Welcome to the Trelleborg Q1 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 hash five on their telephone keypad. Now I will hand the conference over to CEO Peter Nilsson and CFO Fredrik Nilsson. Please go ahead. Thank you. Welcome to all of you for listening in to this presentation of the first three months of 2026 for Trelleborg. As usual, I, Peter Nilsson, will start, and then I will also be supplemented by Fredrik Nilsson, our CFO. Also on the call here is also Christofer Sjögren, our head of IR. As usual, you're going to use the slide deck, which has been on our webpage for some time, and use that to guide us through the call. Then we move to page one on that one, and quickly moving to page number two with the agenda slide as usual, starting with some highlights, general highlights for the group, and then also comment individually on our three business areas. Fredrik will guide us through the financials, and I will then be joining you again for a summary and some comments on the outlook for the running quarter, and then finishing off with a Q&A at the end of the call. Turning to page three. Good start of the year. Solid start in multiple aspects. Sales ended up at slight north of SEK 8.6 billion, a decrease in Swedish krona by 3%, but behind that is a fairly solid organic sales growth of 4%. M&A is also adding another 2%. As most companies or every company reporting in Swedish krona, we have a fairly strong headwind from the currency, bringing down the sales in Swedish krona by 9%. EBITA is at slightly shy of SEK 1.6, which is slightly down compared to a year ago, but fully then explained by also these currency effects, ending up at the margin 8.04%, which is slightly higher than last year and also the highest margin to date for us for a first quarter. I already commented on currency translation, fairly solid, bringing it down to SEK 13.2 compared to the currency rates a year ago. Earnings per share is then up by 5%, here we're benefiting from a better financial net, which is then and also from buybacks of shares, of course. We have, as usual, some items affecting comparability relating to ongoing restructuring programs, slightly lower than a year ago, and ending up at -SEK 42. Strong cash flow for a first quarter, good cash generation and good management of working capital and also benefiting from slightly lower CapEx in line with guidance. We also, which I already commented on, we continued to do share buybacks and ended up at exactly SEK 500 million in the quarter, which is a little bit odd, but nevertheless, it's perfectly SEK 500 million. We also now continue to do bolt-on acquisitions, and we acquired Nexus Elastomer Molds, which is then being added on to Sealing Solutions, a company actually a little bit different acquisition compared to we did before. This is more a technical acquisition for us, which is benefiting us in the manufacturing processes and adding tooling and automation expertise very much in the core of what we do. Turning to page four, some comments on the sales growth. Solid organic growth in Europe. Solid organic growth in Americas and Asia and the rest of the world, and then slightly negative. All in all, as already commented, turning out to a solid organic growth of 4%, which is quite an improvement compared to a year ago and also improvement compared to last quarter. Page five, agenda again. Business areas. Turning quickly to page number six and starting with Industrial Solutions, a slight organic growth. Organic sales ended up slightly positive. M&A adding another 3%. Of course, also here the reporting is in Swedish krona. We also have a headwind here coming from the negative currency translation rate, which is then bringing down the absolute figures lower than a year ago. Also, if you look on this one, we already commented on that, which is in line with what we have commented before. We continue to have slightly lower product delivery, as I said, but also with that comment is also a good order book related to this, and we are not concerned for the full year impact from this. We also note that as most segments are improving, we don't see really any improvement yet on the construction industry. That is still very much down compared to, if you call it a normal level or the way it was a few years ago. Very good performance in aerospace, which is benefiting us. All in all, we are slightly down on the margin here due to sales mix. We do expect that to get back to more on par year on year following going into next quarter or going into the running quarter, we should say. Page seven. Solid organic sales growth, Medical Solutions organic sales is up by 5%, a strong quarter. Solid sales growth both in MedTech in Europe and North America, while Asia was a little more sluggish for us in this quarter. Also linked a little bit to different kind of startup and different variety of inventory build-up among our customers. Life science segment, although small in totality, we continue to deliver strong sales growth. If you look at the EBITDA, we keep the margin. The absolute EBITDA is down a little bit also here, impacted heavily by currency translation effects. Turning to page eight. On Trelleborg Sealing Solutions, same heading here. For our Medical Solutions, solid organic sales growth. Organic sales up by 6% and another 2% added by M&A. Sales is actually quite good all across the regions in the industrial segments, and most of our sub-segments also in this industrials space are developing nicely in the quarter. Automotive segment is declining a little bit for us, and we continue to have a little bit of a challenge in the aftermarket sales. It's our sales, so that is where we are waiting a little bit for a bounce back in that. Aerospace segments continue to have very robust global growth, benefiting overall the business area. Margin is then also up on the basis of this fairly solid organic growth, and we are up by 1.6 percentage points compared to two years ago, and that is on the back of these higher volumes, but also operational improvements kicking in. We should say, especially on the absolute EBITDA figure, of course, we're impacted also by the FX on all of the business impacted by the negative translation effects. Acquisition of Nexus, I'd already commented on that, which is a kind of a technical acquisition, adding to more operational improvements than actual sales improvements. Turning to page nine, commenting a little bit on sustainability. We're actually flat-ish year on year. We are getting to levels where it's getting more challenging to improve, and it's actually not that much in absolute figures anymore. We are, of course, working further, and we do expect continued improvements, but there is not a lot to do anymore in this, and the same applies if you turn to the next page. Page 10 is also that we're running on a very high level on renewable and fossil-free electricity, although up by one percentage point year-on-year. The final percentage here is more challenging to improve further. Once again, of course, we're working with it, and we do expect a slight improvement also going forward in this aspect. Turning to page 11, agenda again and financials, and then turning to page 12 and handing over to Fredrik. Thank you, Peter. Let's now move to page 12, starting to look at sales development. Reported net sales declined by 3% in the quarter, from SEK 8.866 billion- SEK 8.606 billion. As Peter mentioned, there was a significant negative translation effect in the quarter of 9%. We have good organic sales growth of 4%, and then structure added 2% in the quarter. Moving on to page 13, looking at the sales growth trend. In the first quarter, we had a good 6% at constant FX, so a really good and strong sales growth trend in the quarter. Moving on, page 14, showing the quarterly sales in the rolling 12 months for continuing operations. As I said, SEK 8.6 billion in sales, and if we're looking at the rolling 12 months basis, it was SEK 34.1 billion in sales. Page 15, looking at the EBITDA, excluding items affecting comparability, down 2% to SEK 1,586 million. In the quarter, there was also a significant negative translation effect of SEK 132 million in the quarter. At fixed FX, EBITDA improved by 6%. Looking at the EBITDA margin, up from 18.2%-18.4%, which is actually the highest margin for a first quarter ever. The margin improvement was due to organic sales growth and continued operational improvements. Moving on, page 16, looking at EBITDA and EBITDA margin rolling 12. Here you can see that the rolling 12, it was SEK 6,256 million and a margin of 18.4%. You can also see in the chart here that EBITDA has been flat during the last 12 months, but we have had a material negative FX impact during this period. Moving on to page 17, looking into some more details in the income statement. Looking at items affecting comparability in the quarter, -SEK 42 million, which was related to restructuring. As also Peter mentioned, looking into the financial net, there was some good improvement from -SEK 144 million to -SEK 102 million, and that was due to lower interest costs. On the tax rate, 25% in the quarter, which was in line with the communicated guidance for the full year as well. Moving on, page 18, earnings per share. A good improvement of 5% in the quarter from SEK 4.28 to SEK 4.50, when we're looking at excluding items affecting comparability. The main reason here for the improvement was, of course, the lower financial net, the ongoing share buyback program, which was then partly offset by some negative translation effects. If we look for the group, including items affecting comparability, we have an improvement of 7% in the quarter. Turning to the next page, looking at the cash flow. Good cash flow in the quarter, up 14%. If you're looking then at the chart on the left side of the slide, you will see there was a good improvement in working capital. As always, we have a negative working capital in the first quarter due to normal seasonality. Also looking at the CapEx, good improvement of SEK 100 million in the quarter between 2026 and 2025. Going to page 20, cash conversion increased to 95% and we have a good high cash conversion ratio in the quarter. Moving on to page 21, gearing leverage development. Net debt at the end of the quarter amounted to SEK 7.8 billion. Share buyback of SEK 500 million in the quarter, as Peter mentioned. We have a debt-to-equity ratio of 21%, and net debt in relation to EBITDA ended at 1.1. In other words, our balance sheet continued to remain very strong. Moving on, page 22, return on capital employed. You can see it's ended at 12.3%. We have had a flat capital employed compared to prior year, but the good thing is that the ROCE trend continued from Q3 2025 and continued to gradually improve upwards. Then finally, moving over to page 23, looking at the financial guidance, which is unchanged compared to what we communicated in January. Just to repeat, CapEx estimated for the full year to be SEK 1.45 billion, restructuring cost of SEK 375 million, amortization intangibles SEK 650 million, and underlying tax rate of 25%. By that, I would like to hand back the microphone to you, Peter. Thank you. I'm turning then to page 24, agenda slide again, and moving to the next section of the presentation, summary and outlook. Turning to page 25. Good start of the year. That is the way we look at it. We have an improved demand, seeing across multiple segments, while recognizing that we have a turbulent world and some, how to say, some big things happening in a lot of areas, which will impact the economies. Honestly, we don't see it really in our businesses. We have a better order intake. We have a positive book-to-bill in the quarter, and we therefore also get back to the guidance on the next page. We see actually an improvement here also quarter-over-quarter. On top of that, margin improvement. It's not some big steps, but we continue to improve the margin, and we continue to push it towards our long-term objectives. We also note we have, let's say, a quite heavy adverse currency impact in the quarter. I cannot really remember when we had similar headwind from currency before. 9% is big figures and SEK 130 million also on the EBITDA. Nevertheless, managing it in a good way. I think it also shows when you look at the margin in combination with the currency impact, that we don't really have any meaningful transactional exposure. So it's a pure translational exposure that we are exposed to. We also note that we continue to do share buybacks. We bought, as I said before, we actually hit exactly SEK 500 million in the quarter, and we're going to continue with the same pace. Hopefully here also, or hopefully, very likely, here in the next few hours, we will have our annual general meeting, and then we'll get the mandate to continue with these buybacks. Turning to page 26 to comment a little bit on the running quarter. I already see that we believe on the back of the good development in the first quarter, we believe that we're going to have actually an improvement here quarter-over-quarter. We also want to comment on this also, we really in the quarter, we don't see any pre-buying coming from these extra costs are going to hit us in multiple areas. We don't see that impacting us in March. Honestly, we don't see it in the order book either happening really in Q2 yet, but let's see what happens. Once again, on the back of a good development and improved demand in most industrial segments. Continue good demand in aerospace. Also automotive, although a mixed picture, but we don't really see any downturn there either. It's a bit bumpy in the medical area. Some of the customers is ordering in, let's say, big bulks. Also here we have had a solid order intake, and we also look positive going into the coming quarter. Of course, all of this is commented on. We already said there is a challenging geopolitical situation in several parts of the world. Who knows what impact that will bring us if it escalates in different areas. Could be positive, could be negative, but nevertheless, we recognize that this is a higher uncertainty than usual. Turning to next page 27, and quickly turning to page 28 as well, and opening up for questions. Please go ahead. 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 Chetan Udeshi from JP Morgan. Please go ahead. Yeah. Hi, Peter, Fredrik, and Christofer. Thank you for taking my questions. I have two, please. My first question is just on the price volume development that you saw in the quarter, especially in Sealing Solutions, which clearly saw a very strong increase in the margin. Thank you. Fredrik, you want to go? Yeah. We normally don't split that out, the price volume. As always, there is a price component, but there was a solid volume development in the quarter. I think that is as much as I can say. Yeah, it was a higher, better volume growth in the quarter than we've seen for some time. Yeah. That is the main benefit of the margin. With that said, of course, we are adjusting pricing. We are, let's say, adjusting for increased cost going forward, but we cannot say that we're seeing that in the figures yet. Very helpful, thank you. You've already touched on this, but just drilling a bit down into the Q2 demand guide. Which end markets in particular are you incrementally more positive on, or where you're seeing more positive demand? Also, obviously, what's driving the confidence behind this guidance, given the uncertainty? Thank you. As I said already, most of the segments doing good. We have what we call in the Sealing, we have hydraulics, which is big going into construction equipment and mining, and also partly actually first signs of some positives also in the ag sector. That is benefiting. Also we see semiconductors developing well, we see aerospace developing well, and we see also automotive actually improving. From a fairly soft start of the year, we have seen improvement there during Q3. I say it's a broad-based improvement, and we have to kind of struggle to identify areas where it's actually getting worse. With that said, we still did expect, not everything is bright blue. We are waiting still for an uptick in the construction industry, and that is where we are a little bit concerned. It's been bumpy in the oil and gas, but we also see that LNG and oil and gas production is continuing. Honestly, it's kind of a very broad-based improvement, and we struggle to see areas where it's not improving or at least moving flat. Great. Thank you so much. The next question comes from Ope Otaniyi from Goldman Sachs. Please go ahead. Hi, good afternoon, Peter, Fredrik, and Christofer. Maybe two questions from me, just on the Middle East and then visibility on LNG, maybe an update there. Could you just talk through any revenue impacts and sort of costs impacts you saw from the Middle East crisis? Then on LNG, could you just update us on visibility of project delivery improving in Q2 and H2 as well? Middle East is limited as a business impact. We have some project sales in Middle East, but it's not really in stock, to be honest. It's continuing. We have some projects ongoing that are continuing, and we have some repair projects kicking in as well now following this, let's say, what has been happening there. So far, we don't really have an impact on the actual sales. We do expect the energy pricing going up, and we do expect that to kick in on the raw material, but that is something as usual in Trelleborg, we're going to adjust to that, and we are not kind of overly concerned. It's extra job, and it is something which is maybe not, let's say, value adding long term. That is something we manage and something we do. The impact from the Middle East so far is mainly that we do expect going forward, there's some raw material pricing and some freight and all of that going up, but that is kind of, yeah, basic business and something we are adjusting for. On the project business, we have a solid order book and overall both in tunnels and marine tendering and also some oil and gas in general. This project business has a solid order book, but it's a little bit up and down depending on projects that were being delivered and being installed. That is kind of normal, and we have a good visibility on it. We have guided from last quarter, this quarter is going to be a little bit softer. Now we do expect it to improve somewhat in terms of deliveries for the rest of the year. We are not kind of concerned and the visibility on that part of the business is very good. Thank you very much. The next question comes from Alex Jones from Bank of America. Please go ahead. Great. Thanks. Good afternoon, too, if I can as well, please. First, just to follow up on your comments on not seeing any pre-buying. Could you just expand a little bit on how you reached that conclusion and ensure that customers aren't precautionarily stocking up across different end markets ahead of potential price increases or supply chain impacts? For example, did you see growth improving linearly across the quarter, or was it very concentrated in March and the start of April? Then secondly, just on raw materials, following up on the previous questions, are you able to give any color on sort of the magnitude of price increases that you're talking about with customers so far? And whether that will already have a positive impact on the organic sales growth line in Q2. Thank you. First on the pre-buying, generally we are not getting orders one day and shipment the next day. We are getting a little bit longer ordering times and longer shipment times, so that means that we have not really seen it happening. Of course, it could be some of the orders going forward, there could be some pre-buying, but we don't see any bigger magnitudes, and we don't see any customers doing rush orders and stuff. They are continuing as usual. We have plenty of orders, and it could be some of it, but we don't see any kind of change in pattern or change in anything in a way. March was, let's say, a bigger month than the other ones, but it was also more, let's say, working days, and it is normal that you have a soft start in January and then it picks up in February and March. Of course, it was a good ending of the quarter, but that was also kind of as expected. In short, it could be coming, some pre-buying now as the price increases is kicking in. Honestly, we are not seeing it really in order books or in our kind of discussions or talks with our customers. Second question on magnitude of price increases. It varies a lot across what kind of raw materials you're talking. You have these very basic raw materials for us in the rubber, carbon black or SBR, and of course, freight is also something. The products which is exposed to these areas, then we probably talk double digit, let's say, price increases. But for the majority of the raw materials, it's kind of difficult. The vast majority, we are very little exposed to this kind of, if I may say, the basic, let's say, rubber polymer materials. We are more in specialty materials, and our pricing or the costing for our suppliers is more linked to capacity utilization than actually underlying price increases. But with that said and done, I don't really want to comment, Alex. We are in the middle of that at the moment, and we are working on it. There will be price increases. Do not expect the price increases to kick in that much during Q2. It's probably going to be more going into the second part of the year. Exactly how much, and we honestly, we don't have the full map yet. We are working on it, and we are implementing in some areas, but also it's not happening overnight. That is going to be step by step, kicking in during Q2 and then probably more visible going into the second part of the year. That's what I can say, Alex. I want to be trying to be fully transparent. Thank you. The next question comes from Agnieszka Vilela from Nordea. Please go ahead. Thank you. I have a question on the acquisition impact. It is fading away a bit now, 2% in the quarter, and according to my calculations, unless you release any new kind of acquisitions information, it will come down to 1%. Can you just comment, Peter, on the M&A landscape right now, and should we expect any more deals in the near term from you? It's always challenging. We're working on deals, let's put it like that. We have several discussions going. Exactly, we are, let's say, firmly believe that we're going to do more deals this year. Exactly when they kick in and when they will be done is difficult to comment. I would be disappointed if we're sitting here by the end of the year and we have not done a couple of more deals. You never know until it's signed and communicated. The activity level is high. There is plenty of prospects. I think it's actually increased the activity levels, where we see private equity guys coming in trying to sell. Of course, with quite demanding valuations. I should be honest to say that we stepped away from a few processes lately, where we lost the case mainly against private equity guys, which is now starting to pay up again, and we are, as usual, careful on that one. Very difficult to give a figure on this, Agnieszka. We will do more deals, and there will be more deals communicated. You're probably correct, by the way, on this, on the 2%-1%. That is probably a good estimate. Okay, perfect. Then, I have a question to Fredrik as well. You still keep your CapEx guidance at SEK 1.45 billion for the year, but your running rate right now for CapEx is below SEK 300 million per quarter. Do you foresee any significant CapEx investments ahead of you? No, but it's always a little bit of timing. I know we started the year a little bit lower, Agnieszka, but we still feel based on what we have in our strategic plans, and there is also a couple of greenfield that will be going on for 2026. We expect that we will reach that level according to our guidelines. We have two bigger ones in India kicking in now. I don't know which other ones do we have kicking in? There is two, and then we are finishing off, of course, the one in Morocco. Yeah. We're finishing off one in the U.S. We expect that we will end the year at the level we have communicated, even if the year has started a little bit on the lower side. Thank you. The next question comes from Timothy Lee from Barclays. Please go ahead. Hi. Thanks for taking my question. I have two questions. The first one, again, about the second quarter guidance. Can you also clarify a little bit whether this expectation of better demand in the second quarter, this also sits on the fact that last year second quarter was a bit low in terms of organic sales, so we had a lower comparison from last year. That's the first question. Yeah, we are only commenting on sequential, and honestly, Tim, I cannot really develop it any further. We have a good order intake. We are solid development in all areas, and we do expect this improvement from the run rate in this quarter to improve. We're not really comparing with a year ago. We're comparing quarter-on-quarter here sequentially. That is, I think, what I can say on that. I don't know if anybody else want to add anything. Is that okay, Tim? Yeah. Sure. That's perfect. Yeah, the second one is about the Industrial Solutions. Can you also please quantify a little bit of the impact of project delays in terms of deliveries, given that you're expecting sales to increase in the second half and margins will improve since next quarter. How much of your organic sales growth can we expect incrementally from these deliveries and what kind of margin improvements? Sorry, I don't really want to give a guidance to, let's say, business area. As rightly said, we do expect it to improve going forward. Of course, then it will be an improvement, but I cannot really give a dimension on that one. Even though we say the kind of project sales is improving, but with that one, we look at that for the full remainder of the year. Honestly, also there, some of these projects, we don't know when it's going to kick in Q2 or Q3 or Q4, but we do see that it's going to improve. We have a few projects which has been a little bit slow. We have somebody holding back. Of course, we know the order book, and we know when the customer is asking for the products, but it's still a little bit uncertain exactly what month it will be invoiced. If we look at the full year, we do expect it to bounce back a little bit compared to what we have seen the last two quarters on Industrial Solutions. Got it. That's very helpful. Can I just follow up a little bit? Can you also tell us about your book-to-bill for the group or for each segment, if you can? I don't really want to give a, let's say. We are not reporting that. This is higher, of course. As we are guiding for a higher organic growth in Q2 is higher than the sales. It's higher than the sales growth. We don't really want to. We have decided not to release that figure. You have to simply expect the comment that is higher than the sales growth. All right. Very helpful. Thank you. The next question comes from Hampus Engellau from Handelsbanken. Please go ahead. Thank you very much. Two questions from me. Firstly, if we could drill a bit on the automotive demand during the quarter. You see a sequential improvement. Also interesting to hear on how this part that is impacted by the tariffs is developing and how do you see that going forward. Then the second question is related to Asia. If you kind of remove medical from that, I know, for instance, that sealing is doing very well in China. Could you maybe talk a little bit about China and Asia ex medical, what you see and how that is trending? Thank you. On the automotive tariffs. We have a good development in North America, and I don't know whether that is, but it's also a lot of new models being launched in U.S. this year. Maybe coming also from the tariffs, but more from a model change perspective in U.S., and that is always when they do model changes, there is some pre-buying and some inventory build-up. We had a very soft start of the year in automotive, but that's been improving step by step. I don't know whether it's a reaction of a very careful start of the year, and it's really difficult to find exact drivers for it. China continues in a positive way, and America's doing better, Europe a little bit softer. Overall, all three areas is actually improving sequentially, to be honest. It is kind of an improvement, which is a little bit surprisingly good to be honest, Hampus. We have to trust the facts, and that is the way it looks, both in terms of sales and order intake. The second question was about Asia. Also when we say, when we report Asia, is also rest of the world. That is also something, we get back to this project deliveries. We have good project deliveries in Australia a year ago. We have also some in Southeast Asia. We had the Taiwanese orders. It's a little bit bad comps in a way, which is pulling it down. The core kind of industrial sales in Asia is developing quite okay. We are growing semiconductor sales. We are growing. Kind of hydraulics, let's say, construction equipment related sales. India also doing solid. It's not really the majority. The main explanation on this, -1% organic growth in Asia is actually related to fairly challenging comps related to project sales and the majority of that, it's Asian sales in it, but it's also some Australian sales in it and then some African projects and stuff. It is kind of the source, unfortunately, this varies a little bit in between the quarters. The core sales, if I take core industrial sales in Asia, is still developing in a favorable way. All right. Thank you. The next question comes from Mats Liss from Kepler. Please go ahead. Yeah. Thank you for taking my questions. I have three, I think. First, you talk about the pretty slow start of the year and improving momentum in March there. Is it fair to say that you were sort of on average 6% for the quarter, but reached some 10+ in March? I don't want to comment on that, Mats, sorry. When we're commenting on the quarter, it is, let's say, improvement. I should say it's improvement throughout the quarter, but it was a soft start in January, and then February and March better. Mm-hmm. That is probably same. It's also, if you look individually in March, of course, it was also higher invoicing days. Of course, naturally it was a good month. Yeah. It was also by, let's say, by business day, it was okay, but it was not extraordinary. Well, number two then. Well, could you just remind me? I guess everyone else knows about this, but in our Industrial Solutions, you have these projects and raw material prices have come up a bit. Do you hedge them fully so there is no risk there for your- Generally not. Generally we do not. There is individual projects where we do it, but we are kind of also pre-buying a little bit there. It's a balance of pre-buying. Hedging is generally quite expensive, so the way to hedge it is to pre-buy or pre-agree. We don't do that generally, so it's more a matter if it's, let's say, high kind of raw material, which is generally not the case, but if there is any case where we have high raw material content, we are looking for ways of securing. With that said, we don't expect that we will, let's say, lose any margin on these kind of higher raw materials. We will sort that out and we'll manage it. You will not have as much complaining about that in the next few months, that high raw material pricing is pushing down the margin. This will not happen. Okay. Sounds very sure. Then restructuring, I guess it was a bit lower than last year. Is this the new level, or is it sort of quarter by quarter you make these? It varies, depending. Most of it is related to factory closures, and that is kind of ongoing plans. That is sometimes we plan them several years ahead, and that is more individually hitting. I think you have to look at this, not at the individual quarter, but as a kind of a rolling 12 figure. I don't know, Fredrik, you want to? No, the guidance that we have on the 375, Mats, that is what you should expect for the full year, and then it can be a little bit bumpy between the quarters. Looking for the full year, it's the 375. Quite The level you should have in mind. Great. Finally, just coming back to Agnieszka's question there about M&A there. Is it fair to assume that these medium-sized acquisitions that you have, well, for 2025 and 2026, like Nexus, is that the size to be expected going forward? Yeah. We say generally it's between EUR 10 million and EUR 50 million. That is the typical size. Probably the deal size is similar or slightly higher. That is kind of typically the cases we're looking at. Because if you go bigger, they are generally not that focused. If we buy something, we want to have really a focused acquisition which is benefiting us in a specific geography or a specific technology or a specific kind of business. It's not really that we're looking for these bigger general acquisitions which contains a lot of different businesses. We are looking to buy very focused businesses, which is kind of a very nice bolt-on to something which is already existing and already well-positioned. Okay, great. Thank you both. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Bhavin Thakkar from Bloomberg Intelligence. Please go ahead. Hi, thank you for taking my question. Just had one on Sealing business margin. What should we think about the cadence of the margin of this business going forward, given the significant improvement you've seen this quarter? Should this improvement kind of hold? That's my question. Of course, we're aiming higher, and we are always commenting on Sealing. It's running a fairly good gross profit, fairly good contribution margin. If we see volumes continuing or even improving, then we should see actually continued improvement in the margin as well here. That is kind of what we're looking at and what we have been commenting for quite some time, that when or if volume kicks into Sealing Solutions especially, we will see an improved margin in that business, and that is something we still believe in. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you. Thanks to all of you for listening in, and thanks for your interest in Trelleborg. We are happy to support you further. Feel free to contact me or contact Fredrik, and especially contact Christofer if you have any follow-up questions or any kind of further input. Do take care, meet you soon, and all the best.