared to last year's quarter. We have now completed amortization related to customer relationships and brand from the Skånska Byggvaror acquisition. The remaining amortization of SEK 4 million is related to the primary Right Price Tiles and will be concluded in six years' time. Depreciation related to lease agreements remains stable versus last year, and it is the disciplined lower investment levels of SEK 78 million last two years that continue to impact the reduced depreciation. Also, in the quarter, looking at earnings per share, it's strengthened by both the lower depreciation as well as a lower net debt position affecting net financial items in the period. On slide 12, we have the strong cash flow and maintained capital efficiency. The cash flow improvements versus same period last year is supported by improved earnings, disciplined investment, and good control of working capital. Our rolling 12-month cash flow is improved versus same quarter last year, as well as versus year-end, and amounts to SEK 815 million. The disciplined investment and effective working capital management focus remains. CapEx in the quarter amounts to SEK 23 million. We continue to invest in electric forklifts, store layouts, and digital tools while maintaining our store network and further strengthening our customer experience and supply chain efficiency. In parallel, we have focused on upgrading our back-end ERP systems and are migrating to the cloud to support future improvements and scalability and data-driven capabilities. We have in the quarter also further improved how we manage inventory levels, key assortments, and seasonal ramp-ups to minimize the capital binding. The proven sustained strong cash generation is the key strength of our business. Finally, on slide 13, stating the net debt development and the shortening risk in the company by a sustainable reduced net debt position. Net debt to EBITDA is at 1.1x compared to 1.8x, as mentioned last year, and is well below our target not to exceed 2.5x in this ramp-up for high season. We also maintain strong liquidity and have available credit facilities. The net debt development reflects two years of improved profitability, effective working capital management, and disciplined investment approach. It underlines our strong financial position and flexibility going forward. By that, I conclude the financial update and hand back to Karl before we open up for questions. Thank you, Helena. Please move to slide number 15. Byggmax has a clear position to offer building materials easily and at a good price. Our drive-in model makes shopping efficient and together with a low-cost base and an extensive store network, this provides us a scalable business model. Our ambition is to further strengthen our offering and unlock growth within existing infrastructure without adding complexity. To deliver on this, we are sharpening our commercial execution to increase relevance and drive customer value. We are, as you heard, financially strong, and we are agile with the ability to quickly adapt. Finally, all our employees have worked hard to ensure that we are well prepared for the summer season, and we are looking forward to, and we are fully focused on, securing a good peak season. This concludes our presentation. Thank you for your attention, and we now welcome your questions. Thank you. If you wish to ask a question, please press star followed by one on your telephone keypad now. If you feel your question has been answered, or for any reason you would like to remove yourself from the queue, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. Our first question comes from Benjamin Wahlstedt from ABG. Your line is now open. Please go ahead. Good morning. I have two questions or three maybe. First of all, I was wondering if you could give us some idea of the sales growth per month, please. You noted for February, and I was wondering if you could say anything at all about the other months, please. Hi, Benjamin. Thank you for your question. Well, as Helena mentioned, we ended the quarter with sales in line with last year. I think that is the granularity of the sales between months with you. We had a cold February dampening demand, especially for the outdoor categories, which had an effect on sales but also on a later ramp-up for the season. The quarter ended with sales in line with last year. Perfect. Thank you. You previously noted that smaller projects are typically gross margin accretive, and I suspect that cooler weather moves your mix in Q1 toward these smaller projects to some degree, meaning gross margins are somewhat doped in Q1. Would you agree with this statement, first of all? Second of all, how should we think about the gross margin development moving into Q2 and Q3, please? Well, thanks again. Yeah, as Helena said, right? That in the quarter, the mix is primarily driven by, or the increase is primarily driven by product and channel mix and how the demand is tilted, something that could have a more of an impact in a smaller quarter. In the longer perspective, looking at last year, the margin is also driven by improvements we made to e-com when it comes to both assortment and logistics, from early payment, purchasing improvements and low waste levels. Several factors contributing to the outcome. We have also said, when it comes to the product mix, that it has an effect. We also said that more demand for smaller projects and then less, more postponed demand for the larger ones. As always, in addition to own measures, margins are also subject to market conditions and so on. Our ambition is naturally always to optimize net income, right? Volume, margin, and cost are the key drivers, but we don't guide on them. There you have it, I guess the pattern. Thank you very much. That's all I had for now. Thank you. Just as a reminder, if you did want to ask a question, that is star followed by one on your telephone keypads. Our next question comes from Niklas Ekman from DNB Carnegie. Your line is now open. Please go ahead. Thank you. Can I follow up on the monthly discussion here, just for clarity. When you say that sales were flattish towards the end of the quarter, is that referring to the entire month of March, or is it really just towards the end of the quarter? Just to clarify. It's the end of the quarter, at least the last couple of weeks. Okay. Fair enough. Also just to clarify, when you talk about that the seasonal ramp-up has been delayed, I'm curious here if that means that you believe that there was a negative impact on March sales because of the weather in February as well. Otherwise, I would have thought that maybe there was some pent-up demand that could boost sales in March that otherwise would have happened in February. If you could just elaborate on your thoughts on that? Thanks, Niklas. Well, it was a delayed, I think it was a delayed ramp-up, not a pent-up demand, but a later ramp-up. When it's really cold, it's hard for our customers to do their outdoor projects, right? I think it's rather a delay of projects than a boost after a cold period. Okay. Fair enough. In general here, you talked a little bit about the consumer here and consumer confidence still being under some pressure. What's your general view on the consumer here? Because I think you can split this both ways. On the one hand, a couple of years with a lot of pressure on the consumer, now we should see gradual recovery. Consumer confidence has improved. We have VAT reductions in Sweden. That's from 1st of April, but nonetheless, same thing with relaxed rules on amortization of mortgages. What do you see in the year ahead here? Are you optimistic about the consumer for the remainder of the year, or do you foresee that it's a tough and competitive market where consumers are still frugal? Well, as you said, Niklas, throughout last year, several macroeconomic factors began actually to move in the right direction. Then in addition, it's encouraging to see that consumers are prioritized, with lower VAT, the electric power subsidies, the general fiscal stimulus as well, right? Increased purchasing power is a historic factor for growth in our industry. That's encouraging and it's good to see. Of course, at the same time, there is no blood surgery with risk of rising inflation or impact on consumer confidence, right? I think, as I mentioned, it's always hard to predict the future pace of improvement. For us, it's really important to remain adaptable and make sure that we adapt to the market circumstances. We have proven that we have done it before. I think we proved it last quarter as well, right? We need really to continue to do that, to make sure that we position ourselves in the best possible way. We can be profitable in both ups and downs, and we need to make sure that we take care of our destiny and do our utmost ourselves. Very good. A follow-up on the same topic because you now have eight quarters behind you with an exceptionally strong and quite impressive earnings recovery. Now in Q1, we're seeing a slight reversal. I'm aware this is a small quarter, there's a clear weather impact, et cetera. You have tough comparisons, et cetera. From here, do you see potential for significant further earnings improvements, or are we expecting more of a leveling out from here? Well, we don't guide on our earnings going forward or sales development. While we have had important progress in the past, particularly on cost and gross margins and so on, there are still several levers ahead, including sales development, continued scale gains, and disciplined execution across the business. We'll do our utmost to leverage on those. At the same time, there are external environment which remains uncertain, and demand has yet to fully normalize. Our ambition is, of course, to reach our financial targets as soon as possible. That said, our focus remains on building sustainable improvement step by step while maintaining a cautious and disciplined approach going forward. Very good. Thank you so much for taking my questions. Thank you, Niklas. Thank you. As a final reminder, if you did want to ask a question, please press star followed by one on your telephone keypads now. That is star followed by one. We currently have no further questions, so I will hand back over to Karl for closing remarks. Well, thanks a lot for your time and for your questions. If not before, we are looking forward to connecting in July after our second quarter report. Thank you very much. This concludes today's call. Thank you for joining us. You may now disconnect your lines.