Hello, and welcome to today's webcast where ViaCon Group will present its financial results for the second quarter of 2026. Joining us today are CEO Stefan Nordström and CFO Philip Delborn. At the end of the call, we will have a Q&A, so you are welcome to submit questions using the form located to the right of the webcast. With that said, I will hand over to you, Stefan and Philip. Please go ahead. Thank you, Filip. We will go through, me and Philip, briefly the Q2 report and as Philip said, also take questions afterwards. If we look at our agenda, we keep the same agenda as always. We go through latest quarter in brief, talk about the market and the outlook how we now see it. Then Philip Delborn, you will come back to a little bit of the financials, and then we take the Q&A. If we look at the Q2 in brief, we have seen a good growth in both of our business areas during Q2. Actually, a double-digit organic revenue growth in both Bridges & Culverts, and the other business area, Water & Ground Solutions. The growth was primarily driven by a continued solid demand across many of, or even most of our markets, as well as quite a welcome recovery following a tough Q1 with an unusually harsh winter that stopped and halted a lot of our customers' infrastructure projects when it was in action. So a lot of deliveries were pushed from Q1 into Q2. We will come back to that in a few seconds. However, margins decreased a little bit in Q2 due to a change product mix, but also due to high material costs. I will come back to that also in this text. The underlying EBITDA margin reached 10.7% in Q2 2026, whilst it was 12.7% in Q2 2025. And that led to a minor decline in EBITDA Q2 2026 versus Q2 2025, but it is almost at the same level. In Bridges & Culverts, we saw a combination of both product and project mix, which was then impacting their margins, whilst the decline in the margins in Water & Ground was mainly impacted by the product mix in that quarter. Further on, the margins were affected by the high oil prices, which affects our plastic-based products. Towards the end of Q2, we did note a clear decline in those oil prices and thereby in the plastic material costs, basically back to more normal levels. This meant that the price of the plastic raw materials peaked during a short time, and then it is always difficult to manage the full transfer of this to our customers. But we are now back to normal levels, and that is not a challenge for us since, I would say, mid-Q2 even. Also, we put out on our webpage that we have, in May, signed a letter of intent regarding the sale-and-leaseback of our properties in Poland. This process is now proceeding as planned. If this transaction is successfully completed, we expect this to have a positive cash flow of approximately EUR 7 million during Q4 of 2026. Before we go into the numbers, let's look at how we see the market right now and what we see going forward or in the near term, at least. First of all, the order intake in Q2 was quite stable and at a fully satisfactory level for us. Many of our key markets, primarily Poland and Turkey, but also several other markets, continue to have quite a strong pipeline of new opportunities, but also a very strong order backlog, in fact, a record high order backlog, heading into the coming quarters. This looks quite promising for us. However, as I said in the beginning, we had a very harsh winter in Q1, primarily in January and February, and this delayed several of our customers' ongoing infrastructure projects. Those projects were pushed and delayed into March, but primarily into Q2. A piece of these works remain to be delivered from our side into the second half of 2026. So that has been a positive effect in Q2 for us. In addition to this, we do note a continued positive market trend following recent quarters. This trend is continuing. This, of course, also aligns with the higher infrastructure investments that several national authorities around in Europe, together with the EU, have announced in the recent years. This also means that temporarily stopped or halted projects, not because of the harsh winter, but because of lack of financing, I would say before we got into 2026, are now restarting. That is quite positive for us. Although the market activity in total is not fully yet back to a normal level, the positive trend continues as reported in the latest quarters as well. This is also quite positive for us. As I just said on the previous slide here, the raw material prices today, and actually since the latter half of Q2, are back to normal levels. That is not a challenge or a threat to our performance going forward. With that, I hand over to Philip to talk about the financials. Thank you, Stefan. We start with the group summary before we have a closer look at the two business areas. As a group, we had an organic growth in sales of 12.8% in the second quarter, quite strong organic growth. We see a positive development in most of our markets during the second quarter. If we look at the EBITA, as Stefan mentioned, we are more or less on par with previous years, slightly below 5.6% compared to 5.9% in 2025. This decline is mainly caused by an unfavorable product and project mix out in our operations. If we look at the organic growth in order intake on group level, it was a 1% positive growth, and we continue to see a solid order intake and, as Stefan mentioned, a very strong order backlog. If we then take a look at the first business area, Bridges & Culverts. Here we had an organic growth in sales of 14.2%, and we do see increased volumes and a more active market out there, which is, of course, very positive. In terms of EBITDA, we are at EUR 1.9 million in Q2 compared to EUR 2.5 million the prior year. This decline is caused by the mix of both products and projects. During certain periods, we have projects where the mix, for example, of products and installation varies, and so forth, and that could have an impact on our margins. If we look at the growth in order intake in the second quarter for Bridges & Culverts, it is very strong, 25.4%. We also had a strong order intake in the first quarter. This trend continues also now into the second quarter. Quite good with strong demand in most of our markets. If we move over to the second business area, Water & Ground Solutions, here we see an increase in both revenue and EBITDA. If we start with the top line, we had an organic growth in sales of 12.6% in the quarter. This is followed or partly caused by the weak Q1 due to the weather conditions that we have mentioned. If we look at the EBITDA, it is slightly higher than the prior year. Margin-wise, somewhat of a decline due to the product mix. If we look at the order intake in Water & Ground Solutions, we had a negative organic growth in order intake. This is partly explained by a larger geotechnical order that we had last year in the second quarter. That order intake could, of course, vary somewhat between the quarters due to certain projects. If we take a look at the cash flow and the financial position, we had a cash flow from our operating activities of EUR -0.3 million in the second quarter compared to EUR -1.2 million the year before. The change in working capital amounted to a positive EUR 0.5 million compared to a EUR -2.6 million in 2025. Operating CapEx continues to be on a fairly low level. We are in good control over that. So EUR 0.4 million in CapEx, slightly higher than last year, but only a minor change there. Our net debt when we closed Q2 was EUR 100 million compared to EUR 114 million. That is the same period last year. Our cash position with cash equivalents was EUR 19.5 million compared to EUR 11.2 million the year before. This includes our credit facility, which is drawn. That is in a nutshell the financial part of this. Following this brief presentation of both how we see it verbally but also the numbers, we now invite for a Q&A through the chat function as Filip Levin just shared in the beginning. Yes, thank you for that presentation. We will now open up for a Q&A session. As stated before, you are welcome to submit questions using the form located to the right on the webcast. The first question is about the underlying EBITA margin that declined. How much of the margin pressure was temporary, and what needs to happen for the margins to return to previous levels? We always have a changing mix of revenues from projects and different products as Philip stated here. This can always vary. We know the margins in our backlog, and we know that this is moving in a positive direction. We naturally don't give a forecast of what those margins look like going forward, but we know that this will move in the right direction. Moving- Yes, it is more of a temporary, you could say, in Q2 as such. All right. Moving on. You recently reorganized the group into Bridges & Culverts Solutions and Water & Ground Solutions. What concrete benefits are you already seeing from the new structure, and where do you see the greatest potential for synergies or efficiency improvements? I think we shared this already after the Q1 report. We talked about that. Well, it gives us reduced overhead costs in itself in the group. That is quite good. The BA1, the Bridges & Culverts, largely remains unchanged compared to earlier, but what we now call the BA Water & Ground Solutions, here is the larger change. Here we see both the water tanks, the plastic pipes, and the geotechnical equipment that we sell. Here we have now created more of a critical mass, revenue-wise, to take the overhead costs needed to develop all these three business lines, meaning the water tanks, the plastic pipes, and the geotechnical, going forward. We also see some commercial synergies, primarily between the plastic pipes and the water tanks. This is moving in the right direction. So far, this has proven to be a right decision for us, and we have no other expectations than that this will continue to deliver a good performance going forward. More specifically into Bridges & Culverts that saw an order intake increase. Which markets or applications do you see as the most important growth drivers for this business over the next few years? We don't talk about or share any forecasts of the business moving forward, but most of our markets, as we presented here, have developed quite positively during Q2, both on the organic revenues but also on the order intake and on order backlog. Turkey continues to develop positively, as we have shared before. We've had a slower development in Poland, given the freezing of infrastructural amounts from the EU, for instance. We see now quite a positive development in Poland as well. Many other markets have continued also in a positive way. That's the answers we can give. Could add, in terms of products in Bridges & Culverts, we expect all our product lines to continue to grow in the near future as well. Yes. Stefan, you mentioned a little bit about Poland. How large of an opportunity do you believe Poland represents for ViaCon? When do you expect the investments in Poland to have a meaningful impact on sales? I don't know what investments are behind that questions. Poland is a big infrastructural market. It is also a market which is, from a regulatory perspective, quite open to our corrugated steel solutions. So we expect this to continue to develop positively. The demand for infrastructural investments in Poland, as we can see in many other markets as well, continues to be quite high, and the financing from EU is now flowing into the country in a fully expected way. Yes. Finally, we have another financial question about the net debt that increased to around EUR 100 million from EUR 89.7 million at year-end, while available liquidity is to that EUR 90.5 million. How do you assess the current balance sheet position, and what is your priority in terms of deleveraging? Well, we know that there is quite a lot of seasonality in our liquidity. We are now in the high season during the summer period, which of course, requires more working capital, but it is also helping us on the top line, of course. So, the movement from year-end until summer is a natural seasonality effect, I would say. From a balance sheet position, we do have cash to further invest, but at the same time, we have a lot of good opportunities out there, especially now when the markets are recovering. One step to be able to grasp all those opportunities is, of course, the sale-leaseback initiatives that we have done and that we are about to do, for example, in Poland, that Stefan mentioned initially in this presentation. In more concrete terms, continue to improve the EBITDA to strengthen our balance sheets more organically, so to say, and then the sale-leaseback initiative in Poland later this year. In addition, our continued strong focus on the working capital efficiency throughout the group, which we have been doing for many years and continue to improve gradually all the time in this aspect. Okay. That was the final question for today, so we will now conclude today's conference call. I would like to extend my sincere thanks to Stefan and Philip for the presentation, as well as to everyone who submitted questions and joined today's webcast. I wish you all a pleasant day.
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