Good morning, and welcome to the Nordic Waterproofing Holding Conference Call. We have with us Mr. Martin Ellis, CEO, and Mr. Palle Schrewelius, CFO. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask questions, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to hand the conference over to Mr. Martin Ellis, CEO. Please go ahead. Okay. Thank you very much. Good morning, everyone. Thanks for calling in. Happy to be here on our second quarter call. We have reached a sales milestone of SEK 4 billion, and I would say more importantly, we've been able to improve our bottom line also, as you'll see. A reasonably good quarter, we believe. Turning to page two, where we have some figures about the sales and profit performance. We have increased sales by 18% in the quarter versus last year, and 11% of that is organic and 13% is actually price increases, so we have a very slight reduction in volume, which comes from the Installation Services. We have a 4% sales increase from acquisitions and 3% currency effect. EBITA has been improved by 13%, which is SEK 216 million in the quarter. Operating profit up 13% also. Cash flow has been relatively limited at SEK 38 million versus SEK 114 million last year, and we'll get into that. It's mainly obviously the effect of inflation of sales price increases in a quarter where we have strong sales and build up accounts receivables and inventory. Earnings per share is 5.82 SEK versus 4.80. Turning to page three. Demand has so far remained stable, but obviously there are signs of a slowdown coming, especially in new build, and we've seen a few projects being canceled, and we certainly expect a negative impact in terms of the new build demand in 2023. So far we are relatively late in the cycle, as you know, in construction, and we've seen a very good level of business in roofing, waterproofing products. We also have a strong order book in Installation Services in the contracting part of the business. We have double-digit growth in both the bitumen-based products and the silicone synthetic rubber. We've had a flat development in prefab elements with a good development in Denmark, but a slightly lower activity level in Norway. We've had a very nice turnaround in our green infrastructure business with a strong organic growth. In Installation Services, we've seen a slight decline of 5% versus last year. As you know, most of that business is in Finland for us. Moving on to page four. The input cost inflation obviously has been dramatic, and it has also affected Q2. We have now seen a flattening off of this input cost, and in some instances, we've seen price reductions also. It's very difficult to make forecasts, but we believe we've probably reached a sort of stable plateau now in terms of our cost inflation. We've been able to absorb this cost impact in our Products & Solutions segments. In Installation Services, we are still in the process of absorbing the price increases, but we are confident that we will ultimately be able to do that. We have increased our market share again, I would say especially in Sweden, in the waterproofing market. We've received additional customer interest. The same is true also in Denmark, and we've probably increased our market share in the green infrastructure business where we had some aggressive competition last year and where we've now been able to claw back the market share we lost. Our acquisition drive continues to be active. We've acquired a Finnish contractor in the northeastern part of Finland, which basically allows us to cover the whole of the country now with the contracting and service providing to the roofing and construction market. We've also bought out a remaining minority shares in Tileco in Holland and in LA Kattohuolto in Finland. We continue to have an active pipeline, and we might well make additional acquisitions during the first quarter. Moving on to page five, some information on VKP, the contractor in Finland. We have 75 new colleagues in VKP, an annual turnover of EUR 9 million. We acquired 70% of the shares, and management continues to have a minority ownership, which is a model we've used before, which usually works very well. We now, as I mentioned, have a complete coverage of the contracting business in Finland. With that, I pass it on to you, Palle, for some additional information on the financials. Thank you very much, Martin. Moving to slide six and looking more into the numbers here. As we said, we were 18% up in sales in the quarter, and we passed the SEK 4 billion milestone here with an organic growth of 11% and volume development then minus 2%, where price increases stood for the part of 13%. Also, acquisitions helped with 4% here. EBITDA as well passed the SEK 200 million for the first time and came up to SEK 260 million, and the operating profit EBIT came out on SEK 180 million versus SEK 160 million same quarter last year. The EBITDA margin decreased in the quarter to 17.2% versus 18% in second quarter last year. On a rolling twelve basis, we're at 14.3%. As you can see in the graph to the right, we've been basically just about 14% for the last two years here. The drive for the development of EBITDA is within Products & Solutions, where you can say Installation Services is basically flat in the quarter compared to last year. Moving on to Slide seven and looking at the income statement here. We see that gross margin for the quarter was slightly below last year at 30.2% versus 30.6%. On a rolling twelve basis, we're at 28.2%. Here as well, we've been fairly stable in the range 28%-29% for the last two years. EBIT margin 14.4% and rolling twelve at 10.7%. If you look at the net financial items, that is a low negative value, and that's driven by a revaluation of the debt for outstanding options that had a positive impact in the quarter. Moving to slide eight and looking at the balance sheet. I would say we have a continued strong balance sheet, with a net debt to EBITDA ratio at 1.7, so slightly higher when compared to last year. Also interest bearing debt, a bit higher than last year at SEK 976 million. It's worth noting that in the quarter, we utilized part of our Facility B in our credit arrangement with, we borrowed SEK 160 million for a short-term loan here. Moving on to Slide nine and looking at the top here, where we can see our ROCE continues to be at a high level, at an all-time high of 17.9%, unchanged from previous quarter. The improvement is basically driven by the improved operating result. We can also see there is an increase in capital employed, driven by higher costs and higher prices, and as well from the acquisitions. The cash flow from operations in latest twelve months decreased to SEK 215 versus SEK 461 a year ago. The cash conversion decreased to 37% compared to a high 92% twelve months ago. The decrease in cash flow is mainly explained by, I mean, accounts receivable increasing, but I would say that increase is pretty well aligned with the growth in sales as well. Whereas we see an increased inventory, and we do that to secure our capability to deliver to our customers. If you say the increase in inventory is basically half of that is driven by cost inflation. A third, I would say, comes from volume to secure capabilities to deliver, and about 10% of the adjustment that comes from acquisitions and currency impact. Moving to Slide 10 and looking into the segment and starting with Products & Solutions, where we had a sale of about SEK 1 billion, which is the first time that we were above SEK 1 billion in a single quarter for this segment. Organic growth 15%, which is basically price. I would say that there is a good strong development for the roofing business on all markets where we are present. The good growth in the rest of Europe outside Scandinavia is mainly our SealEco business. If we look at EBITDA, that increased to SEK 212 million versus SEK 190 million a year ago. The margin decreased a bit to 20.8% versus 22.3% a year ago, and on a rolling twelve basis, we're at 18% here. Basically the holding up EBITDA is the consequence of us managing price increases on input materials in a proactive way. Moving to slide 11 on Installation Services, where we had a growth of 18% and the sales of SEK 291 million. I would say basically half of that comes from acquisitions and almost half of that comes from price increases for us. Looking at a rolling twelve basis, we're a few million short of SEK 1 billion after the second quarter. EBITDA is on the same level as last year, SEK 16 million versus SEK 17 million, and the EBITDA margin is at 5.6%. For the latest 12 months, we were at 3.7% for Installation Services. With that, I move to slide 12 and back to you, Martin. Yeah. Thank you very much, Palle. Just a quick reminder of our targets. Sales growth, profitability, capital structure, and dividend policy. We can tick all these boxes, of course, and we are well within the capital structure of 3 times debt over EBITDA. Obviously we're significantly above our ROCE threshold of 13%, which we want to hold during the whole business cycle. Obviously we're going to pay a dividend of the group total 50% of net profit. There's no reason to have any difficulty of doing that. Thank you very much for listening. That's our presentation, and we very much look forward to your questions now. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you'd like to withdraw your question, then please press star then two. At this time, we will pause momentarily to assemble our roster. First question is from the line of Adrian Gilani from ABG. Please go ahead. Hi, it's Adrian here at ABG. I'm standing in for Max today. A few questions on my end. First of all, have you received any signals from your customers that demand is slowing down? I'm thinking particularly for Products and Solutions, but also installations. Yeah, I think from our customers, not really directly, but we obviously hear about especially new build projects which have been planned and which are basically in some cases delayed. We haven't seen any sort of outright cancellation of these projects, but clearly a delay might ultimately mean that the project might not happen. We've started to see it, but on a pretty marginal basis. But on the other hand, obviously the cost inflation for construction has increased so much that it's clear that some people won't find it attractive to carry out projects which they might have done in different circumstances. We clearly expect some impact in 2023 and maybe also in the second half of this year, so a smaller effect. Okay. Regarding the cash flow from operations, you mentioned that it's mainly explained by the fact that dividends from associated companies haven't been distributed. Can you just elaborate on sort of how much of an effect that had? Is it able to quantify that? Yeah, I don't think it's a major effect. I think the cash flow picture is really, like Palle described, mainly due to inventory buildup and just the cost inflation, which will obviously increases accounts receivable, etc. Palle, please, comment. Yeah. In the quarter, it's about SEK 30 million. SEK 31, I think, to be precise. Okay. Thank you. Regarding the working capital buildup, is this partly a reversible effect, or do you expect the coming quarters to be similarly high working capital? No, I think we will reduce inventory in the future. We've built up a significant buffer in terms of finished products to be able to deliver. We feel now a bit safer than three months ago in terms of getting the raw material we need. We're more confident in sort of being able to deliver even with a slightly lower finished product inventory. That obviously can change again in the future, and nobody knows what yeah especially the Ukraine situation will mean. Right now we think supply chains have become a bit more solid again, so we'll certainly try to reduce our inventory. Okay. Regarding the price increases, obviously these were what explained the organic growth in the quarter. Is it possible to say when these were carried out? Were the majority of the price increases in the beginning of this year or towards the end of last year? It's just for us to model the coming quarters, so prices. Yeah. It's been actually a pretty constant move, and we've had price increases in each country, I would say at least once a quarter. It really means throughout the group, every month that some of our operations increase their prices. We might still have some price increases also in August, not totally sure. It's been a pretty constant. I think the best assumption is just a constant gradual linear move. Okay. Regarding demand, is it possible to say anything about sort of month-to-month demand within the quarter if you saw any changes between months and how you can sort of extrapolate that into July as well with current trade? Yeah. Nothing, I would say nothing dramatic. Yeah. No, we're really quite stable, I would say. July should be in the same type of ballpark, basically. Yeah. If there's no external shock coming in, we should expect a reasonable stable situation now. Okay. A final question from my end. Regarding the EBIT margin and Installation Services, we saw a fairly certain drastic decline year-over-year. Can you just talk a bit about what drove that and also if you expect improvements on the margin and installations in the second half of the year compared to the first half? The reason is really the much higher degree of fragmentation in this market. There's obviously a lot of players and price discipline is not that strong. That's sort of the underlying reason. That's not really new. Of course in case of input cost shocks that really comes to the fore. We are continuously working on clawing back the margin levels, and we think we have some additional room to do that. In principle, yes, we should see a slight improvement in the second half over the first half. Okay. I think that was all from me, so thanks for answering my question. Yeah. Thank you very much. Thank you. Thank you. Participants may press star and one to ask a question. The next question is from the line of Sophia from Carnegie. Please go ahead. All right. Thank you. Thank you for your presentation. Let me start with a follow-up question on the last asked question. In Installation Services division, would you say that we're seeing a positive trend shift now in the Installation Services division from this quarter and onwards, or what is your take here? It's my first question. Yeah. I mean, I think it's going to be a reasonable stable picture. What you will see and what we have seen to some extent is some bankruptcies, obviously. If installation service providers have quoted a job and have not included a cost inflation clause to be able to adjust their sales prices, then obviously they're in trouble and that has led to a few bankruptcies. We've seen that already. I would expect that to continue to some extent in the second half. On the other hand, as and when input cost inflation reaches a plateau like we think is happening right now, that effect should reduce then and this sort of misquote will disappear basically. That's a positive effect which might come into play. All right. Thank you. In Products & Solutions, given your significant price increases, are you comfortable keeping this higher price level for your Products & Solutions going forward even when material costs are stabilizing or even if they might come down? Yeah. Will you adjust your prices downwards, or will you keep the high price levels? Yes, yeah. That's an interesting question. Historically, we've been able to keep our prices for a few months, so a bit of a windfall. This time around, there is no reason not to expect that. We have seen a few instances where a customer sort of asked us to reduce prices and we've tried to be as flexible as possible without sort of changing the big picture. In general, we've seen the opposite way. We've really been able to gain market share in our legacy business in both Sweden and Denmark, probably also Norway. We have a large number of customers and we've seen one instance in Denmark, for example, where a customer has decided to switch away from us because of the price level. It's a very extremely marginal effect. All right. Okay. Thank you. Let's see. You mentioned the market share improvement in the report and now as well. Is this within waterproofing, would you say, or green infrastructure or the prefabricated wood elements? If you can give us some color on what is the main reason behind this? Yeah, yeah. market share improvement. It's mainly the legacy business. The reason for that, I mean, there is probably two effects now. One is, BMI is our key competitor. They still have some internal issues, and there has been a number of their customers who've asked us to deliver to them. Mm-hmm. That's probably the largest effect. The other one is linked to transport costs probably. We see a bit less competition from continental Europe because of increased transit costs. In green infrastructure, we've basically been able to claw back market share we lost last year to a certain Norwegian competitor. We believe that's going to hold. In terms of prefab elements, we have a strong sort of macro trends tailwind. But we've also seen some projects being canceled because of the cost inflation, housing. It's a bit of a mixed bag, I would say, in prefab elements. You've seen that we haven't grown our sales that much in the quarter in that business. Okay. All right. A final question on your M&A agenda. If you can give us some color on your current pipeline and if we could expect some more acquisitions in 2022. Also if this M&A agenda has changed, given the new macro environment with increasing interest rates. We haven't really seen the latter effect so far. It's probably going to come. Multiples certainly haven't increased anymore, but we haven't seen sort of a backflow yet. In terms of our pipeline, as I mentioned, we have a good pipeline right now, and I would certainly expect some acquisitions to happen in the second half. All right. Okay, thank you so much. Yeah. Thank you very much for your question. Thank you. A reminder to all the participants, you may press star and one to ask a question. We don't have anyone in the question queue. Would you like to make any closing comments? Yeah. Okay. Well, thank you very much. Thank you everybody for participating. It's been a pleasure, and look forward to talk to you soon or maybe next quarter. Have a great day. Thank you. Thank you very much. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Thank you. Yeah. Thank you very much. Thank you everyone. Yeah. Thank you. Yeah. Thanks for it. Bye-bye. Thank you.