Hello, and welcome to the conference call. My name is Carl Korsheden, and I work as an equity research analyst here at DNB Carnegie, focusing on acquisition-driven compounders with Idun being one of the companies I have the pleasure of following. With me in the studio, I am joined here by Idun's Chief Executive Officer and the Chief Financial Officer, Henrik Mella and Oskar Samuelsson, who will walk us through the quarter, which will be followed by a question-and-answer session. During this question-and-answer session, you are very much encouraged to participate. We do have a chat function, so if you have any questions, feel free to type them in the chat, and we will make sure to cover them here in the studio. With that said, I will leave the word over to you and the second quarter. Thank you, and welcome to this Q2 call for Idun Industrier. A few quick words about Idun Industrier. We are a growing group of industrial companies, 22 companies in total, with net sales of SEK 2.5 billion and EBITA of a rolling 12-month SEK 336 million. We have those two business unit manufacturing and service and maintenance. In terms of being an investor, we invest in market-leading companies, and for us, the pilot school is very important to our business model. We are a primarily Nordic group of companies, and more than 90% of our sales is generated in the Nordics. With that introduction, let's go to this quarter. So second quarter 2026, net sales growth 12.7% to SEK 668 million, EBITA growth to SEK 96 million or up 7.4%. The organic sales growth was rather slow at about 1%, however, we had a negative organic EBITA growth this quarter of 7.7% or SEK 7 million. That is not something we were very happy with, and due to basically a couple of companies performing worse than expected in this quarter. We had a solid cash flow of SEK 74 million, slightly more than last year, and also good growing profit per share. In the quarter, we made two acquisitions, one of a company called AGB Service, based in Kalmar. What they do is service and calibration of press tools for technicians, what you call in Swedish, VVS technicians. The second one is a trading company in Nordbergs Tekniska here in Vallentuna, north of Stockholm, and they provide highly technically specialized polymer materials and also make some conversion of them. Two very profitable and well-run good companies that we are happy to welcome to Idun. One more thing that is worth mentioning on this summary slide is that we made an early redemption of our last outstanding bond loan of SEK 220 million, and this we did end of June. In the coming 12 months, this should save us almost SEK 8 million in interest. Just to give the overview, the growth is continuing. We used to say that we make two to four acquisitions of companies per year, and this is exactly what we do, and the journey is continuing. If we take a look at quarter per quarter, here we see the illustration to the right, where we see that we had a 12.7% growth, but the absolute majority of this growth comes from the newly acquired companies. And if we take the same look and look at EBITA, we actually see that we had a nice development of the acquired growth, but the organic growth in the period was actually negative. I mentioned this was due to a couple of company-specific factors. One of them was Stegaföretagen, our car washing business. They had a quite strong 2025 and are meeting challenging comparison figures. Then we have the LMI group of companies, where we have the company Interagro Skog, selling products to protect the forest for damages. Here we were actually affected by the spring storms, and we sold less of a quite profitable product and that actually had an impact on that quarter because the second quarter is a very important one for that company. Finally, we had EKAB, our business with service technician in high voltage electricity in the greater Stockholm area. This is normally a company with very stable profit levels, but as you say in Swedish, even the sun has spots, and this was a quarter where EKAB did not earn as much money as they did in Q2 2025. I should say that for none of these three companies, we have no worries in terms of the long-term development and not even when it comes to the development in the fall. With that, I will show this slide as well with rolling 12 months figures for sales, gross profit, EBITA, and also the gross profit and EBITA in percent. We like to show this because it really gives a sign of the stability of the Idun business model, because as you can see here, we keep growing and the margins are very stable over time, and we intend to continue with that development. I should say that the recently acquired companies, MEAB, the add-on acquisitions to Eugen Wiberger AB, and also Trikåby, Mouldex, AGB Service, and Nordbergs Tekniska, they will contribute positively in the next quarters. If we add those, the rolling 12 months, or the coming months, those recently acquired companies will contribute another almost SEK 50 million EBITDA on a yearly basis. With that, over to you, Oskar. Thanks. We will start with manufacturing. That covers 2/3 of our sales and EBITA, roughly. Net sales is up 15.3% to SEK 435 million. The margin came out at similar level as last Q2, 16.8% compared to 16.7%. As Henrik already mentioned, we had lower sales within the sister company of LMI, Interagro Skog. On the positive end, we see that Eugen Wiberger AB and Fredahl Rydéns continue to deliver strong performance. Trikåby, technical textile acquired in December, continue to add a good contribution to EBITA and EBITA margin, though on a lower gross margin than the group. I can also mention, in service and maintenance, we had a small decline in organic sales, but here in manufacturing, we had positive organic sales, and EBITA were down just a few percent. So in line with the last year, and continue to develop in a good way. Service and maintenance, we had a setback. Sales is up 8.1%, and it is driven by the two new group companies, Mouldex, acquired in January, and AGB Service, acquired in May. They will help us to improve margins and EBITA going ahead. Sadly, we had both a decline in sales and EBITA organic, around 3% down in sales and then double digits on EBITA declining. The main drivers for this, as mentioned, was Stegaföretagen that has hard comparable in 2025 due to good volumes in car washes with good gross profit and EBITA margin. Also EKAB that had a somewhat weaker Q2 compared to a strong Q1. If you look at the figures going back even to 2024, we can see that we have increased sales from that period, but at the same time lowered EBITA with more than SEK 10 million. What can be added is that in 2024, we had really a good economic environment for Ståthöga MA Teknik, heavy maintenance for Swedish industry. The same were for POL Nordic, learning system for both pilot school, but the process industry here in Sweden. Also ILEMA Miljöanalys had a great 2024, where they had a lot of assignments going in 2024. So we see a decline from the peak in 2024. I think in that year, we had EBITA margin in service and maintenance of around 16.5%. Now on a rolling 12 months basis, we are on 14.1%. Of course, we want to improve on this level, and hopefully, we will see that the customers will continue and improve their investments level from where we stand today. Going to cash conversion and leverage. We have a cash conversion of 58%, SEK 225 million, rolling 12 months or SEK 74 million. We have increased our net debt to SEK 1.07 billion. From Q1, that is an increase with SEK 131 million, and it comes from the acquisitions made in the quarter. On the other hand, we have the full balance sheet in place, but then we will be able to, in the next 12 months, add just under SEK 50 million in EBITA. So we will go from a leverage of 2.8x- 2.4x. We had a bit increased interest cost in the quarter due to the early redemption of the bond. But going ahead, we will be able to save another SEK 8 million with the new bank financing in place. Just quickly on our financial targets, nothing has changed. We want to increase EBITA growth by 15% over a period of time, where we see that 5% should come from organic growth, which we have succeeded during the last five or even a longer period of time, so we feel comfortable of achieving, even we are not there today. Net debt divided by EBITA, less than 3.5x, and where we today, on pro forma basis, are at 2.8x, and then the dividend should be a maximum of 10% of the yearly profit. Last slide, and to summarize some key takeaways from this second quarter. Net sales growth, almost 13%, EBITA up 7.4% to SEK 96 million, earnings per share increasing from SEK 4.2- SEK 4.4. We made two investments in the quarter, AGB Service and Nordbergs Tekniska. Also, we increased the ownership in one of our subsidiaries, Norotec, from 65%- 77.5%, also another investment. If we look ahead, we do see continued uncertainties. We are not completely out of the woods, and perhaps especially for those of our group companies which sell to the heavy industry in Sweden. But we do see some positive indications from group companies, and we believe that the operating margins should be able to increase in 2026. We are quite confident with our strong and well-positioned group companies that they will be able to adapt to the market conditions going forward. Thank you very much for that. Let's continue with the question-and-answer session. Again, if you have any questions, feel free to type them in the chat, and we will make sure to cover them here in the studio. We received a couple of questions already. Starting off here maybe on a question a little bit on acquisition pace and the current debt levels. What would you say is your priority during the upcoming quarters? Is it to reduce your debt level or to continue acquiring companies? We have made, in the last nine, 10 months for Idun, quite a few investments in the new group companies that we are very happy with those investments. As a consequence, our debt level is slightly higher, so I understand the question. We will continue to look for investment opportunities. We are an investment company that's always looking for investments, and if we find really good and interesting companies, we will find a way to handle that. But having said that, we are probably in a period in the coming quarters where the acquisition pace will be slightly slower. Great, and another question here on if you could elaborate a little bit on the cost reduction impact of earlier cost actions and also if these are already fully helping the P&L here in Q2 or if you see more impact from those cost initiatives going forward. No, those cost initiatives that I mentioned will have more impact in Q3, Q4 actually, and going forward. The way Idun is run, 22 group companies, and they are quite different. When we talk about cost-reducing initiatives, they are really company specific. For example, none of the three companies I mentioned where the Q3 results were not as good, they are not in a situation where it would make sense to look into cost reductions. But we do have some other group companies where we have made those, and the majority of those cost reductions will come going forward. That's clear. Another question here, if you wouldn't mind helping us understand the one-off type of impacts in here in Q2, allowing you to continue expecting margin expansion during the second half of the year. I think I mentioned already in the LMI group with the company Interagro Skog, where we did have a weather-related situation which impacted actually quite substantially that company, and not so much to do about that. Maybe a part of it we will be able to capture going forward, but the bulk not. So that's one thing. If you look at Stegaföretagen, and it's also the case in their car washing industry, they are changing the type of machines to a new machine from the supplier WashTec. Of course, what happens when you introduce new machines, there are a little bit more teething problems maybe because this is a service organization. And we charge for technicians going out there making service. If X percent of those service visits are on a guarantee level or because there's a new machine, you have that impact. That is what we partly also could see in Q2. More that we had some companies, in one company, we changed managing director. Of course, with that, you have a recruiting, you have an interim solution, and we have additional costs impacting. This was Ströbergs, I can mention. So we had a couple of those one-off costs that actually impacted this quarter. It wouldn't be possible to put any numbers into that. I mean, if you take the full quarter itself, if you can say anything in terms of either the organic top-line growth or organic EBITA growth, maybe even better, that was I guess due to this more one-off kind of factors, how that would look like if we would try to strip out those items from that number. I could at least say if we would strip out what we call the one-offs, we would have had a positive organic growth. I can say that without giving a specific number. That's on the EBITA level? I'm only talking EBITA level. Yes. Yeah, that is clear. Also a question here on EKAB. If you could elaborate a little bit more on that, what has occurred this quarter, and what one might expect for the upcoming quarters. Was there something specific here in terms of project mix or similar that made this quarter a little bit messy from a- I would say that EKAB continued to deliver strong results year-on-year, and has done so since we acquired the company in 2015, I think. If you look on the long trend, you will see that it continued to develop in a very nice way. In the beginning of the year, in Q1, we had a better sales and EBITA in the company. Now, we had a bit lower here in Q2. But if you look on the half year's figures, it is still a decline, but I would say that it is a mix of assignments that has been carried out and time when you invoice the customers and so on. I would not expect EKAB to have a decline going ahead, rather increasing. That is clear. I think you touched upon this a little bit already, but as for the net debt coming up a little bit, what would you say is a good level for you or a more normalized level where you aim to be? Well, we have our financial objectives, which is below 3.5x, so I guess we should not communicate any new targets. I think on that question, both of us have said before that we do think that we will probably try to keep below 3x, where we are at 2.8x now. But we are not changing our financial targets. Yeah, that's clear. I think you actually also answered this one already, partly at least. But if we look at the sort of one-off stuff in Interagro impacting the quarter here, how much of that would you expect to be recouped already in Q3? Should we expect now that you have the normal volumes for Q3, and on top of that, we should model the volumes that didn't come through this quarter from Q2, or is that optimistic? That is probably a bit too optimistic. You could definitely expect the normal and healthy profit development of these companies within LMI. There are three of them, LMI, Norotec, and Interagro. Really good, solid companies. There could be partly, absolutely partly, it could be a bit more of that we can get back what we lost. But, no, it would be too optimistic to think that all of that could be recaptured, actually. That's clear. Let's see if we have any more questions here. We do have a question, if you could quantify the cost-savings initiatives you are expected to take here going ahead, if you can put any number on that, say, on an annual level, how much of OpEx are you expecting to strip out? No, I would not like actually to put a specific figure. A couple of millions, of course, but no, we haven't given those kind of estimates or figures before. I would just repeat that since we are not the kind of company with one structure and one business, it looks so different from company to company. So in a couple of companies, we are taking out some cost and some personnel, but in many of them, we are not doing so, and it would not make sense. Yeah. I also noticed there in the outlook comments, they were, I guess, a little bit mixed. On the one hand, you are stating that you are seeing an improvement in certain markets and foresee that to also take effect or see the impact of that already in H2. But you are also, I guess, talking a little bit about that you are not expecting to see a broader improvement until 2027. Would you say that your internal expectations for the second half of the year has changed anyhow now after the Q2 report relative what your expectations were following Q1, or is it fairly stable? No, it is stable. It has not changed. We still expect quite good results in Q3, Q4. Yeah. That is encouraging. As for comparisons overall, you obviously mentioned Stegaföretagen. I think you mentioned also that they had a strong performance throughout 2025 as a whole, so presumably still a little bit of tough comps there in H2, correct me if I am wrong. Is there any other companies that you would like to highlight that either has more favorable comps or tougher comps that is worth highlighting for modeling purposes? I guess you could mention, for the full year, Triton is a company that was in a challenging position before and are now performing better and turning it around, which is positive. So, that is probably the company on a year-to-year basis to mention. We are often not commenting so much specifically in the results for individual companies. Yeah, that's clear. I had another question here about exposure towards the process industry. Is it possible to specify which companies in particular that's affected by weakness there? Well, there are quite a few. Let's see then. We have POL Nordic, we have Ståthöga MA Teknik, we have Mouldex, we have Triton. And to some extent ILEMA. ILEMA, yes. Many of the companies within service and maintenance has exposure to the process industry, but it differs from the companies. We see, for instance, that the Stegaföretagen see some positive signs from last year's levels and so on. It is a mix. Yeah. Another question here on M&A. Are you looking at acquisitions outside of the Nordics and Baltics? We do look at opportunities outside the Nordics and Baltics. But as I also mentioned, given that we have recently made quite a few investments, there would need to be a really perfect investment for us in the short term to make such an investment. But of course, if it's a perfect hidden company out there, you never know. Yep. Yeah, that's clear. I think those were all the questions we had at the moment. So yeah, maybe we will start to wrap things up. If you have any final remarks? No. We think overall it's an okay quarter. We do think with increasing profit, increasing profit per share, increasing cash flow, it was the negative organic EBITA development that we were not happy with and taking measures. But overall, we think it's okay, and we look forward to the second half of the year and feel confident about that. So thank you for listening. Thank you. Bye-bye.