Welcome to Sdiptech Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions- and- answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Anders Mattson and CFO Bengt Lejdström. Please go ahead. Hello, welcome to our quarterly report, the second quarter. My name is Anders Mattson, CEO of Sdiptech, and I will be presenting it today together with our CFO, Bengt Lejdström. Before we start with the quarter, just a short intro to Sdiptech for any new listener. We acquire, we develop, and we create a long-term home for niche companies within attractive infrastructure segments. Today, we consist of 33 companies. We added two companies during the quarter, and we operate in a decentralized structure, and each company is responsible for the day-to-day operation. We divide the group into four business areas, and each segment has a clear and structural underlying growth trends for the future. On a rolling 12, Sdiptech as a group has SEK 4.7 billion in revenues, SEK 988 million in adjusted EBITDA, and an adjusted EBITDA margin of 21.2%. These are numbers for our core operations, excluding the companies that have been divested over the last 12 months. For today's presentation, I start with lights of the quarter. On a strategic level, we are happy that we have completed the divestment program that we initiated last year in August. Eleven companies, plus our remaining elevator business, have been sold. We have achieved a multiple around 6.5x 2025 EBIT for the entire divestment program. It's important to mention that the logic will be that the proceeds from the divestments will be allocated towards new acquisitions going forward. That means, for us, that we are allocating capital where we find it more attractive for the future. From an M&A side, healthy M&A pace, two acquisitions in the quarter, and our pipeline has improved over the last 12 months, and it's now in a good shape for the future. We also experienced a continued solid demand from our diversified portfolio within our attractive infrastructure segments. From a financial perspective, it's a positive momentum with a total adjusted EBITDA growth of 11%, organic adjusted EBITDA growth of 5%. Cash conversion in the quarter is 70%, and if we're looking at the last 12 months, it is at 90%. This is, of course, it's important that because we would like our own cash flow to be the primary funding for our continued M&A activity. It's good to see improved momentum in the Supply Chain & Transportation. Energy & Electrification, and Safety & Security is having a continued strong demand. Water and Bioeconomy is improving, but still negative development compared to last year. I should also mention here that the numbers we present here are excluding the divested companies for comparison reason. Net sales in the quarter came in at SEK 1.269 billion, which is a +14% growth in the quarter. We had a strong organic sales growth of 11%. In the quarter, we had a negative currency effect of -2%, and approximately 4.5% is coming from M&A growth. In the quarter, all our four business areas showed sales growth, and especially strong development from Supply Chain & Transportation, Energy & Electrification, and Safety & Security. The main reason for the solid sales development is not a specific business area or a specific company. It is more the continued structural trends that we see from our main segments, like electrification in general in the society and also improved safety elements in many different areas. If you look into the right side on the slide there, no significant change in our geographical distribution of sales, with U.K. as our largest market. Proprietary products is increasing to 68% of total sales compared to 67% from last quarter. Our adjusted EBITDA, we had come in at SEK 258 million, which is a +11% growth in the quarter. We had a solid organic growth of 5%. In the quarter, we also had a -1% currency effect, and 6.5% is coming from M&A growth. In the quarter, three out of the four business areas showed growth in adjusted EBITDA, and again, the same business areas had a solid development, Supply Chain & Transportation, Energy & Electrification, and Safety & Security. We still have a negative development in Water & Bioeconomy, but improved performance compared to Q1, and I will come back to that later in the presentation as well. Looking at the margin, adjusted EBITDA margin decreased to 20.3% compared to 20.9% last year, and that is primarily due to a growth in Supply Chain & Transportation, which is our largest business area, but also in relative terms, the business area with lowest margin. With that, I would like to hand over to Bengt. Thank you, Anders. Let us have a look a little bit more in detail on our cash conversion. On the top chart there, you see our free cash flow per share, compared with our earnings per share. Compared to last quarter, we improved the cash flow, and that is not the least from the business and operational side itself. However, we have the CapEx spending, which is also included in this KPI. The free cash flow has been a little bit higher during the first half of the year compared to our target. We have an internal ceiling or ambition of 3% of sales. We are at 4% so far, but some of the investments are down in the beginning of the year, so we are still aiming for the 3% on the yearly basis. But still an improvement from last quarter, which is good. The earnings per share improved compared to last year, but quarter by quarter, it's still a bit affected by some capital losses from the divestments. All in all, we had roughly about SEK 20 million in net negative effect from these transactions, including adjustments of the earn-outs. Looking then at the lower chart, you see the cash flow generation and the cash conversion. We want to be in that yellow marked area between 70%-90%, and we were exactly at the limits of that. Through the quarter, we were at 70%, but on the last 12 months, we are at 90%. As typically it is during Q2, it's a little bit weaker than the average. We often see inventories, even though that this year it was lower than last year, but still the buildup was roughly about SEK 30 million to be prepared for deliveries to customers during the second half of the year. We also saw increased accounts receivables from the increased sales. All in all, that part of the working capital increased with SEK 80 million roughly. The sales again were up SEK 150 million compared to last year, so that number is pretty much what you could expect with that increased sales. All in all, good and we typically see then an improvement on the quarterly cash conversions during the second half. Looking then on the balance sheet debt. The leverage ratio was more or less the same as the previous two quarters, still at 2.8x. That's all-in, so that's all debt, including the provisions for future earn-out payments. We have as a ceiling there to be at or below 3x, as you can see on the left-hand side of this picture. Even though we made two acquisitions in the quarter, we're still at the same level as before those acquisitions because of a strong cash flow coming in from operations and the increased profit EBITDA all in all. Solid development there. Looking at the right-hand side, we see some return KPIs, three different ones. If we start at the top, we have the return on the working capital, which, as you see, during a number of years have been very steady around the 80%. That's measurement of how efficient we manage our working capital, the inventory and the accounts receivables, et cetera. Then the next line is the return on the capital employed in the companies. That's excluding any goodwills and other intangible assets in connection with acquisitions that we have on the group level. This is from pure operations. Also there, very stable around a little bit above the 60%, which is, of course, very good. You will see soon how it is split between the different business areas. Then the third and the lowest in number then is the total return on the capital employed, including all these goodwill and other things on the group level. That's pretty slow-moving object. We have as a target to come up to 15%, we're still hurt a bit of having the capital losses from write-downs of goodwill and also from the sales that affects this number. But once that has been rolled out, these numbers will improve. Even though we will not reach the 15% this year, it's clearly our ambition, even though, as I said, it could take some time, the direction is clear. All in all, that looks very good as well. Then I hand back to Anders for the business areas. Yes, thank you, Bengt. Coming into the business areas, we start with Supply Chain & Transportation momentum with +16% in sales and +14% in adjusted EBITDA. We experienced an improvement from Q1, it's good to see that we continue on this positive development in the business area. We had a strong performance from our companies, JR Industries, GEH, and ELAM. JR Industries, as you might know, they are designing and offering roller shutter doors for the commercial vehicle markets, primarily in the U.K. They have a very good market position, we've been working with the spare part, improving availability, but also with the pricing of that. That's part of the good development for JR Industries. GEH used to be one of our top three largest, or they is still one of the largest companies in the group. They are producing units for primarily delivery vans in the U.K. We had a slower last year for them, we saw the orders coming in and we were building up a good order backlog, now we can see that we are delivering on that order backlog. That's a stable business for us. It's continuously, you need to replace and you need to update your fleets, you can work with the service element and the spare parts between those replacement cycles as well. That's good to see for GEH and ELAM, just to mention that as well, ELAM is our Danish company, produce specific attachment to the forklift industries. They've been having a very good half year, 2026. They have seen a bigger and larger demand for even more customized attachment. They have been quite bold in pricing those quite large customized solutions. That's also what we see here. We see good development both in EBIT margin, also in revenue for ELAM. That's positive. On an adjusted EBITDA margin for the total business area, we see a slight decrease, that's primarily as a result of a product mix, GEH having lower margins in the business area, they've been growing in the quarter. You can also see return on capital employed is below the target of 50% for the operating units here. That's mainly due to the acquisition in Q2. When we calculate that KPI, we use the full balance sheet effect, only one quarter of the profit. That's how we do it. That's affecting in Q2. We're coming in to the new acquisitions. They belong into the Supply Chain & Transportation business area, RSS or Rail Safety Systems. We mentioned it already in the Q1 report, but since April, they are now part of the group. They're based in the Netherlands. Revenue EUR 6.6 million. The company develops and supplies specific patent magnetic safety barriers. You can see on the picture, instead of digging or interfering with the ground, they have a magnetic system that you put on the rail itself. They have a strong position in the European market and sell primarily to different kind of rail operators. We own a company already, Mecno in Italy. They are making rail grinding solutions. We see here potential opportunities to actually open door for each other because they have different customers around the world, which could be something to work on for the future. The other new company is JLM. JLM design and produces specific industrial lifting equipment. They are especially targeting vacuum lifters and smaller cranes. The company's based, as I said, in Denmark. Annual turnover roughly DKK 50 million. JLM is strengthening our offering within efficient material solutions. We've been looking into that. Thanks a lot to ELAM making the attachment that I described and all kind of material handling equipment could be interesting for the future to look more into as well. We are moving on to Energy & Electrification. Energy & Electrification has solid quarter with +16% in sales and +14% in adjusted EBITDA. We see a continued strong underlying market drivers, which create good momentum or growth drivers for the majority of the businesses in this business area, especially around electrification in general in the society and also energy efficiency is driving many of the companies in the business area. Phase 3, which are producing specific connectors to all kinds of applications. Also Rolec. Rolec, who is our EV charging company, EV charging primarily towards business-to-business customers. A fleet manager changing or improving EV charging for their fleet, especially in the U.K. Both of these two companies have performed well in quarter two with both sales and profit growth. We also see a slight margin decrease year-over-year, but that's primarily due to the product mix. It's still at a solid level around 25% this area. We're coming into Water & Bioeconomy. We achieved an improved net sales development in the second quarter with +5% sales growth. On the positive side, we see good demand from purified water solutions, especially for cooling applications. We have three companies somehow attached to these kind of strong trends. Business areas, we also said last quarter, continues to undergo operational investments to improve the businesses. That has a negative effect on the adjusted EBITDA of -9% compared to the second quarter last year. Some of these investments are not just temporary. Instead, we see these improvements that are needed to secure long-term development. One example is that we're upgrading a product in the U.K. to meet the increased regulatory demands for how to treat chemicals, for example. That's nothing that's going to be a quick fix. That's more improving for the future, which will drive some cost into that specific business. We're coming into Safety & Security. This business area showed again strong momentum with +15% in sales and +20% in adjusted EBITDA. We experienced a strong demand in all safety verticals, as we call it. Clean air in hospitals. We have our Swedish company, Medicvent, performing strongly. They've been successfully moving into new geographies in Europe as well, which is good to see. We have security around data center with our company Eagle. That has been, or continue to developing very good. We have secure communication from our Swedish company, Cryptify, which is also having a good quarter. Margin, as you can see, is at high 30% and improved profitability versus last year. The primary reason for that is a favorable product mix, but also a higher proportion of service and software compared to the previous year. I think it's also worth to mention the high return on capital employed in the business area, and that's highest in the group. Of course, one reason is that we have some software sales, but many of the companies here are quite disciplined in capital efficiency as well. We can learn from these companies within this business area to other companies in the group as well. We coming into M&A. From an M&A perspective, we are on track to increase our M&A activity for the year. As already described, we had two acquisition that we closed in quarter two, total EBITDA of around SEK 35 million. Our current cash position, also credit facilities are strong, of course, it's important for us to continue to be selective and very disciplined in the valuations going forward. I also mentioned that we have been working hard on strengthening our pipeline over the last 12 months, we feel now we are in a good position that we need to be to accelerate M&A for the full year. To end this presentation, I would like to summarize the quarter. We achieved a solid growth of 14% in net sales and 11% adjusted EBITDA, that's including the organic growth, as we described. We have completed our divestments, we can now fully focus on creating value for the businesses going forward. We also have an ambition to increase our M&A activity for the full year 2026, we feel we are on track on that. If you can see to the right here, I also would like to make a final remark on our strategic roadmap that we presented at our Capital Markets Day last year. What we said was that in 2025, we wanted to define new priorities and decided also to streamline our current portfolio. Now, in 2026, we wanted to come back on the growth track with an improved balance sheet and new priorities for the group. With new priorities, that was more focused on return on capital employed as a key metric in all decisions going forward. We also said that in 2027, we as a group should be performing according to our full potential and coming up to the +15% growth, and slowly then also start to increase our return on capital employed which is then a slower KPI to change, but definitely starting to improve that one going forward. Looking then based on the first six months in 2026, we still find this roadmap valid for us, and we look forward to continue this journey that I just described. With that, we are done with the presentation, and we would like to open up for questions from the audience here today. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Max Bacco from SEB. Please go ahead. Thank you, operator. Hello, Anders and Bengt. Thank you for taking my questions, and well done here in the quarter. Perhaps starting with the Water and Bioeconomy segment. You said here during the call that it's not a quick fix, but still, we saw this slight improvement in profitability versus Q1, which was also what you communicated in Q1. Do you still see, despite everything going on, that the profitability should gradually increase throughout the quarter? Is that still the expectation from your side? Hello, Max, and thank you for the question. I think it's not that we're going to see now a gradual improvement of the margin. We foresee it's going to be around 21%-22% now as a level going forward. We, of course, then have potential to growing this segment, and some companies are having a great potential to continue to grow and increase margin. No, we foresee this more as the level going forward for the business area. Okay. Understood. Turning to the Safety & Security segment, which saw a nice improvement here in terms of profitability the quarter, you mentioned it was driven by better product mix with a higher proportion of service and software. That mix change, would you describe it as temporary, or is it more of a structural change within the segment? No. In this business area, we foresee that we will continue at the higher level. We have done not only improvements in the software and service sales, but in general, some of the companies have been coming up to a higher level, and that's the aim to continue for this high level. Okay. Sounds good. For the business area. Yep. Yeah. The final question from my side, you touched upon this partly within the Supply Chain & Transportation, that mix is explaining the slight decrease in margins here in the quarter. For the group as a whole, have you seen any impact from cost increases on input materials, freight cost, and so on? Have that impacted anything so far? On that topic, how do you intend then to potentially adjust with price increases and so on towards customers? I know we have spoken before about a bit more proactive approach to pricing and so on throughout the group. Yeah, in supply chain, I think we haven't seen any specific price increases on, let's say, raw material side, not substantial at least. Of course, freight cost, depending on the oil prices, has been fluctuating a bit. In general, this business area quite large. It's important to continuously work with the pricing and the purchasing activities, which I think many of the companies now do in the business area. As you also said, that we have been working on pricing initiative, how to price spare part, how to price our service offering better. With these kind of effects or achievements, let's say, we will try to continue to as a stable margin around this level for the business. Again, of course, it's a lot of work that needs to go in to protect and to try and to improve the margin. It's not an easy work here, definitely not. Okay. Understood. That was all from my side at the moment. Thank you very much. The next question comes from Simon Jönsson from ABG Sundal Collier. Please go ahead. Hello, guys. Thanks for taking my questions. On the segments here and maybe on Supply Chain & Transportation specifically, just a follow-up on JR. The strength that you are seeing right now, should we view that as a new, stronger base with orders continuing to develop well? Were deliveries here maybe a bit unusually high to sort of catch up with the backlog, if you understand me? I think JR is one of our most stable companies. They have a strong position in the commercial vehicle market in the U.K., and it is all the replacements, they are getting the orders, and when new fleets is coming in and being replaced. JR should not be our star growth company, so to say. It is going more with inflation, and potentially if we take more market share outside U.K., which we then are trying to do together with our company, STORR, who we acquired earlier this year. They have a strong footprint in Netherlands and Germany, for example. No, I think what they have done now on looking at the spare part, improving the margin, that is not likely to continue. They have been, let us say, raising the bar, and now it is more about continue at this little bit higher level than from a margin perspective. All right. Thanks for that. It is clear. Moving to some more financial questions on the cash flow. I think you answered part of my question, Bengt, already on the free cash flow. You had some higher CapEx here in the first half. Was that the main reason, we say, for the lower generation compared to last year? Were some impact from you having now a higher organic growth, you would say? Inventory was not a big problem here, though. What do you see there? No, the quarter in itself, I think, was a quite normal quarter. As I said, perhaps a little slightly, I think the quarter was better than last year, the quarter in itself, and also on the 12-month basis when it comes to the cash conversion, excluding the CapEx and amortizations, including that then affecting and becoming a little bit lower than compared to at least a half year ago, but still better free cash flow per share than last year. I wouldn't say it's any specials. It's more variations within the normal business. When it comes to buildup of inventory, as I said, it's quite typical this time of year. Our most seasonal companies, the Hilltip with our road maintenance equipment for winter roads, salt spreaders and snowplows and salt, they need to manufacture their equipment before the season because they cannot catch up with the orders then, which will tick in if they don't. They build up inventories and also HeatWork in Norway, which provide these heating solutions to reduce, for example, frozen grounds and groundwork with roads or buildings or so. They're also very seasonal. That has an impact on the whole group level still. I wouldn't say it's any unusual things, though. All right. That's clear. If we instead look a bit ahead here to the second half, of course, you had very strong cash flow last year, and as you also said earlier, it's a better season, of course. What do you feel now looking to the second half of this year compared to last year for the cash flow generation? Also given that the CapEx levels where they were here in the first half. Yeah, the CapEx should be a little bit more modest second half. When it comes to cash flow from operations, we had a very strong Q4 last year. That was perhaps not what you could expect for this year, but of course, that's still traditionally high. Will be hard to beat that one. Still, it will be better during the second half than first half. Okay. Clear. Thanks for that. Just lastly on M&A, very well done with the divestments, and good to hear about the pipeline, recent activity. I also note slightly lower multiples paid here for recent acquisitions compared to history. You think that multiples will generally be a bit lower going forward, or were those deals a bit temporary? I think it's fluctuating a little bit. When we increase the pipeline and we work, I would say, closer together with the business areas, we create the bigger potential to have better, let's say, valuation, better deals. Then it's increasing the possibility to be around six and not coming up to seven and around there, in multiples then. I think we prefer to continue like that. It's nothing that we can guarantee because some of the companies, we also see bigger potential to grow with, and then we also are willing to pay a little bit more. Again, it's about discipline and increasing the number of companies you talk to so you have the possibility to be selective in the valuation as well. All right. I understand. Very good. Thanks for that. That's all from me. The next question comes from Anton Ingves from Nordea. Please go ahead. Thanks. Hi, good morning, Anders and Bengt. Congrats on a strong quarter here. Good questions already, a bit of a follow-up. On this strong organic growth, can you elaborate a bit on how much was volume and how much was price? For example, you allude to ELAM being quite aggressive in pricing in certain products. I think it's important that we work or that we have that demand, the increasing demand. We have seen, I think, some previous years that when we have taking out costs, we've been growing the EBIT, maybe not the revenue, the top line so much. I think the focus now definitely to make sure that we push hard, that we get the momentum in some of the good trends that we see to continue to sell and to get that revenue growth. That's very healthy for us. I think also what the pricing initiative we did, we did it with four companies in the group only, so to say, the most larger companies that we did that initiative with. It was well-performed. I think we have learned a lot from that. Again, it's not really rocket science. It's about splitting up the different products, the different segments, the different customers, and see where you dare to increase your prices to be more bold. I think that's where ELAM has been very successful. They have a unique offering. They are quite fast, designing exactly what the customer wants, putting that in production, and deliver that quite fast. You can charge for that. It's some very specific attachment, for example, that they are selling. Nothing unusual is being more bold in what the value actually is for what you can deliver for ELAM, for example. Hope that answered the question. Yep. For sure. It sounds promising as well. Just on the momentum here during the quarter, did you see any change within the quarter and sort of the momentum here heading into H2? I think the general momentum is good. Some companies wanted to reduce the backlog a little bit. They pushed quite hard in Q2 to be able to improve lead time, for example, to get the backlog down. That, of course, we're not going to see for the same companies in Q3, for example. We have other companies that have a good potential. The good thing here is with the portfolio that some were pushing out because they wanted to reduce the backlog, but other companies have now perhaps a better potential now. I think it's the portfolio thinking here that is proven to be good for us as well. Okay. That's very clear, and I think that was all for me. Thanks for taking my questions. Thank you. The next question comes from Stefan Knutsson from Redeye. Please go ahead. Morning, Anders, and Bengt. Good progress here in the quarter. Just a follow-up on Supply Chain & Transportation. What was the organic development in the quarter? Maybe I missed it or you didn't mention it. We don't talk about the specific organic development in the different business area. We talk about organic development on the group, on total sales and EBIT growth for the business area. If you're looking at the numbers there, it is a solid organic development in the business area. We had, of course, some M&A coming as well, it was also a solid organic performance for Supply Chain. Especially for, as we said, the GEH, the ELAM, and the JR. They were driving the organic part in Supply Chain. Very good. Can you also talk a bit more about the integration process of your two new business units? Has it been successful? What have you seen so far? Sorry, you said the. Didn't you hear me? Yeah, I can hear you now, Stefan, again. Okay. Just a little bit on the integration process of your two new acquired units in Supply Chain & Transportation. Definitely. I think JLM, the Danish company coming in, we have had a discussion in the group as well that it can be good that you have other companies in the group supporting. Sometimes it's quite new to coming into the group or in a new group for an entrepreneurial smaller businesses. JLM has been a support for them. They also have a sparing or somebody to talk to as well regarding reporting and how they have done stuff, et cetera. From that perspective, it's good. Also I think coming into that and starting the discussion about potential growth areas, we're looking for JLM, for example, coming closer into the Polish market. That's definitely interesting areas to grow with JLM. From if we look at RSS, the rail protection company, I think it's very interesting to see the opportunities with Mecno. Mecno has a, not a completely, but quite a lot different customer base around Europe, but also more international. I think just mentioning that what kind of solutions do you have when you're securing the rails during the summer, we can open up doors for RSS as a smaller company, not that well-known in other markets. All in all, good start for these two companies coming into the group. Very good. Lastly from me, you mentioned a healthy pipeline. You acquired two companies now in Supply Chain & Transportation. Is that where you see the biggest opportunities, or is that just a coincidence that it happened to be in the same business area? I think we've been successful within the supply chain, one reason is because it's quite broad. It's easy to find different areas that we could find interesting companies. That's one reason, but it's definitely a push from all business areas that we would like. From a pipeline perspective, it's not that a supply chain is standing out as more than others. It's quite evenly spread, actually. About finding the right one to the right valuation. Also what we talked a lot about is for the entrepreneurs, for the companies to feel that Sdiptech know something about this industry, they know something about how to develop and support in discussions. I think we are becoming more and more attractive in that sense. That's, I think, also showing from supply chain that we are having some knowledge around the areas as well. Okay. Very good. Thank you. That was all for me. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Carl Korsheden from DNB Carnegie. Please go ahead. Yeah. Good day there, Anders and Bengt, and thank you for taking my questions. Just thought I would circle back a little bit more to the Supply Chain & Transportation segment. Would it be possible to give any sort of numbers on the current, I guess, order backlog? I think you mentioned on a question a little bit earlier there that some companies might have been quite good in getting deliveries out this quarter and sort of easing a bit of the order backlog. Is that how we should interpret it? That book-to-bill was maybe below one this quarter for that segment overall and potential also on the group level, if you have any comment on that. I think it's not a big risk there that we see. It primarily was ELAM and JR that wanted to perhaps reduce the backlog more from a perspective that customer are not happy if the lead time is becoming too big. We don't give any exact numbers for that. GEH have a very strong backlog or order backlog for the full year. Certus, our company within container terminal optimization, have also received some nice orders that will be delivered over the year. Also Hilltip. We didn't mention Hilltip so much in this call. It's been, as we talked about, they have problems in the U.S. to be able to deliver efficiently from the new factory, with higher cost and investments going in there. They also have a quite strong order backlog. That's also where it's more and more about how to deliver that in an efficient way going forward in the second half of the year. No, we don't foresee that we've been eating too much and now we have more, let's say, less ammunition for the second year. That's not the feeling in Supply Chain & Transportation business area. All right. Got it. That's clear. Could you say anything about the development of your data center-related businesses in the quarter? Do you expect to also, I guess, take part in data center projects in the Nordics, or are you predominantly exposed to more of the Irish and the U.K. markets? I'm referring to Eagle in particular there. Yeah. No, Eagle is nothing specific for them. I think we talked about it the last quarter that it's interesting with the data center market and many of the contractors and installers, they are based in Ireland, and then they are expanding with the customers globally for the different sites. Eagle is then following along with those contractors that they work closely with. They are in Asia, quite a lot of work at the moment. That's actually where we see the biggest growth with the data center right now. Again, they are tendering all kind of projects globally where they need these specific solutions for the gates. Yep. That's clear. On M&A, I think you added roughly SEK 50 million there in EBITDA during 2025, you mentioned that you want to do more in 2026, you are now at roughly SEK 35 million, I think your slide showed it earlier. How large do you realistically believe that the 2026 number might be when also taking your, I guess, leverage situation into consideration? Yeah, I can step in there. I think we have guided somewhat before that since our total target is a 15% profit growth on a 12-month basis and 5% as we had now. Organic profit growth is perhaps something you could use as a guess. We need to acquire another 10%, and that would mean roughly SEK 100 million for this year. As you mentioned, so far, SEK 35, but we are optimistic that we will be able to complete transactions during this year that will end up in a SEK 100 million run rate basis. We can manage that, still having the balance sheet in good order and not go above these 3x in leverage. Even though as you said, only two acquisitions first half, we're still aiming for reaching that before year-end, for sure. Yeah, that's clear. Just finally from my side, not sure if I missed that somewhere in the report, but as for the extraordinary items of the SEK 21 million this quarter, did you provide any breakdown of that, or is it possible to disclose that? I think we mentioned in the text that firstly it was some capital losses with the divestments. When we do summing up everything on the group level with how holding companies, et cetera, has been affected. On the positive side, we reduced some of the expected earn-outs for the future, and then some other smaller items. All in all, it was a minus SEK 20 million. That should be the last extraordinary items for this year. Now going forward, it shouldn't be any. Yeah. Okay. That's clear. Thank you very much. That was all from me. There are no more questions at this time. I hand the conference back to the speakers for any written questions and closing comments. Yeah, I can continue there. I see we have three questions in the chat so far, we have touched slightly upon them already, but I can perhaps just add a few things. Talking about demand from data centers, Anders mentioned how it is in the Safety & Security with Eagle Automation Systems. Should also mention that in the Energy & Electrification, we have good demand also for companies like Phase 3 and IDE Systems, which provide temporary electricity solutions or connectors, not the least for backup electricity at, for example, data centers. There are a number of companies within the group that benefit from that demand, but it's not that it would be a strong negative game changer if it wouldn't be there. So far, it looks good, and also there's an additional effect that we're quite late in the processes. If someone announces that we're going to build a big data center in the Nordics, we are not the first one on site taking the revenues from that. We're quite late during those projects. That is still to be seen when those data centers are being built and constructed. Hopefully we will get some more business in the Nordics on those as well. We have some questions about the Water & Bioeconomy and the current module. I mentioned that you could expect roughly 21%-22% going forward. Some ups and downs, and we said that already last quarter that the highs that that business area has had in the past, all up to 26%, that's not the normal level. You could expect it to be more or less where it is. We had also another question talking about M&A and if we could expect continued M&A activities during second half, or if we need to improve the balance rate. As mentioned just recently, that the balance sheet is in good shape, and we have a strong pipeline, we achieve the SEK 100 million on a run rate basis in acquired EBITDA for the year. Also a fourth question here regarding pro forma net debt EBITDA level. As Anders also mentioned that the numbers we report are not pro forma. We take the full effect on the balance sheet when we acquire something, but then slowly, bit by bit, the profit is rolling in and improves that. The pro forma should be a little bit stronger than the reported, since we would had more profit than compared to the net debt at that moment. We have chosen not to use the pro forma. That could be discussed, and we can evaluate, but it's because a pro forma is a pro forma, you never know what will happen in the future. You can also, if you want to do that calculations yourself, see then since we disclose how much the run rate of the companies we have acquired, what they are, so you could increase profits with a quarter by quarter what has not yet been rolling in from that run rate number. I hope that was an answer on that question. Yeah. Thank you, Bengt. Any more questions out there? No more in the feed? No. Okay. I think I would like to thank you all. Very good questions and good discussions, and I wish all of you a good summer. See you in Q3 then for a new report and hopefully further good discussions going on for us as a group. Okay. Thank you all.