Good morning, and Welcome to the Nordic Waterproofing Holding AB Q3 2022 Earnings Call. I'd now like to turn the conference over to Mr. Martin Ellis. Please go ahead, sir. Thank you very much. Good morning, everybody, and thanks for attending our call. We delivered a solid quarter and we did see some signs of reduced demand, which we're going to talk about. Turning to page two, you can see that our net sales increased by 13% in nominal terms, and that is 4% organic growth, where our volume was -9% and price +13% compared to last year. We had an impact of +5% from acquisitions in our sales and also 4% from currency effect. The EBITDA decreased slightly from SEK 176 million to SEK 162 million. This quarter operating profit, the EBIT, showed a similar decline. Cash flow from operating activities was very strong at SEK 244 million versus SEK 101 million last year. Earnings per share also increased to 4.32 SEK, mainly due to an exceptional negative impact last year in the quarter. Moving on to page three. Some comments on what we are seeing right now in terms of the demand. Demand has remained somewhat stable, but we do see signs, and we have had probably a slight impact from a slowdown in new build. New build, as you might recall, is about half of our business. Renovation, on the other hand, has remained stable so far. We have a good level of demand in the roofing business. We have order books in Installation Services, which also continue to be on a high level so far. We do expect the lower demand in new build to continue for the foreseeable future, and we do expect an impact from that demand reduction also in 2023. As you know, we are in a relatively volatile environment. It's not so easy to make predictions and so we might also see improvements in demand. I'm thinking especially of the demand for more insulation to react to the increased energy prices. That really is a trend which might help us in the coming quarters. Waterproofing products show a slight decrease in volume in the Nordics. Nominal value up double-digit due to the price increases. While our EPDM synthetic rubber sales in Europe dropped both in volume and nominal value. Prefab elements in Denmark and Norway had a negative development in sales compared to last year. Green infrastructure, mainly Sweden and also Finland, had sales at the same level as last year. In Installation Services, our contracting business, mainly in Finland, we had an organic growth of 3%. Moving on to page four. Input cost inflation, which obviously has been very strong in the last year and a half, has stabilized now. In some we have passed this effect on to our customers fully in both business segments. You might recall that in Installation Services, that has taken a bit more time than in Products & Solutions, but we are now basically at the end of this cycle and have passed on the effect. We had strong cash flow from operations in the quarter, and that was mainly driven by positive developments from operating liabilities and receivables. You might recall again that in the first half year, our working capital had increased. We voluntarily increased inventory, so to be sure to be able to deliver to our customers, and that situation now is normalizing also. Our forecast for new build on our main markets is now slightly negative. As I mentioned too, our demand for renovation seems to remain stable. More importantly, I guess we have contingency plans in place to mitigate the consequences of any negative development. Basically we'll adjust our cost structure very quickly in case we see a further downturn. In a high interest rate environment, which we now clearly have, we also have sharpened the focus on our debt level, and we are adjusting multiples we are prepared to pay for acquisitions. Moving on to page five, you can see that we have continued to make acquisitions in the quarter. On 1st of July, we acquired 70% of the shares in the VKP Group, a group headquartered in Kajaani in Northeast Finland, providing roofing and waterproofing services. That acquisition goes towards completing our geographical coverage in Finland in Installation Services. On the 14th of September, we acquired Amberg Limtræ, a glulam component manufacturer in southwest Jutland. That acquisition allows us to upstream integrate the glulam supply to the sourcing group for wood-based prefab elements. It clearly extends our presence in wood-based construction solutions, which we continue to see taking market share against traditional cement-based solutions. On the 3rd of October, we acquired 70% of the shares in EG-Trading Oy. That is a company headquartered in Tammisaari in southern Finland, growing sedum, as we have been doing in Sweden for a few years now with Vegt ech. It offers a wide variety of different landscaping products. The acquisition extends our geographic presence in the green infrastructure solution. Again, a further move towards sustainable building solution. I pass it on to you, Palle, now for some additional figures on our results. Yeah. Okay. Thank you very much, Martin. We move to slide six, where we can as we see that the net sales is above SEK 1.1 billion, up 13%, organic growth of 4%, as we said, where the volume had a negative impact of 9%, price increase is 13%, where acquisitions contributed in total with 5% and the currency had an impact of 4%. On a rolling twelve basis, we are now close to SEK 4.2 billion in turnover. EBITDA slightly decreased, as did the operating EBIT, and margin, EBITDA margin decreased to 14.3% in the quarter from 17.5% last year. Mainly the explanation for this is some areas in Products and Solutions not matching the historically high margins we had last year, while in Installation Services, we see a significant profit improvement versus same quarter last year. Moving to slide seven, on the income statement. We can see that gross margin for the quarter was down about two percentage points at 28.0 versus 29.8. The last twelve months, we're at 27.8%, and we've been around 28% for quite some time. Basically for two years now. EBIT margin down to 11.3% versus 14% last year, and we're almost spot on 10%. We're at 10.1 for the last 12 months. The low positive value on net financial items is explained by revaluation of debt for options and earnouts for companies where we're planning to buy the full company further on. Moving to slide eight and looking at the balance sheet, we can see that we continue to have a strong balance sheet with a net debt-to-EBITDA ratio at 1.6 compared to the 1.5 we had at the beginning of the year, and remains well below the covenants we have in our financing agreement. The interest-bearing net debt is at SEK 861 million. Continued good values for the balance sheet here. Moving to slide nine, we can see that ROCE remains stable at 16.6%, at the same level as we started the year. We have an increased capital employed both from higher cost and prices, but as well as from increased activity and acquisitions here. The cash flow from operations increase, excuse me, on a rolling 12 basis to SEK 358 million versus SEK 311 million last year. The cash conversion is basically on the same level as 63% compared to 61%. There has been an impact both from the pandemic and the Russian conflict in Ukraine that where we have built up inventory that has had an impact on the cash conversion for the last two years. The improvement we see in the quarter from working capital is mainly due to operating liabilities and receivables improving in the quarter. Moving to slide 10 and looking at Products and Solutions, where we had an increase of 11% on net sales up to SEK 831, organic growth 5%, where price represent 15% and volume declined 9%. Acquisitions contributed with 2%, and currency had an impact of 3%. The LFL growth, as you can see, on all markets except Sweden, where it's worth pointing out that the development for waterproofing membranes was good in the quarter, but other areas were slightly negative. Net sales for Products and Solutions on a rolling twelve basis, close to SEK 3.3 billion. EBITDA decreased SEK 20 million from SEK 155 million last year, SEK 135 million, and then similar development for EBIT here. Whereas margin in the quarter at 16.3% versus 20.8% last year. We're rolling 12 at 17.0% margin. As mentioned before, the decrease is related to a few areas where we had very high margins last year. Moving to slide 11 on Installation Services. We had a net sales of SEK 333 million in quarter, up 20%. As you can see in the graph, the Q1 where Installation Services surpassed SEK 300 million in turnover. Organic development was 3% and with price 6% and volume dropped 3%. Impact from acquisitions 12 and currency had an impact of five. EBITA increased SEK 10 million from SEK 27 million to SEK 37 million, and the EBITA margin increased from 9.7%- 11%. It's a nice uptick in result here. For the latest 12 months, the EBITA margin is now running at 4.5% for Installation Services. With that, moving over to slide 12. Back to you, Martin. Yeah. Thank you, Palle. This is the recap of our financial targets, and we basically tick all these boxes. The one comment I would like to make is on sales growth, because obviously, in volume, we have not grown in the quarter compared to last year. I think it's important to say that we do not believe that we've lost market share. On the contrary, we are still taking market share in the Nordics and the waterproofing business. That's an important aspect I think. Obviously, we have had the impact of somewhat reduced demand in the quarter. In terms of profitability, we are still significantly above the 13% threshold, which we find for our ROCE. Capital structure you have seen has been improved in the quarter with the working capital performance. In terms of dividends, we will obviously propose a minimum 50% of net profit for distribution in the beginning of next year. That is our presentation and we very much look forward to your questions now. Thank you very much, sir. The first question comes from Adrian Gilani from ABG. Please proceed with your question, Adrian. Yeah. Hi, it's Adrian here at ABG. Just, I'd like to start off with a few questions on the volumes. It looks like we're starting to see more of a volume decrease. Can you just give us some insight as to how was this during the quarter? Did you see an accelerating decline sort of month-over-month or was overall volume fairly flat during the quarter, would you say? Yeah. I think we have right now a relatively stable situation where we have seen clearly new build projects getting canceled, and that has started already a few months ago. I would say right now we can't say that we are seeing an acceleration to the downside. We've had an impact and I think in the foreseeable future it's going to continue in the same manner. People might actually adapt to a new set of basic parameters like interest rates, the high level, et cetera. I think it's difficult for us to predict whether there'll be an acceleration or not, and we are not seeing it right now. Okay, I understand. With that being said, what's your sort of best estimation? Are we getting sort of close to the trough on volumes in terms of new build activity? Or would you say that there is significant downside to go in coming quarters potentially? Yeah. I think we've seen a pretty abrupt effect over the last three months where new projects have really, depending on which country you're talking about, there are of course differences. For example, in Denmark, which is probably the hardest hit, we've seen a pretty hard stop to new projects. That means that we will obviously have the impact of that during the next three to six months. It's difficult to see a further reduction in terms of the new projects that come online. Okay. You mentioned that EPDM rubber in Europe had a sort of worse development than Bitumen in the Nordics. What are the main dynamics there as to why one is doing better than the other? Yeah. I think in Europe you have well we had very strong sales in the rubber area in the past. I think that could probably explain part of the phenomenon. I would say the rest is very speculative. As I mentioned, even in the Nordics you have different situations. Again, Denmark are probably getting a bit harder hit than other countries. Norway basically having not as strong effect at all. Obviously the Norwegian economy is quite different from the three other Nordic countries. It's difficult to give any more specifics on the differential. Okay. Looking a bit more at the sort of pricing and input cost situation, you say that you're seeing costs stabilizing and in some cases even going down. In a scenario where input costs do go down significantly, would you be able to retain your price increases, and for how long would you be able to retain those? Should we expect a negative pricing component into 2023, if input costs go down? Yeah. What usually happens historically is that we have about a six months window where we don't have to reduce our prices when input costs start to decline. Basically we would expect that to happen again. To give you some more color is that right now as you said there have been some decreases in input costs and we have not seen any significant demands from our customers to reduce our prices. I think we're still an attractive supplier to them and price is not the only element on which they make their choice of sourcing. We probably will see the same phenomenon again at this time. Okay. Regarding the sort of pricing component in this quarter of +13%, were there any new price increases in the current quarter, or are these just the old ones that are sort of still in the numbers? Yeah. New ones have been quite marginal. We have had a few and most of them are energy related, so energy surcharges, which we also still see from our suppliers to some extent. That's the only increases we see and the only type of increase we have to make with our customers. Okay. Regarding the margins, obviously in Q3 last year, you were at very high margins and sort of looking at the year-over-year delta, is this mainly from the prefab business that was doing very well last year, or are there other effects to keep in mind here? Yeah. I think prefab has had an impact clearly, and we're now in a situation where we are again adjusting our capacity in that area because prefab is the one area where new build for us is close to 90% of the total business. Obviously it's getting harder hit than the other areas where we're talking about a 50%, 50%-60% renovation share. We've adjusted our capacity already. But yeah, that's the area which has been hardest hit by the new build slowdown. Okay. Looking at the cash flow as well, obviously we saw you released some working capital during the quarter and had strong cash flows. Can you just give us an update on where you are right now? Are you still sitting on some extra working capital that can be released in the coming quarters, or are you at normalized levels at the moment? Yeah, we still have potential in inventories. As I explained before, we built the inventory to make absolutely sure we have enough input material, we have enough finished products to supply our customers without interruption, and we've succeeded in doing that. It means that towards the end of the year, we're going to reduce our inventory quite aggressively to come back to a totally normal level. Yeah. Just one final question from my end regarding sort of the acquisition multiples and the landscape there. We've seen multiples on the stock market come down significantly, but obviously the private markets tend to lag that quite a bit. Are you seeing sort of multiples going down on the private markets for your acquisition targets, or are we still at the same levels that we were sort of last year when the stock market peaked? Yeah. I think that's a very fair description. Yeah, so far, I think, if you look at the related acquisition, we're probably still in the previous environment. Clearly our decision now is to be more selective and to basically target lower multiples as we go forward. It might mean that we, over the next 3-6 months, make a bit less acquisitions than we usually do. Going forward, a year from now, a year and a half from now, we probably see a window of opportunity in terms of making acquisitions at significantly lower multiples than we've done over the last three years. It's Yeah. It's good news in that respect. Yeah. Okay. In that case, thanks for answering all my questions. That was. Yeah. Thank you very much for excellent questions. Thank you. Thank you. The next question comes from Sofia Sörling from Carnegie. Please proceed with your question, Sofia. Yes. Thank you, and hi, everyone. A great question from the previous speaker. I only have a follow-up question on the volume scope that was -9%. Could you please elaborate a little bit on your comment about renovation has remained stable? Is it possible for you to split this negative volume growth between the new build and renovation? Thank you. Yes. The volume and nominal figures we give obviously are estimates. You can't have a totally precise figure on the volume effect, but we have a reasonably good grasp on it. What it really means is that renovation being stable, you could say that we have this 50-50% split. We're talking about close to 20% drop in new build volumes. That's the picture we have. Again, you have to be a bit careful. We can't calculate it to the last comma. Of course, we're talking about a good as good as possible estimate here, but that's sort of the baseline. All right. Okay. Thank you. Thank you. At this time, we have no further questions, and this does conclude the Q&A session. I'd now like to turn the conference back to Mr. Martin Ellis for closing remarks. Thank you, sir. Yeah. Thank you very much for calling in, and look forward to our next quarterly call in three months' time. Thank you. The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect your line.