Good morning everyone, and welcome to Cary Group's second quarter results presentation. With me today is our CEO, Anders Jensen, and CFO, Joakim Rasiwala, who will present the results of the second quarter. There will be a Q&A session after the presentation. With that said, I leave the word over to Anders to present the results. Okay. Thank you very much, Helene, and thank you everyone for coming in and listening to our second quarterly report. The second quarter could be summarized as one with strong demand in a good market environment. We had sales growing by 81%, organic growth of 5% and 7% if you adjust for the number of working days. The high sales led to an increase in adjusted EBITDA of 62% in the second quarter. We continue our acquisition strategy and consolidation of a fragmented European and the closed acquisition of ExpressGlass in Portugal and Charles Pugh Holdings in the U.K. The fast expansion leads to a growing share of sales in the rest of Europe and an initial dilution effect of the margin before we realize synergies and have made the full integration of the companies. We continue to compensate for higher input costs in the quarter, which helped the margin. We had a strong cash flow and cash conversion, and this will lead to that the leverage will gradually be reduced. Turning to slide number three. The market in which we operate is driven by strong structural drivers. We have larger and more advanced vehicle glass. We have a mix effect in the car fleet. A higher share of ADAS calibration, increased glass prices transferred to customers and the distance driven. The second quarter was no exception in relying on these historical recession-proof factors and showed a good organic growth. Our M&A growth of 75% is driven by our European consolidation journey in a fragmented market. Turning to slide four. As mentioned in the beginning of the presentation, we are happy that sales developed strongly. Of the total sales, 75% was M&A growth. Organic growth was accounted for 7% adjusted for number of working days. The lower number of working days particularly affected sales in the U.K. due to the Queen's Jubilee in June. Organic growth was strong in the Nordic region, but we saw some difficulties in the U.K. in the quarter. I will come back to that later. The newly acquired and consolidated company, MPS Bilskade in Norway, Liber Glass in Spain, and Zentrale Autoglas in Germany together noted a double-digit organic sales increase. Turning to slide five. Adjusted EBITDA amounted to SEK 168 million in the second quarter. The adjusted EBITDA margin amounted to 16.1%. Increased input costs were pushed through in the Nordics, and we made progress in the rest of Europe during the quarter. We saw increased margins in the Nordics and stable margins in the rest of Europe. As mentioned, due to our rapid growth expansion in Europe, we will initially have a margin-dilutive effect before synergies are realized and the companies are fully integrated. Turning to slide seven. As you are aware, we have an M&A strategy which rests on three pillars. We do platform acquisition, add-on acquisitions, and smaller amounts of public acquisition. In the quarter, we completed our largest such acquisition so far with the Charles Pugh Holdings in the U.K. We also continued with our add-on acquisitions in Spain, which is important in their growth strategy. We're working across all regions with our structured approach to onboarding and the integration of acquired companies, as well as with the operational excellence initiatives to improve productivity. These two main focus areas are U.K. and Norway. Turning to slide eight. In Norway, our glass business had been struggling with low profitability for some time. As you probably recall, we acquired MPS Bilskade in the beginning of the year, and we are now merging the two companies to create a stronger core. We're closing unprofitable workshops and consolidating administrative functions between the two companies. This will lead to savings of approximately SEK 5 million in 2022 and SEK 15 million in 2023 and ongoing. The new combined businesses will offer both vehicle glass repair, collision, and body repair. This will result in a broadening and attractive offering to insurance companies as well as leasing companies. Turning to slide nine. This quarter we closed the acquisition of Charles Pugh Holdings, which now together with our existing U.K. business, the Mobile Windscreens, are making up the U.K. business. As a first step in integration of the companies, we have established a strong joint management team who will take the combined business to the next level. In the first quarter, we started an operational excellence program which we have now further implemented. The project will lead to higher capacity utilization by simplifying processes, best practice sharing and combined Charles Pugh and Mobile Windscreens purchasing and procurement organization. We're also looking into synergies and cost savings from their combined businesses with staff optimization, shared IT system, and an optimized distribution. These initiatives will lead to savings in 2022 of SEK 5 million-SEK 10 million, and from 2023 and ongoing, SEK 25 million per year, just as we communicated when we made the acquisition of Charles Pugh. We will turn to slide 11 now, and I will hand the word over to Joakim. Thank you, Anders. We'll go through a breakdown of the income statement based on our regions. Starting with our business segment, the Nordics. We increased net sales by 30% to SEK 538 million. The organic growth in the Nordic region was 9%. The adjusted EBITDA increased by 36% in the quarter, mainly as a result of a strong sales increase. The adjusted EBITDA margin increased to 26.7% due to the high revenue and also strong cost control. As Anders mentioned, higher input costs were pushed through to customers in the quarter. Moving to the following slide, number 12, and business segment rest of Europe. In the segment, sales increased by 203%, and of course, driven by the acquired companies that we have made in the LTM period. The biggest ones being Ralarsa in Spain, Zentrale Autoglas in Germany, ExpressGlass in Portugal, and Charles Pugh Holdings in the U.K. We saw strong organic growth in Zentrale Autoglas and also Ralarsa in Spain and a good start into the group for ExpressGlass. Adjusted EBITDA increased to SEK 49 million, and the adjusted EBITDA margin amounted to 9.6% in the quarter. Acquisitions contributed positively to the margin. The U.K. saw lower organic growth in the quarter and also somewhat lower profitability. We're now speeding up the transformation in the U.K. with savings in both 2022 and 2023, as mentioned by Anders on the previous slide. Regarding revenue growth in the U.K., our view is that the U.K. market is still performing well, but we have been struggling with internal capacities this quarter. We are now addressing those and we see good potential for revenue growth going forward. I'll now move on to slide 13, which demonstrates our profitability development for the group. With price increases, operational efficiency and acquisitions have had an impact on margins in Q2, but also how these factors provide opportunities for us going forward. Looking at this breakdown of the development of the EBITDA margin, compared to one year ago, we are now at 16.1% in the quarter compared to 18%, same quarter last year. The dilution is, as has been mentioned before, to a large extent an effect of our acquisition strategy. From left to right on this slide, the first box there, the gross margin. The gross margin was largely maintained in the quarter. As we commented on, we have been able to pass through the increased input costs, mainly in the Nordic regions and making progress also outside the Nordic region. The second component here, operating leverage. We saw good operating leverage, mainly in the Nordic region, and we are now focusing on improving that in the U.K. with the measures that were mentioned previously, and we also expect gradually improved revenue growth. The third component to the margin development then being the dilution from the acquisitions in the LTM period. Just as planned, the high acquisition pace initially leads to lower margins. We are now integrating these acquisitions into the group geographies. Combined with our increased central organizations, which is needed for our active expansion strategy, the impact from expansion and build-up of corporate functions was -2.9 percentage points to the margin in the quarter. Now turning to slide 15, and Anders will give some comments on the development of our sustainability strategy. At heart, we strive to be a leader in the industry with regards to climate impact. The key tools for this is having a digitalized customer journey, proximity to the customers, increasing of the repair rate and electrified courtesy car fleet and of course, recycling of repaired glass. In the second quarter, we repaired over 50,000 windscreen compared to 42,000 last year, which saved 2,200 tons of carbon dioxide. We have 84 electric courtesy cars in the Nordics, which is 26% of the total car fleet in Sweden and Norway. In the quarter, more than 250 customers per day used our artificial intelligence tool in the Nordics and the U.K., reducing miles traveled to and from our workshops. As already communicated, we're also happy to announce that we are from 2021 are climate neutral. Turning to slide 17, Joakim will share some more details of the financials. Yes. Slide 17, a summary overview of our P&L in the quarter. I'm just highlighting a few items here. As mentioned previously, net sales grew by 81% in the quarter to SEK 1,050 million. The adjusted EBITDA grew by 77%. Our EBITDA margin before items affecting comparability was 15.8% in the quarter, and items affecting comparability were -SEK 2 million in the quarter. Amortization of acquisition-related intangible assets amounted to SEK 19 million, and the increase is an effect of the acquisitions we have made over the last 12 months. Adjusted earnings per share amounted to SEK 0.76 per share, and the corresponding figure a year previously is not comparable due to the change of capital structure that we underwent in connection with the IPO. Moving on to slide 18 and looking at our balance sheet and financial position. The leverage ratio was 4.3 x at the end of June. The increase is driven by financing of our acquisitions and most notably the acquisition of Charles Pugh Holdings in the quarter. A weakening of the Swedish krona also increased the net debt in our reported currency. Net debt at the end of the quarter amounted to SEK 3 billion, which was an increase of approximately SEK 800 million from Q1. Of this amount, interest bearing debt amounted to approximately SEK 2.4 billion, and IFRS lease liabilities amounted to approximately SEK 700 million in the quarter. Cary Group, we stand on a stable financial basis, and the company generates strong cash flow and we expect leverage to gradually reduce going forward from these levels. We had unutilized credit facilities of SEK 678 million at the end of the quarter and cash in bank of SEK 256 million. We also at the beginning of the quarter entered into an interest swap agreement for the majority of our interest rate exposure. Moving on to slide 19, overview of our cash flow development. We had operating cash flow in the quarter of SEK 199 million. Cash conversion remained strong at 91%. As you recall, our business has a low CapEx requirement, and this results in the strong cash generation and cash flow profile. Moving on to slide number 20, an overview of the acquisitions completed in the quarter. We made 12 additional acquisitions, with acquisition of Charles Pugh Holdings being the biggest deal in the history of Cary Group, but also notably entered into portfolio with the acquisition of ExpressGlass. We're also happy- Acquire smaller franchise businesses with six acquisitions in the quarter, and also one external workshop being acquired. Now moving on to slide number 22 and hand it back to Anders. Yeah. Q2 was a strong quarter. We continue to execute on our strategy and are happy to see that our newly acquired companies delivered. We are very confident in the way we have managed to increase prices in the quarter, and we will continue to do so. We are now focusing on integrating new businesses and reach synergies and economies of scale. With a strong cash flow, leverage will gradually be decreased. We are confident that our initiatives in the U.K. and Norway will lead to increased profitability. Now we would like to open up for questions. Thank you. If you'd like to ask a question, you may do so by pressing zero one on your number pad. If you wish to withdraw a question, you may do so by pressing zero two. Our first question comes from Rory McKenzie from UBS. Go ahead. Your line is now open. Good morning. It's Rory here. Just three, please. Firstly, can you quantify how much you've increased prices so far in Sweden and the U.K., and how much further there is to go until you catch up with the cost inflation? Then secondly, should we expect you to incur any exceptional costs for the restructuring programs in Norway and the U.K.? And do you expect to see any negative revenue impacts of the branch closures? And then finally, can you just update us on the total finance costs we should expect at the run rate from now onwards, given this interest rate swap cost and the interest on reserves? Thank you. Thank you, Rory. I'll see if I can tick these off. Remind me if I miss any one of them. Regarding the restructuring programs or the cost saving programs in both the U.K. and in Norway, we will come back to that at the end of this quarter in connection with the reporting of the Q3. We'll pause on that for now. There is no significant restructuring going on, but we'll have to come back to that in the next report. Regarding interest expenses, as I said, we swapped over half of the interest rate exposure into fixed towards the beginning of this quarter. The total cost at the moment is an interest of between 3.5 and 4%. That being said, slightly less than 50% is still exposed to floating charges, so that you have that in mind. The third question, remind me again. Could you just quantify how much you've increased the prices so far? Oh, prices. Yes. We've seen increased glass prices mainly in the first quarter. There's been some slight increases also in the second quarter. If we look at the Swedish or Nordic region, they have been roughly in the size 5%-10% on an annualized basis. As you know, historically, we have contracts that allow us to pass this on to customers, which we have done as well in the Nordic region. Outside the Nordic region, the contract structures are different. We've had slightly larger cost increases and I'm talking about input costs outside the Nordic region. We are working continuously to pass this on to customers. It takes some time, and contracts are usually on a one or two year basis. We have been successful in many cases, and in the cases where we're still not successful, we're continuing to have negotiations and discussions with customers as well. Just to follow up. The -5% organic growth in the rest of Europe division, I guess then in real terms, in volume terms, that's probably, you know, a double-digit negative volume growth in the quarter. Is that fair? Well, as we said, in the U.K. market, and remember that the organic revenue development is only on Mobile Windscreens business, which was the comparable business one year ago. We have been struggling with some capacity issues. It was also in the first quarter we mentioned that the labor market and some difficulties to retain or keep staff made it difficult to execute on the demand. This has to some extent continued into the second quarter. Yes, we have had negative volume development. We've had some price increases in the U.K. market. Okay, understood. Thank you very much. Thank you. Our next question comes from Olof Cederholm from ABG. Go ahead. Your line is now open. Yes, hi, everyone. A couple of questions from me. You highlighted organic growth in rest of Europe. You highlighted some of the acquired companies that were growing. How about Charles Pugh? Was that growing in Q2? How do you see the U.K. developing going forward? Are you still going to have some capacity issues or labor issues, or do you see a return to growth there in the second half? I have a few more, but let's start with that. What we're doing in the U.K. to describe for everyone is we're merging those two big companies into one. That is quite significant work that needs to be done. We have, as you recall, we did do a operational excellence project there pretty much to know exactly how we want to merge them together. We are not close to finalize yet. We have started, but we have a lot more things to do there. You should bear in mind that this is quite a huge workload for us to do, but we are definitely on the way. We have not. It hasn't developed as fast as we want it to. I should be quite clear on that. We will probably struggle with it a couple of months more in this autumn. In the long period, it's still very. We have huge opportunities there and looking at a very good goal as we go ahead. We have a really good market, and we have a really good potential, but we haven't been as fast as we would have liked to be. Sorry, a follow-up just so I understand correctly. You're talking about the integration of Charles Pugh into your existing business. Is Is that what's not been developing as fast as you'd hoped? Yeah. I should say merging them together because we are not. Yeah. We are not just integrating Pugh into our business. We're merging the two and actually using a lot of what was good in Charles Pugh and merging and integrating our mobile unit into Pugh. It's a combination. Sometimes we integrate Pugh into mobile, and sometimes we integrate mobile into Pugh. It's more a merge, I should say. No, I'm not happy with the speed of that. We would like to been able to do it a little bit faster than we have. Again, very good market and very good potential. Okay. On the targeted restructuring savings that you're doing in Norway and the U.K., how much of those have already been supporting the earnings, or if any? SEK 5 million in Norway, SEK 5-10 million in the U.K. that are supposed to support 2022. Are they only in the second half of the year or anything in Q2? Yes. No, no, there's no effects of those programs in the second quarter. Okay. You're not highlighting potential synergy savings from other acquisitions. Are those still? I'm talking about Ralarsa that were maybe late to generate synergies and ExpressGlass and in Germany as well. Are those also expected to generate synergies going forward? Yes. We wanted to emphasize the two markets where we have made more work in this quarter and have made more structural approach. Of course, in the other markets, both internally in the German market, internally in the Iberian market, there's a lot going on, both in terms of building market size, which we know also leads to better higher volumes and better margins over time. There is also the continuous work of extracting synergies across the whole group. That is ongoing, and that is part of the work that we're doing to reach our financial targets. But we didn't single it out this quarter to give the presentation. Fair enough. My last question is, I was just wondering if you could highlight which acquisition that the earn-out write-down was related to? It was in the Norwegian market of the MPS Bilskade. The reason why we did that was that we came to a situation and into discussion with the sellers that we wanted to have more room to maneuver when it comes to the restructuring. The earn-out sort of put some restrictions on us, and that's why we came to an agreement to shut the earn-out down early. Okay. Excellent. Thank you. Thank you. At this point in time, there are no further questions. I will hand over to the speakers for any closing remarks. Thank you. Thank you, everyone, for dialing into this call. If you have any follow-up questions, please don't hesitate to contact anyone of us. Thank you very much.
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