Welcome to Coor's Capital Markets Day. We are here at Coor's head office in Solna. My name is Charlotte Kvarngren. I have the great pleasure of moderating this day. The moderating will be conducted at the later part of today, so I hope that you will keep your questions until the later part of the session. You can also ask your questions in the field below the player if you are on the web. Welcome, everyone. Let's kick this off. Across the country and in the largest cities, that's where you'll find us. The Nordic region is our home market, and our professional teams of property technicians, janitors, cleaners, and chefs play a key role in keeping companies and organizations across the Nordics running. We bring high standards, pride, and a clear ambition to create real impact through the services we deliver, from healthy meals to safe, efficient, and data-driven facility operations, from smarter cleaning and more productive work environments to long-term improvements that matter. Our superpower lies in diversity. Different personalities and experiences enrich us and enable us to create great solutions for our customers. As a company, we also have a unique opportunity to give people in all stages of life a job. Thanks to an environment where talent is seen and allowed to grow, a first job can develop into a long and successful career with us. Careers where we go to work believing that we really can make a lasting difference, that we can form many strong partnerships and make every day a little better for hundreds of thousands of people across the Nordics. With a strong market presence and a clear long-term strategy, we are well-positioned to capture future opportunities in the growing FM sector. Hello, everyone, and welcome to Coor's first Capital Markets Day. We've been listed on the stock exchange for about 10 years, and this is our first Capital Markets Day. A warm welcome. My name is Ola Klingenborg. I'm the CEO and President of Coor, and I have spent one year in that role just the other week. Before joining Coor, I spent my entire career in tender-based businesses, most recently in the private healthcare sector as Group CEO for Team Olivia. First of all, welcome to our new headquarters for Coor. We have a full facility management service in this building. For those of you who are lucky enough to be here today, you have been able to experience our canteen, where we serve some great food for you. You met our conference service, you have met our security guys who received you have met our reception, our conference services, and we also do the maintenance of this entire building. It's a good example of all the things that we do at Coor. Now I've had this role for about one year, and I think it's a good opportunity to share some of the things that I've seen, to point out a strategic direction going forward, as well as sharing some of the things that are going on right now. We have an exciting program for you, we hope, where you will meet some of the team working in Coor, and you will see what they are working on right now, what their focus areas are, and what the way forward is. The agenda for today, I will first share some short opening remarks. We'll have a market overview, where you will get some fresh-off-the-press research of the market size and growth and so on. We'll have a strategy session where I will talk a little bit about where are we now, what are the plans going forward. We will deep dive into some of our biggest areas, IFM, cleaning, and property. You will hear from our business leaders what's going on in those areas. What you've all been waiting for, I think, the financials. We will hear from our CFO a bit about what all the things we're working on at the moment will mean in terms of numbers and financials. We'll have a wrap-up and key takeaways. For all of you lucky enough to be here, physically, we also have a showcase outside of this room where we show off some of the great things we're doing at the moment. You will also have a chance to see that. Before we dive into the market numbers and market research, let me just share some short opening remarks. My first year, I've spent a lot of time out in our business, and I've been traveling around to meet our customers, to meet our teams. I've been to Norway, to Finland, to Denmark, and of course, the Swedish teams. I met cleaners, janitors, property technicians, security personnel. I've been to our restaurants. I've worked at quite a few companies in my career, and I never think I met such a strong team, such a dedicated team of experts, really strong commitment. The culture that was spoken about in the film of inclusion, of everyone being able to be a part to share with each other, I think it's a really, really strong culture. Then our mantra, passion for service. You can really see that. That's not only a mantra, that's a reality. Even our logo type, it's the star at the center of the C is the customer, and we surround them. Our whole business idea is to take care of what is not our customer's core business. That's our core business. To lift them, enable them to focus on their business. I think the strong teams, the customer focus, the culture, all in all, has created a very strong relation with our customers, and very happy customers. As you will see a little bit later, we have a very high customer satisfaction index. We also have a very high employee motivation index. All of this is kind of backed up also by objective numbers. I'm really happy to be here in a great company to be a part, and I'm very proud to be the leader. Now looking at some numbers, we've been around for about 30 years. Last 10 of those, we've been listed on the stock exchange. Today we have a revenue of about SEK 12.5 billion. We have in our annual report that we have 10,500 FTEs. Every month, we pay about 20,000 salaries. How does that add up? Well, we have a lot of part-time employees, a lot of projects going on. The complexity in the business is actually more related to 20,000 than the 10,500. Eighteen thousand customers served, and half of that in Sweden, 20% each in Norway and Denmark, and a smaller Finnish business. That's what Coor looks like right now. Now looking at the SEK 12.5 billion, you can split that into many ways if you want to understand the revenue mix. One way to look at it, and one way to cut it is from what is the commercial model which the customer buys? What's the contract form? That we see to the left here. We have 60% of our business, which is IFM, and about 40% single service. When I say IFM, I mean the type of service that we provide in this building, where we have both the restaurant, the reception, the janitorial service. The rest, 40%, is when you buy one single of these services, either a janitorial service or a reception by itself. 60/40. We have the delivery distribution. Is this a service that's bought on a subscription basis, or is this a variable revenue? Here we have a split about 2/3 that is on subscription basis. That's a fixed contract with a fixed payment. To many of those customers, we also do extra work. It could be opening up a new production line, it could be doing some extra maintenance service, it could be to make a cleaning effort in a particular facility. That is the remaining one-third. Now a third way to cut it is to look at the actual service delivered. Here we can see some of them. Cleaning, property is a big one, and by property, we mean more technical facility management services. Of course, food and beverage, and the other services. Then you can also cut it in a fourth way, which is the geographical dimension. When we now move into the next chapter here, where we're gonna look at the market, and the market development, and the market research, this is a good thing to keep in mind, that you can cut this market into many different ways. In order to present some of the things that we found when we updated our numbers on the market, I would like to welcome to the stage our long-standing VP of Business Development and Sales, Jens Ebbe Rasmussen. Thank you, Ola. When I walked in the door, 2002 at Skanska, in the part that was to become Coor, I didn't realize I would be here 24 years later talking to you about what the market is. That's what I'm going to do for the next 20 minutes. The market is defined by the services the suppliers deliver. Different suppliers will kind of define the market in different ways. Looking at this slide, to the left, you see the services that more or less always is a part of the market. Property facility management, technical services, as Ola called it, cleaning, food and beverage are three large buckets always. There are other services like workplace services, and we talked about them right a while ago, the conference services, the receptions, and so on. There are security services. You saw the security guards and telephony and customer services that could be switchboards, for example. Sometimes at the customer site, sometimes collected at one site or in our offices. Those are the services that are part of the market. The customers will source these services in different packages. Sometimes they will buy more or less all of the services. We will call that an integrated solution. I think it's important to know that they will. It's not religious, right? You buy either 100% and then it's IFM, and if you don't, it's something else. The integrated contracts can come in a little bit different shapes and forms. The important thing is that that's the complex collective service delivery handled by one supplier. When we talk about single services, it's the simple way of just delivering one service at many sites or at just one site. Many times talking about which is our biggest competitor in the market, we have had to tell the market that it's the in-house delivery when the customer performs the services with own personnel. That has through the years been our biggest competitor, and that's the third bucket there to the right. This slide shows you what services are included and a little bit of what packages they come in. There are different ways of looking at the dynamics, and here's an additional one. We talk about large and complex contract that are sourced more or less in the same way, be it IFM, be it single. There we have all of the supplier will have a dedicated team on site delivering the services. Sometimes they will have sub-suppliers, and the way these type of contracts are being won is that you understand and tailor the services to the individual customer. It's more about tailorization and you need to know the customer in depth to be able to do that in a good way. Moving on to the midsize, it can still both be IFM and single services. It's still a dedicated on-site team, but the use, the potential use of sub-suppliers comes down, and you perform more of the services in-house. Here, to win in this market, you need to increase the expertise in the services. You also increase the in-house delivery capabilities, and it's very often important to be able to cover large geographical areas with your service supply. Moving towards the end, these are simple contracts being bought in the local market. It's just one service. Maybe even you don't buy that much that there is a need for a dedicated team. Think of a cleaner, think of a property technician that will kind of start their working day at the hub, a Coor office or a competitor office somewhere, and they will perform a route passing by different customers during the day. Here, the dynamics and the ways of winning this service is a little bit different, but you need very much to have in-house expertise. You need to be locally present, being able to schedule and make efficient use of everyone's time, and you need to be able to meet the flexibility in those contracts that where services often are called off, from time to time. Two slides about what the market contains, how the customer source it, and how the contracts look in different sizes. Talking about size, that's actually the next slide. All in all, we're looking at the market that is very, very, very big. We've always thought about it that it's big enough for us to grow in. Putting a number on that today is SEK 550 billion, where 200 is delivered in-house today by the customers themselves. That's a market growing about 1%. We have the first step in a typical outsourcing journey where you move to one or more single services. That market is entirely then performed by external suppliers. That's a market of some SEK 325 billion, so very large that as well. That one grows a little bit faster, and you can easily think about it, how you migrate from sourcing services or delivering services with own personnel to single services moving to that direction. If we then look at the integrated facility management, a normal path is that you collect all of these various services into one package, and it becomes an integrated contract. Again, the growth gains from migration from in-house through single to the integrated services. That's the market size cut by service, and now we're looking at the single service market and the integrated market. We end up with a 350 billion SEK market size. Property services is the largest one. After that comes cleaning with 85 billion SEK, and then we have food and beverage, 35 billion SEK, and then 80 billion SEK is the other services. We are going to talk about perform a deep dive. Charlotte Almberg will be talking about cleaning. Ola Klingenborg will be talking about property later on. Giving you a sense of what I've personally seen shift in the market since I started out, if we look at food and beverage, you can think about back in 2002, more or less the school restaurant that we all entered into with trays and so on. Fairly unsophisticated. Today, we're talking about external restaurant that could be on any main street. The level of the sophistication in restaurants has really gone up. Same goes for cleaning. 20 years ago, we would get schedules with, you know, go to this room at that time, perform these tasks, and that's it. Today, it's our responsibility to deliver a certain outcome, if you like. More or less like outsourcing in the telecom world. You have an SLA, you have a KPI, and you have a target value that you need to take responsibility for the outcome. Today, it's up to us through data-driven technology to think about how much service we need to deliver to hit the right target of outcome of cleanliness. Then property, I mean, the smart buildings, the data-driven service delivery, the offsite remote monitoring and what is happening in the property is really booming. PropTech is something I think we all heard about. More about that later. We often get the question of how fast this market is growing. We took a stab at this time around as well when we performed the analysis. If you look at it and you look at the periods 2015-2019, 2019-2025, and 2025-2030, we think we know that the market grew with 4% in 2015-2019, 2% in between 2019 and 2025. COVID took growth down a little bit in that period, and then we think it will return to the normal 3%-4%. If we look back further, 3%-4% has been an average of how fast this market has been growing. Small variations between the services. Food has become a little bit more growing in the later period, driven by the return to the office. Independent of if you're one day or four days in the office, employers wanna give their employees, you know, the service of a cafe or food to make them come back, pull towards the office. When you build a model, when you do the analysis, as you can imagine, large spreadsheets, lots of data. What goes into it is assumptions and analysis on outsourcing, which is increasing, floor space, which is growing, activity and service levels, that is going up. All those three drive growth. The fourth one, counterintuitively on this slide, is actually taking growth down a little bit, and that's our offer to our customers. Dear customer, we do the same thing as you do, but we do it a little bit cheaper at the same service level or a little bit better. Lots of efficiency gains to be found in automation, AI, and I know we will be talking about that later on. Three drivers increasing growth, one taking it back and a stable, robust growth that kind of stays over time around 3% for the overall market. Looking at the market landscape from a competitive perspective, IFM is fairly consolidated as is. There are a number of large players. We are one of the largest ones, if not the largest one. There is also a Danish company I've heard in the market. Technology and innovation is really important. You need to have a certain scale. You need to be able to invest in kind of tailoring your services and taking efficiencies and so on to the next level. If we look at the total outsourced market, the picture is a little bit different. It's a fragmented market. There is no one player with a large market share. We have 4%, and there is someone analyzed to have 6% there. It varies a lot by service. We are among one of the biggest, but there is a huge opportunity to grow in these services for us, for example. How does that market look, service by service? Property, fragmented. Top five players have around 25% of the market. We have 2%. Increasing need for technology and the service are becoming ever more complex. Cleaning, also a fragmented market, and I was talking about the data-driven and demand-driven services that also require innovation and investment. There are many players who can take on the small local contracts. When it comes to the country covering contracts, there are not so many suppliers. It's a fragmented and in some parts consolidated market at the same time. Food and beverage varies a lot by country, that market you see, you have top five players corresponding to some 65% of the market. The variation by country has to do with taxation, legislation. In some countries, you can subsidize your employees' meals with a lot without anyone having to pay too much taxes. In other countries, it's the other way around. That last comment goes towards differences between countries, right? Taking a look at how we perceive the difference between the individual countries in the Nordics, we see Sweden as being the largest market. It's well advanced, well mature in how you source and how you buy IFM services. Large industrial sector with many industrials acquiring everything more or less inside the fence from a supplier like Coor. Denmark has moved a lot service by service sourcing-wise, but lately, the last 10 years or so, you've seen the public sector source IFM contracts. You will have large Danish governmental or public bodies sourcing IFM, which is not so common in the other countries. Sometimes we make a little bit joke about how far the Norwegians have come in the Nordics internally when we talk about the market. They were a little bit later with the large IFM contracts to the market. In 2014, 2015, Equinor made a huge IFM outsourcing, kind of pushing the Norwegian markets forward. They leapfrogged a couple of years, and they pulled the full sector with them. Still, you will see some more fragmented market, some smaller contracts. Very recently, the last year, there is a lot of M&A activity there. Some still ongoing, but 4Service, for example, was acquired by Compass as an example of what is happening in that market. Finland is the smallest market. They outsourced early on in the 1990s when the Soviet Union collapsed, and they have kind of stayed in that form of outsourcing, so that market hasn't changed so much. It's a bit of a more tricky market, very much a focus on single services. Trends then. The migration from in-house to single to integrated contracts continues. That's the first one. The second one is that investments in technology, both to make the service operations more efficient, but also to make the services improve in quality, is something that will be important going forward. Across sectors, I think it's a common theme that the geopolitical uncertainty and risks have made customers across services think about how they source services and that they source more locally, maybe split deliveries, don't go for international solutions to the same extent. We see the same thing in FM. More customers acquire FM for smaller geographies. Regulatory requirements are increasing, so demands of security processes and GDPR are going up, and you need to be able to cope with that. That makes it more difficult for smaller suppliers to compete. Finally, I talked about how the contract started out being, you know, very detailed-oriented. You need to do X, Y, and Z. Today, it's more about hitting a common noted target. You measure the outcome and you move towards that. For us to know what the customers plan to do, have a transparency in that is extremely important because then we can plan for our delivery, we can take the customer cost down, and we can work close together. Sometimes that's called outcome-based delivery, sometimes it's called partnership models. That's the fifth and final trend. That's some 18 minutes of market data. We're supposed to summarize this for you, which I will now do. One key takeaway is that IFM is a robust and growing market, but you need to have a certain size and be able to invest to compete. Single services, as you understand, everyone has got pretty low market shares. There is a room, a space to take, but you need to be specialized, you need to be good to tackle that opportunity. Finally, the underlying trends I just spoke about, they kind of support the need to be local rather than being global. They support the need to be able to meet technology demands and complexity demands that comes out to the customers. You need to be local, but you need to have a certain size in the market. That's the market section. Ola, you're going to talk about strategy now, right? All right. Yes. Thank you very much. Thank you, Jens. Applause. All right. Thank you, Jens. That's really interesting data. It's not that easy to get hold of data in our sector. This really gives us a good update, I think. Now we've heard about the market development. Let's turn to Coor. I want to talk a little bit about our position within this market landscape, how we manage these market changes that Jens talked about over the last decade or so, and how we are set to use these opportunities going forward. First, take a look and to see how we developed, and that's the first section here. How do we develop in this context? I think we achieved a lot. We have built a really good platform for future growth. We'll talk a little bit about that, what we achieved and how it looks going forward. What are the opportunities? Then the third and final section is a bit how we can capture these opportunities. What are we working on now to make sure that we capture these market opportunities? Those are the three sections in this part. Let's start out with our development and our ambition. First, summarizing what we heard from Jens and what I think is our conclusion from that. First of all, the IFM market, it continues to grow. It's consolidated. A lot of competition, but we have a strong position there. The single service markets are fragmented, they're large, they're growing. It's an attractive opportunity to gain market share, and there's a lot of M&A opportunities in such fragmented markets. When we said that the IFM market is growing, we also heard, reading between the lines, from Jens that it's not only grown, it's also changed a lot. I think I will give a little bit more flavor on how the market developed within IFM. This is a simplified model of course, but I think it describes pretty well how Coor entered the market as pioneers. We more or less brought IFM concept to the Nordic market. There was, at that time, a lot of unaddressed cost. There was a lot of savings potential in our contracts that we came into, and we used a lot of subcontracts at that time. Quite simple contracts like Jens said, after all. It's taking over a lot of different services. We came into the next kind of more maturing phase of the market. We saw more mature buyers. There were other competitors coming in. There was tenders in a more formal way. We started taking services in-house in order to be able to compete. We came to a third generation of outsourcing, which is more of the outcome-based models that Jens was talking about. Partnership models, gain share models, vested contracts, they all have that in common that we need to perform in order to get our remuneration. It also drives us to be almost a part of the customer's organization. We're ingrained in the customer's organization. That's in this third maturity phase, it's really sticky to be a part of the customer's organization like that. We have a very long-term cooperation, being almost a part of the customer's organization. It is, as Jens spoke about, the more advanced business model. We need better systems. We need to be able to supply data. We need to have a very strong management in order to match these advanced customers' organizations. We also, and this is important for us, we have to be as good as the single service suppliers coming into these contracts because that's the alternative. For such advanced buyers, we need to be as good as the single service option in cleaning, in property. This is a more mature phase, and we have driven the market to that. We can compete there. There's not that many that can compete there. It's a really interesting place to be. The IFM business today is very different from what it was when we started out. It's different from what it was even five or 10 years ago. We have been driving this development in the market. Now driving this change and taking this leadership position, we, IFM, has a lot of implications for us as a business. First of all, and most obvious, it's benefited us. We've been part of a good, solid, growing market. We've been moving into more advanced services, higher up the value chain, more sticky, and we have grown with that market. We also have these big IFM contracts that constitutes a large portion of our revenues. At a point about 10 years ago, more than 50% of our revenues was the top 10 customers. After the pandemic, we lost, as we mentioned here, 3 contracts of those legacy contracts, and it affected our revenue and our profitability. We have since then won a new contract, but it has been a significant effort to keep us growing. We are aware of this customer concentration, and we are addressing it, and I will come back to a lot about what we're doing to address that. We want to broaden, and we want to broaden the customer base. Now, another implication is the capabilities that you gain from such advanced contracts as the IFM contracts. We can use those capabilities to move into single service because it's we have systems, we have quality control, we can manage complexity. That is a huge benefit when you go into single service contracts. That has led us to become market leaders also within cleaning. The fourth implication is that we're working with the most sophisticated buyers of facility management service on the market. This has forced us, and we want to develop the most advanced systems and support to this. We also fulfill every requirement when it comes to compliance, sustainability, measurement of carbon dioxide reductions, GDPR, CSRD, NIS2, all of these things that all the small players in this market cannot develop because it's just simply too complicated. This is a competitive advantage for us versus our smaller competitors. Once again, we have to stay best in class also on the single services. A lot of implications by being the market leader in the IFM segment. All of this has led us to three focus areas when it comes to growth and market position and so on. We want to capture the market potential. We want to use our capabilities within IFM. We want to meet our growth targets. Capitalizing on this IFM core to move into single service has been a focus area for us for some time. Also, to increase the resilience of the business and decrease the reliance on large IFMs, build a more diversified customer platform in more services. That has also been a focus area for us. The third is to really build density in geographical regions because that's how you get profitability in many of our route-based services. We want to build expertise to be able to compete in the single service segments. We want to get scale. One way to do this is through M&A, and we've been doing that successfully for some time. Now, this has been our ambition. We have moved the needle a lot on this, much more than I think a lot of analysts or people outside of Coor understands. There's also much more potential to do. There's so much more to do. This is really a strong platform for growth. I want to take a look a little bit at this in the next chapter. We have our three focus areas that we talked about from a position perspective, and I'll take you through each one of these three in a little bit more detail. First, use or leverage IFM to move into single services. This is the journey of Coor in the last 10 years, from primarily IFM to a much bigger company where we have continued to be IFM market leader, but also are market leaders in cleaning in most of our geographies. We built a property business, a security business. You met those guys out when you just came in. From a potential perspective, this is a SEK 350 billion business or market where there's many small suppliers, it's fragmented, there's a lot to do. We have a strong position. We have the capabilities required to continue to expand. Now, if we look at property in particular, it's a particularly interesting segment, we think. It's becoming increasingly advanced. There are many things to do within that market. We have built a SEK 3.5 billion business in property or in technical facility management services. We have a strong foothold in some of the most advanced buyers of these services throughout the region. We have the capabilities. Jens referred to PropTech. It's something that you will find in a lot of investor memos these days. We do that a lot, and in the showcases you will see some of that. We have a very diversified customer mix here, so we can address a lot of different customers. This a large market that's growing. It's fragmented. We have capabilities. If we can strengthen further our technical capabilities, there is a lot of things to do. We've come some way, but there's even more potential. Now, when it comes to diversifying our business, we have moved in the last 10 years from 50% of our revenues being the top 10 customers to below 40%. Today, we have 18,000 customers. That is a huge increase in a rather short time span. It's a much more diversified product portfolio, but we still have a large customer universe to address, particularly as we move into more single services, which is more smaller contracts, more customers. We can also upsell to our medium and small-sized customers. This is a potential that we come back to, but that would further decrease our reliance on the top 10 customers. Now, if you look at the customer portfolio, I often, when I come out to an analyst or even a customer or someone you meet to talk about Coor. They say, "Oh, what's happening now? Are people coming back to the office from COVID?" I say, "Well, yeah, we have things to do with that, but the majority of our businesses is not in an office." We have a strong position in hospitals, in energy plants, in production facilities, in warehouses. That's where we perform the majority of our work, and we often refer to ourselves as production industry's best friend. It's very different from being primarily in an office. I think we have a lot of work to do here to strengthen our reputation, to sell more, to reposition Coor. I think increasing our property services there will be a part of that. Another part is the public sector, where we think that we maybe have underinvested historically in sales resources and tender resources, and where there is an unaddressed potential to do more. Quite an interesting possibility to continue to diversify the portfolio. Now if we look at M&A, there's one other thing that when I meet analysts they often say, "Oh, you have had problems with your M&A." No, that's not true. Of course there's been some bumps in the road, but we've done a dozen M&As over the last decade, and most of them has gone exactly according to plan. We have gotten the synergies. We have extracted efficiencies. I've been in a lot of companies. I never seen such a positive track record when it comes to M&A. I think it's a bit of a misconception. Now, in the last two years we have not done any M&A because we have had a strain on our balance sheet, but this is an obvious opportunity, I think. Particularly these days there is a very kind of straightforward and simple to understand bolt-on logic, particularly in the single services. In IFM to keep our market share, there could also be opportunities. Particularly in the single services. It's fragmented, lot of small players out there, a lot of targets. Doing selective M&As is a lever that we haven't pulled for a while, and I think that's definitely an opportunity. We have to when we want to grow to meet our financial targets, use several different things we want to grow. We want to grow organically within IFM, within single services. We want to sell more to the customers we already have. We can use M&A as an opportunity, and we use an approach that looks something like this. We want to move from today to where we want to be. This is how we think about it. First of all, it's unavoidable in a business like this that we have some churn. It's a contract business. We do a vigorous work on retention. We have teams just focused on that to keep our customers. We work with that very systematically, but it's unavoidable that you will lose some contracts. That has to be made up by sales. First of all, we need new sales within IFM. We always done this. We will continue to do it. We also want to continue to have new sales within the single service areas, and each of these buckets we will come back to during the day what we're gonna do to make that happen. Add on sales. That's sales to customers we already have, and we have 18,000 customers, as I spoke about, and my perception is that I think our competitors are better than us at this. Having a culture where everyone is a salesman who sells to those 18,000 customers, there's a lot we can do here. On top of that you can find M&A, and this is the reason why we reinforced our targets, today or restated or reiterated our targets today. This can be done. We know what to do, but we're not there yet, and we want to talk today about how we're gonna get there. Now, these are three areas that relates to growth, to which markets to play, position and so on, but there's a fourth area that we focus a lot on at the moment. That is our operating model. Let's look a little bit on how we are now refining our operating model to capture this opportunity. We used to be a business that had the DNA of coming out of large IFM contracts, few contracts. Each was a large contract that had a company within the company approach, its own P&L, very decentralized. Now, that's our DNA, but with our successful growth of the number of customers, with our successful growth with the number of employees, we have created a completely new company that's much bigger and we think better, but that has very high volumes running through the business. These are some key metrics that we often talk about to kind of talk about what it is that we want to handle now in our new way of doing business. 20,000 payslips a month, that makes us one of the largest employer in the Nordics. This has been a quite quick journey, so a lot of things in our operating model that needs to adjust to that. Thousands of suppliers because we are very decentralized, so many, many suppliers. We have about 1.5 million invoices running through our systems, and this is also very fragmented, so a lot of complexity to deal with there, with 18,000 customers. Hundreds of IT applications. This is bigger, it's better, but it's also more complicated and it's very process intense and requires our systems to really work in order to be smooth and efficient and capture the opportunity. What is the implication of our operating model? Well, as I said, we came from IFM, where we have fewer contracts that are bigger, complex deliveries on site where we're close to the customer, you can have one strong manager managing all of that. That operating model, we got that pretty well under control and it's good. We've developed that over many years. If we look at the single service, that's a lot of small contracts with lower value per contract, but where you have a route-based kind of delivery model with many, many employees, high headcounts, and you sell that locally. It's a different operating model. We have very satisfied customers. We have very satisfied employees, and we do good business, but the operating model still has some work to do to make it really, really efficient. Here I think we can do some improvements. Now, this relates to some key numbers that I often talk about internally as well. We're paying every year SEK 8 billion in personnel cost and SEK 4 billion in produced goods and services. This is two-thirds of our cost and one-third of our cost, basically. What does this mean then? Well, if we are able to reduce our personnel cost by 1%, that's SEK 80 million bottom line. A small difference can make a huge impact to our business. When I'm out talking to our managers in forums like this, where we gather our employees, I often use the example, if every one of Coor's employees would do 10 minutes more a day that we can charge the customer, that's about a quarter of a billion SEK profit. Everyone can make a difference. We need everyone on board. I come to this from the healthcare sector where we counted every minute, where we had strict control of overtime, of how we had sick leaves, of which collective bargaining agreement was used, if we scheduled someone on a Saturday or on a Friday. Here, I think that the FM sector is a little bit behind where the private healthcare sector is. There's a lot to learn from using those methods here. As we talked about, even small changes here can make a very big difference. We're focusing a lot on this. If we look at procurement, my first job was as a procurement consultant who did some procurement projects. I won't say that I'm an expert, but I can say without a doubt that we're not leveraging our scale on procurement. We buy it too decentralized. There's too many suppliers. There's a lot to be done here. I could probably talk about this particular slide for three hours, and you will not want to hear that. What maybe you want to take away is that we're working a lot with this at the moment, focusing on the operational efficiency of Coor, and it comes down to these things. If we are able to be more efficient, we also become more competitive. We can free up resources for other things, such as investments or further improvements or shareholder remuneration. I would like to highlight, I think being a best in class on scheduling, really kind of making sure that we utilize our staff in the right way, keep track of that, keep KPIs, keep the sick leave down, etc. This is really key for us, and there's a lot we're doing with that at the moment. That's not a quick fix because it's cultural, it's systems and so on, but we do a lot here. The other is on procurement, where we just recently launched a Nordic procurement organization, and they have the job to do a lot of the things that are on this list. In the interest of time, I will not go to the details here. I will say that given these SEK 8 billion and the SEK 4 billion and what we saw before, 1.5 million invoices, 18,000 employees. There are so many processes, so many transactions flowing through this, many systems. It's perfect fit for AI. We can really use that. We have started a number of AI projects and started AI agents that can manage this complexity. We are going to meet two of our new AI colleagues, Adde, who works at our security company, Addici, and Geoffrey, who works in our property business, matching customer orders to invoices to customer contracts. We will take a look at that. Hi. Today we will introduce you to two of our digital colleagues, Geoffrey and Adde. They are AI agents that has been onboarded in different parts of our organization. Hi, I'm Geoffrey. I'm an AI agent and member of the Ops Center team, here to help evaluate and register your incoming service requests. I read every incoming email to see if I'm ready to handle it. I'm learning fast and constantly improving how I identify complete information for Maximo registration. Once a request is validated, I register it in Maximo instantly. This spares my human colleagues from hours of tedious, time-consuming copy-paste work. I'm so excited to be here at Coor and supporting my team to handle tens of thousands of requests every year. I could talk forever about my job, but instead, let me introduce my AI colleague, Adde. Take it away, buddy. Adde works in Addici, and his main objective is to create work orders and invoice drafts based on guard reports. When I receive one of these guard reports, I'll register it right away in Microsoft Dynamics. I analyze the reports, check the price list for the right products, and calculate prices based on the service and exactly how long the alarm response took. Luckily, my attention to details is one of my strengths. Recently, I made sure we charged an extra SEK 2.45 for work during unsocial hours. I'm happy to help my team and look forward to taking on more responsibility as I make a career at Coor. Adde and Geoffrey are both living on Coor's agentic AI platform, together with other AI agents. The platform is set up behind our firewall and allows us to scale agentic AI with confidence. We are excited to see what the future holds for Adde, Geoffrey, and the rest of our digital workforce. Thank you for tuning in. All right. Cool. I look forward to working with Adde and Geoffrey, and we have half a dozen other AI agents. As we said, they mentioned just in passing, they process tens of thousands of work orders, and they match it to the correct invoice number and to the correct customer agreement, so we charge exactly the right price, which has been done manually before. As you can imagine, quite a bit of room for error in such volumes. A really, really great fit for us. Looking forward to that. Tech is a great help for us, but in the end, we are also a people business. A strong culture, leadership is super important for us, and we spend a lot of time with that. First of all, I think the operational efficiency mindset, where we talked every minute counts, keeping track of these operational KPIs, keep a super tight follow-up. This is a culture that we want to and need to reinforce. You will hear from my colleagues later how we're working with this. Now, sales culture at all levels, the same thing there. We think, and it's probably the most common thing I say when I'm out visiting our teams, everyone's a salesman. I think in the beginning, that was something a lot of people felt a little bit uncomfortable. Now it's really catching on, and we will hear later from some of my colleagues of how we work with that. Thirdly, if you're a manager in an operations-intense business like ours, we need to be close to our customers, really close to our employees, and really close to our numbers. It's easy to get distracted by everything else that's going on, but the leadership model that helps us focus there. We have a concept that we call Tett På that comes from our Norwegian business, and we'll hear more about later. Really reinforcing this culture is something we work a lot with in order to capture these small improvements everywhere that will make the difference for us. Now, from a governance perspective, in an operationally intense people business where we're going through a lot of change, the ability to execute is key. I've been doing quite a few changes since I came in to help the organization to become simpler. We flattened the organization. We have fewer layers of management. We working very hard to make our processes simpler, to enable us to focus on sales and focus on customers. Now, we also work to streamline our organizations, make quicker decisions, and focus on these SEK 8 billion and SEK 4 billion to focus on our cost control. Increase accountability. I think ownership and creating a clear ownership of who owns the business in a complex matrix model like this is super important. I believe that ownership creates engagement, which can create change, and it creates performance. Ensuring that it's clear who's responsible, something we worked a lot with. Aligning leadership with operations. We have moved staff functions into the business or up to the group, but out closer to the business, fewer layers of overhead. We also made changes to the executive structure. Historically, we have had Sweden as kind of a group within the group that had 50% of the revenue and much more of the profit with its own overhead. I've moved the big Swedish business areas now to report straight into group, creating a much flatter structure, moved management closer to the business, created much more focus on operations, on sales, on the business in the management agenda. This is probably it's the biggest reorganization done in Coor for many years, maybe ever. We have done that during this year, sorry, last year. Also in 2025, we made a rather large cost reduction program where we decreased overheads in group and in the countries. This has enabled us to have more focus on sales and more focus on operations. We've also strengthened the management team. We have three new recruits. They are all recruited because they come from margin-focused businesses. They come from tender-based businesses. They are all about operations and people and commercial mindset. First of all, to the left, we have our new CFO, Patrik. We really love Daniel, but he's unfortunately an interim, so we have to find a permanent solution. Patrik comes from a background within tender-based businesses. He's super KPI-driven, has an experience both from private equity and from listed companies. Really looking forward to him joining. We have Silke, who comes to us from Toyota. She brings a lot of experience with international companies, HR and communications in combination, expert change leadership, tech digitalization, and of course, the change leadership piece I think for us will be something that we need to focus on a lot. Then last but not least, we have Joar, who will join us as head of property. Joar is with us here, so say hello to Joar. He brings a deep expertise from a long career in property services, both in Sweden, in the Nordics, throughout Europe and beyond. I think these are people that will bring experience that will help us to deliver on our ambitions. Summarizing a little bit of this, Coor, I think we have a really attractive exposure to the growing IFM market. There's a large and fragmented cleaning and property market to be addressed. It's a really attractive position. We want to maintain and strengthen our IFM position. We want to do that by retaining many customers we have, strengthening our single service expertise to really support our IFM customers, and to continue to lead the IFM market. We want to continue our expansion in cleaning and in property, building density, building deeper expertise, building regional density. We spoke about here at the end, not least, strengthening our operating model, building on our culture, creating the right mindset. If we summarize all of these, I think we have a good platform for growth going forward. We have a plan, and I'm looking forward for you today to hear more from my colleagues to talk more about how this actually plays out in our businesses throughout Coor. With that said, I think we're set for a little bit of a break, and we have a coffee break. How long is it? 2:30. At 2:30 P.M., we will resume the meeting. Thank you very much for listening, and welcome to the coffee break. We have Stine with us. Please, Stine, the scene is yours. Thank you. Welcome back from the break. My name is Stine Solheim, and I'm the president for Coor Norway. I've been in this position since April 2024, so just about two years now. My background is from the gas and oil industry and retail. Used to operating with thousands of employees spread out all over the country, working 24/7 and in a low-margin business, so fairly similar to the business that we're running here. I'm gonna talk about IFM today. I'm gonna talk about IFM in the Nordics, but I'm gonna give you some examples, specifically from the Norwegian business and some of the happenings that has happened over the last 12-18 months. Let's start off by looking at Coor in the IFM market. Afterwards, I'm gonna look at how we are using our strategy now to maintain and strengthen our IFM position. We'll start off by looking at the market. Jens mentioned the market quite briefly, and Ola did as well. It might be a bit repetitive, but I'm gonna flavor it with some examples from IFM. Now, the market is about SEK 25 billion, so it's fairly large market in turnover. There's about 5% increase in the market per year, and we have fairly sort of large and medium-sized companies that enter into these type of contracts. It's a consolidated market, so when we enter into tenders, we tend to meet the same competitors every time. That was the wrong way. When it comes to Coor, we see ourselves as a leading player in this market, and we have a strong and long history in this market. This is where we have our roots, and we have developed together with our customers through the years. When it comes to our offerings, we offer cleaning, property, food and beverage, other services like workplace, et cetera. This is where we are putting together a package that really suits our customers. Ola and Jens explained these are customers who want a variety of services. I think in total, we have more than 100 different type of services that we will offer our IFM customers. We have about 30% market share, and we are about SEK 7.2 billion in revenue, and the market is divided approximately 50% in the Swedish market, and the remaining market is in Denmark and Norway. Now, Finland, as Jens described as well, is a more immature IFM market with only 1%. We have moved from a few large companies as customers to now a much more diversified customer portfolio. Hence, now we have more than 6,700 employees and great employees working in our IFM contracts on a daily basis. What are the benefits for our clients or customers to have an IFM contract? Well, the obvious ones is you get to have one contract and one partner rather than many, and you get to have one system to follow up your contract through. There's also synergies, which makes a cost-efficient contract. Synergies where we can use our customers or our employees to serve different services, which makes the contract cost-efficient, but also the fact that we can have the same quality throughout the contract. That's quite a good benefit for our customer. What I think is maybe the most important benefit for an IFM customer is our ability to develop a contract that really suits our customer's needs. As I said, we have more than probably 100 different services. Here, we really are able to make a good combination of services that fits customers with quite complex needs. Equinor is one example in Norway, a lot of different services. Karolinska here in Sweden is another type of customer who has quite complex deliveries. Now, we have strengthened our IFM service or delivery over the years. Ola mentioned it as well. Through the fact that we have improved our single service delivery, we have also improved our IFM delivery. I would say that specifically, of course, in cleaning and property, which we'll talk more about later, but it's worth mentioning also food and beverage. Specifically in Norway and Denmark, developing the food and beverage segment is extremely important for us to win within IFM. We have invested more in food and beverage as well. Another thing which has strengthened our IFM delivery is how we have developed strategic partnerships, where we're co-designing contracts together with our customers and where we're also putting in place different profit sharing models, for example, setting common KPIs and common targets and common strategies together with our customers. We are able to achieve a lot better outcome of the contract. Ola mentioned it is a mature market, and I think our strength here as well that, as I said, we are able to define strategic contracts, and that gives us a competitive advantage. We are, as I said, getting better and better in the single service delivery. The better we get in cleaning and property, the more competitive we are within IFM. Serving in this market, we are serving a lot of different industries. Ola mentioned this as well. We have the public sector, which is quite large, manufacturing, and energy, of course, as well. We see this market as growing. Jens mentioned the fact that we are seeing customer outsourcing more and more services, and also the fact that single service customers now move into IFM segment. What is sort of the makes us different from our competitors and what are sort of the key top drivers in this market? Price will always be important. It is a low margin business, so price will be important. Our way of optimizing our resource utilizations gives us an advantage, I would say. We have different needs in the different contracts, but our ability to really tailor-made and make bespoke solutions gives us a benefit. Of course, once again, strong service within cleaning and property is an advantage for our delivery. Now, the various industries might look at these top drivers differently. The public sector will for sure value price higher than the other top drivers. While, for example, the energy business will value, for example, health and safety, innovation, and quality a lot higher. There are different drivers for the different industries. We're gonna start looking at the strategic focus we have forward. We can start by looking at three of our areas. I'm looking at this, lost this one. How we're working to maintain and strengthen our leading IFM position. We're gonna start by looking at how to grow in this industry and expand our current customer base. Further look at how we retain and grow with our customers, our existing customer, which is important, and also expand more on operational efficiency and how we are making more efficient deliveries every day to make sure we have a better profitability, but also making sure that we are competitive in the market. Let's start by expanding into the customer base. We are, of course, targeting new customers. This is not something new. We've done this over the years. Here it's all about defining actually our dream customers, and we do this quite a bit, defining a dream customer, and we invite customers to what we would call roundtable events, where we get to know our customers, where we also invite existing customers, and we get to share a bit of experience with how customers are satisfied with Coor and also understanding the needs of our future customers. We are also, as I said, offering better single services. This is one way to win new customers and attract them. There are also elements where we see concept that has worked in Sweden that we're now importing, call it importing, to Norway, Denmark, and Finland. Examples from this is conference centers, which we are in now. There's also commercial restaurants and coffee concepts. We have also the opportunity to target new customers in geographies. One example is Norway, where we have segments or geographies where we have too low market share. An example of this is on the west coast of Norway, Bergen, Stavanger, and also Trondheim. We have a too low market share, and we have hired now more re-sales resources to work in these areas to attract new customers. Of course, we want to work on our win rate. We can have a lot of sales resources, but if we don't win the tenders, it's a bit of a costly operation. We have been working on getting our operational staff working much closer now with our sales staff and also our operational subject matter experts who work in our operational excellence teams. Getting the combination of sales force, operational, staff, and also our subject matter experts working together towards a tender makes us a lot more competitive, we've seen. We've also improved our way of working with strategic partnerships and co-designing strategic partnerships. What we see is the two most recent wins we've had in Norway, we just recently won Jotun and Skagerak. I think this is a combination of us having better expertise in defining strategic partnerships, but we're also taking three different concepts from Sweden into Norway. One is a coffee concept, the other one's, one is the conference center, and also a commercial restaurant. Combining strong single services with new concepts and better skills to co-design contracts together with our customers, we've been able to improve our win rate. That's a great success for us, and we are continuing this now with a lot of tenders going forward. Moving on to working on the customers we already have. Of course, we want to keep the customers we have. That's definitely the best customers to keep growing with. We want to work with them to secure that when they come up for a contract renewal, we have done a lot of great work in the retention process. Retention is part of our daily work. It's not something you do the last month or two years before a contract ends. This is something we work on every day. Getting our sales organization, our head office organization, and of course, our daily day-to-day operating team to work on retention is extremely important. I think here, Ola mentioned it, we have been able to give more mandates, we've been able to energize and, put more, leadership into our team has impacted this area. Now, we can also grow by securing that our customers, buy more of our services. We have a structured program for add-on sales, and this is really understanding what are the needs of our customers. We have so many different concepts and so many different services, that we are able to understand the customer needs, develop together with our customers, and sell more services. All of this is achieved through great leadership of our staff. We are building a lot more, accountability and strengthening our leadership framework to secure that our staff is working on add-on sales and retention every day. There's a few retentions that we've succeeded with recently. Last week we announced that we renewed the contract with Equinor Plants. This is a contract that we had since 2014, and we now are renewing it for another 4 years. This is through a great quality work over the last years, of course, and it's where we have been able to find cost-efficient deliveries and adding value to our customers, both regarding health and safety, cost optimization, and of course, quality and innovation. Supported really by strong efforts in improving our single service delivery through the Equinor contract. Last year, we renewed the Equinor offshore contract, this is for another five years. Within the Nordics, we renewed last year the Telia contract, and just recently as well, Sweden renewed the contract with Vasakronan. We have been successful in achieving the good retention process that we want to achieve, and great dedication, I would say, from the teams across these contracts. Ola mentioned operational efficiency, and there's no difference within the IFM segments. We have been working on operational efficiency, of course, for years, but there are some changes that we're implementing now. Ola talked about workforce management, and this is of course also extremely important for the IFM business. I think in Coor we have a lot of great systems, but what's changing now is that we're using our systems differently. We are adding more KPIs, and we're adding more knowledge to our leaders to use the systems. We're getting more data and getting more quality for everyday managers to manage their business. I think Ola said that if we reduce 1% of the hours spent in our contracts, we will achieve about SEK 80 million in increased EBITDA every year. I have knowledge from my previous roles in retail that if we control every hour and every cost component to a very high degree, you will get a very profitable business, and you have to get a very profitable business. We are then further investing in our leaders to be able to manage with more data. It's a busy day for them, so we have to sort of structure KPIs, structure their knowledge, and structure how they use their every day to manage the business. We have also implemented or founded a new Nordic procurement department. This is where we will renegotiate or negotiate a lot better Nordic agreement for many various concepts and the categories. This will of course hit the IFM segment as well with better margins, but also making Coor more competitive. It's not only to build better margin for Coor, but we need to have cost control also in our procurement to make sure we're competitive in the market. We are working with our leaders to make sure we have compliance to these contracts, structure the procurement process. It's good to have good contracts, but if you don't use them, there's not a lot of value. We're working with our leaderships and systems to ensure compliance. What I've talked about is a few initiatives that we have tested and tried out in Norway last year. Because when we were sort of in December, November 2024, there were some urgent issues that we needed to address in Norway. We needed to grow our top line, we needed to improve our margin, and we needed to improve a few other significant KPIs. We gathered 220 first line managers in an event, in a kickoff in the Gardermoen, in January 2025, and we launched a program called Tett På. This is a program designed for the leaders, our first line managers to be a lot more engaged in the profitability of the contract and understanding the contract a lot better and really taking accountability and responsibility for the results of their own contract. The contract or the program, it's fairly easy. It's being close to the customer, close to the employees, and close to the numbers. This should be a model which support our strategic direction. Being close to the customers, well, what does that mean? Well, it means, of course, to have a regular dialogue with your customer, to understand the customer needs, to focus on your top line, to focus on your margin, focus on are we invoicing correctly? Are we indexing the contract correctly? A lot of details. Of course, also securing that we have satisfied customers with high customer satisfaction. Now being close to employees, that means having regular one-to-ones, being close to sick leave and planning the hours correctly, securing that our staff have the right competence to do the jobs, and of course, securing that we have high employee satisfaction and as well as having good statistics related to that nobody gets hurt in Coor at work. Supporting this, we added some more KPIs, some more numbers, some more knowledge to how you can control your contract and how to see the results of your contract on a day-to-day basis. This is an easy model that you can tailor the way you want to as a leader because every contract has different challenges. It might sound like this is an obvious thing that you would expect of every leader on a day-to-day basis, but keep in mind that our first line managers, they are very operational. They don't sit at their desk eight hours a day. They are out in the business and they get probably hundreds of requests every day. They might be managing 20, 30, 40 employees and they have customers who come and request something on a day-to-day basis. This program put in place a more structured way for our leaders to manage their business, making sure that they focus on the right details, giving them a tool to manage the profitability on a day-to-day basis. It's easy for me sitting in my desk controlling the business on a day-to-day basis, but it's much more difficult for our operational first line managers who are out there through a really busy day. What did this give us? Well, at the end of the day, at the end of 2025, we did see an increase in our revenue. We did see improved margins across all business units and we saw increase in customer satisfaction, which is also very good, and even increase in employee satisfaction. I think this really energized our first line manager. They felt that they got more accountability, responsibility and a lot more mandate to basically operate their contract. Now, we have now implemented this program in the Nordics and you see a picture here of Ola who's presenting at an event in January this year, or sorry, November in 2025, presenting the Tett På program to the rest of the countries. We're now rolling out the program and giving a lot more mandate to our first line manager, giving them a lot more tools, at least to control their business. We really look forward to seeing the continued journey through this program. I think it's a great leadership program that everybody can feel energized about. Now, just a few summaries. I think we are well positioned within the IFM business. It's a consolidated and growing market. It's nice to be in a growing market. We are, as I explained, working a lot on improving our efficiency and operational efficiency in many layers and we're getting more leaders, as I said, to lead towards the future growth, both regarding improving our profitability but also improving retention and improving customer satisfaction. We are here to lead the IFM market and leverage strategic partnerships to drive customer growth forward. This is a little bit about IFM. It's a growing market as we said and there's a lot of opportunities for Coor to further grow in this area. Thank you. Thank you, Stine. Before we go forward, I just have one question because both you and Ola talked about the importance of retention. Can you just elaborate a bit more on how you do that? It's important but what is it exactly you do to keep them? Well, retention is a program or activities that we do throughout a contract period of course and it's activities that our first line managers are operating on, but it's also our contract managers who are following a structure program and we have our Contract Management Excellence program and Contract Management's Toolbook and Retention Toolbook. It's a structure program that we actually help our leaders in all areas of the organization to work on. For me as well, retention is part of my day-to-day job. I visit a lot of customers regularly to understand their satisfaction and their future needs. Ola is also visiting Norwegian customers to follow up on this. This is a culture that is embedded in everyone in the organization. Just as Ola said that everyone's a salesman, everyone is working with retention as well in a structured way through our various playbooks and process and procedures. I'd love to retain you here and keep you here, but I have to let you go. Okay. Thank you very much. We will now go into cleaning and I welcome Charlotte. Please, the scene is yours. Thank you. Hi everybody, my name is Charlotte Almberg and I will say hi also to the streamers. I heard that there were about 90 people online so that's fun also. I am the Business Area President for cleaning in Sweden. I've been with Coor since the year 2000 and was a part of the outsourcing from Ericsson to Skanska FM at the time. I've been a part of the IFM business for a long time working on Scandinavian level, also lived in Norway for four years in Stavanger working with Equinor. Since the last 7 years I've been with the cleaning business that has been growing rapidly and I must say this has been the most fun I have been doing at Coor so I'm really happy to be here. I'm gonna deep dive or give you a glimpse, I would say. Cleaning is much, so much more than I gonna present here today. I'm gonna show you. You're gonna recognize the themes that go through the presentations here today. I'm also gonna talk operational efficiency and how we're gonna scale up sales and things like that. We're gonna start with an outlook on the market. Coming up now in April, we have the biggest trade fair in the world are taking place in Amsterdam. It's called Interclean. It's about cleaning for a couple of days. We are of course gonna participate there to understand what's developing. Three impacts that we have taken from the program so far. Sustainable and eco-label cleaning, that is gonna be more and more a standard even for the small customers. I would say also, you maybe didn't know, but a part of course cleaning operations was the first to be given the Svanenmärkning in Norden. Now almost all the cleaning operations has that label. That's really important. Another impact is of course the digitalization. You have the data-driven cleaning, which is about collecting data and more cleaning on demand than fixed scheduling. We have automation, and we have robots. But still, even if you have these technical devices, you still need people. I guess more skilled people to make the analysis of the data-driven analysis you need to do and also handling the robots. There's still a people-led future that we have to, don't forget. Looking at the cleaning markets, Jens has shown us some figures, and I'm just gonna emphasize it here. The cleaning market in the Nordic, it's around SEK 85 billion. We have a 3% growth every year. It's more, much more small and medium customer segments than in comparison to IFM. We also heard it's a very fragmented market. There's a lot of players, which means a lot of competition, but also opportunities for M&As. That's good. How Coor entered the market. I mean, we have always provided cleaning in our IFM contracts, but then with subcontractors. In 2012, we decided to carry on the cleaning in-house. It was a bit tough in the beginning to gain trust that Coor really is able to deliver cleaning, even though we hired, of course, skilled staff. It was a bit of a struggle in the beginning. We described it as cleaning the Coor way, and that's a concept that we're still working on and evaluate and develop over time. The expansion came also organically, with a lot of these acquisitions that Ola showed you here earlier. These acquisitions, as Ola said, have been very good. They have been on the business case. As I can see it, operating the business, we have gained not only geographical density, we have a lot of competence and skills from those acquisitions. I would say also, when we look at them now, it's been 5 in Sweden. Almost every manager is still in this operation in Coor. They're still with Coor. That's, I think it's a good sign that we're taking care of the acquired companies. Being so big, it's of course important to start to work more systematically. We have also implemented a couple of great systems, and in that way, also professionalized our services. That means that we are really in a good shape to grow further here in 2026 going on. Looking at Coor then, we are the leading Nordic cleaning provider. We have a wide range of services, and we have 6% of the market share, which means that we can grab even more. We can really grow. 8,000 customers, more than 8,000 customers, I would say, and around 8,000 employees. That looks maybe like we have sort of made up those figures, 8,000 and 8,000s, but they are really calculated. Then you can figure it out that we have a lot of small customers. I will get back to that. Square meters, we talk oftentimes about square meters in the cleaning business, and we have, in the Nordics, we're cleaning 520 million square meters per year. I amuse myself by calculating what that would be in meters or laps around the world, and it's 13 laps around the world. That's quite a large number. We are also having a wide range of service offering. Of course, some of this has come with the acquisitions that we have made, but a lot of it we also developed over time by customer demands, really, in the offerings that we have. We have the service, regular basic cleaning, also periodically cleaning, which is more window cleaning and maintenance, floor maintenance, and deep cleaning. We have also the data-driven cleaning, as I talked about before. That means that we are cleaning when and where it is needed. Sensors tell us how often facilities are used, when the toilet paper runs out, or when the waste bin is full. Then we can plan the scheduling more after demand than a fixed schedule. We also have specialized cleaning, which is more than in industrial cleaning. That's more heavy duty, lot of machines, industrial environmental. We have high level access cleaning, working with stairways and platforms reaching difficult areas. Another big area that's coming more and more, it's the hygiene cleaning, for example, in clean room, nuclear plants and pharmaceutical manufacturing, and of course the healthcare cleaning within hospitals. Here you can see also the spread of the cleaning operations in Coor between the countries. It's very similar to Coor in general, so we have a good platform in all countries. I would like also to tell you this, there's a good collaboration between the cleaning operations in the different countries. We share knowledge, best practice, and I will come back to that. Something I'm really proud of. Going further, looking at the customer portfolio, it's diversified over segments, and you can see here the small and the large are the biggest one. One can wonder about the small customers, but I'm really proud of having a lot of small customers. It makes the portfolio kind of stable. Even if we lose a small customer, it doesn't matter that much, if you know what I'm meaning. It's also easier to gain add-on new customers. The startup is the less effort, and also the integration is not so heavy compared to middle or large customers. The large part here is of course mostly IFM, and they can be combined on a large site, or they can be spread on very many locations over the countries. It differs a bit. Our customers, they operate in different facilities. You have hospitals, offices, energy plants, schools, ski resorts, warehouses, prisons, stores, and so on. Therefore, also our delivery model is different. If we take schools and ski resorts and stores, for example, it means that you have people moving between several locations over time, then you need to be really good at, team patrolling and have a good logistics. We have a customer satisfaction index on 74. I think it's a bit higher, Stina, than IFM. That's nice. We have a strong presence and a good density in the market and also, customers that appreciate our services. It's really, really good opportunity to grow. Let's look into that. I'm gonna talk now about how we drive organic growth, how we keep track systematic cost control, and also how we build engagement at all levels in the organization. We really have a good platform to scale up and are ready to grow. Of course it's easier to be building in existing areas that we already are. You can also take advantage of the synergies. That's really good. We always also want to scale and strengthen our sales expertise, and that we have to have locally. It's really important to know the market, to know the competitors, and also be able to be in the networks locally and build relationships over time. Add-on sales is another area. There we are mobilizing all our employees to drive add-on sales. I mean, they meet the customers every day together with the managers. They see what's needed to be done and can also suggest to the customers and grasp the opportunities. In Sweden, we have what do I say? We've founded this sort of a mindset with the wording "Toppa Säljet," sort of be, that's add-on sales really. And it, that's about don't make it so hard to sell. You don't have to be a salesman. I mean, our first line managers, they are experts on cleaning. They know what people, what customers need. It's really about having customer meetings and discuss and go through the premises, and also then suggest, dare to suggest, "Okay, here we need to have some deep cleaning, and here we have to have window cleaning," for example. I have two line managers in Örnsköldsvik up in Sweden. They took each other and said, "Now, okay, let's go out, meet 5 customers." They came home with 5 new assignments, so it doesn't have to be so hard. We also focus on retention of course, and since we have so many customers, we are now working with something called a customer care model that helps the first line manager by different criteria to put the right attention to the customers that brings value to Coor and the other way around. You don't go to any customers or just the only customers that shout out the loudest. Sometimes that also happen. Going over to efficiency that we heard about. This is almost the same themes here, of course. I start from the bottom. Organizational blueprint, it's really important to have a organizational build model since you're scaling up in this pace that we have done. It's important to have been able to scale up and scale down. For the cleaning businesses, the geographical organization is the most beneficial. You get the synergies in the deliveries. We have the delivery organization geographically placed out, and if you have a customer locally, fine, then you have the delivery manager and the customer, that's the same person taking care of the customers. If you have customers that are spread all over the nation, then you have another layer with customer representative who takes care of the customer. Then you get both focus, customer and delivery. That's also the way we play together with the IFM contracts. I told you before also we have implemented good tools. Now we have to make it even more easy to bring out the data, given a dashboard, for example, for the first line manager to be able to every day make good decisions, how the planned hours look, how's the sick leave looks, and so on. Every week we are reviewing the operations by checking out that invoices have been made, that all the time is registered, and so on. That's about being so this is about sending message to boost and encourage and be able to answer questions as I said, and also getting through the language barriers. I mean, with a lot of people in my organization that comes from another country, doesn't speak Swedish very well, that goes for both line managers and employees, cleaners, so this is a great tool for that. I thought now that you are gonna watch the AI twin, Charlotte. Here we go. Hi. I am the digital version of Charlotte. I am her on a good day and always available to all our employees. When Charlotte started at Coor, we didn't have cleaning in-house. Since then, we have made a tremendous journey, and today we are 8,000 employees across the Nordics. I am proud that the majority of our employees are first-generation immigrants and how this contributes to both Coor and our society, but it also comes with language barriers. Our leaders do a terrific job every day to make the strategy accessible. I mean, That was the end of it. Okay. Yeah. That was the first pilot version, so okay, key takeaways. Drive organic growth, really important. We're gonna do that with increased sales skills and expertise and resources locally. We also gonna work on add-on sales with the first-line managers that we have. Focusing on systematic control with dashboards for the first-line managers, really important also with the workforce management. Building engagement at all levels through culture, strategy, and AI, Charlotte, the twin. Here you can see an affirmation that we use in Sweden called, "Steppa upp, toppa säljet, öva tett på." That's a combination of the thing, the mindset we will have in the organization. Then I think I have another picture. Yeah. What I would like for you to bring along is the significant growth opportunities we have in the cleaning market, that we are gonna boost the local sales capacity and strengthen the sales culture. Everybody can be a salesman or woman. It's not so hard. Workforce management is really crucial when you have so many employees, and there's so many working hours. Also to get more leaders to be involved and engaged and going towards the future so we can grow profitably. Thank you. Thank you, Charlotte. You talked a bit about operational efficiency. Ola said he could talk three hours about operational efficiency. You have 8,000 employees, so I guess you could do a lot in that area. Yeah. Tell me, what do you do? This is an example of the collaboration between the Nordic countries. Being very skilled in scheduling is important, and that's been done in Denmark for a long time, so we are looking at that and sort of implement it also in Sweden. Whereas in Sweden, we are looking at having a longer period for scheduling, so now we're implementing four months instead of four weeks. This means that the cleaner can work not over the top, I'm not talking about that, but they can work much more hours in January, for example, if it's needed, and there's less hours in February. When the four months is concluded, then the time has even out. You don't have to pay overtime and things like that, and it's also flexible for the cleaners. I know that you have a weekly review, so if they don't work in April, how? No, I'm just kidding. Tell me about- Yeah The weekly review because that's also one of your tools. Yeah, that's true, and that's really something that we adopted from one of the acquisitions that we made. They had a weekly review called Tisdagsrutinen, and then you go through, check that every hour is signed from the manager and the employees has registered the time, that all the invoicing of the assignment has been done, that the supplier invoices are checked, and so on. We call it the Tisdagsrutinen, and it's mandate for every first-line managers. You can feel like, "Okay, now it's Tuesday. Now we're doing." We are 200 managers working with that just on this Tuesday, so that's also creates commitment and accountability. Accountability down to the nitty-gritty. Yeah. That's good. Yeah. Thank you very much, Charlotte. Thank you. Now we will continue into property, and for that, we have Ola on stage again, please. Thank you. All right. I'm back, and thank you, Charlotte and Stina, and really great presentations. I'm here to talk a little bit about our property segment. If this, or hopefully when this event happens again in the near future, we will have Joar on stage talking about this. Since he hasn't joined, I will share some of our thoughts about what we're doing at the moment. First, what's our position in the market? Then, how are we gonna capture the opportunity that we already talked about exists in this market? Key takeaways. Core in the property market, it's once again SEK 150 billion business, 3% market growth, with. Basically, every conceivable type of customer could buy these services. As long as you have a real estate or property, you need to maintain it, you need to take care of it. It's a very mixed bag, from the smallest customer to the biggest, which need these services. The supplier base is super fragmented. The property market is growing, and just like the IFM market has developed over time, this is a market where there is so many things going on. It's increasingly becoming much more advanced. If you take a building like the one we're in at the moment, we have here all these sensors all across the building, automated systems that control everything that's going on, energy efficient solutions that automatically regulates the heating system. We have all these trackers of sustainability measures, carbon dioxide. This whole house is essentially just like a wired computer. That's what it looks like in many, many modern buildings, which is very different from 20 years ago when you could bring a screwdriver and fix what's wrong in the building. Today, it's something completely different. This is also reinforced by many macroeconomic trends where we see rising energy costs. The whole idea of making sure that the buildings are energy efficient is a big, big factor for many of our customers. Once again, the digitalization, we've seen it in cleaning, we've seen it in IFM, and not least in this part of the market. Sustainability. We have not talked that much about sustainability in this presentation, but it's something that we spend a lot of time on. It's very important to our customers. We have been leading the way in the sustainability work in our sector, and we remain very committed to those targets. It's something that our customers really value. They love to outsource that work to us as well, by the way. It's a good competitive advantage to be good at that. Stricter regulation and compliance that applies to everything from sustainability to security measures to reports and follow-ups and so on. Once again, something that affects everyone who owns a piece of real estate. Of course, the inflation with the rising construction prices, replacement barriers, et cetera, makes maintenance more and more important. Many things go on in the market that makes the property service business very interesting to be in. Now we're gonna go back a little bit, to see if you remember from Jens' slides here before. Basically, if we see the property market in three pieces. First of all, there's one where there's property services that are embedded in a bigger service contract, so property inside an IFM contract. For example, this one that we're in right now at the moment. This is a market that's about SEK 10 billion, where we have a strong position. That is often quite sophisticated customers, quite sophisticated services, where we have a strong position. Now, then there's a single property contract, which is only about property, but that could be to a very large customer, where we have on-site delivery. That could be a hospital where we manage the facility, for example. We have the third part of the market, which is probably the biggest, where we service many customers that cannot have a full-time service technician, but where we travel around, we do a route to service. This is probably the biggest part of the market. Together, the two bottom ones are about SEK 140 billion, so it's a very, very significant market. In the single service, a little bit larger, we have a sizable business. On the smaller route based, it's a smaller part of our business. We'll get back to the opportunity here. We see also on the right that we have a little bit different presence in the different markets on these sites. The IFM contracts we have everywhere. We're good at that. The further down you go, the more it's concentrated to the Swedish market, basically. We are an established provider in this market. We have about SEK 3.5 billion in sales in property services, which gives us a very small market share. That's 2%. As we saw before, it's a very fragmented market where not many players have a particularly big market share. Inside these services are, of course, you know, fixing things that are wrong, maintenance, and so on. It's these days, it's much more about kind of managing the entire life cycle of the building with the technical asset management, keeping track of what is in that building, what has been replaced, what has not been replaced, and project manage bigger changes. Working with energy optimization, specialized maintenance, preventive maintenance. It is a quite sophisticated service. As has been referred to here a couple of times, this is what you sometimes read about as PropTech. 15 million sq m is what we manage. I haven't calculated how many laps around the world that is, but it is quite a lot. We're also serving a very broad customer base. We're in industrial sites, we're in office buildings, of course, but also hospitals, warehouse and logistics. This means that we serve some of the most advanced customers there is, which gives us very strong capabilities within this area. This is an opportunity, a fragmented market, but we have very strong capabilities, work with the biggest, most sophisticated customers, but not the other ones. It is an opportunity. We think that there are four areas that we can work with to address this potential. First of all, this is a density business, just like the cleaning business. If you have a hub, if you have a presence in a city or a region, you can service many customers. Driving that density in particular areas. This is much more technical. Having a technical expertise is a key to gain new customers. Increasing our technical expertise gradually as we grow will be an important measure for us. Sales capacity, we have strong capabilities. We have customers, we have presence, but we have not very many sales resources in this area. Here is something that we can do. We do a lot of great work in the Swedish market where we have fragments of that in the Danish and Norwegian market where we can do more. These are four of the areas that we're gonna work with. Let me start by the first one, accelerate the density, the density-driven growth. We have these large customers, usually in IFM contracts. We can from them expand into adjacent geographical areas in regional markets. This enables us to increase the in-house deliveries also within these contracts that we already have and penetrate local markets because we can go to the neighbor to the hospital to offer exactly the same service. Usually they have a lower technical demand than what those advanced customers that we're already serving have. I would like to invite to the stage, my colleague, Marcus, who is heading up one of these hubs in our Western Swedish business unit. Welcome to the stage, Marcus. Thank you, Ola. Hello, everyone. My name is Marcus Danielsson, and I work as a Business Unit President within Coor. I'm based in Gothenburg, and I'm here to share how we do this in my business unit. We work across all these three segments that Ola has been talking about. In my role, I manage large complex IFM accounts where we have a part of the business is property services embedded within these contracts. We do as well have on-site single service property customers, as well as these, hub customers, as we call them, smaller customers that are spread across the region. If I look at my client base, it consists mainly of large industrial clients. We have Volvo Cars as a customer. We have Saab within the defense industry. GKN, formerly known as, Volvo Aero, they produce components for, aircraft engines. We have Borealis, which is a petrochemical industry. Big industrial clients that are demanding and where we deliver a full scope of both hard and soft services within this contract. We have as well the single service on-site, like I said, and the hub-based customers. What do we get when we combine these three segments? Well, we can create density within the region. With density, we can build technical capacity and competence. That in turn can let us improve the profit margins. We don't need to give away profit to our sub-suppliers if we can do the services ourselves. We also can boost our competitiveness when tendering for new business. We can lower the cost base if we do the services ourselves. We can then offer lower price to our customers and be more competitive. We can also boost sales both within our existing customer base, but also with new customers in the region. We see typically that when we have the competence, when we have the specialists, we have the project leaders, we put them in front of the customer, we're much more likely to be awarded with the business when they can sort of trust that we can do this technical project for them, or we can manage this complex installation, rather than trying to sell something where we don't have the competencies and then try to procure the competencies. Actually bringing our staff that are very specialized and very skilled in front of the customers gives us the opportunity to grow the business. We will look at a little bit more detail into specifically the area of Gothenburg. In the area of Gothenburg, the major customer that we have there is Volvo Cars. It's a full scope IFM delivery, quite complex agreement, high demands on efficiency, on innovation, et cetera. They're really pushing us on developing these services. Also when you're looking at the property scope, we are, I mean, basically taking care of all the maintenance related to Volvo Cars properties. We in-house have pretty much all the competence that we need to deliver these services. We have electricians, we have specialists within heating, ventilation, cooling. We have asset managers, we have experts within energy optimization, product leaders, et cetera. As you can see on the numbers there, we have around 100 technicians. I mean, that creates a really good base for us, and we can leverage that base to sell to the other customers in the region. If we move on to this single service on-site property services then, in this case, the example is the Port of Gothenburg. It's the biggest port in the Nordics. Still on a scale that is smaller than the Volvo Cars account. It's more of a traditional agreement. We do property maintenance and project work for this customer. We really see that there is growth potential when it comes to the project volumes. Again, putting the right resources, getting the right project leader that we can build trust in, we can really grow our project volume with the existing customer base. If we then look at the last segment, this hub-based smaller customers that are spread across the region, they're typically smaller. We might have a base agreement where we do some inspection rounds, some basic maintenance. We might do projects like smaller installations, refurbishments, relocations, stuff like this. Like Ola was talking, you were shown a slide before, we have a really low market penetration in the for this type of customers. I mean, we come from a history where we have focused on big outsourcing deals, but this is a total different type of customer. We need to be out there and doing local sales. Again, it really benefits us when we can put the competencies and the capabilities that we have and prove that we have it in the region to be able to sell to these customers. If you look at these volumes that we can grow in terms of project volumes and also add-ons, there is, of course, a balance. Project volumes are not guaranteed. The volume goes up and down. What we really can benefit from when working across these different segments is that not only can we benefit from having the competencies on the large customer servicing the smaller customers, but balancing the demand when there is not project work to be done in the smaller segments, we can use those resources in the bigger deliveries. We can insource even more of the services, or we can take on project volumes for the bigger customers. We can kind of even out and be a little more aggressive on the level of own staff that we have because, of course, we need to be able to make that staff chargeable. If not, then it's gonna impact our bottom line. I think the key takeaway here is that there is growth opportunities for us if we target these kind of local sales in a more focused way, I would say. I mean, looking in the port area where there are other companies operating, looking in the same industrial park where we already are, and leveraging the capability and the competence that we have. All right. Thank you, Marcus. Thank you, Ola. Really good example. Thank you. All right, I think that gives some more meat to the bone on those, on exactly what we mean when we say density-driven growth. Just to reinforce what you're already been saying, I'm gonna run through this a little bit, but should we be able to grow the local presence, we can also get more technical experts, build deep expertise. Here are some of the key markets that we've been looking at. These are some of the key skills. It could be electricians, it could be energy, it could be ventilation. These are some of the areas that we're looking at, and we have a very long list of potential acquisition targets and potential customers to work within these areas. If we do that, we can, as Marcus described, replace outsourced services with in-house delivery. There are several different benefits from this. Now, looking at the sales capacity, as Marcus said, it is a slightly different sell to sell to the local businesses, but there is also a strength when we offer to larger customers that we have this local expertise in place. It really reinforces each other, both large and small customers. Boost our market presence, be better at the local bids, strengthen the sales culture in the local market, and this comes back to what Charlotte was talking about. This needs to be an ownership owned by the local management, in this case, in the Gothenburg region, to build the contact to be Mr. Property or Mrs. Property in that area. We need to make a little bit simpler to sell these type of services because we are used to the big IFM contracts where we tailor-make everything for every customer. If we're gonna sell this at scale, we need to be a little bit more kinda prepackaged, make it easy to sell and buy. We need to have a little bit more resources locally to sell. The fourth one, which we spoke about is we saw the flags on the initial picture here, that we are strong within the IFM property segment in all of our markets. Moving down to the single service and then to the hub-based, there is the potential to do this, particularly in Denmark and in Norway, where we have a little bit less of a presence in that type of service. We have also there the technical capabilities. Expanding within the existing customer base, we have 18,000 customers. It's a long list to start calling to serve them also on the property area. The key takeaways from this property section is really that there's a large untapped potential in the property market. We have an existing customer base, we have existing capabilities that we can leverage and create density, which in turn create a good business for us. Technical capabilities here, super important, and we want to build scale to get the technical capabilities that can sell more to get more scale. That's the positive cycle that we want to build. Increase sales, we need to have probably have a little bit more sales resources within this area, but also get more people that are in the business to sell. Then Norway and Denmark, we spoke a little bit about. These are some of the key takeaways from this section. Thank you. Thank you very much, Ola. Thank you very much. Now we'll have a really short break, a bensträckare, as we say in Swedish. We'll have five minutes and be back at 3:45 P.M. for financials. Thank you. Thank you. Welcome back. We will now, finally for some of us, go into the financials, and we will be guided by Daniel, please. We will talk now a little bit more on the financials, and we've been through, earlier today, quite a lot of presentation. I hope you still have a little bit of energy left for this topic. We talked about market, we talked about our strategy. We've done a little bit of deep dives into the big business units that we have in IFM, in cleaning and in property services. In this section, we will start by looking a little bit in the rearview mirror about our financial performance over the last five years. We will then turn to our financial targets, and we are reiterating and confirming our existing financial targets. Then we will talk about capital allocation priorities and what you as investors in Coor should be expecting from us going forward. If we start with the financial overview. I think one of the aspects of Coor, which is very important, is that it's a contract-based business, so we have long-term contracts with our customers. There is demand for different services, and when we looked at the market, we can see that the market is a quite stable market, growing 2%-3% in totality. We have stability in our business as well in the sense that 65% of our revenue really comes from subscription revenues, and then 35% is more variable with our existing customers. Over this period of the last 5 years, we've been growing 5.4% CAGR. That is a combination of both organic growth, but also acquisitions, in particular in the first 3 years of this period. We have actually not done any acquisitions in 2024 and 2025. When it comes to organic growth, we have grown a little bit more variable over the different years. We have a target of growing 4%-5% over our business cycle, and as you can see, we have not been there in the late part of this period, but we've been there as late as 2022 when we were growing 5%. I think we are encouraged by the fact that we are now back on organic growth, and we were growing 2% in 2025. If we look at throughout this period, we estimated that the market has been growing for 2%, which gives maybe some perspective on our growth targets. We also lost some relatively large contracts in the first three years of this period, and we were then able to actually offset that loss in turnover and in profitability through this combination of organic growth and M&A. If we then turn to how should we then be growing? Well, I think Ola was introducing this slide to talk about what should we now do in order to grow 4%-5%, and this is one of the areas where we still have work to do. There is churn in this business, and we come from a period where we have high retention levels. We retain our contracts, and we just heard that we have contracts that we've renewed that we have had for over 10 years. That's not that typical. That's something that is relatively common in our business, that we have long contracts and that we are able to retain them when they are extended. We want to grow our sales both in IFM, the Integrated Facility Management business, and as Jens was saying, that's a market that is a smaller part of the total market, but it grows 5% per year. We want to grow in particular in cleaning and property services when it comes to single services. With our existing customers, we want to be even a little bit sharper when it comes on add-on sales. I'll come back a little bit to M&A, but that is an additional growth driver in addition to the organic growth drivers that we can also utilize. If we then turn to margins, we have a target over the midterm to be at around 5.5% adjusted EBITDA margin. We have been there as late as in 2021 and 2022. That's a level which we were at at that period of time. We then got a bit of margin squeeze in 2023 and 2024, and that really comes from the fact that we were replacing some very large and mature contracts with new contracts. There is typically a bit lower margin when you start up new contracts and before you get the full efficiencies in those contracts. I think it's also fair to say that this is a period where we've seen, I would say almost at least in modern history, unprecedented inflation. While we have inflation and cost mitigation clauses in our contracts and indexation in our contracts, there is a bit of a lag before we actually see that we get fully compensated through those inflation. We also more generally saw an increase in our cost base, and that's also why during 2025 we implemented a cost reduction program that were targeting both the group but also in the different business areas. We saw impact from that and saw also an improvement in our profitability in 2025. We returned to 4.8% adjusted EBITDA margin in 2025. Still a bit short of our target of 5.5%, but in the right direction. We operate an asset-light business model, like I would say, most service businesses, so we have also low CapEx needs. CapEx for us is typically about 1% of sales, can vary a little bit year-over-year. The majority of where we are spending our CapEx is in IT systems, so IT and systems, digitalization. There is also some more traditional CapEx when it comes to machinery and equipment in our kitchen and restaurants, but the majority is really in IT and systems. We have a structurally favorable position when it comes to working capital. We have a negative working capital, and that's relatively straightforward in the sense that we receive advance payments on our subscription revenues, and then we pay employees and suppliers after the services have been provided. You can actually see that that's been reasonably consistent, I would say, over this period of time. 2024 was a bit of an outlier where we had worse working capital performance than we're used to, and there was a couple of different reasons for that. One was simply that we had large customers that paid just after the cutoff at year-end. That is obviously something that occasionally can happen, relatively infrequent though, but can happen. We also had some internal problems when it came to integration and system issues that actually made the working capital situation worse in 2024 specifically. We are quite encouraged that we're back on track in 2025, and we've seen a consistent improvement in our working capital back to where we have been historically throughout 2025. That also means when you take into combination all the different measures that I've talked about in the past, that we have strong cash conversion. We define cash conversion as taking our adjusted EBITDA and then deduct the CapEx and working capital. We have a target of staying above 90% in cash conversion, and that is also where we have been historically. 2024 again was an outlier where we had both the situation I described with the working capital but also lower profitability than normal, which in combination gave us a low cash conversion in that year. We saw a very strong return on cash conversion throughout 2025. I don't think you should be expecting 99% cash conversion from us going forward, but structurally, we should be able to deliver on the 90% target. Then finally, when it comes to our balance sheet, we, given the situation with the low cash conversion, we were also a bit too close to our financial target of staying below 3x adjusted EBITDA when it comes to leverage. In 2024, we were a bit on the higher end. I've seen a deleveraging taking place during 2025 to 2.6x. With so high cash conversion, you have a relatively fast deleveraging in this business. That also means that we are in a position now where we can be a bit more forward-leaning when it comes to acquisitions, while we did not do any acquisitions in 2024 and 2025. Very importantly, we also very recently concluded a refinancing of one of our outstanding bonds, and we're very happy with that result. We raised SEK 750 million in a market that I think it's fair to say was quite challenging. We were significantly oversubscribed, and we were also managing to land it at very attractive margins, at 205 basis points above STIBOR, which is something we're very happy about. That also means that we have no maturities until 2028. If we then move from the history into our financial targets and starts by looking at our scorecard, I should say to start with that we are taking the opportunity today to reiterate and confirm our existing financial targets. You will see that we have done a lot of progress, but we have also some areas where we are still not at the level where we want to be. If we move to our scorecard, we have organic growth, where we have a target of 4%-5% over a business cycle. We have been there, for example, in 2025 or even before that. Lately, we have seen lower organic growth. Encouragingly, we return to organic growth in 2025 with 2%, and the overall market, for perspective, is growing around 2% during this period of time. The IFM market growing a little bit faster, and that's also the rationale why we have a slightly higher margin, slightly higher target of 4%-5%. That still means that we need to take market share and grow a little bit faster than the market going forward. On adjusted EBITDA margin, we have, in the midterm, a target of reaching 5.5%. We are making progress on that target, and towards the end of 2028, we reached 4.8%. We have been above and at this level before. If you look at 2021 and 2022, that's a level where we have performed historically. Cash conversion, as I talked, structurally, we have a very positive situation when it comes to working capital and low CapEx needs, and that is also why we have a target of staying above 90%. That in turn means that we can deleverage quite quickly, and that is also why we are comfortable of having leverage up to a level of around three times the adjusted EBITDA, and still returning cash to our shareholders. The target we have says that we will be returning 50% of adjusted net income to our shareholders, but we have also utilized, and the board has utilized the proposal to return more to our shareholders in terms of extra dividends. I've also communicated an intention to look at share buybacks as part of that toolbox to make sure that we optimize the capital structure also going forward. What should you now expect going forward in terms of how we should be reaching these financial targets? Well, organic growth, this is really the key for us to deliver on our financial targets. It's important to recognize that as we grow, we also get scale benefits in our different businesses, and that also obviously has a positive impact on our EBITDA margins. Growing 4-5% per year, that's an ambitious target as the market is growing and expected to grow around 3% going forward. We also see that we have M&A as an additional level that we can utilize to drive growth, but we then need to find the right select opportunities for that. I'll come back to that a bit in the next section. Cost control, I think everyone has recognized that we've been talking a lot about cost and optimizing our labor costs, but also our procured costs. That is clearly very important, getting the full benefit of the good IT systems that we have in place and making sure that we leverage our investments in overhead and group structures. We have a very strong situation in Sweden where we have scale, and that is also one of the key reasons why we have higher profitability in Sweden compared to some of the other markets where we don't have the same scale. Cash conversion, as I was talking about, structurally an important driver for us, and we don't see that is changing, but that we should be able to keep a 90% cash conversion. That also means that we are in a business that can delever reasonably quickly. Staying now at 2.6 times, we have some room to also look at M&A as part of our investments. Then finally, on dividends, Coor has a long history of returning cash to shareholders, and that is something we see as a very important part of our value proposition to our shareholders. We will continue to do that, and utilizing both an ordinary dividend and an extraordinary dividend, but then also look at share buybacks potentially as part of that toolbox. All in all, that leads us into our capital allocation and the choices we have there. If we then look at 2021-2025, we have generated roughly SEK 3 billion of cash from our operations. About SEK half a billion of that has been invested back into the business in terms of CapEx, mostly in IT and systems, but also in some more traditional hard CapEx. SEK 900 million and a little bit more than that has been used for M&A, and that was really in the beginning of the period where we did a lot of M&As. One-point-eight billion has been returned to shareholders. 1.7 in terms of dividends, and then also some smaller share buybacks to address dilution from share-based incentive programs. If we then look at M&A, we have talked about selective M&A, and I think Ola has been talking about it, but Charlotte has also talked about it when we talked about cleaning, that we feel that we have a good track record of doing add-on acquisitions and that we have a platform where we can do add-on acquisitions. We want to expand within our geographical footprint here in the Nordics and very close to our existing businesses. We're talking about building density in our single services, primarily in property, where there is also an important point about adding skills and capabilities, and potentially also in cleaning. We're also looking primarily how we can grow outside of Sweden so that we can get the same or similar scale as we have and are benefiting from in Sweden. Not that frequently, but occasionally that comes up the portfolios of IFM contracts. That is also something we would be looking at if that comes up, but maybe more on an opportunistic level. What should you expect in terms of capital allocation as shareholders, going forward? Well, you should expect more of the same. You should expect us to stay the course. We want to grow our business and hence also grow the cash that we generate. We will be, you know, returning them both in terms of dividends and share buybacks. We feel that we have the room to be a bit more forward-leaning when it comes to M&As, and then the relatively limited CapEx needs that we have for the business. That brings us to the key takeaways for this section. We are reiterating and confirming our financial targets. We want to grow organically across both our IFM and our single service business. Margin expansion will come from a combination of operational efficiencies but also to gain further scale, in particular, when we look at the markets outside of Sweden where we have good scale. Capital allocation will continue to focus on the relatively limited CapEx needed, shareholder remuneration, and then selective M&As while maintaining a healthy balance sheet. Should I hand over to you, Ola, for some conclusions? Yes. Thank you. Thank you, Daniel. All right. We've had after every section, key takeaways. Now we'll try to summarize all of that before we move into a Q&A session. Then after that, the final part, where we would show off some of our showcases to the ones who are physically here. Key takeaways. First of all, we feel that we're well-placed for the future, and I hope that we have shown that to you, to make you as excited about the future as we are. First of all, we have an attractive exposure to the growing IFM market, but also to a fragmented and large cleaning and property market. We want to maintain and strengthen our leadership within the IFM business, that we have to do that through retention of our existing customers, but also by continuing to deepen our single service expertise so that we remain competitive in our offering and continue to lead the development and shaping of the IFM market, as we have done in the past 30 years. We believe in a profitable expansion of cleaning. We are the market leaders there. We can add volume, we can add business there. We think that if we drive that in a thoughtful way, through density and at the same time work with our workforce management, we will be able to continue to grow profitably and continue to make that the great business that it already is. Property, we want to expand within property, both on a regional density play that Marcus described so eloquently, but also through deeper technical expertise. It's big opportunity for us. Drive operational efficiency, we've talked a lot about that, but strengthening our operating model, that is systems, processes, et cetera, combined with the culture and leadership. We spoke a lot about that, and I think that's a key for us. The combination of growth. The combination, if we do all of these things, we're able to combine growth with shareholder returns and selective M&As. We can come to the capital allocation, hopefully, that Daniel described. That is our aim. These are the things that we want for all of you in the room and all of you listening online to bring with you from this day. I hope you have enjoyed our presentations and that you feel that you know a lot more about Coor. It was 10 years since we had a capital markets interaction like this, so hopefully this has given you a lot of updated information about us. Thank you very much for listening, and we'll go into a Q&A session. We'll go into Q&A. We've learned a lot, but we still have a lot of questions. Oh, okay. Daniel- Yes. Please join us on the stage. Of course. We can talk about Coor all day, so. Yeah, I want to start with the elephant in the room, which is not really Coor. It's that there's been a lot of changes in your cap table, and we have a German company called WISAG. Mm-hmm. Yeah. Have you met them? Do you have any comments? We have not met them, and we have not heard anything. We know about as much as anyone who reads Dagens Industri. We have not had any contact with them. We've talked all day about scale is really important for this business. Mm. Mm. Could you see the strategic fit? Well, I think it's hard to comment on at this point, and we really don't want to go into that, I think. It's too soon. Okay. I'll start with some questions for you, Daniel. Your chart of the growth contributors, it was just for illustration, but the churn part. Mm-hmm. That looked relatively small. Could you elaborate on that and how much it is? It obviously varies a bit when you have large contracts. For those of you who have good memory of Coor, you know that we have lost some large contracts in the past. In 2021, 2022, and 2023, there were some relatively large contracts that were being lost. I think we've proven that we can rebuild that top line through both M&A and organic growth. Typically, we have very high retention. If you look over a longer period of time, we are at 80% plus when it comes to retention, which is the way of keeping churn down to a very low level, but there will inevitably be some churn. What makes it a little bit different going forward is that we now have a lot more smaller customers. Some of these contracts, in reality, even if they have fixed end dates, are typically rolled over, and that creates a bit more stability for us going forward. Mm. We have a strong ability to retain our customers, but now and then there will be situations where we lose contracts, but we are then also in a position where we can rebuild that, both through M&A and through organic growth. I'm coming back to the boxes. They are illustrative, but could you give us some type of figure on how much growth you see in the different boxes? I think the combination of these boxes should bring us to the 4%-5% growth per year, which again, if we look at the market growing at 3% means that we need to grow a little bit faster than the market. We are a strong player in IFM, but we want to grow also in IFM. I think disproportionately some of our growth will probably come from the single services simply also because of the fact that we have a very large untapped market, and we have a strong potential to grow even further in cleaning and property. Okay. You have the opportunity to ask in the room and also on the web in the box. Just raise a hand and you will get a microphone. I'll just. Yeah, please. Hello, everyone. Simon Jönsson from ABG. Maybe first of all on the churn that you just talked about here and that there are some of the larger contracts that have been churned out in recent years. Of course, Ola, you were not part of the company then, in most cases. What's your reflection on the bigger contracts that have been churned out and if there are any learnings or how you can minimize larger churn going forward? If there's something structural you- Mm. You have worked with or changed? No, I think we have done lessons learned, I think, from all of those. I would say that today we are a lot more vigilant than what we were, when those situations occurred, and we have adopted a much kind of more structured approach to how to address the bigger clients. Even as the contract starts now, we have a process to capture those customers and make sure that they stay with us. I think we learned a lot, and I think we're very aware that this is something that is of utmost important to us. At the same time, as we saw in my presentation in the beginning of our session here, we do have also a decrease of our reliance on these big contracts. One should also know that every time a contract is retained, usually the profitability is a little bit lower, and then you work your way up over the time period. As we retain more and more contracts, we have a portfolio. which will make the impact on profitability a little bit. It depends on where they are in the life cycle as well. It's a little bit more complicated, I think. All right. Then just expanding a bit on growth. You show the different bars, and add-on is, in your view, sort of a missed opportunity, if I get it right in Coor historically. You said, among other things, that you are telling everyone to be a salesperson. I mean, what's that meaning in practice? Yeah. Because, I mean, how is that tied to incentives or, I mean, structures in general? Is that doable, and how specifically- Yeah Will that be doable? Yeah. I think first of all, it is a mindset and a culture. As I spoke about in the beginning, we come from a DNA of big IFM contracts where some really smart guys here at the head office make the tender to win very big contracts, and then the organization delivers on them. That's where we come from. Now, this is a bit turning that to saying that these guys who are out in the delivery, they're also supposed to develop the business because we have a much more, a much wider customer base where you cannot rely on someone in the head office to sell. It is a mindset shift first, and I think it was mentioned a bit in passing before by Charlotte. The way that she works with Toppa Säljet, it's really about getting everyone to understand that they're a salesperson, build the courage, build the energy in that they own their own business. We want to maybe in the future support that with incentives, but we are not really there yet. At the moment, it's more about building energy around this question. So far, we've seen very good results without installing an incentive program. We might throw some fuel on the fire in the future with that, but I think the cultural shift must have to come first. Yeah. That makes a lot of sense. Going to the cost side on efficiencies as well, you talked a lot about ownership, accountability, so basically I have the same question. What's the incentives for that? Maybe also how was it before? Mm. You talk about KPIs and tools and dashboards. What are you coming from? I- What's really the change here? I think I warned you that I could talk for three hours about this. I think with accountability is one thing, and the KPIs is another. Starting out with the accountability, I think we often have a very complex delivery to a place like this. There is people from the property business coming in to do the maintenance. There's people from cleaning coming in to do the cleaning. Then there's an owner here locally. I think we have constructed a matrix that was a little bit too complex. I also talked about Sweden being a group within the group, so we had several matrices layered on top of each other. It was a little bit unclear, I think, who is actually in charge, who is actually responsible for the result. In some of the other countries, we had even more complicated governance models. We're trying to kind of we always have to work in a matrix, but we're trying to make that a little bit clearer, a little bit simpler from an organizational perspective. Now, when it comes to the KPIs, I think we have in the big IFM contracts always been very good at tracking this because it's a kind of company within the company. But we cannot build 18,000 companies. We have a little bit done that to a certain extent. Tracking a KPI, to make that systematic, you need to structure the data. This is very detailed, but you have to structure the data in all of our businesses in a similar way to be able to extract a KPI that makes any sense. Since we've been quite decentralized, we haven't really been able to do that, despite we have investing in some really great systems. Getting the benefit of the systems, as Danny was referring to, how do you set them up to really get the data out of it? It's very much about operationalizing the investments that we already made. That's a long answer, and I could give you a longer one, but that is the type of things we're working on at the moment. Yes. You have talked about harmonization for a long time, and previous management did too. Where would you say you are right now in terms of that, the full harmonization? Are you just starting to implement those common systems, or are you halfway there, or is this fully implemented, or where are we right now? I would say if we look at the system side, we actually, as we saw on Danny's slides, we've taken investment into some of the absolutely best systems on the market. We made those investments, but the setup of them have not been made in a way. There was a huge effort to force that implementation. The setup of them has not been done in a way that we can get out the KPIs that we want to. We need to redo some of that work in the implementation part. I would say that we are already now seeing benefits from the work we're doing, and this is a long-term job. I would say it's something that happens gradually, but we're maybe. I don't dare to say a percentage. We're along the way. Could you elaborate a bit on the last box of acquisitions? Do you have some boxes where it would fit? Like we would like to buy something in Finland to get scale, or is it smaller stuff, or what are you looking for? I think you always need to be a bit opportunistic when it comes to M&A because it's obviously also a question about what is in the market. When we're looking at our core geographies. We're looking at where can we strengthen our density. I think if you look at the past acquisitions, they were to a large extent addressing cleaning. The reason we are as strong business as we are today in cleaning is partly due to the fact that we built up a very strong platform in cleaning, partly organically and partly through M&A, and there are still some room for density improvements. In property, I think it's all both a question about density and capabilities, and I think when you look at our, the three different delivery modes that we have on property, we have historically a very strong footprint when it comes to the IFM kind of property, but we are not as strong when it comes to single service or the hub based delivery. That is clearly one. If we needed to prioritize some geographies, I think we are in a situation now where Sweden is clearly a good platform to continue to grow from. On the other hand, we have quite relevant scale in Sweden. Norway and Denmark is probably also areas where we could see that it would make sense to add scale to grow further. Finland, I wouldn't rule out either, but we have a smaller business in Finland, so it's a little bit more difficult for us maybe to see the how we build that scale. Could you even divest Finland? I think Finland still is very important for footprint because we are serving customers where we have a Nordic mandate. Mm. We are following our customers, and that's also why we have small businesses in the Baltics and a small business in Belgium, for example. That is really following and supporting existing clients. We have a question here. I just have one more follow-up. Comment On the efficiency side, on cleaning specifically, you talked about, you know, it's very interesting, of course, the sensors, other tools to, you know, be more efficient. But how far would you say that you have come in terms of utilizing that or rolling out that in all of your capabilities? Is that still very early, or is that basically common right now? I would rather say that this is we're responding to a customer demand rather than us proactively going out to customers and installing that to someone who is maybe not aware or not ready for it. So it's primarily with the larger customers where there's any reason to do it. You have to have a lot of good preconditions. You have to have the size, et cetera, to do it. I would say it's not as prevalent yet, but it's something that basically every big customer has on their agenda. We need to be there. We need to be able to supply it. In the big scheme of our entire cleaning business, it's not something that moves the needle at the moment. Excellent. Karl-Johan Bonnier from DNB Carnegie. To drill slightly more into the acquisition idea, you say the track record is good for the transactions that you did in 2021 to 2023, spending SEK 900 million. What kind of return on investment do you have on those, that money spent these days? Sure. I think when we looked at it, we have looked at the synergy plans that we were looking to deliver, and those are fully delivered. When it comes to the return on invested capital, it's always a little bit tricky to separate that out. Mm in retrospect, we are buying at relatively attractive multiples. Mm which means also that you see both synergy in terms of the operational synergies, but then also obviously we are spending relatively little when we acquire these businesses. If I try to squeeze a number out of you and looking for the future, is it 15% return on invested capital good enough in this industry, or should you have higher? Well, I think we are first starting that we want to be above our weighted average cost of capital. Mm. If we say we have a roughly 10% weighted average cost of capital, that is a minimum hurdle that we always look at. We also look at slightly higher return on investment capital because we know there is always some risk when you acquire and you have some turmoil when you come in. A little bit above that hurdle, and we've been well above that. Continuing on the efficiency program that was started in 2024, and I guess the investment you spent there, you inherited slightly a, the target from that team that implemented it, that you should reach 5.5% margins already in 2026. Obviously, we are getting closer to that. Do you feel still feel comfortable with delivering on that target and see those kind of savings coming through? I think what we're saying here today is that is still our ambition, but when reiterating our targets, it also means that is over a cycle and it's over time. I think that is my answer to that question. Okay. Well, drilling into that. One final from me. Standing here in March 2026, if you are looking at what's happening out in the market. Mm Both from your renewal perspective, but then also probably new RFPs, business propositions that are out, how does the market look? Yeah. I mean, good question. It's actually quite active at the moment. There's a lot of tenders going around, both in single service but also in IFM. Jens and his team is really working around the clock, I mean literally around the clock, as are the local market teams. There is a lot of activity in the market. Most notably, as we have spoken about in the quarterly reports, is also in Denmark, where a lot of the big ones are really moving at the moment. This will not impact 2026 but further out in time. Now, we are going to go to the showcase. Yes. This is not finished. It's finished for you on the web. Thank you very much. For us in here, we're gonna go into the next room, and Ola, you please take the lead. I will lead the way. Thank you very much for listening in on the web, and we will continue here in the physical room. Thank you very much.