Good morning, everyone, and welcome to Fasadgruppen's presentation of the second quarter 2026. My name is Magnus Blomberg, acting CFO, and with me here in the room, we have our CEO, Martin Jacobsson. Martin, will you please walk us through the report? After the report, we will open up for some questions. With that being said, Martin, please go ahead. Thank you, Magnus, and a very warm welcome and a good morning from me as well. Let's move to the first slide directly. Let me give you a quarter here in short. By our own standards, the earnings were weak. A weak quarter and a weak business, I would say, are two different things. We will show that today. On adjusted EBITA level, we came in at roughly SEK 108 million against SEK 132 million last year, which is down 19%, and I won't dress that number up. Remember here, we took roughly 2,000 colleagues in our organization, took this business from we had -1 2%, if you remember, organic growth in Q1 up to broadly flat now here in Q2. The margin came in at roughly 7.6%, and that's just a statement, and I'm proud of the colleagues that did this. I would say that the decline in the result is not widespread. It is concentrated. It sits mainly in our Nordic contracting business, and that's essentially in Norway. I'll walk through the reasons later in the presentation. Every other part of the group, I would say, held its ground or improved. That distinction matters because concentrated problems can be fixed. The other headlines we have here in the first slide is, of course, the organic order backlog, which was up 6.6% compared to last year, mainly driven then by Norway, Finland, and the U.K. Very strong increase in Norway is noteworthy. Of course, we welcome new colleagues into the group here. We finalized this acquisition in August with ProRakenne. A very warm welcome to ProRakenne. They are a roofing specialist, mainly focusing on industrial customers and also data centers. With that, we can move on. If we just look on a rolling 12 months basis here on our numbers, we see a net sales of roughly SEK 5.2 billion. We're at an adjusted EBITA level of roughly SEK 350 million with somewhat lower margin compared to the same period last year. It's also noteworthy the cash conversion here is roughly 100%. Whatever else this year has thrown at us, we could say the business still converts earnings to cash. Moving on. Looking at the net sales, it was down roughly 1.8% in total. Of that it was a broadly flat organic growth, - 0.5%. Remember here we had a divestment of Alnova that came in last year, and that also affected the quarter here. Looking at our segments, I would say that the Total Solutions decreased by roughly 2.2%, and our Specialist Solutions increased by roughly 1%. Clear Line, our business in the U.K., decreased by roughly 9%. It is noteworthy here that if you remember, coming back to the organic growth, it was -12%, as I said, in the Q1, and now it is broadly flat. That is an important number for us that we are on the right path. I like to give an example. If this is broadly like a hotel, the rooms that we had during the wintertime cost money whether someone sleeps in them or not. Of course, now that the rooms have been starting to fill up again, we are making money in that instance. As we see, the earnings from those rooms arrive a quarter or two behind the guests. With that said, of course, a number that stands out here is, of course, the decrease in Clear Line that is still affected by what we have told you before, the Building Safety Regulator delays still there. That means that it is a queued demand and not a lost demand. Now we can extend. Just one last thing on the sales. I would like to stress here, also in Sweden, we have seen Housing cooperatives, property owners that have postponed façade renovations throughout the last couple of years are very active again. As we say, the façade does not care about interest rates, and what we have seen now is that with the lower interest rates level and a more, I would say, more confident market, we are seeing there are more projects to calculate on. Hopefully we will see that in the numbers in the future as well, that Sweden is on the right path. With that, we can move on to the next one, please. Looking on the adjusted EBITA, the earnings slide, I would say the one that matters most today. Looking at the segments and you see exactly where the problem lies. You see that Total Solutions margin came in at 3.3% compared to 6.6%. I would say that this is mainly then focused on our businesses in Norway, which a lot of them are in the Total Solutions segment. I would say that the two forces that have affected this, and I want to separate them. First, the market is weak. I would say that hand was dealt to us, but part of the decline is also self-inflicted, you could say. We have changed management in several of our Norwegian companies in the last year or so. I would say different phases in a cycle demand different leadership. A turnaround has its own requirements, and we acted on that. So, I want to be clear upon that. Changes like those always cost tempo and volume in this transition. I would say that with the changes that we have made, we are confident in the future in Norway. So, I mentioned earlier that the order backlog grew significantly in Norway, and that leads the way. So that is what we are going to keep track of ourselves, the volume increase, and with that, the margin will recover. Of course, that is something that we will have a look closely at in the future, and hopefully you will do, too. Then, I would say it is also noteworthy here Clear Line's strong result, and the margin that increased from roughly 29% to 38%, is of course a very impressive number. Clear Line is working in a very disciplined way and delivering quality products every day to our customers. So, very proud of Clear Line in that matter. Of course, I would say that it is good to see that we are on the right path. With that said, we can move on to the next slide, please. Looking on the order backlog, as I mentioned, it increased here organically, and this tells a bit different story than the income statement. Of course, we see that it is mainly on the Specialist Solutions segment and on Clear Line segment that we see the increase. I would like to stress here once again that it is especially in Norway, Finland, and the U.K. that we have seen a very strong uptick in the order backlog. So we are eager to convert this strong order backlog into sales. Just a noteworthy here is, of course, that we are having close look on the Danish order backlog, which have had somewhat of a hit the last couple of months here. With that said, I would like to come back to that in the future to see where we are heading. Yes. I think we can move on to next slide, please. Then on the cash flow, operating cash flow of SEK 52 million compared to SEK 181 million last year, with working capital as the swing. I would say when the production accelerated hard in April, after a late start to the season, I would say working capital built sharply. It is more like a normal breathing of a product business entering high season. I would say that it is amplified this year because the season started late and then fast. So it is more of a timing and not a leakage question, I would say. The number to double check here is, of course, the 98% on a rolling 12 months. As I mentioned earlier, we are still converting a lot of earnings into cash. But remember, it is mainly in the second half that seasonally converts. All right, next slide, please. We had a net debt here of SEK 1.6 billion, down from SEK 2.2 billion a year ago. Leverage of 3.3x adjusted EBITA. The rights issue that was concluded in the second quarter did the heavy lifting, so to speak. From here, I would say the deleveraging comes the old-fashioned way, earnings and cash conversion. Next slide, please. As I mentioned here in the start, we welcome a new company into our world, ProRakenne. ProRakenne, a roofing specialist situated in Oulu in Finland, and was acquired through our subsidiary, Rovakate. ProRakenne had a long-standing collaboration with Rovakate in the Finnish industrial and data centers segment, mainly, I would say. I would say that there are three things I want you to take from this deal. First, the logic. We have two established players who already work together. Industrial customers want more of a one-stop shop. We provide them with that. So demand is pulling the acquisition, not the other way around, so to speak. Secondly, it is structured. It was financed from existing cash with part of the consideration settled through a long-term co-ownership instrument in Rovakate. So the seller becomes a co-owner in the business they are joining, and I care a great deal about this. I think it is a very strong signal because in a group of entrepreneur-led companies, their best acquisition currency is not cash, it is a shared ownership of the outcome. We talked about that earlier, but people water the garden they own a piece of. I think that is something to take with you. Thirdly then, the direction deepens our exposure to data centers and the industrial customer segment. Of course, data center is especially interesting. One of a few construction segments that is in structural growth, especially in the Nordics. Then moving on, just some examples here from ProRakenne. It shows the range of the capabilities, and it is the range I want you to notice first on the left-hand side. A 2 million krona roof done in three months, and on the right-hand side, a 45,000 sq m data center roof done in 32 months, which is a unique expertise, and it means that we can handle all types of projects on the roofing side. So very glad to see ProRakenne join us, and we are eager to help more customers in the future. Then, some concluding remarks before we open up for questions then. Backlog stronger, SEK 4.5 billion, and it is growing the fastest where we need it the most, so to speak. Recovery through the quarter was also gradual. We saw the end of the quarter was strong here. The profitability focus continues, especially in Norway, where new leadership and a filled order book, the high season now in the midst of it, have to do their work together. Of course, we added ProRakenne, as just mentioned, which is a step in the right direction for us. From here, I would say mainly it is an execution story, and judge us on that. I would say that Sweden's volumes will reach their earnings lines, but Norway's volume increases and the margin as well, and that the Danish order backlog is filling up would also be something that we are looking on to execute on. Finally, I would thank our 2,000 employees, especially. The backlog that we built is built in a difficult market, but it is a heck of a job that has been done. Now it is up to us to execute it, and we will do that together. So with that, we open up for questions. If you wish to ask a question, please dial pound key, five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key, six on your telephone keypad. The next question comes from Max Bacco from SEB. Please go ahead. Thank you, and good morning. Perhaps starting with Sweden, you mentioned a couple of times that Sweden is on the right path and that you are seeing increasing activity, especially on the renovation side here in Sweden. I understood it correctly, Sweden did not add to the growing order backlog here in Q2. How should we think about that you are seeing improving activity but the order backlog is not improving? Good morning, Max, and thank you for that. Yes, of course, it is a relevant question, but it is based upon the discussions we have with all our customers around in Sweden, and we are seeing around the corner what is coming. Of course, Sweden is working from a bit higher level on the order backlog side than, let us say, Norway. So the autumn is full in that instance, you could say, but we are always eager to fill it up even more. I think with the current situation, we have the possibilities, at least with the active customers, to increase even more in the future. I would say that a bottleneck for us is, of course, still the amount of craftsmen and subcontractors that we have. With that said, if the customer wants us to start immediately and we can postpone them, that would be to our benefit. As we are seeing it now, at least, the demand is strong in Sweden. So hopefully we can grasp some of those outstanding offers in that instance. But we are seeing a lot of activity. That is the main thing here and very strong discussions with customers. Okay. Understood. On the same topic, I noticed that Clear Line's order backlog declined 9% versus Q1. How should we think about that? Is it just that Q1 was very strong and perhaps some timing to it? Or is there anything else in that number? It's nothing in particular in that number. It's still on a very high level. We're looking into still 2028, 2029 now for Clear Line. I wouldn't say that that's something to worry about or so. It's nice that we're executing on sales, even though on a somewhat lower level compared to last year in Q2, but on the other side, it's on a disciplined level, as we can see on the margin. Okay. Understood. The final question, you basically touched upon it during the presentation when you stated that going ahead it boils down to execution, more or less, but all taken together with improving order backlog, regulatory delays, perhaps evening in the U.K., and so on and so forth. Going into the second half here of 2026, do you see that better volumes and better profitability compared to the second half of last year? Is that a reasonable scenario, or is there something that goes against that view? What's your thinking on that? Yeah. As you know, we don't really give any forecasts in that sense, but of course, very strong order backlog that makes the possibility at least to execute strongly in the second half of the year. I think the room for improvement is there. Understood. That was all from me. Thank you very much. Thank you, Max. There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Yeah. We have some written questions here as well. Let's begin with the first one. Have there been any changes or adjustments to Clear Line's revenue recognition or the policies? Okay. During which period? During Q2 2026. In this case. Well, no. It hasn't been to any other period either, but no. The second question is: Has the BSR granted new Gateway Two approvals to Clear Line during the quarter, as seemed likely given the improvement permitting environment and higher approval rates in London towards the end of June? Yes. We have received several approvals. Thank you for that. Did Clear Line achieve or recognize an unusually higher number of project milestones or has a possible novelty initial mobilization payment during Q2 2026? Did this contribute significantly to the exceptional strong EBITA margin reported to the segment? Long question, sorry for that. I think it is connected to the margin of Clear Line in Q2, as I read it. I would say, well, of course, we ended some projects for Clear Line in June, but that is nothing unusual in that sense. Nothing stands out on that, I would say. Thank you. Moving on. Sweden looks to have turned and Finland is also growing. Could you also see growth in the second half for Norway and Denmark, or is that more of a matter for 2027? Yeah. It is back to the forecasts. I think, as I mentioned to Max, there is room for improvement in all countries. We have a strong order backlog in that sense. What margin can we expect from Clear Line going forward? Well- Since the margin has fluctuated. Well, I think if you just take the two margins that we see in this quarter, if it is 38% in Q2 2026 and 29% in Q2 2025, that doesn't give you the full picture of the margin. Of course, it gives you a sense of how disciplined they are at Clear Line and what kind of quality they provide. I can't give you any more than that. Thank you. Moving on here. The Danish revenue declined a bit in the second quarter, also for the first half year. Could you please elaborate on what is driving the decline in Denmark? Is it mainly related to timing, weather, or are you seeing anything else? It is more of a mix effect in the sense of what kind of projects you are executing on. It is no demand question per se. I would say it is still demand on a strong level. If you elaborate more on the Danish order backlog. Yeah. That is what I mentioned earlier. That is something that we are looking into and following closely and have some interesting prospects out there. New projects that we want to help customers with. Let us see if we can sign the contract as well there during the second half of the year. If you continue on the Nordic here, how has the competition and prospective projects margin in the Nordic development over the last 12 months been? Well, I don't really understand. How has the competition been on the Nordic the last 12 months? Okay. I think. Well, competition is still there as always. It's something that is always there. I don't really know if I understood the question, but I think we're competing every day with the competitors. Yeah. You touched upon that already, but Clear Line's order backlog is declining a bit. No new orders for Clear Line, or are you worried about that? I'm not worried about Clear Line. Thank you, Martin. That's all written questions for now. I see we have some queue for some speaker questions here, so please. The next question comes from Lucas Mattsson from Inderes. Please go ahead. Hi, guys, and good morning. Lucas here from Inderes. I have a couple of questions as well. I'm thinking about Norway, which remains your most challenging market. Could you give us some color on the concrete measures currently underway and whether there is any scenario in which you would restructure or exit part of the operations? Morning, Lucas. Yes. Norway, I would say that it's a team effort underway. It's not a one-man job in that instance. We have a lot of experience and knowledge within the group. We are collaborating on the issues at hand. As an example, we have people both from Denmark and Sweden assisting our companies in Norway. We have full backup and, of course, as we mentioned, the new leadership is also in assistance of some support that we are giving to them. I think that's some flavor to what kind of things that we are doing. We're, of course, eager to execute on the very strong order backlog that has developed throughout the year here in Norway. On your second part of your question regarding sales or so, it's nothing that you should take into your model at this time, I would say. Okay. Thank you. That is clear. Then perhaps one final question about Clear Line as well. You have previously indicated that around SEK 750 million of Clear Line's order backlog has been cleared for execution following regulatory approvals. Looking at H1, Clear Line generated roughly SEK 260 million in revenues, which would imply quite substantial acceleration in H2 if that figure were to be reached. Is that indication correct or how should we think about this? It is always a timing question, and when you can really execute on a project, it is a lot of various variables on that to see exactly where that lands on a full year. I would not say that there is an indication of exactly which revenue they will turn out on 2026. But what we can see is we have a very strong order backlog at Clear Line, which we are eager to execute. Noteworthy is maybe that we received some orders that are not under the approval of BSR, which we are also eager to execute on, of course. But then we do not have the hassle, if you call it like that, to do the BSR process. So hopefully that can also assist in the execution here going forward. All right. Very clear. Thank you, and thank you for taking my questions. Thank you, Lucas. The next question comes from Linus Alentun from Nordea. Please go ahead. Hi, and good morning. Just a question from me here. You said competition remains present across the Nordic markets. Have tender pricing and prospective project margins changed over the past years? I am particularly wondering about Sweden and- Good morning, Linus. Well, of course it is a continuous process in that instance. I think it was an unclear question in the way I talked about that. With that said, I think competition is always looming above you. But I would say that it was more intense, especially if we take Sweden first, was more intense a couple of years ago. But we have seen plenty of bankruptcies in our sector throughout the years, and that has eased the competition somewhat. We have also seen several more prone to new production players that have started to work on the renovation segment, which has not worked well, if you put it like that. And then they have maybe dissolved or gone back to the little new build there is. I would not say that that is an You could say it is not that tough in that sense. It was tougher before, if you put it like that. That is what we are seeing in Sweden. In Norway, I have said that before, that maybe they are a bit later in the cycle compared to Sweden. Remember, the interest rate levels are a bit higher in Norway as well. On the new build side, there has also been tough, I would put it. Of course, competition is still there and maybe a bit off to Sweden in the cycle still also on that side. If that gives some flavor for you, Linus. Yes, it does. Thanks. Just a question here on Clear Line. I also noticed the sequential drop here in the backlog. Do you think you could give us a number perhaps on the order intake here in the quarter? Yeah, we got the same question earlier here, but on the order intake side, it's nothing really that I have in front of me. As I mentioned earlier, I'm not worried, especially not on the order backlog side of Clear Line. We're looking into projects that are to be done in 2028 and 2029 now. Yeah. Clear. Just one final question here. How should we think about H2 for Clear Line going forward? In the comparison H2 here, I guess that the full BSR is reflected, right? So how should we think about Clear Line organically going forward? Of course, it boils down to the execution, and I know, Linus, you follow the BSR approvals closely, and I think they are on the right path there. We actually received some approvals before deadlines for the first time here a couple of months ago. That was also the first time that happened. That gives you somewhat of, hopefully, an indication of easing of the BSR approvals. There is, as I said earlier, room for growth here as well, room for improvement in that sense for Clear Line. I think continue to follow those BSR approvals. They are pretty interesting. Yeah. Agree. The legacy orders there are dropping, and approval times are dropping as well for new approvals. Yeah. Thank you very much for my questions, and have a good day. Thank you, Linus. There are no more questions at this time, so I hand the conference back to the speakers for closing comments. Yeah. As you heard, no more questions. Thank you, everyone. Maybe a final words. Martin, over to you. Yeah. Thank you, Magnus. Very glad that you listened in. I am eager to meet you all again in November when we will present our Q3 results. Looking forward to that. Thank you and have a nice day.