Welcome to WS WeSports Group Q2 call for 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Ted Sporre. Please go ahead. Good morning, and welcome to this Q2 release presentation for WS WeSports Group. In the second quarter, we have significantly increased market share in a growing market. The numbers speak for themselves. 55% net sales growth, 56% increase in adjusted EBITDA, and 22% organic growth. With more than 50% growth in Q1 and also now in Q2, we are clearly ahead of our ambitious plan and are well-positioned for the rest of the year. We have a resilient base of market-leading brands and specialist companies, a strong financial position and M&A pipeline. As well as a proven team and long-term owners. Overall, this high pace makes us even more hungry to realize the potential we see in our model. I am Ted Sporre, Group CEO, and with me today I have our CFO, Tim Holmlund Meier. Our Group COO and co-founder, Niklas Hammar, will also join for the Q&A. For those that do not know us from before, I will start with a brief introduction of WS WeSports Group. Then I will give a summary of our second quarter. After which Tim, will give a financial update before I conclude with my key takeaways from the quarter. We will finalize with the Q&A, which will be moderated by our operator. WS WeSports Group is the leading Nordic specialist group in sports and leisure equipment. We acquire and develop leading specialist brands and customer destinations in the most attractive sport categories, with a focus on accelerating the growth and profitability. We address a large and fragmented market, fueled by a resilient sports and health trend and the shift from generalists to specialists, which is driven by increased online penetration and a shift where technology and AI create more demanding customers. Our leading brands are top of mind for customers in their respective sport, showing a few examples here on this page. We reported net sales of SEK 3.8 billion for the last 12 months, with an adjusted EBITDA of SEK 238 million. We have been growing more than 30% on average the last years and have more than 200 championship medals won by employees in the group, which is a clear sign of our expertise with employees that really know what they are in fact selling, and also a sign of our competitive culture. Our financial targets are to reach net sales of SEK 10 billion by 2031, deliver an adjusted EBITDA margin of 7%-8% in the medium term, and achieving this with a net debt of 1x-2x in relation to the last 12 months, EBITDA, adjusted for leasing, subject to flexibility for strategic investments. Our proven model essentially combines four areas. We grow through a combination of organic growth and an active M&A agenda. We make money through leading niche positions, high share of owned and controlled brands, and a model that gets better and better with scale. We run a decentralized model where each company keeps its brand and decisions while the group drives strategic initiatives and synergies. To secure owner mentality and cost control, founders and entrepreneurs remain shareholders in their own companies. The group board and management are among the group's largest owners with well-renowned entrepreneur Mikael Olander as founder, largest owner, and active board member, and very committed to this long-term journey. Let's have a look at the quarter. Overall, we continue to show incredible pace with Q2 this year being our best quarter to date. Net sales increased with 55% versus last year, and we delivered 22% organic growth. We are winning significant share in a growing market, which is a great position. It is also worthwhile here to remember that we grew 28% in Q2 last year, so this also comes versus strong comps. Our bike and running specialists were strong drivers of the growth with Q2 as part of their high season, driven by a successful assortment strategy and also well-executed delivery management to meet the high demand that we saw. In addition, companies within other categories that did not have peak season also delivered well, for instance when it comes to fitness and ice hockey. We thereby succeeded in the quarter to drive strong organic growth across the entire group, also with a good finish at the end of June. Our adjusted EBITDA increased with 56% to SEK 88 million, corresponding to an adjusted EBITDA margin of 7.5%. This was mainly driven by an improved adjusted gross margin, where we continue to see that our strategy of increasing the share of owned and controlled brands pays off. We are now at 29% share for the last 12 months. Mixed effects from recent acquisitions where some improve the group's full year margin profile but have a seasonally lower Q2 impacted the cost side temporarily. Overall, we're driving a strong profitability trajectory which is supported further by several group initiatives including AI within, for instance product data management and customer service. Our cash flow in the quarter was somewhat affected by phasing effects and active focus on capturing growth opportunities and high demand. The important message here is that we have significantly improved inventory turnover which shows that our initiatives are increasing working capital efficiency and also that the rolling 12-month cash flow that Tim will go through in detail later remains a strong base for further growth. Following the end of the quarter, we also welcome the Finnish Elite Fitness to WS WeSports Group, thereby establishing our presence in sports nutrition which is a natural focus for us given our position within fitness equipment and the fact that it is one of the fastest growing and also most profitable categories within sports and active lifestyle. In line with this, the company increases our share of controlled brands and positively impacts our margin profile. This acquisition also means that we can serve our target customers' needs across their entire performance journey where together with, for instance, Gymstick and our other channels within fitness, we can accelerate the company's direct-to-consumer sales. In addition, the WS WeSports Group platform provides the opportunity to develop more products together. During the quarter, we also finalized our increase in ownership in benefit bike specialist Bikelease where we go from 60% to 100%, and in winter sports specialist SkiCom where we go from 51% to 80%. It is a big advantage of our capital allocation strategy to gradually increase ownership in high quality companies like these as they prove their potential. With the current ownership shares, we own 78% of the last 12 months adjusted EBITA or EBITDA for that matter. As part of our focused expansion in the Finnish bicycle markets, we have continued to deepen our partnership with Cycle Group which operates Finland's leading bicycle chain. At the same time, we have chosen not to exercise our option to increase our ownership share in the distributor, Huntteri which will continue to develop as an associate company after Q2. Looking forward, we are well-positioned to continue the execution of our M&A strategy. We have a strong financial position and a well-composed pipeline with targets at different stages. Including the full year effect of acquisitions in the last 12 months, group sales would be around SEK 4.25 billion with SEK 290 million adjusted EBITA to compare with the reported LTM numbers of SEK 3.8 billion and SEK 238 million. This is important to understand the underlying size and earnings power of this group and also gives a hint of what we are able to achieve over time with the pace that we are showing right now. Now over to Tim who will go through the relevant financial details. Thank you, Ted and good morning, everyone. I will start by walking you through our sales performance, followed by profitability, cash flow, and finalized with our financial position. Let me begin with sales. Net sales in the second quarter reached SEK 1.178 billion representing a growth of 54.7% compared to last year. Importantly, organic growth was very strong at 21.6%, demonstrating continued strength in the business model quarter-over-quarter in a growing market. Looking at the main drivers this quarter, we can see that the company is active within the important seasonal sports such as cycling, running together with mobility had a strong quarter with solid organic growth. This was boosted by contributions from fitness, ice hockey and floorball also contributing to the organic sales growth. In addition, the units acquired after June last year have also been a growth driver this quarter. They have contributed both through their baseline performance and through the growth they have generated since we acquired them. This means that we continue to gain market shares in a growing market, seeing a continued high demand and a strong customer engagement. Looking at the 12-month period, net sales increased to SEK 3.8 billion in reported sales and with impact of the recent acquisitions, we have a total turnover that exceeds SEK 4.2 billion. Let's walk through the gross margin and cost development. Our adjusted gross margin amounted to 37.1% in the quarter which is an improvement of 0.7% compared to last year. With this, we have increased our gross margin continuously during the last four quarters. For the six-month period, adjusted gross margin increased by 0.9%, emphasizing the positive margin development. This improvement was both driven by an increased share of owned and controlled brands and a disciplined price approach with strong sales in the right category of products during the right period. This was notable both with winter sports during Q1 and now with more spring/summer-related activities in Q2, which supports both sales performance and margin quality. On the cost side, we continue to have an underlying leverage on scale benefits and continued cost control. As sales increase, we are achieving operating leverage across the organization. Even though the cost-based structure has changed somewhat due to impacts of the new companies for this period. These new companies have their peak season during the second part of the year and have a higher proportion fixed cost, but stronger product margins, offsetting the trend in leverage a bit, but contributing to a stronger bottom line. Total OpEx, excluding D&A, remained stable in relation to sales for the quarter and declined by 0.2% points for a six-month period when adjusting for items affecting comparability, reflecting on improved efficiency and scalability. The adjustment for the period relates to non-operating write-down of a reversed earn-out and a fair value adjustment when Huntari was transferred to an associated company, totally amounting to SEK 11.4 million. For the quarter, we experienced leverage on direct selling costs as personnel costs increased slightly due to the mix effect from the new companies. This brings us to earnings. Adjusted EBITDA for the quarter amounted to SEK 88 million, compared to SEK 56 million in the same period last year. This corresponds to an adjusted EBITDA margin of 7.5%, a significant improvement in nominal values and by 0.1%. For the 12-month period, adjusted EBITDA amounted to SEK 238 million, which corresponds to an adjusted EBITDA margin of 6.2%, compared to 6.1% in 2025. If adding the latest acquisitions, we are even higher. We have a good traction towards our medium-term margin of 7%-8% adjusted EBITDA margin. Let me quickly show how we stand today. On the last 12 months, we are at 6.2%. If you then include acquisitions we made up to the reporting date, as though we own them for the full 12 months, that will apply around 6.8%. A meaningful part of the distance to the target range is already inside the group. It simply hasn't been consolidated for a full year yet. The rest comes from areas we have been and will be consistent about. Owned and controlled brands, which carry structurally higher margins and whose share keeps rising. Purchasing and platform scale, which improves as we add companies in the same categories, and operating leverage on the fixed costs, which I just walked through. To conclude, we have shown a steady margin trajectory the last quarters, and we know which levers to pull to get to the next level. Let me now turn to cash flow and working capital. Cash flow from operating activities increased by SEK 3.7 million for the year-to-date period compared to last year, which was mainly driven by increased EBITDA and offset by increased working capital. This increase in working capital was primarily driven by higher inventory levels and trade receivables. To put some color on that, one part of the working capital buildup relates to businesses acquired after June last year, where the most important sales seasons occur during the H2 of the year. Inventory is therefore built up during the H1 to ensure product availability ahead of the peak season, causing a temporary phasing effect. In addition, we have deliberately maintained temporarily higher inventory levels to support continued strong growth, secure product availability, and temporarily brought forward certain purchases in order to be resilient in this microenvironment. We have also invested in strengthening our physical presence through selected store openings, supporting both sales growth and customer service. Hence, the cash conversion shall be analyzed on a 12-month cycle where we, with these effects taken into consideration, have had a stable cash conversion of over 70%, which is in line with our target of 60%-80%. The reported cash conversion amounted to 54%, which we consider a solid level given our strong growth and with these unique investments done during the period. Looking at maintenance, we had a maintenance CapEx of SEK 29 million for a 12 month period, corresponding to 0.8% of sales, emphasizing our asset-light business model, which brings me to our financial position. At period end, our net debt to EBITDA, adjusted for leasing stood at a leverage of 0.5 times, meaning we have a financial position below our financial target of one to two times. This, together with available credit facilities, provides a flexibility going forward for M&A activities. To summarize, the current trading places us in a solid financial position with a combination of improved earnings, strong organic growth, a stable underlying cash generation, together with low leverage. Together, it provides a platform for continued growth. Back to you, Ted. Thank you, Tim. Before the Q&A, I will leave you with my key takeaways from this record-breaking quarter. We report a second quarter that, again, confirms the strength of our model. 55% sales growth with continued organic market share gain, a portfolio of owned and controlled brands that continue to lead the way to higher profitability, and continued execution of our M&A model with increased ownership share in key companies and also new potential with the fast-growing and profitable sports nutrition segment. As this high pace with more than 50% growth in both Q1 this year and Q2 signals, we are ready to take on the rest of the year. We have a leading position in a growing market with a clear shift from generalists to specialists. We have a strong, well-diversified base of Nordic market-leading specialist companies and brands. We have a proven team and strong long-term owners combined with a strong financial position that allows us to realize what we think is a very exciting M&A pipeline. In summary, I look forward to continue realizing the potential of our model. Thanks to all coworkers in WS WeSports, shareholders, customers, and partners. Now let's open up for questions. If you wish to ask a question, please dial #, five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #, six on your telephone keypad. The next question comes from Emanuel Jansson from Danske Bank. Please go ahead. Good morning, Ted and team. Hope you can hear me. Really strong growth seen this quarter. Is it possible to break the key drivers behind this organic growth in Q2? Was it mainly category growth, market share gains, new product pricing, volume, or channel mix? I would say it's a mix. I think what stands out especially is that we've been very successful in driving our organic growth. We've been seeing that the market has been growing, of course, if you look at the sources such as Sportindex, which I think ended up at 7.6%, where we saw that the online share was also higher. But if you look at our growth, active hands on business development, we saw that in bike, we worked very actively with the assortment with focus on certain brands. We drove penetration also on large customers in the benefit bike segment, and we managed to organize well to meet demand. In running, it's again an allocation game partly, and making sure that we have top sellers in the inventory when others don't. If you take another example with EvoSport and the Oxdog brand, padel rackets is growing very rapidly, so that's a huge market outside of the Nordics as well. Thank you for clarifying that. You mentioned the Swedish Sportindex, which grew quite nicely in Q2, but you're obviously growing much faster than that. Where do you see the clearest market share gains per by category? I think we've been managing to grow well over essentially all categories. Of course, bike and running stands out given the season, but also in categories where there is not peak season at the moment when it comes to hockey, floorball, fitness, we're growing well. As I said before, I think Sportindex maybe doesn't fully reflect exactly what our market looks like, but it's the best indication that we have. Thank you for that. Is it possible also to give us some flavor on how the trend developed throughout the quarter? Did you see stronger growth in the first month or the latest month in this quarter? I think we saw strong growth actually in all parts of the quarter and also in June. How sustainable do you view the current organic growth heading into the H2 of this year? I think obviously we had a solid first part of the year. I would say we are well-positioned. We have a good position in a growing market, and we feel assured going into the rest of the year in that regard. Then our financial targets are what we are targeting over time. You also mentioned in the report that you have acquired businesses which is more tilted towards the H2 of this year, which burdens the margin somewhat when it comes to scalability in this quarter. What level of sales growth is needed to drive meaningful margin expansion from here looking into the H2? Is it enough to grow in line with your financial targets, so to say? I think you are raising an important point there. These companies that we have added since June last year, they are increasing our margin profile or improving our margin profile for the full year, but they have also part of their high season in the second part of the year. With that said, we aim to continue to grow, but I think already now with the base that we have, we see a good improvement of the margins also going forward. And maybe perhaps my final question when it comes to M&A and seasonality. As we have talked about, the recent acquisitions shifted a larger part of the seasonal profit contribution into the H2. Are you looking into balancing the group seasonality, considering the M&A agenda going forward, looking perhaps more at bike companies running for balancing out the seasonality now again? I think when it comes to our M&A, we are definitely more focused on making sure that we buy companies we can see brings profit over time. But with the acquisitions that we have done, also in the last year, we have actually balanced our seasonality more so the group is more diversified and more even than before in that regard. Perfect. That is very clear. Thank you, Ted and team. That was my questions for now. Thank you very much. Thank you. The next question comes from Benjamin Wahlstedt from ABG SC. Please go ahead. Hello and good morning. A couple of questions for Al. I can start by following on one of [Emanuel's] questions. The acquisitions you add now, stronger in H2. Already now in Q2, your margin is something like 7.5%. Does that not mean that you are above or at least well within your financial target range? Well, our financial target is also based on the full year. We have a very strong trajectory towards that. But when it comes to those acquisitions that we have done, we see that in Q2, compared to last year, those acquisitions are impacting somewhat negatively when it comes to the fixed cost ratio versus sales. All right. I was wondering as well, on your organic growth, is it possible for you to split out what part comes from new stores and how much is like for like? We do not measure it in that way, but we will take that question with us. I think when it comes to the organic growth, it is clear that companies within bike and running have been growing well during the quarter. It is their high season and their important part. We have opened new stores within bike and within floorball for instance. That is also contributing. I guess the question is the contribution from new store openings sort of material enough to move the needle? I would say in relation to the whole group, it is a contribution, but it is not the main contribution. All right. Perfect. Also a question on the share of profits attributed to parent shareholders. If I understand it correctly, your 78% figure, I believe it was on an LTM basis. I was wondering if you could share the sort of pro forma share of EBITDA attributed to parents from here. I mean, that is correct. As you know, it is in line with our strategy that we have increased our ownership share in strong companies, especially during the last quarters. With the current ownership, we own legally 78% of the EBITDA, or EBITA for that matter. So that is the best proxy that we have now. Over time, we readily aim to be over 90% in each company. But it is a matter of capital allocation and so forth. So that is the best proxy that we have today. Sure. I was wondering, sort of with Elite Fitness and basically pro forma as of today, 13th of August, if you could share. No, that is not including Elite Fitness, if that was the question. No. Yeah, okay. I was wondering, finally, if you could give us a bit more color on the non-recurring costs taken in the quarter. What led to the decision of deconsolidating Huntteri and also sort of led you to take the earn-out receivable impairment this quarter, please? Maybe as a follow-up as well, are there any other instances where this might materialize as well, thinking of the receivable impairment? That's a good question. When it comes to Huntteri, if I start there and then Tim, you can fill out those on the IAC part. It's a natural step to optimize the structure to essentially win in the Finnish bike markets where we want to secure our position closer to the end customer and build the right base for increasing the shareholding controlled brands over time. That means we have deepened the partnership that we announced before with Cycle Group, which runs the leading bicycle chain, Pyörävarikko in Finland, and also at the same time come to the conclusion to not execute the option to increase ownership in Huntteri. Both a strategic decision and a capital allocation decision to keep the same ownership level there. Yeah. As I said, when we look at the financial impact, it's important to understand that both of those are related to non-operating activities, and it's no cash impact on both of them. The SEK 2.6 million related to Huntteri is based on fair value adjustments when we deconsolidated Huntteri, which is accounting-wise treated as a sale and a purchase. The remaining SEK 8.8 million is based. As we said, on a write-down on a long-term performance-based receivable. Basically a reversed earn-out based from a divestment that we did in 2024. Sort of are there any other reverse earn-out- No agreements like that? That was one-time agreement, so to say. We do not have any more of that particular receivables. All right. Perfect. That is all I had for now. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time. So I hand the conference back to the speakers for any closing comments. Thank you. All good questions, all very relevant. I think to sum up again, we are very happy with the second quarter. We are also happy with that we have a position where we are essentially taking share in the growing markets. We have a good financial position, and we look forward to bringing on the rest of the year. So with that said, thank you for now.