Welcome to Tången Q3 earnings call 2026. For the first part of the conference call, the 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 the speakers, CEO Nina Bergman and CFO Per Andersson. Please go ahead. Thank you, and a warm welcome to our presentation of Tången's report for the third quarter 2026. I'm Nina Bergman, I'm the CEO of Tången, and with me today I have Per Andersson, our CFO. After the presentation, we will leave room for questions. Kicking off with the headlines from the quarter. We are really proud of the strong financial performance across the businesses. The expansion in profitability, it's a combination of acquired companies with strong performance and in combination with organic growth, both top line and profitability. The organic growth is somewhat better than expected. It's due to underlying demands and deliveries in the quarter. We have executed two acquisitions in the quarter and additional one last week, so after the reporting period. Overall then we are delivering on our M&A agenda, and in total, we have now done six acquisitions throughout the year. We continue to convert profit to cash to a great extent, and that in combination with increase in profitability, we expand the return on capital and as one of our financial measures. Looking overall on the markets, we see good order intake and a push from markets such as emission control, energy and infrastructure. Talking about the markets, we want to give you an overview of the markets our companies are exposed to. Our strategy is to make sure that the businesses is acting in diversified markets, supported by underlying growth and a variety of customers spending offers and taking into account seasonalities, et cetera. As you can see, the markets we act in is quite diversified, and it's key to understand the dependencies in further acquisitions. Moving along, it's also very important for us to have a combination of offerings in our businesses. It's such as own products, services and maintenance, and a combination of system and distribution, as well as a combination of public and private customers, as the different offerings and customers have different characteristics, margins and cash flow. By this strategy of markets, offerings and customers, we make sure that we are stable and we reduce risk for downturns. We can see that this setup works, shown in the 2026 results. This is the basis to reach our financial targets, where acquisition is done, taking this into consideration as well as valuations, its clear position in the markets and also, it's key to have the right management in place. We then make sure that we continuously develop the companies. We focus on profitable organic growth in combination with ensuring cost levels, products and service mix, to ensure cash flow, et cetera. All in all, this together ensures that the cash flow is generated to fund further growth and growth of return on capital in the long run. For example, we have funded the acquisitions in 2026 all in cash from operation. I think that's really proud of that and it's a strong going forward. With this way of working, we will ensure to grow the businesses and create the cash flow to invest in the next acquisitions. Then moving into the quarter, Per. Thank you, Nina, and good morning, everyone. The third quarter was very strong across all our financial metrics. Net sales increased by 69% to SEK 597 million, compared with SEK 354 million in the same quarter last year. Adjusted EBITDA increased by 93% to SEK 83 million. This means that earnings grew faster than sales and the adjusted EBITDA margin consequently improved from 12.1% - 13.9% in the quarter, which we are very proud of. Operating cash flow amounted to SEK 70 million in the quarter, corresponding to a cash conversion of 86%. Our financial position continues to be very strong. We are in a net cash position also in the third quarter, although we have conducted two acquisitions that were paid in cash in this quarter. Overall, the quarter combines high growth, margin expansion, strong cash flow, and a very solid balance sheet. To illustrate the current earnings capacity of the group and our performance in more of a historical perspective, these slides show the development on an acquisition-adjusted basis, and that means we take in the full year effect of the acquisitions we have made so far during the 12-month period. Reported net sales for the last 12-month period was SEK 2.3 billion, which is up from SEK 1.6 billion by the end of 2025. If you include the acquired businesses we have acquired during the last 12-month period, we had a total sales of SEK 2.6 billion. The corresponding adjusted EBITDA was SEK 396 million, implying a margin of 15%. To summarize, our strong growth trend continues, and we also see that the acquisitions we have made so far this year will continue to contribute to the growth in the coming quarters as well. Looking at the growth bridge for this quarter, sales increased from SEK 354 million -SEK 597 million. Of that growth, acquisitions added SEK 166 million or 47%, and the organic growth was SEK 70 million or 20%, while the currency impact was SEK 7 million or 2%. On the earnings side, adjusted EBITDA increased from SEK 43 million -SEK 83 million, where the acquired growth amounted to SEK 33 million and the organic growth contributed SEK 8 million or 18%, while the currency effect were neutral. The adjusted organic EBITDA growth was therefore 18%, compared with the organic sales growth of 20%. In the third quarter, we saw organic growth in basically all business areas, coming from very strong demand in several of our company's markets. If you compare to Q2, we had one company, Göfast, that had a particular impact on organic growth. But in Q3, the growth was actually spread over all business areas, which also explain why we now have a higher EBITDA growth. Also to mention, the EBITDA figure was adjusted for 2 million in IPO-related expenses in this quarter. For the first nine months, net sales increased by 61%, from SEK 1.1 billion- SEK 1.8 billion. Of that, acquisitions contributed SEK 591 million or 44%, while the organic growth was SEK 195 million or 17% with limited currency effects. Adjusted EBITDA increased to SEK 254 million, of that increase, SEK 110 million came from acquired growth and SEK 27 million from organic growth. That corresponds to an adjusted organic EBITDA growth of 23%. As we are now nine months into 2026, we can conclude that we have had a very strong year with solid growth in both sales and margins. In total for 2026, EBITDA has been adjusted for SEK 19 million in IPO-related expenses and also SEK 34 million gained from the sale of a minority interest in Svensk Fordonsladdning in the first quarter. Looking at the financial performance in a longer-term perspective, we have established a new level since the first quarter of this year. Although individual quarters can be affected by seasonality, business mix, and project deliveries, I believe the trend is very clear. The adjusted EBITDA margin has increased from 8.7% in the third quarter of 2023 to 13.9% in this quarter. Compared to a very strong second quarter 2026, EBITDA now in Q3 was slightly lower at SEK 83 million compared to SEK 88 million. But considering that July is a holiday period in the Nordics, I believe Q3 was very strong also in that perspective. Looking at cash flow and cash conversion, we had a strong cash flow both in the quarter and also for the first nine months of this year. Operating cash flow amounted to SEK 70 million, and that is after working capital changes and capital expenditures corresponded to a cash conversion of 86% in relation to EBITDA. For the first nine months, operating cash flow was SEK 244 million, and the cash conversion was 91%. In this quarter, working capital had a negative effect of SEK 15 million, which is mainly linked to the strong sales we had, in particular within the Regulatory Expertise business area. CapEx was very limited, with SEK 3 million in the quarter and SEK 8 million year to date, which actually confirms that we have a very asset-light business model. During the first nine months, we completed in total five acquisitions for which we paid a consideration of SEK 253 million. The operating cash flow generated during this period was equivalent to 96% of that amount. As Nina mentioned before, this really illustrates the strength in our model that we have a business that generates cash, and that cash can be reinvested to generate further profitable growth. Looking into our balance sheet, it is very strong. At the end of the quarter, we had reported net debt of SEK 80 million, and that is when lease liabilities, earn-outs, and also put and call options, liabilities related to those are included. If we exclude the lease liabilities related to premises, our financial net debt was negative SEK 26 million. This means that the group had a net cash position, based on the definition that we use in our leverage target. The return on capital employed was 19%, compared with 15.9% at the same period last year. This is above our medium-term target of 18% and really reflects the strong underlying performance with improving EBITDA and growing cash flows that we have seen in this quarter and also throughout the last nine months. With that, I leave over to Nina to guide you through our recent acquisitions. We are continuing to deliver on the M&A agenda. In the third quarter, we have executed on two acquisitions, both in the business area Services. First, Select Telecom provides businesses within communication and technology solutions and offering a broad range of communication services. Indikator is one of Sweden's leading research and insight companies, providing expertise in research design, data collection, statistics, and analysis, and also opinion polls and other research assignments. Its clients are both in the public and in the private sector. The acquisitions in the BA Services broaden the service offering to business services and showing a strong market position, its high profitability, and a strong cash conversion. After the reporting period, we have completed additional acquisitions through Compab and Hult Teknik, and it belongs in the Industrial Technology business area. Compab is a leading provider of complete combustion and boiler systems tailored to customer needs and customers primarily within power and district heating. It is process industries, food industry, and hospitals. Compab partners with several of Europe's leading manufacturers and its broad expertise across the technologies and the fuel types. These acquisitions make the total of six acquisitions in 2026, and we are delivering according to our plan and M&A goals. Going forward, we believe we will continue to aim for four to six acquisitions yearly. We have a solid M&A pipeline for acquisitions in the coming quarters. A bit about the business areas, Per? Starting with Regulatory Expertise, we saw net sales increasing by 56% to SEK 254 million in the third quarter, and the EBITDA margin improved to 19.6%. Compared to last year, we have added three companies to this business area, and that obviously contributed to the growth. In addition to that, the development was supported by good organic sales and earnings growth, particularly within Malux and STT Emtec which had quite a good impact on the EBITDA margin improvement from 17% - 19.6%. Compared to the second quarter this year, we saw very good development in basically all companies in this business area. We also see continued good underlying demand, in particular from the energy sectors, emission control systems, and also for products within critical communications. In Service Solutions, net sales increased by 61% to SEK 223 million in the quarter, and the EBITDA increased by 66% to SEK 26 million, and the margin improved slightly from 11.1%- 11.5%. The overall development was positive across the business area. Göfast and Elfcon were the main drivers of the organic growth, and NT Smidesteknik, which was acquired in the second quarter, made quite a positive contribution as well, and we are very happy to see that they developed according to plan. Göfast has developed very well during the last year, and they continue to perform strongly in the third quarter and also secured a new seven-year contract with Göteborg Energi starting next year. Despite the high sales growth in Service Solutions, we are also very pleased that we now operate on EBITDA margins above 10%, both in the quarter and year to date, which is a very positive improvement from previous years. In Industrial Technology, net sales more than doubled to SEK 119 million in this quarter compared to SEK 52 million last year, and EBITDA increased from SEK 4 million -SEK 15 million, with a margin improvement from 7%- 12%. This growth is mainly driven by acquisitions of Westcomp and Swemko, which was completed at the end of 2025. Both these companies grew very well organically during the quarter, but Swemko in particular is benefiting from the high demand related to infrastructure maintenance. In the fourth quarter, we are adding Compab to this business area, and for the fourth quarter this year, it is also worth mentioning that the sales of paint and road maintenance equipment is normally lower as we now enter the winter season, and we normally see some seasonality impact on sales in this business area. Turning to our financial targets, return on capital employed was 19.0%, which is above our target of 18%. The EBITDA growth on a rolling 12-month period was 103%, which is clearly above our target of average annual growth of 20%. The reported EBITDA margin adjusted was 13.9%, which is just below the target of 14%. Leverage was negative at the end of the quarter, and we had a net cash position. Our present capital structure therefore provides significant headrooms for continued acquisitions. Looking ahead, we continue to see positive momentum in several markets, and several companies have really strong order books. The six acquisitions completed so far this year, including the one we did after the end of Q3, will also contribute positively to the growth in the coming quarters. At the same time, the fourth quarter last year included some highly profitable project sales. We will therefore face challenging organic comparables in the fourth quarter of 2026, although we believe that the total sales and margins will be in line with this quarter. With that, I leave to Nina to summarize the quarter before we go over to questions. To conclude on the quarter, first of all, super proud. Really proud of the performance of our companies. Strong quarter pushed by organic sales and profit growth. We are delivering on the M&A plan with 2.1 acquisitions. High cash conversion, combination with increased profit, continue to leverage on the return on capital, and a strong balance sheet with a net cash position is key to deliver on the further M&A. The M&A pipeline to continue to deliver on plan. The strategy lies firm, and we are geared to further grow the business through all the business areas. Thank you all for listening. We now open up for questions. 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 Anton Ingves from Nordea. Please go ahead. Hi, and good morning, Nina and Per. Congrats on another very strong quarter here. If we start off on the organic growth here, obviously very strong. You mentioned improving underlying momentum here in Q3 compared to Q2, but you also mentioned that especially Malux and Göfast being key drivers here in the quarter. Can you elaborate a bit more on these two, perhaps how much they impacted the organic growth here in the quarter? Yes. Looking at this quarter, in total, we grew EBITDA SEK 8 million organically and sales SEK 70 million, and a large part of that comes from, as you say, Göfast and Malux which are our largest companies. I would say the majority come from those companies. But we also see that several other companies, in particular on the profitability side, are improving. We also can mention that STT Emtec, Elfcon, for instance, also performed well. I think the change here from last quarter is that now we see Regulatory Expertise also contributing more to the growth. That is shown in the better improvement of EBITDA since we have higher margins in that area. Yep, okay. That is very clear. Thanks. On the outlook into Q4, you mentioned here towards the end that you will face tougher comparables, especially in some units that delivered very profitable projects last year. Underlying, it seems like we still look for solid momentum for the group as a whole. Yeah. That is our review. Last year, Malux had one very profitable delivery in that particular quarter. Organically, the numbers are more challenging. On a total, we see that there is good momentum. We have good order books in our companies. I think not only looking at the organic growth, we also see quite good growth in the companies we have acquired. So we believe sales and margins will be in line with this quarter, also next quarter. Okay. That is very clear. One final here for nowadays from me. You are now looking on an acquisition adjusted basis on a rolling 12 months. You are at 15.5% adjusted EBITDA now. Looking into 2027, do you believe this is a sustainable level? Well, I think we had 13.9% now in this quarter, so we are around 14%. When we do acquisitions, we have no outspoken strategy to acquire companies that expands our margin. We also look to make acquisitions that may be on a lower side of our targets. So I wouldn't say we will go to 15%. I think we are quite happy where we are right now, but obviously, as to say and what we see in the acquisition adjusted numbers, we will probably over time have an improvement as well. That is also depending on the margin of the companies we are acquiring. Yep. That is fair. Just looking at, given that on an acquisition there, that is the basis you are at 15.5%. Maybe we should not extrapolate that into the full year 2027 then, as a full year margin. No, I would not do that. I would rather look at where we are right now and build from that. Yep. Okay. That is very clear. I get back in queue here. Thanks a lot for the answers. Thank you. The next question comes from Carl Korsheden from DNB Carnegie. Please go ahead. Yes. Good day, Nina and Per, and congratulations on the strong figures. A couple of follow-ups here from me, if I may. Starting just there on your comments on, I guess, expectations going in here to Q4. You expect something similar it seems in Q4 as in Q3 on both the sales and earnings. In earnings, I was just curious to hear a little bit more reasoning around that. Especially given that you have acquired quite a lot of companies here recently that should contribute more meaningfully to Q4 than Q3. So it sounds maybe a little bit pessimistic from my point of view, even though we have, I guess, you mentioned the tougher comps in Malux and so on. But just a little bit more color or clarification on that would be helpful. Yeah. No, but I wouldn't say we are pessimistic, but we see that we now had a very strong Q3. Which is normal for our businesses, that sometimes some sales can be on either one or the other quarter. I think you're right. We have added some companies. We have. On the other hand, some of the companies we have added, like Swemko, for instance, and we know that their sales in Q4 is lower due to some seasonality. So I think we are quite confident in the numbers, but obviously there might be big changes. Do you have anything to add, Nina? I think the combination of the seasonalities in some of the businesses and combination of the strong Malux performance last fourth quarter. But with the additional company that compensates. But we are, I don't know, a bit prudent for the quarter. But we think that's reasonable to stay on the same levels as this. Yeah, I get it. That's fair. Because I guess also when you talk about seeing similar margins also in Q4 as Q3. Just to be clear there, you refer them to, I guess, adjusted EBITDA margins, or is that some other line or profitability headline you're referring to? No, it's adjusted EBITDA margin. All right. Got it. Thanks. Also encouraging to hear about the seven-year contract win there in Göfast. Would it be possible to put any numbers to that? Also maybe if that starts already in the beginning of 2027, so I guess early Q1 or if it's at some later stage throughout the year. Yeah. It's supposed to start at the beginning of the year, in January. But since it's normally a shift from one supplier to another, you don't get 100% of the job immediately. So you normally see a build up throughout the year. About the size of that contract, it is of significant size, but on the other hand, Göfast has now grown to a quite large company. So it will provide some good growth, but not to be very significant, I would say. So I think we can expect a couple of percent in organic growth next year from Göfast coming from this contract. But not the levels we've seen this year. Thanks. Very clear. Carl, let me also add to that. When we talk about Göfast and the Service Solutions business area, we are focusing on profitability before growth. When we develop that business area, one focus is margin. That also goes with the Göfast. We don't have any particular desire only to grow top line in that business area. Yep. Super. That's clear. As for this quarter, Q3, you mentioned on page five there in the report that you had certain, I guess, major deliveries helping you a little bit this quarter. Could you care to elaborate a little bit on which companies this refer to, and also if there are additional deliveries from these projects also going into Q4? Yeah, I can comment on that. So it's, for example, in Malux, it's both emergency lighting and infrastructure, and it's also project for the subsea sector towards energy. So that is supporting the growth in this quarter. We also in STT Emtec, it's emission control impacted by data centers, for example, and also Elfcon and other companies. But I think the Malux is a strong contribution. Yep. Super. Most of those sort of larger deliveries took place during Q3, would you say, or is there any spill-over also into Q4 by any chance? In Malux, it can come in one quarter or the other, but we don't see that strong deliveries in the next quarter. That, of course, can come. We see a high demand in the subsea, for example, for the next year. The STT and emission control and Elfcon continue to develop very stable throughout the quarters. Super. That's clear. Just finally from my side, you already touched upon this a little bit, but just on M&A pace and M&A activity, obviously done quite a lot this year already, and you said the pipeline for 2027 looks solid. Near term, is there anything more to be expected here during just the final quarter of the year or early 2027? Yeah, just to get some sense of the near term M&A opportunity. Yep. We have an M&A pipeline that we expect to be an acquisition or some acquisitions in the last quarter or in the early 2027. We are in due diligence phases of a couple of projects. Yes. Super. That's all from me. I'll get back in line. Thank you. We also have one written question here. It's from Aldo Scheffers at Kronberg Capital. Could you help me understand how the acquisitions of Select Telecom and Indikator fit into your current portfolio? Yes, I can respond to that. We had a strategy to broaden the service area to move into business services as well. Both companies have a strong market position and are niche companies and a strong leadership with high potential to further expand and grow the businesses. It's high profitability and a strong cash conversion. The aim to broaden and have more exposure to different markets, that's in the strategy for us. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions or closing comments. Okay. I do not see any additional questions. With that, thank you all for listening in. The next report, the year-end report, will be published on February 5th. I hope to see you then and thank you all for listening in.