Hello, welcome to today's webcast. We are with Inwido, where President and CEO Fredrik Meuller and Peter Welin, CFO and Deputy CEO, will present the report for the second quarter of 2026. After the presentation, there will be a Q&A. If you're calling in and want to ask a question, please press star nine to raise your hand, then star six to unmute yourself when handed the word. You can also send in questions via the form to the right. With that said, I hand over the word to you guys. Thank you very much. Good morning, welcome everyone to today's webcast covering Inwido's second quarter of 2026. My name is Fredrik Meuller. I'm the President and CEO of Inwido, next to me here at our Malmö, Sweden Inwido head office is Mr. Peter Welin, our Group CFO and Deputy CEO. This is today's schedule. We will start off with a couple of key group messages, followed by a deep dive into our business areas and our financials. Towards the end, we will wrap up with an outlook and a Q&A. Of course, as always, this material is also available on our website. In the months of April through June, Inwido bounces back nicely from what was a challenging start to the year. Step by step, month by month, we improve our performance, resulting in our highest operating EBITA to date for a second quarter. I think to raise profitability, to grow organically in both net sales and order intake, to make another two acquisitions in the period, I think that really underlines the fact that our model and our strategy work really well. Because let's not forget that our market generally remains far from normalized. The ongoing Middle East conflict is de facto a wet blanket, hampering both demand and supply. While fighting off raw material surcharges and trying to pass on these costs to consumers, customers via price increases, we are of course benefiting from higher volumes. We have seen more operational efficiencies in our factories, where we also leverage the investments that we've made before, we retain still a very healthy cost control across the group. The record size project order for Sidey Solutions in Scotland, of course, boosted our order backlog, which is now at an all-time high. I think importantly worth noting as the consumer order intake also grew by 3% in the quarter. Our M&A activities continue to bear fruit. In Q2, we added another two companies to the other four we did recently, this time in the U.K. and in Croatia, the latter being yet another new market for Inwido, making it 15 in total. Last but not least, cash flow was strong in the quarter, meaning gearing is at a good level, I think, 1.8x on a pro forma basis, providing us with a solid war chest for further acquisitions and investments. Staying on that topic, as you are aware, in anticipation of organic growth bouncing back, we are actively and successfully pursuing acquisitions in both existing and new markets. Very pleased with our developments here, adding six fine companies across two new markets, and with SEK 1.5 billion in additional top line, without paying too much in terms of multiples. I am very pleased with that and glad that our activities over the last 12 months are bearing fruit. At the moment, though, on the one hand, we see a healthy activity level across the markets that we are interested in, and we have a solid case pipeline as the industry consolidation continues to offer opportunities for us. Still, with the prevailing market uncertainty, valuation gets kind of tricky, because basically everyone has faced a very challenging Q1 this year, then a lot of the sellers are indicating some kind of hockey stick for the months to come, where we have not seen the full impact of the Middle East conflict yet. We are a little bit more selective than usual. In the meantime, we of course also prioritize integration of the latest new family members that we have. Let's look at one of them, namely Marlex in northern Croatia, which is geographically also very close to our AJM business unit in Slovenia, i.e., this offers collaboration opportunities for these two BUs. Marlex is a very fine company, ticking all the relevant boxes for us, being number one in its field, having a broad offering, a strong brand, proven track record, good profitability, and offering very solid synergy potential. In short, I think it is an exciting new acquisition. I want to welcome them to the Inwido family. If we then go into the four Business Areas, we look at them in order of size, meaning we will start with Scandinavia. Well, it is a strong quarter by Mats and his team, building on the momentum that we saw towards the end of the first quarter. Really improvements across the line, with Denmark and Sweden standing out, helped by volume, making, as I said, the factory wheels spin a bit faster and where we can leverage previous investments. We have not seen the full impact of this, so far so good, I would say. We have been fighting hard to balance the raw material, energy, transport surcharges linked to the Middle East conflict, balancing that with pricing, account by account, where very few, if any of our peers have been following us. This is far from over. We have yet to see the full impact of the Middle East conflict. At the same time, we have yet to see the full impact from our price increases. What is clear is that we prioritize profitability here, meaning that we sometimes walk away from projects, bids, tenders, where we see or feel that pricing is at a silly level. I think it is great to see that operating EBIT A margin is about 15%. There is organic growth and a solid order book that now offers cautious optimism for the second half. It really stands and falls with consumer behavior, which is still a bit subdued. We've had some negative FX translation effects from Danish krone to SEK, at the same time it was a bit positive from Norwegian kroner. Net-net, not that much. Moving across the North Sea to Business Area West, which includes the U.K. and Ireland, as you will recall. A lot of positives also here for Jonna and her team. Strong top-line growth, both organic and via new acquisitions, where we added Sovereign Group in the second quarter, another really nice company. Fine acquisition. In absolute terms, we have a higher profit here, although the mix has been somewhat against us, taking down the margin a little bit. The icing on the cake, of course, in the quarter is Sidey Solutions' GBP 50 million order, Inwido's largest to date, which provides a really nice base load for the factory up in Scotland over the coming five years and where manufacturing and invoicing started this month, in the month of July. England offers a tough market still. There's lots of consolidation going on and lots of price pressure, particularly in the consumer segment. There's a lot of political turmoil as you all will have seen and read about, with a new prime minister at some stage coming into office. I think a win tonight and a win then in the final in the World Cup would be a huge boost for the entire nation. I'm particularly pleased over the collaboration and the synergy pursuit across the BU boundaries here. We have some nice critical mass in this part of Europe at the moment and some really nice companies working together, which bodes really well for the future. Moving to Business Area East, which is now Finland, Poland, Slovenia, and Croatia. Although the Croatia numbers are not in here yet, they will be consolidated on a P&L and balance sheet basis from the third quarter and onwards. Antti and his team are still fighting a bit of an uphill battle across the BA, primarily in Finland, where the main theme is lack of volume. There is immensely fierce competition and lots of price pressure still. Having said that, the cost alignment is rather impressive, and we are de facto still in the black with our figures, which I think is worth noting. Hats off to Antti and the team. We get a broader exposure now through the Marlex acquisition, meaning we also have less dependency on Finland, which I think is good. It mitigates our risk exposure a bit. To conclude this Business Area run-through, let's turn our focus on Business Area e-Commerce, our online business, where Bo and his team continue on a very positive trajectory, again raising profitability now actually for the fourth quarter in a row, making their margin trending up on a double-digit basis on a rolling 12-month basis, which I think is really impressive. It's really a combination of pricing, increased efficiencies, and cost downs. A lean, mean machine that is doing really well. As an anecdote, I visited the Copenhagen marketing office of this business recently. It's really a high-tech think tank. Lots of exciting and promising AI stuff cooking in their kitchen, not only within marketing. Yes, it made me feel like a true dinosaur, but I had a great time there. Well done, guys. For some more flavor on Inwido's consolidated Q2 financials, I will hand over to you, Peter, please. Thank you so much, Fredrik. I'll start with this page. This page is showing the income statement. To the left, you can see the Q2, in the middle year-to-date, and to the right last 12 months as well as last year. Starting with the quarter, sales is +16% compared to last year. Organically, it's +4%. We have a material price inflations in the quarter, but that has been compensated by growth efficiency as well as sales price increases. Thereby, the operating EBITA margin is +0.1% compared to last year, and the operating EBITA is +0.2% compared to last year. For the first time ever, the operating EBITA in the second quarter is above SEK 300 million. Between operating EBITA and the EBITA, we have non-recurring items of SEK 11 million, whereof SEK 8 million are acquisition costs. Profit after tax is +27% compared to last year, and the EPS is +26% compared to last year, ending up to SEK 340 per share. Look at another year-to-date. The year started slower compared to last year with a slower performance in Q1. Thanks to the organic growth of 4% in Q2, we have now an organic growth year-to-date of 1% compared to last year. The operating EBITA margin is below last year, but in SEK is above last year. Not only the operating EBITA and also the EPS has been improved and is now above last year also on year-to-date. Looking at latest 12 months, the sales is now on SEK 9.5 billion. The operating EBITA is SEK 970 million and the margin is 10.2%, and we have an EPS of SEK 911 million. This page is showing the development in sales as well as operating EBITA compared to last year for Q2, divided between the business areas. We have organic growth in Scandinavia and Business Area West and Business Area e-Commerce, whereas we still have decline in Business Area East. Business Area East and then mainly Finland is still challenging. Worth noting, Fred noted that the result or the profit for operating EBITA for Business Area East is positive in the quarter as well as year-to-date. In Business Area West, the consumer market in U.K. is still challenging, but nevertheless, Business Area West has improved the result by SEK 22 million compared to last year, and we have added two acquisitions in Business Area West when compared to last year, Victorian Sliders as well as Sovereign Group. Business Area e-Commerce is continuing to improve the profitability. Sales is +SEK 9 million and the operating EBITA is +SEK 11 million compared to last year. If you look at a little more long-term trend for the second quarter, this page is showing sales as well as the operating EBITA margin for the second quarter from 2020 until 2026. We have the highest result in SEK this year with the first time is above SEK 300 million when it comes to operating EBITA, but it's not the highest margin. We had higher margins in the second quarter during the pandemic due to higher degree of consumer sales during these years. However, the margin this year is above last year and is also the highest for the latest three years with 11.5%. Pricing, efficiency improvements, and cost control had a positive margin impact in the quarter compared to last year and has compensated the material inflations in the quarter compared to last year. This page is showing the cash flow and the cash flow generations. To the left, you can see the cash flow generations and to the right you can see the CapEx as well as the CapEx in relation to sales. The cash flow has been improved in the quarter thanks to cash flow from operating activities, meaning better result compared to last year. We are also positive impact when comparing to last year's related to working capital. That is mainly due to less increase in operating receivables in the quarter compared to Q2 last year. Looking at CapEx level, it has been increased. It's now on a latest 12-months basis, 3.4% of sales and a year to date on 3.2% of sales. We are investing more in our facilities, in operations to improve efficiency as well as in some cases also when it comes to capacity. Looking at the balance sheet and then specifically looking at the net debt, this page is showing the net debt including IFRS 16 and also net debt in relation to operating EBITA. Net debt has been increased during the last quarters and mainly due to acquisitions. Then of course, we also paid a dividend now in the second quarter of this year. The net debt includes IFRS 16 debt of about SEK 475 million. Looking at net debt in relation to operating EBITA, we are on 2.2 including IFRS 16 and 2.1 excluding IFRS 16. If you recalculate the running 12-months operating EBITA and include the latest acquisitions, we have a pro forma, we are on 1.8 excluding IFRS 16, meaning we have comfortable headroom to the target of maximum 2.5. When it comes to our financial target on return operating capital, we have a target of 15%. Operating capital has been increased during the last quarters, mainly due to acquisitions. Now in the second quarter, we have also improved the return operating capital by 0.1% units from 11.7%-11.8%, mainly thanks to improved result in the quarter compared to last year. Looking at the order take and the backlog, starting to the right, the order take. The order take has been increased by 23% organically in the quarter compared to last year. Glad we can see the consumer is plus 3% and then product is plus 58%. Of course, we have a positive impact from the record order in Scotland of GBP 50 million. Thanks to the higher order take in the quarter compared to last year, we have also a record high order backlog of SEK 3.3 billion. Product is +90% compared to last year and consumer is +12% compared to last year. If you dig a little bit deeper into the order take, we start with the consumer. This page is showing the organic order intake growth in consumer for latest four quarters from Q2 2025 until Q2 2026. If we start to the left, we can see the group development. In Q2 2025, we have -4%, then was -2% in Q3, was +2% in Q4, it was -2% in Q1, and then now in the second quarter this year is +3%. You can see that the past developments in this quarter is mainly due to Denmark as well as in Sweden. The consumer order intake is still negative. It's still declining in U.K. and in Finland. However, the decline has eased compared to recent quarters. The driver of the consumer markets and the positive order intake is then related to Denmark and Sweden, which is also the largest consumer markets of Inwido. In total, +3% in the quarter compared to last year. If we do the same thing and we look at the product orders, first thing I would like you to notice is the scale of this diagram. The scale is now up to +300%, and the consumer was +20%. The volatility is so much higher on the product markets compared to the consumer markets, thereby we divide the order intake between product and consumer. Looking at this quarter, we have, of course, the high order intake in U.K., connected to the order of Scotland. They are then driving the total order intake. We have the highest product sales and most product sales in Finland. It was slight decline. U.K., big growth thanks to the big order in Scotland. Sweden will have also a slight growth compared to last year. The other markets, they only consist of about 30% of the total product sales within Inwido. There we have a little bit decline in Denmark, we have a growth in Ireland and also some growth in Norway. I then hand over back to Fredrik for the conclusions and summary. Thank you very much, Peter. Yes, it's time to round things off. Let me reiterate today's key messages. Market-wise, first of all, it really is a mixed bag. Some markets are improving. Scandinavia is, of course, one of them, most notably, while some markets remain at record low levels, Finland included. We have not yet seen the full effects of the ongoing Middle East conflict. We have not seen the full impact of the EPBD, the Energy Performance of Buildings Directive that was recently implemented across the EU, should provide, of course, some tailwind in due course. Where there are challenges overall, there are also opportunities and, again, whatever is facing us, I feel that we are ready. We have a strategy, we have a business model, a governance model that works really well as evidenced in this past quarter. We built a Ferrari. It's beginning to drive a little bit faster, which is making both the driver and the car smile a little bit more than in the first quarter. Outlook. There is low visibility in the crystal ball. It's, I think, necessary to be quite open about that. We continue to stick to our game plan. We execute it step by step in a really good way. The near-term priorities include, first of all, to secure the supply chain, both in terms of negotiating cost increases from these surcharges and make sure that we get the raw material that we need, i.e. security availability of key input. Of course, to work with then value-based pricing to counteract the negative effects from the Middle East conflict. Generally continue also with the cost containment and then continue to pursue our M&A strategy in a good way. Although we are a little bit more selective at the moment. We are also reviewing the business unit portfolio. We have some companies still on our red list. Thankfully, a lot of them are improving their performance. I'm also not excluding any minor restructurings at this stage. So far so good, I'd say. As shown in Q2, we are really ready to embrace whatever the future has in store for us. With that said, Peter and I would now be delighted to answer any of the questions that you may have. Please. Thank you so much for the presentation here. As you mentioned, now it's time for the Q&A. If you're calling in and want to ask a question, please raise your hand by using star nine and then star six to unmute yourself when handed the word. The first caller here is Jonny Jin from SEB. You have the word. Yes, good morning, Fredrik and Peter. Hope you can hear me. Yeah. I have a couple of questions. Good. Starting off with the gross margin, it looks very strong here despite these higher raw material costs. I think that you said the last time that you were expecting some quarterly lag before it's fully compensated in Q3. Now you're actually performing better than I thought. I suppose this is mainly a reflection of you driving higher volumes, a beneficial mix. Is that the correct interpretation? If not, is it possible to split the sort of price effect on organic growth in this quarter? If we look at what we define as gross margin 1, meaning we take sales minus material costs, the margin has declined. We'll be able to compensate that when we look at gross margin two or gross margin as in the public report. We have been able to improve the gross margins thanks to higher efficiency in the productions, meaning we have been able to increase the volume in the factories without increasing the cost so much. We have been able to compensate the material price inflation, which has been negative in general for the group by higher efficiency and a better cost control, mainly in the factories. Understood. One should read this maybe that, this is volume organic growth, mainly this quarter down, and it's high utilization rate and better profitability. Yeah. Also in some markets, in some production units, we have made some investments and we see that we also have been able to bear fruit from those investments. We have improved efficiency. Inwido has, during the last year, even though the market has been quite challenging, we have been investing quite a lot of money into our factories to improve efficiency. In some countries we have been able to, or some production units, we've been able to see improvement in efficiency thanks to all investments. Yes, it is volume and efficiency improvements. If you just take sales prices and material price inflations, then there's a negative impact in the quarter. Understood. I suppose that the price effect will be more visible forward in Q3 and onwards then maybe. Is it possible to say something how much you have increased prices on average? It's a relevant question, of course. We can take Elitfönster in Sweden as an example. That is of course a positive example. It's been a lot of blood, sweat and tears and still is actually to a large extent as we negotiate contract by contract. They have as most of our business units, and sort of an annual price increase. I'm now talking primarily on link to price list, et cetera, which is roughly 3.5% for 2026. Then on top of that, they have been out again balancing these surcharges initially also, of course, trying to negotiate them down and being quite successful with that. Then on top of that added, it varies a bit, but let's say 3.5%-4% in additional price increases. We do not exclude further price increases either. If this conflict continues and at the moment it looks as it will, of course we will do our best to cover any additional price increases on the raw material or energy or transportation side. That's not easy. It hasn't been easy yet. It's something that we're in a way, forced to do and committed to do. That's a Sweden Elitfönster example, that I think is rather relevant for at least the Scandinavian BA to some extent, the e-Commerce BA when it comes to the U.K., when it comes to BA East, it's been much more tricky because of the market conditions and the fierce competition. Okay, understood. Just one more on the raw material. When you talk to your suppliers now, are you feeling that raw material prices are still climbing that so that you're sort of chasing prices? Or have they sort of took a leg up and settle at a higher level from here? What's your feeling there? No, I feel that it's still moving material, to be honest, Jonny. We've had a first wave of increases or attempted increases, as I mentioned, we've sat down account by account and been rather successful so far in negotiations. In some cases even totally avoiding surcharges or at least mitigating them, decreasing them a bit, which offers comfort. We haven't seen the end of this, particularly if the conflict continues. It's still a top priority for us. At the same time, I think it goes to show that Inwido we have the economies of scale. We are big and important customers for these suppliers, and we don't stand and fall with one supplier. We have a rather healthy exposure that is balanced across several suppliers, particularly for the critical input goods. I think we are probably faring better than many of the others in our industry, it is a tough battle. Understood. I want to move to demand a little bit because I think, yeah, in your last quarter in Q1, you said a stronger exit into Q2 here, and it seems like it materialized as well. What is sort of your gut feeling when you look at your momentum here entering the second half of this year? It's a sort of these organic growth rates, are they fair to continue to expect in Q3 what you're seeing now or elaborate a little bit more there? You're right in saying that we did capture a lot of the positive momentum, primarily in Scandinavia from the end of Q1. Of course the weather improved quite substantially and that's made a difference. Q2 is always going to be a stronger quarter than Q1, but we've seen a gradual improvement from April to May and from May to June. That's of course promising. It varies a lot still from one market to another. Denmark stable at a good level. Sweden gradually improving. So far more on the project side actually than the consumer side, where if you read the sort of war-like headlines in the newspapers, of course, of inflation potentially going up implicitly then indicating that also your interest rates on your mortgages will go up. Of course, the households become a bit more sidelined again, and the whole Middle East conflict becomes a wet blanket still on consumer purchases. Norway bottomed out but not really taking off either. Finland, super tricky. Slovenia, Croatia, Poland, rather cautiously optimistic about those, as well as Ireland. U.K. is really patchy. Scotland perhaps a bit better than England, but the difference is really between consumer and project, where consumer is still really pressed, I would say. Of course, to answer your question, the order intake that we saw now and the organic growth gives us some comfort. The order backlog is, as Peter mentioned, at a record high level. It, of course, also includes this Sidey Solutions order in Scotland. Yeah, cautious optimism, I think both in terms of volume and in terms of profitability. The pattern over the last six to 12 months has been extremely bumpy. It's literally been from one top month to one all-time low month, then back up again. It will be a bumpy ride also going forward. I think that it's quite important that we keep our eye on the ball and we execute on our plan. It will not be a walk in the park. We work with scenarios rather than anything else. Of course, in a positive scenario, the Middle East conflict fades out in some kind of fashion and hopefully also the Ukraine war, of course, not to be forgotten. That would be, I think, quite a nice boost to demand across both projects and consumers. Meaning, as Peter said before, we will have a very nice leverage from the investments that we've made in the past few quarters, where we really stepped on the gas pedal. I think we've done a good job holding back costs, holding back additional resources already now in the second quarter. It's very easy when you see demand going up all of a sudden that you start adding back resources again. That's not really been the case for us so far. That's a priority to really leverage the efficiency-enhancing investments that we've made in the past. I understand. It's a very tricky market right now. As you said, it's very bumpy between the quarters here. Just want to make clear that the organic growth in this quarter, at least it's a fair representation of what sort of the underlying demand was in this quarter, because you also said you had some delays of deliveries from last quarters and stuff like that. I mean, there's no unusual timing. We should read this as the actual demand in this quarter, this organic growth you printed here. Just one other thing that, Jonny, is, of course, that Q1 was very weak. We had a cold winter this Q1, so especially consumer market. It's impacting consumer market. Some consumer were then postponing both when it comes to sales as well as the order intake, not placing the orders, not taking the sales in Q1. It was then postponed to Q2. We had some of extra Q2 related order intake as well as sales due to the lower Q1. It was compensating Q1. It's very hard for us to exactly calculate how much. Still we have a positive order intake as well as sales in the consumer market for the first six months. Some of the growth of Q2 should be related to Q1 if the winter has not been so cold and so long as it was. I understand. Maybe it's more fair to look at them combined to see the underlying demand. Yeah. That's a good point. Good. Okay. Just one final on the profitability on the EBITA margin here. One on West and e-Commerce, because in West, the EBITA margin looks to be down despite organic growth and better gross margin. Give me some comment what's happening on the operating expense side there. Secondly, the e-Commerce looks very strong EBITA margin here, 12.6% this quarter and over 10% on rolling 12 months basis. Do you think that these levels in e-Commerce is sustainable, or do you see any signs of increased competition or similar pushing down the e-Commerce margins from here onwards? Starting with East, we still have a very challenging market when it comes to the consumer markets. The product market, especially in Scotland, is doing well. The acquisition side are doing well as well. The consumer market is very challenging. Due to the consumer market, the margin has declined in the quarter compared to last year, even though it was a good sales growth. The sales growth was mainly on the project markets. The second question you have when it comes to e-Commerce, before the pandemic, the e-Commerce had an operating EBITA margin between 11% and 12%, around 11%. The target is, of course, to come back to that level now in the future. We are on a good trend when it comes to e-Commerce and profitability. We have taken down costs. Last year, we took some restructuring costs within e-Commerce. We closed down some areas, we were more focused on pricing instead of volume, and that has been a positive impact. Yes, we continue to see improvement on the margins, the target is to come back to the same level as we were on pre-pandemic. Maybe if I can just add to what Peter said and on the last topic of e-Commerce. For them, it is a rather tricky balancing act between top-line growth and profitability because entering new markets, which is part of their ambition and part of the group's ambition, is, at least in the short term, rather costly. It requires a lot of upfront marketing costs to just gain a foothold and to maintain that foothold. That will be a balancing act also going forward. The good news is that right here, right now, we have a very lean and mean machine all the way from operations and manufacturing to cost-efficient, high-tech marketing to value-based pricing. I still think that there's, and I know Bo's ambition is to capture even more. On top of that, they're doing a fantastic job with their working capital. Hats off for that team. It'll be, of course, very exciting and quite promising to look at the performance ahead as well. Okay. Understand. Thank you. That was all from me. Have a great summer, Fredrik and Peter. Thank you very much, Jonny. Same to you. Thank you for the questions there. We will now go ahead with the next caller, which is Linus Alentun from Nordea. You have the word. Perfect. Hi, good morning, Fredrik and Peter. Just starting with the follow-up question here on the raw material prices. Maybe you already answered it, but if the pure price cost effect was negative here in Q2, should we expect that gap to narrow in H2 as pricing catches up here? Do you still see a negative net effect here also in H2? H2, perhaps not really, in Q3, I foresee a negative impact, then I submit we are on the right path as a right level in Q4. Some of the material inflations has been a little bit also postponed. We foresee a higher material inflations also coming into Q3. In Q4, we will be back to basics, if you understand what I mean. All right. Back on track. Perfect. Just a question here on Finland. It remains weak here with low volumes and price pressure that continues, although you're still profitable here. Are there any signs here of any stabilization here? Under what conditions here would you consider further restructuring of the smaller loss-making units? If so, what would be the timeline for this? Yeah. There are some lights at the end of the horizon. I think also as one or two of our peers disappear into Chapter 11 and are not being picked up by anybody else, that of course offers opportunities for us. We have some hopes for additional tailwind coming from implementation of the EPBD in Finland. There are early talks about maybe implementing something similar to the ROT program that we have in Sweden, i.e. some more incentives from the government to boost both new build and particularly renovation. It's early days. At the same time, given all of that, I think we've done and are doing a really good job in terms of cost alignment. I'm rather impressed by that, actually. When it comes to portfolio evaluation, yeah, that's something we do on a continuous basis. As I said earlier, we've seen some positive movement, generally speaking, when it comes to the companies listed on what we refer to as the red list, i.e. being in the red on a last 12-month basis. In Finland, we have some small entities, of course, that have lost some 50%, 60% of the volume, where you simply cannot counteract that from a cost alignment point of view. They're literally down to the bone chewing. At the same time, some of them are rather dependent on a project here and there, the picture can change quite dramatically, actually, from one month to another. Yes, I wouldn't exclude additional restructuring. If that happens, it will be at the earliest, I think, in Q4 or early next year. Again, it would only be- All right. Perfect. We're literally only talking about the smaller entities here. Yeah, the smaller loss-making ones, I guess. Perfect. A question here on the Sidey order. It gives you strong visibility here for several years in Scotland. I'm just wondering how large is the pipeline here for similar social housing tenders? Should we think about this win as something that can be repeated here in the future? You've talked about a lot of the pipeline there in Scotland of these types of projects. Yeah. It's a relevant question, Linus. You will recall that in December 2024, we announced what was then to date the largest order for Inwido Group, again, coming from Sidey Solutions, actually, it was GBP 22.5 million at that time, and that was the first part of a two-stage deal where the second part is actually up for confirmation later this year, or maybe at the latest early next year. That would theoretically be if we win it or if they confirm it, that would be another GBP 22.5 million for Sidey. I think the pipeline looks rather healthy. Of course, it sometimes comes across perhaps as we have that there are no other actors in that market. There are. The competition is actually quite fierce, but the supply is rather healthy. There's a lot of social housing, not only in Scotland but also in England. We are beginning to see some signs of England following suit here from Scotland, where England is also beginning to deal with the huge overhang of renovation needs that still persist and is actually growing within the social housing sector. We remain quite optimistic about the exposure here. Let's not forget that Sovereign Group that we added now in the second quarter is also active in this field, but primarily within England, where Sidey Solutions, together with Walker Profiles in the west of Scotland, are active primarily in Scotland. We have really good coverage here and, yeah, the guys are doing a fantastic job. We are well-positioned for additional projects. Again, GBP 50 million is not something we get every week or every year perhaps. The projects that are out there and that will come up for tendering have a decent size. We're talking a few million GBP here and there, and over a shorter timeframe sometimes. Yes, it is an attractive market. The competition is very fierce. Yeah. You have capacity in Sovereign Group as well if tenders would appear in England as well? Yeah, that's a very good comment actually, that I forgot to mention myself. I think it's linked also to the fact what I mentioned earlier, that we have critical mass, generally speaking now from both a manufacturing but also a market coverage point of view in both the U.K. and in Ireland. The collaboration between the entities is going steadily up, which is really promising. On top of that, I think these entities are doing a really good job with their project orders. It's one thing to try to get in on a healthy take-on margin, if you run the project over the course of, in this case now with Sidey, five years, you better make sure that you have covered everything that needs to be covered for a rainy day so that your pocket margin, what you actually end up with towards the end of that project, is at least as good as, and hopefully, and as proven historically, better than the take-on margin. Again, the project management skills here are really, really important. Thankfully, in the case of both Sovereign and Sidey and Walker Profiles, they are really, really good. All right. On synergies here, let's change subject. You mentioned that you have made some integration improvements here. Could you give a more concrete update perhaps on what has been implemented here? Is it sourcing, manufacturing, cross-selling, overheads? Maybe quantify it a bit. The biggest synergy we have are within procurement. Material price, materials, and purchase have not yet really started. Cross-selling is very little within this group because we have a decentralized model where each business units are focusing on their own productions and their own sales and their own branding. Cross-selling and demonstration cost is quite limited. Our main synergies are within purchase as a procurement and has not really yet started for the latest acquisitions. Some acquisitions we did last year when it comes to Aron Fönster and Fast Frame, there we have started to see some impact. Victorian a little bit also, but the other ones, quite minor changes so far. It takes roughly three to four quarters before we can see some impact when it comes to procurements. When it comes to productions and production efficiency and how to run the factories, that takes a bit longer time. In some cases, we have to make investments. Normally, it takes one to two years before we can see some impact on the efficiency improvements. All right. Still more to come here. Just one last question here from my side. You mentioned that the competitors have lowered prices here while you have been more selective in the quarter. Would you say that you have lost the market share in the quarter, or what are your views here? It's tricky to say right here, right now. Where we do get that kind of market intel, particularly in a market like Sweden, there's always a lag of at least a quarter for that data to arise. In some cases, I think the short answer is yes. Am I worried about that? The answer is no. I'd rather continue to walk away from some larger projects or tenders where we believe being on top of our own cost base and given the uncertainty that's prevailing, that where we actually walk away instead and have somebody else take a loss on it. I'm not at the moment and nor are my BU or BA presidents overly concerned about market share, to be honest. In this market, there are a lot of challenges. There's a lot of uncertainty, but there's also an opportunity to work with value-based pricing in a really solid way. At the end of the day, in our business, it all comes down to OTIF, i.e. on time in full, i.e. delivery precision, and there we score really, really high also in terms of quality. That gives us a really A really solid starting point to charge a decent price for the value that we bring to the table. All right. That is very clear. Thank you very much for taking my questions here, Fredrik, Peter. I'll let the next one in. Thank you very much, have a great summer, Linus. Thank you so much for those questions. I will go to the next caller, which is Igor Tubic from DNB Carnegie. You have the word. Thank you. I just have a couple of follow-up questions. If we just start to look at the Danish market, you mentioned that there was some pricing pressure in Q1. I just wonder how do you manage that, so to say, in Q2. Should we expect, or have you been able to increase prices there as well, or can you just elaborate a little bit more about the Danish market? The Danish market had lower prices in the first quarter. We decided not to reduce the prices as much, so we went more for profit before volume. That meant that our factories, we had a little bit too low productions compared to our capacity in the first quarter. We have gained that in the second quarter. Thanks to not reducing the prices in the Q1, we could then have better margins on the orders we came into in the second quarter. The main reason was what happened in Denmark was many things. Of course, we had a cold winter and that impacted the whole markets. We had an election in Denmark, we had also the problem with Greenland and U.S. and the conflict. That impacted the total market in the first quarter. The total market went down, then started a price fight to buy in orders to the factories. We decided to hold on our prices more, lost volume in the first quarter. Thanks to that, we gained margins in the second quarter. Okay. In terms of the trend, you mentioned that the consumer is starting to improve in Denmark, I assume that we should not expect any price increases for the Danish market. No It's just more volume-driven. Exactly. The prices went back to a more normal level in the second quarter. We foresee a more stable pricing development in Denmark. It's more related to volume in the future. In terms of the EPBD law that you mentioned also, when do you expect to see some sort of effect from that? Have you started to see any effect in any of the countries that has implemented that? Very limited, if any effect so far. The deadline for the EU member countries was 29th of May. Still, there was an opportunity here, if you want to call it that, for each member country. If they had legitimate reasons, they could postpone the implementation of the directive, i.e., into legal text, national law. Sweden was one example of that, but a few other countries as well, where you have lower use of fossil fuel for your heating and where your energy efficiency is already deemed to be at a decent level, then you could postpone the implementation. I think we'll see limited impact for the full year at all 2026. However, there is a discussion in Sweden, again, using Sweden as an example of the 17th of August, where Boverket will discuss and hopefully take a decision about implementing similar to ROT an incentive on renovation of private houses built before 1989. Of course, if that comes into force, that would be a boost for the second half of this year in Sweden. What we have seen following the cold and long winter that Peter mentioned before, we've seen a general increase in awareness of the fact that windows and doors have a huge impact on your quality of life, but also your electricity bill. I think that has helped us a bit and to some degree explains why we've seen an uptick in demand now in the second quarter. I think that awareness is quite important, and it's become higher in countries or markets like England, for example, where we still use a lot of single-glazed windows rather than double or triple glazed. A lot of upside potential. I don't think we should expect too much coming from the EPBD this year, but hopefully more tailwind in the coming years. Okay. Thank you. That was all for me. Thank you so much for the questions there. We'll now round up this Q&A session with some questions that have been sent in to us. The first one is, could you provide more details on the growth outlook for the Nordic markets in the second half of 2026? Yeah. Thank you. My feeling is that we've actually covered that one through questions from the analysts here. I'm not ducking it. I just feel that we've already responded to it. Thank you for that clarification. Maybe this one. Do these long-term contracts in the West have price escalation clauses? In some cases, yes. They are related to some index. If some indexes are going up a certain level, then there is opportunity to have a price discussions with the customers. Thank you. That was all the questions we had for today. Thank you so much, Fredrik and Peter, for presenting here today. Thank you all for calling in and sending us questions. We wish you a pleasant summer. Thank you very much. Just to round things off, first of all, pencil these dates into your calendar, please. Don't forget to follow us on LinkedIn. Last but not least, on behalf of Peter and myself, thanks, everyone, for attending this call. We wish you all a very nice and relaxing summer. Bye for now