Hello and welcome, everyone, to this Q1 presentation of Inission. My name is Henric Hintze. I'm acting as the ABG for us at the company, and I'm here to go over the Q&A that will take place after Fredrik gives his presentation. If at any point during the presentation you think of any questions, please type them in the chat, and I will read them out later. Anyone in the audience here live has a question, feel free to put up your hand after the presentation, and someone will hand you a mic to ask your question. With that, I'll say please go ahead. Thank you very much, Henric. Welcome to our annual meeting and our Q1 presentation. My name is Fredrik Berghel, and I am one of two founders and one of two principal owners of this company. Me and Olle, as he just said, we started this company 19 years ago, and we are still both active, myself as CEO and Olle as the Chairman. Today, I will recap 2025, both what we have been up to, very, very brief, and also the finances 2025. I will go through today's published, or late evening yesterday, published Q1 report. I will also talk to you a little bit about what we are actually doing apart from the numbers. What are we up to, both in Inission EMS and Inission Power? I will tell you a little bit about our acquisition strategy, something about our financial targets, and then we round off with the Q&A together with Henric. Last year we had a challenging first half year. All in all, we ended up having a total revenue of SEK 2.2 billion, including Selteka, so it's a small growth there, but including Selteka and also a little bit of Axxor revenue of SEK 106 million. It was actually organic decrease with SEK 50 million or 2.3%. The slow start of the year and also Inission Power being loss-making last year brought down the EBITDA result. If we go further down in the P&L, our earnings per share was also affected as we have talked about the high evaluation of the Axxor acquisition when we finalized that in November, which affected the result per action with the total result of about SEK 20 billion. All in all, as I said, net sales SEK 2.2 billion, and EBITDA amounting to SEK 111 million, which makes up 5% margin. Looking at this picture, I think I said it last quarter also, it sort of illustrates the total market overheated margin of 2022 and 2023. All in all, I think 2025, both turnover and profit perhaps sort of are in line with the normal growth. If we extrapolate from pre-COVID, I don't think 2025 necessarily was as bad as it looks like. What have we been doing then during the year? We have greeted a new MD, welcoming Munkfors Mathias Larsson. He has quite a bit of industrial experience, and he also directly comes from Kongsberg, previous ls-Royce. Kongsberg also happens to be one of our largest customer, we are happy about that. Also last year we changed the listing at Nasdaq from First North to the main market, which was internally a huge project. Now we came through this project, in my meaning, being a more robust and sustainable, and we have a lot of the formalities in place in a totally different way because the demands and the requirements from the main list are quite different on a higher, totally higher level compared to, compared to First North. We also had the inauguration of our Inission Tunis factory. We also moved in Borås from our old location into a brand-new factory that was actually rebuilt totally for us, where we have set up a very good production flow. Unfortunately, we don't have too much production there now, but from appearance point of view, this is, Mathias is normally saying, "This is our most beautiful factory, if there is such a contest." We also made an acquisition last year. We acquired a super-duper fine company in Kaunas, Lithuania, called Selteka UAB. They have a little bit different profile perhaps compared to our other Northern European factories, a little bit higher volume, close to even consumer products running there, with very efficient flow set up in that factory. We brought in new customers, but we have also brought in sort of a level of production where we perhaps want to be in all our factories. We've also welcomed a new Managing Director for our Tunis operation, Ali Blel. He also have extensive Industrial background and have been in charge of quite large operations in Tunis. We also have applied and been approved as a member of SOFF. SOFF is an association for Swedish companies involved in defense and security industry. We think it's important in the days now with defense industry really booming because then we can be in their context together with these people and learn about that. We also, in November, acquired the last remaining 49.9 share of AXEL, as I said. AXEL doing quite well, and the value of AXEL was high when we actually closed the deal there in November compared to our original analysis, meaning that we made a book loss. It's a little bit technical, made a book loss there. I just explain a little bit. Just showing a few nice pictures from last year being in Världshandeln in Stockholm. We had a delegation there in Tunis, together with ambassador, Cecilia Wramsten. We did the same in Borås. Opening this had a very nice grand opening of our total new premises there together with the customers, suppliers, and board of directors. That, that much about last year. We coming over to Q1 2026. Reported sales increased 37.4% to SEK 664 million. However, adjusted for Selteka, SEK 53 million, the organic growth was 26.3%. Including in that quite high growth, I want to explain that SEK 20 million of these was pure material sales to one of our biggest customer, which perhaps we always want to sell lots of manufacturing services including, but it's a risk thing also to hand over material that is not in use customer or required to take over. We That material sales also affected the EBITDA margin with a 0.2%. Nothing dramatic, but still. If we're looking into the Q numbers here and a high level of explanation here, these SEK 127 million organic new, we also had reduced cost from our cost-cutting program in Inission Power, former Enedo, contributed to the higher profit. We had similar material share actually compared to last year. All in all, this came out as 70 turnover minus direct material, I call it added value, come out SEK 70 million higher. We also had costs SEK 41 million higher, that builds up this SEK 46.7 million EBITDA, which is actually an improvement than from last year with SEK 26.7 million, which comes out at a 7% EBITDA margin. Also with low, quite low, financial cost. Last year, we had high financial cost due to currency losses. This year, we had some currency gains. All in all, there is a big difference there between the quarters when it comes to the financial cost. All of that builds up to this SEK 1.5 krona per share. Just to explain a little bit about also, we talk about that we are cutting costs, and then you say, "Oh, SEK 40 million higher in cost here." How does that tie together then? One have to remember, out of these SEK 41 million extra, SKE 30 million is coming from Selteka. All in all, this extra NOK 35 million like-for-like costed us SEK 11 million, meaning that we have quite a nice fall through there. A lot of extra revenue become added value. It's falling all the way down to EBITDA level. Also, cash flow I want to highlight. We had good cash flow in the quarter, SEK 43.6 million. Quite low increase of our net working capital, SEK 50 million only, compared to the cash flow before change in net working capital, SEK 58.6 million, makes up these SEK 43, almost SEK 44 million, which I think is good. Looking at year-over-year, it comes out quite dramatic. If you look this by looking at the quarters in sequence, then you can all see here that both revenue and profit is sort of build up gradually. From our best knowledge, from what we have now, from order intake and also when we are talking with our customer, we think this indicates that we should be able to run on this invoicing speed or sales speed. Also with the current cost structure, we are a strong believer of that we should be able to maintain this profit level, given that the sales speed can be there also altogether. Looking at LTM numbers, now SEK 2.35 billion, which is quite a step up from 2025. Also the earnings with decent step up, SEK 138 million. Actually, some colleagues said in the industry, when we are doing so well now in sales, I actually had hoped for even better sort of gearing on this extra value. Some news from the quarter, we have a new MD in what we call Inission Syd, meaning Borås and Malmö, and Torkel Skoglösa. It's so funny, he actually owns a lot of Skoglösa, but that is another story. He has industrial experience from Trelleborg and Sandvik, and especially interesting is his experience from Nolato. Nolato is also a contract manufacturer. It's part of the classic industry. We think he is a good fit to take care of Inission Syd. Inission Power, we have name changed Inission Enedo to Inission Power. They received a very interesting cabinet order for cabinet-based DC battery charging system to a European defense customer, as we have announced. A little bit of breakthrough there. In my thinking, going from a component PSU and LED driver supplier, I think maybe the future for Inission Power would be exactly deals like this, steering over more to be a system provider, where we can actually engineer out totally unique solutions for each and every customer. We are not really competing with the huge giants that are in this power supply industry, these big Taiwanese. From cost point of view, we will not be able to compete with that. If we scale it down and if we do custom-made projects, hopefully this could be the future for the company. We have also a new managing director in our Tallinn operation, Kaarel Viik. He's coming from he's got industrial experience, but closest he comes from HANZA Mechanics in Tallinn. Yes, to current trading, looking at the business areas separately, starting with business area Inission EMS. Very good sales compared to last year's, but then we also, those of you that were here last year remember that we had quite a bit of push out last year with some PCB problems in Norway. We had some customer that actually delayed their orders, so we were starting last year quite slow. We have good comparison numbers, but still we have a good sales there. The year's EBITDA margin recovering with these improved sales. As I said earlier, EBITDA margin could have been even a little bit higher than this 7.5 with 0.3 percentage units not having this material sales. Then we had some extra costs for covering for a backlog that we had created, especially in Inission Syd. We have good hopes for the future there. Looking into what we now call Inission Power, who we are, they also shipped quite a bit higher volumes compared to last year, 15% higher. There we had the cost-cutting program. It's clearly seen now. This higher contribution together with the cost-cutting program, we are back in black there. Also for Inission Power, given our order taken, order taking and the cost structure, we feel quite confident that we should be able to maintain this. I had to put in this slide, never done it before, since we have been doing so well the last year, I wanted to show the share price development. I know here in the audience, there are shareholders that has been with us since we started. This is 660% increase from where we started, compared to OMX 30. This actually has performed 173% during the same time. That was all about the numbers. That was all about things that we have been up to, 2025 and Q1 this year. Over to what are we actually doing then? Some explanation of what we are up to. For today, as explained, our company is divided into business areas. We have Inission EMS, Inission Classic, someone calls it, and then we have Inission Power. I will explain what these two business areas are doing a little bit more in detail. First, the company history, Inission as a company is very much a acquisition story. Me and Olle, we have been since 19 years been adding on companies to this structure, roughly one per year. Yeah, it's quite often you overestimate what you can do in short term, but you also often underestimate what you can do in long terms, and I think perhaps this is a little bit like that. We are both, me and Ole, we are both strong believers in the value-driven company, and we are constantly pushing out this message to our continuously educating all the way from our board of directors to the, to the operators in our factories. These common values that is really for the all of the Inission employees. I think really one good example when this comes to its best, that is when we have daily steering meetings early in the morning in the factory, and these things are talked about. Sustainability, of course, extremely important. However, maybe sustainability and what we think about sustainability because we have been working there for a long time, where we have lined up the sustainability goals together with our business goals. Big portion of that type of work last year was spent on EU compliance, CSRD. That was last year, but also in the beginning of this year. Now we have this sustainability report according to that directive. Inission EMS, we are a leading supplier of manufacturing services, foremost within electronics, but we also have resources for machine fabrication and design. As for today, we are about 1,200 employees, and the business area is organized in head companies with 12 factories. We do everything from product development. We have our own engineering resources for that. Industrialization, building prototypes for our customer, and then of course, manufacturing. Manufacturing is the big bulk in these dots here. 90%, perhaps even 95% of the revenue would be actually manufacturing services. If we look at the sales split per geography, this picture has been looking a little bit different. Sweden has been almost half. Sweden has been shrinking in the new group, and Norway is increasing. Finland somewhere in between, but since the whole group has been increasing also. Finland has been comparatively the same, the same size there. I think we are shifting over, and our Norwegian plants or Norwegian companies, they are doing quite well. Looking at the segments, we can also see the movements there. Since last year, these, that is 25 numbers compared to 24 numbers. As you all know, defense is increasing very rapidly around us. We don't have any of those customer where the end product explodes. We don't do that, but we do a lot of other defense related things. As you can see here, we have been going from a small number seven, up to 12% defense. We also have a, what I would say, fantastic customer portfolio. 37 key accounts building up 72% of our revenue. We don't have a big dependence. We have our largest customer here is actually 9%. There, it used to be ABB. Kongsberg has passed ABB now as our largest customer. We also do a lot of box build, important to know. Box build is an enabler for us to provide more services to the customer. Just a couple of customer examples. Talcon, defense customer, they are doing communication equipment and ear protection equipment. Extremely high demands on reliability and of course, extreme rough environment for these electronics. We also have an industrial customer, Epiroc, old Atlas. They're making equipment for mines. Same goes here. Having an industrial company's requirement on efficiency and OOD is extremely important, but also the environment for these electronics in a mine is also quite extreme. Coming over to Inission Power. In difference to Inission EMS, which is contract manufacturing services, Inission Power is a product company. They have their own products, their own IP, OEM company. They are designing their own products. The history is telephone related back in Finland in the days. They have shifted over from telephone due to fierce competition, being the scale is totally different. Acquiring a company in Italy called ROL, then later acquiring similar type of industrial power supply company in Finland called Powernet. Out of these two companies, they created Enedo, and what we now have transferred the name to Inission Power. If Inission EMS is quite a Nordic company, Inission Power is much more a multinational company, having a lot of EU customer, U.S. Our biggest customer for both Inission Power Italy and Inission Power Finland have their biggest customer in U.S. Here you also see the split on product level. 65% of what they're doing is power supply. Then they do this DC system that I have talked about. It's shrinking but still important and big portion of what we're doing is LED drivers. Out of these three, LED drivers is really where the competition is the hardest. Looking at the segment here, quite stable since last year. There are not so much movements really. Just couple of examples. They do this for a U.S. customer for Daktronics. These enormous video screens or LED screens. We do numerous power supply units are needed to power up this type of big video screens. Here, of course, reliability, you don't want to risk, because if one of our power supplies goes down, it comes out as a black dot there, and that just can't happen. Reliability is extremely important for that customer. In Finland, we do more system sales, and here we do for trains. We do battery charging DC systems for trains to even if the train get loses the current from the top, it should be able to communicate, it should be able to be lit there. These sort of backup systems, that is what we typically provide for train installations. That was Inission EMS, Inission Power, and then a few words about our acquisition strategy. We normally buy customers. We have this idea about geography, but what we really buy is when we acquire a company that has customers. That is when we do our due diligence, as it's called, that is to really to try to understand if we like the customer, because it's everything, it's gonna be judged at the end of the day by the customer. If we have successful and good customer, we will ourselves have a good client, of course. Financial stability, financial potential, not the least, of course, management culture. How are these people performing? Normally that is not an issue because most of the companies that we come through, they are driven by the owner or the family. Normally it's really down to earth people that we meet there. It's very seldom that we find something strange. Talking about the two business areas here, we are so far only focusing our acquisition on the EMS side. We will hopefully later on start also on Inission Power, that will be for later. In our acquisition model, we also have this idea of when we do the due diligence that we also identify improvement things, and then when the acquisition is done, we can start to implement these improvements sort of from day one more or less. As I said earlier, our latest acquisition was this company in Kaunas, Lithuania, Selteka. Last year about EUR 60 million turnover, making 8%, 9% EBITDA, with 230 employees and a really nice company. Normally there are synergies. They shouldn't be over-dramatized, there are more we can do better together on sourcing. We almost always implement quite directly our IT platform. We financial structure we put together. We also of course implement our KPI structures and things like that. Then we try cross-sales, cross-selling. Here we clearly already have done a handful of quotations from Finland from this from Selteka as I talked about because they are competitive in price. We are positive for this industry. Growth is there. Underlying growth is clearly higher than GDP growth. So it's a good market to be in all in all. There are all these mega trends driving this electronic being an enabler for a lot of our industrial customers. We have this shift from near-sourcing. We have robotization and optimization. We have machines talking to other machines, and all of this is driving the need for industrial electronics. The last portion here now in my presentation that is our financial goals, targets. Before I go into that I want to explain what we have been doing in the history. Here you can see that we have been growing since we became public, 2015. We have been growing quite rapidly, 23%. We have been reasonably stable in our earnings. If we exclude Inission Power, you see earnings is even more stable. I mean, we are doing 7%. A good year, 8%. In a bad year, 5% or 6%. Extremely stable even when we are producing a lot, we don't do that much more. When we do produce less, we don't lose out that very much more either. Quite stable. Here, with that as a base, we have the target for this year to actually have a sales between SEK 2.3 billion and SEK 2.5 billion. As I said earlier there, talking about our order book and the start of the year sort of indicates perhaps the higher end of this interval, SEK 2.3 billion, SEK 2.5 billion, closer to SEK 2.5 billion then. Also the margin, we have a idea of or our target is that EBITDA margin should be about 6%. EMS portion is more profitable. Compared to Inission Power. We also have a capital structure target, net debt, EBITDA, not being below one. Maybe you could say also why should you have a lower there? We shouldn't be over-consolidated. That hasn't been our problem historically, though. Now we have introduced a floor, which I think indicates a good thing. We should be below SEK 2.5 billion. Our covenant with the bank is SEK 3 billion, but being able to borrow money from the bank, we should be below SEK 2.5 billion. Otherwise, we have no room to play with that. We also have this dividend policy that we want to distribute to our shareholders 30% of the earnings after tax. Long-term targets, growth. 15% growth means that we will double our size in five years, which we actually historically never have failed with. We have sort of always been running faster than that. One portion of that is gonna lift our earnings, and it's actually that we're gonna slow down. One of the portion of the strategy, we're going to slow down the acquisition speed. Acquire higher quality, little bit less. Out of this 15 growth, 10% organically, and 5% with acquisition. That is the strategy for the future. Also the other items that I talked about here, the mega trends will help us with the market. It was lucky that I was done there because that was my last picture. Now we just click out. That's not it. Yeah. I guess we just move on to Q&A. Yes. Excellent. Right. Like I said, if anyone is listening in the webcast has a question, please just put that in the chat, and I will read it out. If anyone in the audience has a question, just raise your hand, and someone will give you a microphone. While we have a think about that, let's have a look what's on my own device. You still have this- Yeah. order to fill this quarter, despite exposure to headwind growth. Is there anything that stands out in this quarter when you compare and contrast this quarter the demand level you expect in the near term? No, I would say of course it varied a little bit over the month. If there is something to add there, maybe, Inission Power is slightly stronger still than it has been the last few quarters. No, we have been reasonably stable Q3, Q4, 1.1-ish, and we are still there now also Q1. Yes. Now quite stable. Yeah. Very good. I want to talk sales growth. You mentioned in the report, three areas that were maybe driving demand a little bit more than others. You mentioned, defense of course, data centers, also opportunity. Could you maybe walk us through your exposure to these sectors and, how much of your growth, is driven by the higher demand we're seeing in these areas? I presented this customer,, here, and they are doing well. They are a little bit project-oriented, and they have been doing high-speed hubs. We have had quite a bit of deliveries to Palcom all the way from last half year, last the second half last year, also starting this year. We also have one another defense customer that we have hopes for the future, Kongsberg Gruppen. We are doing some business with KDA, the defense division within Kongsberg, so far more little bit of trial orders. In Løkken, we have a decent business there, now we have kind of trial orders from Halden, there we have hopes to deliver more to Kongsberg within defense. When it comes to this really specialty computers, we have two in- very interesting customers in Finland, both actually delivering to these quantum computers, that industry is also fantastic growth there. One of our I just said it earlier, one that used to be our biggest customer, ABB, they are sitting in the perfect storm there when it comes to these data centers. They provide a lot of infrastructure to that, and ABB is our second biggest customer. Right. Maybe specifically on, Emil, on Inission Power. There's a lot of growth like mentioned, with a bit of 1.3 still strong growth, margin of now over 3%. Given all this, would you say that there is room for additional sales growth acceleration throughout the year, and should that enable further margin expansion from this level? Yeah. I think it's like this. Since we come in 2021, at first as half owner, then a couple of years later as the main owner, and now 100% owner, this has been a survival year, you know? We have been cutting costs to make sure that we are expenses in line with the incomes. Now we really think that we have stabilized the situation, and now we have focused over from these identifying activities to actually more strategic long-term, out of all the products Inission Power, where do we focus? Systems. That is the board of the company's conviction. We should go into systems. We let drivers, we let go, PSUs. We have really good products, perhaps we shouldn't overdo that either. We should steer over that. We have a fantastic set of customers. A lot of what you see now coming back, that is actually the same customer base, coming out of this post-COVID or whatever, you know, that have better economy. Now it's a matter of for Inission to find new customer, to actually start new growth with totally new customers. That will really be. We are positioned like, so we should be able to do that. Perhaps not this year because sales cycles in the industry is very, very long. Now we can start to actually pinpoint things that works steadily instead of really expensive. Right. Very good. Moving on to some questions from the chat then. What would you say are the most important drivers for getting closer to the 9% margin targets that you have for the longer term? The what, please? What do you think are the main drivers for getting closer to the 9% margin target that you have for the longer term? The best thing is organic growth. Organic growth. When we grow organically, that is fantastic for earnings because we have, like we talked about earlier, we have this fallout that is always happening. That is the strongest thing. Then I'm only referring to what you have to do in this industry, because we have companies doing fine, and we have companies doing the other case. It's a matter of adjusting the 12 wheels on that thing. When you are in a stable position, you can tune these wheels, and then we should be able to do this nice. Also you have to have a respect for the history we have in there. Yeah. As a group. One of the directors of one of our big colleagues in the industry said, "Yeah, but you always have to realize that some factory is falling out of patent." I was like, "What? You know, come on, You know, come on, everybody's doing well. We shouldn't have this problem." We are aware. We have to lift the lowest level. That is one portion of it all. I really, again, said, you know, we have to be more disciplined and more careful about acquisitions. We should do Axxor, and we should do Selteka UAB. We shouldn't perhaps do so much in Europe, because Maybe it's not more difficult than myself and my board of directors are more disciplined at maybe extremely high levels. All right. The 2% margin targets that you have for, you know, this year or the, the post-balance sheet margin target to 7% for Tunis, 2% for Lohja, that implies that profitability will be weaker in the rest of the year than Q1 here, post-balance sheet. We invented this early this year. Of course, we want to have our financial targets for our ambitions. We want them to be modern, you know. We don't want to see that perhaps that is something we achieve. It should be interpreted as lowest level where we should be. That is really our ambition. They have all the chance in the world to that attitude. On the group level, considering the strong start to the year here in Q1, would it be fair to say that the guidance for the full year might be on the conservative end? It should. Yes. That is how I look at it also. We start there, and we set that, and we improve the target or the goals for next year. That is how I think about it. You wrote a bit in the report about the Tunis factory and how you're trying to attract new customers to deliver there. Can you tell us a bit more about how that's going? Yes. It's, We not have any substantial business there yet, but we have actually two leads now. We have one trial order, and now we have one another also tryout orders. If we can, if we are successful with these tryout orders, we should be able to ramp up the business. Again, as I said earlier here, it's long-term. You know, the lead time in this industry are long. From the first quote going out till we have a decent business ongoing, two years. We have to be patient, and we have to work steadily. There are opportunities that we are already quoting. We have customers and customer visits going there, and we have that as a rule, you know. We don't make a quote. They don't bother about going to Tunis and look at our factory because the factory standard there is same as anywhere in Europe. We have a fantastic, nice-looking factory with good potential. They have to go there to show that they are interested, and then quote. We will get there. All right. Do we have any questions in the room, maybe? No, you all seem perfectly satisfied with the presentation. Very good. All right. In that case, I think there are no more questions in the chat either, and I've been having some as well. I think I'll hand over to Fredrik Berghel for final remarks. Okay. Thank you, Henric. Thank you all in the audience here that has listened and also all that we have on the web. It feels better now. Thank you very much