Welcome to the Indutrade Q3 presentation for 2025. During the questions and answers session, participants are able to ask questions by dialing star five on their telephone keypad. Now, I will hand the conference over to CEO Bo Annvik and CFO Patrik Johnson. Please go ahead. Welcome and good morning on our behalf as well. As usual, let's start with the overall highlights of the report. In terms of the demand situation, the order intake improved versus last year. Four out of five business areas and more than half of the companies grew organically. Demand from customers within medical technology and pharmaceuticals was strong, and we also saw improvements in several of the larger customer segments. Net sales decreased 2% in total, organically - 1%. The EBITDA margin came in strong at 14.6%. Our companies were also successful in terms of working capital efficiency, and the inventory reductions continued during the quarter. We had a very successful quarter in terms of acquisitions, welcoming six companies during the quarter. Ten acquisitions completed so far in 2025, and the pipeline is still good. Looking more specifically at the order intake and sales trends, demand was stronger than last year, with improvements in many companies, customer segments, and geographies. Despite the high order intake, book-to-bill was slightly negative, partly because of seasonal variations. There was still continued variation between companies and segments, with the strongest growth within medical technology and pharmaceuticals. The demand within the energy sector was at a high level, but aggregated slightly lower than last year. Notably is also that order intake for companies with customers in infrastructure and construction and engineering improved compared to last year. + 3% organic order intake is the best level since quarter four 2023. In terms of sales, it declined - 2% during the quarter as an effect of currency headwinds, divestments, and the - 1% organic decline, while acquisitions contributed positively. No impact from number of working days during the quarter. The organic sales development is primarily explained by the strong references within business area life science. The strong reference is linked to sales to Novo Nordisk, which had an organic sales impact of 2% on the group in the quarter. Excluding sales to Novo Nordisk, the organic growth would have been + 1% on group level. Aggregated, more than half of the companies grew organically during the quarter. Moving into sales per geographical market, sales to Sweden was up compared to last year, with improvements in most of the larger customer segments. Sales in Denmark were down, mainly due to strong sales to Novo Nordisk, the same period last year. Finland and Norway were aggregated flat year-over-year. For the rest of Europe, sales growth was strong in the Benelux, within the process industry and energy sectors. U.K. and Ireland also improved with slightly better demand within general engineering and good development within flow technology products. Sales development was flat in Germany, Switzerland, and Austria. In North America and Asia, sales are slightly volatile, and the development can fluctuate with single projects. In North America, we had a challenging reference due to larger deliveries of valves for power generation the same period last year, and some of the companies in BA Technology & System Solutions continue to have a weaker development on the back of hesitation from U.S. customers due to the tariff situation. Sales in Asia improved versus last year due to strong sales of valves for power generation and also within the marine segment. The total EBITDA decreased -3% in total to SEK 1.1 billion, corresponding to an EBITDA margin of 14.6%, slightly lower than 14.8% last year, but still a high level and a clear step up sequentially from 13.7% in Q2. We had a record high Q3 gross margin of 35.5%. Margin-accretive acquisitions and divestments supported as well, but the EBITDA margin was dampened by the lower organic sales and somewhat higher organic expenses. In terms of the organic expenses, around a percentage point year-over-year increase in absolute numbers. I would say that the expense situation overall is in control. There is still a cluster of companies which can improve somewhat; however, a majority of the companies are growing, and it's likely to see some expense increase linked to this. Looking at the net sales per business area, as mentioned, the same number of working days in the quarter, but a slightly lower order book coming into the quarter, and strong references resulted in a slightly negative organic sales development for the group as a whole. Organic sales were up 3% in business area process, energy, and water. For instance, many of the Swedish companies had a good development, and the development within the Finnish process industry also improved. In technology and system solutions, sales were unchanged. Infrastructure and construction and industrial and engineering continued to be impacted by the weak general business climate. Business area life science had a 5% organic sales drop due to the strong sales to Novo Nordisk the same period last year. Excluding this, life science would have had a positive organic sales growth of 6%. The business area had a continued good development with single use within the single use area and also the medical technology distribution during the quarter. The EBITDA margin improved in two of the five business areas, with the most significant improvement in infrastructure and construction, mainly due to acquisitions and divestments. Life science managed to improve the margin despite the lower organic sales. They had a strong gross margin development due to a favorable product mix, some currency tailwind, but also good work on pricing in many companies. In the other three business areas, the EBITDA margin was basically in line with last year. Since the beginning of the year, we have added ten new companies to the group, with total annual sales of approximately SEK 1.1 billion. After a somewhat slower start of the year, the acquisition pace improved in the third quarter, with six acquisitions completed. In quarter four, we have so far welcomed one company. We are working with several projects in different stages, so we look forward to welcome a few more companies in the remainder of the year. Our new organization with business segment leaders is also generating more internal leads than before. Looking at the longer trend, more importantly, we are stepwise increasing the number of acquisitions per year, as can be seen in the yellow line to the left, although the number of acquisitions per year can be a bit volatile. Looking at the bridge effects from acquisitions over the last 12 months, we have added SEK 140 million to the group's EBITDA in 2025. Furthermore, we can also see that the acquisitions are margin accretive, with an accumulated EBITDA margin of 16.4% for the quarter and over 17% rolling 12 months. By that, I leave the word over to Patrik to comment more on the financials. Yes, thank you, Bo. Yes, total growth for orders and sales in the quarter was + 3% and - 2%, respectively. Year-to-date orders have also increased by 3%, and sales are slightly down - 1%. Book-to-bill closed to one, slightly below, but as Bo said, impacted by seasonal variations during the quarter. Year-to-date, it is above one. In quarter three, we further improved the gross margins, reaching 35.5% versus 34%, so a really good improvement. However, last year's figure was impacted by inventory write-downs in a few companies, so the underlying improvement was not as high as shown in these numbers, but still a clear improvement. On a year-to-date basis, our gross margin remains ahead of last year's level. EBITDA decreased with 3% in the quarter and also 3% down, also year-to-date. If you look at the margin, the EBITDA margin for the quarter, that was 14.6% compared to 14.8% last year. Good improvement, really good improvement from quarter one and quarter two. We had some non-operational one-off items during the quarter connected to earnouts and goodwill write-downs, as we have from time to time, but the net effect during the quarter was close to zero. As a side note, as maybe a few of you have noted, group items appear as unusually high this quarter. I would say this is, however, a wrong conclusion. It's a bit unfortunate, but it actually relates mostly to our routine concerning management fee, which for tax reasons push out to the business areas. This was last year done in quarter three, which lowered group items last year. That's the main reason for the increase. Yes, continuing further down in the P&L, finance net decreased 31% in the quarter and 16% year-to-date because of both lower interest rates and also lower debt level. Tax costs increased 17% in the quarter and 3% year-to-date. The higher tax costs are due to an unusually low tax level last year that came from the one-off situation, operational one-off situation we had last year. Earnings per share decreased with 4% in the quarter and also year-to-date. I will show a graphical trend on the following slides. Return on capital employed is at 19%, and that's unchanged from last year, but slightly below our targets. Operational cash flow was unchanged at the good high level, and I will also elaborate on that one on the coming slides. Net debt/EBITDA end of the quarter is at 1.4x versus 1.6x last year, so an improvement in that area as well. Moving on to the cash flow. Cash flow, as I said, was unchanged from the same period last year and at a good level. Total organic working capital was down in the quarter versus last year, and despite more normalized inventory levels, our companies actually managed to reduce it further sequentially and also compared to last year. Cash conversion is continued on a high level, right now trending on a rolling four-quarter basis at a level of 133% compared to net profit less CapEx. That's a good and strong level. We're closely monitoring the working capital efficiency, and despite the lower organic sales, the ratio in relation to sales improved again during the quarter compared to last year. Continuing to the earnings per share amounted to SEK 1.85 compared to SEK 1.92 last year. The decline is, of course, mainly related to the lower operational result. Lower interest costs continued to compensate, but was offset by the higher tax costs I talked about earlier. Zooming out, looking at the longer perspective, the average growth in the three and five-year rolling four-quarter perspectives was plus 2% and 10%. Lastly, the financial position, which we think remains strong and solid. The interest-bearing net debt decreased versus last year from SEK 8.8 billion to SEK 8.1 billion, mainly due to the strong operational cash flow combined with a slightly lower acquisition pace during the year. Our net debt ratios are stable and low from a historical perspective. Net debt/equity ratio was at 48% compared to 56% last year. Net debt/EBITDA was 1.4x versus 1.6x. If you exclude earnouts, it is then 1.3x end of quarter three this year and 1.4x last year. To summarize, our financial position is strong, and that is, of course, a good fundament for continued value accretive acquisition and also organic growth initiatives. I leave back over to you, Bo. Thank you. We have also included a slide elaborating a bit on, you can say, the broader cost situation and linked to headcount. As we have talked about for some quarters, demand and sales in some of our companies have been challenging, and expenses, headcount, and productivity have increased in focus. All of these companies are running cost reduction activities, including headcount reductions. However, more than half of our companies are still growing, and for these companies, it is sound to continue with growth plans and to selectively add headcount and cost. This slide shows the organic change in FTEs among companies growing, respectively declining order intake. By the end of Q3, headcount is reduced by 6% compared to last year in the companies with the declining order intake. Further reductions are planned for Q4. In the companies with a positive order development, we have increased headcount by 2%. In a decentralized organization like Indutrade, there is not a one-size-fits-all approach. Rather, individual actions are being implemented continuously. Overall, our companies and MDs are managing the challenging market situation in a good way. However, there is also a strong principle embedded in our culture to continuously improve. By that, we sum up the key takeaways of the presentation. The positive demand development continues, order intake up 3% organically, slightly lower organic sales, mainly due to challenging references, strong EBITDA margin of 14.6%. Companies continue to work actively with adapting costs to their respective market situations. Market uncertainty remains for the upcoming quarter. Slightly larger order book and higher acquisition pace provide some comfort about the financial performance trend. Ten companies acquired so far in 2025, and still a good pipeline. All in all, a strong platform for long-term sustainable, profitable growth. By that, we say thank you and open up for potential questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Carl Ragnerstam from Nordea. Please go ahead. Good morning. It's Carl here from Nordea. A couple of questions from my side. Firstly, thank you for sharing slide 14. Quite interesting. Can you talk a little bit about your plans ahead on this slide as well? I mean, we can see -6% at the companies with declining order intake. It sounded like you would like to continue to take down it even further. Also, on the companies growing by 2%, I mean, with positive order intake growth, will you try to keep it at around 2% or will it, yeah, what is the plan there? Obviously, you want to achieve operating leverage. I guess you will try to keep it at as low as possible, right? Yeah, good question. It's an irrelevant question. The answer, I mean, broadly, Indutrade is a big aggregation of 200+ companies, as you know, and it's sometimes difficult to have a clear, elaborate view to convey to you linked to this. As you say yourself, we will continue to reduce cost expenses in some companies with a challenging market situation. There have been steps taken already up until now, but there are actually situations where actions were taken perhaps already in Q3 now, and the effects of those actions will be seen more in Q4. There is a cluster of companies where cost reductions will continue. For the majority of the companies, there are small clusters of clear growth cases, and they grow, yeah, quite significantly. We have a handful of companies which have added full shifts in their perspective, quite a lot of new colleagues. The broader majority is, as you say, Carl, that we will probably grow with inflation, more or less, I would say, in that cluster where there is more normalized sort of organic growth development. Okay. That is very clear. Thank you. On order intake, it's good to see that orders are picking up in pace. I guess two questions on that. Firstly, if you see the quite healthy momentum continuing so far, also, I mean, both during the latter part of the quarter, but also now so far in October. Secondly, we saw quite strong order intake in life science. If you can try to help us divide it by subsegments there. Thank you. Yeah, we are all eagerly waiting on the market pickup more broadly and really look for signs to hold on to and build on. As you know, the Indutrade organization is the glass is half full, so they are definitely more optimistic than the other way around. I would say that it's slight, slight, slight sort of anyway positive views, attitudes towards the market broadly. There are still more of a flattish broad trend also. A few segments decrease now, I think. It's more a sideways movement, but still some optimistic points here and there. I think you already know most of them. Apart from life science, which I will comment on more separately as you asked for, I would say for us, there are pockets in the energy sector which are clearly positive. There are pockets in water, wastewater, which are clearly positive. Defense-related areas, aerospace-related areas. I would say that inventory levels broadly in a lot of segments have gone down. Even if projects have been moved forward, a lot of companies within complicated process industries and so on, they need to move on with some definitely maintenance projects, but also improvement projects in order to run their operations efficiently. There are maybe not greenfields, but definitely brownfield improvements which need to take place here and there. We see that a little bit more and more, I would say. I don't want to say that the market has turned broadly. It's more a sideways movement, but still a little bit more optimism, I would say, when we talk to our companies. In terms of life science, it's clearly the single-use segments where also the inventory levels have decreased, and they are ordering. There are a number of sort of more complicated diseases which need lower volumes, both developed and produced in these single-use systems in the life science area. I think there is a good underlying growth for several years to come in that area. Then there are also in the medical technology area, we see also good momentum, I would say. That's difficult to express in segments because it's more a collection of individual companies rather than clear segments we have there. It's a little bit more broadly medtech-related, I would say. That's very clear. The final one, if I may, is on life science again here. Strong margin development despite the tough Novo Nordisk comps, clearly. Of course, you touched upon single use as one effect. Could you help us give any insights into how much it grew organically in the quarter, single use, either on orders or top line, but also what effect it gave on margins? Thank you. I can't give you sort of numbers on that specifically, but it's not only single use, which is contributing to this. It's also clearly the medtech area. It's a combination, I would say. I should also comment on Novo Nordisk. We have, you know, it's absolutely less than five companies relating to Novo Nordisk in a big, significant way. Our companies are still, even if volume has gone down significantly to that customer, those companies are still on an above Indutrade average EBITDA margin. They are still managing the situation in a good way, margin-wise. In terms of Novo Nordisk, what we are picking up is that the large factory capacity building project they have in Kalundborg, where some of our companies are involved, will continue. There will also, going forward, be some significant order intake at some point linked to further capacity expansion projects, actually. It's not all. Some day-to-day business with Novo Nordisk is significantly down because they have reduced, what is it, 5,000 headcount in Denmark. Our companies don't have the same relationships. It's a little bit, you know, wait-and-see mode for some of those projects. Some of the key big capacity building projects will move on as we understand it. Okay. That's very clear. Thank you. Thank you. The next question comes from Karl Bokvist from ABG Sundal Collier. Please go ahead. Thank you. Good morning. My first question is on, I would say, both PW and TSS. It seems like, especially in TSS, order intake has been good both in Q2 and Q3. I was just curious to hear about the comments you, I believe, you made earlier in the year right after Liberation Day in terms of customer decision inertia, if we call it that, and if this has then improved. It's a relevant question for that business area. It's our most international business area and the business area with most sort of customers into the North American market, U.S. market. They still feel that there are some difficulties to close projects linked to the tariff situation. Most of that business is indirect for us, I would say. It's more that maybe we have Western European customers who sell into the U.S. than direct sales. There is also some direct, and there is a little bit wait-and-see type of mode in that market still, I would say. I think as a business area, they are picking up, but also from slightly lower references, I think. They are moving in the right direction. A lot of those customers TSS are tending to are industrial engineering-related companies. It's still not going to be a super significant pickup, I don't think, but a somewhat improving market situation. Hopefully, as the tariff situation is stabilizing and at least companies can plan for certain investments with more reliability around it. Understood. My second question is just regarding M&A and the acquisition landscape. Any particular regions you find particularly active and/or interesting at this point in time? I would say that it's Western Europe broadly. Nordics is still very interesting. Germany, we see a growing effect from Indutrade becoming more and more known step by step. We have also a full-time resource in Germany now since a while back. Our segment leaders are more and more in Germany. Also, Northern Italy, we have a full-time resource there since some time back, and he's providing more and more leads every quarter, I would say. We are maybe a little bit more geographically hesitant to the U.K., but otherwise, I would say Western Europe is, there are pockets of opportunities everywhere there. Understood. That's all from my side. Thank you. Thank you. The next question comes from Zino Engdalen Ricciuti from Handelsbanken. Please go ahead. Yes, good day. Thanks for taking our questions. I've also got a couple on M&A. Just following up, why you are hesitant a bit to the U.K. if it's, so to say, related to the underlying markets? I think there are less and less winning industries, winning larger engineering industrial companies in the U.K. in a regional global perspective. I think you need to be in a context where the broader environment makes money, is successful, is growing. Unfortunately, I think it's a little bit less of that in the U.K. than other Western European countries. It is more linked to that, I would say. There are obviously, we can still find really jewels in the U.K. as well. It's not that we have completely shut down in terms of looking for companies in the U.K., but a bit more broadly business environment, which is a little bit more challenging, I think. Understood. Also, on the M&A side, when we look at the acquisition pace, which has been quite good in Q3, especially compared with the first half of the year, if we relate this to the last time you passed the acquisition machines, let's say at the end of 2023, we saw a bit of a catch-up effect in the beginning of 2024. Would you say that what we're seeing now is part of a catch-up? Yes, I think it's partly been a catch-up, which we have also communicated earlier that we expected that in quarter three. I very briefly, I think, commented on in my presentation that the new organization with a new platform of defined segments and appointed segment leaders since a bit more than one and a half years back now, they get more and more sort of warm in their clothes, to use a Swedish expression, and have had more time to build pipelines, create relationships, and so on and so forth. I feel maybe comfort is the wrong word, but I'm optimistic in terms of what this investment in resource organization is potentially generating now going forward. It's two things. It's a catch-up, and it's, to some extent, also an effect going forward now of a stronger acquisition resource machinery. Very clear. Regarding the new organization, would you say that in recent times, let's say that your expectation on when they are, so to say, fully up to speed has changed, or is it a couple of years until that is fully, so to say, operational? Yeah, it's people. They are all individual. Some pick up extremely fast, have a little bit more experience since before, and some are a little bit more new into the situation. It's probably difficult to say a time on it, but we are definitely not at full sort of speed linked to this right now. That's still to come, I would say. If I can comment, internal lead generation is a sort of a really long-term work. Not all companies you contact are, of course, for sale, and you need to build up the pipeline. Over time, it generates more and more acquisitions then. It's sort of even if they are working in the really right way with good pace, it takes time for it to end up in closed transactions. That's correct. Very good. Thank you. That's all for me. Thanks. The next question comes from Johan Dahl from Danske Bank. Please go ahead. Yes, good morning, everyone. Just two quick questions. First, on the gross margin, you talked about, Bo, the pricing actions in life science. Looking at the other parts of the group, is that also sort of a positive trend, or is it flat or perhaps even more challenging in those parts? Secondly, I was just wondering on the portfolio. I saw you made some divestments here in the quarter. Is there more sort of portfolio pruning actions going on in Indutrade right now? Thanks. I think our companies in general are extremely good at transferring costs to the customers and defending gross margin. I expect us to be at a good gross margin level also going forward. Nothing dramatic to plan for in terms of all of a sudden a decline again or something like that. I think we are at a good level, and we will hopefully defend and stay at a good level. In terms of pruning divestments, I think we have probably done most of that short term. You can never say never, but most have been done short term and not the same sort of number or effects going forward. All right. Thank you. If I elaborate on the gross margin a little bit, I think we saw a positive development in the majority of companies in most business areas. Maybe life science stands out a little bit, but for sure not the only contributor. Pricing is, of course, one important thing. Mix, and I think we've seen a positive mix with stronger gross margin company sectors have been improving slightly more than others. That's an important piece of the puzzle. Also, currency. Actually, since we have a lot of trading companies in Sweden with stronger currency positions now, importing goods products in dollars and euros, improving the margin slightly. That's also a contributor. Yes. Very good. Thanks. The next question comes from Robert Redin from DNB Carnegie. Please go ahead. Hi, Patrik, I just wanted to come back to that parent group or overhead cost in the EBIT table, SEK 82 million. You said that last year it was low due to some internal cost development. SEK 82 million is still a high number. Is this a number we should be expecting going forward on that line? Yeah, I would say that the 8 is more relevant, sort of ongoing quarterly value. I would say maybe slightly high. Maybe it is around 70 or so, would be a sort of a quarterly level that's sustainable, I would say. All right. Perfect. Generally on FT&A costs, you had that slide showing the FT reductions. In Q3, did you have much of an impact from those reductions? That was the reduction from a year ago. When did that take effect? In terms of year-over-year cost development, did it have full effect or half effect or not so much in Q3 this year? I'm not sure if I fully understood your question, but if you look at total cost, total overhead cost, and FT&A, but also more sort of operational or manufacturing-related overhead, which Bo included when he spoke about the development of overhead costs, they increased somewhat during the quarter compared to quarter three last year, like 1% or something like that. Ideally, we want this to go down slightly further, but I think we have it under good control, and I think you should expect it to be going sideways going forward. All right. Yeah, because my question was if you bunch together all of the FT&A cost items between gross margin and EBIT, they were growing quite a lot year-over-year. I was thinking this 6% FT reduction you had in the businesses with weaker demand, that maybe didn't have so much of a cost effect in Q3, but because of the timing. I think the reduction of the people, that's end of quarter three compared to end of quarter three last year. That's sort of the timeframe of that slide, that number. I mean, given we have also more things on the headcount side that we have initiated and that will be sort of implemented or executed during quarter four. These things will, of course, also have a cost effect, yes, during the quarter. I think from that perspective, we will have a lower cost. There are also other things on companies that are growing. They are also doing slightly more things, etc. The net of all this, I don't want you to sort of expect a big reduction during quarter four. I think it's more fair, realistic to estimate a sort of a sideways movement of costs. All right. Okay, thanks. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Mats Liss from Kepler Cheuvreux. Please go ahead. Thank you. Three short ones from my side. You mentioned the different things that affected your order since I said price mix currencies. Could you be a bit more specific about price and volume? I think it's difficult for us to be more specific there, Mats. In general, we can say I think our companies are still increasing prices, but it's not the levels that we saw during, if you go back a couple of years. It's more sort of, I think that sort of pricing routine is more normalized now. It's more of the normal 1%- 3% increase per year. That's embedded in the numbers, but we don't have an exact quarterly number, no. Just for support, going forward, what's your feeling about the comps going forward in the fourth quarter, year-over-year comps there? How do you feel about that? The quarter, if you look at top line, I think the references are normal to slightly lower. No sort of significant change, but slightly lower, I would say. Great. Finally, you mentioned the opportunities there and the list of acquisitions you have. You mentioned the geographical opportunities, but could you say something about the opportunities in the different business areas? Where are you? I understand you can't be too specific. I know, but we obviously see opportunities, work with opportunities in all business areas. Sometimes they play out differently over time a bit. I would expect life science to, I mean, they have good momentum, good pipeline. All of them have a better pipeline, but life science is strong. I think process energy and water is strong. Industrial engineering is also strong. Maybe somewhat there are good pipelines in all five areas, but maybe those three stand out a little bit. Okay. Great. Thanks a lot. Thank you. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. We thank you for listening in and asking good questions, and wish you a good day. Bye-bye.