Good afternoon, everyone. Welcome to the summary call we do each quarter just before we enter our silent period. The purpose of this call is to make sure you are all aware of what we have communicated throughout the quarter, especially trends we see in our organic sales. For those of you that have called in before, you know the premise. In this call, I will not give out any news or figures that we have not previously communicated at conferences, seminars, and other events throughout the period. It's more of a summary of the messages we have given out. As the quarter ends later this very day, you should also be aware that I'm not privy to the full quarter developments. While I have seen the performance in April and May, the June numbers will not be available for another week. Obviously, I can't go into the fine details in all our sub-segments, so I will, as per usual, paint with broader strokes and save the details for when we report our results on the 16th of July. I will start as I always start this call, and that is our guidance for Q2 in our Q1 report. In April, in connection with our Q1 report, we said that we expected demand trends for our products and solutions to sequentially improve somewhat in Q2. As a reminder, the group organic growth in Q1 was +4%. This guidance still stands. That is, we expect our group organic sales development to be somewhat better than the 4% year-on-year. We also have, as many of you have noted, slightly easier comps in Q2 compared to the comps we had in Q1. As we have communicated, demand was fairly consistent throughout the quarter, and we do not see any particular pre-buying impacting our organic development of this somewhat improved demand. Having said that, I will move on to the business areas, and we will start with Trelleborg Industrial Solutions. I'll give you the opportunity to ask questions after each and every one of these three business areas, and you can just raise your hand. I will not be able to dwell much more into details, though. In Industrials, we've seen somewhat of a mixed bag in the quarter. Some segments have continued to be slightly subdued, such as manufacturing automation and, for instance, renewable energy. On the other hand, segments such as construction equipment and food and beverage are seeing organic growth. We have also said that automotive, perhaps a bit surprisingly, is improving somewhat. The project business in Trelleborg Industrial Solutions, which is about 1/3 of sales, sees good order intake, albeit some deliveries have been pushed to the second half of 2026, which we have communicated repeatedly. Thus we expect this will lead to stronger second half of 2026 for Trelleborg Industrial Solutions. In summary, for this business area, we expect some organic growth in Q2 and perhaps slightly better than we saw in Q1, as well as what I just mentioned about improvements in the second half of the year. In terms of profitability margins in Q2, my best assessment is that we will not see any major changes from the margin we achieved in Q1. I should also note that we closed one acquisition in Trelleborg Industrial Solutions early this month, namely the Italian company Gomet. Gomet specializes in protective polymer components for critical automotive systems, and it has annual sales of some SEK 270 million. Any questions so far on Industrial Solutions? If you do, please raise your hand. Yes, Alex. Thanks. Just to clarify on the stronger H2 than H1, that's an organic sales growth comment rather than absolute levels of profitability? Yes. It's organic growth. We have said throughout the quarter, and also in January or February, that some of the projects we had expected to deliver in the first half of the year has been pushed into the second half of the year. That is just a repeat of what we have communicated several times before. Thanks. Thank you. Agnieszka? Just on the profitability in Trelleborg Industrial Solutions, I think that when you reported Q1, you talked about unfavorable mix and some dilution from acquisitions. Is that still the reason why the margins aren't picking up now sequentially in Q2? No. I cannot be totally certain of where the margin will be in Q2, and that is something for us to present on the 16th of July, but my assessment is that there will be no major changes. That's all I can say about that. Thank you. Yeah. Thanks. Ope? Ope. Hey. Hi, Christofer. Hey. Just wanted to clarify on the LNG sales, the expectations that you still expect them to come in 2026, but very weighted to H2, maybe some in Q2. It's not just LNG, it's big projects in infrastructure as well. When we're talking about immersed tunnels and so forth. Our customers are a little bit backed up in their own factories, which is why they cannot accommodate when we deliver our very large products and solutions. If we take a seal for an immersed tunnel that's 40 m wide and weighs 5 tons, so they need to filter through that in their own production before they take more deliveries from us. We expect that to be delivered in the second half of the year, some of that. That means the good order intake we see in Industrial Solutions will materialize into sales more so in the second half of the year than in the first half of the year. Thanks. Okay, great. I'll move on then to Medical Solutions, which is our smallest business area, representing about 10% of our group sales. The starting point here is the 5% organic growth we saw in Q1. In this business area, we focus on relatively smaller number of customers. By that I mean we are focusing on about 70 of the largest med tech companies in the world. In the other two business area, we have thousands of customers. In this small business area, we have a smaller number of customers, which is why it can be a little bit jumpy in between quarters. Don't read too much into an organic sales number in one quarter because it can be a little bit jumpy between the quarters. It's more the annual sales that matters here. What we've seen in Q2 so far is that Medical Device Solutions is still growing nicely in both Europe and also now in Americas, but this is partly offset by more subdued organic development in Asia and also in life science. Again, we can give you a little bit more details when we report on this on the 16th of July. My best assessment is that Medical Solutions will grow at a somewhat lower rate compared to the good 5% organic development we saw in the first quarter. In terms of profitability, we believe that the EBITA margin will more or less be similar to the margin we saw in Q1 also. That's our expectations and what we have communicated. Any questions on Medical Solutions? That's clear then. I'll move on to Sealing Solutions. In Sealing Solutions, we have seen similar market trends in Q2 as we experienced in Q1, when we had a strong 6% organic development. For instance, we see good organic growth for the industrial segment, that is driven partly by good development in off-the-road construction equipment in Europe and also semiconductor segments in Asia. Very good growth there. We also note a good development for the automotive segment, which is an improvement compared with the first quarter. Finally, which we almost say every quarter nowadays, in recent years, we see strong organic growth for the aerospace segments worldwide. All in all, we believe there will be an organic sales improvement in Sealing Solutions compared with the solid 6% we saw in Q1. As a result of slightly better volumes in Q2 versus Q1, we also expect the margin to improve somewhat compared with the Q1 number. Any questions on Sealing Solutions? Yes, Agnieszka? You're muted, Agnieszka. You're muted. Yeah, now? Yes. Yep. Yeah. Maybe not entirely about Sealing, but overall, we have seen some industrial companies referring recently to higher input and freight costs. Could you please remind us about your exposure when it comes to raw mats and freight? Also, Christofer, if you see any cost pressure right now, do you think you will be able to compensate through price increases? Yes. The importance of raw mats for Trelleborg has diminished greatly since we divested Wheel Systems. We often say that raw materials is something that we basically pass on to our customers, and we can do that quite swiftly also. Yes, it's not an issue for us. Freight cost, yes, they have been rising, of course. Again, we are very swift in taking action on the price side to compensate for that as well. You should not expect any negative impact necessarily from input materials and freight. Okay. You have, yeah, Chitrita? Yeah. Hi, Christofer. Hi. Just sticking with Sealing Solutions, could I just ask if you could elaborate a bit more on that sequential comment in auto, just what's driving that improvement? Thank you. Sadly, I cannot. I am afraid I cannot. I can say this. We have said many, many times that we have something called brake shims in Trelleborg Sealing Solutions, which is one of the very few products that we have had tariffs on. As a result of that, brake shim sales to the aftermarket, especially in the U.S., went down significantly in Q2, i.e. last summer. Because we are the price leader, and on top of that, we put the tariffs to compensate. A lot of the domestic U.S. customers were then sourcing more from a local U.S. producer brake shims. We believe that we have the superior product, and we have also seen throughout the fall and the spring that these volumes are slowly coming back again, despite us being higher priced. That is something that we believe will continue. Thank you. Very helpful. Thank you. Alex? Just to follow up on the raw material and freight cost question. Did you give any public comments about sort of the pricing dynamic when you put through price increases, and therefore the extent to which Q2 growth sequentially is supported by a higher pricing component than was in the Q1 growth? Thank you. That is a question for the report. This is just a summary. We have not communicated about that. Of course, if we do compensate for some price increases in the raw material or input and freight, then of course it translates in a price component in the organic growth. Of course. We have not given any magnitude of that. What we have said many times before, though, is that being a price leader in almost all of what we do means that when the raw mats go up, we have to raise our prices much less than many others due to the starting point being higher. For instance, if the raw mats go up by 10%, and we have competitors that have half our margins, they need to compensate much more with price hikes from a percentage point of view than we do. We've said in Sealing Solutions, the cost for raw mats explains less than 10% of our selling price. I will then try to summarize on a group level. In Q2, in the Q2 guidance, I should say, which we released in connection with the Q1 report in April, we said that we expected the organic development in Q2 to be somewhat improved compared with the 4% growth we achieved in Q1. Although I have not access to the full quarterly numbers until a week from now, we have already communicated, we stand by this earlier guidance of a somewhat improved demand. To recap what I've said about the business area developments and comparing Q2 with the previous Q1 organic sales numbers, we expect Industrial Solutions to be slightly better, Medical Solutions to be slightly lower, and Sealing Solutions to be somewhat better. That combined means that we expect us to come in a little bit better than the 4% organic growth we achieved in Q1. That is all from me today, and I'm looking forward to talk to you with much more details once we have published our report on the 16th of July at 1:00 P.M. Until then, I wish you all a relaxing summer, and I hope we all agree that Sweden will win over France tonight. Thank you very much. Thank you. Thank you. Thank you.
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