Welcome to Coor's Q2 presentation for 2026. During the questions- and- answers session, participants are able to ask questions by dialing #5 on their telephone keypad. Now I will hand the conference over to President and CEO Ola Klingenborg and CFO and IR Director Patrik Sjölund. Please go ahead. Hello, everyone. Good morning. Welcome to our Q2 report. First I'll make a short update of the current trading and current business. We'll go through the financial numbers with Patrik, and we'll summarize with some key takeaways. We will open up for questions. We'll skip right into the CEO update here. We see continued good market activities with a lot of things going on throughout our markets. We have made some good extensions. We have a good retention work in our Swedish, but also in our other markets. Particularly in our cleaning segment, we've signed a lot of medium and small size contract in the Swedish market. In Norway, we've had quite a bit of success in the public space. In Denmark, we prolonged our important and large IFM contract with DSB. There is a lot of tenders where we are present and where we are working with some really large tenders that we're working on. The growth in Sweden and Finland continues to be strong, and we work at 3%-4% growth there. While in Norway, we have a negative growth in the quarter, which we communicated earlier is due to fluctuations in the oil and gas business and where we had a really strong quarter last year. Denmark continues to be a challenge, and we are decreasing versus last year. Our EBITDA margins continues to develop towards our financial targets, and we hit 5.5% in Q2. Our cash conversion remains in line with our financial targets. The leverage is at 2.5, which is stable and which is very strong, I think given that we have also made dividends during the period. We had a Capital Markets Day a couple of months ago where we presented our strategy, and we are working now with all those initiatives outlined during that day, and they are progressing well. In Denmark, we do a lot of improvement activities to get the market back on track, and I think they're doing a good job there to handle the decreased volumes. We've also had some changes in the management where Patrik has joined us as a CFO. We've had a new HR and communications director, and in line with what we discussed at the Capital Markets Day, we have strengthened our leadership within our property technical maintenance business with a new manager for that area. With that, let's turn our eyes to Q2 numbers, and I hand over to Patrik. Thank you, Ola. We will start with an overview of the business KPIs. In the Q2, organic growth is minus 3.3%. Sweden and Finland grow at 3%-4% organically, but we are having a negative growth of 15% in Denmark due to previous communicated contract losses. In Norway, we see a negative growth of 10% due to, as also already indicated, high variable volumes starting in Q2 last year, which affect that. Strong quarter. The EBITDA margin of Q2 is 5.5%, which is an improvement comparing with last year that ended at 5.2%. Margins continue to improve with strong results in Sweden driving margin improvements combined with stable margins in Norway with lower revenues versus last year, which is a good indicator. In Finland, we see an improvement from 1.7% to 2.6%. Cash conversion continues to be solid at 90% on the last 12 months basis. As Ola said, strong, and with that said, we also did the dividend lately. Leverage also an LTM number at 2.5 multiple continues to be stable. On the P&L, net sales ended at SEK 3.1 billion. That is 2.5% below last year. Organic growth was negative with 3.3% and FX positive with 0.8%. Adjusted EBITA amounted to SEK 170 million, which gives us an adjusted EBITA margin in the quarter of 5.5%. Both EBITA in absolute numbers and margin% is an improvement compared to last year, despite lower net sales. Items affecting comparability during the quarter amounted to SEK 30 million compared to SEK 22 million last year which mainly relates to restructuring costs in Denmark and to some extent, startup costs in other contracts in the Nordic region. Net income is SEK 87 million and adjusted net income when adding back amortization amounts to SEK 95 million, both improving well versus last year. On the LTM numbers, we see that net sales is at SEK 12,361 million. Organic growth is 0.9% and FX negative with 1.1% in the total lower net sales versus full year 2025. The LTM adjusted EBITA level is SEK 630 million, which gives us an LTM EBITA margin of 5.1% versus 4.8% for the full year 2025. Adjusted net income for the LTM is SEK 302 million versus SEK 274 million full year 2025. Looking at Q2 country by country, we start with Sweden. Organic growth of 3% in a quarter primarily relates to a favorable activity level and higher income in all three areas: EFM, cleaning, and property services. Adjusted EBITA and margins are improving with strong performance across all businesses in Sweden. Coor signed extension contracts with Skanska and Borealis and Göteborgs Hamn and Stockholm Live. Also we can see that a number of customers within the small and medium segment for cleaning was also signed. We move on to Denmark. During the Q2, sales in the Danish operations declined with 15% due to the negative organic growth of -14.5% and a negative forex exchange effect of 0.7%. This negative organic growth was due to previously communicated ended contracts which are estimated to also negatively impact coming quarters in the year. This also negative affected adjusted EBITA for the quarter that amounted to SEK 16 million compared to last year which was SEK 27 million. Adjusted EBITA margin of 2.7% versus last year, 4.0%. The work with decreasing the cost base is ongoing but with still lack of revenues, the adjusted EBITA negative compared to last year. Activity in the market remained high, and Denmark are participating in a number of tenders and will be participating in future tenders both in our own portfolio and in the market in general. In the Q2, Coor signed an EFM agreement and extension with DSB for three years and also Frederiksberg Multimærkeudbud. Denmark continuously work to adjust their business with a lower volume, with a balance to position themselves for future growth. On July 7 in this year, Coor received a final arbitral awards in a long-term running arbitration proceedings with a customer that has been pending since 2022. Awards was in favor of the customer which have a financial impact of SEK 20 million-SEK 25 million in the Danish company, which will be recognized in Q3. This will be treated as a non-recurring item as it does not have anything to do with the present Danish performance and business. For Norway, during the Q2, their organic growth was negative of 10% and foreign exchange effects of 4.7% positive. The negative organic growth was due to the variable costs from last year from Q2 and onwards. We are now during 2026 can see a normalization of the level of variable volumes Operating profit adjusted EBITDA for the quarter amounted to SEK 35 million, compared to SEK 37 million last year. The operating margin remained at 5.4%, which is in line with last year. Hence, the contract portfolio develops well. The earlier won contracts with Jotun and Avinor is progressing successfully. In the Q2, Norway also signed cleaning contracts with Gjettum and Drammen Kommune. Turning to Finland. During the Q2, sales was 3% higher in Finland compared with the Q2 last year, due the contract started in Q1. Organic growth was positive and amounted to 4%, while foreign exchange effects were negative and amounted to 0.9%. Adjusted EBITDA amounted to SEK 4 million, compared to SEK 3 million last year. The operating margin was positive with 2.6% compared to last year, 1.7%. The activity in the market is high, and there are several tenders in the market in the quarter and upcoming quarters, which Finland will participate in. If we go to cash flow and balance sheet, we can see that we have a continued solid cash conversion with 90%. Working capital is -7.6%, which is in line with the seasonal pattern in prior years. The leverage continues to be stable and strong at 2.5x EBITDA. We are also considering that we have done a dividend, which includes in the cash conversion of 90%. With that, I hand it back to you, Ola, to summarize. Thank you, Patrik. In summary, it's another stable quarter. We have some positive development, I think, in several areas. We see a lot of market activity going on and a lot of tenders in the market. We see organic growth in Sweden and Finland continuing to be good. I think the underlying business in Norway is also developing positively, although there was fluctuation in variable volumes, particularly compared to Q2 last year. Denmark struggles with the lost contracts from last year. They're doing a good job, I think, to try to manage that loss of volume. Continued improvements of the margins is really closing in on our financial targets, which is 5.1% LTM. We see a good cash conversion. Leverage is stable, particularly given that we already did the dividends decided on the AGM. Strategy implementation progresses as planned. A lot of activities going on to both strengthen our growth and also our margins. Three new EMT members coming in that I think will further strengthen our ability to deliver on our strategy. A stable quarter and continued improvement work. That concludes our presentation, and we'll head over into the Q&A and open up for questions. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial # 6 on your telephone keypad. The next question comes from Simon Jönsson from ABG Sundal Collier. Please go ahead. Good morning, Ola and Patrik. Thanks for taking my questions. If we first start with some of the positives here. I think margin in Norway is holding up quite well despite the lower variable volumes. Do you expect that this will continue, and you can sustain the current margins coming quarters as well, even though variable volumes continues to decline? How should we think about Norway's margins here going forward? First of all, I think it's a good observation that the drop in variable volumes, it would usually imply that we would see also a drop in margins. That has not occurred in this case. As you see, I think it's a sign of strength in the underlying Norwegian business. We are definitely working towards improving the margins in the underlying business. We see a positive trend there. Good observation. Sounds very good. On growth in Norway, the drop here in organic sales versus last year is still pretty good considering that you grew 20% last year. If you take out the volatility in the variable volumes, you talk about portfolio expanding with new customers and so on. How is the underlying portfolio growing, you would say, currently? It is growing, we have won some really good contracts. The Avinor contract, Jotun, as Patrik mentioned, some municipal contracts. They are contributing definitely to volume. Usually when we start up new contracts, there is a lower margin in the beginning and the first year or two. I think we see an increase in volume. We are, of course, working to make sure that that produces our required and desired margins. We see that it will take a couple of months or quarters before we see the same margins on those new contracts as we had with some of the old contracts that was moved out of the portfolio last year. We see a growth, and we are positive in transforming that into improved margins. All right. Currently you have both new contracts and the variable volumes potentially holding back the margins in Norway. Is that correct to view it? Yes. All right. I want to follow up on that. What's your longer-term view on margins in Norway, then? Maybe it's a stretch to assume it could reach Swedish levels, but compared to Norway's historical levels, it has been, I think, 6% or 7% some years, but where do you think it can grow here coming years? No. I think it's a stretch to imagine the Swedish levels, but it's definitely in our ambitions to improve the current margin levels. At the same time, we are quite dependent on some of the bigger oil and gas business, where the margins are notoriously low, but volumes are very significant. It's a bit of a mixed question as well. In moving up from our current margins levels is definitely our ambition. All right. Interesting. Thanks for that. Moving to Denmark. I think even though you are struggling with contract losses, it was still a bit of a negative surprise on the margin here in this quarter. When you say that you are continuing to work on stabilizing margins in Denmark, taking out cost, et cetera, what does that mean for margins in the second half of this year, you think? Does it mean that you expect to stay around the 3% level or so, or do you expect it to bounce back a bit here from these levels? We usually don't make forward-looking statements and forecasts, but to understand the current numbers, I think we see two effects simultaneously in the Danish business here. First of all, and most importantly, the contract losses from 2025, where we're doing a lot of work to mitigate those revenue losses with more efficient operations. The other thing here in Q2 is some of our businesses where we have been challenged on the margin side, which is a little bit more of a temporary challenge. We do think that we can work to improve the margins from Q2 into the second half of the year. It is a lot of work that needs to be done, and we do not make forward-looking statements like that. We think that there is room for improvement now as the situation stabilizes a little bit. All right. The second factor you mentioned on the pressure you're seeing right now, what sort of timeframe is that? Can you explain a bit more on those effects specifically? What are causing that, and how long could those temporary pressures persist? No, I wouldn't call it pressures. It's more like temporary challenges in the operational delivery, which is things that happen in this business and that maybe wouldn't be as noticed if the business in itself was 100% stable. It's something that in this time period where we see an underlying decrease of the revenue and the bottom line, it further affects the profitability. As I said before, I think we see that the Danish team is doing a good job, I think, to manage the situation and ensure that we maintain the contracts that we have already in our portfolio, DSB contract being an important prolongation this quarter, for example. We have a number of different prolongations coming up as well during the coming year, as well as participating in new tenders. We need to make sure that we have resources for that as well while we are adjusting to a new top-line level. My impression is still that the Danish team is doing a good job in the circumstances that they're in. All right. Just the final one from me on the cash flow, and I know that the cash conversion you are communicating is looking solid, pretty much in line with what you're targeting. If you look at the free cash flow generation and conversion from the adjusted EBITDA, for example, it remains a bit below historical levels. There are some factors like restructuring costs and higher interest costs and so on, and maybe most importantly, the lack of organic growth that is holding back prepayments. If you look ahead here and see that you come back to organic growth in coming years, do you also expect that you would come back to that sort of tailwind from prepayments boosting the free cash flow? How should we view that in the coming years? I think it's the same as Ola said. We don't comment on the future, of course, we constantly work on increasing our operating free cash flow as well as increasing the cash conversion. Of course, that has to do with the organic growth, of course, as we have said earlier, we are working on increasing the organic growth, balancing the contract losses that we've had. Also, the restructuring cost, they are decreasing and will continue decreasing as well, which will affect that free cash flow as well. We also see that in particular, as you note, in the variable revenues where we have large volumes coming in, that's usually a more advantageous payment terms on those as they are kind of paid as they are being performed, rather than the more running business where there are different payment terms. It's a bit of a mixed question as well. That's another nuance to that, perhaps. I see. Looking at last year, for example, the free cash flow was actually very strong, and you also had very strong variable volumes, especially in Norway. I'm guessing then it's fair to assume that that was a contributing factor last year that is now absent. Yes. All right. Perfect. Thanks for that. That's all for me. The next question comes from Oliver Uusitalo from Aktiespararna. Please go ahead. Good morning, guys, and thank you for taking my question. I would like to start up with the organic growth outlook in the Swedish market, and you're stating that all segments are growing in this quarter, and I guess that provides you with some optimism that this 3% rate could be persistent over the, well, second half of the year and perhaps into 2027 as well. Also if you can say anything about the variable volumes coming into the second half of the year here. Do you see any activity regarding conferences and such in Sweden, or is that still too early to say? It's always a bit tricky to predict the variable volumes in the Swedish market. We have had a good first half of the year, and there's not that much to indicate that that would change dramatically in the second half of the year. We are doing a lot of work to increase our ability to upsell to existing customers. This is one of our key components of the strategy that we discussed on the Capital Markets Day and our ability to do that. There is room for improvement, and there is quite a bit of work going on there. Predicting exactly how that will look and when it will come and so on, that is always a challenge. We see positive signs. At the same time, we are participating in a quite significant number of larger tenders that we want to win and that we have the ambition of winning. I think that's also necessary to sustain the organic growth from a longer time period perspective. Working on many fronts there. Patrik, I don't know if you have anything to add. No. Thanks for that clarification. A short follow-up regarding the upsell that we discussed a bit on the CMD. Do you see that this has affected the growth in Q2 already, or are we waiting for that effect to be visible? I think we see traces of it, but definitely not the full impact of it. I think it's something that is partly a cultural shift, which by definition takes time. We have a definitely increased focus on it. I'd say we see partial effects of that, but not the full potential effect of it. All right. What feedback have you received organization-wise for this new change in sales? I think it is something that is energizing the organization after some years of cost reductions and change programs and reorganizations. I think to many, it's a positive change to be talking about revenues and the future and new business and so on, rather than perhaps a margin focus in the same way. It is generally speaking, a positive thing. It's always challenging to change your mindset and become more sales-oriented in your day-to-day business. That is the cultural challenge or change that we're looking to achieve. I think we're making some progress, but making all of our thousands of employees actually change their behavior is something that takes some time. Yeah, for sure. Thanks for that. I have a question also regarding the margin in Norway, just a short one. Are there any one-time effect here that's positively affecting the margin, perhaps on the FX side or anything like that? No, this is an underlying performance, which is a strong indicator as well, depending on that we are shifting out variable volumes versus last year. As we also stated in the report, the underlying portfolio is growing or developing really good, especially where we have new started contracts with Avinor and Jotun. We look very positive on that. Okay. That's right. I think just a short one from me. Also on the CMD, we discussed M&A, particularly to support your offer within technical solutions and such. How is this progressing? In terms of the balance sheet, are you confident how today or are you perhaps looking to reduce debt further? I think it's a good question, and as we discussed earlier on this call, we just recently were joined by a new manager for our technical solutions property department. Of course, he needs to put his fingerprints on this and take a look at what is needed in order to strengthen our customer offering and our service capabilities. We are in some active discussions, with particularly smaller and mid-sized acquisitions that can strengthen our technical capabilities, and that will not have any significant effect on our balance sheet. All right. I see that. Sorry, I missed the comment regarding the new employee. That's it for me. Thank you so much. As a reminder, if you wish to ask a question, please dial # 5 on your telephone keypad. The next question comes from Karl-Johan Bonnevier from DNB Carnegie. Please go ahead. Yes. Good morning, Ola and Patrik. A couple of questions, if I may. First, looking at organic growth, how would you see the pricing component of that being for the moment? Looking at pricing, do you feel that you are getting coverage for your cost inflation, looking at salary increases and materials and these kind of things at present? I think there are two components to the pricing question, Karl-Johan. First of all, what is the pricing on new tenders? What's the kind of price pressure that we see there? We do see, as always, a tough price competition, as is always the case in our business. We need to be really efficient and deliver. There we see, if anything, an increased price pressure in the market. More significantly for us is perhaps our capability to ensure that we get the price increases of our existing contract portfolio in all aspects of the business. So far, I think we were able to outweigh our cost increases. As we discussed on the Capital Markets Day a bit, we think that there are opportunities to be even more efficient in our way to price our customer offering and to price our services delivered. That is a component where I think there's also some potential, and where we perhaps not fully used that improvement potential. It's two components. To answer your question, I think with our current way of operating, we are able to outweigh cost increases, and that is also what we see in the margin development that is slowly creeping upwards. Coming back to, say, price component in organic growth, do you feel that you are getting 1%-2% contribution from, say, indexations in contracts and these kind of things for the moment, or is it lower than that? I think from our larger contracts, it always stipulated in very much detail in the contracts. That is now a large portion of our business. Usually we have indexes there that reflect the cost increases or where we have an ambition to make efficiencies to outweigh any indexes that does not meet the cost increases. Generally speaking, we have been able to deliver on that. On the smaller contract portfolio, which is many, many thousands of customers, there's a very diverse picture of how our indexes look. In some cases, it's better than cost development, and in some cases it's lower. We have quite a bit of work ongoing now to ensure that we really get what we need out of those small and medium-sized businesses. Once again, that's thousands of customers, and we're working to make that happen. I hear you dodge a question on how that would look on an aggregated level for the whole operation. Is it hard to measure it? Is that why you dodge it, or is it because I know a lot of your peers are obviously commenting on this all the time. No, it is a bit hard to measure actually, given our diverse contract portfolio and so on. We do have control over it in all of the larger customers. It is really detailed, regulated. Whereas in the smaller customer, we do make all of these indexations, but getting an aggregate picture that is absolutely correct and that we can communicate to the market, and ensuring that it is not volume, it is only price and so on. We are not quite fully confident with any% that we would get out of our systems at the moment, which obviously is a potential as you indicate. No, I will back down on that one. That is fair. I understand the complication of it. Looking at the arbitration process that you have been driving in Denmark, does that have any impact on the ongoing business, or is this a concluded contract and a concluded relation, and do you have any similar processes ongoing somewhere else that we should be aware of? No. It is a part of a much larger contract that is concluded, we do not make that service anymore to them since a couple of years. It is not connected to our current delivery. To your second question, do we have any more of this size? No, we do not. We should not expect anything more of that size. Excellent. Good to hear. I just noticed your way of saying in your general remarks, Ola, that the strategy implementation is progressing according to plan. I just want to get some color on, given the new owner situation in the company with, say, two new large owners, the Swiss and the German guys, have they communicated that they are standing behind the strategy and what the company is doing, or is it still say, a black hole there? We have had some brief interaction with the new large owners, and they are very much in understanding of the business as they have been operating similar type of businesses in other markets. They were not that specific, but they said that they were impressed with the work that we're doing, and I guess that's an indication that they support the current strategy. It's logical as a minority owner, of course, to expect that, say, the strategies that are presented are the ones that are, say, acted on and the financial targets and the capital allocation models that have been communicated are the logical ones to expect to be announced and done as well. Yes. This is very much of an ownership and board question, I'm not the one to direct these questions to, I think. They seem to be very happy with what we're doing and interested in staying on as owners. That's what they communicated. Otherwise, this is maybe not something that should be communicated by me or through this specific forum, but rather something that you need to talk to the board and so on about. They've had some brief interaction with us, and they are very positive, and that's the short conclusion of it. Good to hear. All the things we want to know, it's obviously that everything is lying where it should, and you are developing in the way you should, and you have the support from the owners to do that. Good to hear. Thank you very much and all the best out there. Thank you. Thank you. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. All right. Me and Patrik would like to thank you all for joining this call and wish you all a great summer, and see you again at the Q3 report. Thank you very much. Thank you.