Hej och välkomna ska ni vara till Investor Studios och SmartCrafts tredje kvartal för 2026. Du som tittar live kan som alltid när vi sänder live ställa frågor till management och vi kommer hantera de frågorna i slutet av presentationen. Presentationen kommer nu att fortsätta på engelska. Så det är hög tid att introducera och välkomna CEO Jeremias Jansson och CFO Tobias Lindqvist. Hej, hur mår ni? Väldigt bra. Hur mår ni i dag? Jag mår bra. Ännu en busig kvartal. A quarter with, if I may say so, very positive comparables, both with Q3 last year as well as the last quarter. So, Jeremias, please walk us through the presentation. Thank you so much. Yeah, good morning to everyone and hello. It's going to be a pleasure to present our Q3 report for 2026. And with me today, I also have our CFO, Tobias Lindquist. So let's start and just walk through the disclaimer first. So what we will basically cover today is, of course, what is this SmartCraft? We're going to talk about our highlights for Q3. We're going to talk about our financial performance. We're going to talk a little bit also, of course, about our priorities ahead so that you can get that information. And then, as mentioned before, we will end with a Q&A where we're super excited to get your questions. So let's go in directly to see what is SmartCraft. And basically, we are a company that is doing our business in Northern Europe. We are helping tradespeople and construction businesses to do their daily lives in an easy way. And to do that, we are very specific. We are trying to do software for these companies that is so specific that it's very easy for them to use and that they, when they go up in the morning, put on their thick gloves if it's snow outside to do their daily works. They can do that with the help of our system in a very, very easy way. We're about 270 people. We have lots of users and about 13,700 customers, and we are present in 5 countries. Now, as I said, everything we do in SmartCraft is, of course, for the benefit of our customers. And what we're trying to do in a good way is to make sure that we support them in these 4 main areas. And when we do that, we try to do it, as I said, very simple. Our customers are normally a company where the person using our services has many, many different tasks in a day. They need to collaborate with their colleagues, they need to document and make sure the quality is right, they need to control what they're doing, and they need to, of course, be productive doing this. And all those things in one application or one software is pretty complex for many of our customers normally. So we try to make that simple and support them in that. Now, in our strive to help them, we are of course also looking at what we are doing as a company and how we can perform better. And as we said, helping our customers with 4 things, We're also trying to become better in 4 areas continuously. And we're doing that, of course, to make sure that we can increase our growth and our margins over time. So what is those 4 areas that we go up and work very hard every morning to do? Well, if I start from the back, so to speak, we work with disciplined M&A, and we will talk a little bit more what that means in this call. But basically, what is important for us is to make sure that we buy companies that is working in the same verticals as us, in the same geos, and that has a okay profitability at least, and is growing. So those are the criteria we have for that. Then we want to extend our reach. We have several different softwares, and those software is, in most cases, in 1 or 2 countries. So we're working actively to try to sell our products in more and more geographic areas. And our main target to enter into with more of our products is UK. And then, of course, we want to win more customers. And what we believe very strongly in that is to increase and enhance our go-to-market activities all the time. And then, we want to make sure to bring more value to our existing customers, so that we can grow with them. And we can see in this report that we managed to grow our revenues from our existing customer base per customer. So basically, every customer pays us a little bit more. Why that's extra positive is because when our customers pays a little bit more to us, normally, since our software is solving their daily life, they are more efficient and they make more money as well. Now, if we look at the quarter per se, it was a good and solid quarter. We had a very profitable quarter in this part. And we also managed to increase our growth. We, of course, want to grow faster than 7.8%, but it was still something that improved both year over year and also from prior quarters. We also managed to do an acquisition that we have informed about before. And there were many great things with Livecost. We will talk a little bit in detail about it. But one thing that we can directly say is it supports our growth in UK. Then we worked very hard on what we call One SmartCraft. One SmartCraft is about the supporting systems internally in SmartCraft, but also the way of working. In the world of AI, it's more important than ever to make the right decisions in the company at the right time. And you do that by making sure that we work in the same way in the different parts of SmartCraft. And then we also announced today that we are again entering into a share buyback program. So basically, we will cover that a little bit more. But that's also something that is important for us to make sure that our owners get good value. As I mentioned, we had a very good, what we call, rule of X. Now you can say, what is X? But basically, we just use that to highlight a combination of growth and adjusted EBITDA CAPEX. And as you can see, this was now the highest one since early 2024. So while we had a little bit tougher environment for many years, and still there are some tough environments in our countries and at our end customers, we have now managed to turn upwards again into this trend. And the 38.6% is something we're proud of. We will, of course, work to improve that even more. As I mentioned, we also, for a period of time, didn't do any M&A. That was not for the lack of trying. We have been in a situation, an environment, where basically the market, the public market which we are in, has one valuation and the private market has another valuation. However, we see that those are merging in together a little bit better. And when we got the super possibility of acquiring Lifecost, which has the main operation in UK, it was a spot-on thing. It has all the things that we want to have in M&A. Great growth, okay margin, and in the right region, doing exactly what we are doing for our customers in the right segment. So 4 out of 4. A very positive acquisition. And then, as I said, a little bit more in detail about One SmartCraft and trying to show you, as a viewer, what this actually means. So one thing is, of course, making sure that we have the right management capabilities, and we have added really good people into SmartCraft. The second one is to make sure that we have operational alignment. And when you look at that, it is about having different support systems that can help us work and act in a efficient way and also make sure that we help and support our great colleagues in SmartCraft in a positive way. And the third thing we're working with One SmartCraft is to always try to find cost reductions in form of efficiency. Can we work in a smarter way? And the great thing for us is that with AI and the setup that we do there, There are lots of possibilities of that. We can, of course, also go back to say that we did some changes in our organization that we prior have informed about when it comes to the enterprise organization. which is going to give us a saving annually of about 15 million SEK. And part of that was already something that also gave us a positive situation in Q3, even if the full effect of this will come from Q1, as prior announced. Then we also talked about the capital allocation. And, of course, this is something that we also been very clear in the prior reports that we want to become even better on. That basically means, of course, that we are trying to, you know, make sure that we can buy our own shares when possible. Now, since we moved the stock exchange, we needed to find a way to do this. And therefore, we have now announced today that we will do synthetic buyback program with the help of DNB Carnegie. And we have, of course, prior also bought shares, and we have a decision from AGM where we are allowed to buy up to 10%. of our shares. And basically, that means that we have about 4.3% left. And that is what we will try to go after now. Of course, in the way that we can do that and according to the rules that we need to follow. Then, if I switch over to internal-external, so to speak, I would say that in the end, what creates value for us as a company is how we can create value for our customers. And in the world that we entered into with AI and AI adoption, it's more and more important to create and control the workflows. And that's something that we have in our solutions, and that is a foundation for our solutions. And therefore, I think that it's important to mention that we have created a lot of new possibilities into this area. And we will continue to do that, including our SmartCraft Core, which basically is a foundation to make sure that we, across our different solutions, can use and reuse innovations that we're doing. And if we look a little bit more direct into the AI traction, I would say that when you talk about AI, you probably have to take it a little bit in different steps. And now I'm not talking about AI as a driver for internal efficiency that I talked about before, but more for our customers. The first thing is to make sure that you enable our customers to use it, to build the workflows in a smart way, to use the data that you have in a smart way. And then you create products that sits on top of this, and then you do commercial proof points. And I have been asked a couple of times, where are we on that journey? And basically step by step, as you can see from these examples, we are going to move this into more and more of our product stack, and we're going to do commercial proof points. possibilities possible from this as well. Now, with the commercial side of AI, you always have to do a little bit of a thinking. Are you giving the customer more value? Are you charging more money from the customer? And those 2 things need to go hand in hand. So before I hand over to Tobias, let me summarize a little bit how I see the quarter. The 44.4 million adjusted EBITDA CAPEX is a really good number. It is, to our knowledge anyway, the best number we ever had in a single quarter since the IPO. And when we talk about the IPO, we're not talking about the switch to the Swedish Stock Exchange, but we're going back to the IPO in 2021 when we went to the Oslo Stock Exchange. Good growth on ARR, of course, also fueled on the fact that we bought LiveCost. But again, a good growth, also organic, compared to what we have shown recently. A great margin, I would say, of an adjusted EBITDA CAPEX, about 30.8%. Good cash flow. And then on the return on equity, there we want to become a little bit better. And that's why we also launched, of course, as part of that, the Share Value Buy program. With that, I will hand over to Tobias and hand over this one. Thank you, Jeremias. So I will start with a little bit our market conditions. So the market conditions are still mixed. So the chart on this slide shows the construction output activity for the main markets that we are operating into. Sweden accounts for 49% of our revenues in Q3, and Norway, 34%. So those markets obviously are— development in the underlying market is very important for our business in the end. And if we start looking at Sweden, you know, there has been a bumpy road in terms of recovery. It is moving in the right directions, but volatile from quarter to quarter. But we're better. The output is higher than it was a year ago. Also important for our business in Sweden is bankruptcies and number of construction companies operating. And in Q3, we can see that there was an increase in bankruptcies by 4% compared to last year. Norway is stabilising at a low level, but plumbing services holds up and newbuilds are still weak. We have growth in Norway of 11%. You know, so part of that is contributed by currencies. UK and Ireland, that represents 10% of our revenue, and they are up 31% in revenue year over year. And that despite, I should say, that the market conditions has been quite challenging in the UK recently with low newbuild activities. Finland has a better underlying development than the other countries, but it's less so in terms of newbuild residentials, which is impacting us to a larger extent. There, our revenue is negative 3% year over year. So, the key points is that the recovery remains uneven, but— and I think there is no— rapid change in underlying market development in the short term. If we move over to our performance and looking specifically down to ARR, So, our ARR increased by €78 million in the quarter, ending at €554 million. €20 million of that was relating to the acquisitions of LiveCost and €20 million currency gains. So, our organic growth was €38 million, or 7.8% organic. And that can be compared to the 6.8% we had in Q2 and the 7.3% we had in Q1. Over the past year, we have added €38 million from new customers to our ARR, whilst existing customers The net retention ratio is 99.9%, so it's basically flat. Underlying that, to say, we have improved churn, you know, so churn is 7.5% compared to 9.6% a year earlier on. So, we had, after downgrades and upselling of about €37 million, the contribution from existing customers was basically flat. And that— the growth in ARR supported also then our revenue growth. Our revenue increased 10.8% to €144 million compared to the last year. The organic growth was 6.8% in Q3 compared to 6% in Q2 and 5.2% in Q1. So, also here, we see an improvement in underlying development over the year. Subscription revenue, which is very important for us since they are long-term, so to say, were the main drivers also here in terms of the growth, with an organic growth of 8% and a total growth of a little bit more than 12%. Recurring revenue now accounts for 97% of our total revenue, so up from 96.9% a year earlier on. Looking at our cost base, so our cost operating expenses was 108 million for the quarter. A growth of 4.2%. That included 2 million in cost relating to acquisitions of Livecost. So net of that, it was 106 million. Or up 2.2% compared to last year. Employee costs, which represents 57 million of our costs, were up 5 million or 9.9%. That's a combination of salary increases, currency impact and also the addition of Livecost. Depreciations and amortisations were 90 million, so down 2 million from a year earlier. And that supported— that made also that our cost base, excluding depreciation adjustments, were at 87.5 million for the quarter. So an increase of 4.6%. So increasing costs with 4.6%, but the revenue was 10.8% up. So that is, you know, of course, a good trend. And that also can be seen, so to say, in our margins. Our adjusted EBITDA thereby ended up on 56.5 million. Supported by up 14 million from last year. If we're looking at the adjusted EBITDA minus CapEx, that was 44.4%, which then is a 21% growth year over year. Adjusted CapEx was— or CapEx total was 12 million. So we invested more in development spending than last year. And it now accounts for a little bit more than 8%. Of the revenues compared to 7% last year. If we look a little bit on how this— how the performance from the different business areas, on the top chart, you can see the revenues for the different business areas and the organic growth. And in the lower graphs, you can see the adjusted EBITDA and the margin development for them. So I think the most important thing is that we have margins improved year over year from, from in all of our 4 business areas, which of course shows that it's a strong performance for all of them compared to last year. SMEC remained our largest business area, both in terms of revenue and earnings. Our revenue increased 8.9% compared to last year, and we had a— and also the margin improved. For HVAC, we have more modest growth and on par basically with organic growth with revenues as last year. Whilst we're having an improvement in— on the margin due to cost controls. Electro have had weaker development in terms of growth in revenues and also now down compared to last year, but maintained the profitability and thereby improve their margins. The biggest uplift in terms of both growth and profitability we can see is within Enterprise. And, you know, revenues are up almost 10%, and we have margins of almost 25%. And also in Enterprise, as we announced earlier, Bård, we have done the restructuring programme where we will see benefits from next year. Cash flow. So, we have had operating cash flow rose by— it's been more than 30% to €40 million compared to €35 million last year. And before changes in working capital, it grew even more, so to €51 million. We had a working capital impact, negative impact, of almost €12 million. Lower deferred revenues and payables was the reason for that. Yeah, and when we also had, also for cash outflow, the like-cost acquisitions that impacted overall cash flow situation for the year. The return on equity for the last 12 months— this is on a rolling 12-month basis— was 10.1%. That's up from 8.9% that we had in Q2, but it's still lower than last year. The improvement compared to Q2 is because of the improving result. We also had improved on the bottom line result, a net profit of €33 million compared to €22 million last year. So the LTM profit is €94 million compared to €99 million. So, but we have a positive development this quarter. And with the equity increasing because of the profit that we're generating in the business. So, as mentioned, this is when it comes to return on equity short-term. So, it's not— It will be driven by profit improvements. Equity changes in terms of the shareback programme will have an effect from after the AGM next year. And looking to then how we have allocated the capital throughout the year. So we started the year with a cash balance of €132 million and ended now by September with a cash balance of €96 million. So, we have generated cash flow, operating cash flow, from— with €145 million. And we have spent or invested 36% of that in product development, 67% in M&A, and 79% in buybacks during Q1. This year. And this follows, say, basically our allocation priorities. We want to continue to scale our— and invest in product development, in order to extend both our product capabilities and market availabilities. And, you know, with M&A, we're focusing on adding strategic capabilities, as we mentioned, with Lifecross, it's a good example for that. And, you know, where we don't have cash— where we have cash surplus after those investments, then we return it to shareholders by buybacks. With that, I'm handing over back to you, Jeremias. Thank you, Tobias, for going through this. So, I'll try to summarize up before we get the questions, hopefully, from all of you. Or maybe we've been clear enough, so there are no questions. We will see. So, basically, we have now talked about Q3, of course, and the performance there. And as I said, we feel that this is a solid quarter. That we've gone through. If we would look at our focus for Q4 also, and also a little bit longer on the midterm, then I would say that we are very focused, as I said, on making sure that we continue with improving our margins step by step. But most focus is, of course, on continued growth and make sure that the positive trends that we now have seen continues. And then we want to make sure that we continue the journey with One SmartCraft. And as I mentioned before, we are making sure that we are implementing common system setup. We went live with our ERP 1st of October, and during Q4, we're going to go live for the whole group. with also the CRM, billing, and different other systems internally. this in a very good way. Actually, I'm going myself to Ireland last week again to meet the fantastic team there. And then if we look a little bit more midterm, And this is not because that we just love systems per se, but we want to do that to make sure that we can continue our efficiency journey. And to do that, you need always to prepare and think about how to do that. So now we are, of course, currently working with the budget for next year. And we're really thinking through how can we work even more efficient in our daily works. And then since we did the acquisition of Livecost, we basically are focusing a lot with biweekly meetings with that local team to make sure that all the ideas that we had when we bought Livecost are realized and that we handle Our idea about what we want to achieve and where we want to go organic growth-wise stands, and we're going to bolt on, as we said, M&A when we get the possibility to do that. And continue this journey with this, small steps forward. As a person like me from Småland always says, is the way forward for us. So with this, thank you so much for listening so far, and we're looking forward to get some questions now. Well, thank you for that, Jeremias. Thank you for that, Tobias. And we have a whole battery of questions here, and I will try to bundle them together as good as I can. But if we start with churn, and I will go through a couple of churn questions here, but churn down over the past 12 months looks like a trend to my untrained eyes. Would you agree? Yes, it has been a trend, although, as I stated before as well in these calls, it's always something you have to work on, so it doesn't come for free. And I've also said that it's normally 2 parts. One is, of course, market improvements. And we have had a little bit of improvements in Sweden, even if the bankruptcies now in Q4 actually went up a little bit. And the second thing is that we work a lot with how we re-win customers and make sure that we give our customers the services they need. And hanging on to churn and looking at customers, which segments and products are driving new customers? And how do you see customer growth developing into 2022? What kind of lead time do you have making those predictions? Well, of course, a big portion of our new customers are in the SME space, which stands for about 75% of our total turnover. So, of course, when you talk about that, then it is weeks that you can, that you can make ideas about. So basically, when you look at that part, you can't exactly say what's going to happen in 2, 3 years from now. And then where are we gaining new customers? I would say it is crossover the different ones. But of course, if we look at the different parts of the companies where we are growing most, they are also growing most in customers. I'll round off the churn question here. What's driving churn today? And basically, it's a statement here. Is it customers going out of business? Or downgrading? And where do you think the churn can settle? Or in another way, where would you be happy with the churn rate? extremely strong number, I would say. And after several quarters of weak and even negative growth, Enterprise grew organic ARR, annual recurring revenue, Okay. Yeah. So I think when it comes to churn, first and foremost, churn is not downgrade. So when we talk about churn, it is customers leaving us. So that percent number is only customers leaving us. And bankruptcy is a big part of that. I have prior said that it's about 50/50. So 50% is bankruptcies, 50% is for other reasons. So that's more or less. And then, where are we happy with churn? Well, I'm never happy with churn. That's the first thing. But what you can say historically is that SmartCraft, at its best, days when it comes to churn has been down to 6%. So 6% is something we can— given the fact that we have many customers that is very small, from 1 to 20 coworkers, 6% is a by 14% this quarter. How sustainable is this? Well, of course, we have changed the setup of Enterprise, and we have done some restructuring, as we also said, in, for example, Finland. to try to make sure that we push forward. So I would say that our plan is, of course, to try to continue with this type of growth, even if, again, it's very hard to predict the future always. And I'll throw in a question to you here, Tobias. Cash conversion. What percentage of adjusted EBITDA converts to operating cash flow? Well, we have a— looking at— we mainly measure from adjusted EBITDA minus CapEx, and we are around 90% on that in Q3. So it's slightly lower than compared to last year. However, it's still a very high percentage. You know, I think that's one of the strongholds that we have in our business, that we have prepayments in the form of deferred revenue supporting our cash generation. So, yeah. And if you could remind us how much of this year's price increase is already in the ARR and how much will come through at renewals in Q4 and Q1? And into 2027, if it's forward-looking? How much can you— Well, what I normally say is that, of course, most of our contracts is in Q1. And then it's pretty even, even if October and November are good months on that as well. But we haven't disclosed exact numbers for the different quarters. And being in the sector where you are and looking at yesterday's rate hike in Sweden, How do you think that will affect your customers? And do you have any history where you can say, yes, this is based on the historical facts? How much can you answer on this one? Well, I would say that normally, of course, interest rate is important for our customers. Although I think that they probably expected this as well, but of course, it's not a positive driver normally, let's put it like that. We can't say exactly how it's affected historically, so I can't comment on that directly in detail more than to say that interest rate is something that our customers are aware of. our SME construction business, the main market there is Sweden, you know, where you can see they're having good development in both top line and in margins. If we're taking HVAC, it's mainly focusing on Norway, and there we can say that, yeah, they have more modest growth, but the margins remain on very healthy levels. And then when it comes to UK, that is a big market for enterprise. And as we can see also there, we're having improvement top line as well as margins. Always worried about. And if I turn to you then, Tobias, are there significant differences in profitability and margins between geographical regions? You had a pretty good run-through on all the different areas there, but if you can be a little bit more granular there. Okay. Now, yes, I— if we— the different business areas are focusing on different— have their main markets. So if we're looking at And just if we look at the geographical areas, the main area of your cost base is still Sweden. Yes. And that's due to— Our main business, almost half of our business, is in Sweden. So a lot of income is from there as well, I take it? Yeah. Live costs ARR grew around 60% year on year. At acquisition. What growth do you expect going forward? And what is margin profile compared to the group's adjusted EBITDA CapEx margin? A lot of questions in one question there, but— No worries. So first and foremost, when we acquired Livecost, we also went out with the margin, of course, that they had at that time, and that's around 15%. Which is, of course, a little bit lower than what SmartCraft is in total. We are going step by step to increase that, of course. When it comes to the growth, we have not put into our assumptions that they will continue to grow exactly 60%. But that they will outgrow the rest of the group is for sure something that we're planning for. And coming to acquisitions and M&A here, you said it's not for lack of trying. it should fit in into our portfolio, so to speak, to our solutions and to our end customers. So could you just give us a feel for, are there many acquisition targets out there, if I turn to you, Tobias? There are, obviously, acquisition targets. And the fact that we were able to— or that we acquired Livecost shows that there are possibilities and so forth. And that is what we are looking to actively in making sure. My impression is that, you know, the gap in terms of valuations and so forth, you know, has narrowed. Compared to maybe a year or 2 years ago, so to say, on expectations of the seller and the buyer and so forth. So I think there's an improving activity in this field in general. But you stick to your gun when it comes to being disciplined in M&A, as you had on the slide here. Yes. So, so we could expect the same, let's say, metrics that you have for Livecost. Is that way? Because you mentioned your mass growth, immediate growth, and so on and so forth. Could you elaborate a little bit of the key metrics? Sure. So I think we're very focused that That's number one, we look at that. Then number two, of course, we look that it is interesting technology. If those 2 sort of are covered, then we look into the growth. We want to have something that is growing, and at the same time, we want to have a base of profitability as well in general. There could be exceptions, of course, given the right thing, but that is the things. And then we look into geography. We are a company today in Northern Europe, and of course, that's where we're looking mostly into new targets. And I have a question here regarding investments in the company here. With Valeo's investment approach in 10 years, the fund is nearing the end of its term. Obviously, perhaps it's not for you to comment, but if you could, I think the viewer here would be happy. Anyway, how are you addressing the potential share overhang? And are there any discussions here? What can you reveal to us? Well, again, every individual owner has their own agenda, and that's up for them to answer, of course, and not for me. I think that if anyone wants to know what Valeo or any other owner wants to do, they should ask them. And going in a bit of technical pieces here, and feel free to answer any one of you here, but you move billing, customer support, and business intelligence onto one ERP system. ERP, Enterprise Resource Planning, as I understand it, from 1st of October. What are the main benefits? Is there a financial effect we should model? So there are 2 benefits, of course. Short-term, it is that we get the same data and information for all the different parts of our company. And then over time, of course, we see and that's what we already partly have been driving, that we get more efficient internally as well. And we have also a technical question here, I gather. Are more vocational schools using your software, and have you seen this lead to new customers and students? enter the workforce. I like— well, I like all the questions, but this one in particular. What keeps you up at night? We are, of course, for some of our products, having collaboration with different schools so that already through training, for example, electricians can use our software. I wouldn't say that it has increased, but it's still stable and still something that is very important for us. And I have a viewer question here that I What keeps me up at night is the sound of my son playing VR. All right. But I guess it was about SmartCraft. Yes, I take it. So I think that, of course, what we want to do is to increase the growth even more, and that is what we're thinking about and planning for. So if I'm ever up at night for the job, business areas for us. So there are several different solutions. Then we're also competing with that the customer has no system at all and they're basically only using their mobile phone. And of course, that is a very positive customer to sell to. So I would say it's a combination. All right. Well, so with that, Tobias and Jeremias, very educational. And looking at all the questions, that is what I'm focusing on. How can we grow faster? And just to round off here, one question here is, who do you compete with? Do you compete with legacy EI that your customer says, I don't need this, or are there any other, let's say, vendors that could offer what you can do? Yeah, of course we have competitors, and the competitors are a little bit different in different here. I'm sure there are more questions, and if anyone has more questions, where should they turn to? Well, then they can turn to me or Tobias, of course. And you're easily found on the website, I take it? For sure. Gentlemen, an absolute pleasure. So thank you. And we say thank you och tack ska ni ha alla ni som ställde frågor. Och som sagt var, har ni inte fått svar på dem hänvisar vi till bolaget. Tack.