Thank you very much, and welcome to this presentation of Instalco's Q2 report for this year, 2021. My name is, as you heard, Per Sjöstrand. I'm CEO at Instalco, and with me today are Robin Boheman, today CFO, but from next week, CEO of Instalco. We'll come back to that later. Also with us today is Fredrik Trahn, Head of IR. Starting with slide number two, and a short update on who we are and what we do. Instalco is one of the leading installation groups in the markets of Sweden and Norway and Finland. Our main business area is installation and service for electrical heating and plumbing, ventilation and cooling systems, along with solutions for industry and technical consulting. The group now consists of more than 100 subsidiaries and around 4,300 employees. Still very and highly decentralized structure. We are supported by a small central organization and strong profitability with high margins all the time. Of course, we will be back to that. If we move to slide number three. For the last 12 months rolling, our sales increased to nearly SEK 8 billion, with an adjusted EBITDA of SEK 693 million as you can see, and an adjusted EBITDA margin of 8.7%. We also have a solid order backlog at just over SEK 6.6 billion. We will come back to that also. That's for that, and now we take slide four. I think I can say that Instalco has continued delivering high profitability and robust growth. This, I would say, despite the fact that Instalco and the construction and installation sector as a whole is now more intensively experiencing the effects of the pandemic, and as you understand, at a later stage than many other industries. The prices, for example, for raw materials has rise in our industry, primarily copper and steel. We are working intensively to be able to compensate for those effects. With Instalco's strategy of applying a cost-plus system and the purchasing efforts that we carry out, our assessment, though, is that over a long run, there is no risk, or at least limited risk, that will be affecting our margins. For yet another quarter, we have had higher sick leave than normal, primarily in Norway and Finland, where periodic shutdowns at construction sites due to risk of infection has led to some delays in certain projects. Despite these relatively difficult consequences of the pandemic, we once again delivered very strong quarterly results, which we are extremely proud of, and I think all of it demonstrates the strengths of our business model. During the quarter, there was much activity in the area acquisitions. We did both strategic, opportunistic and add-ons. We grew our operations in the area of roads and street lighting, for example, which is a very interesting and closely related area to our regular electrical installation work. We can also see the effects of our prior startups that we have as a supplement to the ordinary acquisitions. Segment Sweden continues to deliver strong results, and other Nordic segments has recovered somewhat since last quarter, although it's still performing below the desired level. We have somewhat a lower cash flow than normal this quarter, which is due to some of our companies being a little behind with the invoicing, primarily caused by the fact that we are starting up a lot of new projects, and that we compare, of course, with a very strong quarter that we had before. Adjusted EBITDA for the quarter was approximately SEK 195 million with an adjusted EBITDA margin of 8.4%. If we go to slide five, you can see there we have acquisitions. I can't believe that figure. It's 22%, organic growth, 12%, and in total, SEK 2.3 billion in total net sales. I think, as we used to say about the organic growth, this is very good this quarter, but we see it in the long run. We have in the H1 year, I think 5.3% in organic growth. We always see in the long run. Okay, go to slide six. Here you see the adjusted EBITDA for each quarter, and it looks like before, I would say. The quarter differs a little, but it looks like before. Slide seven. Our order backlog is very solid. It's just over SEK 6.6 billion, and that corresponds to 83% of our annual sales. We are also very satisfied with that. If we turn to slide number eight, I will hand over to Robin. Robin, go ahead. Yes, thank you. As you mentioned, Per, we're very satisfied with the result in the development of Segment Sweden. We have a strong and solid result here with a good EBITDA margin of 9.2%. We also see a stable demand for technical installations in Sweden. We are growing in all regions. As you can see, we have a very strong organic growth. As you mentioned, Per, we are seeing some of our startups kicking in here and growing very well, which is also part of the organic growth here, which is very exciting. We can also see that the consultant business in Sweden is growing. We now have approximately around 200 contracted technical consultants who will all start during fall. They are established in 15 different locations in Sweden. We're even more confident than we were in the beginning regarding this sort of startup that we together can combine consultants and the installation business in one group, and we also see effects here of collaborations and synergies here. We are very pleased with the startup here as well. Moving over to next slide then please, Rest of Nordics. Number nine. Number nine. Looking at the Rest of Nordics, as Per mentioned, we have somewhat recovered from last quarter, although we are still a little bit below our Instalco desired levels. As we've said before, the pandemic has been what's tougher in the Q2 due to that both Norway and Finland have had what stricter policies regarding the pandemic. We see that our action plan has delivered results in Norway. Norway did a very good result here last month. We are very pleased with that. We are seeing some effect, however, in Finland. We have had very solid results in Finland so far, but we are seeing a little bit of a downturn there mainly due to the sick leave and closing down of some projects due to the pandemic in Finland. However, we are confident about Rest of Nordics, and we are still very positive about the long-term market here. We are hoping to get them back on track. We are delivering, 5.2% is not a bad result, even though it is maybe not in line what we are hoping for and aiming for in the Instalco measures. A positive view on the Rest of Nordics as well. Next slide here, 10, please. Looking at acquisitions, as you've seen, if you follow our press releases, the pandemic has not affected our acquisition rates. We have done 15 acquisitions up until Q2, and approximately acquired around SEK 570 million in turnover in the year. All very profitable and high-quality companies. As you've seen also, we have continued this into Q3 as well, and we did one acquisition as recently as yesterday. The pipeline is still very good. It's a good solid mix of healthy companies, both, so to say, standalone Instalco companies, but also add-ons. As you can see in the list here, we have a few of the add-ons or own add-on acquisitions that we have done. We're very pleased with acquisitions. We're very pleased with the pipeline and what's coming ahead as well here. Very good acquisition possibilities. If we take next slide, please, slide 11, and look at some examples. You mentioned, Per, before this specialization in road, so that's Nilan in Gothenburg, which are specialized in road lighting and charging stations, which we think is both due to the fact that there are a lot of infrastructure projects in Gothenburg, but also the charging installation business is growing. Approximately sales of around SEK 80 million and very profitable. This is also expanding a little bit of the range of possible projects that we can take on. We're happy that they wanted to join the Instalco group. Just to give another example here of acquisition is the add-on acquisition that we did in Norway that Andersen and Aksnes did in the engineering which is strengthening Aksnes in the area of energy optimization. [Inaudible]. As you can see SEK 6 million, but it's adding value to our existing portfolio companies. As you can see we can do all range this year in acquisitions. Let's move one to the next slide, slide 12. As you can see hear we are ticking on the boxes yet once again, [Inaudible] Thank you, Robin. Let's do that. Slide 13, yes. Three examples of new projects from the quarter. I'd like to highlight them as great examples of how we work. The first is Ohmegi's assignment at the major logistic center in Ulriksdal, north of Stockholm. For this, Ohmegi will apply the successful electricity contract model, we call it, used by one of our subsidiaries in Borås, which is specialized in the design and installation of electrical solutions at just logistic centers. I think this is a typical best practice project. We learn from each other. The other project is in Norway where our subsidiary JB Elektro was recently engaged for an assignment by Skjervøy Municipality to replace the street lighting at the large and very difficult to access and sensitive area around Tromsø. Exchanging the lighting is a major energy-saving project for the municipality. The third example is Rörgruppen and Ohmegi's assignment with NCC and Region Stockholm to expand the subway system in Stockholm. It's a partnering project for installation of the electrical and heating and plumbing solutions in conjunction with expansion of the Högdalen depots. With the scope of these projects, our technical consulting company, Intec, has been engaged for the technical design work, and I'm very glad that we could do that. If we go to slide number 14. To summarize the Q2. Strong quarter despite the pandemic, 10 acquisitions and a strong pipeline, a margin we are very satisfied with, and we can also now say that Norway are delivering stronger margins. I'm very proud of that. That is the summary of the quarter, I think. Let's go to slide number 15, changes in the management team. As you might know, I will be leaving the position of CEO from Instalco in order to take over as the chairman of the board. I think by doing so, I will be able to focus even more on strategic matters and Instalco's future investments and pursuits. I'm also looking forward to work with Instalco's highly competent board of directors, of course. I'm also very pleased that Robin Boheman, as I said, CFO today, and will be taking over as CEO. Robin and I have worked closely together since Instalco was established in 2014, and his experience of the group's acquisitions pursuits and the accounting finance function makes him highly suitable and I think an excellent successor for this role. With Robin as our new CEO, we ensure continuity and that we have a person with the right Instalco spirit. Isn't that right, Robin? Yeah, I'm tremendously happy for the opportunity and really looking forward to taking on this challenge, and I also feel very confident with the management team that we have in place. As you said, I've been working here in Instalco since the founding, and I think we have a tremendous journey ahead and also the mix now with you stepping up in the board as well, I think that's also helping us a lot and showing that we have continuity in our plan that we set ahead there 2014. Very happy with the situation. Good. Sounds good. Okay, let's change to slide number 16, I think. I think we can take a few words here about our model, because we are talking a lot about our model and how we run this company. The Instalco model. Our model is built on team spirit, close coordination between units, best practice, and cooperation, but also what we call mature leadership. That means that in this team, you have to understand that one plus one can get more than two, and if you cooperate. We have a decentralized organization, and we also work what we call is in the middle of the road. With code of conduct in a decent way and doing business in the right way. We talk a lot about sustainability. We are in the middle of that circle. We talk about safety, and we're taking that very seriously. We have a flat and lean organization, and of course, the team spirit, as I mentioned, is very important in character as our organization and leadership style, I think. I will hand over to you, Robin, because I think it's important that listeners here can rely on this model. It's worked very well. It's worked tremendously well for us. From the start in 2014, when we started this journey together, and I fully agree with what you mentioned, I think this is the, how should I say, this is the modern leadership. I think this is the way forward. You're talking about the decentralized organization, where we give a lot of trust out there to our local subsidiaries. I think that's the way ahead as well, and building on the team spirit instead of maybe a typical hierarchy, even if we have, of course, boundaries and rules to follow in the group. I think a lot has to do with trust in this organization and the team spirit and leadership here. Even if we have done a tremendous journey, I still think there is a lot of journey ahead of us as well. We are still in the beginning. You said to me the other day, heard that the journey has just only begun. Yeah. Like that. I truly believe that there are a lot of things that we have done, but there is still a lot of improvement and growth here to be taken. Can I ask you, Robin, how you see also, I think we have a business, we do business as usual. You have said that to me many times, but how do you see to dig into digitalization, sustainability, ESG things coming on? If we start by the digitalization that we talked about, I think the pandemic, it's of course not something fun that has happened to us, but it has helped the construction industry, I think, to maybe do a jump over 5-10 years. Just looking at before pandemic, if you asked anyone in the construction, "Should we have a Teams meeting?" People would look at you with a strange face and say, "What are you talking about?" Now, we're seeing that we are having the construction meetings on Teams, which is much, much more efficient. Cost saving and sustainability. cost saving, sustainability. We are seeing a lot of good effects also on our work here, efficiency. I think the digitalization will improve a lot. We're also looking at how we do purchasing. We don't go to the store as much as we did. We order online instead. We have moved into the digitalization age much faster than I was expecting and hoping for. I think we have mentioned before, ESG and sustainability, that plays right into our arms, and something that I'm really looking forward to working even more with. We are in the middle of it. We are the ones doing all the installations. It doesn't matter what you're talking about. At the end of the day, it's always something that's going to need to be installed. Who does that? Yeah, we do it. There's always electricity involved. There's always a lot of water and those type of stuff involved in all these improvements, we are the ones doing the installation. Now with also us moving into the industry as well, we see a lot of this happening as well in the industry. Just opened the newspaper today, everything is talking about carbon or CO2 neutral installations and everything like that. Who's going to do it? Yeah, we are going to do it. I'm really looking forward to this. We talk a lot about our decentralized model. Do you have any comments on that? Like I said- It's not in the school books. No, it's not in the school book. I think that's the modern way of leadership. I think the future is with the decentralized model. I think even looking at the really large corporations, they are trying to do this, but it's very hard, and they're a little bit slow moving. It's like trying to turn a big ship, instead of having a lot of small ships that you can turn very quick and fast, so you can be more agile and fast moving. I do think that this is the way forward, and we are also seeing on the market out there, even if we've only been here for seven years, there are a lot of people trying to copy us already. I think more and more are looking at this type of model for the future as well. Good. Let's go to slide 17. As you might know, I always wrap up these presentations with a song title. Of course, I could have chosen "Time to Say Goodbye" with Sarah Brightman, or this will be the last time with The Rolling Stones, but I don't feel that. I chose "My Way" with Frank Sinatra, I think the title should be "Our Way." We just say that we started Instalco in 2014. We had a vision of becoming the leading installation company in the Nordic region, I think we are soon there. Seven years have gone by quickly, we have had an amazing journey, as we talked about earlier here. We have had an amazing journey so far. We now have more than 100 subsidiaries working daily throughout the Nordic region. Throughout it all, we have delivered strong results and well-executed projects. We have also been influential, I think, in developing the industry by launching innovative ideas and actively contribute to a more environmental way of thinking and working. As we have also mentioned, we have a modern leadership with incredibly many talented employees. Nevertheless, it still feels, like we said, it's just the start of what we can accomplish. I now want to hand over the reins of CEO to Robin Boheman, and wishing him, of course, much success in developing the company further as we continue our journey. For me, as the company's founder and departing CEO, it has been an honor to have held this role and together with all our fantastic employees, have built this wonderful company. I think we've done it our way. Thank you. Thank you so much. Before we hop into questions, I actually put in an extra bonus slide here in the presentation. Since you're always looking at music titles, I had to find my own music title to sum up, and it is the classic ABBA, "Thank You for the Music" and for giving it to us. Even if I know it's not really thank you because you're stepping into the board, but it's a thank you for the CEO, and for me especially, I really want to thank you on behalf of the company for those seven years that you have had the role as CEO and led the ship and on this journey that we've taken. I think there's a lot of people out there that has a lot to thank for this, and we are all tremendously proud of being part of Instalco. I especially, still remember that first meeting a little bit more than seven and a half years ago in the conference room, when something said click, and the journey started, and truly honored to have been working with you for the last seven years. I'm really looking forward to continue this, and I think a lot of people within Instalco would agree with me that we couldn't have chosen a better CEO for this part of the journey. We say thank you for the music and for giving it to us, Per. Thank you very much, Robin. I have a tear in my eye. Now we're open for questions, but do remember that it's Per's last quarter. Be kind. Be kind, only nice questions. You can spare the tough questions for Q3 when I have to answer them. Now we open the line for questions. Thank you. If you wish to ask a question, please dial zero, one on your telephone keypads now to join the queue. Once your name is announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial zero, two To cancel. The first person in the queue is Markus Söderberg of Erik Penser Bank. Please go ahead. Your line is open. Hi, Markus Söderberg here at Penser. I've got a couple of questions. First of all, you mentioned raw materials, and you're working hard to compensate for that in passing on prices. Just in the meantime, are we seeing some pressure, and does that explain some of the pressure, for instance, on the margin in Sweden? Are we seeing a lag here, just to understand? Yes, I can start with answering your question here regarding. You fell away a little bit there, I'm guessing you are asking about the purchasing and the increased raw material prices. We don't see the full effect. I think you have to understand also the way the business works is that on a lot of our contracts, we just push the increase of the prices further because we have a cost-plus system working for us. We do, of course, have some fixed prices. You also have to understand that this discussion started in the beginning of the year. We have known that prices were going to increase then. We haven't had the exact percentage. This affects us in the fixed price projects. We see that some adjustments have been done. It is actually August that the prices are increasing. We have known for a little while that they were going to increase. There might be a little bit of lag here, absolutely, in some of our contracts. I think we have a headroom as well. We have a little bit of headroom, and it's very hard to estimate anything in advance because we don't know how much headroom we have gotten in the contract, but that's to give a little bit of flavor at least to you. If I read you right, it's marginal in any case. It's nothing material. No. The consultants business. Just to understand, you're talking about you have 200 consultants coming on board in the fall. Yes. How does this work and what does this mean in terms of revenues? It's a little bit difficult to understand and put it in context, 200 consultants coming on board. I think some kind of figures for a consulting, I think turnover, would you say, for each consultant is about maybe SEK 1 million, SEK 1.2 million. There you have the figures. What we expect is a little bit higher margins from the consulting part of our industry and our business, slightly, I think. Yeah. Now in the beginning, as you can understand, there are some costs involved there. Just to be clear, we're not taking on 200 in the fall. We have already some working for us, in the fall, we have contracted about 200, and most of them are already on board. You don't become profitable day one, so to say. You have some starting cost and you also have maybe not 100% billability as well. Once billability goes up and we have all the structures in place, as Per mentioned, I think margins are slightly higher than they are in the installation business. That's also why we are so interested in the consultant business. It's also hard for us to give you any estimate of how much this will affect or not, because in a startup like this, we need the company and this startup. Like I said, there are 15 of them at the moment. They need to run a year before we can give you any precise estimates here. The main reason for why we're doing this is because we think and we believe hardly in the fact that we can combine a more theoretically and practical knowledge, and that we come closer to our customers, and that we can solve more of the customer's problems, so to say. That's the big effect. Yep. I'm looking forward in talking about the consultants are. Should we expect you're hiring consultants on an organic basis as well, or are they mostly coming through acquisitions? These 200 that we have at the moment, they are organically founded, I would say 90% of them. As I mentioned earlier, we did an acquisition yesterday with about 60 technical consultants. Main part will be through organic, but of course, we are looking at acquisitions as well in the future, but they are not in organic this year. No, because they're starting at that journey, nine months or 12 months ago. If you look at the organic numbers, then the consultants are not calculating since we have not owned them for one full year. Those are not in the organic numbers yet. That's correct. Okay. How big is the consulting business today? Sorry, it's very hard to hear you. Sorry. You're falling out now. The consulting business as of today and the running rate, how big is it? Running, roughly SEK 200 million, as we said, but that's on an annual basis. Yeah. Maybe today, SEK 50 million. SEK 50 million. SEK 50 million, something like that. Okay. Finally, there's a lot of talk about the green movements from EU, Sweden, et cetera. One of these parts is renovations. Mm-hmm. There is a big push to get renovations to double over the next five years is a big part of the European Green Deal. Mm-hmm. Have you seen anything from this yet? Because I would assume that you will benefit from this over time. I would assume it's way too early. Have you seen anything on this, but I understand what you mean. I think that we have had a pandemic during this period, and it has been a little bit difficult to start new projects in the renovation sector, as you can call it, because it's not possible to move people out as we did before. What we can say here, and you have absolutely right, that this will increase. We can see a tendency now, I would say, that the project is starting. I think we will see in a couple of months or maybe in half a year, more active activities there. We have definitely not seen the full effect of this directive of trying to push for renovation. I don't believe we have even seen that yet fully. I think also you'll see a lot of renovation being taking place once people are a little bit more back in the office. You'll see also a lot of shifts in how our offices look in the way of open compared to small boxes when it comes to office space and stuff like that. I think it will grow even further, and I don't think we've seen the full potential of this yet. Okay, perfect. Thank you very much. Thank you. Once again, if there are any further questions, please dial zero one on your telephone keypads now. We have one further person joining the queue so far. That's Stefan Andersson of SEB. Please go ahead. Your line is open. Thank you. Thank you very much. Fantastic quarter, I must say. Impressed with the organic growth there. I'll start with a question there. I think I've been touching on this before, and I know at that point your answer were that you were a small company doing lots of acquisitions, so therefore there were volatility. My question is, if you could maybe explain a little bit about the volatility and organic growth. You had +8% two quarters ago, -1% last quarter, now +12%. The swings are very dramatic, and I don't see it in some of your competitors that I also cover. If you have a sense or a feeling for why that is, and the reason I'm asking is, of course, to understand, looking at Q3, Q4, and Q1 next year. Is 12% the new level? The 16 in Sweden, is that the new level we should expect because of the consultancies coming in? That's why I'm asking. Of course, you're not giving guidance. You know why I'm asking. Yeah. You see, as I mentioned, this H1-year, I think we on average had 5.3. I mentioned that you have to see it in the long run. It can be like this, fluctuate from almost 0% -1 2%. We have seen that before, it depends a lot on which company and where the company's growth is and in which phase they are in. That can be. If you see it in the long run, and if you have to put it into your models, then you should see it annual or yearly. We had 5.3, I think Robin Boheman mentioned there. That what I think is a level- Which is very strong. It's very strong. In a market that is not growing. Exactly. With the pandemic. If you want to squeeze something out of this and get some flavor, I think you should more look to our annual increase or organic growth. This is the problem, Stefan, that we are too much quarterly focused in the financial sector, and I think that's problematic for us. To give you one mathematical explanation is that if historical has been very fluctuating, then the future is going to be fluctuating because it's a percentage measure. If you compare Q2 and Q3 and they have been very fluctuating between each other, then we're going to have that problem next year as well because you compare with the numbers. It is also a little bit of a mathematical problematic. As we have said from the beginning, it will always be very hard for a company in our industry with the acquisition rate that we're having, and we're growing 25% annually the last couple of years. It will be fluctuating. We also have companies that are growing and so to say sizing down very rapidly due to the fact that we can rent in a lot of people to finish one project, a larger one, and then you don't have that next year, so you downsize. Downsize being that you don't rent in as many installers as you did last year. Fortunately, we cannot guide more than we have done. One example is also what we have done in Norway. Yeah. We have said that we're not chasing volume anymore. We have to improve our margin. Yes. We have that focus. The organic growth will be negative. That's part of our strategy, I would say. We see a very positive development. Yeah, exactly. with our startups, as you mentioned before, or as we mentioned before, with the technical consultant now coming in 200-plus consultants before year-end. That has not been calculated the year before, including organic growth last year. They will of course push organic growth next year as well. We have some other. We have to live with this, Stefan, now, unfortunately. Yeah, absolutely. I just need to understand why. I fully understand we have to live with it. I just try to understand. If you tell me 5% is an average, sure, that's fine. Why was it 12 this quarter? Is that explained by you starting an unusually large number of new contracts? I guess you might have to think of that. I think that that's part of our answer. Also, that we had 12% is also that you compare with maybe lower numbers from last quarter, or you compare with the quarter last year. Also, that some of our startups now have kicked in and are included in the organic growth that were not included last year because we also did a few startups in the beginning of last year, and they are now included and are growing. That's also one of the explanations that we ended up with very high organic growth this quarter. I guess there was some COVID in Norway and such in the last year as well, I guess. Yeah. We have easier comparison numbers. What was the other one I was thinking about? I was looking at the order backlog, and it seems like you're using quite a lot of the order backlog with the revenues. Your book-to-bill looks a little bit poor in the quarter. I think it's down 2%, maybe, the order backlog quarter-on-quarter while you've been buying some companies. It's only one quarter, of course, and we've seen this drop Q3, I think in 2018, 2019 or something. There's been some quarters with those drops, so it's no big issue, but just trying to hear what you have to say about that. One reason, Stefan, is also that you have what we call in Sweden, you have to have ice in your stomach. You have to be cool. When the pandemic started, and throughout the pandemic, there's been a more, I would say, lower market activity, and the price is a little bit lower, and we don't want to be part of that- Push or that- Push, I would say and push the level downwards. We have tried, and that's deliberately tried to avoid being in that type of circle that you give offers lower and lower margin. Still, we are very satisfied with almost 85% of the order backlog of sales. I think we can say now that we have handled this very well, and I'm not concerned at all if the order backlog is 2% lower than before or something. I fully agree with you, Per, and I would also like to add to that is that at 83%, we're very satisfied. If you have looked at our, in future, and if you look at some of our competitors and also how the landscape looks like, if you're above 70%, you are very satisfied. Then we have been at very high levels at almost 90%, which is maybe too high. I think, like you mentioned, Per, I think one effect that you're seeing in the quarter is also there is a lot of discussion of the price levels has not stabilized due to the raw material price shift that has been a big discussion in our industry. That's also why we have been a little bit more Cautious thank you, cautious on taking on projects because the price level has not been set yet. I think those are the two main reasons there. Should I interpret this, with the last comment you made then, that we're not really past the point where you see that the market has, how should I put it, normalized? Or would you say that this pricing pressure, which you have avoided, is that something that was behind it? We can see a recovery in the market, as we mentioned now, and also the building permits is increasing and other sign of increasing market. Of course, we are in the later stage. We are not the first one in the projects. I think, and as I said before, I think we have a couple of rather good years ahead of us here, and we can see they're recovering now the market. The other thing is the price level, because it's one thing that the market increase and there are more tenders to give, and so on. Also, we have to be aware of where do, as Robin Boheman mentioned here, where do we have the price level now? What is a proper, or what you say, call it, a level. We also have what we call index in our projects. We don't know if that reflects all the material prices that we can have index, regular index What you call it? Index adjusted. Adjustment. Yeah. It's still a little bit uncertainty there, but I think that we'll sort out here in a few months or weeks. I wouldn't be scared, like I said, if you see also in Q3 somewhat lower order backlog due to the fact that we might not be as aggressive as before. Like I said, we want to make sure that the price is on a good level. We want to make sure that we're not taking on any projects that we, at the end of the day, are not fully satisfied with our purchase price as well. On this level, we can absolutely afford to have somewhat lower order backlog without having to sleep bad at night. As long as we are above 70, we are very satisfied. Perfect. Thank you. I just remembered the last question I had. Talking to some of you ahead of the summer towards in the middle of the quarter, I got the feeling, I might be wrong, but that you had a little bit of a soft start to the quarter. Is that the trend you've seen as well that you had a rather strong recovery towards the end of the quarter and then moving rather strongly into Q3 now? Talking about the top line here again. If we had a slow start, but at the end of the day we had strong report, then you understand that we had a strong. We finalized a lot of projects before the summer actually. I could have misunderstood the situation, so I'm just double-checking. That's absolutely correct. We had a slower start in the beginning of the quarter, but it was picking up very rapidly. Last month before the summer, we had a real pickup. A lot of things needed to be done before the summer. I think it also has a little bit to do with that people are looking into returning to a more regular lifestyle, so to say. I think that was preparing before the summer. Okay. Thank you very much and congratulations on a great report and it's been great to have to do with you, Per Sjöstrand and John as well. Thank you for these years and we'll hope that it will be as pleasant to work with Robin Boheman going forward. Thank you. Thank you, Stefan. Take care. Thank you. Once again, if there are any further questions, please dial 01 on your telephone keypads now. There are a few questions from the webcast. The first one is, have you really decided not to have any operations in Denmark? No, we are looking into Denmark right now. We have not taken any decisions. We had a board meeting, of course, earlier today, we talked about Denmark. It is interesting for us to look into that market. We think we have good opportunities, but we want to be certain that our platform investment will be the right one and that we found, in that case, that we will enter into Denmark, we will find the right companies, of course, but also the right management team. We are looking into Denmark, and that is absolutely a possibility for us. If we will be there or not, it depends. Yeah. It has not been a real big topic for going outside Nordic because you haven't been able to travel. Those of you that have been following us for a long time know that we don't do any hasty decisions. We want to make sure that we look each other in the eyes and meet face-to-face. In that sense, we are a little bit old school. Yes. It has not even been able to travel anywhere. Now once we open up again and society is back to normal, eventually we will start looking ahead as well. One M&A question. Have the multiples increased or decreased somewhat during the pandemic? I think that it has been a little bit of an increase. I don't think it has to do with the pandemic. I think it more or less has to do with the fact that we have some more competitors out there. We have a few larger competitors that are more on an investment type of companies that are looking into all type of segments and more shooting from the hip, so to say. They are buying up companies in our segments. We are seeing some higher competition here, and that of course drives up the price. You can also discuss, okay, is it reasonable to buy a company as we have done for almost lower than four or four times? Maybe that's not realistic. Maybe we have just been lucky to buy them at a very reasonable price. There is a slight price adjustment. We also believe in our business model, and that attracts entrepreneurs all over from every corner. Yeah. We also see that for some cases; the multiples are much higher than we are willing to pay. We also see that, like you said, Per, our model attracts a lot of good, and as you can see the pipeline or the number of acquisitions we have done, there are no big problems here. Thank you. One Rest of Nordics question about downsizing a bit in Norway. You're saying that Norway has recovered. Is that the effect of your strategies there? Well, we think so. We think we have succeeded with what we said that we should do, lower the pace a little, but also go for margins. They have done a tremendous job, Roger, and the whole team there. I think we see the result of that now. We said it last quarter, I think, too, that we will see the effect of that going forward there. I think we see, as Robin also mentioned, have been more struggling in Finland. We have a good team in Finland in place, and we know what they can deliver, and they will deliver it in the future. They have been affected by the pandemic even more than Norway at the moment. I think also when we talk about Norway, we're very positive in a long-term view and also for Finland as well. Just coming back to Norway. We won't take our hands off it, so to say, just because they are delivering now. We will, of course, together with Roger, who's running the Norwegian business, keep a close eye and then continue this journey. It's not a one-time fix. Continuous improvement is something that we always work on. It's not been a quick fix, and we knew it was going to take a while, but we're definitely seeing effect of our action plan. Then we'll be talking about fluctuating organic growth. One last question on that is, now when it has been so strong this quarter, should we expect lower organic growth for the H2 of the year, comparable that the order backlog is down a bit? It hasn't so much to do with the order backlog. I would say that, again, that on average, and I think we have on average during these years about 5% organic growth. Take that as the best explanation we can do. Of course, it's up and down during these quarters, one or two, and maybe three and four, but on average, 5%, 5.5% maybe, and that's a good figure, and I think that's what we will hold on to and also what we can achieve. Yeah. So. Our financial target is not focused on organic growth. It's just saying that we are focusing on growth- We are focused on profitability. Those are our two main financial goals. I think everyone has to bear that in mind. We also are very proud of, and we have said that what we promise we will help, and hold. I think it's important that if we have said 10% growth or 8% in margin, that's what you get. I think that's also important, and that's why we don't stress this organic growth because, as we have said so many times, you can always increase organic growth, just lower your price. That's not our way. 5% as an answer, I would say, on average, 5.5 maybe. I think that's a very good sentence to sum up this call, the last call for Per. From my side also, I would like to thank you, Per, for an excellent job. Thank you, Fredrik. Okay. Thank you for joining in, and have a good time, and next time, Robin. We'll see you back. The scene is all yours. Thank you very much. Thank you very much, all of you. See you. Talk to you in November. Take care.