Good morning. Welcome to Husqvarna Group's Capital Markets Day 2025. Thank you all for joining us here in Stockholm today, and thank you for watching us online. My name is Emelie Alm, and I am Head of Investor Relations. Our aim today is to increase the transparency level and also the understanding of the company. And we will also share a clear roadmap to our transformation to profitable growth. We have a full schedule today. And first, you will hear our CEO, Glen Instone, and also our CFO, Terry Burke. This will be followed by a Q&A session. And after that, we will head upstairs for our product exhibition. This product exhibition will mean a one-hour break for those of you who are watching online. After this, at 11:00 o'clock, we will have our strategic deep dives with our divisional presidents, followed by a Q&A session. And after that, we will have a lunch to go, and you will also be able to revisit the product exhibition if you are attending in Stockholm. So with that, I would like to invite our CEO, Glen Instone, to the stage. Good morning. Morning. So, Glen, you've been the CEO now for the company for a couple of months. Could you please share your first reflections? Absolutely. So I think we come from a strong foundation. That's what we should say. We've been innovating our products for many centuries, actually. And we've been investing in our brands. We've also been over-delivering on our sustainability targets. And of course, that's good. That's the very positive things. I believe we've been changing the organization to really get closer to our end customers. So we've reorganized over the recent years. But the obvious elephant in the room is we've been underperforming on our financial targets. And that's what we've got to be very clear on. So we are underperforming. We have not been taking sufficient cost out of this organization. We haven't been competitive enough. And that means we haven't been investing sufficiently in innovation and in our brands. So whilst we've done a lot of innovation and brand investments, we need to do more. We also have quite a new management team in place to execute on this strategy. We do. And I'm really pleased that at least six of my seven colleagues are here in the room today. And before I introduce the management team, leadership is going to be key in this next phase. We're going to have to do a lot of change. The culture in the organization has got to change. We've got to be much faster. So execution and focus is something which we're going to speak a lot about during the course of the day. So the new management team, and some are actually less than 12 months with the company. But Terry Burke will be on stage soon, the CFO, who I think many of you know. And then we have the three divisional presidents. We have Maha, Gardena, Omar, Husqvarna Forest & Garden, and Karin, Husqvarna Construction. It's all you'll get to meet today. And then we also have Sophie, our General Counsel, and Robert, our CIO. The only one missing today is Maria, who is on a company trip in the U.S. But the other six colleagues, you'll get time to mingle with today. All right. Thank you for that intro, Glen. With that, I will hand over the stage. Thank you. For the presentation. So again, a warm welcome, both those in the room, but also those who are following online. So really pleased to stand here today and talk about our next phase of this amazing group, this amazing company. But it would be amiss of me not to talk about our existing environment where we're operating in. Of course, it is a challenging environment that we operate in today. And that is not new to anybody. The geopolitical tensions bring uncertainties, and that affects the consumer buying power and the consumer sentiment a nd that is a reality we have. Competition has changed in recent years. I think some five years or so ago, we started to see more of the power hand tool players coming, particularly into the battery space. And in more recent years, we've seen a lot more Chinese competition coming into the robotics space. But that is our competitive landscape. I mentioned geopolitical tensions causing some uncertainty. But of course, the knock-on effect of that is that we've had a lot of tariffs. And tariffs are something which we've been talking about now for a few years. And I guess they're here to stay. So that's the environment we have. But also FX. FX is, of course, it swings, both positive and negative. And certainly during the course of 2025, it has been a negative impact to the Husqvarna Group. And of course, post the previous capital markets day, we came into a very large period of uncertainty around supply chain disruptions a nd that continues to play a part and continues to be the environment that we operate in. And as such, we have been underperforming. Again, I mentioned this a few minutes ago. We have underperformed versus our financial targets. Today, I want to really give you some hope and credibility about our path forward to achieving the financial targets we set and the ambitions that we have. Emelie mentioned something when she kicked off to say we want to be much more transparent. We go to market, and we have three autonomous divisions: Husqvarna Forest & Garden, Husqvarna Construction, and Gardena. That is the three divisions. They are our three reporting units, all autonomous P&Ls. That has enabled us to get much closer to the different end customer groups that those three divisions operate with. However, what we would like to show now, actually below the three divisions, how we govern this organization, how we will govern this organization even more robustly going forward. That is by way of what we will call business portfolio units. Of course, given our underperforming margin performance right now, then all of our business portfolio units are not green. I guess you're not surprised about that. Within the forest and garden space, we have four business portfolio units: Residential Robotics, which we'll discuss a lot today. Professional robotics, a fairly new segment for us. We only actually entered this market in 2019. Core Handheld, which is really part of the heritage and what we bring forward for many, many decades, and last but not least, our Core Wheeled. The latter segment, the latter business portfolio unit, where we have the most headwinds and the most challenges. What each of the divisional presidents will do is actually deep dive on each one of these and actually what we're going to do. So whilst I will talk about the what, the divisional presidents will go much more into the how and what we're going to do to address these areas. Gardena likewise has four business portfolio units: Watering, where we have a clear number one position. Hand Tools, where we also have a clear number one position, and both performing very well. And then we have what we call our Powered Garden. Anything electric in the garden under the Gardena brand would be what we class as powered garden, including the Gardena branded robotic mowers. And they are actually what we would class as a turnaround case. And Maha will come back exactly what we're going to do to turn this around. And last but not least, by way of acquisition back in late 2021, early 2022, we acquired Orbit. This actually made us a number one residential player in irrigation in the U.S., so it was a strategic bet that we took, and we actually have some profitability uplift to make within the Orbit Business Portfolio Unit. Moving over to construction, where we have three BPUs. Sorry for the BPU, but it's very long to say Business Portfolio Unit all day, so three BPUs. One is Sawing & Drilling, where we have a clear number one position, but also, it is profitable, even margin accretive to the group, then we have what we would call Surface Preparation, also a number one position, but with some profitability improvement targets and uplift, and last but not least, Compaction, Concrete Placement, and Demolition, actually quite a broad segment where we have a number four when it comes to compaction and placement, but a number two position in demolition. So some profitability uplift and turnaround required there. So we're going to take you through each of these business portfolio units and what we're going to do to really improve the margins going forward. In a slightly different view, that is how it looks. And that is therefore the orange circles are bubbles there being the Forest & Garden division, the turquoise ones Gardena, and the gray ones Husqvarna Construction. So all playing either in a profitable growth where we want to get above GDP growth. These are clearly markets that we feel we can have growth beyond GDP. Very structural increases we feel are possible. So on the profitable growth, we will drive even more focus and really drive our capital allocation towards those areas. In the middle section, which we call profitability, increased profitability is where we have a strong market position, number one or number two, where we need to really work with our cost out and improve the profitability to really double down on our number one or number two positions. And on the left-hand side of the page is our clear turnaround cases. Just so happens there's one per division. And it's very, very important that we turn these around. And just to be clear, if we execute on the turnaround actions and it is not sufficient, then of course we will look at alternative actions. And that could mean we'll exit some segments. But right now, our focus is around turning around these areas. Orbit is a business we acquired in late 2021 and is the U.S. irrigation brand that we acquired. So as I mentioned, we have a strong foundation that we need to continue building on. And for those who know Husqvarna Group, this is going to be very repetitive to you. For the ones who are fairly new to the case, I'm going to give a very quick recap of what Husqvarna Group is. We are a global leader in the outdoor power equipment space. We're also a global leader in the Light Construction industry. So we come from a very strong starting position in terms of the industries we operate in. We have two extremely strong brands, Husqvarna brand and the Gardena brand. Two extremely strong brands, and we'll talk more about that as we go through the course of the morning. As I mentioned in my introduction, innovation is going to be key going forward. We must continue to innovate, continue being the technology leader. We've been doing this now for three centuries, and we need to continue doing so as we take this next phase. Quality is everything to us. We must have the premium quality. By having premium quality, we become the trusted partner of our trade partners and our customers, and what we also have very, very strong is a very strong global reach. We have over 100,000 points of sale globally where you can get to our products and services, and that is a big, big asset to this company, and I'll come back to that later. Just geographically speaking, about 60% of our sales are in Europe, about 25% of our sales are in North America, leaving around 15% of our sales in what we call rest of world. So moving over to our existing jump-off point, I mentioned that we want to have a number one or number two position. That is a market position. I'm very proud to say actually we have 80% of our sales today in number one or number two positions. So we come from a position of strength. We need to continue capitalizing on that. Very clear examples is robotic lawn mowers. We are global number one. Watering and Smart Watering systems, again, we are global number one under both the Gardena and the Orbit brand. And in several of the Light Construction segments, we're also a global number one. Global number two when it comes to Professional Handheld. I mentioned the importance of brands. We will continue investing in our brands. That's going to be very, very important to us. In fact, we'll go as far as saying we've been underinvesting in recent years. So we want to actually increase the investments in our brands. This is where we really connect with our end customers, particularly the consumer customers that we have. Our two core brands are Husqvarna and Gardena. Innovation. Innovation is what's been driving this company, as I said, for over three centuries. We started off, and the H logo, of course, is a gun sight. We started off making guns for the military, moving into applications like sewing machines, bicycles, motorcycles. And a motorcycle into a chainsaw, there's a lot of similarities. It's a two-stroke engine driving the drivetrain there and redriving the sprocket and the bar and the chain. So a lot of similarities. And that brought us in 1959 to actually bringing the chainsaw to the marketplace and then developing into becoming the outdoor leader in outdoor power equipment. What you will get to see today, actually in the breakout, we have a product exhibition area where we're going to showcase our next level of innovation. The next level of innovation is on the bottom right of the page here. Firstly, we have our AI-enabled vision robotic mowers. This, we believe, is breakthrough for season 2026. This will be available both for the residential users and our higher premium products, but also for our professional users, really making a difference to our customers. What we also have is the Autogrinder. It is a big machine, so you're not going to get to see it and touch it in person, but you'll see it on the screen. This is a self-operating floor grinder. Again, market-leading breakthrough technology, really satisfying and serving a fantastic purpose toward our end users. So some great innovation coming through. And as I said, we must continue fueling the innovation pipeline. This is absolutely critical to this group. That's going to be a big part of what we talk about as we go through the day: investments in brand, as I mentioned, but also investments in R&D. And Terry will actually take you through some of those numbers later in the presentation. So we talked about transparency. We talked about the business portfolio units earlier in the presentation. And now we're really trying to look at this in a more product category perspective. 40% of our sales are to professional users, people who are using our products for a working purpose, not maybe like you and I who are more residential users. And that is 60% of our business. Both very, very important. What we do want to do with this next phase of the strategy is to increase the weighting towards professional users, and the reason for that is pretty obvious. We believe there's more customer stickiness. We believe there's more parts and accessories possibility, and therefore, we get more recurring revenues, so we do want to overweight the growth towards professional products, but that does not undermine or underestimate the importance of our residential products where we have market-leading positions. Some 23% of our product assortment is Handheld, and Handheld, of course, means a lot to many, many people. It is where Husqvarna started for many, many people, and it continues to be a very strategic, important area to us, both from a combustion engine technology perspective, but also battery technology. We will be present with the applications that the customer wants, be it in combustion engine technology or battery technology. Wheeled represents around 18% of our business. It is actually a turnaround case. Much stronger in Europe, stronger profitability, I mean by that, much weaker in North America. That is a turnaround case representing some 18% of our revenues. Robotics, we've been talking about this in each of our quarterly reports, now representing 16% of our business. So close to 8 billion SEK from a category we created in 1995. Watering, 15%, which happens to be about 60% of the Gardena business per se, very, very strong global leader, number one position. Light Construction, number one or number two position in most of our categories there, representing roughly 15% of our business. And last but not least, what might seem a fairly small part, but Hand Tools, where we play with the Gardena brand and we have a global number one position, very, very strong in Europe in particular. Underpinning all of this is Aftermarket and Solutions. And this is something which we're going to talk a lot about today, particularly in Husqvarna Forest & Garden, Husqvarna Construction space, that aftermarket to us is going to be a differentiating factor. I mentioned the strong global reach, but this is where we can really differentiate versus the competition. We cannot just have a good aftermarket solution. We're going to have to have a world-class aftermarket solution that enables us to be even closer to the customers, but of course, get those recurring revenues that I talked about. So that represents today around 20% of our business. Of course, part of all the product groups, but really on its own is about 20% of the business. I mentioned quality earlier, and quality to us is actually fundamental because poor quality products simply will not wow our customers. When we bring innovation to the marketplace, we hopefully make a difference to our customers. When we bring a premium quality product to the marketplace, then we really become the trusted supplier and the trusted partner to our customers, and that is what we aim to be. There's a proof point on the page there. We call it CEORA. CEORA, for those who were at the Capital Markets Day four years ago, is a product we launched. You'll also see it in the breakout session. It's a fairly big product, and really, this was the first breakthrough product capable of cutting up to 75,000 sq m. So, really breakthrough in terms of large green spaces. What it actually did is create a big pull from the golf business. In 2021, we actually said we were targeting sports and facilities as two areas, but golf became a very, very big pull in the past four years, so the golf industry has really been attracted to what we're offering, and why this is important is over 1,700 courses globally feel we are their trusted partner to satisfy their needs each and every day, and we continue to grow this 1,700 at quite a rate of knots. Other proof points: 80% of our robotics fleet today is still in use after nine years. I think that is a great proof point around a performance-driven solution. This is not a product that lasts two or three years. 80% of our products are still in use after nine years on robotic lawn mowers. I mentioned a differentiating point on aftermarket. And the way we will satisfy our aftermarket differentiation is by utilizing our strong global network of trade partners. We are present today in over 100 countries. That is truly a global market reach. But we also have over 100,000 points of sale, 65,000 points of sale in the retail business, around 25,000 points of sale in the dealer business, and then about another 10,000 points of sale in the more direct rental account type structure. That becomes quite different when you look at the sales profile. Actually, 60% of our sales today are going through the servicing dealers. And the reason I mentioned servicing dealers is that we'll provide a servicing aspect. They will provide the aftermarket support that we need to make the true difference to our end customers, and that is absolutely critical to what's going forward. 25% of our business is towards the retail channel, the more modern channels, and today, about 10% is direct e-commerce, and for the extremely observant ones in the room, you've quickly added that up and said there's 5% missing. That's correct. That is actually other channels like the rental accounts, so 60% of the business going through our servicing dealers, super important when it comes to creating that differentiation by way of aftermarket. Innovation. I will keep saying innovation numerous times throughout this day and throughout this morning. We must continue being the sustained technology leader. I'm sure many of the words on this page are not so surprising. There is a move from petrol to battery products. There is a move towards more autonomous solutions in many, many industries. Digital, AI, all bringing new breakthrough connectivity, if you like, towards the end customers and bringing some new breakthrough advantages. And of course, sustainability and circularity become a very key part, not just for Husqvarna Group, but to this world. And we're going to cover that in more detail. We must continue being the technology leader, which is why the investments in innovation are so, so important to us. So we'll talk later in the presentation about the size of those investments, but this is fundamental to us to succeed. What's going to be important for us to really succeed with innovation is to accept and embrace partnerships even more. Partnerships will make us faster, make us faster to market, but faster with actually breakthrough innovation. So we will embrace partnerships at a much higher pace than we have in the past. That's going to be very, very important. So I now come to really the strategic page that we will start with now and we'll close with later in the morning. For those who have read the press quickly this morning, we want to transform to profitable growth. That is the clear ambition for Husqvarna Group. And we must transform to profitable growth. Three clear areas to our strategy. Firstly, operational excellence. And by this, I mean a true transformational cost-out program. Today, we announced a SEK 4 billion cost-out program. I'll come back to the details on that. The reason this is so fundamentally important to us, this is the fuel. This is what's going to fuel this company in the coming period. One, to support the margin development, absolutely needed. But two, to support those investments that I referred to: innovation and brands. Investments we must make to keep this growth engine. And we must get back to growth. Let's be very clear. We must get this company back to growth. We then have a very clear differentiator supported by that strong global reach, our aftermarket. Again, we've got to have world-class, best-in-class in our industries when it comes to aftermarket. That is a differentiator. It's actually quite a high barrier to entry. Our competitors do not have 100,000 points of sale. We do. And that is a strong barrier to entry and something which we must capitalize upon. So Aftermarket and Solutions will be a strong, strong differentiating point in this strategy phase. And last, but certainly not least, the third part of the strategy is that whole transparency topic I mentioned. But it's not just transparency. It's actually what's going to drive our capital allocation. And that means we're going to be much more strategic with our portfolio management, where I talk about that profitable growth segment, the profitability improvement segment, and the turnaround segments. So much, much more focused when it comes to our product portfolios. And that is what will take us towards market leadership. And this is what we believe is a very execution-orientated growth strategy. Supporting those three areas that I mentioned, of course, sustainability is really at the heart of what we do. We can make a true difference to this world with our sustainability efforts a nd I'm super proud of what we've done to date. And we'll show our next phase of ambitions as well. Innovation and brand, I think I've talked a lot about, but this, of course, is a fundamental. And last but not least, I mentioned this in the intro with Emelie. We must transform the culture in this company. We need to be faster. We need to be bolder. We need to be more agile. And that is going to be key to succeed. And as such, today, we launch new financial targets. In recent periods, we have not been growing sufficiently. It's been fairly flat, our growth. And of course, we don't feel that is sustainable either. We must get this company back to growth. So we set a target of 3%-5% over a business cycle. And this is applicable immediately. We must get this company to growth immediately. We have also adjusted our operating margin target. Previously, we set it in the peak of COVID. That is what it is. And Terry is going to take you through some of the periodization of our performance. But what we set today, financial targets that we feel are credible, and we have a very strong roadmap to achieving them. And that is what I really want to bring through with the messaging. First of all, we need to get to 10%. That's A. And that is in the mid to near term. We need to get to 10%. So near to mid term. And then we need to operate consistently above 10%. That's what's going to be important to us. Last but certainly not least, we are adjusting our capital efficiency metric. We're going to talk about Return on Capital Employed. Very, very important. We want to have a strong balance sheet. We want to really be much more focused with our capital allocation towards the profitable areas and therefore get much more return when we look at this, and therefore we set a return on capital employed target of some 15% over a business cycle. The cost-out program I referred to, and it's a really transformative cost-out program. Today, we launch what I believe is the biggest cost-out program in Husqvarna Group's history, SEK 4 billion cost-out program. This is needed, needed, as I mentioned, one, to expand our margin, to be more competitive, but also to fuel the growth and the innovation need that we have. Brands, innovation, and really fuel our growth engine. SEK 4 billion is a minimum. Let's call it over SEK 4 billion, and this is a real prerequisite. While we set a 2030 target for this, which seems quite a long time frame, 60% of this program is going to be achieved in the mid term, and Terry is going to take you through some more timing. When we look at the SEK 4 billion, there's really five key areas. Sourcing, which will represent around 35% of this target. Sourcing in a smarter way, getting much best-cost suppliers. I don't say low-cost suppliers. I say best-cost suppliers. It's really net cost reductions we're looking at here. Design to Value, working in a smarter way. How do we become more modularized? How do we take out low-performing SKUs? How do we really take out some of the noise in the system to be even more focused? That's representing around 20% of this new cost-out program. Manufacturing Efficiencies also very, very important. We're going to take out also a further 20%. We had some good examples this year in Orangeburg, where we outsourced to a contract manufacturer. And more recently, we announced the closure of a Handheld component facility here in Sweden, where we can get more efficiencies into the supply chain. Logistics, very, very important to us. We must use people who do logistics part of the day job, people who are experts at logistics. And therefore, we will be using much, much more third-party logistics support, representing around 15% of this program. And last, but certainly not least, Organizational Efficiency. How are we actually organized even smarter and more efficient? And that represents around 10% of this program. Truly underpinned by complexity reduction, where we're going to aim to take 20% of our product portfolio out again, really increasing the focus on the good stuff. That's what we want to do. A differentiating point I mentioned was aftermarket. And all three divisions, but particularly the Forest & Garden and construction divisions, will give some good examples of this. The reason aftermarket is important to us, it is a differentiating point. Also, on the graph here, you see it's been fairly sticky despite all of the headwinds we've had in recent years. Our parts and accessories aftermarket sales have been growing very nicely. We need to continue this. About SEK 9 billion or 20% of our business today, ambition to grow to over SEK 12 billion in the coming phase. Super important to us. Deeper customer engagement, really leverage that installed network we have and really work with our customers to be even more productive. That's what they need. When we look at the strategic portfolio management, again, to really put things in fewer buckets now, to try and show that we have a very clear focus. We have one bucket, which is robotics, both residential and professional, high growth potential, structural change in the marketplace beyond GDP growth. That is where we will clearly want to catch that strong market momentum. Aftermarket, I think I've talked a lot about. We need to continue with this momentum we've built and continue driving that towards the SEK 12 billion. Number three, these are product groups that are more going to grow in line, so slightly above GDP growth, where we need to capitalize our number one and number two positions. Likewise, in the Handheld segment, again, we will be present, whether that's internal combustion engine technology or battery technology. The customer will decide, but we're going to strengthen our leadership positions in both, and last but not least, Wheeled is clearly a turnaround case where we must take drastic cost out of the system, and that will improve profitability, and by doing this, 2030 looks quite a different company. We've got more sales when it comes to pro. I mentioned we're going to overweight towards pro, which means we should have over SEK 25 billion of pro sales by 2030, stronger aftermarket business, but a much stronger mix, and this is going to be very, very important as we take this next phase, so this is the mix we anticipate for this company by 2030. Just doing a deep dive on one particular area, robotics. We will touch robotics a lot in the Forest & Garden presentation, the Gardena presentation. But I want to actually just paint the picture of what the robotics market looks like. In our terms, around 15% of our sales today are Professional Robotics. Of SEK 8 billion, it's just over SEK 1 billion. That is in a market that we believe is going to grow even faster, above 30% market growth potential. The way we serve that market today is through what we call professional dealers. It is not the normal dealers. It is actually the premium servicing dealers, people who have people in the marketplace selling, servicing, on-site support. Very, very important. Then we have the premium residential segment. And this is about 70% of our business today. 70% of our SEK 8 billion is roughly SEK 6 billion. That is where we play predominantly with the Husqvarna brand, global number one position, and we expect market growth of around 15%. Then in the more mid segment, where we play with the Gardena brand, that is where we have even more competitive pressure. And that is where we actually only have a number three or number four position. We expect that market to continue growing. Competition is coming in there absolutely. So we see that. We expect the segment to continue growing. But again, I want to put it in very clear context of where we play and how we go to market. At the lower end of our offering, much more in the residential space, of course, but going to market through retailers and e-commerce. At the premium end, where it needs more one-to-one, if you like, management really supporting the customer, is where we use our dealer network and our really premium dealer network in many places. Sustainability is something which we believe is a differentiator as well. We've been doing extremely well with our sustainability efforts. We've reduced our CO2 emissions since 2015 by 55%. Very, very proud of that, actually. Today, we launched some new financial, sorry, new sustainability targets as well as the financial targets. This is to actually improve our CO2 emissions to 60%. Versus a baseline of 2015, improved by 60% by 2030. What I'm also proud about, actually, is that we've continued to contribute to society by way of circular offerings, how we can actually put more products into life for a Second Life, how we can have more reuse of material, how we can use more bio-grade material in our products. We expect by 2030, some 25% of our sales are coming by way of circular offerings. On the left-hand side of the page, just some proof points. Actually, we've been in the TIME magazine as one of the world's most sustainable companies in 2024 and again this year, and a AA rated with the MSCI, so some clear proof points that we actually are very, very credible when it comes to our sustainability efforts, so before I pass over for a financial deep dive, I just want to then really come back to the summary slide. We have a clear strategy to transform this group to profitable growth. Three fundamental areas: operational excellence, which is our transformative cost-out program, SEK 4 billion to support the margin, but also to support the investments needed in innovation and brand. We have a clear differentiator supported by our global reach, which is aftermarket. We must have a best-in-class aftermarket. Why? It drives deeper customer engagement and drives deeper recurring revenues, more recurring revenues. And we will have a much more clear capital allocation model to drive our strategic portfolio going forward. Three clear areas: profitable growth, profitability improvement, or turnaround. It's a very, very clear segmentation how we look at our business portfolio units. And this, ladies and gentlemen, will take us towards profitable growth for the Husqvarna Group. Thank you. Thank you, Glen, for sharing. Next up, I'm pleased to invite our CFO, Terry Burke, to the stage. So please, Terry. Good morning, everybody. Nice to see you all. Maybe we should start with just having a little bit of a reflection of what has happened over recent years. Actually, a lot has happened over recent years. If we start in around 2018, 2019, we made a conscious decision to dissolve the consumer brand division and to consolidate into the three divisions we have today. We have the Husqvarna Forest & Garden division, Gardena division, and the construction division. At the same time, we exited around SEK 3.5 billion of consumer-branded petrol, Handheld, and Wheeled products. So already back then, we were starting a transformation. Then we came into 2020, a lot of uncertainty as COVID started to take effect. And then we actually enjoyed a very positive impact from the pandemic. We had the stay-at-home trend. People were outside in their gardens. They were not traveling. They're not going to restaurants. They had disposable income, and they wanted to invest in garden products. That was really in 2021, was the peak of our positive effect from the pandemic. And we achieved an operating margin of 12.1%. Maybe also worth pointing out, at the end of 2021, we acquired Orbit, which is a U.S. irrigation business. And that actually made us, the group, and now the Gardena division, the global number one in residential watering. So that was a big, important acquisition for us. Then we moved into the years of, I would say, a lot of turbulence. If we just reflect on 2022, we had a lot of supply disturbances, particularly in semiconductors, which restricted our ability to manufacture and supply robotic lawnmowers. There were other supply disturbances as well, but that was really the main one. At the same time, political tensions escalated. And of course, we all know the Russia and Ukraine situation in particular had quite an impact. And that impact really carried into 2023 and 2024. High energy prices, high inflation, high interest rates, and a weakening consumer demand and weakened consumer sentiment. And that really impacted our business. Maybe also worthwhile to point out at that time, around 2023, 2024, we exited another SEK 1.5 billion of petrol Wheeled product in a U.S.-specific channel partner, so again, we exited some of our unprofitable business. Moving into 2025 and in the nine months that we've had in 2025, that continued uncertainty, that continued weak sentiment has impacted our business as well. We've had the tariffs. U.S. implementing the tariffs has, of course, created a lot of disturbance with our supply chain and a lot of turmoil in the markets, and in particular, a weak U.S. consumer sentiment. Also impacted was the weakening U.S. dollar, so in those nine months of 2025, we have had a negative impact from currency and tariffs of more than SEK 500 million. Quarter four, I'm sure people are thinking, how is quarter four shaping up? It is still a heavily uncertain market. We still have weak consumer demand. We will also still be impacted from currency pressures and tariff pressures in quarter four. So I think it's important just to set that scene and to be clear. But really, today is about looking ahead. It's about looking at the future, the longer term. Let's hope we get to some kind of more normalized situation and improved consumer sentiment. And our ambition is to get back to profitable growth. And we need to drive cost out of this organization to be cost competitive. And we need to be very targeted in specific actions on our business portfolio units, whether it be a turnaround, whether it be improved profitability, or profitable growth. With that, we believe we can get to growth and an improved margin. As Glen has already shown, we have three new financial targets. If we start with the growth, we have an ambition for organic growth of around 3%-5%. That is above market. We've had four years of weak sales. I've explained a little bit of some of the reasoning behind that, but we need to get back to growth. This company needs profitable growth. We'll do that. We have great product innovation. Every year, we bring fantastic new products to the market. We play in attractive market segments, and we will continue to invest in our innovation and our brand and marketing to stimulate growth. Operating margin, we picked, as I said earlier, we picked at the 12.1% at the pandemic time. Since then, margins have declined, and now we need to turn that. We need to turn that trend around, and that will be really driven through profitable growth and through the cost-out program. We aim to get to 10% in the next three to four years. And thereafter, and very important, we expect to continuously maintain above 10% on average over a business cycle. Return on Capital Employed, a new measurement for us. And this is really important to us to ensure we allocate the capital in the right areas to maximize our returns. We clearly can be double-digit in this area. If you look at the chart, for many years, we have been double-digit. Of course, we are now dropped to a rolling 12 of some 7.3%. But through that profitable growth, through improving our margin and becoming more asset-light, we will get back into double-digit. I expect us to reach 10% Return on Capital Employed in the near to mid-term, and then to reach 15% by 2030. It's very important that we maintain our investments. We will drive the Fuel for Growth through a big cost-out program. And some of that cost-out program needs to be reinvested back into the business to stimulate the growth and to improve our margin. If we look at R&D, first of all, we currently invest around 5% of our sales goes back into R&D. We're actually quite pleased with that number. It's a big number. And as we grow our business, we will maintain 5% R&D ambitions. We have great innovation, and we need to continue to bring innovation to the market to meet our customer demands. 80% of our sales come from market leadership position. And to stay a market leader, you have to innovate. You have to bring new products and technology to the market. Brand and marketing, we are currently only around 3% of our net sales in brand and marketing. We need to increase this. If we are serious about profitable growth, we also need to encourage and drive brand awareness and drive customers to buy our product. We will increase brand and marketing to 4%-5%. We have two core brands, Husqvarna and Gardena, and they account for more than 90% of the group sales, so we will focus our brand and marketing investments in those two core brands. We will also have clear prioritization when it comes to our innovation and brand and marketing, and as you can see on the far right of the chart, priority is definitely in the profitable growth segments and profitable areas. We will invest more in the Robotics, in Aftermarket, in Watering, Construction, and Hand Tools. We will invest less, below average, let's say, in Wheeled and less strategic areas. The SEK 4 billion cost-out program, we've actually already talked about it quite a bit, and Glen gave a little bit of an analysis of where that comes from. The divisions will maybe even go a little bit further into the detail. I think what's important from my perspective to get the message across, this has to be sustainable cost reductions, and we really have to do that through improved operational efficiency. In the near to mid-term, we expect to deliver 60% of that SEK 4 billion, and my definition of mid-term is around two to three years, then thereafter, we will deliver the remaining 40%, meaning full year effect, if you like, by 2030, full effect. There will be around SEK 1.5 billion of non-recurring costs, costs that we need to incur to generate the SEK 4 billion cost-out. Of that SEK 1.5 billion, around SEK 1 billion will be cash impacted and around SEK 500 million non-cash, impairment, write-downs, etc. The one-time costs, they will be mostly booked in 2026, 2027, and 2028. So those three years will be the time when we really look to book that SEK 1.5 billion. We have the clear building blocks to get to a double-digit operating margin. We've talked quite a bit now around the profitable growth, and we believe we can grow this business 3%-5% a year. The profitable growth will have a positive volume impact and also a positive mix impact as we really grow in margin accretive areas. In addition to that, we will deliver on the SEK 4 billion cost-out. But around half of that cost-out will get reinvested back into the business, into R&D, into brand and marketing, into IT, AI, etc. So there's key strategic investments we need for the sustainable future of the group. The external factors that I refer to here are mostly around the inflationary pressures that we will, of course, see over the next four or five years. So we get to 10% in three to four years, and we will maintain, on average, above 10% thereafter. We are a cash-generative business. The last three years, I think we have demonstrated that in a good way. We can continue to deliver and generate good cash and good liquidity. We have a solid financial position, and we have a well-managed net debt. Net debt at this moment in time after Q3 was below SEK 10 billion. We will also maintain our dividend policy of around 40% or above on net income. So we will maintain that. We've talked a bit about becoming more asset-light. This is really important to the group. We have some capital-intensive segments, which are not necessarily always the most attractive segments either. So we need to address that. I think we have got a couple of good examples of late. Orangeburg, we divested at the beginning of this year, which was a very capital-intensive for our U.S. petrol Wheeled, a nd we divested that around January this year. We also announced in Q3 the closure of Brastad, our Handheld component factory. And those components will then be outsourced to a manufacturing partner. So I think those are two good examples of how we will continue to lower our net assets. We've already got a positive trend, and we will look to continue to drive that. Our working capital efficiency also needs improving. We are currently rolling 12, 32%. I also want to be clear that's not good enough. 32% is too high. And through operational excellence and through the 20% complexity reduction program, we expect to be around 25% by 2030. So this is, again, an important measurement for us that we will continue to drive. Maybe also worth pointing out, today, of our finished products, two-thirds are still manufactured by ourselves. So I think this demonstrates there is still opportunity to become more asset-light and to address some of that. Return on Capital Employed, as I said, it's a new target for us. It's a new metric for us. It is really critical that we are clear on how we allocate our capital to get the best returns. And again, back to talking about the business portfolio units, it's really important we focus in the right areas. We will improve our capital employed through the improved EBIT by becoming more asset-light, which I just talked about, and improving our working capital. 10% in the near to mid-term and then 15% by 2030. We wish to maintain investment grade. We have a healthy debt profile, and our net debt EBITDA ratio is currently at 2.2. Our financial policy is 2.5, so we are below and within our financial policy. It's really important that we continue to maintain a solid financial position. We have SEK 1 billion, approximately SEK 1 billion of debt maturing in 2026, and you can see the profile that looks thereafter, so a good, healthy debt maturity profile as well, so we feel good about this situation, and of course, having this strong financial position allows us the flexibility and the freedom to move quickly and to grasp opportunities for expansion and growth. Our capital allocation policy, it's disciplined, and it's very clear it will support the long-term value creation of the group. We have four key areas of where we will allocate our capital. Investment for growth. We need to get back to growth. We will invest and deploy our capital to support that journey getting back to growth. I've already demonstrated our ambitions with R&D, brand and marketing, etc. We will maintain a solid financial position and a solid balance sheet, and of course, our ambition is to maintain investment-grade credit rating. Shareholders, of course, our ambition is to sustainably grow our dividend to our shareholders, and again, we will maintain a 40% or above of net income dividend payout. M&A will be complementary and strategic, and really, we will address four areas in our M&A. It should be channel expansion, fuel and growth, technology, or new interesting segments. This will really be complementary and strategic, as in when opportunities come around. So finally, to wrap up, we have the building blocks for profitable growth transformation. We will grow our business, and we will improve our operating margin. Cost-out is a big part of improving our profitability, and our increased investments in innovation and R&D will drive growth. The business portfolio units will be very specifically targeted in each of the buckets that they sit for whatever we need to address in those areas. So it's very important we go back to these 11 business units and focus on each one in a clear individual way. We will improve our capital employed by becoming more asset-light and improving our working capital efficiency together with strong cash flow. So with that, Emelie. Thank you, Terry. So now it's time for the first Q&A session. With that, please join us back on stage, Glen. Just before we start, I would like to just remind you that our divisional presidents will share their targeted actions and roadmaps after our product exhibition. So if you could save some of the more specific questions to that section, that would be great. But anyhow, here we go. So we will start by opening up the floor for questions from the floor. And if you do have a question, please raise your hand, and you will get a microphone. And please state your name and organization. And also, please try to start with two questions each. And those who are joining online, you can write your questions in the web interface, and we will address them if time allows. So with that, do we have any questions? I think we have the first one here. Fredrik, I think Lucas will. Thank you, Fredrik Ivarsson, ABG. First, on the two-thirds of in-house production, what do you envision for 2030 in that sense? Fredrik, I think it would be wrong to give any specific targets externally. Of course, we acknowledge we have further opportunities to become more asset-light. The days of manufacturing everything ourselves, those are behind us, and we've clearly demonstrated that of late. So we will move to a more asset-light model in our manufacturing. But of course, we're not going to give more specifics into the detail behind that just yet. We're happy to share that as and when we feel ready and it's appropriate. But yes, there is definitely room for improvement there, Fredrik. I don't know, Glen. No, I agree with that. Absolutely. We'll be trending in the right direction. Fair. Second one on the D2C share, you said 10% now. What do you envision going forward? Minimum 15, but I think in many industries, you can easily say it's going towards even 20 or 30. So we would expect probably over 20% in this coming period. And how do you sort of balance that with the retailers that you work with? I think that's the key. Many of the retailers also have their own D2C. It's not just pure-play online. It's also retailer.com or even dealer.com. So we just need to work with our channel partners to make sure they are present. Yeah. Thank you. We have Björn here. Meanwhile, I can just take a question from the webcast. Is the day recorded and shared afterwards? Yes, it is. Björn Enarson, Danske Bank. On sourcing, big part of savings. Is it similar across the group, or are there different actions between the business areas, etc.? And can you give some tangible comments on how to save those money? Yeah, I can start, and Terry, you can complement. So about 35% of the program is sourcing, the savings program. It is quite targeted. It is different per business portfolio unit and quite different per division. Some big areas are how we'll work with more partners on maybe some of the larger electronic units, more subsystems in that case. So where we're really working with more third parties to get cost out. And we have a strong pipeline. I don't want to make this as just, it's an ambition. We have a very, very strong pipeline of cost savings right now. And a big share of those were, as I recall it, also to be achieved mid-term. Yes. 60% mid-term. And beyond, maybe I can just add capital-intensive areas. When we look at our business units, we will be, of course, more focused on capital-intensive areas where we would look to really drive our sourcing partners. And then we also have to have a vision on the strategic, the really key strategic areas. How do we want to, do we want to keep that within ourselves or manufacturing, or whether we want to source it? I mean, there's different ways of approaching this for the different segments. And this also reflects the kind of deglobalization that we are seeing now. So you are also adjusting sourcing for those reasons. Yes, absolutely. One word, yes. Thank you. Let's be. Yes, so Henrik Nilsson from DNB Carnegie. I mean, you've done exits in the past, and you highlighted that you did. And I guess in that sort of portfolio overview that you showed, you have areas that are clearly underperforming. So my question is, how much patience will you have with those businesses? I mean, one could argue that you could accelerate this, lift your profitability faster by exiting these sort of underperforming areas and get much faster to your target. How's your reasoning there? So we have very clear targeted actions for the turnaround cases. We have three clear turnaround cases. We have targeted actions. If they do not come to fruition to the level we need to, then we'll look at alternatives. And the reason we speak like that is we need to keep the focus on the profitable growth. So we want to make sure the focus is on the right areas and not overspend time on the low areas. So patience will be limited in that case l imited. I take that as near-term, so two to three years. Is that a reasonable way of thinking? Reasonable. Thank you. Adela up. Thank you. Adela Dashian, Jefferies. A question on competition has been mentioned several times now. And maybe some would argue that the reason for your margin pressure is to some extent also related to structural headwinds on that side. So it would be great to hear your vision on that going forward. It's a great question. And obviously, the whole reason behind the margin improvement program and the competitive cost out that we talk about is to ensure we get an improved margin. Is there a competitive headwind? Of course, but that's always been the case. But I think taking out this SEK 4 billion is going to be key. One, to support the margin, but two, also to support the investments that we mentioned. So I think it's fairly clear that SEK 4 billion need and why we're doing it and the urgency around that. And would it be possible to maybe give a little bit of flavor on what proportion the Chinese manufacturers are contributing to the overall pipe now on the robotic side? I won't elaborate on market shares apart from we're a clear market leader in robotic lawnmowers. And we continue to be that and continue to have that clear target. Of course, there is Chinese competition, and we embrace competition. Can you elaborate on if you've lost market share? We do not have the same level of market share that we had five years ago. That is for sure. But we're still a clear market leader. Next question here. Good morning. My name is Johan Eliason, SB1. I was curious about one of your edges is obviously your servicing dealer network. And now you talk about point of sales. Previously, you've talked about number of dealers and retail partners, and it's been somewhere between 5,000 and 25,000 or so. Of these 100,000 point of sales, how many are sort of related to your core strength in the servicing dealer part? So around 25,000 servicing dealers we have, Johan. That's still the same data point. And we see that's fairly static. But very important is we have different levels of servicing dealers. At the real premium end, we have people who have much more people in the field, more online support, more on-site support in that case. And then we have many dealers, of course, who are really servicing in their stores. But we really try to differentiate those servicing dealers. Good. And then just a question on the charges, SEK 1.5 billion. Is this sort of net of any potential divestments of a plant or property or whatever? How should we think about the cash. I think, Johan, as I explained, to deliver on the SEK 4 billion savings, we need to incur non-recurring costs of SEK 1.5 billion. Approximately SEK 1 billion of that would be cash impacted and SEK 0.5 billion non-cash. So. Okay. Thank you. Do we have any further, excuse me, questions? I can then take another one from the webcast. Hey, Martin. So in what product areas do you see the most aggressive or demanding competition from low-cost competitors at the moment? Of course, we see competition coming in. Let me reword that. The competitive landscape in the past five years has changed. We see that we saw more competitors coming into the battery field, particularly power hand tool players from adjacent industries. And then, of course, we're seeing a lot more competition coming into the robotic space. That's what's changed in the past five years versus our more traditional competitors that we've seen in the Handheld and the construction and the watering spaces. Thank you. Anyone else? Johan again. Maybe a follow-up on the competitive space. I mean, we have seen the battery issue on the Handhelds, where it's really important to have many different tools on your battery platform. And you went for the Bosch platform, 18 V platform, a few years ago. But looking at these power tool players, they seem to be entering more and more into the professional side as well, with 36 V or 40 V platforms and even higher. Do you see a risk that as the professional parts become more mature in the electric battery space, that this tough competition will follow you into that core segment for you? We do see, Johan, of course, battery ecosystems expanding. That's where I'd like to look at this more from the lower voltage and occasional use to the more higher power output, if you like, and more intense use. But we've got to make sure we have the right product or the right application for the right use. And that's what we continue to do. Do we see more competition? Absolutely so. But we're seeing limited competition at the higher end of that sort of voltage game. But the voltage game is also interesting that in most cases, some of the lower voltage is sufficient for the application needed. In the construction space, of course, we have a much higher voltage system, the 94 V, which is very intense power need and energy need, so we just need to make sure that we stay relevant. That's what we need to do. Maybe I can add to that as well. In the professional battery, I think it's less price sensitive, and it's more important about the application and the performance. So long as we have the right products performing to meet the customer demands in professional, then I think we should not be too concerned around the price sensitivity in that area. It's really about the application. The thing is, you come down into the consumer segment, and you talk about the Gardena and the Power for All Alliance. That's when it's a bit more price sensitive. Okay. Thank you. All right. Here's one from Alexander Siljeström, Pareto. Could you quantify the drag from strategic investment in percentage points and the drivers? And then a follow-up. If you could quantify the drag from external factors and elaborate on what's included. I'm not sure I fully understand the question, but if I may, our strategic investments, we've talked about being roughly half of the Fuel for Growth program. So we have the SEK 4 billion, and we have clear actions and pipeline to deliver on the SEK 4 billion. And approximately half of that, SEK 2 billion, would be the strategic investments. And of course, they have to be aligned. We have to get the strategic investments in the near to mid-term, but then, of course, continuously thereafter. So I would say it's relatively closely linked to the Fuel for Growth timing of 60% in the near to mid-term and 40% of the strategic investments thereafter. To start to that, I think the flavor Terry gave earlier was we're going to go from 3% brand and marketing to 4%-5%. So there's a 1-2% investment headwind there that we see. But we maintain our innovation pace, i.e., 5% of R&D to net sales. So there's a 1%SEK -2% we clearly call out for brand and marketing there. Good. Thank you. And the Fuel for Growth program is the name of our 4 billion cost out program. Absolutely. Good. Is there any further price pressure included in the external factors in the bridge? I think pricing going forward, we talk really low single-digit price increases for 2026 and onwards. Of course, there are certain pockets of price pressure. We shouldn't forget some of the price pressure we have faced this year has been around selling out of old technology in our robotics. And that technology sell-out is really more or less coming to an end by the end of this year. So we're at a little bit more of a level playing field next year. And then low single-digit price increases for the years ahead. Questions in the back? Yeah, or we have further questions. I think we have time for one or maybe two quick questions. Back. Hi, Oskar Börjesson, Skandia. You said you have an increased focus on partnerships going forward. Where in the value chain will that be mostly used? R&D, manufacturing, so forth? All of them, actually, Oscar. We need to look at partnerships across the value chain. We will look at some partnerships from a technology perspective to make us faster, but also in the supply chain. That could be logistics. It could be manufacturing, as Terry mentioned. So we'll look at partnerships much, much more than we have been. We got time for one final question if you wanted one, Björn. Do you have a view on the cost situation for Southeast Asian competition? I mean, are actions that you're presenting today, I mean, will that take you to a similar cost base as those guys or adjusted for where you are in terms of the offering? I mean, you're targeting the mid-range run, not the low end, etc. So we believe with our cost-out program and our technology roadmap that we'll have the best products at the best offering in the marketplace. Now, I can't comment completely on competition and how they're going to be in this coming phase, but we believe what we're bringing to market and the cost-out program we have will support our growth journey. But you have a view, I mean, you see the listing and what they're priced, certain models, etc. So you have considered that when? We're very mindful of what they're offering, yes. But to be clear, we don't play in that really entry-level segment. That's not where we want to be. Got it. Thank you. All right. So thank you all for your questions. That concludes the Q&A session. So next on the agenda is our product exhibition. So now we will showcase our innovation in smart engineering and four of the group's strategic areas. First one being Residential Robotics. And we have Professional Robotics. We have Smart Watering and also our pro range. So this means a short break for our online audience. And we will see you again at 11:00 o'clock. Thank you for watching. Welcome back. I hope you enjoyed the product exhibition. A warm welcome back to our online viewers as well. Now it's time for the next session of today's agenda. It's time for the divisional presidents to present their roadmaps in the transition to profitable growth. With that, I would like to invite Interim President of the Husqvarna Forest & Garden Division, Omar Attar to the stage. Thanks, Emelie. Hello, everyone. Great to be here. Today I'll share with you our plans to unlock the growth that we've talked about earlier this morning, as well as how we will continue to lead in our robotics, as well as how we will improve performance both in our Handheld as well as our Wheeled business. I'll also share with you what we're doing in Husqvarna Forest & Garden Division related to our transformational cost-out program, of course. But before I start, let's set the stage by giving you a brief introduction to the Forest & Garden Division. We're the global leader in residential and professional green space and turf management, and we hold the number one or two positions across all key categories. Our net sales, rolling 12, is approximately SEK 28 billion, with an operating margin of 7.9%. While margin improvements have not really met our ambitions, we're taking, you will see later, we're taking clear targeted actions to unlock those profitability improvements going forward. Europe and North America remain still our largest regions in the division, while we also see some good growth opportunities in emerging markets as well as the Pacific. Our growth will be driven by innovation, as Glen has alluded to earlier, as well as leveraging our strong dealer network and expanding into both retail and online. We have today sales in over 100 countries, supported by 25,000 trusted and experienced dealer channel partners and 5,700 employees, all dedicated and committed to deliver a premium customer service every day. So with that short introduction, let me walk you through in terms of how we will drive Operational Excellence in the Forest & Garden Division. As Glen mentioned earlier, to deliver on our growth ambitions, it is critical that we also streamline our operations and deliver on our cost-out ambitions. We're therefore executing this Fuel for Growth program, as we call it, which is a cost-out program designed to strengthen our competitiveness and enable reinvestment in profitable growth. It builds on the same elements as Glen presented earlier, three areas: sourcing, Design to Value, and manufacturing. And we start with sourcing. 80% of our product cost today is direct material. So this is naturally the biggest lever for us to drive. A great example here is the way we have changed our ways of working with electronics and sourcing related to subsystems as well as finished goods, or sorry, other components, electronic components. And looking into and basically leveraging our scale in terms of scale, purchasing power in those, as well as consolidating our supplier base, including lower-tier suppliers. Within Design to Value, we're looking to simplify, continue to simplify our platforms and introducing modular design. That will both drive complexity reduction in our portfolio as well as give us ability to scale. And that's a good example of that is what we have done with our electronics architecture in our new robotics. And within manufacturing, we have already presented earlier our outsourcing of non-strategic components. A good example of that was the recently announced closure of Brastad. We'll continue, of course, to optimize our footprint to best cost countries, and we will continue to leverage and scale partnerships such as we do have in North America with Flex. Now, in addition to those, to enable that and to sharpen our focus in the value chain, including our focus internally in the organization, we're also driving complexity reduction of our portfolio up to 20%, and we will do this by targeting underperforming models as well as applying modular design as we build the product roadmap ahead. These initiatives together will help us to drive a better financial performance, free up funds to reinvest in the business, as well as boost our return on capital employed. With that in mind, let's take a look at an area where we definitely will keep reinvesting, with an opportunity, a great opportunity of growth, our Residential Robotics. Sorry, before I do that, let me just refer back to the BPU mapping that Glen laid out earlier, and this is how it looks like for the Forest & Garden Division. We have our Core Wheeled business in the turnaround, and then our Core Handheld in the increased profitability segment, and our pro robotics in the profitable growth. We will walk through each of those areas here just to give you a recap of the mapping of our portfolio there. So let's start with the Residential Robotics side. Husqvarna pioneered the robotic lawnmower category 30 years ago, and today we still remain the clear market leader. As a premium brand, our strengths are built on these five areas, as you can see here, from an unmatched performance and reliability to products that are built to last, 30 years of domain experience, and then complemented that with an experienced dealer channel network, as well as our best-in-class premium aftermarket and service offering. These strengths are backed by decades of innovation, as well as some real-world proof points, and Glen mentioned that earlier. I think it's worth mentioning again. In fact, 80% of all our connected residential mowers installed in 2016 are still operating today. It's a great proof point of our quality and durability. Another proof point, and also an important differentiator, is our premium aftermarket and service offering, where we basically have lifetime service and support. We also guarantee parts availability 10 years after production, and we have industry-leading digital tools to help with diagnostics and maintenance. Let's now look at the growth opportunity within Residential Robotics, so despite our leadership in the Residential Robotics category, the market penetration remains low. As you can see here, Scandinavia leads the way with approximately 30% penetration rate, while most other markets still remain early in the adoption curve, and here we see we expect the market is expected to grow by 15%, more than 15% annually, creating a significant opportunity for growth in this category, so how will we capture the growth? Our plan is clear and focused and builds on these five areas that you can see here. Let me walk you quickly through each of those areas, and let's start with the channel development there at the top. So we will be driving an accelerating penetration as well as expanding our distribution. That means that we will continue to expand into both retail and online, as well as we will continue to enhance our dealer network. Innovation is, of course, a core piece of our future growth. And through our innovation hubs, we're working very intensely now to speed up time to market, as well as to boost our competitiveness by working closely with partners through those innovation hubs. And as you saw in the product exhibition out there, in 2026, we'll also launch a new mower platform for the suburban consumers, which covers lawn sizes up to 1,200 sq m. It's a wire-free technology, will feature vision and AI, and will be offered at competitive prices. In addition to that, we'll also introduce the vision with nighttime capability at our 400 series and most of our 500 series mowers as well. In addition, we'll also introduce new dealer tools to make installation much faster and better going forward as well. Beyond 2026 and further, we will lead the next wave of autonomous lawn care with even smarter functionality and enhanced digital experiences. Moving on to the product cost, I think Terry and Glen mentioned that earlier. We have a very strong pipeline of cost reduction initiatives in this area, in robotics, and that is very much needed to increase and strengthen our competitiveness in the market. Within brand and marketing, we will use some of that cost out and reinvest in amplifying our brand presence in the key markets, and we will continue to work with global sponsorships, such as we have done in a very successful way with the Liverpool Football Club, and that helps to both increase awareness and increase the demand for our products. Finally, premium customer support. Again, this is a true differentiator for us, and here we will continue to work with new digital tools to enable even better and smoother troubleshooting and maintenance. Together, these five execution levers, if you will, will help drive both profitable growth for Husqvarna and also sustain our leadership position in Residential Robotics. Now, having covered Residential Robotics, let's move into the professional side, an equally exciting, if you will, area and of growth for us in Husqvarna. The Professional Robotics market, we define that in three customer segments. We have the golf, we have the sports, and we have facilities, and within facilities, we include housing. It could be education, it could be public spaces, it could be military, it could be anything basically outside of sports, which requires professional applications, and just want to pause here. Husqvarna is the chosen brand in Professional Robotics, and we are the undisputed number one player in the Professional Robotics area, and our leadership is built on these five strengths that truly matter for professionals. If we walk them through quickly, our broad portfolio of mowers covers all sizes and all major applications, but it's not only the mower itself, it's also the digital tools that come with it to make fleet maintenance and management much smoother. When it comes to uptime and durability, our machines, they're built for a long life and again supported by digital tools, all to maximize productivity and uptime for our professional customers. And our superior cut quality and turf quality, our customers consistently report top playing conditions and aesthetics using our products. But our strengths go beyond the product. It goes further. Like Glen mentioned earlier, we have a dedicated dealer network supporting these professional customers. We have pro partners in Europe, and we have a GST, Golf Sports and Turf dealer network in the U.S. A very strong, very experienced dealer network to provide best premium support to our professional customers. And then our premium aftermarket and service offering as well, which I've alluded to before, including things like extended warranty and also the leasing solutions. I think the leasing solutions is also a very critical enabler for us to continue to grow in the Professional Robotics sphere. And as you can see, our value proposition is strong and clear. So it's lower total cost of ownership, consistent cut quality, and also clear sustainability benefits coming both from noise reduction as well as CO2 emission reductions, and also a solution to ease on labor shortages. And these are not just claims. As you can see here, our strengths are endorsed by respected organizations such as the R&A, which is the governing body for golf outside North America and Mexico, and also by the usage of our robotics at prestigious golf tournaments such as the AIG Women's Open, where we actually had our robotics mowing all 18 holes of that tournament, a historic first, I think, in the industry. So that is what makes Husqvarna the leading brand in Professional Robotics. Let's now look at the growth opportunities within the professional market. We've demonstrated a strong growth here already with we have 1,700 courses today use our products, robotic products at some scale. But that's just a fraction of the 38,000 courses globally, so you see the potential here is absolutely massive in this area, and the market is expected to grow by more than 30% annually, driven by the demand for sustainable solutions as well as solutions for labor shortages. We see growth here coming across all geographies and all customer segments. We have proven ourselves in golf. This is what this map shows, and golf is one of the most demanding applications. With that, we also see now that we're getting a halo effect and a good sustainable foundation to accelerate growth in sports and facilities as well, which is really great to see, and the growth will come from increased penetration, market expansion, and entry into adjacent applications, so massive growth opportunity, and I would be bold to say we're not just leading this. We're actually shaping a multi-billion SEK growth opportunity here for Husqvarna, so how will we capture this growth? Our plan here again is focused and clear, and we will double down on these four areas. It's the pro channel, it's rapid technology and innovation, and of course, it's brand and marketing that we talked about and our premium best-in-class aftermarket, so let's quickly walk you through. Like I mentioned earlier, we will continue to invest and develop our pro partners, the dedicated dealers for our professionals. We'll also rapidly advance in technology to improve both uptime for our professional customers, which is so important, as well as ensure that we can deliver consistent turf quality across every climate and every surface. We'll amplify our brand presence by working closely with partnerships in those areas, and those partnerships in the professional sphere, if you will, they strengthen our credibility in this area, but not only that, more importantly, they also give great insight, and we also get an opportunity to create future plans, which will solve the challenges that the professional customers have today and tomorrow, so it's a great opportunity to work with those partnerships, and we keep differentiating ourselves through our aftermarket premium best-in-class support, and this again includes continued rollout of our leasing solutions that we offer to other professional customers. So these focus areas together will help to cement our position as the continued global market leader of autonomous zero-emission solutions. Now let's move into our Handheld business. Our Handheld range, including products such as chainsaws, trimmers, and blowers, remains a cornerstone in our overall portfolio. Looking at the market dynamics here, we see that the overall petrol market is projected to decline in the low single digits annually. But we still see strong demand in some key markets, and also especially in the professional segment. And that is driven both by infrastructure gaps as well as the need for power. So within the petrol segment, our plan and strategy is clear. We'll continue to gain share in some of those key markets, and we'll also lead with innovation in those. And a great example is that you can see here is our recently launched 564 Pro Petrol chainsaw, delivering high performance in a compact design and very well received in the market so far. In the battery segment of the Handheld, the advancement in technology is going fast, and we also see increased regulation, which then is turning an accelerated growth in the market, and we see that market to grow by mid- to high-single digits going forward. Our plan here is to continue to accelerate our electrification offering in this space by working closely with partnerships to deliver, as we have in this Pro backpack blower here, is also developed in a partnership. Now, as electrification transition continues, just wanted to be clear here. Our priority in the Handheld is to improve profitability. Coming back to the BPU that we saw earlier, so improving profitability is key in this, and especially in the residential segment of the Handheld business. And we will do this via our transformational cost out program, looking at radical material savings, product redesign, portfolio optimization, and of course, leveraging those partnerships, as I mentioned earlier. So in summary, for Handheld, we will increase profitability, continue to grow share in key markets, and accelerate our electrification portfolio going forward. Now let's shift gears to the Wheeled business, if you will. Our Wheeled strategy is built on two priorities. The number one priority, or number one, I should say, is to protect our number one leading position in front mowers in Europe. And number two, it's to really turn around profitability in North America and that assortment. The market dynamics here is similar, but perhaps a little bit exaggerated versus the Handheld. The petrol-driven Wheeled, we see there a continued market decline with low single digits annually going forward, while the battery platforms are going to increase at an impressive growth from up to middle to double digits growth we see here in the battery segment, and that is mainly driven by the development in Europe. Therefore, in Europe, we'll continue to lead with innovation in the W heeled by extending the range and balancing it between both petrol and battery, and that is to capture the growth and protect the profitability as that market transition going forward, and in 2026, we'll launch our first battery-powered Pro Ride-On, as you can see here, which is really a big milestone for the industry as well as the first professional battery-powered. And that reinforces our position in innovation and also responds to the need for further electrification in the Wheeled business in Europe. In North America, our Wheeled strategy, as I mentioned, is about turning around profitability. And we will do that through those initiatives in the transformational cost out program, as I mentioned. For both regions, it's going to be key. The aftermarket and premium support will be key to drive competitiveness and profitability in this category. So in summary, we'll continue to lead with innovation in Europe, and we will turn around profitability in North America. Let's now take a closer look at our Aftermarket and Solutions. I've mentioned that several times today, and I think has come through quite clear that our premium aftermarket customer experience is a true key differentiator for us. It builds customer loyalty, and in return, it also delivers profitable growth for Husqvarna. We have a significant growth potential in this area. Today, if we look at our share of wallet for aftermarket sales and services, our share of wallet is approximately 20%. Our target for 2030 is to really increase that to 45%. Let's put that a little bit in context to you. In our chainsaw business today, we have a 40% share of wallet, which we have built by creating an ecosystem that really responds to the customer needs. That, to me, is a good example to show that we have the ability to scale. We have a great blueprint that we can use as a starting foundation, but it also represents the amazing opportunity ahead in terms of growth that we have here ahead of us. How will we do this? We will take a global aftermarket approach on this, focusing on these four key areas. We will continue to elevate the dealer experience to premium standards, and we'll continue to expand our multi-channel. We have a big focus on operational excellence, as we've talked about. This includes spare parts availability and fast and reliable service. We'll also start leveraging more and more data and AI and move more from reactive to proactive maintenance, more predictive, and also offering proactive service recommendations to our customers at the right time, and we'll continue to develop self-service tools and remote diagnostics to empower our customers to solve their problems in a quicker and smoother way, and to the right there, you can see examples of our product and service offering that brings this strategy to life. From the Uptime Center to the Husqvarna Service Hub, our Lease Plus program and Second Life, all reinforcing our premium position and delivering measurable value to our customers. So together, these areas create an aftermarket ecosystem that really delivers increased customer loyalty, accelerates our profitable growth, and reinforces our competitive edge. So before I close, let's step back and look at some of the cornerstones that will position the Forest & Garden division as a business built to deliver sustainable and profitable growth going forward. Our transformation is underway. We're executing on a clear strategy designed to increase competitiveness and to unlock growth. We'll continue to lead in robotics through innovation, leadership, through expanded distribution and increased market penetration. And we will improve our performance in our Wheeled and Handheld categories as the transition for electrification is happening. Secondly, we'll expand our customer reach by enhancing our dealer network, as well as expanding to new channels such as online and retail. And we will strengthen our go-to-market capability as well to delight our customers every day, wherever they choose to engage with us. Third, we're executing a transformational cost out program, as we've talked about, our Fuel for Growth program, which is designed to increase our competitiveness and really free up funds to invest in future growth. And finally, we're delivering a premium aftermarket experience here again that will increase customer loyalty, drive profitable growth for Husqvarna, and be a true differentiator for us as we go forward. This is how we create a more focused, more profitable, and more resilient business in the Husqvarna division that will deliver sustainable value both to customers and to our shareholders. So I'll leave you with that and come back maybe later on in the question Q&A session. So next, I would like to introduce Maha for the Gardena division. Welcome, Maha. Good morning, everyone. Before I take you through the Gardena 2030 ambition and vision and our clear action plan, I first would like to start with the Gardena division today. Today, we are the number one residential watering company in the world. We operate in a SEK 70 billion market. What we bring to our consumers is a full gardening solution, from water management to our Smart Watering, cutting, tools, as well as cleaning accessories. What does this mean? It means that we are part of our consumers' lives wherever they are in their consumer journey, whether they're in an apartment and they're looking for a garden in their terrace, or when they move on to a bigger home and they actually have a large garden. Our consumers know us quite well. We have over 80% brand awareness in our DACH region. What does this mean? It means we grew up with them in their parents' homes and in their grandparents' homes. By nature, when you're a consumer brand in your consumers' lives, this means you have quite a strong hold in the retail market. So you can find us in 65,000 outlets globally. We also have a very strong presence in e-commerce, as well as in a digital ecosystem. Well, what does that digital ecosystem mean? It means we actually have the largest used app in the gardening market. So My Garden Planner is the largest planning app in the DACH region. Our consumers are able to communicate with us, build their own garden, and actually for us to have access to what they are thinking. And that's how we communicate with them. In the last 10 years, we grew our business. Today, in the last 12 months, we delivered SEK 12 billion. We clearly benefited from the COVID effect, and we grew significantly, as well as we benefited from Orbit joining us and being part of the division, but that also came with an impact with our operating margin. We right now operate at a 6.1%, and before we operated at high single digits, as well as even double digits. In the division, we have three BPUs: watering, which is 60% of our business today, and we go to market under the Gardena brand and the Orbit brand in the U.S. Hand Tools, 15% of our business, and we are mostly in the European market with the Gardena brand. Powered Garden, we actually have two segments under it. We have Battery and Electric with 15% and robotics with 10%, and as you can imagine, the reason we put them together is they are every product that requires a battery or electricity. That's why we call it Powered Garden. The three BPUs actually have quite different business models as well. With watering, we are very close in the market to our customers, as well as our manufacturing, similar with Hand Tools. But powered garden, we actually have a diverse business model where Battery and Electric is actually 100% completely asset-light. We have clear plans for each one of these BPUs for us to grow by 2030 and to address our issues and our transformations. But before I take you through all of that into details, what our focus plans are, I want to take you through our Fuel for Growth transformational program of how we are going to actually fund it. Similar to what Omar and Glen have mentioned earlier, we have the same exact program with five key pillars underlined by complexity reduction. Sourcing for us is a critical element for our growth, and it's actually pretty critical today. We have a solid double-digit number of our finished goods product that is sourced today already. Sourcing is important because it gives us access to competitive pricing, but it also gives us access to innovation and technology, and we know how to do it, and our goal is for us to grow that percentage even higher, especially in categories where we do not need to have closeness to the market. Just think about it. Watering, if it rains, it's less likely for us to sell product, but if it doesn't rain, then the market grows exponentially and we need to be very close, and that's a different business model than, for example, Hand Tools, where a consumer is willing to wait. Design to Value. Platforms. If you have bought any Gardena product, you realize we always talk about platforms. Whereas you have a hose, you have hose ends, they all fit together, or combi systems, so we believe in platforms, but let me be also very honest. I don't think we believed in it enough. We believed in differentiation and having the value for creating a completely different product where we can, and that's one of our biggest pivot points: we are going to have a very good understanding, better understanding of where differentiation is required by our consumers, and our goal is to have more platforms, both on physical product as well as digital product. Manufacturing footprint, this is very important for us as well. We need to have the right footprint for the brand and for the product category depending on the requirements of the market. Complexity reduction, we are a consumer company. You can just imagine how many differentiated products we have, as well as brands. And our goal is to actually bring that into focus and to really focus on actually eliminating at least 20% of our portfolio in brands, as well as even our core brands with our Gardena and Orbit. And to be able to do this, we have to have a differentiated plan for each one of our BPUs because they are fundamentally in different places in our portfolio. Watering and Hand Tools, the goal for us is to continue to drive the profitable growth, which is a little bit different than where Orbit is with where we need to increase its profitability. And lastly, for our Powered Garden, we need a complete transformation. Watering, top right corner of the graph. We operate in a SEK 30 billion market. Being a company that's with over 60-year heritage, we understand what the consumer needs are in watering. This is where our heritage started. Our innovations are all targeted to consumer needs today. We create systems for them, and we also now are creating a lot more on the smart innovation and smart solutions, which is what they need. We understand our consumers very well, and more importantly, we have external testing and consumer sentiment about how we are performing, if we are hearing them or not. What they tell us we are, because they have rewarded us with the number one market share in Europe, as well as the number one market share in the U.S., so one could argue, well, where's the growth? There's a lot of opportunities for us to grow. We have markets we're not number one, like in Eastern Europe. There are markets for us that we are not number one, like in France, U.K. We're not number one. Middle East and North Africa, we don't even exist, so there are opportunities for us to grow. The number one growing segment is Smart Watering, whether that's in residential or pro. Yes, we are number one, but the opportunity is significant. When they're significant, there's also competition, so we also have to make sure to stay on top of our game, so we do see a significant growth in this market, and we plan on making sure that we stay number one in that segment in residential. We plan on doing that by focusing on innovation that matters in form of platforms, which is very important. E-commerce is critical. There was a question asked earlier about D2C. It's very important for us, for our customers, whether we're selling direct or we're selling on the Amazon platforms or on our customers. I'm sure you have heard Lowe's, Depot, Bauhaus, OBI, everyone talking about the importance of their e-commerce, and lastly, for us, which is going to be an area where we're going to be devoting time and effort, is professional. We want to grow in the professional market, but not where we would say it's more of a commodity or we don't have a competency. We want to focus on Smart Watering, where we have a significant competency, and the reason for this is other than keeping our number one position, we see a strong, high single-digit growth in the watering market across mid-range, premium, as well as the professional, and this is where we see our growth coming from. Hand Tools is actually quite a similar story as well for watering, where we're able to offer our consumer solutions across cutting, as well as cleaning, and very innovative accessories. Our performance is our differentiator. And we have that cutting performance in robotics, as Omar mentioned earlier, but also with our cutting tools. And that is why our consumers buy us. I can assure you, a German consumer that wants to live in their home for more than 30 years, they do not want to buy a tool last season and replace it this season. Their expectation is this tool is going to live for eight, 10, 15 years. And that's what we offer them. And when we cannot stand by that promise, we take care of them with our after-sales. And our consumers have rewarded us for that as well, with clear number one market share in Europe, selected European markets, actually. So the opportunity for us to grow is pretty simple. Other markets in Europe where we can become number one, we don't have any meaningful presence in the U.S., so that is also an opportunity for us. And the reason we want to do this is because this is a SEK 20 billion market. It is going to continue to grow solid single digits, and we believe we have the value to outperform the market by entering new markets, continuing with our innovations, especially in cutting and tools, and driving our costs down, as well as building more platforms and being more consumer-centric. So it makes sense for us to invest into the Hand Tools market and to continue with the leadership we have. I have to say, once we start to talk about the powered garden, this is where we have to pivot with our transformation. Battery and Electric, as you know, is one of the largest segments in the market. The easiest answer would be, well, why stay? You have not been successful. So why leave the market? Well, as I mentioned earlier, we are in our consumers' lives. We offer them full solutions. They know our brands. They want to be into our product portfolio as a complete solution. We have pivoted with the Battery and the Electric segment in the last few years. We have joined the Bosch Power for All Alliance, and that has been of big benefit to us. We have updated and upgraded our partners to create our innovations. We have brought meaningful solutions at the right price points. So I would say Battery and Electric is definitely on the right pace. But we have still work to do, and we need to be more aggressive with our sourcing. And we have to also be selective with what innovations we bring in. Today, we are the number two market-share holders in selected markets like the U.K., like Germany, and like Benelux, with more opportunities in France, with more opportunities in Southern Europe. So we have opportunities for us to grow profitably, which is the key word. So what are we going to be doing in the next five years that's different than today? We're going to continue to enhance our operating model for speed and for cost competitiveness. This is an area where there's a lot of competition because of the market size expected. But we also have a very good chance of winning in that market. We are going to focus where you're seeing the biggest growth in the market. It's coming from e-commerce, and we are going to focus to be the leaders in the e-commerce market in Battery and Electric. We also have to invest in building and reminding our consumers of the value we bring, so we're going to be investing in more brand marketing and having the right brand in the right market, so probably being in the U.S. is not in our near future of an investment because it doesn't make sense for us. Gardena brand in Battery and Electric does not belong in the U.S. market, so that is not an investment we are going to be making. Another decisive transformation for us is Robotics. First and foremost, what value do we bring into the robotics market? Omar said it very well. We are about performance. We bring the best cutting performance into the market, relying on the Husqvarna platforms. We bring in quality, and we bring in longevity. We have one of the best after-service retail programs. We have a significant number of our consumers that bring in, send us the robotic every year for us to clean and to winterize, to send it back to them. They do not expect the robots to live for two to three years. They want them to live for eight, 10 years. And that's what we offer our customers: quality, longevity, durability, and after-service. And we have external test results that confirm the performance we have. And that's the differentiator. We work very closely with our retail partners on making sure that they are able to also deliver on their commitments to their customers and to have quite a low number of returns, which is very important for them. That said, this is the most competitive market we have in the division. By nature, it's the one that's growing the most, right? Solid double digit. So more competition coming in. And we have to expand our operating model. Today, we are mostly European-focused. And our goal is to expand by working closer with our partners, expanding our innovation hubs, working closer with our technology partners, and also working closer with the manufacturing partners to help us become more cost competitive because that is where the market is going today. And that's what we need to do as well. But we also need to focus. We are going to be focusing on our leadership in e-commerce. That is the channel that's growing the most with robotics on the retail side of the business. That's where we are also going to focus. We're also going to be focusing our brand and marketing spend to build our brands, but also to remind our customers quality and durability and cutting performance is why you buy a robot. Technologies are still being developed and they're evolving. Our goal is to explain that to them and to help them understand that. We have work to do. Lastly, we're also going to be investing and enhancing our after-market services to be able to have a profitable growth. Is the market we need to be in? Yes. Is the market our customers want us to be in with us? Yes. Our consumers, absolutely, because we are part of their gardening journey from when they were this little. So as I wrap up, we have four clear pillars for our transformation and our growth for 2030. First and foremost, we have to protect what we have. We're in a very good position with having clear number one positions with watering and Hand Tools. We have to transform, and we have to also, yeah, figure out where we need to take our Battery and Electric and Robotics business in regards to profitability, but it has to be profitable. We have to take care of our brands and our consumer centricity. We cannot not invest in our brands. This is very important, especially when we have a lot of competitors coming into the market. We have to remind our consumers of the value proposition we bring versus others. We are going to selectively focus on growth markets like Eastern Europe, like Southern Europe, like Middle East and Africa, like the U.K. in selected segments, like the Pro Smart Watering specifically. With this, with the focus we're going to create, we believe we're going to be able to deliver on the ambition that we have. With this, I hand over to Karin Falk for construction. Hi everyone. I'm looking forward to sharing with you today how we are building a stronger, more focused, and more profitable business for the future. As you might know, we are a full-service provider in the Light Construction industry. We operate globally with sales in over more than 100 countries, with a turnover of approximately SEK 7 billion in an addressable market of roughly SEK 40 billion. As many others, we have been hit by inflation. But thanks to our really dedicated and disciplined price and cost management, and also most recently our product cost program, we have largely managed to preserve our EBIT margins. And you can see that they have really followed the business cycle and stayed in the high single digit or in the low double digit range. But we have clearly a lot more to do. And our demand is driven mainly by GDP, also the development in interest rates, as well as the construction spending. Geographically, as you can see, we have our largest market in North America, where we have seen a softer demand since early 2024. But we now see a stabilizing trend in combination with a more positive development also in Europe. In emerging markets, we see interesting growth opportunities due to the adoption of modern construction techniques, as well as high construction spending. But we have also experienced more tough competition from low-cost Asian manufacturers. But despite this, geographical expansion, and especially then in emerging markets, is still a key priority for us. Our market is still fragmented with many smaller specialist players, which actually opens up for targeted acquisitions and something we have done successfully in the past. And in this fragmented environment, we are a global leader thanks to our high-performing premium and innovative solutions. And that also can help our customers to become more productive, which then means, of course, also more profitable. And an important part of this offering is also our after-market services, which creates loyalty as well as recurring revenues. And in addition to this, we have a strong and diverse channel network that gives us broad market access and also keeps us close to our customers and their needs. I'm proud to say that our customers tell us that our sales force is truly appreciated and something that differentiates us from competition. This actually comes back to our overarching ambition to be the trusted partner. We are active in different areas of construction, as you see here: residential, commercial, and infrastructure. We operate in three segments or three business portfolios in this environment, which is Sawing & Drilling, Surface Preparation, and Compaction, Concrete Placement, and Light Demolition. We sell through dealers, our own sales force, direct sales force, as well as through the rental companies. Our diversified customer base provides something like a natural hedge since in recessions, our contract direct business tends to hold up a little bit better, often supported by infrastructure investment. And this is an advantage that we can somewhat mitigate the downturn in one construction segment with some better stability in another. And that is also related to that we are part of both renovation and demolition, so not only then to new build. And for us, this setup actually provides a good platform for growth together then. So it really creates for us some reach, resilience, and also a platform for growth. But to fully capitalize on this platform, we need to further simplify and focus how we operate. And despite continuous portfolio management that we really have done, we still have products with lower sales contribution and also overlapping products due to past acquisitions. And this tail and these overlaps adds cost and complexity. Fewer models means easier demand planning, less complexity in our factories, more focused sales execution, and over time also more efficient aftermarket. So that's why we really have taken now an aggressive end-to-end approach to cut this tail and also to eliminate overlaps, and to start with, we will remove at least 20% of our equipment models by mid-2027. But it's also about embedding a lasting mindset, not only doing this over and over again, and also then to shift to a more modular platform-based approach, and a good example of what we mean with a platform-based approach is actually our new dust extractor range, the DE range, where we have taken the best of breed from several overlapping portfolios from past acquisitions, and when we have fully executed, we would have reduced complexity here from 55 to 17 models, and at the same time, we have consolidated several acquired brands under the Husqvarna brand, so by cutting the tail and reducing these overlaps, we will be easier to do business with. We will also be faster and more efficient. In addition to this, we also work with product cost out, as you have heard many say before, to increase our competitiveness and also to enable reinvestments in growth, and this cross-functional initiative has clear targets to standardize, simplify, but also to take out cost across the whole value chain. It focuses material cost out, platform alignment, and manufacturing, as you can see on this high-level summary, and our biggest savings will come from platform changes as well as direct material cost out, and this is a structured, long-term, end-to-end approach on how we design, source, and manufacture in order to safeguard that each new product platform is leaner and more efficient from the start, and this is what we call Operational Excellence for us, and this is a key area to actually fuel the growth across our three BPUs. As a reminder, you know the drill now. This slide comes up. This is the slide that Glen showed earlier that shows the performance of our different product portfolios within construction. I will, of course, also comment on all three of them. Starting then with Sawing & Drilling. This is our largest business where Husqvarna is a global leader with strong positions in power cutters, diamond tools, as well as sawing solutions. Here our priority is to protect and also to grow the core with focus on productivity, safety, and sustainability. We will also continue to invest in combustion engine solutions for power cutters when it relates to emission regulations as well as alternative fuels. In parallel, we will also drive electrification since that is something that contributes to our customers' reduction of carbon emissions while it also delivers lower noise, vibrations, and a better handling. And electrification, as I mentioned now, actually spans over all of these three business portfolios that I will talk about, and not only Sawing & Drilling. And already today, we have more than 40% of Husqvarna Construction's equipment portfolio that runs on electricity, either battery or corded. In our second segment, Surface Preparation, I think we are well positioned to capitalize on the modern portfolio that we have from our acquisitions. Here we are improving margins by reducing product complexity, but also by gradually phasing out our acquisition amortizations that still burden our result. We see good growth potential in this segment where we already are a leader due to also the fact that we now have access to complementary Surface Preparation techniques that we got from the Blastrac acquisition. And we will strengthen our position in this segment through innovation, complete solutions, and also new launches. And I think that you perhaps noticed outside in the exhibition the Husqvarna Autogrinder. We will, of course, also have new diamond tools and also dust management solutions that all are focused on increasing our customers' productivity and also operator safety. Thirdly, moving into Compaction, Concrete Placement, and Light Demolition, and this is our smallest business, and it's also quite broad, so therefore I have divided it in two since they are a bit different, but let's start with light demolition, and here we have a strong global number two position, and we will drive growth here through our own direct sales force, but also to have good and agile after-sale services and with entering into new applications. As you hopefully met our demolition robot out in the exhibition, that was a DXR 95, which is one of our new additions to the portfolio that takes us into new segments. Besides this, we will also enter some selected and are entering some selected industrial segment, which also makes us having good growth opportunities and takes us a bit outside of our normal sort of concrete segments. If I then talk about compaction and concrete placement, this is a segment with lower profitability than the divisional average, but it's still important since it offers a key complement to our channel partners and also addresses important customer groups. Here we actually have a low market share in a quite big addressable market, and we have a close follower position as a number four, which also gives us a good growth opportunity. The issue here is, of course, profitability, as you heard. And what we are doing then is focusing on aggressive product cost out together with strengthening the channel partnerships in order to be more profitable, but also have the possibility to grow. And all these three product portfolios are supported by a strong aftermarket that, of course, builds recurring revenues, but also by that then strengthening our business resilience. For our customers, uptime and productivity is key since they earn their living from the performance of our products. So by offering fast support and a broad range of services, we help them to improve their productivity and profitability. And going forward, we are enhancing the customer experience by having a stronger service footprint, better proactive maintenance, also improved parts availability, and also a fast and efficient field support. And these efforts will strengthen customer loyalty as well as building predictable revenue streams. And at the same time, they are actually improving our customers' productivity and profitability, so it's a clear win-win, but so to summarize, we are starting from a clear position of strength. We have a strong brand. We have high-performing, premium, innovative, sustainable solutions that are based on customer insights. We have a broad and diverse network, a good aftermarket that our customers truly appreciate, but we will also then strengthen, as you have heard, but what defines our transformation is how we run the business, so we are simplifying the portfolio. We are shifting to a platform-based design. We are taking out structural cost, and we are enhancing our sales and after-sales execution, and all these long-term activities are making us more focused, faster, and more efficient, and this will help us contribute to that we can grow and be more profitable in a still very challenging business environment. And to execute, we have a dedicated team with clear roadmaps. But above all, we keep our focus on the customer. If we help them succeed, we will succeed too. And that's why our overarching ambition is clear to be the trusted partner. Thank you. Thank you, Karin. Now it's time for the final Q&A session. So the rest of the team, please join the stage. There we go. Good. So everyone's here. Great. So we will again open up the floor for questions. So again, raise your hand and you will get a mic. And for those of you who join online, you can still ask your questions through the web interface. So do we have a first question? Björn? Thank you. I have maybe two or three questions on Gardena and growing in professional irrigation. If you can add some comments on what kind of market size you are aiming for, etc. And then secondly, on construction, I mean, it is a pretty sound business in an attractive market. But I mean, how quickly will diamond tools be electrified? And typically, we see a little bit of margin pressure when products are being electrified. You want to exclude and I start? Yeah, you can start. Okay, I start. So taking on the question, as you said, what is happening with profitability when we get more electrified? I can also say that when we talk about electrified, we talk both about corded and battery. So we have quite a high degree of corded products. When it comes to battery, we see that it's what we talked about before, that we are really focusing on having these really specialized products for the heavy users. I think it was mentioned before, we are both capitalizing on the 36 V platform from Forest & Garden, but also our own 94 V, which is a really high-power solution, and there we see that it's from a profitability point of view that there is at least a possibility to have somewhat higher margins than what you have in other battery segments. What we can say in general is that the uptake of battery is quite slow still in our segments. Yeah. For the professional irrigation, specifically, we are estimating that market to be in the United States around SEK 20 billion and in Europe somewhere between SEK 10-SEK 15 billion. Of this market in the United States, we're estimating the Smart Watering control to be around somewhere between 8%-12% market, and that's the market that we want to focus specifically on. We're not interested in any of the drip irrigation or underground irrigation. That for us is more or less a well-saturated market with the competition. So our goal is to target the Smart Watering somewhere between 8%-12% with a very solid double-digit growth over the next few years. And that's where we are going to be focusing. And we are there already today in that market. Do we have any further questions? Henrik? Yes. Hello, Henrik Nilsson from DNB Carnegie. Question on the service and aftermarket growth. Obviously, you have clear ambitions there. And I guess it varies widely between pro and residential and between the product categories and groups, etc. So how do you plan to grow there? Because my impression was that a lot of the service is actually provided by the dealers. I mean, yes, of course, you get the parts part, but the service part perhaps is done by someone else. Is it like a service contract type of business? Are you going to have more interactions through apps, etc., direct sales? And how will that compete with the important dealer channel? Thank you, first timer. No, I think, as I mentioned earlier, I think what we will do is we will continue to prioritize availability. It is a critical aspect of that, of course. And that comes back to the Operational Excellence piece, which we talked about before. So we're putting a lot of effort and investments into making sure that parts are available at the right time at the right place. That's one aspect. And then we're also lifting up the dealer standards in terms of getting premium standards across and also a standard service, wherever you go. So you recognize yourself if your service here or service there is the same high standard across all our dealer network. So we're lifting up with dealer development programs that we're putting in place. So those are two aspects that I think about. And then we're also coming back to this predictive maintenance and service recommendations. I think that is also a very important element where we can leverage AI and data at much more scale than we're doing today. So those are three. I don't know if you want to add something. Karin, anything to add? Yeah, I think from a dealer point of view, it's very similar. I will say that, of course, we have our service network through the dealers. But on top of that, in construction, since it's so extremely key for our customers that we can give them fast support. Then I talk especially on the bigger machines. We have our own service centers also. And this is something that is a necessity for us and also sometimes to have mobile services when we, for instance, have the light demolition robots. And that we do sometimes ourselves and sometimes together with partners. Then you mentioned the parts availability is, of course, really key, but also the competence on the technicians and how to work with it. Service contract is also an important part on the bigger machines, both to make sure that they are serviced and maintained in a good way to have uptime or not to have downtime. So I think there are several of these aspects that we are constantly working on how to improve and also have this close relationship with our customers that is so key for us. Perhaps on the residential side as well. Anything to say? Sure. So obviously, spare parts is a very big topic for us as well and providing that to our consumers. But also specifically with robotics, where we actually offer special services like the winterization, where consumers send in their product and we have our own service centers in Germany, Eastern Europe, as well as Southern Europe. So we actually do the service ourselves as well. And for me, I think the biggest eye-opening is that consumers are sending their product in not because it's broken, but to make sure it does not break down. And that is the opportunity for us in the future, how to have more maintenance service versus just a consumer experience that's not positive. Thank you. At the back there. Thanks. Yeah, hi, it's Johan again here. I was curious about the Forest & Garden. You talked about increasing the share of wallet from 20%-45% and sort of mentioned that the Handhelds were already at 40%. I think it touches a little bit on Henrik's question, but what do you mean? I can imagine in Handhelds, you sell some fuels, I think, etc. Is that sort of adding products or what is included in this wallet you talk about? Yeah, I mean, it's in the chainsaw specific, which I mentioned there. And it's really creating the whole ecosystem for what the customer needs. So it could be, like you mentioned, some examples, it could be fuels, it could be parts, it could be accessories. I mean, it's basically providing that, again, the same standard and it's available wherever the customer is needing it. I think that is one aspect that we need to lift across, I think, more across the full dealer network, basically. So we don't have pockets of weakness. We have the same premium standards across. So it's scaling that up that we did with chainsaws. It's to do the same in the other product categories as well. And that could be sort of adding third-party products to your sort of aftermarket product. Yeah, it could be using a partner-based dealer network as well to get those out. Yes, yes. And on construction, just in the aftermarket, are you including your consumables or? You mean the diamond tools? Yes. No. No. So that is, of course, also a big area for us for recurring revenues and something that is very important to us. And we have diamond tools in the Sawing & Drilling, obviously, but also in the Surface Preparation area with the surface tools. And this is a key part and something that is very important to us. Okay. And then the SEK 4 billion cost savings. Have you said anything how you aim to split it between these three different businesses? It's actually largest in Forest & Garden given it's the largest size, but all three divisions have a similar, let me call it, ambition. But as I said, 35% of the total weighting of the program from sourcing, which is important to all three, 20% Design to Value, 20% manufacturing, 15% logistics, and 10% Organizational Efficiency. So all actually have very similar weighting, I would put it like that. Okay, thank you. Anyone else? Thank you. I had a question on, let me see, yes, Forest & Garden. And I mean, over the years, we heard that you tried to avoid the retail space, and now you are expanding back into the retail space. What's the new game here that we should understand? The new game is simple. We need to be where the customers are shopping. And we will continue to expand into retail as well as online. We're going to expand in the multi-channel. We need to be where the customers are. Or then risk of being, I mean, pricing is perhaps differently, etc., and the dealers are more profitable for you, most likely different mix, etc. But I mean, will this change your margin profile or how should you think about that? Maybe I can just say, first of all, to be clear, there is a dedicated retail Husqvarna branded robotic range. So it would be a slightly different range to the dealer channel in that sense. I mean, there will be, of course, overlap, but it's a dedicated retail-specific set of models. Thank you. And maybe if I can ask one last question on the savings. I mean, you talked about 60% near mid-term and then the rest by the end of 2030. Could we get some flavor on like 2026, 2027? Or can you shed some light on net impact? I don't think we're going to go into that level of detail just yet. Of course, more transparency will come as we go into the years ahead. But I think 60% of the SEK 4 billion within the next two to three years, I think, is quite some ambition. And I think what it really clearly demonstrates is we've already started on this. The actions, the activities, they are clear, and we have to execute on those now. I think that's the important message. We're not talking about a hockey stick effect where this happens in the last four or five years of this program. This will happen quickly in the next two or three years, 60%. Thank you. We have a question from the webcast from Adela Dashian from Jefferies for Husqvarna. So if you can give an update on how the Gardena brand has been received among U.S. retailers? That's a very good question. So obviously, the U.S. retailers have had quite an interesting year, to say the least, with all the tariffs that have been coming through as well as post-COVID. Where we're seeing right now, the American retailers is their focus, and they have been very public about it as well, is to be able to offer value to their consumers. We have seen quite a significant growth in private label, and their focus has been into that space, especially this past year. They have indicated also in their line re views that is where they're going to focus in the future as well. The Gardena brand in the U.S. is mostly an online brand. We are mostly on Amazon.com as well as in specialty gardening stores. We have a slight presence in the retail, in Lowe's specifically. The perception has been well. We are still going to maintain our presence there as well. It's really an online brand where we're building the brand story, the quality, the heritage, the German manufacturing. So retailers per se for us with Gardena is not as big of a topic in the U.S. like it is in Europe. Very clear. Thank you. And another question for the divisions, perhaps. If we can expect any significant innovation and new product launch that could be seen as a game changer or as a world's first. Maybe you, Karin. Should I start? Yeah, I think you just saw some of it. Perhaps not online, of course. Now, as I mentioned, the Husqvarna Autogrinder is, of course, a really good innovation where it increases productivity a lot for our customers since they can do other things when the machine operates instead of keeping control of the machine. So if I should choose one, I would just say that self-operated floor grinder is one of them. Good. Anything to add from you? No. I think, I mean, in terms of you've seen some of the innovations that we're launching today, and we've also presented some. We're very confident. These are really strong innovations, and we'll deliver great value in 2026 and forward. And of course, we're confident as well in terms of the pipeline that we're sitting on, but that we'll come back to in due time. And on the Gardena side, it's all about water savings and water management and doing it in a smart digital way. And the capabilities that are coming down the pipeline about management of large-scale environments, whether it's a garden or public spaces, that is where all the innovations are going to be coming in that space. Yeah, so I can have one on the cost savings there as well. The SEK 1.5 billion that you take and you expect to achieve SEK 4 billion. I mean, that's a pretty solid delivery there, so I was just wondering that 1.5 billion SEK. Is it right to think about that that has to do with the 20% efficiencies of the product out, so basically write-off of all products, potential closure of footprint, etc. Just to get an understanding of that SEK 1.5 billion would come from, because a lot of it sourcing, Design to Value is more a behavioral change or culture change of the way of working, operating. What is driving the SEK 1.5 billion? It's a number of different factors. Of course, addressing our manufacturing footprint is one of them, and we did talk about Brastad already that we would close, and of course, that generates a one-time cost. I think we said some SEK 140 million cost to close the Brastad manufacturing site. So it's that type of thing. But it's really a broad spectrum of costs. I mean, we want to drive administration efficiency. So of course, there's impacts there. Complexity reduction itself, of course, generates costs as well. So it's really across the board. There's not one specific area that stands out. It's in all kinds of pockets of the business. How would you start logistics footprint? It's another key area that we're going to look at in a lot more detail, generating some 15% of those savings. So that will incur some one-time costs. Thanks. Now, we have a question from the webcast regarding tariffs. So you mentioned low single-digit price increases going forward. Does that include your outlook on further headwinds from tariffs? Yes, tariffs, of course. They started to kick in around May, June time, if I remember correctly, during this year. So, there is a little bit of a, from a year-over-year perspective, there is a little bit of a carryover into the first half of year next year. And we expect tariffs to probably have another SEK 200-SEK 300 million impact in the first half of next year gross. And then, of course, we are doing some price increases. We've already implemented price increases to mitigate a lot of that tariff pressure. But the tariff pressure will carry over into the first half of next year. I think that's a clear message we want to get across. And then, yes, low single-digit is our price ambitions for the years ahead, at least at the moment. Do we have any final questions from the audience? No? All right. So with that, we will close the Q&A session for now. And thank you all for all your questions and also for attending here in Stockholm today. And to our online viewers, thank you for watching. There will be a replay available online shortly. So we will finish the day with a grab-and-go lunch for those of you who are attending in person. It will be a mingle lunch, so you can choose if you want to bring it or if you want to stay. So with that, thank you from my end, and also thank you again to the online audience. Stay, stay, stay. Okay, so just to conclude now, you're running too early. Save the best till last. No, just to conclude, first and foremost, thanks for joining us today. It's been an amazing morning, high energy, and I think we particularly felt it out in the product exhibition area when you feel the real products we're bringing to market, so thank you for joining us. We started the day off actually talking about the transformation journey really towards profitable growth, and I used two words a lot at the beginning. It was focus and it was execution, and the whole intent of the presentations was to really show that we're going to be focused in this next phase and we're going to execute. The strategy has three clear areas. Operational Excellence, which is our transformational cost out. It is a fundamental fueling engine for our journey. Some of the colleagues even use the term Fuel for Growth. That is our internal branding of this program. It is already up and running. Do not see it as a program that is out there somewhere. It is happening today, and I'm very, very pleased with our pipeline of savings activities, so the SEK 4 billion we are shooting for with high ambition. By doing that, that's going to give us the investment possibility, the investment engine into the innovation that we've been talking about and into two amazing brands. We talked a lot today, particularly in two divisions. We're actually covering all three divisions that we have an aftermarket as a key differentiating point. High barriers to entry, having so many points of sale that we have, and that's a strength that we've got to capitalize on. We'll continue to do so for obvious reasons. Really getting that closeness to the customer, the recurring revenues, and really delighting our customers and solving their productivity and uptime issues. All three divisional presidents started using very similar terminology there. It was preventive and proactive maintenance. That is what we will drive more and more of. And by doing this, hopefully we start to show we've got even more focus. And the focus is really on the product range that we have. We lifted the lid today and gave more transparency, very purposely so. We have 11 business portfolio units, all in different stages. Some in profitable growth that we need to capitalize on, some where we need to increase the profitability, and some where we have a turnaround case. But very clear transparency. What I do want to say is someone asked how much patience do you have. I think it was you, Henrik. We've got to do this with a sense of urgency, and I hope that comes through throughout the course of the day. If we cannot turn around these businesses, then we need to put the focus on the profitable growth. So we will do this with a sense of urgency. And as such, today we launch three new financial targets supported by two sustainability targets. We need to get back to growth. Hopefully that comes through very loud and clear. Some segments where we can grow beyond GDP, some segments where we can grow with GDP. We've got to get back to profitable growth, and that starts today. Also, we have a very clear operating margin ambition. First, we've got to get there, get to 10%. Terry described this in the mid-term. That's what we've got to get to. And once we get there, we operate consistently above 10%. That is critical to this group when we continue fueling that engine to investing in our brands and our innovation. And last but not least, we must be more capital efficient than we've been. We start from a low base at 7%. We get to 10%, and then we get to 15% through 2030. Both supported by two strong sustainability targets that we feel are a clear differentiator to Husqvarna Group operating in our two industries. So really, I hope I leave you with that strong sense of urgency, a strong sense of focus, and a strong sense of execution ability to deliver on our profitable growth journey. At that, I wish you a fantastic rest of day. Thank you.