Hello, a warm welcome to the Epiroc Q2 results presentation. My name is Karin Larsson, Head of Investor Relations and Media here at Epiroc, and joining me today are our CEO, Helena Hedblom, and our CFO, Håkan Folin. As this is a very busy reporting day in Sweden, we aim to keep this call shorter than usual and expect to wrap up already within around 45 minutes. As always, we will have a Q&A session after Helena and Håkan have presented the results. You know the drill. Helena, please go ahead. Thank you, Karin. We delivered a strong second quarter supported by continued high customer activity and strong demand in mining. Orders received increased 13% organically to SEK 17.3 billion. The organic equipment orders grew 30% and service orders increased 6%. Invoicing was, as anticipated, strong in the quarter and increased 11% organically to SEK 16.7 billion. Our profitability improved further, up 17% year-over-year, translating into an EBIT margin of 19.9% adjusted, which is only the LTI program. The margin was 20.1% compared to 19.7% last year. The improvement was driven by efficiency measures implemented over recent quarters and high invoicing. Looking more into the details on the orders were up 13%, both in total and organically to SEK 17.3 billion. The large orders amounted to SEK 720 million, and these are mainly brownfield and replacement orders. Exploration was one of the strongest growing businesses, and this is encouraging as exploration activity is an important indicator of long-term confidence in the mining industry and future project development. The investment sentiment within infrastructure and construction projects has improved, which led to stable order development. This is the ninth consecutive quarter in which we have achieved organic order growth, and I remain optimistic also on the pipeline onwards. Business bookings looks strong and there are many large tenders in which we are involved in. The tenders are mainly within copper and gold and within brownfield and replacement. We also continue to see encouraging adoption of our automation and digital solutions as customers increasingly integrate these technologies into their operations. Our relationships deepen and our position as a long-term productivity partner strengthens. Let me move on to innovation, an important driver of our long-term value creation. This is why customers choose us. What is particularly encouraging is that our innovation agenda is very closely aligned with our customers' priorities. In June, we welcomed around 150 customers from across the world to the Epiroc World Expo, where we showcased how technology can help address some of the industry's most important challenges: deeper mining, lower ore grades, increasing safety requirements, and the need for higher productivity. A common theme across many of the solutions we presented was to increase safety. The best way to increase safety is to remove people from dangerous environments. We showed our customers that we continue to expand the boundaries of what can be done remotely and autonomously. Thank you for your patience. We had some technical problems here in the studio and now we're back. I would like to continue then on innovation. Electrification is another area where we continue to lead. During the Epiroc World Expo, we showcased our growing battery electric offering, including the Minetruck MT66 S eDrive, as well as unique and appreciated charging and battery solutions. Finally, we continue also to focus on sustainable productivity, whether through circular solutions, smarter ground support, optimized mine design, or advanced service offerings. Our ambition is to help customers produce more with fewer resources and a lower environmental footprint. The strong engagement level that we saw at Epiroc World Expo is very encouraging. Please let me share a video from the event. [Presentation] [Presentation] [Presentation] [Presentation] [Presentation] [Presentation] [Presentation] [Presentation] Let me now turn to our aftermarket business, one of Epiroc's key strengths and an important contributor to resilience and profitability. Aftermarket accounted for 64% of revenues in the quarter, with service representing 41% and Tools & Attachments 23% of group revenues. Service orders increased organically by 6%, while Tools & Attachments grew 4%. Demand for our service solutions remains solid, reflecting the value customers place in availability, reliability, and operational performance. I'm confident about our leading aftermarket offering and position, both in the short and in the long run. Through our strong local presence and expanding service footprint, we help customers improve productivity and safety while maximizing equipment uptime. Håkan, would you mind presenting the financials, please? Sure, Helena, I would be happy to do so. Our revenues increased 10% to SEK 16.7 billion. That corresponds to 11% organic growth. We had high equipment invoicing, and it's now 36% of group revenues coming from equipment, which is meaningfully higher than we saw in the previous year. This is due to that we have successfully ramped up our production after having a quite long period of strong equipment growth. Doing that, our lead times remain at normal levels. Our EBIT increased 17% to SEK 3.3 billion. That corresponds to an operating margin of 19.9%, compared with 18.7% a year ago. Items affecting comparability were -SEK 33 million, and they are fully related to the share-based long-term incentive program. If we look at the adjusted EBIT, our operating profit increased 12% to SEK 3.35 billion, and the adjusted operating margin improved to 20.1% from 19.7%. As Helena just mentioned, the organic improvement is thanks to efficiency measures that we have taken in previous quarters as well as a high level of invoicing. It's also worth noting that the impact from tariffs was lower than in the previous quarter. In Q1, we said it was 0.5 percentage point on the margin. The lower level now is both because we have taken mitigating action and also that the tariffs themselves are at an absolute lower level. Currency was a headwind on EBIT, but the positive effect I just mentioned more than offset the currency. Overall, we are pleased to see that our strong execution is yielding results on the bottom line. With that, let me turn into Equipment & Service. This was yet another strong quarter, and the orders received increased 17%, all of this being organic, to SEK 13.4 billion. Demand for exploration customers was particularly strong, with high double-digit growth, while activity in infrastructure and construction remained rather stable. Equipment orders increased by 30% organically, supported by SEK 720 million in large orders. I would say that the vast majority of orders that we win are from existing customers, that either they replace Epiroc fleet or they expand their current operations. The mining equipment business is rather sticky, and lumpiness of large orders, I would say it depends more on replacement timing than anything else. Service orders in the quarter continued to develop well, increasing organically by 6%, reflecting both high customer activity and also an aging fleet. As shown in the bridge, the growth was entirely organic, there was no material impact from currency or structure. On to revenues and profitability in Equipment & Service Business Area. Revenues increased by 12% to SEK 12.8 billion, this corresponds to 13% organic growth, the development was supported by continued strong mining activity, high equipment deliveries, and solid service growth. If we look at the mix, then, equipment revenues represented 46% of revenue, compared to 44% in Q2 2025. The underlying mix is negative on the profitability. Still, we were able to improve the operating margin to 23.1%, which is up from 22.5% in the same quarter a year ago. On the right-hand side on the slide, if we look at it adjusted, the margin improved slightly to 23.1% from 23.0%. The key driver here for the margin improvement is high invoicing as well as efficiency measures that we have taken. Moving on to the other business area, Tools & Attachments. Orders received increased here with 3% to SEK 3.9 billion. Organically, the growth was 4%, while currency then had a negative impact of 1%. Demand for rock drilling tools, ground support consumables, and other mining-related products remain healthy, whereas demand from construction customers was rather stable. The Tools & Attachments revenues increased by 5% to SEK 3.9 billion, this corresponds to a 7% organic growth, while currency had a negative impact of 2%. EBIT increased by 30% to SEK 488 million, resulting in an operating margin of 12.7% compared with 10.3% a year ago. If we look at it adjusted, again, on the right-hand side of the slide, EBIT increased by 3% to SEK 488 million, while the adjusted operating margin was 12.7% compared with 12.9% in the previous year. If we look at the bridge, then, the underlying business contributed positively to EBIT, again, supported by efficiency measures that we have implemented, this more than offset then the headwind that we got from currency. The increased input cost for tungsten, which as you might remember, impacted the Tools & Attachments margin with more than 1 percentage point in the previous quarter, has been mitigated to a large extent. The surcharges to customers as well as the recycling program are contributing positively, the negative impact is therefore significantly less now in the second quarter. Moving on to the next slide. Here we look at the cost. The cost for admin, R&D, and marketing, they were higher in absolute terms, but lower in relation to revenues compared to Q2 last year. In percentage of revenues, it was 16.2% this year versus 17.0% last year. Net financial items came in at -SEK 130 million, which was almost exactly on the same level as last year when we had SEK 131 million. On the tax side, the tax expense was SEK 760 million, and this corresponds then to an effective tax rate of 23.9%, which is in the guidance we have given of 22%-24%. Moving on to the cash flow. Our operating cash flow came in at SEK 1.9 billion, you can compare that with SEK 1.1 billion in the previous year. Main explanation for the improvement is that we have higher operating profit and we also paid lower taxes. When we look at the cash conversion rate, which we do on a 12-month basis, it's now at 93%, which is in line with last year and an improvement from Q1. Okay. If I turn into net working capital, it amounted to SEK 24.9 billion at the end of the quarter, which is an increase of 10% compared with a year ago. As a share of revenues, however, net working capital improved slightly to 37.1% from 37.5% a year ago. Why have we then increased our working capital? It's mainly driven by higher inventories, and higher inventories are reflecting on the high activity level we see in the market. Inventories increased by SEK 4.6 billion compared with last year, accounts payable increased with SEK 2.6 billion, which is then partly offsetting the inventory buildup that we have seen. On the capital efficiency side, our net debt decreased to SEK 11.4 billion, down by almost SEK 2 billion from SEK 13.3 billion last year, we do have a strong financial position. Our net debt to EBITDA ratio is as low as 0.75, to be compared with 0.82 last year. Our return on capital employed was 19.3%. It down from 20.2%, which is explained by lower profit. Here, I would like to remind them that these figures are rolling 12- month figures. Sequentially, we actually had the first positive improvement in return on capital employed for quite some time, it was up from 18.5% in Q1. Before I hand back to Helena, I would like to leave you with a bit broader and a more long-term perspective. In June 2018, Epiroc was listed, it's now eight years ago, we were listed as a standalone company. Since then, I would say that we have proven that we can successfully convert customer demand into profitable growth and strong cash flow generation. If we look back to 2018, our orders have increased by 80%. More importantly, we are translating that growth into an even stronger development in earnings and in cash flow. We can see that on the revenues, which have increased by 83%, same as the adjusted EBIT. The earnings per share as much as 94%, the operating cash flow has actually more than doubled since when we were listed eight years ago. We do take extra pride in having an EBIT and an adjusted EBIT that over time are more or less the same, they are up 8% per year. Basically, what you see is also what you get. These results are created thanks to that we have a continuous focus on ensuring we have profitable growth. With that, I will hand back to you, Helena, on some comments on the outlook and the summary. Thank you, Håkan. I would like to add a comment then on our success over time. When I ask our customers why they choose us, they very often say that our people at Epiroc make the difference. We are present in remote areas, committed to finding and innovating new solutions to improve their operations, and most importantly, we are there when it counts as a true partner. Let me conclude by summarizing what has been another strong quarter for Epiroc. We continue to see high customer activity, particularly in mining, resulting in organic order growth of 13% and orders received of SEK 17.3 billion. We also delivered strong revenues, supported by high equipment invoicing and a resilient aftermarket business. Profitability improved with an adjusted operating margin above 20%, reflecting both solid operational execution and the benefits from efficiency measures implemented across the group. At the same time, we maintained strong cash generation and continued to strengthen the quality of our business. In the near term, we expect mining demand to remain high and demand from infrastructure customers to increase somewhat. Thank you. Thank you, Helena. Thank you, Håkan. It's time for the Q&A session, and thank you for your patience earlier when we had the technical issues. We will make sure you will get your questions answered. Operator, please open up the line. The next question comes from Gustaf Schwerin from Handelsbanken. Please go ahead. Margin. Firstly, if I can ask on the revenue mix within service, if I remember this correctly, you had a fairly high share of parts and kits in Q1 invoicing, but at the same time, a pretty high share of mid-life rebuilds in the order intake. Can you give us a sense of how service mix this quarter compares to Q1? That's the first one. On orders, we have less mid-life upgrades in this quarter compared to Q1. I would say on revenue, it was not really that big difference, but on orders received, it's a difference. Okay. When we think about the invoicing of those mid-life rebuilds you took in Q1, should we expect that to have a negative mix effect as we head into Q3? Typically, mid-life rebuilds are also planned over longer time. You seldom do it. You don't turn them as quickly as you turn parts and service, the traditional parts and service business, and that part of the business you typically turn in one month. Mid-life upgrades can be spread out over six, seven months, for example. I would say it will come gradually. It's not that it will be like the month after we have received the orders. Okay. Thank you. Looking at your equipment sales now, you are pretty much at historical peak levels, so we don't really know what happens on higher invoicing levels. How much would you say adding another SEK 1 billion in invoicing due to your operating leverage or, maybe put this way, at what level of equipment sales do you think it doesn't have a negative mix effect within equipment service? Thank you. I think it's fair to say that there will of course be a mix effect when invoicing a lot of equipment. At the same time, the last machines that we deliver, we have very good flow through in that P&L. Of course, we're growing now very nicely on equipment, but that's also a timing issue because eventually that will start to generate aftermarket, of course. Okay. To push a little bit, is there a level of equipment sales where you wouldn't see this impacting your margin? I don't think I will comment on that because that depends totally, I would say, on what type of equipment you have in that order stock, but there will always be a difference, I would say. I wouldn't say that there will be not a mix effect. There will be a mix effect. Okay. Thank you. The next question comes from Chit Sinha from JP Morgan. Please go ahead. In service growth of 6% in the quarter, how does the outlook for aftermarket growth look in the coming quarters? Put another way, can we expect the growth accelerating from here? I'm just trying to contextualize it versus one of your competitors, which has reported double-digit development in this quarter. Thank you. Yeah. I think, we had higher growth. This can vary between the quarters. As I mentioned, we had fewer mid-life upgrades in this quarter compared to last quarter. The pipeline, of course, with an aging fleet, the potential for mid-life upgrade, it's great out there. I would say that what I read in the aftermarket is that it's high activity levels everywhere now, given the commodity prices and of course, customers trying to maximize, I would say, the production levels. If you don't mind me adding here as well, I want to highlight that mid-life upgrades are also a very profitable business- Yes for Epiroc. Clear. Thank you. The next question comes from Alex Jones from Bank of America. Please go ahead. Yeah. Can I just follow up, first of all, on the service growth question? I guess if I average the last two quarters, you've done 9%, which is sort of the high single-digit range we've come to expect in the long term. One of your peers just talked about upside potential to that, given an aging fleet, more advanced machines, and digital as well. Should we expect high single digit going forward in service, or do you see the potential to actually be more in the double digit, potentially going forward, including strong spare parts growth, which is what your peer highlighted? I think we have, of course, our financial target, which is 8% growth. Of course, a big portion of that needs to come from the aftermarket. As you rightly point out here, with an aging fleet, with more technology in the equipment, our ability to capture customer share is increasing, I would say, for every quarter that we put more and more technology out in the market. I would say that. High single digit is also strong. It requires, of course, a lot of activity to capture that. Of course, the opportunity is there. I've said that I think many times as well, and we said it at the Capital Markets Day as well. I continue to see one of the biggest opportunity for us to continue to grow the aftermarket business. Okay. Then just secondly, on large orders, the SEK 720 million this quarter, is that sort of disappointing in the current market environment? I recognize your comments about it being lumpy quarter-to-quarter, but should we think about this being a sort of abnormally low level given that lumpiness and potentially higher numbers ahead? Or given the activity you see in the market, is this a reasonable level within normal fluctuations? Thank you. I think it's normal fluctuations. If we look, we had higher numbers in Q1. It varies quite a lot between the quarters. If I look on the pipeline and the size of the tenders that are out, it's fairly big tenders. I would say I'm more looking into, let's say, the underlying activity levels, which is also healthy in this quarter. The lumpiness will always be there, depending on when customers take their investment decisions. Thank you. The next question comes from Christian Hinderaker from Goldman Sachs. Please go ahead. Hi, Helena. Hi, Håkan. Thanks for the presentation. I want to ask again on service orders, I'm afraid. Last quarter, obviously, you had 12% organic growth. You said that the midlife was driving that and was above the service growth level. Last quarter, was anything single digit? As we think about that six percentage point deceleration, is there anything else in the service mix that slowed, or you're saying it's all just the midlife services? It's nothing else that has slowed. It's healthy growth in all components of service, but fewer midlife upgrades. The midlife upgrades can be a sizable amount as well. That can, of course, create swings between quarters. Thank you. As we think about the cost efficiencies, you talked about those being a margin boost. If I look at your SG&A sums, they're up 5% year-on-year. Admin spend's up 7%, both year-on-year and quarter-on-quarter. Should we think about those savings efforts then as just being on the production side? Are there ambitions to reduce costs on SG&A? How do we think about that? Yeah. It's a combination, but what we see in the result is it's a clear improvement in our absorption rates in our factories. Of course, we have been consolidating sites and also been, I would say, working on the efficiency in our production sites as well as in service, where we see also better coverage in our workshops. There is also, of course, a variable portion in our functional cost, which is very much related to volume. Logistics, for example. It is a bit of gassing and braking at the same time with this strong order growth that we have. We need to make sure that we can accommodate everything, while at the same time we want to make sure we drive efficiency in the back office functions as well. When we looked at it as a percentage, as we showed in the presentation, yes, it's positive. We're obviously also looking at it just like you did in absolute terms, trying to make sure we are as efficient there as well. Thank you both. Maybe a quick housekeeping one for Håkan. Can you help quantify the tungsten effect quarter-on-quarter? Sorry, quantify the- Tungsten. Okay. I would say last quarter, we talked about it on a BA level, and then we said it was more than 1%. I would say for this quarter on BA level, it's more or less negligible. Thanks. The next question comes from John Kim from Deutsche Bank. Please go ahead. Hi. Good afternoon. I wanted to see if we could get a little bit more color on what you're seeing in the cadence around exploration CapEx. I think previously you had spoken to business booking healthy pipelines. Could you also comment a bit on speed to FID? Are you seeing any changes in behavior, people speeding up, slowing down, given the various things that have happened on geopolitics and the rest of it this year? Thanks. On exploration, we see good activity levels, both on equipment as well as on consumables. If I look on it from a regional perspective, there is a lot of exploration ongoing in Africa, for example, but also in the Middle East where it's high activity levels, which is maybe a little bit new areas compared to the traditional mining markets. It's a lot of exploration ongoing close to existing mines, which is more than brownfield exploration or planning for expansion projects. I do see, when I look at the business booking map of larger investments, that some new countries are establishing here as players in this industry moving forward. We see projects in Argentina, for example, that has been there for a long time, but now start to materialize, et cetera. I would say, I do believe that this geopolitical situation that we are in, that also drives the need for, we'll say, secure value chains from different directions, of course, in the world. That clearly drives the need for exploration. Here we are very well positioned with our, we'll say, total portfolio and our solutions. We have a strong presence here and we are capturing that opportunity as we speak. Can you comment at all on speed to decision? FID is getting slower, faster, about the same? I wouldn't say that. If it's the permitting time you're referring to, I would say that a lot of governments are, of course, working towards that to shorten the time from a decision to you actually can start mine. If you can say that generally that has an impact in the world, I'm not sure that I can do that yet. It's a lot of ambition in that direction to speed up, we'll say, the processing time for permitting. Okay. Thank you. The next question comes from Max Yates from Morgan Stanley. Please go ahead. Thank you. Could I just ask about your incremental margins in the quarter? I understand these are volatile each quarter. You were at sort of 66% in Equipment & Services, that's kind of fallen closer to 30% this quarter. I guess I'm just trying to understand, you've been through a period where margins have fallen pretty consistently over the last couple of years. I guess, should we be expecting, as you go through a period of cost rationalization, that we see above average incremental margins over the next six to eight quarters? I'm just trying to think about how do we visualize or see some of these kind of internal actions that you're taking across some of the efficiency savings in service, some of the factory closures in the infrastructure business. When we think about actually modeling this, that would be the logical line where I would expect to see above trend margin recovery over the next two to three years as the business is growing. Any way you can help us think about that would be helpful. If I look on the Tools & Attachments business or segment, we started, of course, activities there. There we have clearly seen the improvements. Of course, when you look at it from a flow through perspective, we turned that part earlier than we turned Equipment & Service. It's good to see now as a group, we are delivering profitable growth. As our focus is to make sure that we continue to do that and we continue to stay focused on efficiency measures. It's a solid quarter, but I'm still not happy with the margin. There is more that we can do, of course. We don't, we'll say, we continue to work on our efficiencies. At the same time, as Håkan say, of course, we need to capture the opportunities. We are growing in a very strong way now across the different businesses, the focus on efficiency is still here. Maybe just as a follow-up, because I kind of appreciate you've said the Equipment & Service business looks a bit different from a kind of mixed perspective. I guess when we think about the margin recovering, and the fact that you were at Tools & Attachments margin levels that, on average, were 18% in 2021 and 2022. Do you think as we start to get an infrastructure recovery, those kind of margins are possible again? Or would you also put this division in the category where the mix is just different because of Stanley and even with synergies with Stanley we shouldn't really be aspiring to get back to those kind of levels? I guess just any kind of framing of how to think about midterm margins and Tools & Attachments. Well, we were at 18%, as you said. I would say that was very high, 18%. Even one quarter we were at 19% for T&A. I think maybe a more normalized margin for that business that time was around 17%. If we looked at what has changed, the big change is, of course, the acquisition of Stanley and that the market is where it is. Stanley, when we acquired them, were between 15%-20% on EBITA level. If the market comes back, we should be able to get back to that same level for Stanley. We also need to recover them for our other attachment business. There's nothing structurally or fundamentally that has changed in the market. With the market coming back, being strong again, we see opportunities to get back to that level. Of course, need to take into account the A part then of Stanley. That's helpful. Thank you very much. Thank you. The next question comes from Edward Hussey from UBS. Please go ahead. Hi, thanks for taking my questions. Just two from me. The first question's just a follow-up on equipment revenue growth. We sort of only saw book to bills pick up significantly in Q1, you usually have lead times of about nine months in the business. I'm just interested to hear why we saw such strong acceleration in Q2 and why it wasn't a bit more sort of back-end loaded. It takes some time to ramp up. Of course, because it's both our own operations where we need to put people in place, train them, et cetera. We have gradually increased the pace, I would say, throughout the year. Of course, you also have the lead time, depending on where you ship the machine. There is also the lead times on sea. I'm very pleased to see the output from the factories. The ramp-ups are going according to plan, that generated the strong revenue growth here in the quarter. We are at a new level of output in the factories. I'm very pleased with how the organization have ramped up and continue to then to make sure that we can safeguard the lead times, because that's also crucial in an environment that we are in. Even though you referred to the order intake in Q1, that was exceptionally strong, we actually had quite good order intake also in the second half of 2025. We didn't start the ramp-up after Q1. We started it, I would say, already during second half of 2025, and therefore able then to at least get part of the strong orders out already in Q2. Like Helena said, with the order intake we've had now for a number of quarters and with the ramp-up in the factory, we expect equipment revenues to continue to be strong into the second half of 2026. Okay. That's helpful. Thank you. Maybe just one other on equipment service margins. Obviously, now we've seen two strong quarters from an organic perspective in the margin bridge. I guess the question here is just that we've also seen inventories picking up, and we've also seen a relatively low gross margin. I'm just wondering, is one of the strong drivers behind the equipment service margin picking up the fact that factory utilization is much higher? And if that's the case, is it sustainable to keep the factory utilization where it is into the future? Yeah, I would say the factory utilization, the expensive part is when you ramp up, when you trained a lot of assemblers. That's when you take the hit. I would say that we're performing well now in the factories across, I would say, both on the equipment side, but also on the consumables and on attachment. We have this variable way of working. It's very much additional workforce that we add, which of course creates the flexibility and agility. I'm expecting us to be able to have an efficient manufacturing performance during the coming quarters as well. Okay, that's helpful. Maybe just to follow up on that, if you continue to get strong orders through, are you going to have to invest more in manufacturing capacity? What kind of utilization rates are you at the moment in your factories? We are adding shifts, that's what we have been doing in several of our factories. We also have a very strong set of dual capabilities, we can produce the same equipment in several of our manufacturing sites. In the different parts, we're leveraging that work that we have put in place the last, I would say five, six years, that we can ramp up in parallel now, both in India, in China, in Sweden, as well as in U.S. I don't see any- Yeah. That's helpful. Thank you. I would say, any challenges on the capacity side. It's more to get people on board and train them. Of course, to get the components into the factories. That's more a sourcing exercise. Okay. Thank you very much. The next question comes from Klas Bergelind from Citi. Please go ahead. Hi, Helena and Håkan. Klas at Citi. First, on the margin in E&S, the 66% drop through you had in the first quarter was obviously against very little sales growth of 2%. You're now doing around 30% on 13% sales growth and have more equipment sales versus service, which is good to see. It seems like the drop through is moving in the right direction. I was just wondering on the internal service mix going forward, you obviously have this 6-12 month warranty period, parts and kits. I would assume growth here should accelerate with a lag given the strong equipment orders last couple of quarters. You also talked at the CMD about that you're selling more large machines, advanced machines, so that can increase the customer share. Shouldn't parts and kits, which is the highest margin segment within service, increase going forward as a percentage of service? I'll start here. Given the larger the fleet will be, you are correct, the first year, the machines don't generate that much parts revenue. When they come into the second year, that's when you start to leverage that strength. Of course, with the strong equipment quarters that we've had, that creates the potential then for parts revenue in the coming. It's for several years, of course. It could be 6-10 years, depending on the machines we put in the market. Thank you. On the T&A orders, no diff in comp, growth is 4%, down from 9% in the first quarter. It seems like construction didn't weaken quarter-over-quarter, and mining is still strong. What's going on there? Mining is still strong. I would say more it can vary between quarters as well. There is high activity levels in the consumables business, and we also start to see more positive sentiment towards construction and infrastructure. Infrastructure has been strong, but also towards construction, and on the attachments. Higher activity level, even though from a low level. There is nothing on, if I understand it correctly, you don't take the tungsten charge over the revenue line. There is nothing like that explaining it. No. What we said, I think we said in the Q1 call, or maybe it was at the CMD, we said that we had very strong tools order intake in Q1. Given that tungsten prices then were ramping up and we had customers with contract for three months, we said that there might be a bit of pre-buy. I think we have seen a little bit of that now in Q2 with a little bit lower level compared to Q1. Fair enough. My absolute final one is on the T&A margin. It was more than 1 percentage point impact from tungsten on the margin in the first quarter and no margin impact this quarter. That looks like a bit worse underlying margin improvement year-over-year in the second quarter versus the year-over-year ex tungsten improvement in the first quarter, and currency is better quarter-on-quarter. Would you agree with that the margin operating leverage was a bit weaker? Yeah, you can say that if you exclude the tungsten impact. Of course, when we compare Q2 to Q2, both are, you can say, then without. I understand what you say, and I would agree when you compare Q1 to Q1, yes. Is that just operating leverage, then? Yes. Now we will take the last question for today. Thank you. The next question comes from Vlad Sergievskiy from Barclays. Please go ahead. Sure. Thank you very much. Two questions, if I may. I'll start with the margin in Equipment & Service. First part of it would be FX rates obviously has been detrimental to margin for five quarters. Given assuming current FX, is it possible that Q3 will be a positive contribution to EBIT for the first time in a while? Related to that, on the organic drop through margin in E&S, about 30% in Q2, despite the fact that mix is shifting towards equipment. Is it a reasonable number for us to target going forward? If I start with the first one on FX, I think the good thing now with FX is that the comparables are more in line. You see that when we look at revenue and on orders, it's 1 percentage point differences. The negative thing is that it has actually fluctuated quite a lot during the quarter. As an example, the dollar versus SEK was down at SEK 9.20 something, and then it closed at SEK 9.71, which means we can get some hits on the balance sheet, up and down. I would argue that if it stays where it is right now, when it's more stable, then you will see less of an impact overall in Q3 than we have seen previously. You take the second one. Yeah. On flow through, I think we are pleased to see that we're back to profitable growth and good flow through. Of course, it can vary between quarters, we continue to focus on our efficiency, as I mentioned here. We are happy with the performance in the quarter and that we show positive flow through now in both BAs. We continue to work on the efficiency. That's a key focus area for us. At the same time, ramping up then and get as much revenue out as possible. Thank you very much. Thank you, Helena, Håkan, everyone who asked questions. Sorry again for the technical difficulties we had before, and enjoy the reporting season. Thank you, everyone. Bye. Thank you so much. Thank you