Welcome to Cary Group's first quarterly result presentation. My name is Helene Gustafsson, Head of Investor Relations and Corporate Communication at Cary Group. With me today is Cary Group CEO Anders Jensen and CFO Joakim Rasiwala, who will present the Q3 report. With that said, I leave over the word to you, Anders Jensen. Okay. Thank you very much, and welcome everyone, and thank you for taking the time to listen to us. We will throw ourselves over the Q3 report, but we will start with a short summary of who we are and what we do for those of you who hasn't been listening to us before. We are a leading vehicle glass company which was founded back in 1947 in Sweden. We are a problem solver for the insurance company. Bear in mind that 77% of all the claims that we do are actually covered by insurance. We operate in a non-cyclical market, and market is driven mainly by miles driven rather than new car sales. We have a market-leading position in all our markets that we operate in, and we have a history of high margins. We have 16% average EBITDA margin, 17%-20%, and we have a really strong track record of organic growth. We are a compounder in a fragmented market, and we don't have a sustainability strategy, we have a sustainable strategy. We want to be leading when it comes to climate impact and digitalization, and I will talk a little bit about that later. We have a strong track record of organic growth, which this slide clearly shows. Between 2017 and 2019, before the COVID, the company had an organic CAGR of 16% and an organic growth of 53%. From 2017 up until full year of 2020, we have had some negative effects from the pandemic. We had a CAGR of 33%, whereof 6% was organic. So far this year, we have a strong growth of 19%, and our total market is expected to grow 9% per year up till 2025. Our strategy is to have a top three position in all the countries that we operate in. The reason for that is because if you're a top three player, you get the agreements with the insurance company, which is very important since 77% of our business are insured. We have a presence in the Nordic in Sweden, Norway, and Denmark, as well as in Europe with U.K. and Spain. We have a strategy with close proximity to our customers, something that is highly valued by our customers and insurance companies. We have a total of 935 workshops, of which 409 are mobile units. Turning to slide seven and our Q3 result. Summarizing the Q3, we had a successful IPO in September with great interest from both institutional and private investors. As a result, we strengthen our balance sheet and now have a leverage of 2.3 net debt EBITDA. Our financial position gives us the opportunity to further expand through acquisition, which we do a lot. We have done 15 acquisitions so far this year and four in this quarter. In the quarter, we closed the acquisition of the Spanish company called Ralarsa, which is a further step to our European consolidation journey. The Spanish company has started off quite well in line with our expectations and with the good growth and profitability. We also made three other acquisitions in the quarter. In the quarter, we started to offer 100% climate compensated glass services in the Nordics. That is a step towards our ambition to become a climate neutral company as a group. The market and the demand for our services continued to stabilize in the quarter. We reached an organic growth of 5% year to date. At the same time, EBITDA increased by 8% in the quarter and cash flow improved. Focus now is to extract the synergies from our acquisition and also to improve operational efficiencies as well as continue our M&A agenda. In the quarter, we increased sales by 28%, driven by acquisitions. We had a good start of the Spanish acquisition, Ralarsa, both in terms of sales but also in terms of profitability. Organic growth amounted to 5% year-to-date, which we believe is a strong development considering that we've done it over under the COVID-19. Organic growth for the second quarter declined somewhat. In Q3 2020, we saw a strong rebound in the market, while Q3 this year saw more of a normal seasonality trend. We are still seeing some effects of pandemic-related measures which led to society being locked down and result in fewer kilometers being driven, affecting the demand and use of our services, and that is mainly in Norway and U.K. This had a negative effect on the group's total organic growth during the quarter, and Sweden was less impacted and developed quite well. We had an adjusted EBITDA increased to 82 million SEK in the third quarter, driven by increased sales. This corresponded to profitability of 14.2% in the third quarter. The lower margin compared to last year was affected by four factors. It was a weaker market in Norway and U.K. We had an increased marketing spend. Last year, we had no marketing at all, and this year we took high for the society to open up again, so we put some extra marketing spend this year. We also had a lower cost base last year, since we held back on all costs when we had the outbreak. We have also strengthened up the central functions ahead of our continuing expansion. I mean, we have just recently stepped into Spain, but as you know, we have a really good M&A pipeline, so we need to strengthen up the central functions for that. Going into the regions, if we look at the Nordic region, we increased sales by 24%, and the growth was driven by acquisitions in Norway and Sweden and good demand in Sweden. The business in Norway was negatively affected by COVID-19. We have not yet seen the Norwegian market kick off as we would expected. They have had some heavy restrictions for very long time, and they opened up the society quite late. The adjusted EBITDA increased by 15% in the quarter. The margin was stable but slightly negatively affected by lower sales in Norway, of course, increased marketing costs to meet a more active market in all countries, but the Nordic in particular. In Q3 2020, we had a lower cost base due to the outbreak, of course. When it come to rest of Europe, sales increased by 35%, driven by Ralarsa in Spain, which developed very well in terms of sales and profitability. We had an adjusted EBITDA increased in the quarter, but the lower margins were due to lower sales in the U.K. We had also had some Brexit issues with labor issues, with fuel shortages, and so on. Last year's profitability was also positively affected by short-term layoffs of government support in connection with the COVID-19. In the quarter, the business in the U.K. had an IT intrusion which led to disturbance in the operations. I must say that I'm very impressed by the local management. I'm very impressed by our IT department, the way they have been handling this intrusion. The issue, which has now been solved, will not cause any long-term disturbance. There will, however, be a minor impact on sales in the U.K. in the fourth quarter. When it comes to sustainability, we aim to lead the way within the industry with regard to climate impact and digitalization. Key tools for achieving this includes increase the repair rate, having a digitalized customer journey, and an electrified courtesy car fleet. In the quarter, we started to offering 100% climate compensated services in the Nordic, and our ambition is to become climate neutral. We repaired over 31,000 windscreens, which saves 1.4 tons of CO2 this quarter. We also launched 54 electric vehicles, courtesy cars, in the Nordics, which means that 70% of our entire fleet now is electric when it comes to Sweden and Norway. In the quarter, we continue our expansion journey and our execution on the M&A strategy. We made acquisitions in line with our strategy. As I said before, we have made 15 acquisitions this year and four in the quarter. We have done this in a year where there has been COVID, and we have gone through an IPO process which has taken quite some time. Consider that we are quite satisfied with 15 acquisitions in three quarters. We are in a good position now to take on new acquisitions. We have a good pipeline, but we also have lowered the leverage of funds to support the M&A strategy. Really looking forward to that. We, as I said, completed four acquisition that would be Ralarsa, Autoklinik in Sweden, Phoenix in the U.K., and then a smaller workshop in Sweden as well. Talking a little bit about the acquisition that we did in Spain with Ralarsa. We really like the company for several reasons, I would say. I mean, it's a company that was founded back in 1978. They have a clear family history, which is very similar to ours. We like them because they have their own distribution. They have a lot of franchisees, which we are looking at trying to roll up. We also see a good possibility to grow the Spanish business because today we are mainly based in the east, northeast up in Barcelona, but we can see some really good opportunities to expand the business within the bigger areas in Madrid and in Sevilla as well. I think that we have only started the journey in Spain, but we can really see that there are some good opportunities there, which we really like. It has started off very well. It has started in line with our expectations, but we can see some really good growth potential there. I will hand over to Joakim to go over the financial slides. Thank you, Anders. Hello, everyone. Moving into the financial section here. We'll start off to talk about the balance sheet. Of course, in this quarter, there were several effects relating to the IPO and refinancing of the company, which resulted in a lowering of the leverage down to 2.3x EBITDA at the end of the quarter. We completed a new issue of shares of a gross value of SEK 1.250 billion. We used that mainly to repay our previous debt, and that resulted in a net debt position at the end of the quarter of around SEK 1.1 billion. We also had net cash at the end of the quarter of SEK 233 million, which leaves us with the funds available for acquisitions of a total of SEK 1.4 billion at the end of the quarter, which is very important, of course, in order to execute on our M&A strategy. Total equity at the end of the quarter was just about SEK 1.5 billion, and in addition to the new issue of shares, we also had a conversion of shareholder loans contributing to the strengthened equity. Costs for the IPO had partly been charged to the P&L. In total, costs were in line with what was previously communicated. Total costs of SEK 106 million, of which around SEK 50 million were charged to equity and the remainder to the P&L and reported as a non-recurring effect this quarter. If we look at our net financial expense, it was high in the quarter, mainly due to one-off effects. We had around SEK 35 million of net financial cost charged to the P&L relating to our previous financing, where we had written off capitalized expenses from the previous loan. The gearing or the gross debt at the end throughout the quarter were based on our previous financing, so much higher debt position than what we are now seeing when we move into the fourth quarter, which will of course reduce our financing expenses going forward. Cash flow was strong and improved on the same quarter last year. We had operating cash flow of SEK 43 million. The main contributing factors to the positive development was release of working capital in the quarter. We also had some negative impact of the IPO costs, some of which were paid out in this quarter. Cash conversion still at a healthy level of about 90%. As we've talked about before, we are an asset-light business. CapEx is generally low, has been historically at around 2% of sales and we expect it to remain on that level. High cash conversion, high cash generation is of course also important for us to be able to generate funds to execute on our M&A strategy going forward. As Anders mentioned, we have completed 15 acquisitions this year to date and four in the third quarter. In total, these 15 acquisitions have added over SEK 500 million in annual sales and the acquisitions completed in this quarter over SEK 300 million in annual revenue. Ralarsa is of course the biggest acquisition to date and the annual revenue on an LTM basis is around SEK 265 million. Ralarsa is consolidated into the group from the first of August. When it comes to profit contribution, we have communicated previously that Ralarsa comes in at around group average on an EBITA margin, whereas some of the other smaller acquisitions that we have made this year are slightly below group average in total. We have also charged M&A-related transaction costs to the P&L and reported as a non-recurring item of SEK 10 million year to date, whereof SEK 7 million in the third quarter, and that is mainly related to our new market entry into Spain. A reminder of our financial targets, which have been communicated in the prospectus and previously. We have a growth target of 15% per year, whereof at least half of that organic, and that is valid in the medium term, and we have previously said ± four years. Now this can and will of course be different over time, and especially in connection with acquisitions but on a quarterly basis. We have a margin, adjusted EBITA margin target of 15% also, sorry, 20% also in the medium term. We have a capital structure target of 2.5 x net debt to adjusted EBITDA. We have a dividend policy of at least 20% of net income. That concludes the financial section, so I will hand back to Anders. Okay. I will just have a little short summary of what we just been going through. The market and demand for our services continue to stabilize as mobility restrictions were eased. We have increased the EBITA margin and improved the cash flow. We're taking further steps to reduce our climate impact and to become climate neutral, and we have also improved our digital offering. We had a successful IPO in September, and we have a really strong M&A pipeline. We have a really strong M&A strategy, and I would say that the pipeline has actually even gone stronger since we were a listed company. That puts an end to our Q3 report, and we now open up for questions. Ladies and gentlemen, if you have a question for our speakers, please press zero and one on your telephone keypad. The first question is from Olof Cederholm of ABG. Your line is now open. Hello, everyone. It's Olof from ABG. I have a couple of questions. First on organic growth. Is it possible for you? You talked a little bit about what held back the year-over-year growth in the quarter, but would you be able to expand on that and talk about how things are looking going into Q4? Is Q4 going to face similarly difficult comps, or is it evening out? A little color on that first. Thank you. You or me? Well, I can start. In the third quarter, as we communicated, we had some temporary headwind in the U.K. and in the Norwegian market. Those two markets have been late out of COVID. They were in lockdown for a longer period of time and also later into the second and third quarter. We've seen some delays in the rebound in these markets compared to Sweden, Denmark, and Spain, where we have seen a quicker improvement, so to say. The general market in Norway for glass damages has been slow in the second and in the third quarter, and our opinion is that that is related to the reduced mobility for a longer period of time. When it comes to the U.K., as Anders mentioned, it has both been a question of the effects of COVID or the lockdowns rather. As you all know, we've also seen some other temporary disturbances in the U.K. market which has affected the transportation system, such as a lack of lorry drivers, problems with fuel distribution and a general problem with labor, which has affected us. Both in terms of the demand that there were fewer trucks and cars on the roads, but also some short-term effects in terms of capacity on the workforce. We believe when it comes to the U.K. that, I mean, we are generally affected by general consumer demand in all markets. From what we can see so far, we are generally out of the disturbances related to Brexit and fuel and labor. We see gradually markets improving. Q4, in comparison to last year, has started better. Q4 last year, as you may recall, was affected in our main markets, where the U.K. went into a lockdown again towards the end of the year, about this time last year. Also we had a weaker Swedish market. We, in comparison to Q4 last year, see an improvement. Thank you very much for that color. Much appreciated. A couple of questions on acquisitions. First, on Ralarsa, the synergy work on synergies there, could you elaborate a little bit how we should think about the timing of those? I'm mostly thinking about the procurement synergies, how long it takes to get those volumes into your purchasing framework. Well, first of all, one of the first things that we always do when we acquire a new company, even if it's in an existing market or if it's a new market, we always put our purchasing agreements in place. We also put the sales agreement, the marketing agreements and so on, and try to extract the synergies that the easiest synergies immediately, and which I would say probably differs us from many other compounder companies. We always extract the synergies, and we always incorporate them in our IT structure and so on. I would say that we can put those purchase agreements actually from the very first day. Since they were not ours by the time we made the tender or the RFQ, the full effect of the purchase agreement is maybe not able to be extracted from before the end of the year, I would say, because most of the agreements are based on a calendar year. Excellent. Thank you. I have two more, if I may. On acquisitions then in the near term, you have a great pipeline, you have funds, you have maybe a net debt EBITDA that's sort of close to where your target is. How do you think about the near term potential for deals? Do you have the capacity to do more after being so active, or should we think about it as sort of a maybe a little slower period in the near term compared to what you did this year? No, I would say that, I mean, given the fact of what we did, I think that everyone knows how much time we spend on an IPO, and that we have been able to do 15 despite the fact that we also have done the IPO. I would say that no, we shouldn't. You should not think of it that we will slow down. I would say that we are gonna increase the tempo. Excellent. Thank you very much. I'll leave it to others to ask some questions as well. Thank you very much. Thank you. The next question is from Kate Somerville of UBS. Your line is now open. Good morning, everyone, and thanks very much for the presentation. I've got three questions, if that's okay. Firstly, given Ralarsa that should have been around, I think around 200 basis points accretive to the rest of Europe segment margin, does that mean that the U.K. margins are down 300 basis points year-on-year? The U.K. margin is down. That is, you know, an effect of both the lower than expected sales and also to some extent an effect that we had COVID-19 support and furloughs in place in Q3 last year. We did get an effect also on the margin for some of the labor issues that were in place in this quarter. We had some capacity restraints and so on. Yes, we did see a reduction of the margin in the U.K. In terms of the entire region, rest of Europe, as we've communicated previously, the Ralarsa acquisition is in line with group average on an adjusted EBITDA margin level and, as I said, it was consolidated from the first of August. Yeah, some negative impact on the U.K. margin in the quarter. Okay, great. Then just sort of going back to the season of the rebound, when we look at revenues, the organic revenues versus 2019, you're actually up almost 5% in Q2, but are now sort of - 2% in Q3. You know, in the U.K., we've sort of had, you know, strong lockdowns in Q2 as well. Is that mostly due to the disruptions and like the fuel problems? Yeah, just a bit more color on that would be great. Thanks. Well, when it comes to our overall growth quarter by quarter, it is a bit of a mixed picture. Some markets performed well in the quarter last year and vice versa. It is a bit of a mixed picture. If we talk about the U.K. again specifically, we believe that the market growth or rather the negative organic development is in our business, which is related to a slower market, is partly related to COVID or to lockdowns, that there has been some lower market activity or some lower level of glass damage in the quarters running up to Q3. Also we definitely saw some problems and lower traffic on the roads relating to the lack of lorry drivers, to the fuel distribution problems and so on. We believe that both of those combined resulted in the slightly lower market activity in the third quarter. Great. Very clear. Thank you. Finally, just on the U.K. cyberattack, just so we get an idea of what it was and what it disrupted and what the impact was, that'd be great. Thank you. Yeah. Well, we were able to locate it. We were able to isolate it, so it didn't spread out outside of the U.K. We were able to rebuild the system again, but the system were down for a while. That affected our sales because we were not able to use the system the way we normally do. It will have an impact. It will have an impact on the sales of Q4. We believe that the impact will be somewhere in the range of SEK 5 million on the EBITDA in the Q4. Some of that might come back from the insurance, but we're not certain about that. I would say if I should give you a figure, it would be somewhere around SEK 5 million. Yeah. Kate, I can just add to that it was a virus that was planted in our system, and as Anders said, it was confined to the U.K. environment. We have a very strong cybersecurity setup in general, but you know, these things obviously happen and someone was able to place a file into the U.K. system. We, together with experts, decided that let's not fight it, but rather quickly build up and through backups rebuild our files and systems, which we were able to do rather quickly, but we had some disturbances on the operations side for a couple of weeks, and that is what Anders is referring to as the lost revenue for a short period of time. We're in the middle of evaluating this and also working with our insurance company. I think it's what is important here is that we have isolated it. We are now back on track again. We are working, and we will not have any long-term issues with this. It was isolated to the U.K. and was isolated to a couple of weeks. That's very helpful. Thanks so much. The next question is from Dan Johansson of SEB. Your line is now open. Thank you so much, and thank you for the presentation. Maybe I'll start with a few follow-ups on Olof's questions on M&A. How are you prioritizing right now in terms of M&A, and how you plan to use the funds? Is strengthening your position in current markets such as U.K. and Spain prioritized, or could we see entry into additional markets as well in, let's say, the next year if a good opportunity arise? Or how are you thinking internally around M&A currently? I think it's a mix of all you say. We will definitely strengthen our position in the current markets. We will do a lot of work in Spain, of course, since we just acquired it, but you will also see us in new markets. Very clear. Thank you. Additionally, what's your feeling on valuation multiples out there? I mean, public stock markets are doing well, which I guess could inflate multiples in the private market as well. Or is it still on a level where you feel quite comfortable, or have you seen any increase lately? I would say that, I mean, we have put our financial targets when we entered the stock markets. We are very comfortable in them, in those. I mean, we have a 15-year 15% yearly growth in those numbers. Looking at the track record, you will not see very many years with such a low growth of 15%. We feel quite comfortable in those goals and we are quite comfortable in the long-term goals. Whatever happens to the stock markets from day to day, I don't think it's our task to comment on. No, maybe just picking up on the valuation multiples. We haven't seen that impact so far, but I guess in general, I mean, the stock market valuations are high, and that could possibly also spread to the private market, I guess. It's not unlikely that we will see some multiple inflation going forward, if the general market valuations remain on this level. Okay. Thank you. Maybe a final question if we have time. On the group cost, I think you're at around SEK 60 million or so in group cost over the last 12 months, or 3% of sales. Is that sort of a level we should expect to remain ahead, or do you plan to add some additional investments here in the coming quarters to support your expansion? Thank you. Yeah. I think we're at SEK 56 million on an LTM basis after the third quarter. We do have some run rate effects coming out of the third quarter. There are some costs that will be added now as a listed company, which basically came into effect just at the end of the third quarter. As Anders mentioned, I mean, we are on a growth path, and we need to be prepared for that journey. We will add a couple of positions. No major increases, but a slight increase from the LTM level is to be expected. Very clear. Thank you so much. That was all for me. The next question is from [guess] of Kepler Cheuvreux. Your line is now open. Hey, good morning. [guess] from Kepler. Sorry if I missed it, but if you exclude the impact of COVID-19 restrictions in Norway and the U.K., what was the positive impact of price growth, for example, from glass complexity, ADAS calibrations or price inflation? Could you elaborate a bit on that? We haven't reported that kind of detail. In general, what we've said previously is that we have a market growth in the region of 7%-8% across all our markets in the period from 2020 up to 2025. The price component of that has historically been around 2% per year, and on top of that, you also have the addition of calibration. The calibration being added to our average invoice value also adds to growth. What we've seen in the Norwegian market is that we've seen quite a significant drop in market demand, market volumes that is you know definitely a double-digit percentage effect on a year-on-year basis, and not only affecting Cary, but the market in general. Volume is definitely down, whereas we don't see any impact on pricing in this quarter. Yep. All right. Clear. Maybe a second question. How should we look at Spain's margin going forward? For the moment, they are in line with the group, but do you see some efficiency gains potential? That's generally our definite ambition to improve on the margins in all the markets where we operate. We have been talking about synergies that we want to extract, both on a sort of group level from adding more volume into the purchasing agreements, but also locally where we believe that we can contribute, help local management improve productivity and efficiency in their business. The 15% average where we were on a group level is also where Ralarsa comes in more or less, so it's a good acquisition from a margin perspective from the start. We expect to see some gradual improvement on those numbers over time. How quickly we can achieve that depends also on how quickly we continue to work with acquisitions in that local market. We did mention also very in the report something about the possible future effects of increased producer prices, and we haven't seen any of that so far in the third quarter. That is something, you know, that we will continue to monitor and see whether it will impact us going forward. That could also potentially delay the margin improvement, for instance, in Spain. Yep. Okay. That was my third question, so all good. Many thanks. The next question is from Robert Redin of Carnegie. Your line is now open. Yeah. Hi. Still maybe on that, raw materials cost and supply chain, a comment you had that it had not impacted Q3 much, but that there was some uncertainty going forward. Could you say something more about that? What are you seeing in terms of raw materials inflation, maybe in some spot market on key input materials like glass maybe, and how's your contract structure, and how does that purchasing contract structure tie into your pricing contract structure? Well, when it comes to purchasing contracts, we can see that most of the cost we can ship on to our customers. It's not always that we can do it right away because there can be a timing issue with our current agreement. It can be some delays for a couple of months. It can be some delays till the next contract is being negotiated again. If that would be the case, we can't really push everything forward from day one on all agreements. In that case, it will have a slight impact on us. I think, Robert, maybe to add, I think our company and our industries is in a good position relative to maybe other companies that you are seeing. We have almost all our purchasing from European manufacturing, so the Chinese and the distribution problem from China is not affecting us. We don't have any supply problems as such. As Anders mentioned, we have in most of our contracts the flow through from potential price increases also to our customers, albeit that it could be delayed over a quarter or a couple of quarters in some contracts. Although we see some, you know, increases in raw material prices, energy prices, glass manufacturing is a very energy-intensive process, we haven't seen any any out of the ordinary cost increases so far. All right. That sounds good. I mean, it doesn't. You know, it's not like end of the year here, new prices for glass and so on come in, and it becomes a margin problem. That's not the case. Well, there will be changes to prices which comes every year. As I said, in the majority of contracts, we are just mirroring that towards our customers. We will see what if there are any higher increases in purchasing costs or in the terms from our suppliers towards the end of this year. I mean, we're prepared to handle it and working both with suppliers and customers to balance it as much as possible. It is clear that the cost of manufacturing and distribution has gone up, but we are not seeing any major impact on our business yet. Right. Perfect. Thanks. The next question is from Herman Eriksson of Danske Bank. Your line is now open. Thank you. You covered most of my questions, so I was just wondering if you could maybe quantify how much acquisition has contributed on a EBITA level in the quarter. Thank you. What was your question about the quarter of the third quarter? Yeah, exactly. How much the acquisitions has contributed on an EBITDA level in this quarter? Yeah, we don't disclose that level of detail, but in terms of revenue, we've added SEK 134 million from acquisitions on a quarter-on-quarter basis. What we've said also is that Ralarsa is the biggest acquisition this quarter, consolidated from the 1st of August, and that the margin on that acquisition is in line with group average. The range of additional acquisitions that we've made year to date, 14 of them, are generally below group average in terms of margin. Okay. Thank you. There are no further questions at this time. Please go ahead, speakers. Thank you. I guess that conclude our Q3 report. Thank you very much for all of your questions, and if you have any follow-up questions or any more information that you would like us to give you, please don't hesitate to contact any one of us. Thank you very much.