Welcome to the Volvo Group Capital Markets Day 2026. It is 18 months since last time, yet again, we are in a special location. This time the headquarters of Volvo Construction Equipment in Eskilstuna, Sweden. This month, something extraordinary is taking place here. We have 4,000 customers experiencing our products and services. That's for later. Now let's go inside where the live audience is waiting. Again, most welcome and especially to you in the live audience. It is great to see so many familiar faces in the crowd. We have an intense couple of hours together where we are going to share our view on how we are thinking strategically and what we are doing proactively to capitalize on our strengths in a very dynamic market. Let's get into gear and welcome to the stage the Volvo Group President and CEO, Martin. A tractor enters to rock and roll. Really good. It feels really great, K ina, also from my side, of course, welcome to this Capital Markets Day 2026, Eskilstuna. The sun is shining. We have a fantastic program this afternoon also, because we have the setup, as you alluded to, with the Volvo Days with all the lineup of products. You will be able to test and feel and get the emotions of the Volvo products and solutions. Welcome everyone here in the room and, of course, also everyone online. It will be great. Martin we met 18 months ago in this setting. We were in New River Valley. The theme at that time was Gearing Up for Growth, which reflects an organization building capacity and momentum. This year, the theme is Built for Resilience and Growth. Slight shift in language. Why is that? Obviously we have been on a journey for quite some time now, with the objective of continuously building resilience that is important in business that is cyclical and in a world with many moving parameters. At the same time, of course, taking the growth opportunities that lies ahead of us. 18 months is a long period now. A long period. A lot of things have happened since. It has been really about continuing to building that position of resilience and accelerated growth. Yeah. That is what we will both see the achievements, but also what is about to come. Very exciting. Very exciting. Resilience and growth, you will recognize will be a major part of our agenda today. We're going to start with geopolitics and how the current situation impacts our markets and our position in it. Instead of giving you presentations, business area by business area, we are going to look at growth opportunities from a segment point of view. Absolutely. Towards the back end, how we are investing for our future. Should we get going? We get going. We get going. Martin, I know that many in the audience would like to hear your view on the world around us, so why don't you join me over here? Absolutely. We are going to look at many different aspects of our business today. I know, Martin, that you wanted to start with something which is really close to our hearts every day, our customers. Yeah, that is always a tough start for that because I get emotional only thinking about customers. I think it is like this, that of course, the Capital Markets Day. It's tempting to start with the strategies and the big picture and the big bets, what we want to do. At the end of the day, and often 95% of our time we spent, of course, on focusing on how to make our customers competitive, successful. We often say that the revenues and cash flow and earnings and building a stronger balance sheet, they're outcomes. They are not falling down from heaven. They are coming from customers that want to, and they don't have to work with the Volvo Group. That's the reason why we are taking that very seriously and spending a lot of time in all parts of the organization, in our business areas, in our different parts of the value chain to really make that successful. That is very important. We say that we live with our customers. It's very common that companies talk about customer focus, but you talk about customer obsession, rather. We are B2B, that means that for every customer, the solution that is really tailor-made for him or her, meaning that you need to understand the job to be done, and we will come back to that because that is one of the key factors of success in our industry. Never compromise the optimized solution for the customer. It's our job to make scale and scope and technology to happen. Customers couldn't care less about that. They want to have an optimized solution for their mission. Here comes the first tricky question today. Since we met in New River Valley 18 months ago, how many customers have you met? You asked me this question 1.5 Week ago. I could have missed that. It's not that tricky anymore. I asked Helena to backtrack that also, and we came up to Of course, I've met thousands of customers since, but with meaningful conversations, more than 20 minutes, where we have had feedback, 915. Yeah, two, three per day the year around. That is super important for us, because at the end of the day, we have millions and millions and tens of millions of data points and important feedback, obviously. That conversation about what is happening, what is the feeling and the different type of stories here. One example a couple of weeks ago was about this, a big customer, by the way, in Europe, talking about that, and we had a good conversation, both what we need to improve, it's always about that, obviously. Also, he ended that conversation by saying, "Thank you Martin and the team, for bringing my driver safely home. I mean, that is a fleet owner that has more than 2,000 trucks, and that really matters, of course, the driver attractiveness. Just as one example. Just to back up a little bit, two every day, 365 days a year, including weekends. That's quite a schedule, I must say. I'm just representing the rest of us. If you ask Stephen or Roger or Anna or everyone here, that is how we live together with our customers, because if we don't understand the job to be done together and build that trust, it will never fly. Martin, let's change topic a little bit and talk about geopolitics. I don't think anyone could have guessed where we are as a world today 18 months ago. No. I think that is always the case. Some wise guy did say that it is difficult to make forecasts, especially about the future. I think that is more valid than ever, obviously. We have a lot of moving parameters. We know that, and we need to live with that. It has been so during a long period of time. Now it's intensifying, obviously. We have a number of cycles coming together. We have the normal economic cycle, what will happen? We have the geopolitical cycle that is intensifying. We have demographics, we have technology, we have climate and energy transition, et cetera. There are quite a number of parameters to take into account. That's the reason why it's so important with the theme that we have today, because you can look upon that from a challenging point of view, but I think we have a good opportunity to look from an opportunity perspective. More in detail, how is this uncertainty impacting the Volvo Group? No, it is a lot about, obviously, continuing to build. That's the reason why resilience matters. Obviously, if you have the ability in a group to react if that is necessary, but more important, to act and be ahead of the curve. To do that with flexibility and speed, because that is important, that you continue also to have the right mix in your portfolio, both when it comes to the customer base, but also when it comes to the mix between, so to speak, equipment, revenues and recurring revenues such as service. A lot of these topics we have been working with, that is the platform for continuous growth, obviously. Mm-hmm. Just a couple of weeks ago, you were hosting a visit from Narendra Modi, the head of state of India. In times of regionalization, how important is such a relationship? Of course, it was an honor to have the PM Modi, one of the fastest-growing, big economies in the world, coming to Gothenburg. Think about that. The center of the universe. Yeah. That's true. I think, if we should have been humble, we should have been perfect, right? No, seriously. PM Modi, together with Von der Leyen and our Prime Minister, talking about the bilateral opportunities between Europe and India, but also, for us, obviously, an opportunity to talk about a very important region, India for India, obviously. We have a very strong footprint there when it comes to sales and when it comes to customer base, but also when it comes to India for the world, carry back a lot of great opportunities that we have there. We are now stepping up apart from technology, digital, also the fourth global industrial hub. We have Volvo Eicher commercial Vehicles. That is an hidden diamond, I think for everyone here included. Last year that ended March 31st, for VECV, they surpassed 100,000 vehicles for the first time. With a growth rate that is double-digit and with margins that actually are quickly approaching the group's margins. This is an asset that we are very proud of, both when it comes to that development, but again, how they are taking care about the customers and the whole Indian ecosystem. There is obviously a lot happening in our industries, and I think a talking point during the spring has been increased competition. You mentioned India, but there is obviously also China. What is your take on that? There's India, there's China, there are new entrants, there are technology shifts, et cetera. Where there is growth opportunities, competition will continuously, of course, intensify. That's natural because there are opportunities for everyone. Having said that, we also see that the competition is not only there, but they are good, they are speedy, and they are innovative. In a world like that, you need to continue to both maintain your strength, but also accelerate the number of areas so you are ahead of the curve. As I said, I think we have capabilities, assets, we have people, we have customer base, we have the financial position, but we have the innovation power to get the job done together with our customers. As in all competitions, and I like that, you need to always get better. That is why market economy really works, right? Being the best, that is what it will take to win. Being not the best is not an option if you want to compete in a global market, still being very local. Talking about innovation and technology, Martin, the last couple of years has been a technology race. We have been investing heavily. in traditional technologies. in more sustainable solutions. Going forward, how do you foresee that this will develop? No, we see that it is plateauing now. I think it's more the important, the reason behind that rather than the figures as such, because I think we have been very consistent in our capital allocation. Strong financial position, really the innovation to the table and also, of course, good returns to our shareholders. If you take that innovations, one thing is that we always will provide what the customers want. Meaning that now with the prolongation, we see a clear prolongation of, and actually a further acceleration of our combustion technologies, both with the traditional but also renewables. We continue to invest in that. We have created a number of platforms for the future that has brought us to a rather high level. Now we see that is plateauing and decreasing. We can take the BEV, the battery electric long range now, 700 km, best payload, and so to speak, the maintenance schemes, the charging times, what have you. Now that platform is there through our modular system, and we can really start to optimize. You don't have the same level of investments, but you have the platform to really build from. Same when it comes to certain capacity build-outs in North America, we'll come back to, for example. Plateauing and a slight decrease, that is not the same that we are stopping our innovation. No. Not at all. That brings us to the transition to a fossil fuel-free future. That's a tongue twister. Well done. Thank you very much. I've been practicing. How will the journey towards zero emission play out? What we see clearly is, of course, that the overarching theme, including, I think quite a lot in this audience, four or five years ago, has slightly shifted, if I put like that. Decarbonization as a theme for regions and governments is still there, but alongside decarbonization as such for the energy transition, it is also about resilience, it is national security, and it's competitiveness. You need to act with these four factors in focus. If you do that's the reason why we still commit to Paris, for example, because if you want to drive the energy transitions from these four angles, regional or national security, meaning regional value chains, competitiveness, resilience, and decarbonizations, that will be a winning formula. We need to be there, and we want to be there, and the customers wants to be there. We will come back and talk about that later. There is an expression that you use quite frequently in our internal events, and that is, "Excelling on the basics will still make you unique. Yeah. With that as a platform, what differentiates us as a company that will enable us to win? I think especially, and we have talked about it, Kina, this morning, when you have a lot of moving parameters that you need to, of course, incorporate and integrate in not only your strategy, but in your execution plans, you need to do that from an angle where it matters for real, regardless if that is new propulsion technology or AI or digital capabilities, and that is really get the job done, build trust with our customers. We have an extremely strong platform when it comes to the customer trust. That is an asset and a pride that we can never underestimate. That is coming, of course, over time to deliver that TCO, to deliver that uptime, to deliver that fuel efficiency, to deliver that safety, to deliver that comfort, not from time to time, but every day. You do that thanks to great people, and we believe in decentralized organization with the ownership mentality to make it happen. If you do that really well, it will still make you unique. I promise you. Martin, you wanted to start this conversation emphasizing our customers. How would you like to close? Closing that is, of course, about the first part here you see, how do we build customer trust? I can take these 915 great customers that we have really talked about, but also all the feedback we're getting in other channels and all the colleagues here. It's about product and solutions, but it's so much about our people, and how they are supporting our customers in all parts of the value chain, and how our customers feel that, the drivers feel that, their fleet managers feel that we are really working closely together. That feedback is super important. Often, actually, Roger and myself, we talked about that a couple of days ago, when we had an issue with, I think it was 1617. We were in Eastern Europe and talked to a specific customer, Martin is his name as well, by the way. He said, "Martin and Roger, we need to fix this now." He didn't say, "You have to fix it now," but, "We need to fix this now." That is the spirit. Thanks to our people. Mm-hmm. There truly is power in our people. Bearing in mind that we have 100,000 colleagues all over the world, that is a lot of energy devoted to winning the game. Take a look at this. It should come, I'm sure. I love this movie. Yeah, I love this movie, but I love our people even more, I think. Okay. I love the people, and I love the movie. Martin, we're going to build on what you were saying about being a resilient organization- Yeah The fact that we, over the last decade, have built a platform that enables us to lead from a position of strength. To talk more about how we have created performance resilience, let's welcome to the stage our CFO, Mats. You got a much more cheerful tone than he did. Yeah, I did. I don't know how to interpret it. Much better music. Mats, resilience and growth, why is that important? The short answer is value creation. It's essential for value creation, looking at resilience and growth. I think resilience really shows the kind of core capabilities that we have in our operations, but also our ability to execute. I think that is, to some extent, a prerequisite when it comes to growth. Resilience and growth goes a little bit hand in hand, I would say. Why don't we take a look at our performance journey, why don't you share your comments? It's a good journey. Looking at margin expansion over time, but even more importantly, coming back to resilience, that we have less volatility, it shows that we have been better in order to manage the business cycle as well. I think it clearly shows that in terms of the margin development. Martin? Just to add to what Mats is saying, of course, very proud of the journey together with the team here. I think there are a number of key factors. We talked about flexibility and agility, that we have a very clear toolkit, the centralized decision making, but also clear toolkit of doing that. We have been bringing a lot of innovation and technology to the table, where we have been successful also actually to driving commercial conditions and value creation, both for our customers and ourselves. Service development has been very important. Again, the recipe for success that we talked about. I'm very proud to see that this is a journey where all business areas and also truck brands have really made a contribution. We don't have any clear pockets of drag anymore, I should say. That is super important, obviously, both for resilience and growth opportunities. You mentioned services, which is, of course, a core pillar. Why don't we look at our services journey and maybe, Martin, you can share a few words. Also here, a very good journey, as you can see, over many years. Still opportunities ahead. The most important is actually maybe not the figures. It is really what we see when we have a higher penetration of service content together with our customers. We have a higher retention, we have a higher satisfaction and loyalty. From a customer perspective, super important. Then obviously as a very positive by-product, it is also the recurring revenues for us. Very proud of this, that is happening across business areas and geographies. You can see the smile, Caroline. As a CFO, I love service. Coming back to resilience and growth, the service business being less cyclical than the new vehicle sales, meaning that brings the stability and resilience. On top of that growth, what you can see over this time period, close to 5% compound annual growth rate. If we're looking at the recent data points where we are today, in fourth quarter and first quarter, between 5%-6%, providing growth as well. On top of that, high profitability, contributing to margin expansion. Service is great. That explains your happy face. Finally, Mats, let's compare with our peers. A little bit the same story over time. If you're looking at that in relative terms, you can see also a relative kind of improvements when it comes to resilience over time and less cyclicality. If you're looking at the latest data point here, representing them for truck, buses, and engines, we are actually best in class when it comes to the adjusted operating margin. A good development, relatively as well. Martin? Of course, again, proud of that journey, but this is relative, but more importantly, it's an absolute game also to continue to build our story with the potential we have. I would also like to comment, Volvo Construction Equipment, starting on the lowest point a little bit more than 10 years ago and have really built also a very strong foundation amongst the best now when it comes to margin, the margin expansion. I think it's time now, Melker, for some growth also, right? Maybe we can come back to that. Who knows? He will come back to that, I can assure you. I think it's fair to say we are very proud of this journey. We are happy but not satisfied. There is lots to do still. Mats, take the stage. Yeah. I will elaborate more when it comes to the resilience and growth. Before that, just spending a couple of minutes when it comes to the current situation now in the second quarter in terms of the trailing update. It's very much the same message as we gave when we reported the first quarter earnings in, I think it was April 24th, 2026. Looking at the different regions, we continue to see a solid customer demand in Europe for April and May. No big impacts when it comes to the Middle East crisis on the demand side in Europe. Looking at North America, we continue to see a strong customer demand, and we are now taking orders for the third quarter and fourth quarter in the U.S. We are gradually also increasing the capacity in U.S. then. We have a general cost inflation that is gradually increasing, this is the area where you can start to see impacts from the Middle East crisis, most pronounced when it comes to increases on the freight cost, but also on raw material side. That will have an impact on the cost side in the second quarter. Last but not least, we continue to see high utilizations when it comes to the trucks and machines, meaning that that is driving service revenue as well. All in all, a very similar message to what we gave when we reported the first-quarter earnings. Turning back to the more long-term development and to the resilience and growth theme. You already saw this slide. Good margin expansion, being resilient as well, and less volatile. There are also still room for improvements when we're looking at the financial development. Many of you probably recognize this slide from the previous capital markets day. This shows the adjusted operating income for Group Trucks for 2025. In two dimensions, basically, looking at the different truck brands and looking at the different geographical regions. As you can see, there are big differences between the different geographical regions in 2025. Overall, a pretty good adjusted operating margin given the environment, close to 10%. The difference, looking at the positives in terms of performance, starting with Europe, very good financial performance in Europe in 2025. Especially looking at Volvo Trucks that has been combining the market share leadership with a good performance. Also we can see Renault continue to develop in a good way, being close to the Group target of 10%. I would also like to highlight South America, or as you know them, being mainly Brazil with the footprint for trucks, where we have had a good financial performance despite very challenging external environment in Brazil. This is also reflecting our end-to-end way of working when we have an integrated model in Brazil, meaning that we are swift when it comes to adjusting capacity to demand. Looking down on areas with room for improvements, North America sticks out in that respect, as you can see here. Mainly due to the external environment, looking at North America. With low demand, mainly driven by a very tough financial situation for our customers, with yet another year of freight recession in the U.S., also in combination with tariffs and general cost inflation. Room for improvements, also in our own operation system in North America. The other one that sticks out being significantly below the target, that's the Transformational Ventures. You probably remember that I was quite granular last time talking about the Transformational Ventures, also guided that we will likely see an impact on the trucks margin of about 150- 200 basis points. That is what you see on this performance. Going forward, we have done quite a lot on the joint ventures. What we can see now is between 100- 150 basis points going forward in impact. To summarize, a fairly good development looking at overall profitability, but with rooms for improvements. Moving into the drivers or how we are driving performance overall in the Volvo Group with a couple of priorities. Martin already talked about the decentralized decision-making that we have. We are working in a decentralized setup, meaning that we have P&L responsibility, accountability far out in the organization. That is also combined with decentralized decision. We're utilizing the flexibility tools to adjust to the external environment using the flexibility tools we have in the system. We have price discipline. You have heard this before. We are adjusting capacity. We are not using pricing in order to drive volumes. We are increasing the service business. We have already talked about that, and my colleagues will talk much more about the service business, but also how we are driving the total offer being very important. Last but not least, cost control. We have a culture of being cost-conscious in everything we do, and that is something we are proud of. Moving in then to the portfolio, this is also a slide that probably many of you recognize from previous Capital Markets Days as well now. We have actually done quite a lot when it comes to the portfolio since the last Capital Markets Day. We have addressed some of the low performance. We have divested the SDLG for CE. We have made a decision to exit the Rokbak business, but we are also adjusting a little bit when it comes to the ventures with a new business model for Flexis, and we are also welcoming Toyota into the cellcentric joint venture, which is important. We are also making more forward-leaning, growth-oriented changes in the portfolio. We have the Mexico footprint to facilitate growth, and this is something that Roger, Steve, and I believe Jens will talk a lot about later on. We have also made acquisitions, and especially looking at the retail and service side, acquiring Swecon for construction equipment and the deal in Western Australia for Volvo Trucks. Very growth-oriented investments. Nils will talk a little bit more about autonomous later on today, which is also a really exciting growth area that we see. To summarize from a financial point of view, we have built resilience, and we are ready to accelerate the growth. I think this chart really shows that our strategy has been serving us, customers, and the owners really well. Thank you so much, Mats. We will see much more of you later. We will. Please take a seat. Martin, looking at this slide, it happens to coincide with the same time period that you have been the CEO of this company. What would you say has been paramount to the creation of resilience under your leadership? No, it is the teamwork. We are 150, 160 countries around the globe, it needs to happen every minute, every second out there. To give the opportunities for our teams to succeed has been super important for me, for the executive team, and I think we have been successful in that. Also in a good way then combining this customer obsession with the scale needed and a number of other factors that we have been alluding to, it's teamwork really that is driving that. That we are long-term and consistent in our way of thinking here. Customers must win. That is good for the company. If that is good for the company, it's good for the owners of the company. That's the logic. This is not the end of the journey, I hope. It's not the end of the journey. The day you think that's the end of the journey, you should do something else, probably. Still lots to do. Great to hear, Martin. We're going to drive into the next part of the program. Look at the key value levers driving resilience and growth. Now the stage is yours. Thank you, Kina. What we would like to do in a couple of minutes is to pull together a little bit the introduction here with a number of main conclusions about what has happened, but more importantly, what is the journey that is about to come for us and what are the key levers, as Kina said here. The starting point, obviously, is this one, that the global demand for transport and infrastructure solutions, logistics, and also compounded by a number of factors that we'll come back to, will continue to grow across markets and the underlying trends of that. It's very strong, obviously. The commercial opportunity is there. Each job to be done for different reasons, and I will come back to that, needs to be more efficient, more safe, and eventually more sustainable to stay competitive. That is the starting point, and we take it from that. Obviously there are a number of very important transformative elements happening now. Little bit busy slide. Bear with me. I've done it myself. That's the reason why it's not that professional. It's an important one because we are super excited. That's the reason why we love our business, is that we are participating in a wealth creation for nations, societies. It's such a clear relation between advanced logistic transport infrastructure systems and the GDP per capita development and absolute level. The more advanced, the higher drive for GDP. That's a great starting point, right? We also know that both logistics and transportation and infrastructure development also comes with a number of side effects. We are constantly improving these side effects, but they are there to some extent. It is about climate, but also pollution in cities. That I should argue for some of the big regions, especially the pollution topic in big cities is one of the key drivers of doing things, right? Noise congestion. Talent acquisition, super important. The driver attractiveness. There are two sides of that coin, either autonomous solutions for certain applications, but also constantly evolving when it comes to the driver attractiveness, and then obviously energy resilience, the energy transition. To move that into green will be the winning formula. Of course, there are parameters that we need to take into account in order to make that happen. The regulatory push is obvious in many different markets and regions, and that is important. Without some of these regulations, things will not happen if they don't have natural links to the market mechanics. Market mechanics also, of course, very important, and customer pool combined with the market mechanics to create the right type of TCO, but also other incentives, market incentives, enablers I will come back to in order to make transformative elements happening. Then, of course, the technology development that is also further than accelerating now. There are, of course, different priorities for different stakeholders here, but at the end of the day, we need to relate to it together with our customers to be successful. That is how we drive business forward here. In order to do so, it starts with a job to be done. It's easy to aggregate this to high levels. It's easy to talk about the bigger picture, which we eventually need to do in order to pull together scale, technology bets, industrial footprint investments, et cetera. But at starting point, it starts with this. It starts with the solution for the customer. Here I've just taken one example, and I've taken an example that is pretty well-known in order to make the point here. That is typical long haulage application in Europe, probably 120,000- 125,000 km. Quite many customers doing a lot more there, but we took that for the point. A 4x2 tractor, in this case, a diesel ICE operation. What you don't see in this P&L, because every equipment is a profit and loss statement with a heart, but I will come back to the heart a little bit later, is the revenue generation. The revenue generation for the customer is, of course, the starting point if you make a P&L, and there payload, uptime, and availability, and durability is, of course, super important. Here we are talking about the cost elements of the P&L. What you see in this specific application, the vehicle including trailer. The equipment as such stands probably for, depending a little bit on country, 12%- 14%, 15%. I would make it clear for you that we are not the cheapest here by far on this diesel execution if you take a Volvo truck or a Renault truck. We are pretty competitive when it comes to the vehicle here since we have such a great residual value. Price minus residual value is, so to speak, the component, what we look at here, the 12%-15%. The more important piece of this is how does that affect the rest here. Energy efficiency, uptime, driver attractiveness, safety, comfort, availability, both for top line and cost. That logic prevails regardless of region, application, segment, and it will always be the competitive set, the solution for the customer. How do we produce that? We produce that through the total offer. The total offer is a combination of products and solutions that are eventually offered to be tailored for every application customer, segment, and geography. I will not go into detail here because my colleagues will touch on how we really execute on this in today's landscape. It is important to continuously build a modular platform around this to be successful. If we then take another example now, one of the transformative elements, because when I describe the transformation, that could be seen as, for example, propulsion technology, moving from a diesel or an internal combustion engine, even from a diesel to a renewable or from a ICE or internal combustion engine to a battery electric or what have you. If you take the battery electric here, what has happened since we last met 18 months ago? Some good news and some a little bit more challenging news. I will start with the good news, guys. The good news is that the logic here is exactly the same as for whatever. The cost elements might be a little bit different, but the logic starts with the same, that you need to specify this to the exact need of the customer for long haul or for construction or for an excavator or for a bus, right? What we have seen then is obviously, number one, that uptime, availability, safety, but also the infrastructure around will be even more important, right? We have been early out. We have learned a lot around that, even if it's not scaling yet. In Europe and North America at least, Global South as well. We have also seen that some of the critical cost components are coming down quicker than we anticipated, but also that the global access of that for companies like us, both when it comes to internal innovation and of course also when it comes to our global supply partner ecosystem, is there to a higher extent. That makes us possible also to continue to develop that, and in particular, of course, battery technology from cell all the way up to pack. The ability to still tailor-made a solution is there to drive the same type of outcome. What is a little bit more discouraging about this is that the equation in order to make this happen is going too slow in some of our key markets. When we look to this now here, we see that segment by segment and application by application, we are actually getting to a TCO parity or even better in certain cases if you are factoring in the different parameters, city distribution, city buses, Anna, again there. Where is Antoine? We see it very clearly there. We see it in some of the segments also for you, Melker, et cetera. That part of the equation is there, but what we see it's going too slow for certain other enabling conditions. That's the reason why I talked about enablers before in order to make this happen, and in particular in Europe and North America, but also in Global South, as I said. I would like to pinpoint infrastructure built out in particular for the public, and that's the reason why the depot type of solutions are going quicker. The energy and the grid network, but also uncertainties about the TCO parameters when it comes to. I will give you an example of that here. Here you see how it looks like now when it comes to the adoption of heavy duty. Zero in North America, 2% so far in Europe, and 28% in China. As you can see, it is pretty closely related to some other factors here. Here you have the number of charging stations in the relevant areas, and there you have the biggest on the public side. How you have decided to drive, so to speak, the pricing on public stations. When you see these differences, you will not be surprised that you don't have the same adoption level. The trick for us is obviously that we continue to drive that through our modular cost system, that we are continuing to refine the products, as I alluded to with our new BEV and the access to the key technologies here. The other angle of this, if you leave for one second the transformative elements that will be incorporated is, of course, that every, and this is illustrative of course, but at the end of the day, is hundreds of thousands of different applications. Every spot here represent just Mack refuse or an excavator customer in Hungary or whatever it can be. There are no shortcuts. We see some shortcuts, not shortcuts, but we actually see that is one of our most interesting, not trials and pilots, but use cases of how we apply digital intelligence and artificial intelligence is we have so much data, so we actually can drive the specification and support our sales force to even better refine that for every customer here. At the end of the day, obviously, it will turn out to be all these different type of pie charts. One pie chart here with different constitutions when it comes to the vehicle or the machine, when it comes to the fuel, when it comes to a lot of different things, needs to be really understood in order to make the high performance. The assets we have to make that happen are, of course, quite a lot. It starts with that we have a very clear view on how we are operating our brands around the globe. Volvo, the Volvo brand, Volvo Buses, Volvo Construction Equipment, Volvo Penta, Volvo Trucks, Volvo Financial Services operating globally. Of course also that we have our strong regional brands also to further unleash the full potential. This is not exactly true. We have Renault Trucks in other parts of the world, et cetera, but where we really have the inertia. That we have very strong retail presence. Global reach, yes, but extremely local, being there every day. Segment and application excellence enabled by our common architecture and shared technology. That is in essence how we can incorporate and combine the tailor-making with the scale and the technology leadership, innovation leadership, and speed to market. Then, of course, in a world with all these moving parameters, regional value chains, this is produced based on our recipe for success that we talked about. That customer trust that has been built up for years, a growing customer base that is truly trusting that we will do this together, that are living together with us, driving that TCO, uptime, productivity, safety, comfort, all the different aspects of the winning formula for our customers through a decentralized organization with speed and execution, Kina. Thank you so much, Martin, for giving us a strategic look at how we are going to grow. Maybe we can end by showing the different dimensions of growth. Yeah. You can combine the different dimensions of growth in many different ways, obviously. We have decided now to talk about it in these dimensions. The growing global demand we have been into. Also, that you will see more about today, how we are targeting specific regions and growth segments with even higher growth opportunities, still combining our capabilities and assets, and how we, through that, also can outgrow both the market, the specific strategically selected segments through our total offer, and how that finally also will drive content per unit, thanks to the optimization of the solution, basically. Coming to your point, Martin, that part of the resilience that we have created comes from the fact that we are present in so many different segments, and these are segments that we have chosen carefully and strategically, and that, simply put, gives us many legs to stand on. As I said in my introduction, we are going to focus on the segments today rather than business area by business area, Martin. Absolutely. The reason for that is, of course, also that we see a number of these segments coming together where we can combine, on one side, our global capabilities, assets, global network with what they need, but also because some of these segments contain enormous opportunity when we are pulling together the capabilities from different business areas. That is important. If you look at it, how it looks now, here as you see them, the growth segments fitting our core capabilities and common assets. The risk is otherwise that we, and we love that as well, obviously, that we will talk about our on-road freight, we will talk about the construction, maybe we will touch on some of these others. When we look at opportunities now, of course, they will continue here, and you will hear more about that, our core segments. On-road, both long and regional haul, as well as construction, enormous opportunities. The compounded opportunity that we see in urban logistics, public transportation, and obviously mining and quarry, where we are punching under our weight today when we look at our core capabilities and what we can achieve for sure, and we are now focusing on that, as well as defense, same here. Logistics, autonomous, last mile will play a super important role. Scale will matter with service capabilities and, of course, power generation. It looks 5% here, Anna will talk about something that I know that you will like, how we are growing quickly now when it comes to the AI and data center infrastructure. Exciting times, Kina. We have a very exciting hour in front of us. I think you have deserved a break now, Martin. Please have a seat, and we will obviously see a lot of you during the day. Thank you, Kina. Thank you. Thank you. We are going to accelerate straight into our first segment, which is on-road. Welcome to the stage, Roger. Roger, let me introduce you with being the man with probably the highest truck margin in the world. How does that feel? Certain pressure, but of course, we are very humbled for the situation, but also then extremely proud of what we are achieving together with our people and our customers, of course. You are present in a number of different segments. That's correct On-road is the largest. I would like to leave the stage to you to present how you're going from best to even better. Thank you, Kina, and good morning to all of you. At Volvo Trucks, we have a very solid track record of profitable growth, regardless of business climate. We have gone through very turbulent times, as you know, but we have continued to drive high profitability. Here you can see on the graph our strong improvements of net sales and operating margin since 2017. If we are going back to 2023, we have the strongest record year in 2023 with the margin close to 20%. We are operating from a position of strength. We have taken significant steps as well of improving our market share, but it's not only to improve the market share. We are improving profitable market share. In Europe, we are the market leader for two years in a row with a market share of 19.3%. In Brazil, we have grown our market share with more than 8%, and we are the market leader for the fourth year in a row. In Australia, we are keeping up a very strong and solid position. We have a proven track record to grow our market share. Therefore, we are extremely confident that we can do the same journey in North America. Our vehicle population, our truck populations, is building resilience into our business. We have a vehicle population of 10 years that is 1.1 million trucks running on the roads every day. The majority of the trucks are between three to six years old. That is the sweet spot of the highest service potential. If you look at the operating income from Volvo Trucks, we have a high profitability of new trucks driven by strong price realization. We also then have a very good profitability of the service business, creating a strong resilience into our business, but also that we are extremely profitable in high markets. We will manage high profitability throughout business cycles. Martin was into this, our customers, our fantastic customers. Our business is such an emotional part of our business, and we are emotional as well. We are working very tight with our customers, we have strong relations with our customers, and we know our customers and their business. We are constantly working on improving customer satisfaction. Today, we have a leading position, and we are winning together with our customers. I will move over to our growth opportunities for Volvo Trucks, I will go into four areas. I will talk about segments, I will talk about the total offer, I will talk about the services, growth in key markets. Let's start with segments in electromobility. We started electromobility in 2019. We have today models in all segments, we have eight models in production. We have delivered close to 7,000 electrical trucks to 50 countries around the world. These trucks have been driven in commercial operations more than 400 million kilometers. We have built a lot of competence regarding electrical trucks. We recently launched our next generation of electrical products. Improved payload, reduced charging time, a range up to 700 km. This is a new benchmark regarding the electrical trucks in the industry. Moving over to our fantastic long-haul trucks. This is a new era of trucks into the industry, setting a completely new standard regarding design. They look completely beautiful. Fuel consumption, severely improved. Safety, a lot higher safety system, driver comfort. The all-new VNL, 10% fuel reduction. The FH Aero, 7% fuel reduction. You can imagine that impact on the bottom line from our customers. We have strong deliveries of both models in production start. We have an amazing growth opportunity with these fantastic products to gain further profitable market shares. Another growth area is mining, construction, and quarries. Here we are working together with Volvo Construction Equipment. We have a broad range of trucks available into these segments. One is the FMX. That product is proven to handle the toughest jobs in the industry. Here you can see on the stage the electrical version. It's a powerful truck that runs up to 470 km. I will move over to our second growth opportunities, total offer. I will explain our way of working and the potential with the total offer. We have a customer that operate in a segment. We will provide a truck model and specify that truck and add all the needed features. We will get the very profitable truck price, but also a product with a high service potential. We will add parts, workshops, digital services, and uptime, and connect that with a service contract, preferably a gold service contract during a long duration period. Next step, we will add financing and insurance from Volvo Financial Services. We have maximized the revenue potential of the product, but we have also given our customer a very profitable product with high residual value and uptime. We have also then a lot of further potential to drive the total offer and gain further revenues into our business. Total offer is a win-win for us and for our customers. The third growth opportunity is services in a growing truck population. We have a truck population of 1.1 million trucks, 10 years old. Every time we sell a truck, we are increasing the truck population and the service potential. Total offer has enabled us to grow the service potential and secure the revenues. We have grown our service contract portfolio with 180% since 2017 to a value of SEK 70 billion. This is secured revenues for the future. To manage our service growth, we need a very strong distribution network. Now we are going to build an even stronger distribution network. Today, we have a distribution network of 2,500 service locations around the world. We own 330 ourselves. Our distribution network is a competitive advantage. We have built this distribution network for over 100 years. You don't do this very fast. Now we will build an even stronger distribution network, and we will do that by focusing on strengthening the private dealers. We will grow organically in selected white spots, and we will do that as well with selected M&As. Moving over to growth in key markets. We have a very solid track record of profitable growth in Europe, South America, and in Australia. Now we will take this proven success and scale that to other regions around the world. Let's look into Europe as a benchmark. Europe is an excellent example of very strong, profitable growth. We have increased revenues, we have increased margins, we have increased resilience and market shares. We have done that by focusing on profitable market shares, total offer, and then growing our service business. We have grown our market share to 19.3%, and we are the market leader for the second year in a row. Our European business is very, very profitable. Now we will do similar journeys in other regions all around the world, like in North America. We can still grow even further in Europe, like in Germany and other countries, and also then with services. Another key region for growth is, of course, North America. We will grow in North America now with our new product range, with new capacity in Mexico, with services, and then investments by our dealers. We are focusing on segment, very focused, and we are conquesting a lot of new customers. Now we are increasing capacity in North America due to a very, very strong order intake. India is also another potential for growth. With the industrial hub in India, we will create opportunities to grow in India and the rest of Asia. To sum up, at Volvo Trucks, we have a solid track record of driving profitable growth. We are acting from a position of strength. We have a proven record to grow our business. We have the strategy in place, we have the products, we have the network, and we have our fantastic people. Now we will take the opportunities in the areas to grow our business even further to be even stronger. Over to you, Kina. Thank you so much, Roger. Crystal clear as always. Why don't you join me over here? We are going to dig a little deeper into some of the key areas that Roger presented, and I would also like to ask Stephen to join us. We are going to focus specifically on North America, and it was pretty clear during our last capital markets day, the market share ambition that we have in North America, 25% combined Mack Trucks and Volvo Trucks. As Martin said, it has been a fairly challenging market out there. With a finger on the pulse, where are we, Stephen? Well, again, if I go back 18 months ago and we look at our heavy-duty market share for Mack Trucks, we were running about 6.5%- 6.7% share for about three years in a row, really driven by constraints in the supply channel and also some capacity issues. I'm glad to say we worked extremely hard as an organization to solve those issues. If I look at 2025 results, we ended up at 8.7% heavy-duty market share. More importantly, if you look at the last half of the year, we ended up at 9.3% market share. 6.7%, last half of the year in 2025, 9.3%, and we continue to see good momentum for market share. This is driven primarily from just recapturing our business on the vocational side. Mm. That's a good start. Roger? No, we see where we are, where we are after May 2026, and we are taking the steps in the right direction. It's important that we take steps, and then growing shares, and then profitability at the same time. As Stephen were into then, that we are doing it together in a good way. We are building ourselves stronger. We are rolling out now the products. We are building the network and then capabilities of people as well to handle the higher volume that we are planning for. If we go a tiny bit deeper, can you share what we're doing specifically to gain more market shares? As I said in my speech here as well, it's important that we are conquesting new customers. We need more customers to gain market share. We cannot build this with the customers that we have today because we need to swim in a bigger lake, so to say. Conquesting customers, it's super important that we have the whole network with us to do that. To do that, we need to have more feet on the streets, more salespeople to do it. Then when a VECV population is growing, we need to have more technicians. We need to build out a network to cope with the higher VECV population and to grow our volumes on the market share. Stephen? I think I said we've got the core business going in the right direction, but there's this long-haul segment that represents 43% of the heavy duty industry, in the U.S., Canadian market, and we've not tapped that yet. The good news is, with the launch of our Mack Pioneer and our all-new Mack Anthem last year, we now have the truck to do this. This is leading technology, 11% fuel economy, ride and drive and comfort are incredible, and the feedback we have from our customers shows that this is a truck that's gonna help us recapture our fair share of that long-haul business. Super excited about where we're going. the long-haul truck. When we were in New River Valley, we showed a photograph of a piece of land in Monterrey, Mexico, where we planned to build a new plant for both Mack and- Yeah Volvo Trucks. Stephen, 18 months later, what does it look like today? I was there 18 months ago with Jens and the team. Wow, what a change. The fact that we've been able to greenfield a brand-new plant, building trucks as we speak, and do this on time, on budget, just remarkable, and it just shows the dedication and the passion for our team of delivering this project, which will lead to higher truck sales for both brands in North America. All right. As Stephen said, compliment to that one, it's not only the building. You see the building looks just amazing, here we will build a lot of trucks then for Mack and Volvo. It's also then to connect the whole supply chain, with suppliers building up that strength and then growing their business and growing then the volume. Jens will come back to that later, we need to then work end to end, from our suppliers out all the way to the customers and our dealers. That is what we are covering now to really make it happen to take the next step. Stephen, Roger, you said it in your speech, another key area is obviously distribution. Super important in North America. We've seen a reduction of the ownership, which is important because we have big, strong dealers. We're now about 85 dealers, about 485 locations. These dealers have invested. They continue to invest not only in facilities, but in people, in technology, in inventory, and they are passionate about growing the business. What we are doing as well, we are having a detailed way of working with the dealers, how we are following up the dealers, how we are then tracking then the performance, how we are tracking then that they're doing the investments, and then making the capabilities. It's not enough that we are building a factory. We need to get it out into the distribution, we need to then get the support of the customers. The building blocks are in place. It's all about execution. Thank you for now, Roger. You will be joining us for the Q&A later. Thank you. For you, Stephen, it is time to go a little deeper, looking at how Mack Trucks is driving forward to reach our targets. Please. Super. Thank you. Good morning, everyone. Super happy to be here, in Eskilstuna. Just six years, I had the opportunity to be part of Volvo Construction Equipment, so it's good to come back to the headquarters here. Today, want to talk about Mack Trucks. I'm really excited to give a direction on where we're going, what's happening, and what outcomes are we starting to expect. In North America, really have four areas, or for Mack Trucks, we have four areas we're focused on. U.S. and Canada. That is our biggest opportunity. We also have our export market, which I'll deep dive a little bit here in a few moments. We have an Australian business, which is our commercial sales organization, leveraging the Australian dealers that we have access to, and we also have our production in Brisbane. A really good opportunity for Mack to continue to grow in Australia. Our last opportunity is Mack Defense. Today it is a fairly small operation, but we have been building up because the Department of Defense now has three major projects that they will be bidding on, and we will have a high potential to win some of these business. Our prototypes have gone extremely well. The feedback from the Department of Defense is that we are doing what we need to have the right product, and we are looking to bid these out in the next couple of years. These could be 2,000 trucks a year over a five -year period, up to a 10-year period, lots of opportunity for Mack to take advantage of our commercial Mack Granite and build out a military product. I would also say that we see starting to see an improvement, and I think Roger talked about this in our order intake. The first quarter was very soft on an annualized basis. It is about 170,000 truck heavy-duty market. That is extremely soft. We are seeing improvement in order intake. We are seeing a small pre-buy, and what I am happy to see is that a large percentage of our orders are sold orders, meaning that we actually have names tied to those accounts. Our dealers are also stocking up for those customers who have not made their mind up to purchase in anticipation of, again, stronger sales. Great feedback from our Mack Pioneer, as I said earlier. One bit of note, 45% of our sales are coming from conquest customers. For me, that is a really good indication that we are going to hit it out of the park with our Mack Pioneer and our Mack Anthem. As I said, the feedback has been super good, 11% better fuel economy, much better ride and drive, and a much more comfortable cab leading to what we think is the standard in the industry. Also, we launched, in Las Vegas Motor Speedway a couple of months back, our vocational lineup, a renewal of our Mack Granite, which is a key core product for us, and also the launch of our Mack Keystone product, which is both an on and off highway tractor, added to our existing portfolio. Again, more to come, but we are very excited about where we are in the U.S. and Canada for that market. Now I would like to move over to another slide and talk about where we are from a total market. If we look here, you can see 28% of our market is the vocational side, 29% is the regional haul side, and the largest being the long haul segment at 43%. You will see some good growth already in our vocational segment as we recovered lost sales and you can see 25 moving from 11.5 to 13.7. We continue to see good progress here, and again, quite a good order board going into next year. On the regional haul side, again, also improvement as we started to improve our supply base, going from a 7%- 8%- 11% last year, and again, good momentum going into this year, and into next year. Extremely important for us is the long haul segment. You can see even in the best of times, a 2.5% market share. This is our opportunity to expand, again, 43% of the market to new products that we feel will help us reach this, in the matter of a couple of years. Lastly, we'll move to the export market. This is an area that we're really excited to return to. We used to have a very strong presence when it came to the export market. We've selected about 18 countries that we're really focused on, but if we were to pinpoint, there's three markets for Mack that are super critical. The first is Mexico. This is about a 25,000 truck market. We now have Mexican trucks built for Mexican customers, and this will be a game changer for Mack. Instead of exporting from the U.S., we'll now have local trucks for local customers. Of course, we'll also be able to export those products from Mexico into Latin America. When I look at the other two countries that we're really focused on, it's Colombia and Chile. These are really good, mature markets, where you have strong fleets that are investing heavily in new technologies, sustainable technologies. Again, we feel like we're now at the right point in time to launch our product going into Mexico that will have both EU5 and EU7 technology to meet the emissions level. Again, super excited. With that, Kina, I'll turn it back over to you and, again, thanks for your time. Thank you so much, Stephen. A lot is done. Yeah Still much to achieve. Listen, we communicated some time ago that you will actually be joining the next CMD, either from your porch or maybe the beach or. I'm picking the beach You're picking the beach. The beach, yes. I was going to say the golf course. Yes You are picking the beach. Again, after 30 years with a group, super successful to be a part of this amazing organization. I think Martin and the team have just done incredible jobs, and I couldn't be more proud. We have an excellent leader coming on board, Wilson Lirmann. I've known Wilson for a number of years. He's led the Brazilian market for a number of years, run one of the largest distributors. I'm super excited to work with him in the transition, and I know he will continue to drive the Mack portfolio even further down the road. Thank you very much. Thank you, Stephen. I have a question for you in the audience. Has anyone been in San Francisco lately? Hands up. Melker, you're not Oh, there we go. Did you drive a driverless taxi? You did. In San Francisco or in the other 15 cities in the world where you can find autonomous taxi drives, autonomous solutions are really happening, and we are now going to spend some time looking at how autonomous is exploding in our business. To help us with that is, of course, Nils. Hey, Kina. Hello. Hey, my friend. Since we last met, a lot has happened in the autonomous space. Sure I was listening to the Uber CEO some time ago, and he was saying that in 15, 20 years, the vast majority of Uber rides will be driverless. Yeah, absolutely. I think the robotaxis are actually paving the way. They're paving the way for autonomous trucking. I believe actually that the deployment curve for autonomous trucking will be steeper, and it will go faster. BCG recently said that by 2035, 30% of all truck sales will be autonomous trucks. We have something ahead of us. Mm-hmm. That's a great opportunity, and I'll leave the stage to you to explain how we are going to lead the market, please. Thanks a lot. Martin has said it already. The global economy really relies on transportation. Transportation, in essence, is the backbone of our economy, but it is also the backbone of our modern society. Putting physical AI on the road through autonomous transport solutions, we are creating new growth potentials for our economies. By that physical AI turns into an AI which has a pulse and a purpose. It is the bridge between digital innovation and the physical movement of goods in our society. It is about sensing, thinking, acting with a level of precision that never gets tired, that never loses focus. It is about making split-second decisions, safety-critical decisions in a world which can be messy, in a world which can be unpredictable. We are putting physical AI to work right now, we are at the brink of making it happen. We will start introducing autonomous transport solutions to the U.S. market. It is a large addressable market. 70% of all goods are already today transported by trucks in the U.S. Last year alone, the market accounted for $900 billion in revenues. It is a growing market. Mass customization, urbanization, online purchase pattern, that are driving the growth, it is structural growth. It is a growth which is meeting a market which already today suffers from legacy problems, from bottlenecks. It is a market which is set for disruption. We all know about driver shortage. Already 80,000 driver positions are not filled today. It is forecast to double by the end of the decade. The shortage of drivers, of course, that leads to high driver costs. A human truck driver can only operate 10 to 11 hours a day. Our autonomous truck is always available. We will add significant transport capacity. Delivery liability is the other well-known industry problem. Our autonomous truck doesn't need a coffee break, doesn't need a lunch break. Our autonomous truck is always available. Our autonomous truck is not limited by legal maximum driving hours. We are enabling predictability of delivery time, we are enabling constant live tracking of the goods. Road safety, today very much impacted by driver fatigue, by the reaction time of the driver, the overall human error. Our autonomous truck is never tired. It is always awake. It sees with modern sensors much further than the human eye can see, it has a constant 360-degree awareness of its environment at any second of the day. That contributes to road safety, it also supports fuel efficiency, it will help driving insurance costs down. We do more than just addressing the pain points. It is about creating new value. That is what Mats Backman said. With our autonomous trucks, we will double the asset utilization. I said it already. A truck today can operate 10 to 11 hours. We can double that with our autonomous truck, 100% more productive. That step changes the economics of trucking. It is a paradigm shift, you cannot afford not to be part. We are also enabling fleets to grow. If you are in the U.S. today and you run a large fleet, you basically have two core competencies, the transportation business and hiring of truck drivers. Because the turnover ratio of truck drivers in the U.S. is 90% annually. We are fixing that problem with autonomous trucking. Now we have faster deliveries. Our trucks can go further. They can drive longer. By that, we are taking down delivery time. We do longer distances in less time. The result is a scalable, capital-efficient, higher margin transport model with a structural long-term demand from shippers, from carriers, from 3PLs, and from transport platforms. The industry forecasts that by the end of this decade, by end of 2030, the installed base of autonomous trucks will be 25,000. Only five years later, that number goes up to 220,000. In other words, in less than 10 years, one out of 10 trucks you will see on a U.S. highway will be driverless. That is a consequence of the step change in trucking economics. You cannot afford not to be part. Autonomous trucking is more than just replacing the human driver with a virtual driver. Autonomous trucking is a new transport system, and each transport system has its own ecosystem. We've built exactly that, and we call it Autono-Freight. Because the business model matters. It is a key question. Transport as a service, our way to go to market, will unlock the large-scale adoption of autonomous trucking because we remove the main barriers for market entry. By offering autonomy as a fully managed service, we lower the upfront capital requirement, and we will shift the operational, the safety, the regulatory responsibility away from the customer. We simplify the adoption through a single partner model. If you are a customer, you don't deal with an OEM, you don't deal with a virtual driver company, you don't deal with a dealer. You don't try to find a terminal operator. You don't need to hire operators. You don't try to chase insurance for an autonomous truck. You have one solution. This will drive adoption. With our approach, we are unique. What we've built, our solution, we call it Autono-Freight. It is difficult to replicate, and it gives us a competitive advantage. We have invested in this for a couple of years. We know what we're doing. We know this industry. Important is, we're good to go. Next year, Q1 2027, we will start operating. This is our driverless launch. In Q1 next year, we will have trucks on open roads without a human in the cab. We will introduce, during the year, autonomous trucking to more and more customers. By the end of Q4 next year, we'll have more than 300 trucks out on the road on the U.S. highway operating autonomously. 2028 and the years above, we will then utilize our strong position, and we will scale, and we will scale at industrial level. Let me summarize. We have a very large addressable market. We have a very strong value proposition. With our solution, we will be 100% more productive. We will double the asset utilization. We have built Autono-Freight, our unique ecosystem, which is difficult to replicate, which gives us a competitive advantage. We are in this business almost 100 years. We know how to manufacture. We know how to industrialize. That enables me to say now that we are approaching our ambition to generate $3 billion US dollar revenues within five years. $3 billion US dollar revenues, which are having margins which are accretive to the group. Our agenda, our timeline, our value creation is clear. As a brand, we have very solid customer relations which we can nurture. As an OEM, we know how to industrialize, we know how to scale. Volvo, we are a first mover, and we are here to scale this business. This is what we've planned for from the very beginning. Thank you so much, Nils. That's very exciting. I have been standing behind my desk there listening, I'm kind of wondering, what's in it for me as a consumer? What's in it for you? Yeah. Kina, not long ago, we were together in New York, right? You remember? If we would be today in New York, as it's season for strawberries, we actually come back to your answer question, San Francisco, California, that's where the majority of the strawberries in the U.S. are actually grown. There's a problem with the strawberries in the U.S. in the sense of that it takes four days to move them from California by truck to New York. If you pick a strawberry, the average lifetime is then five to seven days. Whatever you have on your plate then is not really fresh. The autonomous truck does it in two days. Kina, if I would offer you an autonomous strawberry, would you prefer that over a normal strawberry? I would prefer going to New York and eat an autonomous strawberry, Nils, if I could choose. Thank you. Thank you. They smell very good. No. Thank you so much, Nils. Thank you. Thank you. He thought he could leave with the strawberries. I think actually I'll share them with the audience to get some energy. I give them to you. You can pass them around. Thank you. It is clear that the on-road segment is looking extremely strong, with great potential for resilience and growth. Now we're going to continue with another segment, adding a lot of value to society, that is urban logistics and people transportation. I'm sure that all of you have heard the term urbanization. It is estimated by the year 2050 that 70% of the world's population will be living in cities. That basically means that all population growth going forward will be urban, adding approximately 2.5 billion people to cities over the three coming decades. With this comes a lot of challenges, of course, but also for a company like us, a lot of opportunities. To discuss this segment, let me welcome Antoine and Anna. Anna, let me start with you. What are the drivers that makes this segment so special? As more people live and work in cities, there is this increasing demand for efficient and reliable and safe public transport to make this environment function. Here, our solution really matters. It's also very exciting in this segment because the transition to electric mobility is really happening now. Today, 40% of the buses that we sell to the city segment is electric, and by 2030, this will be 80% if we are successful. A lot of transformation happening here as we speak. As Martin also shared earlier, in addition to the positive climate impact and reduction of bad air pollution, these vehicles are quiet. So it opens up for new ways of city planning and also makes cities more pleasant and attractive to live in. Mm-hmm. Do you see the same, Antoine? Anna, I see the same. I would say that this mega trend of urbanization is calling for an improved logistic system, primarily on the efficiency side, but as well on the electrification side. We see more and more electric vehicles running around the cities, and that's a faster-growing market. You said it, given the density of those urban agglomerations. If I take one example, as the light commercial vehicle business, which is where Renault Trucks is operating for medium and heavy vans, we see the market size today at around 1.5 million units, sizable in 2025, with an expected growth of about 10% by 2030. That's a fantastic opportunity we expect to grab as Renault Trucks. I know that urban logistics is very exciting for you at Renault. Why is that? Because at Renault Trucks, really, urban logistics has been in the DNA of the company for more than 130 years. When you look at our product range, Renault Trucks has the widest product range in the company and one of the widest in the industry in Europe. We are going from 2.8 tons with a small Traffic van to more than 50 tons with a heavy-duty truck. We are offering heavy-duty kind of service to our B2B customers. I would say our customers love it. Our dealers love it as well because that's a good complement to our offer. That's why we believe that Renault Trucks is very well prepared to address this growth market. Mm-hmm. Anna, turning to you. You have been on a fantastic journey during the last year, improving and creating resilience in your margins, moving from minus and now almost 10%. Very briefly, how did you achieve this? Yes. We've been on this journey, as you said, we call it our performance journey, where we have focused on developing our business and setting a structure where we can deliver sustainable profit over time. I believe the past years now, we have really proven that our strategy is serving us well and that we have built resilience, we have built flexibility to maneuver various external headwinds while protecting and also improving our profitability. Today, Volvo Buses, we have a very solid coach business representing 70% of our total sales. We have a selective approach in the city bus segment, and in both segments, we are truly driving solution sales, so sale of products and services combined to support our customers with productivity, uptime, and safety. Two years ago, we completed a structure change to our setup in Europe, where we moved from producing complete buses to focusing on chassis production and working with partners for the bus body production. This change of the model have resulted in lower break-even points and also increased volume flexibility. Now you have created this position of strength for yourself. How will you leverage it going forward, and where do you see growth opportunities? We will continue to focus on profitable growth. We will continue to leverage on our existing structure that is very much set for just profit and growth, and we are now operating from a position of strength. We have ambitions to grow both in the city and in the coach segment. In Europe, we are preparing for substantial growth, coming into our focus markets from low levels, but now with new product introduction, step by step, growing back. In North America, we have leading positions in the coach segments with more than 40% market share, both in Canada, in U.S., and in Mexico. Here, the primary focus is to keep those positions and continue to drive our service business. In addition to that, we also have ambitions to grow our business together with our joint venture partner, Volvo Eicher Commercial Vehicles, and we will start this year with selected markets in Africa, coming in with new product offerings. A lot of things happening in our company. Coming back to the city bus segment that we were into here in the beginning, the shift to electric buses is happening as we speak, and here we meet fierce competition. Our focus is to continuously improve our product offers, so we can provide the best total solution to customers so that they, in turn, can enable sustainable and resilience public transport to citizens. That was a very long list of growth opportunities that you presented. Yes Anna, Antoine, you have also made an impressive journey when it comes to improving margins. Indeed. The Renault Trucks of today is very different from the Renault Trucks 10 years ago. Mats mentioned it earlier this morning, that we have been in strong black figures for a number of years now, close to the company target. How did we do it? Primarily along three main dimensions. The first one was to leverage our medium and heavy-duty range, which is a strength of the Volvo Group, of being part of the Volvo Group, where we recovered the trust of our customers. Not only our customers, but we managed as well to expand our market share to 9.5% today in Europe. Quite a significant move. We, as well, applied a very strong pricing discipline. Pricing, pricing every day. As a fact, today, when we discuss residual value, which is really, I would say, the pulse of where the brand stays in Europe, now Renault Trucks in many markets is number 3, and in some markets number 4. That's an outstanding result. The second dimension we've been focusing on is, similarly to what Roger explained, is to have a far better service delivery, more consistent delivery to our customers across the network in Europe primarily, but as well in some international markets. We have 1,500 service points, and we want them to offer the same service, a total of concept across the globe. Last but not least, this is what we've been talking about, this LCV business, which is a bit peculiar in the Volvo Group. We are the only one with this range, and we made it a profitable business with our partnership and co-investment with Renault Group. Now we are cruising at a decent pace and only creaming the market. We are not competing with the commodity players. We are more creaming the market with B2B customers, which are happy with a B2B service. Uptime, I would say on-time delivery. You have also created a position of strength for yourselves. Going forward, how will you gain market share and grab those growth opportunities? Today, we have established a dedicated organization on LCV. We are as well developing new solutions, and you see it on that slide. Again, applying a similar formula as the heavy-duty trucks. We are now moving to what we call customer adaptation or tailored solutions for our customers. Uptime, guaranteeing uptime, and you need to know that this LCV segment is adopting electrification much faster than the heavy-duty side. We are at 12%-15% in Europe, and with the recent developments in the fuel price, it's moving up. We are launching with Renault Group in H1 2027, the first software-defined vehicle platform, which was part of Flexis. Now it's going to be called Renault Trafic E-Tech. That's coming up soon. Very successful expectations since the product is outstanding. Very briefly, what will this lead to? This will lead to doubling the business. That's our expectation. Doubling the business for trucks at the horizon of 2030. Profitable today, even more profitable tomorrow. You know that we will come back on that when you give a number like that. I'm sure. Now you talked about competition and competition changing, and the two of you are probably the two in the group that meets this competition in the market every day to the most. Still, customers work with you. Why is that? First and foremost, I think our customers trust us. When we go into a market, they know we're there for the long run. We invest in local resources. We build competence. We build local partnerships, facilities. We are there to support our customers. This way of working over many years have built very long-standing relationships and also knowledge of our customer's business. To meet this competition, of course, we need to continuously improve our competitiveness, but also to build on this strength with the local regional presence and the strong Volvo Group global backbone. Antoine? I agree with Anna's arguments. I believe as well that the strong network we have, dealer network, is definitely a strong asset. Roger said it, 2,500 for Volvo Trucks, 1,500 for Renault Trucks. When you look at France, we have more than 330 service points. That's a clear barrier to entry, I would say, and a clear strength of our footprint. Thank you so much for now. Please take a seat. We are going to move into our 3rd segment, which is construction and mining. We are going to welcome to the stage the head of Volvo Construction Equipment, Melker. Where is Melker? Wow, that was great. Sorry for being late, but we are in the midst of our Volvo Days that we have here in June. 4,000 customers and other partners talking about our fantastic new products, our new services, i.e., the solutions that we are able to provide our customers with. Since I am here also, just can tell you just over there, we are right now building our new excavator plant here in Eskilstuna, but see you inside. That was so- Sorry, Kina It is so typically you. I promise this will never, ever happen again. I'm sure it will. What was that? Obvious question. Stunt driver or AI-generated? Actually, it was me. I don't believe you. It was me. I don't believe you. Actually, I can tell you that yesterday we had the opportunity with the team here to be out on the playground, and I must say that I was quite impressed by the skills of the team also. We stay close to our customers, and by that, close to our products. We know how to operate the big machines. Melker, we have been speaking about the Volvo Days. What are the highlights? Obviously, a big number of customers being here four weeks. You were a little bit a part of that yesterday evening, and you will be a bigger part of that today. Of course, we are demonstrating our products, machines, services. But even more, we are demonstrating our hospitality, how we treat our customers, how we take care of our customers, and how we care about the customer's business. One thing that makes me really proud and happy is the feedback from the customers when they meet our people, because we have more than 600 employees engaged in these days during June. When they meet the product experts, the business experts, they just love it. That is Volvo Days. We just saw some happy faces on the screen. Melker, you have also built a resilient organization during turbulent times. Yes, agree. Agree. By that, I leave it to you to dig even deeper. Thank you, Kina. I think Martin was quite clear earlier here about the expectations on growth. I would like to start with this slide. We have proven ourselves now when it comes to margins, when it comes to resilience, when it comes to profitability. As we know, that has been done during a period with a lot of external challenges, external headwinds. On the other hand, that's a lot of things that you cannot influence. Instead, do what you can. Influence what you can. We are taking a lot of actions, exiting paving business. We are discontinuing the Rokbak brand and the Rokbak business. During the autumn last year, we divested our ownership in the JV in China, SDLG. The combination of this with the actions and the earnings and profitability gives us the possibility to invest. To invest in the future, to invest in growth, and even more important, to invest in the Volvo brand. There are, of course, a lot of different things, people behind the improved performance, there are also two structural reasons. One is our global geographical spread, which is, of course, helpful during many times. Secondly, we are present in all industry segments. Being in all segments is, of course, helpful for us to maintain stability over the cycles. When it comes to growth, we have decided to have an extra focus on three segments: construction, mining, and quarry. We take them one by one and look at construction. That is today 50% of the Volvo CE revenue. It's big, it's growing. Demand, of course, coming from big infrastructure investments, urbanization, population growth. This is actually a very good fit to our investments we are doing in the excavator range and the excavator footprint. Moving into mining. Everyone loves mining, right? We also love mining. Big, growing. Of course, energy transition, supply chain security questions, et cetera. In mining, uptime and productivity is key. When I think about it, our products, our portfolio, our capabilities fits very well into mining. Here I see a big opportunity for expansion and growth, not at least within services. Then we have quarry and mining, very diversified business, very local business. Fits Volvo CE and the Volvo Group very well with the way of working and our broad network, so to say. Here I must say, Roger was into it, but the lineup we have in the Volvo Group now, if we take all the BAs, everything we can provide, we cover a big part of the customer needs in these segments. On top of all of this, all these three segments also see or have an increased need of sustainable solutions. I'm quite sure that you all have your projections of these different segments. We have, of course, with the CE, construction equipment lens and some external research, we have our view, and we believe that these segments will have a yearly growth of some 5%-6%. Of course, our clear ambition is that we should grow quicker than the market here. I guess the obvious question is how? How are we going to do this? Thanks to our heavy investments we have been doing, start with the products. We have renewed more than or around, I should say, 50% of our portfolio. Today, it's BEV, it's ICE, it's grid connected. We see now that we have up to 10% productivity gains. Productivity is done tons per hour. We have up to 30% on the efficiency, fuel consumption or energy consumption per hour, which gives significant better TCO for our customers. 20%, that's a lot. We have also invested a lot in new services that help our customer to improve the bottom line. Uptime productivity services, site solutions, parts, pay per, we call it equipment as a service, growing rental. I think we can say that we are a little bit proud because we have had good and profitable growth here the last years. The combination of this now, the combination of this is that we have the capabilities now to provide the solution for the customer. The solution for the customer, that is what is the perfect, complete customer offer. Another very important parameter for us in the growth journey is our decision to move more into retail. With the acquisition of the Swecon in the beginning of this year, we now have the direct customer interface in key markets like Sweden and Germany. Very important. Of course, this will help us to drive the long-term transformation of construction business. Even more important now maybe, this will help us to drive penetration of service contracts, penetration of parts, penetration of workshop hours. If you take Europe now, revenue from own retail moving from 30%-65%, of course gives a very good position for us to continue to drive the growth here together with our customers. We have also taken some decision to invest globally to make sure that our industrial footprint is matching our commercial footprint. Most important now is excavator expansion, excavator capacity. We are investing SEK 2.5 billion into our main site in South Korea, Changwon. We are investing in Shippensburg in the U.S. Actually, the first excavators was coming out from that plant just a couple of weeks ago. Very good for the situation in the U.S. Last but not least, as we speak, we are building our plant here in Eskilstuna in Sweden. Being a Swedish company, being in Sweden today, to have the opportunity to prove that we can be competitive building a vehicle plant in Sweden, 2026, is just great. The regional value chains with shorter lead times will be very important for us in the growth journey. To summarize, we have created profitability and resilience. We are investing in products, services, retail footprint. We are close to our customers. We are focusing on segments that we know will grow. We have better possibilities than ever to grow quicker than the market. That's my answer. Thank you, Melker. Thank you. Have a seat. Stay in your chair. I will I'm going to ask you to come up in a little while as well. Melker. When working in a diverse company like the Volvo Group, you get lots of different questions from you in the analyst and investor community, from media and from others. Lately, our last two segments have gained a lot of attention. It's power generation, and it is defense. We're going to start with power generation, so let me welcome Anna. Anna, I think it's fair to say that everything about Volvo Penta is power generation. You're of course well known for your marine business, but you have been part of the industrial branch since the very start. Absolutely. We love, live, and breathe power generation in Volvo Penta. Of course we are at sea, you all know that. We are also on land. We have been that since we as Pentaverken delivered the first engine to the first Volvo Cars. That was 99 years ago, so it's not a new thing for us. You are an incredibly innovative company. Yes, we are. Innovation is a very integral and important part of the Volvo Penta culture, and we have launched many groundbreaking innovations over the years, and I would say that we have redefined marine propulsion and boating again and again. Now we are also pushing the boundaries with our industrial products, with the latest edition, our G17, that is specifically targeted then to power generation and data centers in the U.S. Mm-hmm. We are curious to hear your growth story. Please. Thank you. Thank you, Kina. Thank you and welcome all of you here. Volvo Penta then. We have grown our revenue. We have doubled our revenue over the last 10 years, so that's a compound annual growth rate of 8%, and that is done with both marine and industrial. Today, marine and industrial represents 50/50 of our revenue. As you can see here, we have done that by increasing significantly the revenue per unit sold. When it comes to the marine business, that growth is very much coming from that we have increased our scope of supply. We have from the propeller to the helm station on the vessels. We have also grown into larger vessels. I would say that this is based on our innovation. The IPS system and the features that we have built on the IPS are fundamental drivers for that growth that you see here. When it comes to our industrial business, we have grown volumes. We have, in particular, grown volumes when it comes to our off-road business. We have been successful in growing into heavier usage applications, being very positive for our parts sales, and today, the service business represents 30% of the Volvo Penta revenue, and I would say it's still a further growth potential for us as we move forward. As you can see here to my right, we have accomplished this profitable growth with a very asset-light operating model. What is then the secret sauce of a Volvo Penta, you can wonder. First of all, the synergies in production and in technology with the Volvo Group are absolutely fundamental for the business model of Volvo Penta. That gives us access to high-volume automotive parts that we can bring to new segments that you can see here to the right. These represent some of our most important segments that we are addressing. Here in the middle, you see Volvo Penta. We are not only adding innovation. We are adding deep application engineering excellence, and we are adding a very close cooperation with our OEM customers. We are investing heavily in R&D on a yearly basis, 7%-8% over the last couple of years. We are doing that to develop our solutions to fit all of these segments and the various applications in those segments, all having different drive cycles, different requirements, and different emission regulations. If you pair this with a global commercial presence, a strong dealer network, and 2,624 very passionate and very skilled colleagues, you actually get the recipe and the ingredients for a successful, profitable growth journey. If you look behind me now, you see a couple of applications that are powered by Volvo Penta. We have widened our scope of supply, including everything from the propeller, to the stabilization, to the operation of the vessel, to the services. This is meaning that we are becoming an integral part of the design of the boat. We are a true system supplier for our marine OEMs and a true partner. We are bringing those learnings from marine into our industrial business. Here we are now launching, and we have launched connectivity services, productivity services on top of our traditional services. This is from this space that we are now taking the next step. The next step, ladies and gentlemen, will also be based on the Volvo Group common technologies, on innovation and deep application knowledge, and of course, a great team. On the on and off-road side, we are now adding more Volvo Group components to our engine offer to include, for instance, axles and gearboxes, and again, bringing the Volvo Group components into new adjacent segments. On the genset side, we call our next step the Power of Plenty. What does that mean? In particular for data centers, we make now modular solutions to compete with big block power generators. Multiple engines, matching large engines by competitive TCO, by competitive footprint, by a competitive deployment cost, and maybe even more important, availability. On the marine side, we have been working with multiple installations for many, many years, triple, quadruple. Last two years ago, we launched the Power of Plenty concept with our IPS professional system, attaching two engines to one drive. That is also then making us compete with larger engines, bringing us up into larger vessels. It is, again, Volvo Penta redefining marine propulsion, because this is providing our customers with more power, less fuel consumption, more space, better maneuverability, and flexibility. Because in the same engine room, in the same package, you can select two diesel engines, in this case, D13s, or one electric engine and one ICE engine, or in the very near future, two electric engines. A fully electric solution without rebuilding or redesigning the engine room. What does this mean in practice? That means that the Power of Plenty has already opened up high potential profit pools for Volvo Penta and for the Volvo Group, like the data center business. If you look here, you see a perfect example of a Power of Plenty concept. This is a Switch data center outside Las Vegas. I would say it's a mid-sized co-location. Here you see 300 D16s packaged in a Power of Plenty concept, providing the backup power for this data center. The whole integration and the packaging is done by our customer, then Central Power. We believe that the power and the cooling business of data centers will grow with a compound annual growth rate of 14% in the next coming 10 years. Today, the data center business represents 15% of the Volvo Penta order book, and I can tell you today that it is growing rapidly. If you look at the marine side, the Power of Plenty is making us move into larger vessels, like super yachts and heavy-duty marine commercial applications. Our ambition is to double our revenue, but not only in the industrial business, also in our marine business, where we see also more potential. We will double the revenue. The ambition is to do that within the next 5 to 10 years, sustaining a strong profitability and a strong return on capital. With that, if you look very, very carefully on the picture here, you see down to the right-hand side, you see a defense vessel. I believe that is a perfect segue to what we are going to talk about now, Kina. It is. Thank you so much, Anna. Thank you. You did my job. I love it. We are going to segue into the last segment, which is defense. Yes. Why don't you join me over here. Thank you I will also ask Antoine and Melker. Thank you. We opened this Capital Markets Day talking about geopolitics, I don't think that anyone has missed the need for Europe to build a deterrent defense. We know a few things. We know that logistics and infrastructure capabilities, they will be key. We also know by that many of the significant investments will be put in our sector. Here, the Volvo Group has a unique position because we can offer a wide range of applications, products, services that the defense industry needs. Starting with you, Antoine, can you describe the buzz around defense? As you said, Kina, we have a number of open conflicts in the world. All the armed forces are observing those conflicts and coming to the conclusion that everyone will have to invest. We'll have to invest in different equipment, but primarily in the logistic equipment, which are key for those conflicts, to bring all the different goods to the front or a few kilometers far from the front. That's a clear trend we are seeing. Every country starts to have a plan. I can tell you that I've been visiting many more generals, four-star, five-star general, in the last few weeks than ever in the past. They're all talking about investing, you need to know as well that they have not invested in logistic trucks for many decades. What we see as well, that we see a paradigm shift in Europe mostly, where they are moving away from tenders of big equipments, I would say, or very specified equipment only for military applications to more trucks coming from the civilian world lifted up to their needs and ongoing purchases. That's what we see across the world, ensuring forward and backward integration as well technologically, that's paramount for them. Would you like to fill in, Melker? Yeah, just can give a hint or a data point so you understand what's going on here. Today we have ongoing business with some countries in the Volvo Group. The number of countries that we are discussing future business with is double the size of the countries we are doing business with today. Just a flavor of what is going on here. I guess you recognize this as well, Anna. What are you doing to grasp this opportunity? No, we see warfare changing, and I think everybody recognizes that it's more units and autonomous units is what the military is looking for right now. We see that very clearly, that the navies around the world, the marine, is looking for volume and autonomous. The fact that we are controlling from the propeller to the helm station makes it very easy to integrate an autonomous solution on top of our electronic system. We are already delivering, and we are gearing up to deliver more, and a lot of the dialogue's ongoing. Looking at you, Antoine, what are you doing within Renault to grasp this opportunity? For Renault and Group Trucks at large, I would say then, as I said, we are adding some capabilities on our platforms to really develop military-ready platform for their needs. We are thinking of autonomous, of course, vehicles, but as well unmanned vehicles, which can be cheaper and faster to deploy. Melker, we said that one of the strengths we have is diversity. We can offer trucks, haulers, boats, engines, power generators. How do we synergize this and go to market as a group? I think you're partly into it here. We have learned now, all of us, that defense is a lot of logistics. It's on sea, it's on road, it's off-road. If you think about that versus our portfolio, it's a good fit. We come to the scale. Defense will not only be expensive, specialized equipment. We have our system, our production facilities, our volumes. That will put this in a total different perspective because we also know the drones. You can also think about what does that mean on land? That, in combination with, you said unmanned, remote operated and autonomous, all these skills and the capabilities we have will make a lot of defense organizations much more happy in the future when they realize what they can buy. Anna, finally, we also know that the ability to provide services, that will actually decide who will be the supplier of the vehicles. Yes. What is your take on services? It's clear. I think that goes for the group. We have a global, very dense professional service network. That is required by military, Navy around the world to have that. We can also, of course, train them to do certain service themselves, which we do today. Melker? I think the definition of uptime is really in this segment and everyone been talking about that, but the dense network and our service capabilities will of course be a super good fit for uptime for a while at least. You don't know how long, but when they're up and running, you need to have uptime. I believe uptime and TCO, because as well, the armies need to maximize the use of their budget. All right. Thank you so much for now to giving your view on the growth opportunities within defense. Please take a seat. We will probably see more of you during the Q&A later. This brings us to the end of our look of our strategically selected segments. Martin, you have been sitting listening to your colleagues. Would you like to come up and share your reflections? Absolutely, keen on. First, I just would like to say, wow what a team. I think it all boils down to people. We say that, it's 100,000 colleagues around the world, but the team here representing all of them is just amazing. The second part I would like to say, I put note of that today actually, with Anna saying that scaling Volvo technology by innovation and application excellence through people, that is what it's all about when we take this segment lens onto it. Growing underlying markets, obviously, but strategically selected segment's important. Where can we really drive growth? Here, core segments, we know that we have the capabilities, we have demonstrated history. We see now also with the increased focus on certain growth segments such as defense, mining, power generation, power solutions, etc., that will also require, apart from the capabilities that we have already in terms of our total offer compounded by our technology, the networks, the people, also partly concentrated commercial organizations that we are combining the strength in order to drive that opportunity. Underlying growth even further in selected segments and then outperforming in these segments, that is the recipe, and I think the team here has truly demonstrated the opportunities. Thank you for now, Martin. We will see you soon again, and I hope that there is no doubt now that there are a number of growth segments in our markets and in how we also select our segments strategically. This, to build resilience and growth. If we are to capitalize on this, we need one more thing, and that is application excellence to drive technological advancements and to ensure that all our value chains are effective. To share how we are achieving this, I will present a well-known face, but with a slightly enhanced scope. Jens. My friend, you have stepped into bigger shoes since the last CMD, leading purchasing, well, they look the same. Purchasing, operations, and technology. How are you finding things? It feels exciting and of course, great responsibility, and we're living in unprecedented times with moving faster than ever before, but that's also the time to show what this organization is capable of, so feeling good. What is your comment on those capabilities? It's all about people, and it starts and ends there. Whether that is to set up a new plant in Mexico within time, budget, now producing trucks, or launching a completely new D13 platform that we're doing right now, or the 700-km range battery electric vehicles, it's done by people every day doing the extra mile. That's really true. It's key. We are super curious about application excellence. I'll leave the floor to you to describe how we are ensuring that we have the right product at the right time, at the right place, and at the right cost. Thank you. Starting with application excellence, again, we have said it before, it starts with the customer, and application excellence and tailormade equipment at scale is what makes us a little bit unique. I would like to take the opportunity to actually distance ourselves a bit from automotive. We are not automotive. We are producing highly specialized industrial machines every day at scale. Application excellence, we mentioned many times today, what does that really mean? I'll give you some small examples. For instance, we have a customer here in Europe transporting glass sheets from a glass mill. The glass sheets, they have a certain size and you cannot change that. That means your trailer needs to be bigger. That means also when the trailer is bigger and higher, you need to lower the chassis to have profitability and competition, creating a very competitive product, and that's what we deliver. Or, for instance, our 38-ton axle in a quarry or in a construction site where you add on load in the rear, and we measure every axle exactly what the weight is, not to load too much to be illegal and not load too little to not be competitive. That is what we are talking about being application excellence. These are only two points. I can tell you another 10,000 points where we do this in every segment, in every product, everywhere, and we do it at scale. Ultimately for us it's about creating TCO for our customer, uptime, but also productivity. I would like to highlight also trust. Trust we build by consistent performance, but also standing with our customers in good times and in bad times. We do that by servicing our customers, and we are at the point right now where we are delivering 99% of our order lines of spare parts within 24 hours in 180 countries, serving 1.9 million trucks. If you add on the complete group, then we are talking about 3.2 million pieces of equipment that we can service. We are at the level still at 99% within 24 hours in 180 countries. How do we make this happen? It's by balancing. Balancing, having scale where scale matters, having speed where speed matters. Starting with where scale matters. That is in our tech stack. How do we create the best possible technology solutions? Common architecture, shared technology, starting with powertrain solution, software-defined vehicle applications or platforms, connectivity, and as Nils alluded to earlier, also autonomous coming into our complete global tech stack. Of course, having that global tech stack is enormously important to have the critical mass, to have the speed, the capacity to invest enough in the right areas. Of course, having a big global organization also can make you slow. That needs to be balanced with a regional setup. We are super clear in our regional strategy. We are having application R&D close to our customer, understanding what the customer need, whether that is in a mine in Peru or in a road train in Australia. We need to understand what the customer needs. That means you need to have application R&D on local level. Adding on local sourcing, also local production, truly creating an end-to-end system supporting our customer every day. The regional setup is also a way of dealing with resilience. I look at resilience from three aspects: financially, technology, geopolitically. Starting with financially, I think we have shown in the last few years, we have created a truly flexible industrial system that can adapt to volumes wherever they are in the world, in the three, four distinct regions, North America, Latin America, Europe, and internationally. Geopolitically, by having this set up where we source locally, produce locally, we are mitigating a big risk that we have with either tariffs or sudden impacts like transport issues or disturbances that we have seen over the last couple of years, shocks to the system, setting up a resilient system. Finally, from a technology perspective, we have set up the system so we can balance up the system both from an R&D also from an industrial perspective, ramping up whatever technology will be needed in different part of the world, whether that is the combustion engine on different fuels, the battery electric vehicle, or in the future, hydrogen. We can ramp up wherever it's needed, dependent most likely on this infrastructure, depending where we are in the world. We are a growing company, starting with our service network. The points you see here are actually our distribution centers that are supporting the map that Roger showed earlier with our different service centers. This is how we distribute our parts globally. We have invested over a number of years. We are in a good position right now, and that's why we achieved the 99%. Going into our industrial system, starting with, North America, you know we have invested in capacity here. I think we are finalizing. We are in place. Going into Latin America, we are in place. Europe, very strong. We have a very strong backbone in Europe in place, we are ramping up now our fourth industrial hump, India. We have some investments left, we see that will be handled in more of a normalized capital expenditure. I would say very soon in place as well. Looking at R&D. We have invested also here, we have had elevated levels of R&D spend over the last few years. We see now that that has been peaked, we have also invested in platforms, in the combustion engine, in our long-range BEV, in our software-defined vehicle, also in the autonomous area. We see now that our R&D expenditures are flattening out. Kina, we have resilience. We have the discipline to balance between technologies, we definitely have the capabilities to grow. Thank you so much, Jens. I have been standing on many stages with you, there is one word that keeps coming back. Execution. What do you see now in your big organization that gives you a lot of confidence? Execution gives trust. It starts and ends with people, I need to acknowledge that. I'm a true believer in people and what can happen when you have the right people on board. I would like to take a story about Adisa here. You see on the slide here. She works in our shipping factory where we produce our gearboxes for Europe. A while back, I met her on the shop floor. We were about to ramp up from a big rebuild that we did. On the AMT gearbox, that's a sensitive thing. That's where you support the complete European market with gearboxes. We were rebuilding that to have both our electrical drivelines with our AMT gearboxes on that line. It's a bit tense ramping up vertically after a shutdown. It is tense, she was standing there looking me in the eye, simply saying, "Failure is not an option. Off she went. It was a success, by the way. That is the type of attitude I see everywhere in the organization. I see it everywhere, wherever I go, whether that is to set up a new plant in Mexico, delivering our D13 engine, or a service center, or our long-range battery electric vehicle. I see that everywhere. It's hard to beat a winning team. I see it in you, my friend. Thank you so much for now. Please take a seat. We will see more of you later. Jens was speaking about our R&D budget normalizing and us having done major investments in our future. With such a strong balance sheet, how do we leverage our position? Mats, may I look at you? Maybe you can put some figures to it. I'm back. You're back. You're right. As you have all have heard, we have been forward-leaning when it comes to investments over the recent year, and we are well invested. If we are putting numbers on that and looking at the development we have had since 2019 on this short term. As you can see, we have increased the R&D gross spending, and we peaked in 2024. As Jens said, from the peak 2024, what we are looking on is rather a slightly decline from there or more of a plateau. R&D is also a big driver when it comes to capital expenditures. We can see a similar development when it comes to capital expenditures, but with somewhat of a delay around. We have been ramping up on the CapEx side as well, we had SEK 18 billion in 2025, which is similar to the R&D side on a peak level, where we see a slight decline in the same way as we have seen for the R&D growth side. How does this impact our way of thinking around capital allocation? We are very consistent when it comes to the thinking around our capital allocation, and the most important part is that we are investing, and we are investing being forward-leaning in our operations as well. This has been yielding over time, and we are on a return on capital employed of around 25%, so good returns on the investments we are doing. In the same time, and this is also you have heard from all my colleagues today, we are forward-leaning when it comes to investing in new technologies. We are, in the same time, sharing this success with the shareholders, and we have been consistent when it comes to dividends as well. Looking at the ordinary dividend, but we have been increasing the ordinary dividend with SEK 0.5 over the recent years, and consequent we will continue to be. Then on the extraordinary side, depending on where we are in the business cycle and depending on the cash flow, we have also been generous when it comes to the extraordinary dividend. With that, I'd love to return to this slide. I really love it when we are talking the total shareholder return, and we talked about the positive impact coming from the resilience and the growth, but capital allocation also being extremely important when it comes to the total shareholder return, and the dividends we are paying, which is also driving the total returns. Thank you so much, Mats. I'm sure that we have many happy shareholders. Why don't you join me behind the desk? We are soon going to open up for our Q&A session. We are done with presentations. First, I would like to ask Martin to wrap things up. Thank you, Kina. What a great opportunity to present this story. Maybe two messages also, if we start with what we've discussed today. Number one, demonstrated A demonstration of my colleagues throughout the Volvo Group about built for resilience and growth. As you have seen here, both when it comes to the reinforced resilience over different type of cycles, but also how we are continuously also tapping into the growth opportunities. Now with the four dimensions that we have been presenting through the segment lens, it's time to take the next step for the Volvo Group. Friends, a day like this, exciting times, right? We are living in uncertain conditions, we know that. The demand in our strategically selected segments will continue to accelerate. This growth is driven, as we have been talking about today, by the underlying economic activities obviously, driven by macro trends, but also a number of dynamic factors such as e-commerce, defense, mining, digital infrastructure, and beyond. Also, we are coming to the point where we will see the enablement by autonomous solutions and energy transition that provide further growth opportunities. When growth prospects are good, competition is intensifying, and we like that. In these exciting times, the Volvo Group's capabilities and assets to move ahead have never been stronger because it all boils down to where we started this morning, that every customer will get what they need to stay competitive and successful in their specific segment, application, and geography. In other words, in their business. The solution for the customer. A truly competitive TCO, including uptime, payload, energy efficiency, safety, driver attractiveness, productivity and more. This is customer obsession in real life. It's one thing to have an obsession for customers, it's another to have what is required to deliver what they need. With our global system of own innovation technology in industrial capabilities, combined with the best and greatest, most reliable supply and commercial partners, we are either developing or getting access to the latest and greatest competitive key components and systems. Competitive both, yes, in terms of cost, but when it comes to the solution, in many cases even more important when it comes to durability, reliability, and performance. Our modular product and solution system, CAST, common architecture and shared technology, is both fast and flexible and combine scale where it matters with the diversity needed for the customer. Our application excellence leverages our strong regional value chains in both core and evolving markets. They are, what you say, Jens, these regional value chains, they are ready for more growth, right? Yes. Melker, don't worry, we are ready. Growth driven by a world-class sales service network that is global when it comes to reach, but on the other hand, and at the end of the day for the customer, is very local. To put it even more precise, exactly where and when the customer needs us and wants us every day, 365 days per year. Always. This approach has led us to a growing customer base that has a huge trust in our solutions and in our people, reflected in our high customer retention and new customer acquisitions. It's not just trust in the products. By leveraging the total offer, that has led to an increased share of service and solution content, another important signal of trust from our customers. We are working in an industry where the market is growing. We are focusing on segments that will outperform the growing market, we are confident that with everything we talked about today and much, much more obviously, we will outperform in these segments. Growth on growth on growth. Based on these growth levers, our capital allocation strategy has been consistent in providing performance for our customers, in reducing volatility and increasing earnings for the group, and solid investor returns. This is what we at Volvo call resilient and profitable growth. It will be done by the most precious asset that we have at Volvo, our people and our partners. You have seen the team, I would like to call it my team on stage today, and I'm very proud of all of you. Thank you guys for what you're doing. We are representing 100,000 colleagues around the world. I know that many of them are watching online. I hope that you excuse me if I turn and talk to them for one moment here. Dear colleagues, it doesn't matter where in the world I am. I meet dedicated, dynamic, business savvy men, women, colleagues, you. You are living our brands and values, and I know that you're always ready for the extra mile every day, in every situation, globally, but still extremely locally, and all for the customer. I couldn't be more proud of you and what you are doing. Thank you for your great commitment. At the end of the day, it is exactly that. It's all about people, our teams, our customers' teams, our suppliers' teams, working together to drive society forward. Everyone online, everyone in the room, thanks for your attention. Thanks for your trust and interest in us. We that have been on stage today, we are extremely proud of representing all the colleagues around the world. We are the Volvo Group. Thank you. He makes me cry. I think we need to catch our breath a little bit, Martin. Yeah, I definitely need to do it. Yes. It's time for the Q&A. Here it comes. We are in an emotional business. We are. Let's play the bumper. Hold on. I see that there are many. This is good. We have a lot of questions in the room already. Good. Very good. We're going to finish off with a Q&A. We have a well-known face in the audience, Anders from Investor Relations, who will help us with the questions online. We have Mats and Martin by the table. Of course, feel free to ask any questions to anyone in the management team. We're going to start in the room. You know the drill. You present yourself, and then what? One question each. I mean it this time because it is respect to the rest of the people in the room. The question is, who would like to begin? Kina, can I just get my glasses so I can see? You can get your glasses. We have a microphone already here on the first row. Please introduce yourself and put the first question. Thank you. You made it challenging to just select one. You can select one only. It's Daniela Costa from Goldman Sachs. Given it's just one, maybe I'll follow up in the conversation at the very end regarding capital allocation. R&D is not going up, CapEx is not going up. You're growing more given all these initiatives, hopefully, and I guess there's still some room on the margins, at least in construction equipment when we looked at the first chart with the top of the industry and where you are. Is there any room for largeable size inorganic moves to accelerate all of that? What are you going to do further with the cash beyond all that you already do? Shall I start? Yes, please. Thank you for the question. I think we have been pretty clear in our different type of, if I may say so, inorganic moves over the last couple of years. When Mats, for example, talked a little bit about the Transformational Ventures, on one side, you can say, okay, it's profitability and we want to be transparent. On the other side, you can also say that quite a lot of those are, of course, add-on technology investments that are still about to come on board. We talked about autonomous, obviously, you heard about Nils. We are getting closer to this. We see that in a number of others. The other big part that we see is that it has been good for us to take further steps when it comes to the sales and service network distribution, coming even closer to the customer. It is building further growth opportunities for us, both when it comes to the penetration of market shares in these segments, we can do even more. Truck Centre WA was a great performing dealer. With now the integration into the Volvo Group Australia, we see an accelerated penetration of core segments up in Port Hedland and Pilbara, et cetera, for example, because we need to combine different things and also the service opportunities. We are working very structured around the funnel of opportunities, but with the right balance. That is how I look upon it. No, totally agree. I think that if you're looking at the last 12 months and what we have done, especially when we are talking about the dealership and the service focus with Swecon and then Western Australia, that's the path we are on. I think that's reflecting the priorities going forward in a good way as well. When you look at other inorganic opportunities, you need really to see where it can add to your competitive Just add units we don't need, because there we have the organic capability of driving that. The one plus one adding just to gain size, it must create value for real and not being dilutive in any sense, so to speak, because then we are just losing focus. All right. Thank you so much. Hampus, you have been waving, I'll leave the microphone to you. Thank you very much. Hampus Engellau, Handelsbanken. One question. Thank you. Maybe coming back to the market shares. It seems like Mack having good momentum on the market share, while Volvo has a tougher task. If I look historically, it's been very segmented in the long haulage with Freightliner absorbing International's market share when they went into trouble. How do you aim to break into this and capture clients that never have considered the Volvo brand? Thank you. Maybe Roger, if you would like to take that. Thank you for the question. I was into it before. We need to also then be aware about that the long-haul segment in North America has been down more than the construction segment, so to say. As I said, we are now building our capabilities, widening down the product range, which make us more possibilities to grow than the shares in segments that we have not been out in before. The number one thing is, of course, conquest into customers. We are then working a lot with more sales force, with more conquest from a customer point of view. The number of customers that we are taking on now that is new one, is massive. We see now a good increase in terms of order intake. We are pretty confident that this will come in the market share as well. I think also, what Roger said, you showed it so well, and you have been into it. When we look at North America, Hampus, as you know, it's a continent. We really demonstrate also that we are able to do that. We have dealers and markets, as you say, with this. It's all about granularity and driving that. I think the platform is there, so we feel confident about that. Thank you. We will take one more from first row. Mattias. Thank you very much. Mattias Holmberg, DNB Carnegie. As you probably are aware, there's been a lot of discussions and speculations regarding the structure and if there's potential to make construction equipment into a separate entity. I think you've shown a pretty strong proposition with the cost and service network, et cetera, why it makes sense to have it as a group. I still think it would be interesting for us to hear your perspective on the structure, if you want to put the discussion to rest, so to speak, or if there might be merit to this discussion, but perhaps a few years too early. I think, Mattias, I think this is, of course, always a very important discussion when it comes to group like ours, to have a reflection on how does the portfolio look like. Do you have enough, so to speak, common capabilities, access to defend the structure that looks like Volvo? I think both when it comes to how we have been developing the group, the different business areas, the development, both in resilience and in growth opportunities, but also finding the right combination of, on one side, common capabilities of scale or technology, or industrial and service network opportunities that really is a shared and good opportunity, while at the same time have enough decentralizations you are not losing speed, focus, and accountability and ownership. We have done a number of moves where we have said that these parts of the business are not fitting good enough into the group, then it's better for them to develop on a standalone or in another context. What we see now, and I think that has been demonstrated, there are in addition to the journey that we've done, I think also market and segments reasons to really drive this even further. Defense, mining, power generation, quarries, construction as well, the core construction. That's the reason also why we, in certain parts of the business now, are combining the business area set up also with the segment set up, we even further can drive the opportunities across the group. We are happy with the structure that we have. I think also the outcome has shown that this model is working. Very good. We will take one more from the room. Agnieszka. Thank you. Agnieszka Vilela from Nordea. You gave us a very good glimpse into the growth ambitions and kind of revenue pools for your different businesses. Would you consider disclosing more formalized growth and EBIT margin targets for your business areas to improve transparency and accountability from analysts and investors? No, we have the segment reporting. We have and also when it comes to the financial targets. That might develop over time, depending on the development of the different segments and so forth. For now, we are happy with the way we are presenting the group and the kind of the key ratios and the KPIs we have. Very good. I think it's time for the first question online. Anders, would you mind? Sure. You have recently acquired truck dealership in Western Australia and Sweden within Volvo CE, are talking about regional expansion to get closer to customers. In which regions do you aim to expand in this space? Yeah. First and foremost, it's important for us to come back to what Roger said. We still see that it's a good combination of having a mix of. When we have high-performing, if I may say so, private dealer partners, that is also, of course, a very good model. We see due to different aspects that there are reasons for us. It could be succession. It could be that we really want to focus even more on a specific segment, a specific geography, where further add-on investments are being made. What has really changed over the last, I should say five, 10 years, is our own operating performance in our retail network. Both the private and our captive network. When it comes to, of course, the financial performance, but also when it comes to driving growth, driving services, driving the entrepreneurial spirit, the decentralization. That combination with the fact that we now have business that are accretive to our margins when it comes to the retail, since it's in the same flow and even more recurring business, we see that as a good opportunity. We will take that step by step. Coming back to what Mats said, strong financial position, drive innovation and growth opportunities, also make sure that is very attractive, by the way, with the return on capital that we have demonstrated for the investors, on top of that, dividend opportunities. This is a strategic area. We are coming closer to the customers. We can drive core segments even further, I should argue the last four, five, six acquisitions that we have done have demonstrated that it's not only possible, it's very positive having this bolt-on, add-on strategy when it comes to the distribution. Yeah. Very good. Let's see if we had any questions on this side of the room. Yes. Any hands up? No. I'm moving over to this side of the room. Here we have a few. We can start with. A lot of hands. Good. We'll start with you. Let's see. We need a microphone. Come. Coming from both sides. They're coming from both sides. Well, you're a popular guy. I can have two microphones. Yeah. Björn, Danske Bank. I keep on asking about the bolt-on acquisition. Would it be possible to add 1% or so to growth? If you can give some color on the potential for acquiring companies like Swecon. That drives growth and also resilience, of course. No, as you say, Björn, I think there are a number of things. Number one, it is also from a group perspective, further driving the resilience when it comes to recurring revenues. That's obvious because it's both the traditional, if I may say, the core businesses of workshop hours and parts. More and more solution requires also investment for the retail network when it comes to electric mobility, when it comes to autonomous, when it comes to different other type of digital capabilities, et cetera. It is important for our competitive position over time. As I said, when we have done acquisitions, and we have a good pipeline and funnel, we see that we are adding growth, both when it comes to the products and the services, and increasing that. I will not give a percentage, it's both growth, it's the competitive set, because you're even closer to the customer, and it's resilience for sure. I think it's very good for the investors if I put it like that. Very good. We're going to continue on this side of the room. Right here. Hi. Thank you. It's Nicolai from Deutsche Bank. Also one question on your corporate structure, and this time it's on Penta. Great journey over the last years. Now you're trying to double revenues. Still from a capital market perspective, Penta is just dwarfed by trucks and construction in terms of earnings. Any ideas here to separate this business, just put them on a spotlight that we see somewhat momentum in data centers and power generation? No. I think again, we are crystallizing that business very well. I'm very happy that you brought it up, Nicolai, also because it's another jewel in the crown. The growth potential is obvious. I think we have, and the team at Penta, together with many colleagues in the Volvo Group, have demonstrated that driving this now segment by segment, of course, the marine that we thought was rather full-leased, but we are unleashing, so to speak, further potential now with the bigger vessels, et cetera. When it comes to industrial, it's a huge potential. Since we are still in a very high level of growth mode there now, also when it comes to the service business. When you start to think about, as Anna described also, the core elements in the backbone, and then adding on the core capabilities of Volvo Penta, and then providing the solution. To start to do a separation with a lot of complications will just make the focus put in the wrong place. We are disclosing, everyone can You are good in calculating. See how much that will add to the group's potential moving forward. Yeah, we are quite granular when it comes to information. Very granular for Penta. Anna shared a lot today when it comes to the targets going forward as well, Dan. I think you have quite a lot of information in order to visualize the value we have in Penta. Great opportunities. If you think about the I've been involved myself together with Anna and the teams, because I'm really interested in this field with the whole energy transition. When we look at now, the innovation, not only when it comes to the technology innovation, but also when it comes to the business model innovation, availability, scale, when it comes to digital capabilities or electronic capabilities to synchronize all these different type of engine sets, not only for backup. I'm convinced that we will come in also to the prime side of thinking. If you have 100 engines, and you have a smart round-robin system also of the maintenance schemes. This is an outstanding solution because with the 16 seven-liter engines, then if you even drive it on natural or biogas, et cetera, the sweet spot of such a generation when it comes to fuel efficiency and energy efficiency is unbeatable. It's about the synchronization and with the capabilities we're sitting on today when it comes to control systems, et cetera, that will of course come as well. Here is great opportunities. Thank you, Martin. I think we can conclude that divestment rumors, it's a no. Again, it's all about delivery. That I also can assure you. The day we feel that being part of this group is hampering someone from driving resilience, growth, customer satisfaction, and outcomes, then of course we should consider a different structure. We feel really good, and we have a lot of discussions in the team. We feel that we have a good structure that gives good outcome. A clear no. Thank you very much. Let's continue in the middle of the room, over there. Hi there. Harry Martin from Bernstein. I wanted to ask about the autonomous trucking business, and the $3 billion revenue target. That would already be quite a sizable number compared to the size of the U.S. business today. Likely implies a higher market share of that business than that 25% target as well. I'd love to understand some of the assumptions behind that target, when it comes to the number of trucks in operation, the market shares, the revenue model, and why Volvo as a company should outperform in what is a very competitive end market. Would you like to start, Nils? Just step forward and it will work. Okay. It's magic. First of all, as I said, it is a very large addressable market, and if you look at the competition, then you need to distinguish a little bit what is the role of the OEM, what is the role of the technology partners. We have an approach where we work with multiple technology partners, bringing the virtual driver technology, which we then integrate, and then we go to market with the Volvo brand, with Volvo Autonomous Solutions. We are the ones which are generating the revenues, and then, of course, in the back we are having a certain split of the revenues which go to us versus respectively what will go to our technology partner. What is very important to understand is that in order to bring that technology to the market, you need to understand how the market is operating today and how you bring that technology to it. That's why the business model is so crucial and so important. This go-to-market strategy, which we have, where we start with transport as a service, here we're really making it easy for the customers to benefit from autonomy without having the hassle of operating it. Over time, we will add more and different business models where our role will be smaller, but nevertheless, it will still be service business, which will contribute overproportional to the growth we have in the service business, and particularly in the margins. Of course, I'd be very happy if with autonomous solutions, we over proportionally help the growth of the market share of Volvo Trucks in the U.S. Roger will support me there. How are we going there? Absolutely. If you look upon it also, one important thing, by the way, is of course the decision engine, the virtual driver. It's also, so to speak, the redundant and autonomous capabilities of the whole system, and that we have been working really on. We have actually had discussions, how much should we disclose on this, et cetera, in order to, from a capital allocation standpoint, et cetera. We have said it's so important that we are actually taking that in our Transformational Ventures, taking a little bit of heat that we are not disclosing it, because we wanted to stay ahead of the curve and do these investments, both in the product but also in the ecosystem that Nils have been explaining. Now we are really excited for 2027. That coincides with our 100-year celebration also. We're excited about that because that will be a milestone. Very good. Thank you so much. We have a gentleman over here. Thank you. Klas at Citi. I had one short term and one long term, but it's only one question, so it's been a lot. You will incorporate the two of them in one now. I'm going to go with the one on short term. Mats, you said that the cost inflation is going to start to bite from the second quarter. We have some hopefully positive offsets. We have the North America volume ramp. You are going to see from mid-May that the under absorption is gradually going to start to fade. You're raising prices. I'm just curious, first of all, on the cost side, has that got worse than what you planned for? On the other things, North America volume is very strong, are you going to have a bigger boost from utilization than you originally planned for? Thank you. I will not give a margin guidance for the quarter- I know, you never do that Talking about the different components. For sure, looking at the kind of the effect from the Middle East crisis, especially on the freight side, we will have higher cost than anticipated in the second quarter driven by that, in combination to some extent with raw materials as well. That is a kind of a net negative on that side. Dan, you're right. We have a good trend and a good momentum in North America with a higher order intake. We are in balance when it comes to our industrial system than starting May. Now we are increasing capacity, as Stephen talked about as well. That will help us going forward, so to speak, Dan. Please remember, in the second quarter, we are talking May, it's only one month left, that will be a gradual kind of improvement. Utilization is good, as Mats alluded to also in the trading update. We see that in the service business also. I think that is holding up well, and that is, of course, very encouraging to see because eventually, when customers are active, that is good for everyone. That is still holding on, I'd say. As previously communicated, when it comes to the service business, and I think Roger was underlying that as well, Dan, with the population we have out there and getting into the sweet spot in terms of the aging of the fleet as well, that's also driving the service business in terms of parts consumption and so forth, also being positive. That's nothing new, Dan. We talked about that when we released the first quarter as well. Pricing higher second quarter? That was the second question. Without a microphone, that has to be super quick because we have one more online before we wrap up. Would you like to answer? No changes from what we have said previously when it comes to the pricing environment. Thank you, Klas. Anders? Yeah, sure. I have a question from Mats Liss at Kepler Cheuvreux. Following the SDLG investment, Volvo has reduced its exposure to China. Do you see a risk of being underexposed to growth opportunities in one of the world's largest truck and construction equipment markets? Obviously, that specific exposure has gone away. There are two elements of this question, I think, that is important to bear in mind. One is the market opportunity in itself. There, of course, we are continuing to drive the performance development of Dongfeng Commercial Vehicles, where we have the venture. We are also putting a lot of focus now in our core segments also with both Volvo Construction Equipment and Volvo Trucks when it comes to China. The other dimension that is very important, that's the reason why we are also very active in China, is also to continuously tap into that ecosystem when it comes to speed and innovation, alongside other opportunities that we have, both China for China, as I talked about India for India, but also China for the world, where that matters, so to speak. We are active. We have a strong footprint in these different dimensions, and it will continue to be so. Mm-hmm. Gentlemen, time is flying when having fun. That was the final question. Okay. Any final words from you, Martin, before we wrap up? No, not more than we will be available the whole afternoon, obviously, from management. Take the opportunity to just grab us, discuss, put questions, or provoke us. Do whatever you like as long as we can do it together. We will, of course, also have more in store now for the afternoon. That, we'll talk about, but we are around for further conversations for everyone. Absolutely. This wraps up part of the Capital Markets Day. As Martin said, for those of you who are here in Eskilstuna, there will be plenty of opportunities to ask more questions. All materials will, of course, be available online, and there you find the contact information to our Investor Relations Department if you have further questions. Thank you so much, everyone, for joining us today here in- Thank the teams also that have- I'm coming to that. Sorry. He's hopeless. You can take it. Snap. Thank the team. Come on. No, thanks to the team that have arranged that. Thanks to the team. It's a big effort putting a day like this together. Thank you, Kina. As you can imagine. Thank you, Martin. Again, thanks for everyone in the room. Please stay seated because Melker has some important information. For all of you who have been watching online, thank you so much for joining us today. I hope that we have been able to keep you glued to the screen. Bye-bye.