Alimak Group Stock

Welcome to the Alimak Group Q3 2026 Report Presentation. [Operator Instructions]

Now I will hand the conference over to the speakers, CEO, Ole Kristian Jødahl; and CFO, Sylvain Grange. Please go ahead.

Thank you, and welcome to this quarter 3 call 2026. And as always, I have Sylvain with me here. So turning page, Alimak Group, diversified global industrial company. We are a leading provider of sustainable access and working at height solutions. 3,100 FTEs now. We are present all around the world. And we have some fundamental drivers supporting our success.

On the global trend side, health and safety is an important driver for us, of course, urbanization, the current regionalization that we see driven by geopolitics and also electrification to mention some. We do have a leading market position in the niches where we operate, which gives us a good base to drive business. We have a long history. We have machines installed all around the world, which also forms a fantastic base for our service and aftermarket business and a relatively light model, which gives us a strong balance sheet and good cash conversion.

Turning page, our strategy. This is the New Heights that we launched back in 2020. We renewed 1.5 years ago, and it's also now what we are continuing up towards 2030. It has served us very well. And yes, we will continue to drive the same strategy going forward.

Turning page, our financial and sustainability targets. You see here to mention a little bit on the financial side, 8% to 12% average annual revenue growth, to reach a 20% adjusted EBITA margin by 2028 and have a leverage of below 2.5x over time. And also this year, we also signed up and got approved our science-based targets.

Turning page and diving into Q3. So we saw a solid order intake growth and also resilient profit in the quarter despite a still challenging construction-related market. We had order intake of 16% and 4% organic and four out of five divisions delivered organic growth. It's the construction piece, which is still struggling on the overall business, but it was -- and that's also affecting Facade Access, which again had a somewhat lower order intake. But Pro-Bel strengthened Facade Access and the group and provide a significant margin contribution to that business, but also a broader market exposure, making the business more diversified and resilient, which is an important strategic drive that we have had for some time to become less dependent on tall buildings, which is currently a very challenging market.

We also have not delivered fully on our profitability ambitions over the last couple of quarters. That's why we also launched some cost efficiency and reduction activities in the quarter. So we have identified SEK 80 million in annual savings, which will then have a full impact from Q2 2027. And this involves four out of five divisions and also group functions. So the only division which is not part of it is wind, where we are so lean. So it's really hardly anything to do in that sense, at least as we see it now. Short term, also the leverage increased in the quarter due to Pro-Bel acquisition. So we are at 2.82x reported and 2.60x if we would include 12 months of Pro-Bel earnings. And with our good cash conversion, we should be below the 2.5x target by the end of the year.

Turning page. Order intake was then SEK 1.789 billion, up 16% or 4% organically. Organic increase in Industrial, Wind, Construction, and HSPS. Revenue was SEK 1.783 billion, up 8% or down 2% organic, and we saw organic growth in Wind and Industrial. Adjusted EBITA at SEK 318 million, up from the SEK 287 million, giving a margin of 17.8% versus 17.3%, where then, as you understand, Pro-Bel contributed positively to the quarterly margin. And we still continue to see a very weak Construction margin also this quarter, which is, of course, disappointing, and we will come a little bit back to that later. While Facade Access and Wind improved operationally in the quarter and Industrial and HSPS remained stable. And we have now then four out of five divisions reporting around 18% or better in EBITA margin.

Turning page, service side, a key component, of course, we had order intake of SEK 788 million in the quarter, 32% up or 24% organic. The increase came from Facade Access, Construction, HSPS, and Wind. Revenue was SEK 730 million, up 10% or 3% organic with positive contribution from Facade Access, HSPS, and Wind. And we also, as you see, we had a very strong book-to-bill in the quarter, and this is important for us, of course, that we are growing this piece of the business, which is a strategic focus in each division.

Turning page Facade Access. Order intake, SEK 448 million, up 18% in the quarter or down 8% organically. The organic decline was primarily driven by project award delays in the Middle East and also North America. And while it's also partly offset by our focus on refurbishment, retrofit, and replacement where we saw nice growth in Europe, but also some new equipment orders in Southeast Asia. To be further said, on the order intake side, we have had no significant larger orders in this business this year because that market is very, very slow. That also is a very, very price pressured market currently. So we will not take business which is not supporting our margins. But as part of our strategy, we have talked about for long, we want to go into lower and medium high type of buildings. And this is also then what we are doing and also what we are doing with the acquisition of Pro-Bel. Revenue was SEK 554 million, up 13%, down 10% organically. Organic decrease was due to the lower backlog. EBITA, SEK 101 million, up from SEK 64 million. Margin, 18.3% versus 13%. We continue to see improvement in the operational margin, but also, of course, a significant contribution from Pro-Bel in the quarter.

Turning page. We continue to drive strategy and our growth initiatives. So the compact BMU solution that you see on the picture here for more medium height buildings is something we have been reviving and have had success with in the Benelux, and we are now also creating more European opportunities across Europe. IVS, we have been focusing for a long time, continue to serve us well, and we also signed some nice contracts in Dubai and Saudi Arabia in the quarter, which is nice because the bigger things or main product projects in that region has been more or less full standstill for the last six months, which is also affecting the business.

But we also continue to focus on infrastructure, as you know, and we have now also established a dedicated team in U.S. for this. The Pro-Bel integration started off very well. And the business is continuing like it were prior to acquisition, which is, of course, important. I just want to highlight also there is some seasonality to this business, where typically Q2 and Q3 are the stronger quarters and due to winter normally, then Q4 and Q1 are slightly lower, but nothing really fundamental, but some seasonality to it. We continue to also drive the operational improvements. And in this group project, we also identified more savings potential in Facade Access, and that amounts to SEK 20 million of annual savings effective from Q2 next year.

Turning page to Industrial. Order intake was SEK 410 million, up 15% or 11% organically. New equipment order intake was up against last year, supported by mining ports and also power projects in North America. While we also see that several large equipment opportunities that we have been working on, they remain in pipe, nothing really fundamentally closed lately. The service business came down also somewhat in the quarter due to timing of refurbishment projects. Revenue was SEK 400 million, up 7% or 2% organic, driven by revenue growth in previous -- or new equipment in previous quarters. EBITA at SEK 99 million, up from SEK 92 million, giving a margin of 24.6% versus 24.5%. And the positive gross margin development that we saw allows us to also continue to invest in sales and product development.

Turning page. The market still remains relatively strong, even though we also have some weaker pockets that we have seen throughout the year. Strong equipment growth in Americas and Asia Pacific, especially in power, mining and heavy industries. While on the oil & gas side, we have as you understand, due to the war, seen nothing happening over the last six months. And also another effect is that we see in the oil & gas segment is that the aftermarket is negatively affected because the sites that are up and running, they run full speed, which means that they don't take the time to do bigger overhauls or services. So it's something which we are sure is due to come. We continue also to focus on product development, and we are launching now a new competitive SE range, which is a more cost-effective machine. It's more flexible and also easier to install with lower CO2 footprint, et cetera. So product development remains, of course, a very important piece.

Turning page to Construction. Order intake was SEK 398 million, up 10% or 6% organic. We saw strong order intake in India and Australia. Australia is where we run our own rental operations. So that gives us a strong connection directly with customers. And India, it's an important country, of course, which is supported by our Chinese factory. While the demand for new equipment in Europe continue to remain very, very slow, while we see good momentum for parts and service. Revenue was SEK 318 million, down 4% or 9% organic. And this is also due to some delay in project start-ups in the quarter that we were expecting to come. So these are projects in the order book. EBITA at disappointing SEK 22 million, down from SEK 44 million, giving a margin of 6.9% versus 13.3%. And it comes down due to lower revenue, but also some operational inefficiencies. And we are working on a lot of things to improve.

Turning page. The market remains challenging, as I was saying, and we also continue to see rising interest rates. So we expect a short-term change in the market is not there. While at the same time, we have seen now two quarters in a row where we have order intake growth and also three quarters where we have had a positive book-to-bill. So there are signs that we might have seen the worst when it comes to order intake. We also see that the infrastructure projects, they are quite a bit happening still, of course, as you know, in the construction sector. And that was particularly good for us in Australia. And again, there, we have our own rental setup, which gives us the possibility to be close and get that business.

So some pluses in our business currently is our own rental that holds up well, even though we also face a tough price pressure in that business. The aftermarket is important and good for us. What we have done on light machinery over the last years to develop that range is providing us sales these days. Special machines for special bigger projects, that's something we are good at and we get. And of course, the China setup that we have servicing APAC, Eastern Europe, Latin America, Asia Pacific, et cetera, is good for us and also the used -- it is the new sales in Europe and U.S., which is on very low levels.

So yes, we are doing cost reduction activities. Karin has also been here now for around six months, lots of focus on making the organization more efficient and performance driven. So we have done quite a lot of -- or she has done quite a lot of changes to the organization. And also, we are reviewing business models to see how we can actually get even closer to customers and more in control of the market. We continue to invest, of course. So that's still a fundamental piece, something we do not stop because the market will also come back one day, and we work on improving the position. So we work with the product portfolio. We work with the digital, we work with safety, et cetera.

Turning page, High Safety & Productivity Solutions. Order intake was SEK 359 million, up 18% or 5% organic. We saw good momentum continuing with the elevator customers and also Middle East, India. Significant orders with lifting solutions for the energy sector and also the construction market is affecting this business, and that continues to be soft and especially affecting some European and U.S. parts. Revenue was SEK 318 million, up 3% or down 2% organic. And the strong deliveries to elevator customers was offset by some weaker performance in North America. EBITA, SEK 57 million, same as last year, giving a margin of 18% versus 18.5% last year. And positive gross margin development also here, which we are also using to invest in selling and R&D to ensure profitable growth.

And turning page and our profitable growth plan and the transformation continues. We invest in product development. We are launching a new self-retracting lifeline, as you can see here. Also continuing on organizational changes. We have done some streamlining in France and in the U.S. We continue to build on our service capability because one fundamental piece of this business is that we try to do more direct also get more in control. We will continue the distribution business, but also more direct and then service is an essential piece that we can grow and need to develop connected to that. But also to leveraging on our special application competence, and we have had some very nice wins in the energy sector in Europe last quarter.

Turning page to Wind. Order intake was SEK 179 million, up 14% or 10% organic. We saw a growth in the new equipment in Northern Europe and the U.S., while China was somewhat softer compared to previous quarter, but also we need to note that China was extremely strong in 2025. Revenue was SEK 202 million, 26% up or 23% organic and driven by, of course, a strong backlog. EBITA reached SEK 39 million, up from SEK 30 million, giving a margin of 19.2% versus 18.6%. Higher sales volumes and good performance, I would say, almost always offset by a slightly unfavorable product mix in the quarter.

Turning page. The Western OEMs had a strong order intake in Q3, which also points to more business for us on turbine installations from 2027. So that's good. Offshore, it was unchanged in the quarter, but still look very strong medium to long term for both Asia and Europe. We see some skill shortages in this industry, which is giving us a nice opportunity to train more people, good for our training business and also the repowering, which I mentioned last time that there are also now turbines that starts to be rebuilt, which cause that they redo everything inside and also driving new lifts and a good business for us.

We continue to drive our strategy. India, we have expanded with a new facility. We start to get the first business there, and we have also established a new training center in U.K. From an innovation and product side, we have launched a new fall arrester device, which has kicked off very well. And we are also launching or we are getting into the service because when we designed the first lifts, which is now around 20 years ago, they were having a defined life of 20 years, which means that if you want to go further, they need a full overhaul by us. So that's also a nice aftermarket business, which is coming up.

Then we are with more financials, and I leave the floor for Sylvain.

Thank you, Ole. Good morning to everybody on this call. And so we saw in the quarter that adjusted EBITA increased by 11%, whilst revenue increased by 8%. So that obviously implies an adjusted EBITA margin expansion, which is coming from the high margin of the Pro-Bel Group of companies. Excluding Pro-Bel, the margin was 16.8% in the quarter versus 17.3% in Q3 2025. The reduction, as explained by Ole, is mainly due to the Construction division. As always, I will provide more details regarding gross margin and SG&A on the next slide.

Items affecting comparability amounted to SEK 18 million in the quarter and most of them related to the restructuring costs, SEK 15 million out of SEK 18 million. The total one-off cost of our cost program is expected to be around SEK 40 million, and most of the balance will be recognized in Q4 2026. As far as the quarterly amortization is concerned, the increase is due to the Pro-Bel acquisition. It is based on a preliminary purchase price allocation. And looking forward, we should see a quarterly amortization charge of slightly above SEK 50 million.

Finance net in the quarter was close to our expectations at SEK 43 million and the increase is due to the higher borrowings implied by the Pro-Bel acquisition. Looking at the next few quarters, we should be around SEK 40 million per quarter. Tax rate was up in the quarter, 27.7% versus 24.9% in Q3 2025. That is due to country mix effects. This is consistent with what I communicated in July, and then we see the lower earnings in Sweden, and we see the growing share of the Canadian earnings in the total group earnings. With the current country mix, we should continue to be around 28% as far as the taxation rate is concerned. So overall, in the quarter, net earnings went up by 13%, and the main driver for that increase was the higher EBITA.

Next, the gross margin increased in the quarter and excluding items affecting comparability, it expanded by 250 basis points with Pro-Bel contributing 60 basis points to that increase. All divisions expanded organically in the quarter with the exception of Construction affected in particular by the low revenue. So we see that we have been managing quite well the inflationary pressures implied by the war in the Middle East. That's a focus area and it will continue to be a focus area for us in the coming months and quarters.

Regarding operating expenses, as a percentage of revenue, excluding items affecting comparability, they went up this quarter. This is partially driven by some investments in R&D, sales and marketing, primarily in Industrial and HSPS and those investments are gradually paying off. If you look at the organic growth of those two divisions, we see the impact. But beyond those investments, we have seen the cost base, which is too high, in particular in the Construction division, and that's led to the cost program mentioned by Ole.

In Construction division, most cost activities have already taken place. Operating expenses will start to come down in Q4 2026 with the full annual effect from Q1 2027 onwards. And as you know, we have gains outside of Construction in other divisions and the total annual savings for the group will be SEK 80 million with full effect from Q2 2027 onwards. Facade Access will be the second largest contributor to those cost savings after Construction.

Moving to the next page. The result for the period was SEK 150 million versus SEK 133 million in Q3 2025. This is a 13% increase. Excluding items affecting comparability, result for the period was SEK 167 million versus SEK 173 million. This is a 3% decrease. EPS was SEK 1.42 versus SEK 1.25 in Q3 '25. That's a 13% increase. Adjusted for IAC and acquisition-related amortization, EPS was SEK 1.88 versus SEK 1.78. This is a 5% increase.

Moving to cash flow. Overall, I'm satisfied with the operating cash flows in the quarter. It's SEK 196 million, same as last year. If you look at the reported numbers, we increased working capital by SEK 57 million. But this increase is due to two very well identified effects. First, the Pro-Bel -- the impact of the mechanics of the Pro-Bel acquisition. We acquired Pro-Bel with a working capital below normative working capital. So it's affecting cash flow from operations, but it doesn't really reflect any operational issue.

The second impact is the phasing of the revenue within the quarter, we had a strong September in terms of revenue with a higher share of the September revenue of the total quarter versus previous Q3. And of course, it is affected negatively. Outside of those two impacts, the working capital would have been stable, which is more where we want to see. So it's well understood where we are there, and we are positive for Q4, and we'll continue to focus highly on cash generation in Q4 in the coming quarters.

Moving to the next slide. The net debt was SEK 3.8 billion at the end of Q3 versus SEK 2.6 billion end of Q2. And of course, the increase is primarily due to the financing of the Pro-Bel acquisition. More marginally, we had some adverse ForEx effects due to the weakening SEK. And this was, of course, partially compensated by our operational cash flows. Leverage was 2.82x reported, including 12 months of Pro-Bel earnings, it was 2.60x versus 2.00x at the end of Q2. It's, of course, a high priority for us to reduce debt and deleverage and it's our #1 capital allocation priority. Beyond that, we'll continue to invest in organic growth, particularly with R&D, sales and marketing expenses. I referred to what we are doing in particular in Industrial and HSPS divisions. We continue to be active on our potential acquisitions in a selective way. And of course, at the same time, we are mindful of the leverage target.

And finally, we are committed to delivering our dividend according to the policy, knowing that, of course, in the end, it's a Board proposal and AGM decision. Finally, one comment regarding ROCE, which increased in the quarter, thanks to the impact of the Pro-Bel margin. It increased to 22.9% excluding goodwill and 9.3%, including goodwill versus 22.7% and 9.2%, respectively, in Q2 2026. On that, I will hand over to Ole.

Thank you, Sylvain, and we turn to the summary slide. So yes, solid order intake growth in the quarter and also resilient profitability. There are, as we have been into, two, I would highlight the main effects macro-wise, which is affecting the group currently, and it's the construction market, which has been slow for a long, long time now, driven by higher interest rates. And this is, of course, affecting our Construction division, but also partly our Facade Access and HSPS. Then you have the other bigger macro thing, and that's the war in the Middle East and how that affects investments there, which is also affecting most significantly our Facade Access and Industrial business, but also partly HSPS and Construction.

But these are things which are out of our control. So the only thing we can do is, of course, to continue to drive our activities, and that's also why we are, like we did now in Q3, doing more on the cost side to compensate and to ensure that we continue to drive profitable growth in the group. And I also want to take this opportunity to thank all our great people inside the group for, I think, delivering a good quarter considering everything around and also making the group even stronger going forward. So we will continue to execute on the New Heights like we have done.

With that, we turn page and take questions.

[Operator Instructions] The next question comes from Andreas Koski from BNP Paribas.

A couple of questions on Construction. First, can you just confirm that the order intake you report that is net? So it's including any cancellations you may have in a quarter or in a period?

Yes, absolutely.

Yes.

Good. So then if we look at the order intake in the last three quarters, I sum them up to like SEK 1.2 billion or close to SEK 1.2 billion. And at the same time, the sales in the last three quarters, they've been less than SEK 1 billion. So that would imply that sales will start to increase in the coming quarters. Do you disagree with that?

No, I don't.

No?

Absolutely.

Yes. And then if we look at the operating leverage that we have had, I mean, the flow-through down to the bottom line, it's been massive. Maybe you can explain why it's been like that. Is it just to understand that you are not able to cover your fixed costs? Is it also a lot of mix effects in there? And when sales start to increase again now, say, going into 2027, should we expect the same kind of operating leverage also on the way up that we should see like 40%, 50%, 60% drop-through rates? Or what to think about that?

Yes. It doesn't carry just a yes or no answer because the business contains a mix. And the rental business, which is -- and when I say rental, it's what we actually perform as our rental. It's not that we sell to rental customers, but our own rental activity. That's holding up well. That's also what has been really the main driver behind the order intake recently. So the main part or the pickup in the order book is rental order intake mostly, which carry a lower margin and also a little bit lower now also, I would say, than normal because the price pressure in that market is immense. So you have that effect.

And then you have the effect that we have very little sales, record, I would say, low levels out of our Skellefteå factory, and that's driven by the European market and the North American market mostly, where we have seen very low sales. And this is because our rental customers, they don't reinvest in their machinery because they have enough. And for the time being, when the market is uncertain, they rather keep what they have and service it rather than changing it. And that's also what I alluded to regarding business model. It's something we need to look at a little bit. Sometimes they just keep our machines too long. They are too good.

So but there, we have an enormous negative leverage and drop-through because there, we have the factory in Skellefteå, which we have done whatever we can, I feel to manage costs. But at the same time, that factory also supports mostly the Industrial business, which is going at a very good speed. So it's a balance there on what you can do, but it doesn't carry that full flexibility. So it's not that you can shift all that to Industrial and not -- so there is quite a lot of cost here also coming through on the Construction side.

So there, when that volume come back, we will have a similar positive drop-through for sure. But it's difficult to say when that volume is coming back because we don't really see it much yet. And the order intake, as I say, is mostly driven by our rental business.

Yes. Okay. So in the near term, when sales pick up, we should not expect that kind of drop-through because the sales pickup will be driven by rental and rental is lower margin. So we will continue to see a margin under pressure in Construction for some time, even though it should improve from the levels that we've seen in Q3 maybe.

Exactly. Correct. But it's first when we start to see machines coming back in Europe and North America that we will start to get some positive -- that positive type of leverage.

And you mentioned that Karin has joined you and she has already some changes to the organization or the structure of Construction. Can you maybe share what the most important changes have been?

It's ownership and the overall structure. We have had a strong support and a structure driving mast climbing work platform and light equipment that we have now reorganized in how it's being managed. We have reorganized how we are managing rental versus direct sales to get more clarity, more type of clear ownership and focus on these pieces. And so that means also that we have simplified. We have taken out resources. So that also leads to cost reductions, but more to the point and more forward-leaning sales-oriented structure.

Understood. And then one last question, but that is on Facade Access. So when I back out or take out the acquisition of Pro-Bel, I get to an underlying order number of around SEK 350 million, which it looks like it's sort of a record low for Facade Access after your acquisition of Tractel. So I understand why the business in Middle East is weak. But can you talk a little bit about the project, say, delays in North America? What's driving that? And are you seeing any signs that, that will come back anytime soon?

Yes. I wouldn't say it's driven by the Tractel acquisition --

No, No, No.

Because even though you refer to the number. It refers to tall buildings. Historically, when I came to this group, the focus was only on tall building. They have stopped smaller and medium height type of buildings. And the tall building market has been extremely slow since actually the pandemic hit. It has never really come back because also the interest rates affects that. So this is a purposeful change that we have done. At the same time, we are also focusing on fixing the margin problem we had in that business.

So you have two effects on order intake. One is that the market is very slow for tall buildings, which we are trying to also more and more not get out of, but do less of and become less dependent on, plus the fact that when the market is very low, the few projects that are there are under heavy price pressure. So and we cannot and we will not take projects, which is not substantiating the margin commitment that we have given on this. And we have done a lot on the cost side. We have closed our factory, simplified and moved more to Asia. And so yes, it's a constant drive there to ensure that we are competitive.

But it's not so that we have competitors taking high-margin projects in that field. They are not making money. They are just completely desperate. We know that. So the contracts we jump off or don't get are, I would say, in most cases, lost type of projects. So it's nothing we want. So it's a purposeful change that we are doing into the other part of this business, which is highly profitable, as you know, with Pro-Bel and applying our competence on more lower and medium height business around the world and also on infrastructure, et cetera. So that has caused lower order intake last year, and that's also causing lower order intake now.

And on top, we have had Middle East, which has also led to that there's nothing there over the last six months. But the pipe is not completely empty. It's projects in front of us, and we are fighting for these every day. And we see competitors are having problems. So it's absolutely not a business that we have let's say, written off. On the contrary, we are sure we can grow that business, but it will be a slightly different business than historic, and it will be a fundamentally different margins than historic.

The next question comes from Anna Lagerlöf from DNB Carnegie.

Just two follow-ups from my side. Starting on Facade Access. My impression has been to maybe expect stable revenues and margin for Pro-Bel near term. I just wanted to check if that remains the fair assumption given how the order intake developed for the legacy portion in Q3 in Facade Access?

Did I understand your question correctly that you wonder if we expect the Pro-Bel to continue like we have seen now or what?

Yes, because I mean the Facade Access, you talked a bit about it, but that order intake also was as solid.

No, but order intake and the business for Pro-Bel has been good, but that's also a little bit always -- so it's not a flat type of thing every day, but it's much more stable and reliable than what we have seen because that's the business we are moving into. So that business has kicked off well with us and in line with what we saw. And we don't see anything else with that. But you also don't have, of course, I can't say what happens in two years or in one year because you don't have that type of insight into it either. But everything points to that this is continuing as of now.

Okay. Perfect. Very clear. And then my other follow-up is just on the margin level in Construction. If we don't take the cost savings into account, just thinking about the inefficiencies that partly held back margins in this quarter. Is that expected to remain during Q4 and Q1? Just trying to sort of understand how we should think about the cost base short term.

Yes. I think do you ask about the cost or you ask about the margin? Because I think margin, our expectancy is that we have seen the worst of it.

Yes, because you mentioned some, inefficiencies on like deals.

Yes, we have seen also inefficiency, but that's also driven by turbulence now with a lot of focus on changes and stuff like this. So inefficiencies, I don't expect to continue, if that was the question.

Yes. Okay. So inefficiencies that will be better in quarters ahead with some from the cost savings while the product mix is going to remain probably.

Yes. Because unfortunately, it's also like that, when you do more changes, then yes, you lose a little bit focus here and there. So that's also causing some short-term inefficiencies.

[Operator Instructions] There are no more questions on the lines. So I hand the conference back to the speakers for questions from the web.

Yes. Thank you. And we have no questions on the web here. And I guess sitting waiting, they have had time to type. So I guess that means it's nothing coming there neither. So with that, again, I want to thank all our great people for delivering what I'd say, a decent Q3. And thank you all for listening in. Until next time. Thank you.

Welcome to the Alimak Group Q2 2026 Report Presentation. [Operator Instructions] Now I will hand the conference over to the speakers, CEO, Ole Kristian Jødahl; and CFO, Sylvain Grange. Please go ahead.

Thank you, and welcome to this quarter 2 call of '26. And as always, I have Sylvain with me here. So turning page and a short recap. Alimak Group is a diversified global industrial company. We are a leading provider of sustainable vertical access and working at height solutions. 3,000 employees and now with the new acquisition that we have done, it's actually closing up to 3,200. Drivers for success: we are supported by some fundamental global trends like urbanization, health and safety, the electrification trend and also regionalization on the industrial side that more and more is coming back to Europe, et cetera.

And these are all fundamental growth drivers for the group. We do have a leading market position in the niches where we operate. We also have a long history, which means that we have a huge installed base with our machinery around the world over many, many years, which forms a fantastic base for our aftermarket, selling spares and services, which is a fundamental piece of each division and 35%, 40% of the group. We have a strong balance sheet, good cash conversion, which gives us also a strong ability to invest. Turning page. We kicked off in 2020, what we call the New Heights strategy, which was focused on creating a highly profitable, growing, resilient industrial company, which delivers on its promises to the stakeholders.

And this is a strategy that has served us well, and we updated it back in '25, and it's something we will continue to drive now towards 2030. Turning page, and these are our current targets, financial and sustainability and maybe the 2 most interesting one on the financial side is the average annual revenue growth target of 8% to 12%, and that we should reach an adjusted EBITA margin of 20% by 2028. Turning page and diving into the quarter. Stable performance despite the challenging market condition. We saw strong order intake in Wind, Construction and HSPS in the quarter, while it was softer in Industrial and Facade Access, but this is due to timing effects. We have talked for -- since I came here about the volatility between months and quarters, and this is also what we see now.

The pipe is good. We have a lot of projects in front of us that we have visibility to. And so we don't see anything strange with this. 4 out of 5 divisions performed very well in the quarter. Facade Access jumping margin up to 13%, Industrial delivering stable at 25%. HSPS very nicely stable at 18% and Wind report record at 22% (sic) [ 22.5% ] margin. So it's the Construction division, which faced a continued very challenging market where it's low sales of machinery, which is then giving a disappointing result in the quarter. But as you also know, we changed EVP here 3.5 months ago, and Karin is driving then a focused review of the division performance and how to improve.

Cash flow, SEK 280 million versus SEK 180 million (sic) [ SEK 182 million ] last year. So strong good cash flow in the quarter. And then as you know, the other day, we announced the acquisition of Pro-Bel, a provider of suspended access and fall protection system out of Toronto, Canada, which will give us a market -- much more broader market exposure and diversified business for Facade Access, but also for the group. And it will be fundamentally margin accretive to Facade Access, but also to the group. And if you are up to date on the latest press release, you will see that just 2 minutes before we went on to the call, we announced that the deal is closed. So as of now, this is part of the group.

Turning page. Q2 order intake was SEK 1,741 million, up 1% also organically, an increase, then, in Wind, Construction and HSPS, lower order intake, as I talked about in Industrial and Facade Access, but due to timing effects. Revenue was SEK 1,762 million, down 2% or 2% organically. We saw good growth in Wind and Industrial, while especially in Construction then driving this down. EBITA adjusted at SEK 303 million, down from SEK 322 million, margin of 17.2% versus 18%, and it's a decrease of 6% year-over-year. But it's also a nice uptick from the last 2 quarters. So -- and it's reflecting basically the difficulty in Construction. As I said, the other pieces are moving well.

Turning page. Service continues, of course, to be a fundamental piece and order intake was SEK 721 million in the quarter, up 9% also organic. And it was an increase in Construction, Industrial, HSPS and Wind. Revenue was SEK 699 million, up 1%, also organic with a positive contribution from Facade Access and Industrial division. And yes, great resilience, good margins and a fundamental growth driver for the group also. Turning page, and we dive into the divisions, starting off with Facade Access. Order intake was SEK 403 million, down 11% or 9% at constant rates, and it's driven by timing effects and award dates on some larger projects that will then be coming in the second half of the year.

And we also saw some lower order intake in the Middle East due to the turbulence down there, but we, at the same time, do not see any cancellations. So still projects are on the move and we believe will be awarded as long -- as soon as things start to settle down. Revenue was SEK 486 million, down 3% or 1% at constant rates. Service revenue continued to grow, supported by our initiatives on the aftermarket with Refurbishment, Retrofit and Replacement, which we have been talking about strategically for a long time. Also very happy to see new equipment revenue from projects in Asia and compensating for somewhat lower revenue in North America. EBITA at SEK 63 million, up from SEK 56 million margin of 13% versus 11.2%.

We saw gross margin improvements in all business units and some negative project mix then, and this is coming from the Asia part of invoicing, which carries a lower margin, as you know, versus the North American, which has a higher margin. And then also then profitability improved due to our initiatives on processes and project execution and a more healthier pipeline that should continue to bring up the margin in this business. Turning page. We continue to focus on our growth initiatives as we have been talking about and happy to see that in Europe and Netherlands specifically, we took some very nice orders on a lighter, what we call type 1 BMU. What you see on the picture to the right.

This is important for us to revive more the European market and this offering that we used to have here. So very happy to see that, that's starting to move. We continue to see positive developments of our ideas that we started off also now outside North America and the RRR, which is also fundamental. From a geographical perspective, overall, Europe and Asia, as I've talked about, is fundamental areas for us to improve and all our activities and plans here are also progressing very well. Turning page. And then the big thing for Facade Access, but also something I'm very happy with -- from a group perspective is the acquisition of Pro-Bel.

So it's a great company out of Toronto, Canada, which have been then started by Marc Lebel actually 50 years ago, where he did window cleaning in the first 5 years, and then he saw that this is not safe, and he started the company to ensure safety for those that work at height. And he has spent 45 years of building this company. And we are now having this honor to take this further, and it's more than 140 employees. It has a really proven and state-of-the-art operating model, which is the base for this fundamentally or very, very strong and over time, very strong margin. It's, as you know, a complementary offering to us, which has been more focusing on the taller buildings.

This will give us more access to lower and medium height building and complementary also product range. So it brings synergies and growth opportunities for us. Running 12 months up to April 2026, revenue was CAD 69 million, which is approximately SEK 473 million. Adjusted EBITA of CAD 24 million or SEK 165 million, giving an adjusted EBITA margin of 34.6%. And this, as I said, also in the call the other day, is a margin that they have been able to sit with over a longer time. Important for Facade Access, important for the group. And again, a really warm welcome to this great team into the group. Turning page, Industrial, good stable quarter.

Order intake was SEK 404 million, down 16% or 16% organically, driven by negative timing of projects, but also it's having a very high comparable, as you know. The project pipeline remains strong, and we see opportunities across multiple segments globally and also the Service business continued to perform well. Revenue was SEK 421 million, up 6% or 3% organically, driven by both good equipment and service revenues in the quarter. Service remains strong and the fundamental here is also some refurbishment projects that we have taken and which is a strategic focus for us. EBIT at SEK 107 million, up from SEK 105 million, giving a margin of 25.3% versus 26.3%.

It's a good gross margin development, but also then partly offset by our continuous investments into this business to sustain the growth and to continue to develop it and something we will get benefits from in the future. Turning page. Traction is one of the key strategic initiatives that we want to move into. We are a leading player in that opinion, but also traction has a lot of relevance on the industrial side. And we have had this business out of Norway towards the oil and gas market. We had a significant nice order in the quarter here.

We're also driving more partnerships and find ways to grow this business. And we also see that we are having constantly a growing pipeline of projects. And we also did a small acquisition in Australia, also related to traction, Fuji Lifts in the quarter. And again, part of this strategy to continue to build our traction base on both the product and service side globally. Turning page to Construction, decent or maybe even in these times, good order intake. Happy to see that, of course, but also a disappointing result in the quarter. Order intake was SEK 389 million, up 19% or 17% at constant rates.

We saw increased interest in our mast climbing work platforms, particularly in Australia, where we got a nice order, and this is again driven by our initiatives, while new equipment on our traditional products, hoists and mast climbing work platforms, remains soft and especially Europe. While what we can affect is parts and service, and that's good and the overall growth initiatives that we are driving. So -- and then revenue was SEK 333 million, down 18% also in constant rates. And it's lower new equipment sales for hoists and mast climbing work platforms in the previous quarters, which is then affecting revenues now. And also, we saw some delays in some projects in the quarter, which also affected temporary revenue.

EBITA at SEK 28 million down from SEK 68 million, a margin of 8.3% versus 16.7%, something we are absolutely not happy with, driven by lower revenues on the product side. We also had some nonrecurring items in the quarter. And as I said already, we are making and as part of Karin's getting into this business to really ensure that we can improve the overall setup and the profitability. So turning page. Yes, Karin has been here 3.5 months, so she's in the midst of this now, and the objective is to really create a simpler, more accountable customer-focused organization that is now adopted to this market that we see here that the market will come back. We have absolutely no doubt.

It's a must, but still, we see that the interest or the financials for our rental customers to invest in new machinery is still remaining very, very low. What I'm happy to see then is that whatever we do on strategic initiatives to ensure growth has paid off well over time and also continues to do, and we now see a very nice mast climbing work platform case where we have developed a solution for a steel plant chimney refurbishment, where we have, yes, this mast climbing work platform solution, which historic has been scaffolding. So one example of initiatives and business that we are seeing also going forward more of. Turning page, HSPS, stable, good quarter.

Order intake was SEK 345 million, up from SEK 316 million, plus 9% and plus 7% organically. We continue to take market share in the elevator segment, especially now in Middle East and India, but also from new locations that we have established. While we continue to see a weak construction market also affecting this division and then specifically into the height safety solutions that we are having. Revenue was SEK 319 million, down from SEK 321 million, 1% or 3% organic. And it's a softer performance in North America and lower distribution sales driven by construction in Europe, but also partly offset by strong deliveries to our elevator customers.

EBITA at SEK 57 million, up from SEK 55 million, margin of 18% versus 17.2% and it's driven from all these initiatives that we are having to ensure that we protect profit while we're also making a lot of changes to the business. Turning page, changes to the business, the transformation. It's multiple. We basically work in all areas, R&D, product innovation. We have 10 launches this year. And in the last quarter, we launched the Volt Trac Single Phase, the product you see to the right here, it's a small chain hoist. We have finalized the lean implementation into the operations during the quarter, and we have also launched a new brand identity. You can see the new brand to the right here to really also reset and renew a little bit everything inside the business.

Great to see that we continue to take business in the Elevator segment, and it's our great Tirak hoist, which is a great solution for all our customers there. And it's also nice to see that we are taking -- continue to take nice business also in fire and rescue with our Tirak hoist, which is a unique product also there. Turning page and into Wind, record quarter. Yes, some of you might remember that this was a problem side when we kicked off our new heights strategy. And now this is starting to turn to be absolutely one of the best pieces of the group. Order intake was SEK 215 million in the quarter, up 36% or 35% of constant rates.

Growth is coming from our key OEM customers in the wind OEM manufacturers, wind turbine manufacturers, where we have nice and good agreements with basically all of them. But also supported by some recovery in the U.S. market and also increasing interest in offshore again. Revenue was SEK 213 million, up 20% to 21% at constant rates. Yes, record quarterly revenue and strong execution across all regions. EBITA, SEK 48 million, up from SEK 38 million margin of 22.5% versus 21.4% and it's due to operating leverage, of course, with higher revenues, but also supported by cost discipline and our constant actions to make sure this is a very lean and high-performing operation. Turning page. The market remains to look good. It's an interest in electricity around the world.

And basically, everyone sees that this is a fast and a very effective way of getting electricity to the market. So we see record installations around the world. And that, of course, is also pointing to further growth for us. Offshore continues to accelerate. It's coming really back again and also starting to see repowering as a new demand driver, and this is rebuild of older turbines, which are getting a new drivetrain to become more effective. And that also means rebuilds inside, which typically also means rebuilds of the lifts or our solutions inside. So a nice business also there for us coming.

On the strategy side, we continue to focus on what we have been doing, and that has been working well for us, being disciplined in everything we do and of course, also constantly drive innovation, product development with our customers. And we're also here seeing more and more value from our digital solutions, which provide online data and support uptime and more customer value. And with that, we turn page to profit and loss, and I leave for Sylvain.

Thank you, Ole. Hello to everybody on this call. So our adjusted EBITA decreased by 6% in the quarter to SEK 303 million, while revenue decreased by 2%. So this obviously implies an adjusted EBITA margin contraction to 17.2%. And that primarily comes from SG&A slightly higher as a percentage of revenue, and I'll come to that on the next slide. But I have to comment here that sequentially, this is the highest quarterly adjusted EBITA since Q3 2025. So down versus Q2 2025, but up in the last few quarters.

Items affecting comparability are negligible this quarter. The quarterly amortization of SEK 35 million was consistent with our expectations. It will go up due to the Pro-Bel acquisition and the impact will be estimated in Q3. Financial net charge was down to SEK 33 million. That was expected and the reduction versus Q2 2025 is due to lower borrowings and lower interest rates. With the Pro-Bel acquisition, we expect that charge to go up by around SEK 10 million. So that will take us to circa SEK 40 million. The effective tax rate is up in the quarter, 29.2% versus 25.7% in Q2 2025. That is purely due to the country mix effect.

We have less earnings in low rate countries, in particular, Sweden or Middle East, and that is affecting the rate. If we look at the first 6 months, the effective taxation rate is 28.2%, and this is more or less what we expect for the second part of this year. And Pro-Bel is on that level as well. So in the quarter, net earnings came down by SEK 17 million. That's a 9% decrease, and that's due primarily to the EBITA decrease and the higher effective taxation rate. So next page, moving to the gross margin and operating expenses. The gross margin was stable versus Q2 last year on a good level.

Construction division decreased due to mix effects, as explained by Ole, but that was compensated by Facade Access, Industrial, HSPS, 3 of them expanded their margins in the quarter. Wind was flat. I said 3 months ago, we were expecting some higher cost due to the war in the Middle East, and this has indeed started to come in Q2, in particular, freight and energy. We have mitigation measures in place, which have protected us, protected our gross profit, and we expect this to continue. As a percentage of revenue, operating expenses, excluding IAC went slightly up this quarter, and that's driven by the Construction and Industrial divisions.

In the Construction division, the achieved savings were not sufficient to protect the gross profit given the drop in revenue. And Ole mentioned, we were making a deeper review to address the situation. In the Industrial division, we have been increasing some investments typically R&D, sales expenses to fuel and support the future growth, but this has not fully paid yet. With a good sales pipeline, we think it will pay off. But of course, that's a situation we monitor very closely. And then the other 3 divisions, HSPS,Facade Access, Wind, SG&A were stable or decreasing in the quarter as a percentage of revenue. Moving on to the results for the period, which was SEK 167 million versus SEK 184 million in Q2 2025.

That's a 9% decrease. Excluding items affecting comparability, result for the period was SEK 169 million versus SEK 184 million, and that's an 8% decrease. Earnings per share was SEK 1.57 versus SEK 1.74 and it's a 9% decrease. We have had the same number of shares. Adjusted for IAC and acquisition-related amortization, EPS was SEK 1.82 versus SEK 1.98 and that's an 8% decrease. Moving to the cash flows. And overall, it's a good quarter. I'm satisfied with what we delivered this quarter. We managed to generate a small cash inflow from working capital changes despite the revenue growth in Q2 versus Q1 this year. That's due to some cash back from Q1 and our, let's say, usual efforts and discipline with respect to cash collection.

And as I said many times, we focus on cash flows, and we will continue to focus on cash flow. That's important to us. Next page. Net debt went slightly up in the quarter to SEK 2.6 billion. That's due to the dividend payment, which was partially compensated by the good cash flows. Leverage is 2 versus 1.85 by the end of Q1. That's due to the slightly lower earnings and slightly higher net debt. The leverage ratio at the end of the quarter is still well within our target. As we said, the Pro-Bel acquisition will take us temporarily above 2.5x, but we expect a continued good operating cash flow both on legacy Alimak and Pro-Bel and that will take us back to the target of below 2.5 by the end of this year.

Our capital allocation priorities remain unchanged. We invest in organic growth. I referred to some specific expenses, in particular in the Industrial division, R&D, sales and marketing. We continue to work on acquisitions. We have a good pipeline with some very interesting targets. We are conscious we have a higher leverage, but there are still some opportunities we are looking at. We are committed to delivering according to our dividend policy, so 40% to 60% of the net earnings, although of course, it's an AGM decision ultimately. And one last word on ROCE, which decreased slightly in the quarter. That's due to the lower EBIT and it went to 22.7%, excluding goodwill, 9.2%, including goodwill to be compared with 23.4% and 9.5%, respectively, in Q1 2026. And on that, I will hand over to Ole.

Thank you, Sylvain. And we turn page to the summary slide. So yes, stable performance despite the continued challenging market conditions and then that's related to the construction market specifically, but also in the quarter, turbulence from the Strait of Hormuz and the effects that has had on some parts of the business. 4 out of 5 divisions performed very well. And I think this is also a signal of the strength of what we have developed over the last years. The group, of course, we are not fully happy with 17.2% when we have done better, but we are on the right track, and we have fundamentally changed the group over the last years, and we will continue doing that.

Focused review is then initiated in Construction division to ensure that we improve the performance. We have strong cash flow, which is allowing us to continue to invest and the new business coming in, Pro-Bel also have strong cash flow, which, Sylvain is saying, which will allow us to deleverage fast. It's a significant addition to the Facade Access business and also to the group. It will make us more resilient.

It will create more growth opportunities. It will bring higher profit to the group. And it's also 140 more great people or brains coming in that will all work to continue to develop this even better. So we continue to execute on our new heights, delivering profitable growth, both organic and through acquisitions. And the target is to deliver on our promises to all our stakeholders going forward. So with that, we turn page, and we move to Q&A.

[Operator Instructions] The next question comes from Oscar Ronnkvist from SEB.

So I'll start off with a question on orders. So you explained temporary effects in Facade Access and in Industrial. So just wanted to hear your thoughts on the levels here. Is it purely due to timing issues? I mean I acknowledge the tough comparables, but is it only due to timing issues? And are you comfortable with the deliveries or the orders coming in, in H2? And in that case, -- could we see that already in Q3? Or should we expect that sometime during H2?

Yes, we are confident about that this is volatility that we see between months and quarters. Nevertheless, it's never so that our order is booked in the future. So I can't promise that we book everything that we have in pipe, but the visibility we have into the future is our pipe, and that pipe is strong. And with our normal conversion rates, it's nothing there pointing to anything else than what's normally. And if you go back in history, you will see the same pattern. So it's nothing there that worry us.

All right. Perfect. So the a little bit softer Facade Access orders, we should not see that really as an indicator of a leading indicator for an even slower construction market.

No. No. I wouldn't say no. So as I said, Facade Access partly -- Middle East is an important region for Facade Access. And there has been no project awards at all during the quarter, which normally there is, but the pipe remains strong. So we know the pipe there. And the other piece is this regular thing that overall volatility between months and quarters.

Understood. Perfect. Then jumping on to the P&L. Obviously, construction being the big dampening factor here in -- on sales and EBITA. But -- so you talked about some nonrecurring items. If you possibly could sort of quantify the nonrecurring items in construction? And also just a question on the order book, which appears quite strong in construction. Could you give any comments on the lead times? Could we see sales EBITA picking up already in Q3? Or should we expect a little bit of a delay there?

Yes, I'll take your last piece first. To give any clear promise about the exact delivery. Of course, we have visibility into our order book, but it's -- it's also a lot of shorter term on the service and the aftermarket, et cetera. So therefore, it's difficult to give some sort of commitment quarter-by-quarter. But yes, the order book picked up, which we're very happy to see. But it's not an overall -- if you look back in history, it should have been on a different level. So -- but we are doing things now also on the cost.

It's not -- you can't change, as I've been saying a long time, you can't change fundamentally the cost structure here because that would tear down a fundamental piece both for Industrial division and Construction division, which we're not ready to do. So -- but we are doing still things. So we will save some money. So that will have effect for sure, and we will build a more sharp and focused structure based on the situation we have. The one-offs that you questioned, it is some one-offs, so that's why we also mentioned it. So cleaning for that, we haven't -- but it would more be, let's say, a bit normal to what we have seen over the last couple of quarters margins. So -- it was a small extra drop now due to this.

Yes. All right. Perfect. Then just -- I mean, obviously, you don't have a crystal ball, but do you see any change on the sort of underlying market demand in the construction segment also affecting HSPS, et cetera? Is it increasing a little bit? Or is it still sort of the same with the very uncertain outlook?

I like your question. Is it increasing a little bit? I wish. But we said by the beginning of the year that we thought -- we said beginning '25 that we thought it should come end of '25, second half. We said beginning of this year that we thought it should come end of this year. But then last year, it was Trump with this tariffs. This year, it will Trump with this war. So there's always these fundamental things, which is making it more challenging for making investments. So then people delay investments into this new machinery and rather use them one more year.

But it's no doubt these machines will need to be replaced one day. And in the first year here, it was also low investment, but then we have so much to do in other parts of the world that we gained. But that's also a little bit slower now. So that's why we are getting more significant effects. But I'm 100% confident this will come back. It's just a question of time. But I can't say now that I'm seeing it.

The next question comes from Anna Widstrom from DNB Carnegie.

So just continuing a bit on the project delays that you mentioned for the Construction division, for example. Should we see a bit of that improving already in Q3? Or are these kind of delays expected to continue during the second half of the year for some reason?

I can't -- that will be the crystal ball again. But the only thing I know and what we have seen over time is that there is volatility between quarters and months. And what we know is the project pipe that we are working on to projects that we are working on and trying to win and that looks strong. And -- then when it will come and why they are delayed, in some cases, there is some delays in the Middle East due to the situation there. If that will fundamentally change, so those things will start to be awarded during Q3, I can't say. And it's just basically, I can't say when it will be. But normally, some of them come and -- but yes, I can't make any commitments around that.

Okay. But you haven't seen any like shift in this for the last couple of months.

So normally, it would be -- yes. So normally, it would be coming, not too long from where we are.

Perfect. And we also saw some improvement in the HSPS division from both the recent initiatives and also some product mix effect. So how much of this is related to product mix effect and the current ordering supportive...

It's a little bit difficult to hear. Sorry, you are far, far away. So it's difficult to hear you. Could you repeat again?

We've seen some improvement in the HSPS division from the recent initiatives, but you also mentioned a positive product mix effect. So how should we view like how much is related to product mix effect? And is the current ordering supportive for that effect in the near term as well?

But we have a good effect from some segments where we are taking a lot of business and then it's other segments where we -- where it's more slow moving. So -- but the HSPS business is a very, very broad type of business. We are serving multiple segments and different channels to market, et cetera. So it is difficult also here to be making very reliable forecast into each of these pieces of what's moving. But what we have seen for some time now is that specifically what we are changing towards also because the market is, in general, more challenging on the distribution side so that we're going more and more direct, finding end user segments where we can affect directly ourselves much more, and that's paying off. And we continue that work. So that's part of the transition journey also of this business.

Okay. So we could do sort of the lion part of the improvement as a result of these initiatives that you started division.

Yes.

Okay. Perfect. And is there anything other in the other divisions or so in the order intake that you wish to sort of highlight in terms of positives or negatives in terms of product mix or rather similar to what we've seen.

It's similar to what we have seen. And then you have pluses and minuses in all, but this is again due to the normal volatility. We are not selling one small product with thousands or millions in quantity, which -- so you have that type of volatility in our business. So it's nothing special else to highlight no.

The next question comes from Anders Jafs from SB1 Markets.

Maybe just a quick question on Wind. Obviously, you're sort of cementing yourself on a higher margin level now above 20%. And maybe you could take us through that a bit on how we should position ourselves looking ahead over the next second half of the year, given your strong performance in this division and also how you view the U.S. market, which has had some policy backdrop, but how that should potentially affect the division going forward?

Yes. I think you can expect this division now with the order intake we are having and the new levels that we are seeing on both order intake and revenue that the drop-through that we have seen also in results will remain. There's no real reason why that should come back. which is very nice to see, of course, because -- but this is a setup -- I think we have in all divisions that when we get more volumes, we will also have a drop-through because we have capacity in all divisions.

Then U.S. question, we -- U.S. is good for us now, and this was driven also by the policy of Trump. First, we stopped everything and then everything could be moving. So for the next couple of years, it looks -- U.S. will be good for us, absolutely. It's more longer term after '28, maybe '29, '30, which is a little bit more open on how policies will be made. But for the time being, the next couple of years looks very solid for us in U.S.

There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments.

Yes. Thank you. We have a couple of questions here related to tax. One is which countries are driving the higher tax rate? And the other is will the tax rate come down to 25% again. So I think I'll leave this to Sylvain.

Yes. Thank you, Ole. Regarding the countries, one typical significant Alimak Group country with a high tax rate is Germany for us, where we have a tax rate significantly above 30%. But as you understood from my comments, the higher tax rate in the quarter, it's -- yes, of course, it's a country mix. So it's more earnings in the highly taxed countries and less earnings in those with a lower tax rate like Sweden, Dubai, for example, for us When it comes to the second question, which is what to expect next year.

I won't have a super specific answer because it's the country mix matters, and I don't have the full visibility. But I don't expect us to come back to 25% and in particular, with the Pro-Bel acquisition, which is earnings in U.S. and Canada, it will have a negative effect on the average tax rate. So at this stage, I would say that you can expect this to be close to what we see this year, but of course, with some volatility depending on the country.

And if I may, you mentioned Sweden, Sylvain, but of course, the very low volumes for our Swedish construction factory means that we have low profits here, which is also negatively affecting this. So when that will come back, that will also be, let's say, pulling the tax rate down. So, that was the 2 questions we had on the web here. So, and I don't see any more coming. So then with that, we thank you for listening in, and thank you to everyone and then till next time. Thank you.

Welcome to the Alimak Group Investor Call. [Operator Instructions].

Now, I will hand the conference over to CEO, Ole Kristian Jodahl. Please go ahead.

Thank you. And yes, a warm welcome to all of you for this short conference about the acquisition that we made, Pro-Bel. With me, I also have Ravi, who is the Head of Sale Access. He will give a little bit more deeper insight into the company. I also have Joe and Sylvain with me here.

So yes, if you turn page, Joe. This, you know, so I will not spend time on this intro pages, but global industrial company. Let's move on.

We have our new heiGHt strategy. Next, we have our financial and sustainability targets.

And then next, please. And then, we come to the company. So yes, very happy to announce that we are able then to yesterday sign this deal, and the closing is in the making, should be also relatively soon. So it's not a big thing to get it closed, but it wasn't possible to do in the same day. It's a project we have been working on for quite a while. So it's North American provider based out of Toronto in Canada, providing then suspended access and fall protection solutions to both the North American or to the U.S. and to Canada, so the North American market.

It's a company that Marc Lebel started 50 years ago, and for 45 out of those 50, it's been working on these solutions, developing the company. So it's a very long, solid history, and they have become the leader in this profession. It's a very complementary offering. We have been talking about for a long time that we wanted to go more into lower buildings and a more comprehensive offering and not be so dependent on the tall buildings, and this is in the midst of that strategy for Facade Access. And that means it also -- it brings synergies, and it also brings growth opportunities because it's a lot of the same customers, it's the same market. We can work with the same end customer, whether it's architects, it's general contractors or end users.

Financials of this company is also very strong. It's CAD 69 million in the last 12 months trailing for April '26, which is then SEK 473 million based on today's rates. Adjusted EBITDA of CAD 24 million. So that means SEK 165 million. And also a very slow margin of 34.6%. And this is a margin which has -- is not only there for the last year, it's a margin level, which they have been able to have for over many, many years.

It's been a growing business, of course, over many, many years or since they started, but the last 2 years has been a slow growth. It's more flattish. And that's been due to the current turbulence, as we all know, related to tariff situation, but we will come a little bit more back to that.

So transaction highlights. We pay CAD 200 million for the company, which is then close to SEK 1.37 billion. It gives a multiple of 8.3 on the adjusted EBITDA. We pay SEK 177 million now upfront at closing and to the last SEK 23 million will be paid after 18 months. And we have financed it all through our existing facilities. And from a leverage perspective, this will slightly overshoot our 2.5x target, which we say we normally should stay within, but we can exceed short term, and we should be well within our frame again by the end of this year.

So with that, we turn page, and then, I leave the floor to Herve, so he can give a little bit more detail about the business and how we seize this into Facade Access. Herve?

Yes. Thank you, Ole. Hello, everyone. I hope you can hear me well. So a few words about Pro-Bel, Pro-Bel is operating in a standardized, and I will say, a low friction operating model. They are engineering, installing. They are also servicing safety system for people working at heights. The seller Facade Access Solution, they are operating on facade as well on rooftop, both commercial and residential across North America, we'll come back to the point, both U.S. and Canada.

Thinking about the portfolio, we are talking about roof and cores, systems, lifeline monorails, but also BMU solution. So Pro-Bel, what it is, first, we are talking about design in engineering. As you may know, the ever building is different. So Pro-Bel is also offering this customized engineering solution for each building. For sure, to be compliant with the safety code and the standards. Second, I will say that they are also a turnkey solution provider. They are manufacturing, they are installing and they are also commissioning those systems. And the third part, and this is probably what part to remember is the recurring services. They are very strong in inspection, in testing, in recertification and an ongoing maintenance.

So this part especially important for us and for the future because this -- all these safety systems that we are talking about must be inspected and recertified regularly by law. And this is what I call the compliance model. So -- my view is that today, when we -- once Pro-Bel is on the building, I would say they stay on that building. That's also what we call the life of the assets. These are recurring, the contracting revenues and long-term customer relationship are same as on top of the new installation work.

So the combination between the sales approach, the compliance driver driven, but also the building aftermarket is exactly what makes Tractel also attractive.

Next slide, please.

We have changed it, Herve, so you can continue with the next slide.

Okay. Thank you. So where we are joining forces with Propel. I will say, first, for diversification. So today, as mentioned by Ole, the Facade Access trend is on the engineering solution, sometimes complex, but for sure on the high-rise building. And I will say Pro-Bel is taking us to what we call the low and mid rise segment. We're building our simpler and where they are far more of them. This is what I was explaining also during the last Capital Market Day. It will make us as a division more resilient, less dependent on any single segment or just project cycle.

Then we can talk about expansion, expansion of our customer offering. We know how the -- how can we offer now a full range of access and safety solution, strengthening for sure, the position -- our position in North America. And third, talking about synergies. This altogether bringing us to a complementary capabilities. We are talking about product portfolios and customer relationships. So when you are now combining and sharing best practices, operational expertise across the both organization, that, for sure, will create real opportunities for operational efficiencies over time. It sure will say that it's not today just adding our revenues. It's making the full and the whole division stronger order and for sure, more resilience.

Next slide, please. So how Pro-Bel is fitting our Facade Access solution platform. And I will say -- I will ask you just to think about the -- our offering as a ladder of complexity. On 1 side, on what we call the ID engineering end, we have our both brand, Cogomiland and ManTech, and this is where we are operating with a complex, again, customized and custom BMU system, most of the time for iconic towers.

Then, we have Tractel sitting in the configured and I call it mid-complexity space. We are also using Tractel as a customized and customer solution access for infrastructure. And what we didn't have, and I will say at scale, is what we call the core, the high volume end on that ladder, the standardized access solution. And this is exactly what Pro-Bel is sitting now. So it's a very good complement for our portfolio.

So now, if you think about whatever the building is, and it could be from a 2-story commercial roof to a super toll tower, I will say the division has a solution across both equipment, but also aftermarket. So this is really strengthening our market leadership, owning the full range of access solutions.

Next slide, please. So this slide is probably 1 of my favorite 1 is what you can see showing the -- why we can grow faster together than just a part. And please look at the split. Our existing Facade Access solution in North America, we are dealing -- 90% of our revenues are coming from U.S. And I will say only 10% is coming from Canada, Pro-Bel today is 50-50, with a very strong, and we say, established position in Canada. So immediately, when each other -- I would say, each of us is strong where the other is less present. So in terms of, again, complementary solution is very, very interesting.

On one side, we can take the Pro-Bel product into a large U.S. footprint and also our sales force, and -- but also the -- where we are not focused, it's exactly on the same states in U.S. So we are not operating in the same state between Pro-Bel and the current Facade Access solution. So in addition, as I was mentioning, the Pro-Bel also give us this established platform in Canada to build on.

On top of that, the geographical coverage, we have also the cross-selling, the customer needs Pro-Bel inspection, the certification services. And we can also access the broader access solution with the Pro-Bel customers. So same buildings, same decision maker, and this is where we will have to work on. A few other also on the longer term, the Pro-Bel operating model is proven. This is what we are buying and frankly is also exportable.

So today, the focus and the integration will be in North America, but it's also a model that we believe we can take international over time.

Next slide, please. The question that you -- the -- sorry, the question that we can see is on the operational excellence. Here, we are talking about how we can justify, how can we explain this 30.6 adjusted EBITDA. I think that the answer is the operational excellence. First, we are talking the standardization. Pro-Bel works on what we call a modular standardized design, very repeatable processes, bringing lower unit cost and very consistent quality.

Two is the stock. They are running a very disciplined inventory strategy. In the core access solution, you're often winning the deal, not only on price, but also on the availability and lead time. So very important for us. And I will say also on the sourcing. When you are starting now to combine Pro-Bel with our North American Facade Access Solution. The purchasing volume will for sure unlock better supplier pricing and in terms of components that we are both sharing.

On top of that, and this is something that I repeated already during the Capital Market Day is the team discipline. We have, in a way, same DNA here. Behind all these processes, we have a very focused and dedicated team at Pro-Bel. The discipline in execution, the attention of the detail, the ownership of the daily performance are, for me, the key reason for us, the key reason why the model is working so well. So when you are putting all together the standardization, but also the inventory discipline together with the operational leverage, we think that this is really scalable and margin accretive to the division.

So again, high-quality recurring revenues, high margin business will make us more diversified, for sure, open to new growth and we know how to run the business. So very pleased with this partnership.

Next slide. And I think that Ole give you the...

Yes. Thank you, Herve. So just a short summary. So as you understand, it's a very nice -- another step in our new heights strategy. It will make the Facade Access division much more resilient and also diversified, and that also means that's the same thing to the group. It's a highly profitable business, which means that it will, of course, impact the profitability level significantly in the Facade Access division. I want to highlight that, that doesn't mean that this is solving the underlying business, the targets that we are having on the existing business remains there, and we know what we can do with that, and we are moving ahead full speed with that also. So this is something that comes on top of that, but it also has an impact on the group profit level, as you understand. So overall, it strengthens the group and further takes us forward in our profitable growth journey.

So with that, I think we take next slide and move to Q&A.

[Operator Instructions] The next question comes from Oscar from SEB.

First, I have just 2 boring modeling questions. The first 1 would just be the integration. I assume that this is 100% for Facade Access. Or is it any sort of spillover to like HPS, et cetera?

No. This is 100% Facade Access, yes.

Great. And the next one, could you share anything on the sort of CapEx levels or depreciation levels for Pro-Bel?

Yes. Maybe Sylvain, you want to comment?

Yes, it's small. It's not -- they don't have their own manufacturing, so we are talking something around CAD 80 million depreciation per annum. So it's really on a low level.

And the big one, just could you share anything on Pro-Bel's share of service sales and the growth profile, please?

Yes. So today, they classify service slightly different than us, but the way they have done it, it's around 17% of their sales, which is what the equals pure service. We would need to work a little bit more on it to say the exact figure for us, but it's not far from that figure as it stands today. The business has been growing very well over these 45 years. But as I also mentioned in the beginning here, the last 2 years due to the turbulence around tariffs and the U.S. situation, the growth has stalled, and -- but we expect again that -- and we have growth plans to this, and we expect absolutely that this should continue to grow and grow along with what we normally see as our growth pattern in our -- organically in our business.

Perfect. Yes, just a final one. Obviously, looking at the Facade Access, I think this adds approximately 5 percentage points to the margin. So just -- I think you targeted Facade Access to be quite in line with the group average on the margin side on your latest CMD. So just wondered if this sort of alters anything on your ambitions? Or are you still expecting a large or significant margin expansion on the sort of underlying Facade Access business?

Yes. It's -- as I just also said, absolutely that this will add a good margin contribution to the existing business, at least in the range of around 4 percentage points. And the underlying business and the plans for improving that as we have been talking about for a long time and as we also have been doing, we have slowly and steadily been improving the underlying business, and that, that should come also more, remains absolutely. So this is not something that fixes the all the problems, they are there, and we are continuing to fix that. So this is something that we expect on top of the existing performance improvement program.

The next question comes from Andreas Koski from BNP Paribas.

So a few questions from me as well. I understand that it has been growing over the last 40 years, but can you give us an understanding of what the organic, say, CAGR has been over the last 5, 7 or 10 years for Pro-Bel?

I'm not ready to give you the exact number on that now, but it's been organic growth over the last years, absolutely. It's just last 2 years, which has stalled, else it has been historically a nice organic growth. So it's not -- it's been growing in the years absolutely up to the last 2 years.

Understood. And can you say what you expect for fiscal 2027? Do you expect any major changes to top line or margins compared to fiscal 2026?

No.

So similar.

Similar. Absolutely. Of course, the thing is when you make a significant acquisition, like we like we do here. We have done it in the same way that we did run, that means we are not using a lot of external players to help us make all of the understanding and analysis of the business. We have done it ourselves to really ensure that we understand what we are buying, that the people in question that will run it, they have been part of this for a long time. So it's no surprises coming now after it comes into our hands.

But still, the focus will be, of course, to maintain short term, what we have acquired so that we are not losing speed or profit or anything of that. And then at the same time, working together with the Pro-Bel team on how then we can accelerate this and get into strong growth and also lifting margins because that should always be the target. And that's also doable, absolutely. So that's the plan.

I think -- yes, growth is more important than the margin improvement in this case, I guess.

Yes, yes. Yes...

Healthy margin of 35%, but does it come with any significant acquisition costs that we should expect in the coming quarters?

No, because again, we have not engaged any 1 to do this for us. We have done it ourselves.

Yes. And is all the production taking place in Canada? And how has Pro-Bel been impacted by tariffs? And any changes to expect there in the coming years or quarters?

Yes. They have -- we have seen the effect on the market, but they have been able to counter effects on -- like we have also on the -- and they have been exposed to the tariff situation now for, what is it, 1.5 year. So we don't expect anything further from the tariff situation. That market has already been there for a long time.

Yes. And then lastly, in your press release, you were saying that Pro-Bel has more than 140 employees. I think on Pro-Bel's website, they are saying that they have a team of more than 200 people. So has there been any major restructurings recently? Or why is -- why are they saying more than 200 and you more than 140?

I can't say, maybe it's a mistake somewhere.

And it's not related to any major restructuring recently.

No, no.

The next question comes from Anders JFS from SB1 Markets.

Yes. Just small couple of questions from my side as well. Just regarding the tariff exposure. Is that sort of 1 of the elements that has driven the weaker growth seen over the last 2 years? Or is that anything you could comment on? And -- or is it more market-driven overall?

No, it's -- I think the tariff situation has caused also market turbulence. So -- but that's the reason behind it. Yes.

Yes. And previously year, maybe 5 years to 3 years ago, you saw sort of solid growth at least before sort of the turbulence took place. Okay, perfect. And maybe have you maybe identified some core cross-selling opportunities. You could maybe put some more color on as well? Or -- and finally.

Of course, we have been working a lot on this. And we have a lot of ideas. We have discussed a lot with Pro-Bel. Yes, maybe, Herve, you want to shortly comment a little bit.

Yes. I can and I will not give you the full view. But I will say a few examples for -- I was talking about synergies on the purchasing part, for example. We will have to work as well on the service aftermarket. There is also a lot of things to do altogether, especially in U.S. So yes, going after this expansion, the full range of solutions together with also the customer relationship. We believe that these synergies are also a key driver for us in the future.

And also that we can take this business and steadily also because -- it's an excellent setup, which also is something we could do and move to other parts of the world, not at least Europe.

Perfect. And maybe just lastly, as you -- the leverage will temporarily overshoot your 2.5x financial targets over the coming future. How does the active pipeline look then? Is it going to take a more maybe? Will you sort of wait to close other deals potentially? Or how do you view the M&A activity for the rest of the year? Is this -- should we expect that this was sort of the big deal that was made? Or how did you -- maybe just shortly how you view the setup for the rest of the year, so to say.

Yes. We have a very nice pipe, I would say, of good companies. And here, you saw 1 of them. And -- so it's more companies out there with very nice margins, and that would be very nice adds to the group that we are continuing to work on, and that will not stop. We see that this is a very cash-generative business, which is also what we normally should buy. So that will quickly take us down again in the range where it's possible to act. And we have means, so that's not an issue. It's just the leverage, how you -- how close you want to be to that. So we will continue on our work with M&A, absolutely.

There are no more questions at this time. So I hand the conference back to the speakers for any written questions and closing comments.

Yes. We have a couple of written questions. I will deal in with them. The first 1 is what is the reason for the very high margin level. And the reason for the very high margin level is, I think what Herve explained in his last slide before handing back to me that they have a modular, standardized setup, which they have been refining over many, many years, which makes it very cost efficient and a standard range that they basically can apply.

And the other piece, the main piece is that they have developed a process, which is an excellent process. It's a very standardized process, and they apply extreme level of discipline into that process, which means that its excellence in whatever they do. and this has been Mark's trail, I think, throughout the whole thing to really refine the details to ensure that they don't waste time on anything they shouldn't waste time on. So it's that type of finesse, which makes this high margin.

And then the second question here, do you think the margin is sustainable over time? And to that, the answer is absolutely yes. They have had this margin over a long time. So that's already proven. So that's absolutely what we expect to also continue going forward.

These were the last 2 questions, and the only questions I had on the written side. And I think just an mindful of time. I want to thank you all for listening in. And then, I guess, I will talk to you again tomorrow. So thank you from our end.

Welcome to the Alimak Group Q1 2026 Report Presentation. [Operator Instructions] Now I will hand the conference over to the speakers, CEO, Ole Kristian Jodahl; and CFO, Sylvain Grange. Please go ahead.

Thank you, and welcome to this quarter 1 2026 call. And yes, as always, I have with me Sylvain here. Turning page and a short recap of the group first, a global industrial company focusing on vertical access solution, working safely at height, moving people and materials.

We have some fundamental drivers for our success in the group and global trends like urbanization, health and safety, the regionalization trend that we are seeing, electrification trend, but also now robotization trend that we can facilitate the usage of robotization and automation at height.

We do have a leading market position in the niches, where we operate, strong global footprint, which is giving us a fantastic base for our service business, which is a fundamental piece of each division and also a capital-light operation, giving us a strong balance sheet and opportunity to invest.

Turning page. Our strategy, the New Heights has been with us since 2020, and it's something that has served us very well. And we now made a step up to 2.0 end of last year. So this will continue to be with us, as the foundation for the group activities.

Turning page. We updated also last year some key financial metrics and most important maybe to highlight is to have an average annual revenue growth of 8% to 12% and also an adjusted EBITA margin of 20% reached by 2028.

Turning page. We dive into Q1. And yes, overall, it's a result that we are not fully satisfied with given our ambitions, as you can also understand, even though it's -- I would qualify it as a resilient performance in a continued challenging market. Organically, we went down 4% on order intake, but we were up 3% on revenue in the quarter and a good book-to-bill ratio of 1.08, supporting also a good backlog growth.

We continue to see a challenging construction market, and this is affecting Construction division, as you understand, but also partly HSPS and Facade Access. Also to note in the quarter, a heavy winter season in North America affecting new sales product sales for HSPS in the quarter, but also the service business for several divisions.

We continue also to see a significant currency -- negative currency impact, and it was 8% in the quarter on order intake, giving effect of SEK 168 million and also a negative impact on adjusted EBITA of SEK 24 million. This -- as long as the currency more or less stabilizes where we are now, we will also see the same effects in Q2, but then it should be more on the year-over-year level.

Adjusted EBITA margin of 16.7%, down from 17.3% Construction market and also some temporary negative effects in the Industrial division that we will come back to.

Cash flow, SEK 75 million, giving a leverage of SEK 1.85. And normally, Q1 is somewhat lower. Last year, we also had a one-off of SEK 28 million. Then this quarter, we had a slow January and February with more invoicing in March, which is then tickling into accounts receivable and something we will collect now in Q2, plus an additional tax payment. So multiple effects also affecting this, but nothing fundamentally changed, and it will come back.

Turning next page, some more details about Q1. Order intake was SEK 1.788 billion, down 11% or 4% organically. We saw an organic increase in Industrial, Wind and Facade Access, while we had a lower order intake in Construction and HSPS division. And if you look at Construction, we will see now that we have had 4 quarters, more or less stable on order intake and somewhat lower level than also the previous year.

Revenue was SEK 1.653 billion, down 5% or up 3% organically, and we saw growth in Wind, Industrial and HSPS. It was flat in Facade Access and organic decrease then in Construction division.

Adjusted EBITA at SEK 275 million, down from the SEK 300 million, and it's an 8% decline year-over-year and also 8% is also coming from the currency impact.

Turning page into service. Key components in all divisions and the service order intake was SEK 749 million in the quarter, down 9% or 1% down at constant rates. We saw an increase in Facade Access and HSPS.

Revenue was SEK 626 million, down 3%, up 6% at constant rates with positive contribution from Facade Access, Construction, HSPS and Wind. The long winter season in North America affected order intake and revenue in the beginning of the quarter for multiple divisions then.

And as you know, this is a fundamental piece of our business. It creates resilience, it creates opportunities, and we see -- continue to see growth opportunities in all divisions, which we are actively driving.

Turning page and diving into divisions. Facade Access continuing on its improvement journey. Order intake was SEK 460 million, down 7%, but up 3% at constant rates. Book-to-bill above 1 now for the second consecutive quarter, which is a good trend. Strong order intake in the Middle East ahead of the war.

Refurbishment and replacement orders continue to be important, and we also had some nice growth in France in the quarter on this topic. We continue to see mixed market conditions in North America now with strong momentum in also California, along with Florida, while New York market remained soft.

Revenue was SEK 431 million, down 11% or 1% at constant rates and reflecting the lower backlog, but also service revenue was affected by this extensive winter season in North America.

EBITA at SEK 52 million, up from SEK 46 million, giving a margin of 12%, up from the 9.5% and it's coming from our continued focus on more efficient processes, better order backlog and disciplined project execution.

Turning page. Integrated Design Services continues to be an important part of this group and one of the initiatives, as you [indiscernible] here and it's in all divisions on how to take more control of our destiny and growth. And we continue to see positive momentum here in North America and the U.K., where this were started. But also now we start to see more orders coming in the rest of the world because we drive focus on this.

We also overall drive geographical activities and develop our presence in Malaysia and Indonesia, important markets, we believe, going forward, overall Asia, but also, of course, focusing heavily on infrastructure, not only in North America, but now also in Europe and Middle East.

Middle East is an important piece for Facade Access, not neglectable. We have quite a lot of people there. But what we have seen so far is that our projects, they are continuing as planned, more or less. However, some new investments are delayed, primarily smaller projects, while the longer, bigger, more strategic projects are remaining active. So short term, not a lot of impact.

And then it depends on what happens going forward, of course, whether we will see more impact or not. But if the war now seems like to be ending and tourism are coming back, then we feel also very sure that investments will also continue there.

Turning page, Industrial continued to grow nicely. Order intake was SEK 440 million, up 2% or 6% organically. solid equipment order intake in Europe, Asia Pacific and also stable performance in Americas. Ports, power, infrastructure, especially strong for us and also aftermarket here was somewhat slow in January and February, but back to speed in March.

Revenue was SEK 367 million, up 4% or 10% organically, but still impacted by project delays and lower aftermarket activity early in the quarter. But here, we have, as you know, a good backlog to support both on the product and the service side going forward.

EBITA at SEK 83 million, down from SEK 90 million, giving yes, a somewhat disappointing margin of 22.5% versus 25.3%. And so it's lower than the 25% mark that we've been used now for multiple quarters. but driven by temporary mix effects like more service and even though it was less service in the beginning of the quarter, but also less spare parts sales, but also there is effect of the project delays that we saw in the quarter.

Turning page, we continue to invest into our key segments, and there's a lot of investments also in general into STS ship to shore cranes. It's also new actors coming into this market, and we are staying close and we are getting our share here.

We see the power segment, especially in North America, is very strong, driven by data centers, also reigniting all the coal-fired power plants and more gas-fired power plants. So a lot of focus on the energy, which is a strong segment for us. So that's also good.

But then we're also driving out of the box or new type of growth initiatives in also this division, utilizing our technology in rack-and-pinion. So we have facilitated to move a robot, which is then inspecting and also welding and maintaining the tower, which have this flare tip on oil rigs. So a new segment or a new opportunity and yes, an example of things we drive in all divisions.

Turning page to Construction. Order intake was SEK 369 million, down 25% or 18% down at constant rates. And it's the hoist market specifically that continues to be very weak in Europe and North America.

Rental business showed some signs of recovery in Europe, but was partly also offset by some project delays in Canada, and this is driven by the tariff situation between U.S. and Canada, but also we had a very strong comparable in Australia last year.

Revenue was SEK 346 million, down 16% or 9% at constant rates. Revenue was impacted by the lower order intake for new equipment in previous quarters, of course, and also the strong performance in parts and service, partly offset the lower revenue then from new equipment.

EBITA at SEK 40 million, down from SEK 66 million, giving a margin of 11.4% versus 16.1%. Last year, we had a good margin. But still this 11.4% is a good sequential improvement from the previous quarter and supported by our cost initiatives and activities to drive both volume and profit in the division. But the division is, of course, as I said, in a challenging situation with a very tough construction market.

Turning page, Karin Baathe is now the new Head of this division. So she started beginning April. We're very happy to have her in place, but also happy that David is then taking the responsibility for Asia Pacific in Construction division going forward.

Here also, we work on product expansion and looking everywhere to find growth when the traditional hoist market is weak, and we have been focusing for a long time on mass climbing work platforms. We believe this is a technology that has huge potential. And we start to see that this is also turning into lots of opportunities, but also concrete sales.

So we had some examples of a nice order in Denmark, the rental project in Frankfurt, but also a very strong pipeline of new projects in Australia and India that I hopefully can come back to later.

Geographical expansion is also important, of course, to find growth and Adelaide, which has been an area we haven't focused much on or not been so much present, we have some very nice projects coming in the quarter.

Turning page, HSPS. Order intake was SEK 315 million, down 18% or 13% organically. And also important to note, they have a somewhat high comparable. Suspended Access and guardrail business in North America was then negatively impacted by the weather conditions in the beginning of the year, January and February. And also the general construction market in Europe is also impacting this business as it has been doing for a while.

Revenue was SEK 336 million, down 4% or up 2% organically and supported by strong elevator business, while North America was soft overall.

EBITA SEK 63 million, down from SEK 70 million, but still giving a good margin of 18.9% versus a relatively high one of 20% last year and a strong sequential improvement. to what we saw in the previous quarter, which is what we also expected.

Turning page, a business update on HSPS. So it's a division, where we have a lot of things ongoing to really ensure that we can deliver sustainable profitable growth. It used to be a division with good margins, but not so much growth. So this is why we are changing. And again, because we have high ambitions, and we want to see this something fundamentally different than what we have seen.

So that means that we are changing how we work with R&D. We are changing how we work with marketing and all support functions, manufacturing. We are changing how we work in the front end with the sales organization, much closer to our end users, different with our dealers. And we're also focusing on more geographical expansions to move to areas, where we haven't been before. as well as integration of Interlift. So lots of activities inside this division, but again, the long-term good investments that we are committed to..

We have been doing this for a while now. So we also start to see effect from this product development and R&D projects. So here, we have some nice examples of projects or products launched in the previous quarter, and it's more to come in the pipe.

Turning page, Wind, another very strong quarter. Order intake, SEK 214 million, down 2%, but up 6% at constant rates. That's a high level. Order intake increased mainly in North America, India and America, and we have strong customer engagement through all regions basically.

Revenue was SEK 186 million, up 22% or 32% in constant rates. And here, we continue to have a solid backlog across all markets, and we see growth in lifts, ladders, safety devices and parts of basically the full portfolio.

EBITA was SEK 38 million, up from SEK 28 million, giving very solid margin of 20.3% versus 18.2%, and it's driven by discipline in all parts of the business.

Turning page, the wind market continues to look strong. It's an improved growth outlook. And I think as many also read and talk about due to this war in the Middle East and the closing of the Hormuz Strait, it's creating even more focus on regionalized energy production and more green electricity. So the outlook will most likely continue to be upgraded, we believe.

And we also work very good in this division, as we have talked about many times to offset raw material, this is a very automotive-driven type of business. So you really need to be on top of everything and excel in everything and this division continues to do that, both on the cost side, manufacturing, sales.

We're focused on India, it's an important growing market. South America is coming more back again after a couple of years more quiet and of course, the service and the aftermarket focus.

So with that, we turn page into profit and loss, and then I leave for Sylvain.

Thank you, Ole, and hello to everybody on this call. I will be starting with adjusted EBITA, which decreased by 8% versus Q1 2025, 1% organically, whilst revenue decreased by 5% and grew 4% organically. This obviously implies an adjusted EBITA margin contraction, which primarily comes from a slightly lower gross margin, and I will come to that on the next slide.

There were no items affecting comparability in the quarter. In Q1 2025, the SEK 28 million profit was related to the Mammendorf Capital Day. Mammendorf was the former Facade Access site, which we sold.

The quarterly amortization of SEK 34 million was in line with our expectations and should stay stable throughout 2026. The financial net charge decreased in the quarter despite around SEK 10 million of one-off costs, which related to the refinancing, which we executed in the quarter. This refinancing is good news for the group, and it will lead to lower margins looking forward. And if the base interest rates don't go up too strongly, we would expect a quarterly financial net charge of around SEK 30 million in the next few quarters.

Taxation rate was up in the quarter from 25.5% to 27% due to changes in the country mix, in particular, less earnings in Sweden, and we -- and that's due to the lower utilization in our Swedish facility.

So in the quarter, net earnings came down by SEK 37 million, that is minus 20%. And the main contributor to that decrease is IAC as obviously, we did not replicate the one-off capital gain related to the Mammendorf site.

So now moving to gross margin and operating expenses. As I said, gross margin went slightly down from 42.1% to 41.7%. Facade Access expanded its gross margin in the quarter. Wind was flat. Construction and HSPS were slight minus. And Industrial basically drove most of the group margin contraction with a temporary decrease in particular due to unfavorable mix effects.

One comment regarding the potential effects of the war in the Middle East. We have recently seen cost increases, including freight, energy, but those increases had a negligible impact in the quarter. Looking into the future, we will be protecting our profit the way we have done it in similar circumstances when we have faced inflationary pressures, including due to tariffs, and that will be a combination of sourcing optimization and sales price increases if need be.

As a percentage of revenue, operating expenses, excluding IAC went very slightly up in the quarter, but they were down in absolute value despite some cost inflation, typically salaries. And as you know, we have taken actions to contain our cost base. In particular, we have significantly decreased cost in Facade Access in anticipation of the lower revenue. So we will continue to [ pursue ways ] to allow us to keep and when we can increase the allocation of expenses fueling future growth, typically R&D, sales and marketing..

Result for the period was SEK 147 million versus SEK 184 million. That's a 20% decrease 13% organically. Excluding IAC, the result SEK 147 million versus SEK 156 million in Q1 2025. So that's a 6% increase. And once again, you see the impact of IAC in Q1 2025.

EPS was SEK 1.39 in the quarter versus SEK 1.74. It's a 20% decrease. We had a stable number of shares. Adjusted for IAC and acquisition-related amortization, EPS was SEK 1.62 versus SEK 1.79 and that is a 9% decrease.

Moving to operating cash flows, and that was on a low level this quarter. Comparing with Q1 2025, we saw 3 drivers for the reduced cash flow. First, the lower earnings, primarily coming from IAC. Second, the phasing of the corporate tax payments. We made more tax payments in Q1 2026. And third, the phasing of the revenue within the quarter leading to temporary higher accounts receivables.

The revenue of March would typically be bigger than the average of January and February. But this year, the share of the March revenue in the quarter was even higher than in 2025 or in the prior years. But with our continuous focus on cash flows, we are definitely confident the working capital increase of the quarter will be reversed in the next few quarters.

Net debt was stable at SEK 2.4 billion. And as I said earlier, we successfully refinanced the group with 2 3 plus 1 plus 1 facilities maturing at the earliest in 2029 and at the latest in 2031, if we do exercise the 2 extension options.

Leverage was 1.85, slightly up versus Q4 2025 due to the lower earnings, once again primarily coming from IAC. The leverage ratio remains well within our target of being below 2.5x. And as I said, we will continue to focus on operating cash flows, which will contribute to future deleveraging.

Our capital allocation priorities are the same. We will invest in organic profitable growth, implying a growing share of sales and marketing and R&D expenses. We continue to actively and selectively work on acquisition opportunities, which are allowed by our low leverage. And we are committed to delivering our dividend policy, which is 40% to 60% of our net earnings, knowing that, of course, this is ultimately an [ AGM ] decision.

And finally, one comment on ROCE, which decreased to 23.4%, excluding goodwill versus 24.7% in Q4 2025. That was 9.5%, including goodwill versus 10% in Q4 2025. And that decrease is driven by the lower EBIT, once again impacted by IAC.

And on that comment, I will be handing over to Ole.

Thank you, Sylvain. And we turn to the summary page. So resilient performance in a challenging market, even though, as I say, we have higher ambitions, so not fully happy with the result in the quarter. But we have a very solid book-to-bill, important.

The strong -- the decentralized divisional structure that we are having are securing that we are close to our customers and making decisions, where the decision should be taken. And I feel also very confident that the right things are ongoing inside each of this division to secure that we continue to develop on our strong New Heights journey.

Quick look into the divisions, Facade Access continue to show progress and that I feel confident we will continue to do. Industrial division, strong growth has been there for a long, long time, small dip in the [ result ] now, but that will be back.

Construction facing a very challenging market. It's difficult in the short term to see that, that will fundamentally change. So I think we should expect a similar type of trend also here that they are facing the same market, but we do have a lot of activities to both strengthen the result, but also to find new growth.

In HSPS, we have a lot of things ongoing, a lot of turbulence, but a lot of change all for the better, but that also means that it's a little bit more uncertain and uncertainty around this business is also part of that business with a lot of dealers and the presence we have in the market. So a little bit more day-to-day and more difficult to predict.

While the Wind remains very solid and the prospects are just growing, we believe, for this division. So the focus is to continue to drive New Heights, product development, sales, operational excellence, and ensuring that our people, the most important asset we have, have the support and the means to both enjoy and excel and continue to take the group to new heights.

And we do have the means, and we are working also very diligently with our M&A funnel and opportunities. And as I said before also, I do expect that we will see some nice M&As every year also this year. But it needs to be the right ones.

And with that, we turn to Q&A.

[Operator Instructions] The next question comes from Andreas Koski from BNP Paribas.

Just one question on the relatively weak margin in the Industrials. How confident are you that the margin will recover already in the coming quarter or in the quarters? Or is this mix effect, is that something that might persist for several quarters and that we will see somewhat lower industrial margins for the full year?

No, we feel -- maybe we should try to kill the echo now that's gone, it seems like. So that's good.

It's my line, sorry about that.

No, no worries. We feel quite confident, absolutely that this was some sort of, as we say, very clearly, a temporary mix effect in the quarter and that we should be back to the level we have more than used to in the next quarter or the quarter we are in. So we don't see any fundamental change in that business at all. We continue to grow. We continue to have solid gross margins on the order intake that we are having. So we feel confident.

Understood. And then on Construction and the weak demand there. I mean, for some time, I would say you have sort of been supported, maybe yes, of course, it depends which quarter we look at, but by a backlog, and that's maybe not true only for construction, but also for Facade Access, how does the backlog look like today, say, compared to a year ago? And will there be a lot of backlog deliveries for the rest of this year? Or are you now much more dependent on new orders?

Yes. The Construction business, it has never been so that we have long-term order book. It's more 6 plus/minus 3 to 9 months, maybe the order book and the visibility there. So we don't see a risk of dropping. But if you look into the curves of our order book, the last 4 quarters has been now relatively stable on this level that we are seeing. And the previous [indiscernible] quarters, they were somewhat higher. So we are on that level now, you would say. So I don't see any risk in the order book per se that you might be able to do.

[Operator Instructions] The next question comes from Anna Widstrom from DNB Carnegie.

Just 2 questions from my side. Firstly on the Construction division. So could you maybe give some details again on how the sort of ongoing margin improvement initiatives are looking and going and if you're sort of accelerating these initiatives as you said, there is no clear signs of order activity picking up clearly in the near term?

No. These -- it's a good question because this is a division, which has been under strain for quite a long time. So we have done a lot on the cost side all the way and it starts to be a little bit more limited, as I've also been saying for quite a while until you start to destroy things that you don't want to destroy.

But there's always things that we can do, and we are doing things in manufacturing, and it's to balance because things are also moving in different parts of the world and what we are seeing. So it's nothing really fundamentally bigger type of cost initiatives. It's this trimming and finding things and being very, very prudent on -- and stopping everything that is absolutely not necessary, but still investing in growth because this has also been fundamental to us.

If we would have been exposed like we were 5, 6 years ago that this business would have been in very big problems. We have many competitors and players in this market focusing on the construction market, which have either gone bankrupt or are making losses or have big issues. We still made 14% EBITA in the last 2 years. And this is because we are very, as I said, on the cost, but also that we are investing in the business to find new growth.

And one of the areas that I talked about now, which we have talked about for a while, mass climbing work platforms, we see a lot of opportunities. We see also the funnel now start to increase, and we have also seen some concrete results of our activities. So it's paying off. So it's to find this balance between investing and stop spending, where we don't need to. So you shouldn't expect big cost savings. But I'm just highlighting that we are very diligent in the management of this balance of cost and investing.

Perfect. That's very clear. And then just a final one on the HSPS, maybe a bit similar here on like how the order decrease, how you're navigating volumes ahead, but also how we should think about the quarterly improvement perhaps seen in the margin? Should we view this as a sort of solely an impact from slightly better volumes?

Yes, we had lower volumes last quarter, which also took down margins, plus we had ones off. So the whole plan with this division is that we shouldn't drop margins too much. We should -- but we should, at the same time, also reset, where we are more turning maybe bad spending into really active growth type of spending. So here also, we try to do this thing that you take out whatever costs that you should take out, that you change the things you should change to instill growth and the right focus and so forth.

And that's not meaning that everything was wrong before, but it means that to get change, you need to change. So it's a target in itself to drive change. It's always been a resilient, very good, high-performing profit-wise business, but it's not been growing, and that's what we are trying to achieve.

So -- and we couldn't do that the first 2 years part of the group because we felt we needed to have the arms around it very well first. So this is what we're driving now. So that means it's turmoil, it's turbulence, some people leaving, unfortunately. And -- but it's multiple things, but it's all good things happening still, but painful.

And then it's a market exposure that also this division is having towards construction, which is very weak. Then you have distributors, partners. The nature of this business is very short cycles. So it's more book-to-bill. So it's difficult -- more difficult to have that type of visibility long term into that business also.

So that's why I'm a little bit more cautious also on saying exactly what will happen. But -- but still, we are convinced we are doing the right things, and we are convinced that we are also managing it relatively well and that you should see more of what you have been seeing.

Just one additional question from my side, sorry. Could you maybe give us some more color on what you saw in improving activity towards the end of the quarter? Was this sort of solely an impact from the weather condition in North America improving? Or was there other changes as well?

Sorry, I didn't understand. What -- the question is related to HSPS or no to.

No, sorry, just in terms of on the whole group per region or per sector or whatever, just on -- it sounded like January and February was much weaker in activity and then a pickup in March. And I'm just wanting to clarify if that's only relating to the weather conditions in the U.S. or if it's more broad-based?

That was the main effect that we had, but it was also a little bit broader in general, a little bit -- it seemed like a little bit longer Christmas break. The Chinese New Year was a little bit longer, and it was multiple effects that seemed like it was a slow moving start in the beginning of the year. So it was a little bit wider than just the weather, even though that had, I think, a significant impact on the North American business in the first 2 months.

There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions or closing comments.

Yes. Thank you. So if no questions on the screen here for now, so I'll give it some seconds to see if someone starts typing. No, we are not getting anything on the web. So that means that we round off.

And with that, I would like to say thank you to all our dedicated employees, partners and also shareholders, investors and you listening in here and asking good questions. Thank you all. And yes, until next time.

Welcome to the Alimak Group Q4 2025 Report Presentation. [Operator Instructions] Now I will hand the conference over to the speakers, CEO, Ole Kristian Jodahl; and CFO, Sylvain Grange. Please go ahead.

Thank you, and welcome, everyone, to our quarter 4 '25 call. And as always, I have Sylvain with me here.

Turning page, yes, recapping the group a little bit. We are a diversified global industrial group focusing on vertical access and a leader in the segments that we are focusing on. We have some fundamental drivers supporting our business like urbanization, electrification, regionalization, robotization also with our movable platforms and health and safety. Strong presence, long history, which means we have a lot of installed base around the world, which is great for our Service business, which is the fundamental piece of each division. And we also run with a capital-light operation, which means that it's a solid financial business.

Turning page, our strategy. We started 2020 with what we call the New Heights, and that has served us well. And this is also what we talked more about in the Capital Market Day a couple of months ago, and we are now into the second phase of this and stronger profitable growth in the coming years.

Turning page, we also upped our financial targets last time we spoke, and we have an average annual revenue growth target of 8% to 12%, and we also said that we should reach 20% adjusted EBITA margin by 2028. And also relevant for today, it's our dividend payout ratio policy of 40% to 60%.

Turning page. So diving into Q4. Yes. So happy to see we are continuing with a strong organic growth for the group, but also a little bit disappointing with mixed profit performance in the quarter. But the strategy continues to work well. We have 4 out of 5 divisions with strong organic growth, Facade Access up 18%; HSPS 14%; Wind 72% and also Industrial 4% in the quarter, while then very disappointing was Construction, of course, which is down 29%, but driven entirely by the difficult market condition.

And also affecting the group heavily still, which has done for a couple of quarters is the currency effect, the strengthening of the SEK. So in the quarter, we had negative impact of 9% on order intake, which is SEK 158 million, but also a significant negative impact on EBITA of SEK 26 million in the quarter and also a significant effect full year. EBITA margin, 16.8%, disappointing as you understand. And again, Construction is the one that pulls this heavily down, but also multiple smaller things within several divisions, which didn't provide any help in the quarter. But strong financial position and cash flow was SEK 276 million, giving a leverage of 1.76.

Turning page, looking briefly at the full year. So yes, and we have delivered, I think, a strong order intake also for the full year. It's up 8% -- even though it's been a challenging market from an external point of view, we have had many headwinds. And one is the currency effect I just talked about. We also had the U.S. tariffs, which have impacted demand during the year. And of course, this global construction market, which is remaining difficult. We also had the Wind market, which delayed order intake over a couple of quarters that the U.S. administration put pressure on that market, but something we now see has changed.

And also full year, 4 out of 5 divisions show strong organic growth on order intake, HSPS up 6%; Facade Access 14%; Industrial 15%; Wind 17%, while Construction division is then down 10%. Happy to see that we're also lifting margin, even though, of course, we entered the year believing and feeling confident we should be able to do more but with everything around us, I think it's been a year of consolidation and where we have also continued to invest, and we are absolutely ready for moving forward and taking the group to the next level. Strong financial position, which means that the Board of Directors proposed a dividend of SEK 3.3, which is up 10% to last year.

Turning page. Details of Q4. Order intake was SEK 1.808 billion, down 2% or up 6% organic. Good contributions then from Facade Access, Wind, HSPS, but also Wind growing. Weak in Construction. Revenue was SEK 1.692 billion, down 7% or up 1% organic. And here, it was HSPS and Construction, which contributed positively in the quarter, while we saw a decrease in Facade Access and Wind. Adjusted EBITA, SEK 284 million, down from SEK 320 million, giving this margin of 16.8% versus 17.6%, 11% decline year-over-year. And here, 8% is due to the currency, but also, of course, the weak margin in Construction and also in HSPS.

Turning page. Service remains to be, of course, a fundamental thing for the group for all divisions and order intake decreased by 5%, but 4% organic increase to SEK 604 million. Organic growth was driven by Facade Access, Industrial and Wind. Revenue decreased 8%, flat organically to SEK 658 million, and we saw a good performance in Wind and Industrial. For the full year, organic order intake increased 4% and revenue increased 7%.

Turning page, Facade Access. Order intake was SEK 511 million, up 6% or 18% at constant currency, so strong order intake and also a positive book-to-bill here, which is the first time we have seen in some quarters. So it's a very good sign. We had good momentum in the Middle East. We saw refurbishment in Netherlands and also U.K., we saw good momentum in the quarter. North America continued to do well for us, mostly driven by all our great initiatives with Integrated Design Services, low-complexity solutions and also on the infrastructure side with a nice variation order in the nuclear segment.

Revenue was SEK 447 million, down 15% or down 5% at constant rates, and it's reflecting the lower order intake in the previous quarters. EBITA at SEK 68 million, down from SEK 82 million, giving still a strong margin of 15.1% versus 15.7%, and it was a high comparable towards last year. So I'm happy with this margin. And yes, somewhat reduced fixed cost absorption due to lower revenue, but also supported well by our continued operational improvements.

Turning page. So the BMU market continues to be somewhat challenging, and we only take what we really are comfortable with from a contract and the margin perspective, but we had some nice wins in the quarter, especially in Asia. And then it's the strategy we drive with Integrated Design Services, infrastructure and also RRR or aftermarket, which is continuing to also bring very nice orders for us. And yes, positive outlook going forward.

Optimized manufacturing is also, of course, something that has been on our agenda for a while, as you know, and we are now in the -- or we finalized the improvement and the cost down in the CoxGomyl factory in Spain, and this is something that will also support us now into 2026 and onwards.

We, in addition, made cost of SEK 40 million related to closing down of one legacy project, which has been painful. And overall, you could say historically, the situation with Facade Access has been a bit painful, but I'm very happy to see that we have very good progress in fixing this division. And operationally, we are really on a good move now.

Turning page, Construction. Again, a challenging quarter. And it's what we see that the willingness from our customers on the Rental side and also on the construction companies to drive CapEx investments into machinery when there yards are not fully utilized as it is. That's, of course, very difficult. And also in the last quarter, it was -- also the aftermarket was lower because machines are standing in the backyard and thereby underutilized.

So order intake was SEK 300 million, down 36% or 29% at constant rates. Revenue was SEK 380 million, down 5% or up 5% constant rates and supported by previously booked orders, but also some light equipment projects in U.K. and U.S. EBITA at SEK 36 million, down from SEK 44 million, giving a margin of 9.4% versus the 11.1%. And yes, decline was primarily driven by the lower revenue, but also some negative mix effect. And this is, of course, well below what we would like to see and believe that this business can deliver. But it's under current revenue situation, it is what it is.

Turning page. We are continuing to drive, and that's also what has been the essential piece of this division like with any other division since we started New Heights to take control of our own destiny. So we have focused heavily on product development, being closer to customers and driving new solutions, and this has served us well. So if it hadn't been for this, the situation in the division would have been much worse as we speak. And we see some nice successes now coming on the STS300, the scaffolding transportation system. We are launching a new work platform also. And also in the quarter, we have changed EVPs. I'm very happy to have Karin Baathe appointed as our new Head of Construction Division, and she will start on April 7.

I would also like to mention that we start to see some few positive signs in the European market, not so far in the North American market, but in the European market and in the Nordics, we see and hear that our -- some of the Rental customers start to get back CapEx budgets. So there are some positive signs to maybe that we are at the bottom point of where we see the Construction business.

Turning page, Height Safety and Productivity Solutions. Very pleasing to see strong order intake after 2 soft quarters and -- meaning that our transformation works, but it's still a lot more to do here. Order intake was SEK 358 million, up 6% or 14% organic. We had strong momentum in the Middle East and India on the elevator segments, but also North American market was good. We continue to see a challenging construction market and specifically in Europe, which is then also affecting order intake negatively.

Revenue was SEK 312 million, down 2% or up 6% organic and influenced by the softer order intake in the previous quarters. EBITA, SEK 47 million, down from SEK 56 million, giving a margin of 15% versus 17.5% and multiple effects, unfavorable product mix. We have increased investments in product development, marketing and sales, and we also had some one-offs in the quarter, putting pressure on the margin.

Turning page, full speed in the transformation of this business. And really, as you know, it's been resilient from a profit perspective, but not growing. So that's what we are driving, and that also means some disturbance, of course, inside the organization and investment. So we are reorganizing sales, and that's ongoing both in Europe, in North America, and it's about getting closer and more aggressive in the market. We focus heavily on where we see high potential segments. We accelerate product development, more products in the making to come to be launched very soon. And we also, of course, drive operational improvement projects like LEAN in the factories to ensure that we also utilize our resources in the most effective way. And of course, we win some nice ones, and that's also good to see.

Turning page, Industrial. Order intake, SEK 439 million, up 1% or 4% organic. We had strong equipment order intake in Americas, Asia Pacific, but offset by some timing of some projects in Europe. Several projects won within power, mining, oil and gas. So these are strong segments for us and continue to be. And we also had a stable aftermarket in the quarter.

Revenue, SEK 415 million, down 2%, up 1% organic, solid equipment deliveries despite some project delays. EBITA at SEK 106 million, down from SEK 108 million, giving still a very strong margin of 25.5% versus 25.7%, slightly diluted by some mix effects, but also put under a little bit pressure from the Century acquisition, which, as you know, we said was according to group margin levels, but not fully at Industrial margin levels. So that's something we feel comfortable we will be able to lift and important contribution going forward.

Turning page. We focus on also here, taking control and mining and Latin America has been an important focus for the division as many other things. And very nice to see we are investing and it's also paying off. We are also investing, of course, in the aftermarket and have launched a new e-learning for operators, which should also generate more revenue streams within the aftermarket going forward.

Turning page to Wind. Very strong order intake after 2 softer quarters, and the order intake was SEK 209 million, up 59% or 72% at constant rates. Strong recovery in U.S. and also solid performance in Europe. APAC continued to be important and high performing for us. And here, we also clearly see we are taking market share gains, working with our strong Chinese partners in the Asian market.

Revenue was SEK 150 million, down 10% or down 2% at constant rates and is reflecting the lower order intake in the previous quarters. And that was again put under pressure due to the U.S. administration. EBITA at SEK 28 million, down from SEK 29 million, but giving a strong margin of 18.7% versus 17.4% and again, supported by excellent operational activities with price management, cost management and operational efficiency. While at the same time, we continue strong investments in R&D.

Turning page. The Wind market globally going forward is being slowly and steadily pushed upwards. So it looks good in the years to come. This will remain an important energy source. And we put high pressure, of course, on developing products and solutions. It's a market very automotive driven, where is a cost down pressure from our customers all the time. So we need to really be on our toes, and that's what's really also making us great because we are able to do that in a good way.

With that, we turn page to profit and loss, and I hand over to Sylvain.

Thank you very much, Ole. Good morning, everybody. So in the quarter, adjusted EBITA decreased by 11%, 3% organically, whilst revenue decreased by 7% and grew slightly organically. So we see a quarterly adjusted EBITA evolution, which is slightly worse than the revenue evolution, and that is primarily driven by the lesser absorption of SG&A cost, and I'll come to that on the next slide.

I'd like to mention that on a yearly basis, adjusted EBITA performed slightly better than revenue. And so we see a small margin expansion to 17.4%, although that is still short of our expectations.

Items affecting comparability in the quarter relate to the Facade Access division. The main component, SEK 40 million is a nonrecurring loss with respect to the last remaining legacy project. And the rest comes from the restructuring activities, which are now fully completed. The plan was executed within the total SEK 60 million cost, which we had announced, and we still expect SEK 30 million of annual cost savings.

The quarterly amortization is in line with the previous quarters and our expectations and the decrease versus Q4 2024 relates to some Tractel related intangible assets, which are now fully amortized. And looking forward, we should see a similar level in 2026.

Finance net in the quarter is up versus Q4 2024. That's coming mainly from foreign exchange favorable effects, which we had in Q4 2024 and were not repeated in Q4 2025. We are still slightly above the expected level of SEK 40 million per quarter in '25 that is due to our investment in Skyline Robotics, which value was decreased in the quarter to reflect the financial performance, but we are still very confident in the future of robotics for the Facade Access division.

Taxation rate in the quarter was 25.3%, up versus Q4 2024 and that's coming from the country mix, but 25.3% is close to our expectation of around 25% for the group.

So in the quarter, net earnings come down by SEK 91 million. That's a 47% reduction and the main contributor to the decrease is IAC. For the full year, the net earnings decreased by 3% -- and if one excludes IAC and the related tax effect, it's a small increase of 3% in the year versus 2024.

So we now move to gross margin and operating expenses. Excluding IAC, gross margin went up in the quarter from close to 40% in Q4 '24 to 41.6%, excluding IAC in Q4 '25. And Facade Access and Wind are the 2 divisions which have driven that increase. And in both divisions, that reflects improvements in operational efficiencies. In Facade Access, we start to see the benefit of the restructuring program. And in Wind, the quarter was supported as well by some favorable product mix effect. To be complete on that, we saw a slight margin degradation in the HSPS and Construction divisions.

As a percentage of revenue, operating expenses, excluding IAC went up in the quarter. And again, the same 2 divisions drove the increase, Facade Access and Wind, and that's due to some investments, in particular product development in Wind division. But overall, at group level, the SG&A share of revenue has grown faster than the gross margin expansion, and that has resulted into the small EBITA -- adjusted EBITA margin expansion -- degradation, sorry. And that means the work we do on cost efficiency is even more critical. We don't plan any additional restructuring program at this stage. We do surgical work. We hunt waste. We hunt cost inefficiencies. And at the same time, we continue to invest in some expenses, again, typically R&D, sales and marketing to fuel the profitable growth.

And I'm now coming to results for the period and EPS. So the result for the period was SEK 103 million versus SEK 194 million in Q4 2024, that's a 47% reduction. Excluding IAC, the result was SEK 164 million versus SEK 200 million in Q4 2024, that's an 18% reduction. EPS was SEK 0.98 versus SEK 1.83, 47% reduction. We have had the same number of shares. Adjusted for IAC and acquisition-related amortization, EPS was SEK 1.64 versus SEK 2.21 and that's a 26% reduction.

We have generated solid cash flows in the quarter. This has been the best quarter in 2025, and that's mainly coming from the working capital reduction of close to SEK 120 million. And you should remember that Q4 2024 was exceptionally high. If we look at the full year, we saw a small -- somewhat working capital increase of SEK 90 million, and that's primarily coming from the Construction division. This is due to some increases in stocks in some geographies in a voluntary way to be able to seize commercial opportunities, but we were affected as well by the softer revenue.

Although it's not impacting operating cash flows, I'd like to make one comment on CapEx, which this quarter included the acquisition of the Century Premises. That was an opportunity to establish ourselves long term in Houston and recoup the operations of the Construction and Industrial divisions locally. Excluding this purchase, CapEx is well in line with our expectation, the historical practices of Alimak, and this is 2.3% of the 2025 full year revenue. So in short, cash generation is and will continue to be in very high focus.

The net debt at the end of Q4 2025 was SEK 2.4 billion, down from SEK 2.6 billion at the end of Q3 and the decrease comes from the operating cash flows, partially compensated by the Interlift acquisition and the CapEx. Leverage at the end of the quarter is 1.76, slightly down versus Q3, and that remains well within our target of being below 2.5. As I already said, we will continue to focus on cash generation in order to contribute to future deleveraging.

Our capital allocation priorities remain unchanged. We will invest in organic growth, as I've commented a few times in typically R&D, sales and marketing. We continue to actively work on acquisition opportunities. And then we have room for maneuver with our relatively low leverage. So we have generated [indiscernible] here to make those acquisitions. And we are committed to delivering our dividend policy, and you have seen that the Board's proposal for this year is again within that policy.

One final comment on ROCE, which is an important metric for us. It decreased in the quarter to 24.7%, excluding goodwill, 10% including goodwill to be compared with 26.1% and 10.6%, respectively, in Q3 2025. And that decrease is driven by the lower profit margin in the quarter.

On that note, I will hand over to Ole for some concluding remarks.

Thank you, Sylvain. And yes, we turn to the summary slide. So New Heights continue to serve the group very well, and we end the year with strong organic growth, which we have seen throughout the full year, so up 8%, as I was saying, the organic growth for the year.

Profit somewhat mixed and a bit disappointing in Q4, but full year, we are increasing and that I'm happy to see. So it's maybe a year of a little bit consolidation before we also continue our step up towards the financial targets of 20%.

We see the geopolitical tensions around us in the world, we are sure will drive local and regional investments, which will be an important piece, of course, also for us going forward.

Short term, construction market will remain subdued and at least for the first half, even though we believe that maybe we should start to see some improvement towards the second half and that we are most likely at some turning point. We see some positive signs in Europe at the beginning of the year.

Strong financial position for the group, which means that we are well set to continue to take the group to new heights and deliver on our both financial and sustainability targets going forward as we have done.

So with that, I would like to thank all our employees, customers, partners, shareholders for their support, and we turn page and move to Q&A.

[Operator Instructions] The next question comes from Sofia Sorling from DNB Carnegie.

Can you hear me?

Yes.

So I will focus on the Construction division for my first question. And yes, so order intake was down 36% year-over-year. And obviously, the order intake is volatile from quarter-to-quarter. But would you say the order intake reflects a more negative underlying market now for you? And are you preparing for even worse underlying market into 2026? Or do you expect to stay same low levels? Or do you expect an improvement from here? I'm curious about your reasoning here given what you see.

Yes. It's a good question, and I wish I would know. I don't know. But we believe that we have seen the worst of it. We believe it shouldn't become worse. We -- as I said, we are hearing and seeing that some Rental customers in the Nordic start to get back investment or CapEx budgets for 2026, something that hasn't been there since '23. And so there are some positive signs. But we saw the order intake was very low in Q4. So of course, that will follow us also now in the beginning of the year.

We are taking whatever measure we can, of course, on the factory side, on the cost side, in the sales and everywhere to make sure we save and to make sure we hold back on everything that we could hold back on because protecting profit is the first and the foremost. But at the same time, we don't want to make stupid moves, as I've said all along because it's just a question of time, and it will start to move slowly and steadily in the other direction.

And we have continued to invest throughout all this period. We are lean. We are very lean as a group. We are also very lean in Construction. So it's not really a question of that. It's more to also be able to stand through this period, I believe, and be very, very cautious with cost. I can't say for sure that we will see better times during '25, but I would believe so that we will start to see some improvements throughout the year.

Okay. Yes. And could you give more color on where you see the weak order or the weakest order trend in the Construction division? Like does it differ depending on geographical regions? Or is it the same levels in many of your countries?

No, it's mostly North America and Europe. And that's been the core market for our hoist business, which was really the dominant piece of this division when we started New Heights. And basically, all of it was focused on that.

So we have driven a strategy over these last years to really go to new markets, strengthen our presence all across Asia. We have built up a solid, very high-performing factory in China, which is serving all non-CEE markets, Eastern Europe, Asia Pacific, Middle East, Latin America with high-quality machines, very cost competitive out of that factory, which has served us extremely well. We have lifted and driven globally now this used strategy, et cetera, et cetera. So these are things that has helped us a lot during the last years, while the market has been depressed.

But now the market is even more depressed in North America and Europe, what we saw rock bottom in 2025. It will still remain challenging on the new hoist in North America and Europe in '26. But we believe, at least in Europe that we will start to see some improvements in '26, and we think we already do slightly. So -- but North America, I don't see anything yet.

Okay. You touched upon it earlier when you answered my question, but what could you do in-house in order to improve margins in the Construction division? Or how much are you dependent on the underlying market to pick up?

Yes, the market -- the margin is now 10%. So -- and the full year was 14%, same last year. So we have been able to maintain a 14% margin on a full year base, which if you go back historically, that would be, I think, one of the -- you need to have peak years to be on or slightly maybe above that level. So I think the margin that we still deliver for this business, we shouldn't neglect.

And then also since I came here, we have changed in the sense that we have -- we do not have excess resources. We are very lean in all parts of the organization. So I don't feel it's about cost or excess cost in that sense. Of course, you have a significant factory in China and also in Skelleftea and it's the Skelleftea factory, which is under most pressure because they have these hoists that go to North America and Europe. But that factory also supports the Construction division. So we need to keep a balance in that sense.

And it's also -- so we have a very good dialogue with the unions. We save cost. We use short-term unions are active educating and investing in our people. So we do all these things absolutely. But I don't foresee that we can take that to a much lower level than where we are today.

So then it's also a question of activity level in all parts of the world that we utilize whatever we can. And that's, I think, what we have been very good at. But it also has some limitations. So you can't create what is not there. But we believe that we are, as I said, in a place where things slowly and steadily should start to move into a more positive direction again.

Okay. And then I have a question on your HSPS division. So the margin dropped during Q4. It was clearly below your financial target and also historical levels, I would say. And -- how should we think about the development of this business going into 2026 versus 2025? And also, if you can give some more color on, yes, the specific margin drop within this division during Q4.

Yes. It's a disappointing margin, of course, what we saw in Q4 here below, as you say, also very clearly what we have as an ambition and also where we believe this business should be and it has been historically.

But at the same time, it's a quarter where we have multiple things hitting us. They are also quite significantly construction exposed, and that was very low in Q4 in Europe. And HSPS is mostly Europe and North America. They are not so much into Asia Pacific.

But this is also now -- so I would say the main reason for the drop was the lower revenue, which is then coming from a low construction market in Europe and also some one-offs that we took in the quarter because we are changing. We are updating the organization. So it's in many aspects, some people changes and focus, et cetera.

And then we are also investing in sales and marketing and going forward, product development. So in a way, you could say that we focus on this division when we got it into the group was really to ensure we stabilize it, get control over it and so forth. But now the mandate to Jose Maria when he went in a year ago was really to ensure that we turn this division into a profitable growing business because it had not been growing over the last years.

And then we see it's a lot of things we want to do. So we are changing a lot in sales. We are changing a lot in the factories. We are much more active out in the market, and we are much more active in product development, driving a lot of things there. So I don't foresee that this should be turning anything worse than what we are seeing, but there is a lot of things happening inside that division, which -- but it will be for the good absolutely going forward.

[Operator Instructions] The next question comes from Timo Heinonen from Handelsbanken Markets.

I'll start with the Industrial division. You mentioned that it was some timing effects on orders in Europe. Can you quantify how big that effect was?

No, I don't want to give you a correct number on that one, but we expected some order intake in the quarter, but something that moved into Q1. And this is a bit a normal thing also, but it's a good strong order intake, but it was more a remark towards maybe people and we are all used to having double-digit order intake in that business for a long, long time. So just to explain that still we see a very good order intake level in this business.

Okay. Okay. Then it seems that you are performing very well on the mining end market. What is the average size of the mining orders? Are they bigger than the orders from the other end markets or segments?

You asked a question, I can't answer actually. So I do not know. I cannot answer.

Okay. But then the Industrial outlook. Of course, it has been super, super strong performance in the last couple of years. And it sounds that it is still a very positive outlook. But can you say anything about the sales funnel or pipeline or I mean how they have developed to give us some understanding that how fast you could grow in '26?

You talk about Industrial still, yes?

Yes, yes.

No. But I think we don't see a really slowdown in this business. But of course, we also need to take into note we have done extremely well and over a long time. And it's not never anything. It's just a straight line upwards. So it will be some sort of levels. But of course, we are better every day at attending to customers. We are in more places every day because we move forward and we develop our portfolio and we do more with our customers. So absolutely, we expect this to continue to grow.

But also, of course, as you grow it, you also meet higher comparables all the time. So that also needs to be taken into account that -- but we believe this is to remain a very solid, growing, highly profitable division for us as we -- and as Jens talked very clearly about a couple of months ago.

Okay. Then I move to Facade Access. And of course, now the legacy projects are delivered, so the margin of the backlog must be clearly higher. Can you say anything about the margin of your legacy Facade Access backlog?

I can't give into the detail of the margin. But what we have done over the last years is completely change the way we work in this division. So we are changing the way we sign the contracts. We are changing the profit, how we calculate ensuring we have full control over that as much as you can have, of course, in that type of business and that we are not taking contracts which we should not take or provide a significantly profitable margin for us. We are always building in contingencies et cetera, et cetera, plus that we have a very, very rigid and solid process to follow up projects to drive change orders, et cetera, during delivery or basically from the time we get the order.

So -- and that process that I now described is there now with the order book we are having. So we are not having anything really in the order book anymore of these type of contracts in the past where it was very different -- or we didn't have the same control on the terms and conditions. We didn't have the same profit perspective because then it was more to get orders to fill factory. And we didn't have any contingency, which is a fundamental piece, and we didn't have the process to really ensure throughout the life since we -- from the moment we signed the contract until we have delivered it and got paid everything that we have full control. So that piece is behind us.

That's what we now mean also with the legacy projects. So -- and what that means, that means that now we have control over it. But it also means that we live in a real world. So I cannot sit here and promise forever that we will not have a sour project, but we will not have sour projects that we have had in the past, where it was nothing in place basically from the beginning. Now we have all the fundamentals in place, but still, we can, of course, face issues.

And then if you look at the fourth quarter profitability and of course, excluding the one-offs and the delivery of the legacy orders, I mean, was it something kind of special in the fourth quarter? Or was it a clean quarter, excluding the legacy projects?

For Facade Access, it was a good -- I would say it's a relatively straightforward quarter, nothing really special. So I think what you should expect from us going forward, you need to recognize quarters also historically and so forth, but that we slowly and steadily continue to improve our margins, but not that everything now jumps from 16% or from -- to 15% or everything jumps. But you need to -- so if you go back and look at our Q1 last year, we should absolutely improve compared to Q1 last year. And we should be on that journey now, continue to be on that journey.

The next question comes from Anders Jafs from SB1 Markets.

Just one final question there on Facade Access because you mentioned now a couple of quarters these Integrated Design Services in North America having good momentum. Are those types of services something you [ excludedly ] offer in North America? Or is that also in other regions? Or could you expand those to other regions? And has that been a sort of extra part in boosting the margins lately? Or is that anything you could comment on?

No, absolutely, I like the question. It's an important piece. IDS is -- if you just bear with me 2 seconds, it's -- we analyzed and try to understand why is it or how to get more -- or how does this overall business work. And then we realize that we are far ahead -- far away from actually the real decision maker. We were offering to consultants and dealing with consultants, which can have a lot of different incentives to decide upon who should deliver versus really the customer that were sitting with the machine for 30 years.

And when we really realized that and we said this cannot go on, we decided to start that type of service ourselves. So we are becoming the consultants in this value chain. And that means that you are dealing with the general contractors and you're much closer to the final customer, plus you are sitting in this position where you are more or less basically advising them on which supplier to choose, and we are one of the suppliers. So you see it gives us a good spot.

This was taken on board very quickly and very well in the North American organization, which was at that time headed by Herve, which is now head of this whole division. And they also took on this service and they took on the infrastructure. So Herve has really with his structure there has been the structure and the brain and the capability to get this done and to make it commercially viable and business. And of course, yes, this is something which they are now moving to the rest of the world. Herve is driving that very strongly. And we have already done it in Europe. We have examples in Europe where we're now also taking IDS contracts. So it's there, and it will be a global thing, absolutely.

I see. I see. And just maybe touch upon or give some more color also on -- because you also mentioned within Facade Access getting a growing amount of orders within the nuclear industries. Is that a subsegment that is growing rapidly? Or is that something you would like to comment extra on or give some color on?

No, it's too early to say it's growing rapidly, but we all know that nuclear will be or most likely will be a very important and back on the table energy source in the years to come, but projects are long and it's -- but most likely a very interesting segment going forward.

And we focus on infrastructure. That's really what we -- because, again, the group I came to had extreme focus, pure focus on these big BMUs. And we said with the market depressed and all of that dependency on that, we have no control. So that's why we decided to go for infrastructure.

And then we have done some very nice bridge projects. We have done some tunnel projects. We have now also won lately a couple of nice nuclear projects. And it will be more of this. And we also see that it's something we manage very well.

There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments.

Yes. Thank you. We have on our screen here, no further questions. And I think it's been plenty of time to also write it. So unless something pops in the next second, I think that -- yes, it's not.

So then I would like to thank you all for listening in and also for great questions. And thank you until next time.

Hi, everyone, and a warm welcome to Alimak Group's Capital Markets Day 2025. My name is Matilda Wernhoff and I'm responsible for strategy and M&A at Alimak Group, and I'm also your host for today.

We are very happy to have you with us here today, both those of you that are here today physically at Studio Book and those that are joining through the live stream. We have a full agenda with interesting presentations, and you will get the chance today to get to know Alimak Group better and also our strategy. And there will be plenty of time for questions as well.

We will start off this day with our CEO and CFO presentations. That will be followed by the strategy presentations on construction and industrial. Then after the break, we will follow-up with Wind, Facade Access and the High Safety Productivity Solutions before ending also with a M&A presentation. [Operator Instructions].

And with that, I would like to welcome our first speaker, up on stage, our CEO, Ole Kristian Jødahl.

Yes. Also from my side, a warm welcome to you all. It's great to be able to host, this is actually the fourth gathering we have as a Capital Market Day in Alimak Group since I joined back in 2020, if you count also the smaller update we had last year. So the plan for today is that we will give you a little bit more of our standing. And going forward, I will talk a little bit about the group strategy and how we work as a group. Sylvain will dive into as you can guess the numbers and say a little bit more about where we stand from a financial perspective and also how we are working and thinking about our financials going forward.

While then after that, you will get quite a thorough presentation from each of the 5 divisions on their business, where we are and also there, of course, the way forward for each of these 5 divisions. And then Matilda will take us through shortly in the end, a little bit how we work on M&A because I think that's also an interesting piece for how we do things. It will be Q&A, as you know, and we will sum up in the end. So hopefully, you will have a good session here.

We, yes, started 2020 with this New Heights thing. I came to the group then, so that was a kickoff for me really. But basically, also the group had gotten long-term owners, not far earlier. And we had some discussions. We wanted to create something sustainable, something long term, an industrial company that, in a way, from an owner perspective, will be a company fit in that type of structure. So it was multiple facets like this that came into the fact that we wanted to change the way we were organized and the way forward and how to drive the group.

So that was the -- and then also the group had not performed according to the financial targets. So that's why we set out on this New Heights strategy, which we put up in 3 steps. First was fixing the base, and I will take you a little bit through that again because that's a fundamental way in how we drive the company. Then it was fixing profit and that was basically -- are the things part of the group that doesn't belong here that will not support the growth and the financial results or levels that we want to see. And we had some of that in Wind that we had to take out but also to really make these division strategies during those days to ensure that we knew where to go.

And then we should be in some sort of phase from '22 to '25, where we delivered profitable growth and moving forward. And we said that could also be a time where we can start to take on acquisitions also because you need some sort of comfort and peace and quiet in your daily business to be able to handle new things coming in. So -- and that led to that we also acquired Tractel, but during the first phase there, we also spent a lot of time on Avanti and Facade Access because they were 2 acquisitions done a couple of years earlier, which needed a lot of attention.

So yes, and we will come back to that during the day. So today, we stand in this place. We have been through what we said were New Heights in those days up to 2025. And of course, for us, it's natural then to work on what's the next step. And we have chosen to call it New Heights 2.0. And why? Yes, because we have done something that we are very satisfied with. We feel that we have a very good base. We have gotten a good structure. We have a good culture, we have a good model. We have things in place that we would like to carry with us forward. It's a good way of working. And we now believe also that we can actually accelerate our growth going forward.

So that's why we call it 2.0, and this is what you will learn more about today, how we are accelerating our profitable growth forward. This is the core of what we did when we started off New Heights. It was, again, several things that you need to fix to really have an effective organization, but I think to have some sort of simple framework, still powerful or where you want to go with the organization is essential. You can be very detailed and so forth, if you want to run everything from top but if you want the organization to be engaged, if you want them to be taking decisions where decisions should be taken, you need to give a good framework which will actually allow them to do that.

And you feel comfortable with centrally delegating out all of this. So this was, let's say, the idea behind the strategy. We made it very simple. We said we -- first of all, we need to be market driven, market and customer. It was way too much product-oriented focus. So we said moving people, material and businesses safely at Heights would be the guiding star of the group. And then as one of the four elements in our strategic pillars was customer obsession, really ensuring that we could put customers in the forefront of all decisions. They are paying for everything, so they need to be at the top of our heads.

We said we wanted to be technology leaders because that was a natural type of DNA of the group, but also if you really want to perform sustainably over a long time, you need to have something more than just a low cost and fight for every day. You need to have a vision about that you want to do something good from a sustainability perspective, from a long-term owner perspective, shareholder perspective, and we are in global trends, which are supporting our business long term. And then it was about operational excellence, really to ensure that we work smart, we learn every day and we improve every day.

So it's not about having a good setup and then hopefully, that works, but it's to constantly move that forward. It's to constantly improve. It's to constantly find and be hungry for something more. And then the final and maybe the most important of them all, recognizing that people is the most important asset. And especially when you want to run a setup where you decentralized the structure because we pay salary to 3,100 people in Alimak Group and for a reason. We want them to use their heads. We want everyone to think. We want them to learn and apply their knowledge on to doing things better.

So we have put strategic and operational measures, a lot of that in place to ensure that actually the asset that we spend most time on and we invest most in and drive forward is people. And this should, over time, then generate the sustainable results and so forth with this and also the sustainable relations with our -- around us and so forth. So we have this long-term thing. But also the culture, if you don't have the right culture, if you don't have the right focus, it will neither work. So that was also something we spent quite a lot of time on what type of guiding things should be there in our culture.

And of course, in a decentralized structure, you get responsibility. You are expected to take responsibility. So that was one of the core elements that take ownership for your thing. You are -- you get it and you will have to take it. The other thing was move fast and deliver. And this is the thing that you never to stand still, always to move forward, as I was talking about. If you want to be in the forefront, you can never rest. You can be happy with what you have achieved, but you can never be satisfied because you know it's more to do. But it's also not about being busy and having a lot to do, it's actually to have the ability to deliver.

So that we have also put a lot of focus on, help prioritizing, making sure that the things we do, they are meaningful and that comes also with the ownership. If you own it, you're also interested in making sure that you spend the time right and that you make the right decisions. Challenging the limits, fundamental piece also is a lot of legacy in an old group, but also this again to really push. So not only to it's allowed to make mistakes, but it's more even though that it's expected to make mistakes. That's when you start to push. That's when you learn and that's when you are at the border line of always being best.

And of course, as we are a team, so you're not supposed to be alone, even though it's a lot of responsibility on each individual. We expect a lot from everyone but you're not alone. So this was the fundamental strategic thing that we set, which I think is core in a decentralized structure. And then you come to that decentralized structure, what is that? Yes, that was these 5 divisions that we set up. This allowed for focus, someone was really focused on their business. It's all the way through locally, so it allows local decision-making, but this global language inside each division. So they understand it and they talk about the same thing, and they sit in the same thing.

They are fully responsible for the full customer journey, which means that they have the benefit of finding the right products for the OEMs for new sales, and they also have the benefit and all the reasons to take care of the aftermarket because the more you have both, the more and the better you do. So that's the fundamental piece of each of these divisions. And then you also need to measure them on the right KPIs. You can't measure on a lot of activity level and I can't either force them to do a lot of things. They need to decide themselves, and I measure results.

So that's what we do in the whole organization. You measure on KPIs, which are result driven. And this is a structure that was also intended to be long term, something that can stand over time. And then this way of working. That's also, I think, fundamental because you can have this framework in place and you can have the right culture, but you also need to stand in it every day as a leader and as leaders in the organization, we need to be true to the concept of actually working the right way. And one of the elementary things there, I believe or we believe as a management team is that we do things ourselves.

We don't rely on others to have knowledge, others can have a lot of knowledge about things, but we need to know it ourselves. So the core processes and the core elements, the core things we do, we own ourselves, we do ourselves. We learn it and we take responsibility. And that means that we don't have managers in the organization, which is just managers. All people have a job, a true job and they know their job. And this is how we also believe that you can actually manage an organization over time with confidence by just measuring output that you actually are into it. So you know what people are doing. You know when I have discussions with my team and they have with their team, we all know that we are working on the right things. That gives you comfort, then you can relax and you measure results.

But if you are depending on everyone else telling you what to do, then you are out of the game and you become nervous and you start to measure things you shouldn't measure. Then you start to be involved in decisions you shouldn't be involved in. So decentralized decision-making and really stand true into this, we believe is fundamental. So that's the way we work. And this is maybe the most challenging piece when things are going down or fluctuating that you stand true to that concept.

It has worked because we have delivered results. We have grown 12% plus CAGR on top line. So yes, it's also M&A and so forth, but it's been very challenging times. We have 2.7% organic growth during these years. So the organic piece is still there in very challenging times, and we have lifted profit fundamentally. And that was the biggest topic of them all when we had to choose growth or profit, we chose profit. And that's what we have been pushing. But now we have come to a place where it's not so much more we need to choose. Still, we have some profit things to do in some divisions but we can also accelerate and we will also start to get more benefits out of the things that we actually have put in place and done, changed fundamentally over the last years. That's why we now talk about accelerated profitable growth.

And that has led to this change that you have all read about this morning, we are upping our targets. And yes, we, first of all, on the sales side, we are upping it from 6% to 10% up to now 8% to 12%. And as I said, we have done 12 CAGR over the last 5 years top line. We have done 2.7% organic. If you look into the first 9 months of this year, still very, very challenging times. Our Facade Access or if you look order intake organic Facade Access organization up 12%. Industrial, up 18%, HSPS 4% and Wind 4%, also in very challenging times, Construction is somewhat down.

But the fundamentals are there for this group to absolutely deliver growth, plus we have this M&A opportunity in front of us, which you will also hear more about. And adjusted EBITDA, I guess everyone expected that. If you look into our figures, you see what we have done. You know that we have more to be done in some divisions. It's more of a mathematical exercise to -- either to give in or to actually say that, yes, we are continuing what we have started. So that's basically what this is that we are still ambitious. We are still hungry. We are still also humble. We know it will not come easy. It's been hard work all these 5 years, but we are ready to start and -- or not start, but more continue that journey and work even harder and smarter and better because we have so much more knowledge with us now on how we do things.

So that's the financials. And then we also update our sustainability targets. We have now gone, of course, full in on science-based targets like any group like us to do. We are a little bit late because we had to wait until we had data on Tractel before we could apply but now we are in the finalization phase. So beginning next year, it should all be cleared and set and we should have the targets in place. And then we're also updating our targets on -- towards -- back towards our suppliers that we will have more than 90% of our direct material suppliers signing up to our code of conduct unless they have something similar in place themselves or yes.

So that's the update and a little bit the framework of where we are from a group strategy perspective. And then I think I'll leave the floor to next, and we continue the journey into more detail. So Sylvain, please, you're next up.

Thank you very much, Ole. I'm Sylvain Grange. I've been Group CFO for 3 years. Most of you know me and most of you know that I have been enjoying very much the Alimak journey for those 3 years. So I'm going to take you through a few financials.

And then we start with the evolution of order intake over the 5 years of New Heights program 1.0. As Ole said, we grew 12.2% CAGR over that period, which is a strong performance. Acquisition made a significant impact on that CAGR, in particular, Tractel, which we acquired in November 2022. The organic part is more modest, but it's well understood. It comes from the initial priorities of New Heights programs, which was establishing the base, focusing on uplifting the margin and the headwinds we have been going through in some divisions, in particular those exposed to the construction cycle.

But we are today a fairly different group. We were 5 years ago, SEK 4 billion group. Today, it's SEK 7 billion. So it has changed quite a lot. One of the things we have built over time is the diversification. We have moved a long way from being a manufacturer of Rack and Pinion construction elevators to a business with 5 customer centric divisions, 3 of them Facade Access, Construction and Industrial make around 1/4 of our total sales. HSPS is slightly below 20% and Wind slightly below 10%.

This picture implies that we are fairly diversified in terms of products, customer segments, customers' exposure to cycle. So we don't depend on 1 customer. We don't depend on 1 macro cycle, and that brings definitely resilience to the business, including in difficult times. We are a global group. Sweden is a small part of our business. We do 1% to 2% of our sales in Sweden. And so we are present physically in 28 countries. In the biggest region, Europe, Middle East, top 3 countries are U.K., France, Germany, although we see that Middle East is growing, in particular, UAE and Saudi Arabia.

In the Americas, obviously, this is the U.S., which is the biggest country, and it's a #1 country at global level as well. We are very global but our market shares are not identical in all the territories. So all territories where we see that we can increase market penetration represent has many opportunities. Of course, it varies depending on the divisions, but there are still plenty of geographical growth opportunities for us.

Another important dimension of our business is service versus new equipment. I would like to repeat here something that we often say, but in our business, we make money on both new equipment and service. There isn't a game where we make less margin on the new equipment to be able to capture the service business, that's not us. Service for us is primarily aftermarket, maintenance, spare parts, refurbishment, retrofit. There is a small rental component, which is coming from the Construction division, but definitely primarily we do aftermarket in service.

It's an important piece of our business because we see this as a driver for further growth. We have a growing installed base. We have an aging installed base, and that creates opportunities for us. But service as well is -- comes as a support for new equipment sales. Our customers more and more look at total cost of operation. They look at how they can expand the life of their Alimak equipment and being able to provide a quality service is critical in that game. So overall, diversification for us means resilience, in particular, in difficult times and growth opportunities.

I'm now moving to something which is very close to my heart, cash flows. Since I've been in my job, I've always said we would focus on cash flow. And I'm happy to see that we see on this graph the translation into numbers of those efforts. Of course, the Tractel acquisition had a significant impact on the cash flow generation, but there is more to it. This is reported cash flow. So it includes interest and taxes. So of course, it matters that we have a good optimized financing structure. It matters as well that we're able to deliver reasonably low average corporate tax rate which is around 25% for the group, but when I'm saying we focus on cash flows, we primarily focus on the operating levers. So that's the margin. We work on uplifting the margin.

We have said that many times, and you will hear that more during the day. But that means as well controlling our net working capital and applying a good discipline when it comes to capital expenditure. And that's what I'm showing here on this slide, evolution of net working capital and CapEx as a percentage of revenue over the 5 years of the New Heights program 1.0. You see that, again, there has been some impact of the Tractel acquisition when I look at the net working capital. But still after the acquisition, we were around 30%, and it has come down now to closer to 25%. And that's really a translation of the efforts we have made to minimize working capital.

And I have to say that we have not done that at the expense of our suppliers. So we do have a policy of paying our suppliers on time, but we expect our customers to pay us on time. So to some extent, we have achieved a certain shrinking of our balance sheet. We are a CapEx-light business. We do primarily assembly. We do some cutting, bending, welding, but we are not heavy industry. So we are a CapEx-light business. You can see on this graph that we have been around 2% over the 5 years with a peak in 2023, but that's related to a one-off. We had to rebuild the facility in France following a fire. That was fully covered by our insurance policy, but still it had to go through CapEx.

And if I look forward, we have no intention to change this CapEx-light model. We are between 2% and 2.5%. I think we should stay 2.5%, below 2.5% in the future. So that makes our business a cash-generative business and then we -- it will continue to be like that. This good cash generation means ability to deleverage. You see on this graph the history of the leverage ratio. Again, it went up with the Tractel acquisition. But you see that soon, we managed to deleverage and to be below our target, which was only still to be below 2.5x of leverage. More recently, we deleveraged, it has slowed down a little bit because we had to pay our dividend in Q2, and then we made the Century acquisition in Q3. But the fundamentals are there and will continue to deleverage in the future.

We have not changed our capital allocation priorities. We have and we will continue to focus on R&D, sales and marketing. We won't do that at the expense of our profit, so that means we permanently work on our cost base. We generate cost efficiencies. We try to track and kill the waste so that we can make those investments in R&D, sales and marketing. M&A remains a high priority for us. We have a specific session on that later. We see lots of opportunities to create additional value for the group. And as you know, we have decided to keep the same dividend policy.

If you look at the history of the last 5 years on average, we have distributed 50% of our earnings, so right in the middle of the range and we are definitely committed to delivering on that policy in the coming years. ROCE is a very important metric for us. It's one of the most important. Looking at the evolution, we started on a relatively low level, and that's a factor of a lower profit margin in 2020 and a relatively high capital employed, which is coming from the acquisitions of 2017. We have lifted ROCE. You can see that there is a temporary dent in the evolution. That's coming from the Tractel acquisition due to the additional amortization, but that's something we are prepared to do. We are prepared to experience a small temporary dent, if we know that long term, we continue to create value and that we will uplift ROCE, which is happening now.

And then we are above 10% on reported ROCE and above 25% on ROCE excluding goodwill. EPS is, of course, the ultimate financial measure. And you see the same pattern as for ROCE with the impact of the Tractel acquisition. Over the 5 years, it's 1.0. We have more than doubled EPS from SEK 3 to SEK 6.6. So it is definitely a focus. There is no automatic effect on the dividend because dividend remains the Board proposal AGM decision. But of course, keeping the same policy, increasing the EPS means setting the framework and the grounds for future improvement in the dividends.

I've talked a lot around the financial metrics, but we don't measure only financial data. We focus a lot as well on sustainability. We have sustainability targets. And we do that not only because it's an obligation or duty but we see sustainability in the group as a performance driver. So it's really, really important. I'm showing here on this slide, CO2 performance in the recent years. We basically overachieved our previous target in terms of CO2 emission reduction. That's not all of the emission. It's Scope 1, Scope 2 and business travel is Scope 3. But still, we are very happy that we managed that. As you know, and as said by Ole, we are moving to science-based targets for the next cycle.

A few very simple conclusions. We believe we have a strong track record. And that track record includes an M&A component, so we have proven. We know how to buy and how to integrate, which is even more important. We have uplifted the margins thanks to a decentralized lean, agile business model, thanks to our ability to work on the cost base to generate cost efficiencies. We are comfortable we can continue on that path that we still have levers to pull and to grow to 20%, which is a new target. We run a cash-generative business that will remain. We are very confident with that.

So overall we see a good level of confidence in the organization to continue improving the financial performance which will create means to invest in future profitable growth. So again, it's a virtual cycle, better performance, means more means to invest in the future, improving the performance. And at the same time, setting the ground, as I said, to -- for further improved dividends in the future.

On that note, I will say thank you very much for listening. And I will welcome David Batson, Head of our Construction division.

Thank you, Sylvain. Hello all, and welcome. Look, seriously, I'm proud and honored to represent the division today, of course. And I'd like to firstly thank all our people in the division for their contribution, but also our customers, of course. My name is David Batson and I'm the Head of the Construction division since 2021. I joined Alimak in 2016 and previously held the role as Managing Director in Australia, in the Pacific area as well as New Zealand. Let's have a look at the division.

So let's dive into this. What is it we do? And how do we contribute to the group? We provide temporary products and services to move material and people safely at height. We work in new construction, refurbishments, major infrastructure projects like bridges and tunnels. We manufacture products in 3 facilities. In Europe, Sweden, where we do our hoists for CE marked markets and have been impacted by market conditions, where volumes have been a little bit lower, and I'll share a little bit about that in the future. Our mass climbing work platforms are manufactured in our facility in Poland and our building construction products such as transport platforms are from Spain.

Our manufacturing facility in China has been fixed. When we talk about fixing and making sure the base was right, we've seen a strong turnaround here with high volumes from non-CE markets, places like Latin America, Southeast Asia and Middle East and Africa. This was described at the time if some of you are in the room, our China for China strategy, but I think we can call it China for the rest of the world with the growth that we're seeing from those markets. We're market leaders. We have sales coverage in 22 countries of our own and often we're the only OEM in those countries. And we have distributors in 47 other countries. We have a rental and used offering, and they are important offerings and I'll expand a little bit about this in a couple of slides.

We provide services and parts, asset management, refurbishment, application engineering, installation, operation, service and parts, of course, the dismantling of the product and also training. So let's look at the numbers.

The Construction division represents 22%, 23% as we saw of Alimak Group is currently performing at 14.4% EBITDA. Our services, parts and rental represent 39%. We have a return on capital employed of 18.5%, excluding goodwill. Now this is not catastrophic for us, but we know that, that an EBITDA is not where we want to be, and I'll show you how we're going to move that higher in the future. So our rental and used offering, let's focus on this and why it's often a question that comes up. Why are we renting our products in certain markets and not all markets? It's selective and we operate in France, Germany, Benelux, Australia, Switzerland, Spain and Canada.

Our rental strategy is selective. It's a result of the legacy and it's a balanced strategy, not a full-scale offering. And that's not our intention. It provides better flexibility for us and for the division. It enables us to introduce new products into the marketplace. It keeps us very close to our customers. We prefer to sell to rental houses and our customers where we don't see the market growth or the share that we believe we have a right to win for. We have the flexibility to go direct and penetrate those markets. And we did that, if you remember, with our acquisition of Tall Crane in Canada recently.

We have a globalized used offering from where we were in 2020, driving parts and service solutions. As you can see on the slide, it's a circular economy, cradle to grave. It's representative here in graphics, reflecting components of our sustainability efforts, recycling and reusing and redistributing our products through the population. We've built a strong, robust division, and we are well positioned. Market or not, we will continue to invest and continue to grow this business.

But what is the construction world as we know it? What is the world that I'm living in and the team are living in? It was mentioned before, we were a very product-focused hoist company in 2020. We're not global in our offerings at all, and we were farming some parts and some services from products we sell historically. We needed to transform. We fixed the base. We set the strategy to ensure we're able to grow and protect the business through the cycle of construction that we're actually living right now.

We set the strategy as a technology leader to be the best partner. You'll remember we talked a lot about digitalization and transforming the organization. But we wanted to work on things that customers wanted to pay for. Our customers are adopting these technology trends. We're living in this new world. They are long trends and they take time to adopt. What we're trying to do is to improve the efficiency of the construction project. Think of a smart building site, think of Industry 4.0, Think of the Internet of Things and all that data to make that project more efficient and more productive.

Just have a look at this image here, have a look at the logistics on this site, the logistics at height in the middle of the building and all the logistics on the ground. I'll expand on how, and we will continue to transform this division. So when I talk about logistics, what am I actually talking about? Well, really, I mentioned it before, moving people and material safely at heights, faster machines, larger machines and connected machines. Have a think about a glass facade panel coming from China being tracked all the way to get to its position on the construction side. How does it get there?

It's often put in the Alimak hoist, and actually lifted to exactly that position. Those assets are tracked now from the time they leave the factory. So we've got a huge role to play. Not just moving people, but what about robots. Robots at the right location at the right level at the right time. It's just an emerging trend we're collaborating with the industry, and we're advancing the methodology of the sites of today and tomorrow.

When I talk about connectivity, we're talking about connected assets. What does this mean? And what does it mean for us? Where and what the product is doing in real time, increasing utilization of the customers' products and getting a greater return on their investment. This value-added offering is expected, and we have transformed that division. But what is it? An example would be underload and overload. So what do I mean by underloading the hoist or overloading the hoist.

Can you imagine that you have this massive product that's meant to be moving 5 tonnes and it moves 1 tonne a day, inefficient, not productive and not meeting the goals of our customers. We can track that, and we can supply that information. What about overloading the product? That's dangerous. That's a lot of risk. We need to provide our customers the data to manage risk on these projects. Predictive analysis is so important for them.

Let's talk about robotics and AI. It's really a new frontier in construction that's not fully appreciated. Our products have potentially enable us via our leading position in mass climbing work platforms and our rack and pinion technology, where robots can be installed to work at the heights horizontally and vertically, and we're collaborating on a lot of these opportunities right now. These trends aren't to be ignored but they're to be explored and embraced, and we continue to be customer obsessed to work on those.

An example I'd like to share with you is, can you imagine you're wearing PPE, helmet, glasses, ear plugs, you walk into a construction site, you go into a construction list. AI can detect if you've got that PPE on. That's a role we can play to make it a safer side for the future for our customers and deleverage their risk.

I mentioned it before, we've been impacted by a challenging market for sure, higher interest rates, high construction material inputs, and that's impacting developments improvements. There has been a reluctance for developers to invest. However, there is a pent-up demand. As the government has invested in infrastructure, rails, tunnels, bridges and hospitals. We've all seen this happening in the past 2 years. The development in commercial, retail and residential is needed and it's pent up.

We're well positioned for the upswing as the graph from the global data shows here. APAC has been quite good for us, especially India, Malaysia and Vietnam. Europe is on its way back with some green shoots in the Nordics and Germany is starting to come through. And the Americas is forecasted to be improving. The fundamentals of megatrends such as housing density, multistory developments, they exist, and the Middle East is a prime example of this. We've had good orders from the Middle East in these growth markets, and we continue to take orders.

An example I'd like to share with you is in my hometown in Melbourne, Australia, if you didn't pick the accent up, 40 public housing towers are required to be refurbished alone. That's a pent-up demand of 15 years. The governments have to act. These residential towers have people in them, and they're not the standard. We're seeing exactly the same in Zurich, London, New York, cities all over the world.

I'd like to switch and just talk about the growth areas, our drivers, product expansions, our mass climbing work platform activity and why that's important for us and our product support solutions program. Product support, I call parts and services, not just the labor, but the things that we do around our products. So let's look at product expansions. In 2020, we had 1 brand, Alimak. We've invested heavily in R&D and product development and expanded our hoist product offerings for traditional and emerging markets. Why? Why have we done that?

To protect our profitability, investing in lighter, smarter and more efficient products, which our customers can enjoy now and into the future. We've opened up new markets like the STS 300. That's the scaffolding transportation system, the small one on the right there. We've expanded our offering with the Scanclimber mass climbing work platform business. It's a huge full product line. It's the widest and best-in-class, and I'll expand on that shortly. Camac of Spain, it's a very small investment. We have the ladder hoist now, which enables us to install solar panels. It's opened up a completely new market that we've never participated in before.

Now what I'd like you to do now is just have a look at this clip of our Scando-650a next-generation construction hoist, the sustainable hoist offering more payload, greater efficiency, to ensure we maintain and grow our leadership position.

[Presentation]

So let's have a look at mass climbing work platforms and why it's important for the division. Our solutions are ergonomic, they're modular. It can do straight brick walls, working at the right height for the people that are installing those bricks, but can also do balconies, as you can see in this slide. It has many applications and benefits, not just in new but refurbished construction, but industrial applications. We've seen growth in Australia and in the Middle East in 2025 through a consultative selling approach, where we engage with multiple stakeholders to share the economic, productivity and most importantly, the financial advantages of this access solution.

The scaffolding market is 100x larger than the construction hoist market. This is a proven approach meeting our growth plans. Now I'll share an example where we were 30% more productive resulting in 50% less cost than scaffolding. How do we do it? We defined. We spoke to the stakeholders, we understood the timing of the project, and we understood the risks of the project, but we also differentiate it. We increased the safety, we improved the economics. We enhanced the logistics. Can you imagine wrapping a building full of scaffolding, the amount of material that needs to be transported to be stored around the building and then to be installed on to the building.

As per our solution, you bring the trucks in, you install it on to the facade and you're working. You're not storing it down in car parks or children centers. We improved productivity and the impact on the building itself, where you tie the scaffolding for all those points in the building, we have so much less ties. So then what we'll have is less refurbishment of the facade. I want to say it again, 50% less cost and 30% more productive. And on this particular project I'm talking about EUR 1.5 million versus scaffolding. It's proven, it's financial, and that's something we should take away with us.

But let's look at more examples outside of construction. Here, we have an example of access platforms shipyards. It's not a new solution but there's 135 shipyards in Western Europe alone. They're not all using mass climbing work platforms. They might use EWPs, they might use scaffolding. So we believe there's an absolute opportunity to go after this market. The middle image here is a snake platform in a petrochemical plant. And the reason why this one is important is its industrial shutdown and maintenance temporary and its use. Think of a flair tip in an oil and petrochemical replacing that flair tip, we saved the site 2 weeks in replacement time. Can you imagine getting a petrochemical site back on line 2 weeks earlier. The millions and millions of euro. It's a proven solution.

But are we penetrating all the petrochemical sites across the world? No. So there's an opportunity there for us. And we're pursuing new segments. Those new segments are 3D printing where they're using our components, buildings that are being 3D printed. I'm sure you've seen houses being 3D printed. We're collaborating and we're working in those innovative concepts.

Another one is 360-degree platforms working and building towers. Another one is weather protection where we protect the building, the existing building with weather protection with our mask climbers enabling more productivity and finishing that project quicker. I want to switch over to what we call sustainable product support solutions, our parts and services solutions. Safety is our #1 priority, enabling our customers to work, of course, safely at height. We have 20,000 active assets in the marketplace today, 20,000, which means safe application, the engineering, the installation, the use, the maintenance, the dismantle. And remember, we're temporary. So this just occurs all the time.

We've introduced our 5 Star training program, and our online calculation tools. Remember, I talked about the digitalization journey we've come from in the last few years. These are all revenue-generating activities. What about productivity? We've introduced parts online to enable our customers to interpret the parts, to be able to get our request for quote quicker, to make it easy to do business with us. Virtual assistance, BIM galleries, these are some of the construction trends I mentioned earlier and our solutions for those trends. Smart controls enabling remote access to the assets to drive greater loyalty and connectivity, retaining and growing our customer base and therefore, increasing our share of the wallet.

And then efficiency. We have our My Alimak online portal where you can use your QR code on the machine, you can get the data and the service history, and that's critical to manage risk. Remember, we're moving people at height. An example would be using genuine Alimak parts. Using a genuine Alimak safety device. Would you get into a lift without a genuine Alimak safety device. I can tell you I wouldn't. I'd like to know what's on there. Growing, we believe growing our CAGR of 7% organically in this space alone. Our population is growing every week, remember, in new territories and in new solutions to meet our customers' needs.

So to conclude, yes, we've had some headwinds, acknowledged. We're we'll positioned though, our growth in product development and building a sustainable business. We're providing alternative solutions to access at height. We're addressing more of the market than we did in 2020. We're expanding outside traditional construction and segments looking at all temporary access opportunities. We see M&A opportunities as well to the growth drivers of product expansion, geographic or even technological. And it can add profitability to the vision such as we did with Tall Crane in Canada, and we did with Scanclimber in the last few years. And our ambition is to be at the group financial targets by 2028.

Thank you for listening, and I'd like to invite Jens Holmberg.

Thank you very much, David, and hello to you all to you guys online, and you guys here in the studio. So my name is Jens Holmberg. I'm leading the Industrial division here at Alimak Group. Very excited to be here to tell you about what we've been doing since we met at least some of you a year ago, but most importantly, what our plans are to further improve our business going forward. But first, a quick recap of what the industrial division is.

So we provide permanently installed elevators based on either traction or Rack and Pinion technology. When we do so, we strive to partner with our customers in long-term service contracts, making sure that we -- the units we supply are well maintained and operating smoothly. And this is really what forms the basis of our aftermarket, which is preventive service, repairs, spare parts sales as well as refurbs. That aftermarket, I would say, combined with the fact that we are exposed to multiple geographies and multiple customer segments creates a truly resilient and highly profitable business.

So let's have a look at some of those numbers for that profitable business. Today or end of Q3 rolling 12, we sit at SEK 1.5 billion of revenue and share of service sales of 56%. And I think Sylvain made a very important point that even though we do good margins in the aftermarket, we also make good margins when we sell new equipment. And that combination is obviously a very good combination and that has allowed us to reach rolling 12 for the same period an EBITDA of 25.5%. And here's a number that sticks out. That has taken us to a return on capital employed of 126.4%. I've not seen that before. And I'm obviously very proud of it.

I think it's a fact of our high margins in every part of our business. We're also very careful when it comes to inventory. We don't have too much, and we certainly don't have too little to not be able to serve our customers. We make sure that when we sell our products, we negotiate fair and good payment terms, and we make sure that we get good prepayments when we deliver more complex projects.

Also, I would say that me and David, we come as a bit of a package, and we share the investments that we do in our fixed asset and our factories. And that's generating the return on capital employed you see there. We have been in the Industrial business and still are, I would say, on a strong, profitable growth trajectory. While our rolling 12 revenues, they sit at SEK 1.55 billion, the same period rolling 12 order intake is at SEK 1.7 billion. And I would say that this growth trajectory is the result of a high-performing team that knows how to truly leverage our business model. We go after geographic white spots where we're not at the moment. We strive to learn our customer segments at depth, and we continuously improve our aftermarket.

It's also important to note here that the growth trajectory and the CAGR of 12.5% is almost, I would say, to 99% without any acquisitions. And even though we are exploring opportunities more and more to add M&A to our profitable growth, the organic growth will remain at the core of what we do. And I see plenty of opportunities for us to grow organically going forward as well in geographies where we are already present, any new ones and in customer segments where we already are as well as in new ones.

And when we look into our customer segments where we operate, and here are some of them, not all of them. We see a very strong and positive growth story ahead of us. But even though that solid market growth will help us, we, of course, want to make sure that we do not only grow with the market, we want to outpace it, and we want to take market share. And that's why knowing our customer segments at depth is critical. Take ports, for example, which is a market that is expected to grow long term but we are already seeing quite a lot of investment going into ports now in existing ones as well as new ones.

Our biggest business within ports relates to the elevators that sits on the ship to shore cranes but we can leverage our service footprint that we have in the ports to find new applications, new opportunities in the ports operations to drive growth.

Oil and gas. So even though, hopefully, we find ourselves in a transition away from fossil fuels, oil and gas will remain and continue to grow for the foreseeable future. Customers that do operate within oil and gas, they are quite particular when it comes to their demands, both technically as well as on the aftermarket support, especially offshore. That creates quite high barriers of entry. And we've shown over the years that we can fulfill those demands, which position us for many of customers operating in these segments as the preferred supplier for their elevator needs.

Mining is another one, a segment that will grow propelled by commodities such as gold, copper, rare earths and base metals such as iron ore. Traditionally, this has been an underinvested segment at Alimak. But we have shown this year that we can outpace the market and we've been especially through a focused and dedicated initiatives successful in Latin America this year. We have more growth to find in places like Canada, sub-Saharan Africa, Western Australia, and so on.

A segment where we haven't been so successful this year is the Marine segment, which is about vertical transportation solutions at shipyards as well as elevators in the actual ships. And in order to be truly successful in this segment, you need a competitive traction offering. And that competitive traction offering is what we have been missing but we are busy at work addressing that, and I will talk about that later.

I've mentioned the aftermarket a couple of times. And I would say that our own installed elevator -- installed base of elevators is the most natural and obvious way for us to profitably grow our business. It's also a very natural way for us to drive sustainability as if we succeed in the aftermarket, we extend the life of our products. I would say that the recent success that you see here expressed in our parts and service sales per installed elevator is the result of more focus, securing more service contracts and growing our workforce of skilled service technicians. And as we continue to grow our workforce of technicians, we need to make sure that we enable them to focus more on productive service work and less on administration.

And that's where the rollout of our field service management software service protocol come in. Another way to further improve our aftermarket and further better serve our customer is to improve our training offering. I'll talk more about service protocol as well as training on the coming slide. Yes, I mentioned the benefit of service protocol allowing our technicians to focus less on boring admin and making sure that the elevators, they operate smoothly. That's obviously a core and a key benefit.

But also, I would say we, through service protocol are able to improve safety for our service technicians. And safety is what we deliver to our customer. Therefore, it needs to be important for us. And actually, the most dangerous job that we do as division is the job that our service technicians, they do on site. And service protocol enables them to do high-quality risk assessments prior to starting any job, making sure that we can keep our safety records.

We will also enable them to make and present quotes of repairs on site to the customers when they are doing service. And if we can leverage service protocol, which we can, to improve availability of spare parts in the service trucks we can speed up the turnaround of those quotes and get paid faster and our customers will get a safer elevator faster.

That's moving, fantastic. The users of our equipment, they are really a key part of making it safe. Obviously, when we install and we commission our elevators around the world, we provide on-site training to our customers. But since our products are inherently sustainable, most of them last for more than 25 years. Operators on site, they will change and new needs for training will occur. And we want to make sure that we provide a cost-efficient solution for our customers to address that. And that's where our end customer operator e-learning comes in.

If we equip those operators with showing them what good practice looks like, in case there is an incident in the elevator and equip them with basic troubleshooting, I'm sure that we can improve the safety of the solution as well as reduce unnecessary downtime to the benefit of our customers at the same time as we create a new profitable aftermarket revenue stream for Alimak.

Traction. So if we develop, which we will, a competitive traction offering, we will seriously be able to tap into what we estimate a SEK 50 billion plus market. The benefit of how we operate within traction today, which is a bit different from Rack and Pinion is that we run a very asset-light approach. So what that means is that we design, we install and commission elevators, but we rely on partners for the manufacturing of components and some assembly. This is something that we intend to continue with and potentially further -- and to some extent, extend as well.

So in order for us to reduce time to market, reduce the R&D investments and the risk of being able to comply with local standards, we are partnering up with suppliers regionally to -- while we also make sure -- and use their design, while we make sure that we keep control of key components in the design such as the control system, making sure it's an Alimak touch and feel of the end product. When we get access to this product, which I think that we will end of this quarter or beginning of the next latest, we need to make sure that we continue to invest in our traction competency globally, both when it comes to sales engineer as well as service technicians.

And if we do so, I'm sure that we will also be successful in customer segments such as the Marine segments that I mentioned earlier.

M&A, we will use that selectively to further accelerate our growth. We have 3 focus areas. The first is the Rack and Pinion to ensure more growth in that field. As you might know already, Rack and Pinion represents the lion's share of our business. We know it well. We also know what our weaknesses are. And we know that there are companies out there that can complement those weaknesses. And that's what we are looking for.

The aftermarket, aftermarket is obviously an area that we want to grow. I mentioned it many times. And there are a lot of profitable, high-performing local service companies out there that actually do maintain our equipment already. Acquiring them will allow us to, of course, increase our aftermarket, but at the same time, increase the margins on our spare parts as an additional benefit, it can allow us to establish a direct go-to-market model if we acquire service companies in geographies where we aren't direct today.

Last but not least, as all divisions within Alimak Group, our mission is to bring people, material and businesses safely to new heights. There are many other technologies available to fulfill that purpose other than rack and pinion and traction. And we want to make sure that we do not discard those solutions as well. And there are companies leveraging those technologies out there that are very complementary to our business and with which we can find synergies and drive more shareholder value.

Our most recent acquisition that Sylvain mentioned briefly is the one of Century Elevators. So maybe a brief recap of what Century Elevators is. So it's a U.S. Houston-based supplier of rack and pinion elevators with an annual turnover of about USD 11 million. What we get -- what we did get when we bought Central Elevators is that we get access to a complementary rack and pinion offering, especially complementary when it comes to explosion-proof design, which is needed in oil and gas and petrochemical, for example. It will strengthen our market position in North America, which is obviously a very important market for us. It will allow us to grow our service business as well as improve efficiency in our service business, both being able to drive more penetration in the Alimak installed base as well as the Century installed base as we get access to a team of very skilled service technicians.

And finally, we can drive some management and cost synergies, consolidating our sites in Houston, actually. We're about to finalize the move from our old premises to the Century premises, which is much better suited for growth going forward.

I'm talking a lot about different growth opportunities that we aim to pursue. Whilst we do that, we obviously need to make sure that we work on our internal productivity to make sure that, that growth remains profitable. And first and foremost, as I mentioned, we sell safety. And as we sell safety, we need to prove that we know what safety is. And our primary priority in our operations, in our 3 factories is to maintain our current safety track record, which is, in fact, I think, very impressive because we have had year-to-date and on a rolling 12 basis, no lost time injuries at all. And we are very busy at work making sure that, that remains.

I'm also proud to say that we have very clear plans to achieve the SBI targets when we present them. And I'm especially proud of our Scope 3 plans, which relates to our product and emissions from that product. And I think the plans that we have, as Sylvain mentioned, they go very hand-in-hand when it comes to cost efficiency, cost reduction and sustainability. It's really about resource productivity, and that's what we see here. I see a need, and we're busy at work updating and modernizing our rack and pinion offering.

Last time when we met, I spoke about the modularity and our ability to tailor our offering to fit many different customer application. That is the strength, but we also have weaknesses that we can improve and that's what we need to do going forward. We will continue to assess whether we are best positioned to do things on our own or if we outsource. And then AI is high on the agenda for all companies, and we are no exception.

To conclude, and the messages I want you to bring with you from today, we are supported by underlying market growth, which we can leverage. We can take market share, better customer focus, expanding into new geographies and grow the aftermarket. We'll continue to drive innovation in the traction technology, as I've mentioned, in rack and pinion, as well as in the aftermarket. We also have the footprint, both for the Industrial division and the Construction division to cater for our growth ambitions without substantial CapEx. All that, bow tying and up, our ambition in the Industrial division is to grow above growth target, at least at minimum at our current EBITDA margins.

Thank you very much. And with that, I welcome Matilda back on stage.

Thank you, Jens. And now we have heard presentations from our CEO, CFO and as well the Construction and Industrial division. So it's time for our first Q&A of the day.

Good. So now with me on stage, I have Ole, Jens, David and Sylvain, welcome back. [Operator Instructions] But we will start off with questions in the room.

Timo Heinonen, Handelsbanken. So if the Industrial division has a target or ambition to grow faster than the group and the profitability is clearly higher. So 20% EBITDA margin target means that other businesses will show the decline in profitability of what I'm understanding wrong.

No. But it's -- you can do the mathematical exercise, of course, but what you see here for every division throughout the day is their ambition level. And the sum of it, you see as a group ambition level. So I think it's the group ambition level that you need to take home. But of course, there is also some sort of mathematical exercise that you can do that if all divisions are meeting and doing exactly what they hope for, it could be even more coming. But again, as a group, I think important for us is to also make realistic target and have a high ambition level. But we want to meet them, and we want to continue to do what we have said we should do.

If I can continue, can you be a bit more open about the targets by different businesses? I mean what kind of growth do you see for 5 different business lines and then the profitability targets?

You will -- the type of comments for each division will be in line with what we have seen for the first 2. So you will get similar type of comments, so we can sum up also in the end. And yes, we will have a Q&A in the end, then you will have the other 3.

Sofia Sörling from DNB Carnegie. So I have my first question to Jens. So actually sounds quite optimistic the market expectation for oil and gas and my impression is actually that the oil and gas CapEx budgets will shrink ahead a little bit or come down. And that has been quite of difficult challenges for the Industrial Equipment segment back in 2016, 2017. How would you say that your business model today would, if the CapEx budget for oil and gas would shrink into 2026? How would you navigate that environment?

Well, I will link it back to the resilience of our business, right? We are not only exposed to oil and gas. So if oil and gas were to shrink, which obviously I don't think because our investigation shows something different but then we need to find growth in other customer segments. And that for me is totally possible. But -- and then on -- and additionally, if the CapEx budget shrink, there is always the recurring service revenue and grow through the aftermarket in oil and gas as well, which we're busy at work doing.

And if I may also, if you remember back to when we started the New Heights program, basically, there wasn't really an industrial division. It was something on paper, but it wasn't anything real. So the fundamental piece that we did in those days also was actually to separate properly the construction business versus the industrial business and that allowed us to create this type of focus and lean and nowhere to hide type of structure that are only doing industrial. So back in those days, the group, I would say, from my understanding, was very dependent on oil and gas.

While today, we have an Industrial division structure, which is as you have seen here, very focused on all segments and more and more where -- so that's been part of the journey that first, you created that division structure, then you really start to dive into each segment and ensuring that you understand customer needs that you do proper solutions and work and develop the business like you should. That's through Industrial business. So it's important to see where we are coming from. And then whether one segment will go up or down, that will be part also of, let's say, the exposure we have to all type of business. So what we need to ensure is that we are broad enough and good enough to really be winning anyway.

Okay. And then a question to David. So it seems like you see a lot of potential in the rental business ahead. Could you share a little bit of how large that share of net sales is today and what you expect into for example, '26, '27?

Actually, thanks for the question. I don't think I mentioned that growth in rental for us was something that we were focusing on. Our customers are rental companies. So we have many, many customers that have assets that they rent to the end users. So their market is exposed to the same challenges that we've been facing in developments in the past. But what I can say is that you would have seen the graphs, and we believe that we've got a great upside coming forward for sure.

We have a question over here.

Yes. It was [indiscernible] from SB1 Markets. So my question is surrounding Tall Crane, which was maybe the last minor acquisition you made before the Tractel one in 2022, I think. -- you touched about it lightly, but how has the trajectory from that add-on acquisition gone over the years? And how -- what kind of other sort of similar M&A would you look upon within the Construction division, so to say?

Yes. Well, I can give you a little bit of history is that our performance in Canada, we felt wasn't where we wanted it to be, and we saw a unique opportunity to really hit that market through Vancouver, and Tall Crane were ideally suited for that. And so what we've been able to do, that was a very complementary business and improved our EBITDA. So we didn't bring that business in and had to change it and we brought it in, and now it is a true Alimak Group Canada division. So it's not branded Tall Crane anymore. I use the reference today because of history. But certainly, it is our sales company in Canada on the West Coast, and we're very, very proud of it. It's been integrated well. They're a great team.

And maybe a follow-up on that towards the Industrial division. Now you made, obviously, the first 1 being the 1 in the U.S. And was there any particular reason that you chose this acquisition in this market? Or was it that sort of...

Well, North America is a very important market for us. And we had seen that we had been actually losing some business due to the fact that we didn't have the right offering and this opportunity gave us to -- this gave us the opportunity to quickly address that, and that's what we're looking for.

And I can just build on what David said on Tall crane or now Alimak Group USA, it's actually a beneficial acquisition for the Industrial division as well. because we could start -- we could use that as a starting engine, so to speak, to prepare our growth into Canada, which we're now visit doing. And starting that up from scratch would have been much more effort for us.

Adrian here from Handelsbanken. So you clearly are very rosy focused. And I mean 1 division clearly excels in this matter. So how do you think about capital allocation? I mean surely, investors would want to see more investments into the industry addition as ROCE is so high?

I think why they want microphones it's because also the ones out in the online, so they can pick up the question.

Sorry, my question was basically how you think about capital allocation and does the Industrial division gets more of it given the high ROCE?

It's, of course, an interesting question because, yes, should we, since they have a much higher ROE put all the money there? And in a way, you can't put more money there than what you actually would benefit from. So we are driving the investments into Industrial division that we see is meaningful. And then -- but we are also doing the same thing in the other divisions because we have decided upon that all these 5 divisions are meaningful for us, but we are very careful with all investments that we are doing, that they are derived from both a division perspective but also from a group perspective.

So -- and so far, it hasn't really been any big issues. We are capital light. We are not investing heavily internally. We don't have really that need. It's more the front-end type of activities. And it's not really been an issue for us up to now. So -- but if we have to choose, of course, you have to choose the thing that gives you the most back. That's obvious.

And I could say, I don't think for me personally that I don't feel that the Industrial divisions have been held back just because Ole or Sylvain or the Board are being stingy with CapEx. So more CapEx wouldn't necessarily help also, as Ole said.

No. And we are not like a governmental department somewhere that you just fight for CapEx. They do only the CapEx they find is meaningful because they sit with the consequence of the CapEx themselves in each division.

Good. More questions from the audience here, yes?

Yes. About the industrial services. So what is the service penetration rate at the moment? You said that they are third-party or independent service providers taking care of the service Also what is the service penetration rate? And then what is the spare parts capture rate? So if you're acquiring those independent service providers, said that the profitability for the spare parts is up, but could you also see the higher penetration?

Yes. Well, I think last time I got that question a year ago as well. And I think the answer back then was that roughly our service penetration on our installed base is about 50%. Now with improvements that we have made, it's north of that. And what was the other part of your question, Timo?

Spare parts capture rate.

Well, I would argue that the service contract penetration rate and spare parts capture rate would sort of go hand in hand, but we do sell to those third-party suppliers. So the spare parts capture rate is slightly north of then the service contract rate. What we do in order to understand where we do have the possibilities to grow that we compare benchmark our internal operations when it comes to spare parts, sales per installed base to understand, well, they do that in the U.S. discounted for price difference, but they do that in Canada. Then we can know where we have the opportunity to improve.

Okay. If I can continue, then Construction-related questions. So the business has been amazingly stable, I would say, if looking how the construction kind of underlying volumes being down. So if the Construction newbuild activity will be up 5% to 10%. So how fast the Construction division will grow?

Oh, that's great. That's absolutely what we're all after, isn't it? And we saw the graph today that we believe it's bottoming out, and we believe it's coming. I can't tell you exactly when it's coming, but I do know there's a pent-up demand, which I mentioned in the presentation. So I'm excited about the future for sure. And I think you've picked up on what -- the message I was relaying is that when it comes, it's going to be good times.

And then if the new equipment volumes will be up, then can you maintain the profitability? Or is it so that actually the operational leverage will lift it up?

Yes, we don't believe this will affect profitability or the gross margin targets that we have for our division. And we have capacity absolutely operationally to fulfill demand.

No, yes. if the volume increases, the profitability will go up because we get better utilization of our fixed assets in our factories. It will help me as well.

And that's really what's holding it down today. It's the low volumes as we have been saying, conveying now for some quarters, especially on the bigger machines into Europe and North America. And that affects quite significantly the XXXXXXXXXXXXXXX factory, which is shared by also the Industrial division, but that also helps holding it up because that piece is much, much better, but still it affects quite heavily the Construction division. That division would have had fundamentally different results if it would have been exposed like it used to be.

But the things that we have done over the last years to build up this capability in China very successfully. So we are really taking market and growing in the rest of the world, the used business, the reviving of the lighter equipment, mass climbing work platforms and so forth. It's not massive volumes yet, but it's -- all of it is something there now, which wasn't really there. So -- but when the market comes, it should also affect all pieces of this plus the leverage, of course, we would be getting back into the core old business of that division. So yes, we expect that when the market comes, that should affect that division in a very good way.

Good. More question from the audience here. Let's jump in then with a question from Steve that we received online. So within our -- within your 8% to 12% growth target, how should we think about organic growth in that target?

Well, as I said, you should think about it, that is a substantial piece of the growth without giving an exact figure year-over-year, but I've been saying many times that of course, there is a fundamental growth into our business. that you should think, I think, beyond GDP because you have trends like urbanization, electrification, health and safety, the focus that will come into this sector. In addition, we have built a structure that position us, as you have already seen with 2 divisions that we take market share that we also go after growth on our own.

So there is clearly -- so -- and on top, divisions are measured internally on organic growth. So all incentive is really around that. So that's where the whole thing sits a business which is not fundamentally growing, is dying in my eyes. So -- but we are not giving a figure, but it's a fundamental piece and then we also have this nice ability that we have strong cash flow, good financials. So even though we distribute 40% to 60% of our dividend, still we have a lot of means to invest well into good acquisitions, which on top, we have proven that we can actually handle also well, I think.

So yes, you're never comfortable, but still we are feel that we are absolutely ready to drive those targets going forward.

Great. And then we received also a ROCE question here. So maybe that's for you, Sylvain. So it says your ROCE has been at the level around 10%, including goodwill. Do you see potential to improve that going forward?

I do definitely. I tried to explain, I think we we'll continue pulling the levers we have pulled in the last few years. We see levers to improve the margin, which is a first step. But we apply, I think, a good discipline on our balance sheet. As I said, we control net working capital. We are not afraid of working capital, but we want to have the working capital we need to grow our business. And the same applies to CapEx. We don't prevent yet from investing into the future. But we are careful on how we spend our money. And with that discipline, and we feel very comfortable with increased ROCE in the future, absolutely.

Great. And then we have an industrial question here as well. So you have stated that after sales accounts for approximately 60% of the Industrial division. Do you see further potential to grow your service business?

Yes. So I mean, we intend to grow both our new equipment sales. That's the future of the market and improve our penetration in aftermarket. That combined will allow us to grow faster than the group target.

Great. And do we have any more questions coming from the audience here? Good. Then it's time for us to take a break. And when we come back in 20 minutes, we will start off with our Wind division.

[Break]

So welcome back to Alimak Group's Capital Markets Day. We have 3 division presentations left as well as an M&A presentation before our second Q&A today. So let's get started right away. I would welcome up on stage, Rafael Pena, our EVP for Wind.

Hello. Good afternoon. My name is Rafael Pena and I am EVP for the Wind division at Alimak Group. I am excited to share how our Wind division is uniquely positioned for sustainable growth and profitability. Today, you will see our strategy, performance and the actions that we are taking to capture value in this rapidly expanding wind energy sector.

Our focus is clear. Commitment to innovation, focus on operational excellence and service expansion in order to deliver strong financial results and long-term shareholder value. So our portfolio is organized into 4 main areas designed to maximize safety and efficiency for technicians working in wind turbines, supporting both onshore and offshore sites. The first block is the service lift, industry-leading vertical access solutions for safe transport of people and material.

We, of course, meet all local regulations and any specific customer requirement. The new -- the more recent lift delivered to the market have digital controls and connectivity to the -- our Alimak My Avanti web platform, enabling remote monitoring for improved safety, efficiency and service performance. We have all technologies commonly used in wind towers, wire guide lifts, ladder guided lifts and also rack and pinion driving and guiding revision systems.

Then we have the ladders and others. They are safe and efficient climbing systems and also is the original business from Avanti since 1885. We produce them locally at 5 different sites in order to always to stay very close to our customers and markets. We can customize, and we can deliver climbing solutions, combined or not with fall protection systems. We also deliver cable management systems with cable ladders and also guiding Avanti ladders for the ladder guide lift.

Then the third block would be safety. Safety is very relevant for us. We supply advanced personal and protective equipment to ensure safe work in wind turbines, including for protection systems for ladders, personal protective equipment mainly for working at heights and rescue devices for emergency response situations. And then the final block is the service, a strong aftersales offering drives growth, enhances resilience and reinforces also our market position. We have -- we can provide local support to all our customers in the main key markets through one, certified safety product trainings, also through our digital learning platform. Second, installation and all kind of maintenance and services. And third, the supply of the original parts.

So this is Wind division. Our Wind division is built on safety, service and technological leadership. In the last 12 months, we have generated revenue of SEK 656 million with 36% of our -- these sales coming from service and stable high-margin segment. Also, we have provided an adjusted EBITDA margin of 18.1% and our return on capital employed, excluding goodwill, stands very close to 32%, reflecting our disciplined capital allocation and, of course, operational excellence. These metrics reflects our systematic approach and the resilience of our business model.

So margin improvements, as you all know, has been a very focused area in our strategy through the original New Heights 1.0 program, we have -- we've been able to increase our share of profitable products, also reduce our cost via operational excellence and enhance product value through innovation and technological leadership.

The results, as you can see, are quite clear. Our adjusted EBITDA margin has steadily improved, reaching from 18% to 20% in the last quarters. Now as we are transitioning to New Heights 2.0, our focus sets to growth acceleration, building on our margin gains, to expand our footprint and capture new opportunities in the wind market. So wind market is now really entering a phase of very robust growth. Onshore capacity growing at 7% per year and offshore are remarkable 27% through 2030. Asia is leading the way, followed by Europe, while North America is still set for superior onshore growth at 16% a year.

The U.S. wind energy market is experiencing now a surge in new projects as developers accelerate timelines in order to secure the fuel incentives under the current legislation that they have today. This dynamic is creating a short and midterm window of opportunities because projects must commence immediately in the next, let's say, before 4 of July 2026 and reached completion before end of 2030 to maximize this tax credit benefit. So this trend is expected to drive significant investment activity in the U.S., reinforce supply chain demand and position the sector for sustained growth over the next at least 5 years.

So this is regarding U.S., but talking about worldwide we are anticipating also the installation of lifts, new lifts annually as illustrated in the adjacent graph. This growth will be driven by an increasing of lift penetration rate that will offset the moderate rate in tower numbers resulting for higher rate power per wind turbine. So yes, this market presents significant opportunities for our divisions to capture share to innovate and deliver solutions that meet the evolving needs of our customers.

So these are our 3 main growth drivers moving forward. Our strategy is built on these 3 pillars, innovation leadership, after sales expansion and safety product development. These blocks are not isolated. They work together to reinforce our current competitive position. By focusing on innovation, service and safety, we are building a resilient, profitable business with customer-centric solutions that position us to capture further opportunities for the future. So now let's take a closer look to each one of these 3 drivers.

So the first one will be about innovation in service lifts. Innovation is at the health of our growth strategy, especially in lifts, the wind market is now expanding as we have just seen. And we need smarter, safer and more reliable life solution. We are capturing now market share through technological leadership. First of all, with our remote control solutions that allows technicians to operate lifts safely and efficiently, reducing downtime and improving productivity. Then with new predictive maintenance capabilities that means that we can anticipate issues before they occur, minimizing disruptions and lowering the cost for our customers.

Then we have the battery, new battery powered lifts that can offer flexibility and sustainability, aligning with the industry's shift towards greener solution. So in this picture, we can see our service lift, Dolphin, together with our climbing ladder and our fall protection system integrated in a nice and very unique wind tower. So these innovations are not just a technical achievement. They are strategic differentiators. They allow us to win new customers, retain existing ones and command premium pricing. By continually improving our products we are setting new benchmarks for the industry and reinforcing our reputation as a technological leader.

For investors, innovation is key. And this is a key driver of growth and profit. It demonstrates our commitment to staying ahead of the curve, meeting customer needs and creating lasting value. Our focus on R&D ensures that we will remain competitive and relevant in a rapidly changing market, positioning us for long-term success.

[Presentation]

Again, innovations. This time, not about service, but internal. Our internal strategy has changed and has gone and there are significant transformation. As you can see today, we are more focused on driving innovation and delivering added value for our customers rather than simply producing products tailored for individual specifications as we did in the past -- in previous years.

So yes, the video demonstrates 1 of our patented innovations. This is a solution that we call service trolley that the main aim that the customers can have is that they eliminate completely the platforms that they have inside the tower because they don't need it anymore with this system. And this solutions can also -- could also autonomously perform digital inspections of some mechanicals and electrical components using artificial vision and AI. So our goal is to enhance safety performance and ease of maintenance for wind installations.

Our R&D teams are working on new designs and materials that improve the durability and reliability of the tower internals and these advance reduce maintenance costs, expand equipment life and enhance safety for technicians. So by integrating these smart technologies and modular designs, we are making it easier for operators to maintain and upgrade their systems, reducing very importantly for our customers, total cost of ownership. So this approach strengthens customer relationships and also is creating new opportunities not only for new equipment, but also for service contracts and aftermarket sales.

Our commitment with innovation again in internal companies is a clear driver of growth and profitability going forward, helping us to capture additional market share and differentiate from our competition, which is very important in our market.

So at the end, we are -- we secure our continued relevance and leadership in the wind energy sector. So we have gone through innovation in both service lifts and internals and now we will talk a little bit about service. As you can see in the graph, our installed base is expanding rapidly. And with it, the opportunity for service contracts is also growing. As more lifts come out of their guarantee period, we are well positioned to capture service share and provide overhaul solutions for aging equipment.

We are investing in our service infrastructure, expanding our training programs and enhancing our part supply to ensure that we can meet this growing demand. Our focus is on delivering high-quality, reliable service that keeps our customers' operations running smoothly. This not only drives recurring revenue, but also strengthens our relationship with customers, making us the preferred partner for long-term support. The accumulated number of lifts also out of guarantee period also creates a substantial market for maintenance, upgrades and overhauls. By offering comprehensive service solutions, we are turning our installed base into a stable profitable revenue stream. So for investors, the growing base for service contracts provides stability and also predictability for the future. It reduces reliance on new equipment sales and creates a foundation for sustained and profitable growth.

Also about service, we need to talk a bit about the life extension wave. We are now preparing for a significant weight of aftersales opportunities as lifts are reaching 20 years of service and require life extension solutions. This is, as you can see, a major growth driver for our division by offering inspection, certification and a complete retrofit package. We can create economical, environmental and social value for the customers. Life extension service, lower CapEx by delaying the need of new equipment, optimize OpEx through improved efficiency and also reduce waste by extending the life span of the existing assets.

Additionally, this service also improves safety and working conditions for technicians, supporting our commitment to sustainability. So the accumulated number of lifts with life extension needs is set right to start in the coming years, bringing new business revenues for retrofit services and modernizations. This provides recurring revenue, enhanced profitability and reinforces our position as a trusted partner in the wind industry.

Finally, our third block is about safety. Safety is a top priority for our company and our division. We are expanding our range of fall protection system and personal protective equipment related to working at heights to meet the growing needs of the wind industry. These launches that you can see will be possible -- will be made possible, thanks to the close partnership that we have with our HSPS division. By working together, we can leverage the deep product knowledge that exists within Alimak Group. And this internal expertise means that we are building on a strong foundation of technical understanding and market experience.

The synergy between divisions will allow us to accelerate development, ensure compliance with the highest safety standards and deliver solutions that truly meet the needs of our customers. By 2030, we estimate that over 600,000 workers will need PPEs and fall protection system, more than doubling our addressable market today. Our plan, as you can see, is to expand from one currently to four for different type of fall protection systems, title for the wind market that will significantly increase our market reach. Also personal protective equipment is replaced as an average in the wind market every 3 years for technicians, creating a recurring revenue stream.

So segment really contributes very little to our revenue. The growth potential is huge. Through innovation and this partnership with HSPS, we aim to lead the wind safety products.

So in conclusion, our Wind division stands on a strong foundation with a proven business model, very solid value proposition and a clear focus on accelerating growth through New Heights 2.0. We are leveraging underlying market expansion, innovation in lifts and internals, a wave of aftersales opportunities and also safety equipment, as you have just seen, expansion to drive both and top line revenues and margin improvement. So our ambition is to be with the group revenue growth target while maintaining our high EBITDA margin levels.

So thank you very much for your attention. And I give the floor to my colleague, Herve from Facade Access division. Thank you.

Thank you, Rafael. Good afternoon. My name is Herve Ros. I'm leading the Facade Access division since August 2025. I joined Tractel in 2017. And for the past 2 years, I was in charge of the Facade Access division in North America, leading the team, both in Canada and in U.S. Today, we will discuss about the division, and we will discuss about where we stand as well about how we manage to deliver on our commitments and we'll talk about the present and the future strategy, our go-to-market, how we want to leverage our technologies and in a way, also including our approach towards the sustainability.

For the past 3 years, we worked a lot. We worked a lot, especially when we are dealing with restoring the discipline, and I will come back to that point later on during the presentation. We will -- we have also stabilized our operation. We have worked on our legacy challenges. And in a way, we have rebuilt our foundation. So we are ready for the next phase and our next phase is a profitable growth. So let's start with the Facade Access story.

With the revenues of the division, so we are delivering a SEK 2 billion revenues with 41%. 41% is our revenues coming from the services. And if you back to 2023, we were at 29%, so we are seeing a significant increase in this field, and I will come back to that when we'll talk about the aftermarket. We are also delivering a 12.4% EBITDA margin at end of Q3 2025. And our return on capital employed are at 16%. I would say it's okay. But clearly, there is a room for improvement here, especially because we are now focusing on the profitability and as well on operational efficiencies.

We are working on three main segments. The new construction, the infrastructure and the aftermarket. This is key for the discussion today because that's clearly the foundation for our strategy. And the strategy again will be based on the profitable growth. The profitability, so we are talking about profitability. So I will invite you to look at the trend, the trend over the last 5 years, from 2020 to 2025. In 2021, we were delivering something like 2.5% EBITDA margin, where today, at end of Q3, we are at 12.4%. It is a significant improvement for sure. And you can ask me how we managed to do that?

I will say, with different steps. First, we have to be -- it is correct to say that the acquisition of the Tractel was a positive impact for profitability within the division. But also, we are in the project business, and I'm coming back to my previous comment on the discipline, the discipline and execution. From the sales point of view, estimation, it is clear that we are today more selective on the job that we are bidding. We are making sure that we have the right terms and conditions. We are making sure also that we have the right contingencies because when we are doing our risk assessment, we want to be covered.

At the same time, the first phase is the sales and estimation, but we have also the project execution. And here, we are applying the same method and some discipline and execution, especially when we want to mitigate our risk, when we are looking at the different opportunities in terms of [indiscernible] change order as well. And all the processes that we put in place are today helping us to deliver the results.

A few words about the legacy challenges. We worked a lot on the legacy projects. And I will say, by end of 2025, it will be our end phase at the end -- final phase of this legacy project, meaning that for 2026, we don't see, as of today, a potential significant negative impact of this project for the division. A few words about also what we developed over the last 2 years is the consolidation. The consolidation of our manufacturing base, especially the BMU manufacturing base in Spain. So we are in one location in Madrid. Today, we are able to deliver and to supply and to manufacture, sorry, the 3 leading brands: Tractel, CoxGomyl and Manntech.

So coming back to the 12.4%, 12.4%, again, it's better than before. But clearly, it's not at all where we want to be. So there is still a lot of work to do. And the ambition is really clear here is we want to be at the group level margin. So how we'll manage to do that? We'll manage because we'll be focused. We'll be focused on the main key growth driver that we have for the division.

New construction, a brief description, new construction, we are talking about new equipment for new building when a customer asks for an access solution to access the facade for the different operations. We are mainly dealing here with turnkey solution projects, and this is what we are doing, especially with our 3 leading brands. The second leg is the aftermarket. The aftermarket, mainly driven by service and maintenance. But as well with our RRR strategy, where we are offering value proposition towards the retrofit job, refurbishment jobs. Refurb is, for example, you are taking a major part and you're trying to extend the life of the equipment, but also of the sustainability goal for us and for our customers and the replacement.

Replacement, we are taking old machine existing sitting on the roof of the building, and we're replacing by a new one. The third focus that we have today and for tomorrow will be the infrastructure. Infrastructure, clearly, we are targeting 3 main segments and 3 verticals: the nuclear segment, the bridges and the tunnels. Here is we are providing a complete customized solution for customers, mainly also driven by the engineering expertise that we developed over the years.

So let's start with the new construction. New Construction, here again, we are leading the market. We are leading the market, especially with our all-leading brands. And the idea for us after the acquisition of Tractel is today, we are in a position to completely offer the full portfolio of solutions to our customers, meaning that we can go from a low complexity to standard products to the high-end products, such as the BMU, the building maintenance unit.

We can also talk about technology. So technology, as we are leading the market and because we are a manufacturer, we have a role to play here. I will give you the example. Last week, we have been awarded for the Sustainability Award. We are very proud of that. We have been awarded for this specific price due to the technology that we are putting in the BMU where we are putting the mechatronic system. And this today is helping us to differentiate for a very competitive market. So that's also a key point.

Because at the end, remember, we are a global player. We are a global player because we are operating in North America. We are operating in EMEA, Europe and Middle East and in Asia Pacific. But the strength of the division is that we are also local. Local through the expertise of our engineering, expertise in our project management. And this is helping us to, in a way, be very close to our customers to understand their needs, and to be also having a bit deep knowledge, sorry, of the code and regulations.

So I will make a quick parallel. For years, we were doing and dealing with general contractors. General -- and we are still dealing with them. But we want to move higher in the value chain. And the higher in the value chain, meaning that we want to be close to the decision maker. And the decision-maker in this industry are the owner, the developer, and the architects. So we'll come back to that later, but the strategy that we initiated 2 years ago with our design -- integrity design service over the full division will help us to move forward in this value chain.

How we'll find and where we will find the opportunities? I give you here an example of our ambition supported by the market trend. So on one side, you have the tall building. Tall building, this is what I call building above 200 meters, where you see on the completion year from 2022 to 2028, a significant increase in terms of volume by plus 50% and is coming from U.S. and as well for Middle East. Some of you will ask me where is Asia in this graph? Don't get me wrong, Asia is and will be focused for the division. But due to some, I would say, nonreliable data. Just for the exercise today, we didn't put this in the graph. So tall building, this is what we did for years, it's good.

But again, I told you about the fact that we want to go for the full portfolio. And the full portfolio is also with the low rise. Low buildings, so from 4 to 9 floors, and we are seeing significantly -- a significant volume from 9 to 1 between a low-rise building and the building from 10 floors and above. It will trigger, let's say, different solution where we can propose also the standard solution. So again, this is where we want to go, supporting by the market data. How we'll capture the market share, through the integrated design services.

This is something that we launched in 2024 in North America first. Today, we are really active as well in Europe, in Middle East, in APAC. We have recent successes in London, in Dubai, and this is where we want to move upstream in the value chain. I was mentioning the owner, the developer, and the idea is to be very close to this decision maker to offer a new value proposition to be able, in a way to assist them at the early stage, meaning that we can have a better constructability. We can move faster and we can be faster in the time line for the project and in a way, proposing the total control of the cost for the customer.

I will ask you just maybe to remember 3 key data to illustrate the success of this initiative for us, 17%. 17% is the new order intake in North America coming from this initiative as of today. 10% of all the new equipment projects in North America today are also starting with this initiative. And this remember only after 18 months. And at global level, at division level, 5%, we are contributing -- 5% of the division order intake. It is significant for us. And we are very positive because we are seeing now some traction as well from other segments, which is the aftermarket, but also the infrastructure project.

The second leg, the aftermarket. The aftermarket for sure, is driven by the inspection and maintenance with our service technician be present on the job site. And I will say, more technicians that we have at the job site, the more we'll be able to grow our pipeline. And why it's important for us is because we have also developed over the last 2, 3 years, our strategy, the RRR our strategy, refurbishment, retrofit and replacement. This strategy is probably 1 of our biggest success over the last 2 years because the order intake from, again, this initiative has increased by 50%. And is, for sure, a very strong positive margin contributor.

We are also very enthusiastic for the future because we know that 40% of our installed assets are more than 20 years old. What does it mean? It means that it will trigger two possibilities: one, a refurb or two, a replacement. In both cases, we are able to provide and this is what we want to do.

I will finish with, let's say, the initiative to reinforce our relationship with the property manager. That's the key decision maker here with the training to reinforce the relationship but as well to reinforce the safeties. So we are going through a digital approach. And also the fact that because we are talking about extending life, asset life, we are talking here about the -- supporting the CO2 reduction for our customers.

The third leg, very important for us for the future is the infrastructure. The infrastructure, again, I can give you some examples, especially on tunnels and nuclear. We just announced yesterday a significant project for us in nuclear for supporting the construction of the small modular reactor. You can see on our website. But for the exercise today, I will focus on bridges. The bridge is a very important market for us in the near future. Why? Because you are seeing significant investments and this significant investments are driving the demand. We have example in U.S., we have example in Europe.

In Germany, they announced a major investment for the next 10 years. You have the same example in Norway. I'm coming from Canada. I can tell you, in Canada, it's also a major part where the government and the states are investing. And for a good reason, the aging of the bridges. 505 of the U.S. bridge, and roughly 50% of the European bridges are over than -- are more than 50 years old. And this, you have only two solutions as well. You maintain the existing one or you replace one.

And again, this is what we developed over the last 2 years. We signed 2 projects in North America recently, and we are proposing this kind of solution or a temporary platform underneath the bridge to help them to build the bridge or permanent platform, a different technology, a permanent platform underneath the bridge to help them to inspect and to maintain. So we are well positioned today for this market for the bridge, for the nuclear and for the tunnels. And a key data is our ambition is also very clear. We want to have, let's say, 15% of our order intake by 2028 coming from this segment.

Now talking about the future and because we are leading in the market, it is also all to anticipate and to define where we want to position the division within the next 3, 5 years. This is key for me. I think that we want to position the division within the asset management value chain. Why? Because we have a role to play. We are closer today from the key decision maker, the owner, the architect, the developer. And we are seeing that as the asset manager, their role is to protect the value of the asset. The asset here is the building and you have information from the inside of the building.

You can deal with the elevators, you can real time with the AC system. You can control the flow of your people, you can predict the advance. But think about the outside, the exterior of the building. You have nearly nothing, no information. And that's the idea. How can we use the tool? And today, our tool is the access solution along the facade. Or can we access use this tool, not anymore as a tool, but as a data hub. So meaning that between every drop or for every drop, sorry, we can start to collect data. We can start to monitor the health of the facade. We can map 3D the facade. We can work on the operational efficiency of the facade as well. So this is key for us. And it will also probably drop -- help us to develop more and more opportunities.

We are investing money, resources and time, especially with our R&D team. But how can we accelerate that? We can accelerate that also due to our partnership. So I want to focus on this specific one because we signed an exclusive partnership for the next 5 years with Skyline Robotics. And we had the ambition together, combining our R&D to support in a way, the key decision-maker here is the property manager. The property manager is facing difficulties today for the cleaning, the cleaning cycle, the window cleaning of the building. For one good reason is the aging of the population. So the window washer today, first, it's difficult to attract talent. The job is still, I will say, difficult to operate during winter, and it's not the safest job in the world.

So as of today, the lack of resources is also impacted our customer and basically the way that they are dealing with the operation. So our goal is to create and to develop an integrated robotic building maintenance unit. And we are very glad to say that we already signed our first integrity design services with them in North America, where we are starting now to develop, to study and to be able to provide solutions for the next 2, 3 yeas.

One important point, we believe in this technology. We believe in this value proposition for our customer because we have invested in this company. I'll summarize, and I will conclude quickly with one key point of profitability. I will continue to say that will be and will be our key priority and for one good reason, I was managing the business in North America for 2 years. And I can tell you that this business in Facade Access is proving that the model is working, meaning that we managed to deliver for years and EBITDA margin above the group level margin. So we know the playbook. We know what we have to do.

I explain you where we want to position as well the division on the high-value segments, the IDS, the integrated design services, infrastructure, the aftermarket. And because we are also, again, leading the way, leader of the market, we want to continue to innovate from the Facade Access to the Facade Intelligence. So again, in terms of ambition, we want to reach the 18% by 2028. At the end, it's all about people and our people, the 1,000 people working in this division, they are committed. We know what we have to do. We are doing it. And in a way, we are -- and I am very confident on the outcomes.

Thank you very much. And I will leave the floor to Jose Maria.

Thank you, Herve. My name is Jose Maria Nevot. I'm heading Safety and Productivity Solutions. In the past, I was running Wind divisions, but from March 2025, I started and I have the honor to take this role. Today, I will walk you through what is the current division performance, what we do, where we do that, the new strategic directions and the growth opportunities that we look ahead in 2026 and beyond.

So as the last 12 running months, we are at the level of SEK 1.3 billion with a share of the services just up to 15%, even if it has been improved in the last few quarters at EBITDA level of good 18.3% and a ROCE of 14.3%. We are not happy with this data, and we are ambitious and expect revenues to grow beyond what's ahead of GDP. For the EBITDA, we have to establish a new bar to increase the service level, not at the group level, but a little bit closer and the same in the ROCE. So -- but before we move into that, what it is this division about?

Safety and Productivity Solutions has 3 main areas: high safety in which we can divide in personal and collective then we have productivity solutions with lifting, handling and measuring. And finally, the services. In the services, we make inspection, repairs, calibration, spare parts and training. But we start -- we had safety here, our job is basically safe work at heights. For that, the first thing you need is to have a harness, harness a position and [indiscernible]. That's the first point. Then to be able to work around for your work. And on that, you need this kind of self-retracting devices that we commercialize under the training block 4, and then the rest of the equipment for rescue and the centers and even for more complex solutions that goes into the -- what it is called the confined space.

Then in the high safety collective, we have a large range of products as well. First one would be the guard rails and gates that are used in the industry and in the construction. This is an important and relevant product range that we commercialize in North America. We have safety lines that is based on cable. So in the rigid profiles. And last but not least, the safety access ladders.

Moving into Productivity Solutions. In the lifting, here, we have to think that we are in our shop, and we have to move to lift some loans. We have the full portfolio. So we have motorized and manual for cables and for chains. So I will start by the manual cable hoist, which is called Tier 4, and it was patented in 1945. It was a revolution in the sector, and it is today one of the best sellers. Then when it moves into motorized, it was for the mini 4 up to 500 kilos. And above that, it was the [indiscernible] which was a machine that was delivered to the market in 1975. And actually, it was a world of success on sales and which is still very relevant in many sectors.

Then we have as well the chain hoist, manual, the [indiscernible] as well as the motorized one, which is well track. Then when we are having something to pull, we have to handle the loads here is what we have from very simple clamps to -- I would say, mid complexity to move barrels to move big stainless steel cylinders or even to make the rotation of trailers in track construction. We have the magnets, permanent and as well fed by batteries. And [indiscernible] hooks here, again, from very simple and basic solutions to very heavy solutions that are used in the polar train of nuclear power plant.

And finally, we are pulling goods, and we are picking them and clumping them. In order to make it safe, we need to have a measurement and control of these loads. So it has developed a full range of devices that are able to measure the loads. That's the [indiscernible] range that goes from few kilos up to 350 tonnes, and then as well to measure the attention of the cables within the rope and within line.

So that's what we do. Then we're moving where we do that. So we have 9 manufacturing facilities in 7 countries. If I start with textile or soft goods, we have in Mexico that is dedicated for the North American market in Turkey and in France for the European and then the last one in China. For what is high safety and productivity tools, it is basically in Central Europe, Germany, France and little bit in Spain. And then we have the factory in Houston for the guardrails and the gates.

Talking about the sales, I would like to mention that in our sales are very much concentrated. So 64% of our current sales are happening in Europe and 28% in North America. So that is giving you, let's say, a guide of what would be the strategy to come. Other point to understand as well is our sales are happening in the distributors at 60%, 50% of that is generalist, 1/3 is going to lifting and handling and the remaining for PP specialist. And 40% remaining is going to elevate our companies, installers, OEMs, rental firms and other small users.

So getting back into financials, we have proven strong stability. I mean, it's stably flat in all the parameters. So over rolling 12 months, order intake has been consistently beyond SEK 1.2 billion to SEK 1.4 billion, and the EBITDA margin has been between 17% to 20%. So our ambition is to trigger a profitable growth of revenue at the level of between 8% to 12% at group level, while our adjusted EBITDA margin even it has been quite resilient, we have to go to the level of SEK 20 billion. And how to achieve that?

So here, the enablers or the pillars or the main strategic initiatives are these 3. So in the organization streamline. Here, it will be a little bit like new heights 1.0. So we are going to establish the base, the foundation in order to further development. Second, customer obsession. Here, we are segmenting the customers to understand what is our potential reach and try to win with appropriate offer and tailored solution. And finally, which is natural with the geographical expansion, as you can see, after that 90% of sales that are happening in Europe and North America.

So let's just start with the organization streamlining. About the structure, we want to reduce the number of fiscal and reported entities. We will centralize operations, R&D, marketing and product management. We will share platforms, KPIs and governance for making faster decision and execution, and we will improve the margin through efficiency gains. Relative to supply chain, we will need to optimize that as well. We are introducing the maker by concept, and we will set a smart manufacturing footprint. We will utilize the operations, we will use a common ERP in all the units, and we will apply consistently practice across sites for quality, efficiency and safety.

And it has been mentioned in sustainability on the tractor side, we have to catch back and we are doing that by the end of the year, and we have been working the life cycle of their products, the processes and even with the reporting, and we will get there. And in the product development, that is, I would say, a substantial change with the previous strategy. Because here, it is going to be absolutely driven by market needs and customer value. So we need to understand what is their game plans and associated with the new technologies or current technologies to find the right solution. So we are simplifying our structure to become more efficient and robust integrated sustainability through our value chain and fostering an innovation-driven portfolio. So our model will be ready for growth.

In the second pillar, customer obsession. So here, we are going to adapt our sales channels. We will study see if it is going to be direct or e-commerce or through distributor based on the customer and solutions. So this flexibility will allow us to maximize our reach and impact in each of the segments. And then we will get into detailing what each one of them. I will start with elevators, where this sector -- within construction, it's a sector where we are well introduced, thanks to the solution that we are within a within Tractel, and for the Big 4, they will be centrally managed with customer support and project coordination and the others will be supported by regional systems with distributors, supported with training and package offers.

In construction, for the large again, there will be a direct engagement to understand what are the needs and to find a solution. Meanwhile, the mid and smaller companies will be through standardized offers via the distribution networks. But nevertheless, in our contractors, we will develop project-based lift in our handling solution, basically on the -- elaborating on the [indiscernible] with modular equipment eventually flexible leasing models. We will set up this localized service structure via certified partners with digital tools to ensure fast and reliable support and we will explore textile products and chain hoist to capture price sensitive, but high-volume markets with cost-effective solutions.

Moving into industry. Here, we will adapt our offering to local safety regulations and industrial standards in the targeted industries. So the targeted industries, there are some -- where we have already a degree of introduction, which is in the energy, in the oil and gas, in the nuclear as well as in wind. And the others that we have the possibility or the opportunity to get better penetration like in food, beverage, pharmaceutical and chemical. So there will be direct sales by offering specific solutions in lifting equipments, confined space, rail and gates access, and we will engage with the maintenance department through specialized distributors for the rest of the standard catalog.

Then into the third, which is the infrastructure here, it will be absolutely direct because we will win the trust through demonstration, expertise and tailored access solutions for cities and public services. Here, we will focus on municipalities and utilities in water, water waste and electrical networks. And here, we will have direct sales with by on-site demos, some pilots to show the full solution portfolio. So besides that, to manage that, we will need to manage public tenders with a structure follow-up with clear timelines, proactive big management, and we are using artificial intelligence in order to manage that. And we are building a regional partner network as well to ensure the project execution, compliance and smooth implementation.

Here, I would like to say that even if our sales are divided 70% in construction, 20% in industry and 10% in infrastructure, what we expect on the growth ahead to come is going to be divided in equal parts for each one of the areas. Then about geographical expansion. Yes, clearly, we are strengthening our positioning in Europe and North America. You will see that in a couple of slides, but meanwhile as well, we are increasing our activities in potential markets like Brazil, Dubai, the Kingdom of Saudi Arabia, India and Australia. Each one of these regions are offering a unique opportunity for growth, and we are committed to unlock all the potential. So in order to achieve that, we will -- we are using, again, where we'll establish a position with the elevator industry that is allowing us to penetrate these markets in a much faster possibility.

And all these countries actually are bearing -- we are leveraging as well the fact that in some of them, there are other divisions present so we can establish ourselves faster. And we expect that about 25% of the total growth will come from these regions. But while yes, we will drive destiny through these 3 strategic initiatives. There are inorganic opportunities for expanding this profitable business. The market here is actually is very large. It's very fragmented. It's dominated by regional players and standards. So the possibilities for inorganic growth here are 100 plus -- is extremely large.

So here, what we have established is a clear strategy in order to weight them in order to manage the funnel or the pipeline, where we are looking at the possibility of vertical integration, downwards and upwards in our value chain in the new footprint in areas that we have not present and in the new technologies and services activities. And actually, we are starting to act according to that. So a good example, it could be this recent acquisition of Interlift that was signed in October 21, and we expect in the short term to have the closing, it's a distributor, it's a lifting and handling specialist that is based in the south of Sweden, which -- with revenues about SEK 50 million.

And what is that bringing to us? Well, it is, first of all, strengthening our position in Sweden, where we were not present as HSPS. We are creating the direct relationship with very large customers where we can leverage the full value chain from the production to the end user. We are expanding our portfolio because he is adding as well some solutions that can be applied for shipyards and water infrastructures. And that is as lifting and handling specialist is generating as well possibilities and opportunities for high safety solutions that we can increase in the portfolio. So all in all, it is -- it can be a model for future strategic moves in other markets.

So in summary, our division is well positioned for growth. We are streamlining our organization, tailoring our approach to customer segments and expanding geographically. The market consolidation through acquisition will further accelerate our growth. And our ambition is to deliver the group target financially with this 8% to 12% and 20% EBITDA. Thank you for your attention. Looking forward to your questions. And now I give the stage to Matilda.

Great. Thank you, Jose Maria. So well, when I'm not hosting our Capital Markets Day, I actually have a day work, and that is working with M&A and strategy. So I thought I would take a couple of minutes to present a little bit more around the M&A work that we do. I would like to start off with showing our M&A process, and this is fairly standard. I think most companies have a process similar to this. But I would just like to highlight a couple of things here. As you see, we start with the group and division strategy. So it's really all M&A that we do. It links back to the strategy and the strategy that we have. And it's also based on those that we get our prioritized M&A areas as well as the funnel with the target long list.

And as you heard from my colleagues today, we do see a lot of M&A opportunities in all divisions, and you can see that that's clearly linked to the growth strategy that we have. And in the end of the process here, we have the integration, and that is the most important step for us when the company has become integrated into us. So what are then the key success factors when it comes to M&A? Well, common for all M&A we do is that it builds on the same principles. First, we do it ourselves. We create our own target lists, and we priority them -- prioritize them based on our own criteria.

In the beginning, we look at things like the market position, the strategic fit with us and also the financial performance. And this is something we do get a lot of questions on what are your sweet spots? What are you looking for when it comes to the financials for targets? And the target should be of a decent size for us, not too small to spend our time on, but also something that we can swallow. And on the EBITDA level, we have quite high requirements. We would like it to contribute to the group margins or be at the margin today where we quite quickly can lift it to the group level. So that's a quite tough criteria that we have.

Further when it comes to doing it ourselves. We are the experts in our own industries. That means that we drive the commercial and operational due diligence ourselves. For some of the due diligence process, we might need local advisers, but then we always make sure that we own the process and we take all the key decisions, that's always up to us. Second here is our focus on people and culture. As mentioned today, people is the most important asset in the group, and that is certainly also true when it comes to M&A. Therefore, we believe in being transparent early on being clear with our plans for the acquired company. But also, we make sure to assess the culture fit along the process, along the discussions with the target to really make sure that we could fit well together.

And lastly, the ownership of the plants. Here, we make sure that we get the right stakeholders in from the start into the process and that they help to create their plans. This creates commitments, both from the buying and the selling team and is also a key success factor in our integration work. But it also means that we can drive multiple M&As at the same time. Because it will be different people from different divisions and different geographies that are involved in the processes. It's not only up to me and the small team sitting in Stockholm that to do everything.

So now we talk a little bit more about the traditional M&A. But in the last couple of years, we have also done a couple of strategic partnerships that we have invested both time and money in. Jens mentioned all the good benefits that we get from the partnership with service protocol. And that is a company that we acquired a 45% share of in 2022. And since then, they have actually become 4x bigger. And that is not only due to us rolling out to our own service technicians because we think it's such a great tool. But actually 70% of the revenues come from external parties. So they are also driving growth on themselves.

Then another partnership that's been mentioned was Herve that mentioned our partnership with Skyline Robotics. It's a bit newer. We formed it about a year ago. And there, we also did a minority investment. And partnerships like this is something that we hope to be able to do more in the future to really stay at the front and be leading technology. And that was all for me on M&A, and then I would like to welcome up Rafael, Herve, Jose Maria and Ole again for a second Q&A.

Good. So let's start to see if we have any questions in the room.

How happy you are with the current business structure, 5 divisions? And of course, I understand that there are some synergies, R&D synergies between the certain divisions. But I must ask that, that why you have a safety division because it just makes your group more complex, and it is very hard to see that how it kind of creates the shareholder value if it's just to increase the complexity. So can you please give me one reason why you don't divest it tomorrow?

Why don't divest -- HSPS. But I think all these divisions actually function into more or less the same market. We are involved in the same thing. And if there is one division, which actually have entanglement with all others, it's HSPS. But the go-to-market for HSPS is not direct like you see for most of the other divisions. It ends up with the same end user, but the go-to-market is more typically driven by distribution channel and partners. So that's why it has a benefit of driving it separate as a division and not sitting or split it up into the other divisions. So I think it has a clear value long term.

And I think also some of the things that we see going forward in the strategy that we can actually become even closer to customers with these type of solutions. We might, over time, move more direct and get more into the service. This Interlift acquisition we did, I find to be actually very interesting. Not because it's a great company, but for what it is. It is actually a local distributor in Sweden, focusing on lifting and handling. So -- and it's been a distributor of HSPS, but also multiple other brands.

But also what they do quite a lot is integrate. They have lifting knowledge and capability, and they work with different integrators or companies to provide lifting solutions. So it has a very, very -- I think, interesting perspective going forward, which will also take you closer to the other businesses. So for us, it has a natural home here. And I think it also has a very natural structure today, these 5 divisions, the way we operate to ensure focus and not try to mix it too much. I hope that...

Okay. Let's take an online question, and we see if we get more. So here we have a question. Would you be willing to exceed your leverage targets when you make acquisitions?

Well, in principle, the short answer is no because we have a leverage target for a reason. And that's something we should stay within. But it's also said by -- when we made this by the Board and the agreement is that for strategic purposes, we might be able to overshoot it like we did with the Tractel acquisition we had. So there is a possibility for the Board to act on it if -- or to overshoot if something like that would be needed. But the plan and the ambition is absolutely not that, it's to stay within.

A question. You said something about the North American margin within Facade Access being higher than the group. Maybe how much that is legacy Alimak Facade Access? And how much did you get some margin accretion from the Tractel synergies for the Facade Access division? Or how -- maybe some comments on that yes, what you see?

I will not provide a straightforward answer. I will not give you the numbers. But it's clearly -- I think if you compare especially North America business, the thing that I know, I will say that we are coming back to the principle of the discipline and execution. And this is what I believe Tractel brings to the table is discipline in execution because everything that I explained today was, yes, the strategy where we want to move forward and what we want to achieve. But it's representing, what, 10% but 90% will be the execution. So this is what we bring to the table at that time when Tractel has been acquired.

Yes. And just a follow-up on that. Of course, you have seen maybe a larger increase within the service part for Facade Access also over the years. Is there a ceiling of that part or -- is it as you said, focused on all different...

No, no. It's a group value. We are challenging the limits. So I don't see any ceiling. My point is we are -- the situation is very different between countries. For example, one question was about the penetration of the service. I'm not looking at the penetration at the division level. The penetration in a few countries in Europe or in Asia or in North America is completely different. It's based on how we operate in the past. If we are present in the country, how competitors -- how many competitors we have in the region. But in terms of ceiling, the fact that we are progressing and continue to progress the fact that we are putting a dedicated team as well for the aftermarket. This is, for sure, a complete -- a driver also for the growth for the future.

Yes. And also sort of how you review projects today compared to previously, what was sort of the main issue where you got these legacy projects, which lower margins? Was it...

Yes, I will tell you. I believe that legacy Facade Access Alimak was product-driven. And here, we are in the project business, totally different world. And when I was talking about tender reviews, contingencies, my background is project manager. I was starting as a project manager. So contingencies, the mitigation -- risk mitigation, how we want to deliver the value to our customers and how we want to pilot our project. That's what we are doing today, and this is what we started 3 years ago.

And if I also add to that again and also this HSPS question and so forth, to -- it's not only about the product or that you actually -- but you need to understand how you should go to market and how the business works and how to set yourself up to be in the most effective way, and in a competitive position. So understanding that this business is a project business and running it like the project business, versus that you try to define it to be a product and sell it as a product. Then you are lost. So that happened there basically.

And the same with HSPS or it's not the same history, but HSPS to really understand that, that is a distribution business and handle it like that and work with it in that sense and be set up, then you have other parameters that drive success. So this is a fundamental piece in why we have the division structure. They have different not only products and customers, but also different go-to-market with different critical processes and we need to be set up and handling that in the right way.

Yes. So a question within the Wind division. And given the initiative within innovation, et cetera, how do you view the competitive landscape within your division in particular?

Yes. We are now growing in R&D resources, and we are mainly having both base for R&D technological center. We have one in Spain and another one in China. So they are because markets Western and Asian markets are quite different. So we need to have our own R&D in China for the Chinese market and also the European one for the most of the Western OEMs and utilities, and we are growing. And very happy to see that the advancements and the new products that we are launching to the market but they are really covering the customer expectations.

Okay. So -- but would you say that the competitors are also looking at this type of innovative -- I mean, is it an advantage for you? Or would you say that this is just a necessary development within your division?

We are not looking at the competition. We are more looking to the customer needs and the market demands. So in this case, the service role is not coming from the competition. It's coming from discussion with the customer. And okay, you are paying a lot of money for some platforms that maybe you could avoid if we could put this service in our system, then you could avoid to put all these metals and then it's more cost efficient for you and sustainable.

Also, we are working with a lot of AI new products for the next years to come. We know that some competitors are also doing that, but we are focused on our own knowledge, the knowledge of the experience of the market that we have and also to be very close to the customers in order to really understand what are they need? How can we make their lives better and how they can pay for this value that we are adding to our products. So this is where we are focused.

And it works.

That's great. I'll take one more related to your M&A, and it seems like you see a lot of potential in all the divisions. But do you see any more like stronger potential or more like low-hanging fruits in any specific division in your view that could add value in the near term?

I think all divisions have a lot of potential in their own way. And then they have a little bit different maturity level also in that sense. So I will sum up a little bit also about each division. So I think I will come back to it a little bit in my sum up. But all are today absolutely equally important, and we see great potential in all of them. As I think you have seen today and yes. But still, they do have -- they are in different places. They serve different markets and it's yes, different things on the agenda. But again, it's the logic behind these divisions. So that you don't bake a cake out of everything.

Yes. And I can just add as well as -- as we mentioned, we have M&A opportunities in all divisions, and we have active pipelines that we are working on. But then it's -- of course, also a timing question sometimes that the right target should come up for sale at the right time. So it's not that we have prioritized one division above someone else. It's more sort of coming down to the right target and finishing that process. Good. We have a question at the back.

Could you talk a little bit about what sizes of acquisitions you're looking at? Would you, for example, mainly be doing bolt-ons. So would you do consider larger acquisitions as well? And also if you could delve into sort of return criteria or multiples that you wish to pay?

Yes. First of all, I think it's bolt-ons. It's -- we don't have anything in pipe or any plan that we would do Tractel again. And it's not because we don't want more French people on board or anything like that. It's -- it was a fantastic acquisition that we did with Tractel. We got so much competence and great diversification -- all these aspects that we have gotten into the group. So -- but it's a big one. And it requires a lot of time and effort and so forth, which you would like more to be able to keep speed in all parts of the business. And then acquisitions could also be this catalyst that helps keep the things moving faster forward. So I more believe long term that it's better to do smaller and in more places in the group.

So that's more the -- let's say, the strategy and sweet spot, but our type of size of divisions, maybe from some tens of millions, SEK 30, 40, 50 million up to some hundreds but not -- but it could also -- yes. But as I said, it's nothing in pipe or nothing that points towards today that it will be something like the one we did.

Multiple-wise, you talk about the pricing and so forth. Typically, then you buy or you're into acquisitions, which is maybe more privately held or localized in a certain way. So then typically, you have quite favorable multiples. So as it's very well known, we paid a 10x multiple on Tractel but I don't see at all that we would need to be back in that type of level with the acquisitions we are working on or seeing in pipe today, that would be well below, which I think is market standard also more. So pricing is -- shouldn't be a big issue, but also is this thing, you need to be pragmatic. If it's not within the range that you're willing to pay, then we don't do it.

Good. Then we have some questions online as well. So we have an M&A question to Jose Maria. Can you explain more about the acquisition targets in HSPS division, as you say, it's very fragmented? Is it more that are similar like Interlift or is it other segments as well that you're looking at?

No. What I mean about the market itself is not related to Interlift is that in the high safety and productivity solutions, the quantity of product solutions, there are -- is very huge. So we are taking part in some of them. And there are other adjacent niches that we are not touching. For example, these kind of things for breathing in a confined space, some things like that. So there are many of these activities. Additionally, for the range that we are developing and commercializing and servicing. There are many, many actors because it is very much regionalized by the local actors with the local standards. Therefore, the potential for consolidation there is huge.

So we can be strong with some range of products in some regions of the world and consolidate with others in others. And then what is about Interlift is different is in the downstream, is to be able to get the full value chain and then to have direct customers that are relevant when the energy and so on. So it's a little bit different. Hopefully, that answers.

Good. And then we have a question here for you, Rafa. So you had an impressive improvement of the profitability in the Wind division. I mean, some of it was also driven by Jose Maria, so you could take some credit. But do you expect to be able to remain at that level?

Of course, this is our target. We want to grow according to the group targets, and we want to -- and we will keep the profitability levels that we are providing today. We'll be growing in new equipment, but we will also be developing, as I explained before, new services about inspection -- 10 years inspection and lifetime programs that will keep our profit high. So why not yes? That's our ambition.

Great. And that was all questions online. If we don't have any more questions from the audience in the room, I would like to hand over to Ole for some concluding remarks. Thank you.

Yes. I think I'll start here. So first of all, very nice to have been hosting this event today, and I will try to summarize a little bit what you have heard, started off with a group strategy, trying to give you, again, I've said this many times, but we think it's so essential to how we operate and who we are and why this group is now very different and is on some -- a nice journey going forward. So to really understand how we work, why we are set up the way we are and also -- how we can also continue to drive forward in a strong way and now accelerate into stronger growth and even more profitability.

Hopefully, you also get some confidence that we actually do what we say. So we deliver, that's the fundamental piece of the attitude and the way we run the company. It's an important piece, of course, you could all say in this room, it's -- yes, of course, it's granted, but it's not like that everywhere, but this is something we really, really focus on. And that's also why we put targets relatively close to our heart. That it's not 5 years or 7 years out. So you need to think about it in 2 or 3 years. These are targets that we wake up tomorrow morning. And we need to drive them and we need to or we are already doing that. So that's a fundamental piece that you also understand how we drive metrics. And it's a reason why we show you ROCE on the division slides. It's not because we want to bribe about it because maybe in one division, you can bribe about it. But for the rest, it is what it is and you have a lot of potential.

So the point is just that we want to show you the way we run the business. For each division, ROCE is important. For each division, capital allocation to the question, is important. So it's driven in each piece, and it's driven at group level. But again, it's a symbol of how we are decentralizing and giving responsibility and activating everyone in the organization throughout fundamental. And then about each division, if we sum them up a little bit, what we have seen today and where we are?

Industrial division, starting off there because it's a little bit the performance-wise currently best-in-class. But it hasn't come from there. It's been really this work that we have done over these last 5 years, putting up a separate focus on it, getting people in and giving them the autonomy and nowhere to hide. You can't sell a bunch of construction hoists and be happy and meet your targets. You actually need to drive industrial projects which is fundamentally different.

And driving this globally, adding people and going forward, that has led to that we have been growing very fast and we will continue to grow fast. And we have also lifted margins fantastically talking about this penetration rate of service of things like this, that's a language that is now part of the daily business, but it wasn't before if you are not into it as an example. Facade Access, the way that has been lifted and where we are versus where we were 5 years ago and driven both from the legacy fixing that, but also what the acquisition of Tractel meant, getting capable people on board, getting a process that actually is working. Getting this successfully together and driving it forward.

So it's also there, we have done -- I think, as a team, a great job, but we are not finished. But we are onto that. We will fix that. We know how to do. So it's just to continue to do it, but it takes time. So -- but when you are long term, you have also that time and you -- and it's not that we work slow for that purpose, but it's just that we work in the right way, I would say.

If you take construction, also the legacy business of the group, where we have a fantastic base to bring forward the name, the presence, the leading thing all around the world wherever you go, you see this orange machines. We all have dressed up well that for today also. And unique position with -- but the core product. They have also lost it a little bit that lighter machinery and really for working from a product or a customer perspective was not fully there. So it was more focused on the product.

But when you turn it around, you start to see all these opportunities. You pay attention to what David was saying. We are diving into industrial temporary opportunities. We are taking control of our old future destiny. Not sitting here waiting for a rental company to order hoists from us. But we go after segments and business and really now we have a good competence. And with our market presence, we can do more. And that's what's happening there. And then on top, the market has been very, very unfortunate or not good for us, and that will also support it going forward.

For wind, fantastic turnaround that has been done with that business when we really started to become focused on the customer, understanding what these few customers wanted understanding that this was some sort of automotive type of business and driving it that way. That turned profit that turned the confidence from the customer side into us into something completely different. So we win, but it doesn't come by the -- easily, and it doesn't come that it is hard work every day committed to always drive forward that keeps that business in the way it is.

And then HSPS, I think a fantastic base that has so many things with integration possibilities and markets and so forth with the rest. So it will be so easy to also break it up or do things and try to bake a little bit of cake again. But it has uniqueness to it. You need to keep it separate and to get that type of thing. And then slowly and steadily, like Rafa was talking about, we see now, and they are driving between Wind and HSPS. So clear cut synergies on the product and the market side. So these things, I think, also clearly will come but we don't enforce it. It needs to be found a little bit by the business themselves.

So there is greatness, I think, to all of these divisions. And then we share a very thin layer on top, supporting. And technology is basically the only thing and we have this nice way of working. One example, I didn't bring up when I started, but ERP, the way we work, I guess when groups talk about ERP implementation, it's something that wakes investors up and analysts because normally, that means a lot of cost. It means a lot of complexity. It means a lot of issues. And history, historically, I think it was the most common denominator for CEO's being kicked out.

So -- but we have been doing ERP now for 2 years. But we're not talking about it. And why? Because we are doing it. It's not a cost that you see below the line or that we try to address or we are doing it day by day. So we are implementing unit by unit, but it's driven by the divisions and we own the whole thing. Yes, we use some consultants, but it's just -- so we basically learn. But we are also doing it in a smart way. We don't do it because we think that an ERP needs to be fitting to us. We do it because we need an ERP to be able to do our daily business. So that's the opposite thing. So that will be an Excel thinking. If you need a spreadsheet, would you think about starting to adopt or change Excel before you enter your figures No, you wouldn't. You would end your figures and utilize Excel. And that's the thinking we also have with ERP.

We have found Microsoft's ERP, very simple, but more than enough for us, and we implement it and we adopt to that, simple as that. So I think small basic things like this is the way we try to do things. And it's the decentralized when people own it, and they are seeing the consequences of decisions themselves that you get effects like that. So I hope that you have seen that we are true to our strategy that we have a lot in each division. And as a group, it's -- hopefully, it should be a good investment. It's this -- I've talked a lot about this number too. So I will talk about this before I close up, is that it is a proven business model that we are showing you now. We clearly believe. We have this fortunate thing that we are supported by megatrends. So it's a business which actually will live for a long time. So it's not something that will die.

And as long as we keep moving forward, we will we will also be the winners in this sector. We have a great foundation in the fact that we actually do sell bigger machines with the service need. And so we can really be part of a bigger loop and we are that to the full context, which gives resilience and all that -- also from a geographical perspective and also from a divisional or customer perspective, as you saw from [ Sylvain ] and we have a good financial model. We don't -- we are not overcapitalized. We run healthy in that respect with whole lot of -- the right metrics. So that means that we are able to invest and take care of our own destiny also in that respect going forward.

So that's the status now, and now we are moving into 2.0 with a new hike in our financial targets, which we are committed to deliver like we have been with the ones that we have had so far. So with that, I would like to start my thank you. I would first thank the team that has organized this from our end today. Matilda, Jane, it's Tobias. It's Daniel. It's several people here that has worked intense with it for a long time, of course. I want to thank [indiscernible] for organizing everything here. It's worked very nicely and that's important. So you feel that you are taking care of.

Of course, all the 3,100 in the groups that are delivering results every day and drive the group forward, the speakers that have been on stage today. It's not something we do every day. So of course, it's a nervous exercise and so forth. But really, I hope you see the genuineness and the way we are into our business, all of us and how we drive things. And also, of course, thank you to all of you supporting listening in, being here today and online. So thank you until next time.

Welcome to the Alimak Group AB (publ), Q3 2025 Report Presentation.

[Operator Instructions]

Now, I will hand the conference over to the speakers, CEO, Ole Kristian Jodahl, and CFO, Sylvain Grange. Please go ahead. 

Thank you, and welcome to this quarter 3 2025 call. And as always, as you know, I have with me Sylvain here. 

Turning the page and making a short group recap. As we always do, we are a leading provider of sustainable vertical access and working at height solutions.

Some fundamental drivers for our success are that we are supported by global trends like urbanization, safety regulations, increased electrification, automation, et cetera. 

We do have a leading market position in the niches where we focus around the globe. It also means we have a global footprint and a large history.

It's a significant installed base that you find out there, which is something that we, through our global service organizations, also take care of. 

So that's a fundamental piece of the group, the service and the aftermarket. And we do have a strong balance sheet and strong cash conversion.

But how do we all make it happen? Yes, if we turn the page, it's about the new Heights program that we have had in place now for 5 years, which continues to serve us well. 

Also, we will have the CMD, Capital Market Day, on November 25 here in Stockholm, where we will talk more about New Heights 2.0 and our journey up to 2030. So, I look forward to seeing you there. 

Turning the page, we also have our financial and sustainability targets, as you do know very well. And these are targets we are 100% committed to delivering on, and we are, I would say. 

Turning the page and diving into the quarter. The markets continue to be challenging. But at the same time, it's also very pleasing to see that our New Heights strategy, which I was alluding to, and which we have had ongoing now for 5 years, is continuing to serve us very well.

And we show resilience in this challenging market. 

Order intake was up 4% organically in the quarter, and it's actually 4 out of 5 divisions showing organic growth in order intake. Revenue was up 1% organically.

But it's really the challenging construction market that continues to influence the group. And they also see a very low level of investments for CapEx in new hoists in Europe and North America, and that's affecting our Skelleftea factory, as we have also talked about before. 

Also, the summer months were now very slow for the HSPS division, and that's also driven by the construction market that which they are partially exposed.

Then we also had this new administration's focus, or negative focus, if you like, on wind energy, which has caused an impact on developments there over a short while. 

We saw something in Q2. We also see it now in Q3, might be a little bit in Q4, but it's also something that is temporary and that will go away, and we see a good base going forward from '26 and onwards. 

The strengthened SEK is continuing to impact our conversion results. And that, together with the weak Construction division margin, took us then to an adjusted EBITA margin of 17.3% in the quarter, which still is a good margin. And it's only 3x that we have been higher than this.

So, we are still on our profitable growth journey. We have a solid financial position. Cash flow was SEK 196 million, and the leverage was SEK 179 million. 

Turning the page, some more details on the group quarter. Order intake was SEK 1.547 billion, down 3% reported, but 4% up organic.

We had positive contributions from the Industrial and Construction division, but also, HSPS headwind had a small organic growth in the quarter, and the decrease came from Facade Access. Year-to-date, organic order intake is up 8%. 

Revenue was SEK 1.658 billion, minus 5% or 1% up organic, and we saw strong performance from Industrial and Facade Access. And year-to-date, organic revenue is up 2% EBITA adjusted at SEK 287 million, down from the SEK 310 million, giving this margin at 17.3% versus a strong one at 17.8% last year.

It's a 7% decline year-over-year, of which 6% is due to the strengthened SEK. 

We are a very global company. I think it's around 2% of our turnover, which is then in SEK as it's all foreign currency. The weak construction margin was partially offset by improved margins in Industrial and Facade Access in the quarter. And year-to-date, organic adjusted EBITA is up 5%. 

Turning the page, Service, a fundamental piece, as you all know, of the group, something we drive in all divisions. In the quarter, organic order intake was up 6% organically and reported SEK 599 million versus SEK 605 million, down 1% and is driven by Industrial and HSPS in the quarter. 

Revenue increased 7%, 14% organic to SEK 663 million, up from SEK 621 million, and strong performance in Facade Access, HSPS, and Industrial.

Year-to-date, order intake organic is up 5% and revenue is up 10%. As we all know, it creates resilience, creates opportunities, gives us this opportunity to be very close to our customers, learn our market, and is a fundamental growth driver for the group. 

Turning the page and diving into divisions. So, we start off, as usual, with Facade Access. Order intake was SEK 379 million, down 16% or minus 9% at constant rates. It's basically reflecting the irregularity of the business between months and quarters.

Year-to-date, we are up 13% and the pipe continues to look good.  So, it's nothing really in this other than it's the timing and the irregularity of the business.

We saw several replacement orders in the Netherlands in the quarter, and a major BMU order or project was won in the Middle East. And we continue to have positive momentum in North America, but driven by our new initiatives, integrated design services, low complexity solutions, and also infrastructure. 

Here on top, we won, which we have been focusing more on now, nuclear, and we won a very nice contract there, something we strongly believe we can do much more.

Revenue was SEK 491 million, up 2% or 11% at constant rates, and we see double-digit organic growth in North America and Asia Pacific. EBITA at SEK 64 million, up from SEK 55 million, giving a margin of 13% versus 11.5%. 

So again, very happy to see we continue to drive margin improvements in this business, which is what we have set out to do. It's due to these things that we have been talking about for a long time, project pricing, planning execution, but also negatively affected still then by the legacy projects that now are in final stages, but also a currency effect is, of course, affecting this division. 

The low factory load we have on BMUs, building maintenance units, has been compensated for and is a good move that we made last year to drive the closure of the assembly site in Mammendorf.

One thing I should note, maybe you should note, is that Q4 last year was a very high comparable, and it will also be a tough comparable. So, you shouldn't expect that we should be on that level, but you should expect that we continue our journey. 

Turning the page. Yes, we do more restructuring as we announced last quarter. So, we do use some capacity further in our CoxGomyl factory in Spain and also in our Luxembourg operations.

2/3 of the cost related to this restructuring was taken now in Q3, and the SEK 30 million cost saving that is expected from this is due to happen from the beginning of '26. 

We continue to drive diversified revenue streams, and this is for this division as it is for basically all, I would say. If it hadn't been for the new heights and really what we are driving to find profitable growth in all parts of the business, it would have been a very different situation. 

So here with our joint initiatives with Skyline Robotics, first of all, we have won some nice IDS contracts related to that together with them, but we also jointly, of course, go to events, promote, and we have strong beliefs in this going forward. 

Also, infrastructure, we have won during the year 2, very nice bridge projects that we are now implementing. We learn a lot. We manage them very well, and this is also something we see as a very bright future for this business. 

Plus, I also want to highlight that the building maintenance unit market for the pipe looks very, very strong. But these are not projects that are in the phase of being signed yet, but we have projects which is ready to be signed, we see in the market.

So, when the market improves, that will also be a very welcome market for us, of course. 

Turning the page to Construction. And yes, here, we continue to face a tough market. But again, also here, our actions over the last years, which have been focused on driving growth, diversification of the portfolio, and cost, are really what make this still a good business and a decent quarter. 

So, order intake was SEK 361 million, up 3% and 11% in constant rates. supported by mass climbing work platforms with nice orders in the UAE, reflecting also our, as I said, commercial efforts in this region.

So, when some parts of the world are low, we work very intensely on other parts where we have opportunities. Material transport platforms are also smaller, lighter machinery. We see nice orders, things that were not really in focus before, both in Denmark, Korea. 

All of this is helping offset the very weak demand that we have now seen for a while, but it's also continuing for new hoists in North America and Europe because the interest in investing in CapEx is really not there when the market is low. 

This is, of course, affecting our load in the Skelleftea factory, and that's why the main effect on the result. Revenue was SEK 333 million, down 22% or 16% down constant rates and driven by the lower order intake in the previous quarter.

EBITDA at SEK 44 million versus the SEK 74 million last year, a margin of 13.3% versus 17.4%. And as I said, driven by these weaker hoist sales and the effect on the Skelleftea factory, basically. 

This lower order intake is now also because, in relative terms, it's a relatively low level for us will also, of course, be something that will come into Q4.

We are taking more actions to protect the result, of course, to ensure our costs are variable, but we also don't want to destroy this market that will come back, and we know that we are in a very strong position when that turns. 

Turning the page. We have launched a new product in the quarter, the Levato 450, out of our China factory, meant for non-CE marked markets, so the emerging markets.

This Chinese factory and the assortment we have there continue to develop very well with our sales, then in Asia Pacific, the Middle East, Latin America, Eastern Europe, and yes, a good strategic and important piece for us in the Construction division. 

Also, a very nice project we won down in Greece. It's a new hard rock casino thing where we work together with our partner down there and the customer on finding the optimal logistical solutions.

The machines are sold to this project, but we will also support them throughout the project. So, more close entanglement with customers. 

Turning the page, High Safety Productivity Solutions also had a somewhat challenging quarter with the soft summer. Order intake was SEK 305 million, down 2%, but up 3% at constant rates.

And it's the European market that was very soft during July and August, but also then partly compensated by a positive trend again in September, and good momentum also in emerging markets. 

Here, we accelerate our investments in product development, sales, and marketing to increase and really drive the fundamental profitable growth.

Revenue was SEK 310 million, down 7%, down 2% at constant rates, and yes, impacted by the lower order intake in the previous quarter and summer. EBIT at SEK 57 million, down from SEK 64 million, giving a margin of 18.5% versus 19.2% and again, impacted by the lower revenue. 

Turning the page. The focus here is to drive profitable growth. You will also hear much more about this at the Capital Market Day. But of course, prioritizing, focusing. So, it's about different segments and specific solutions for these segments. 

Yes, like the elevator segment, wastewater management, electric grid, energy, we are investing in more sales resources. We see that it has potential for us in the Middle East, Australia, and Brazil in the near future. So, we are investing in sales resources here. 

We also work, of course, closely with regulatory authorities to ensure that there are regulations in place to take care of health and safety perspectives, and also improve market opportunities for us.

A couple of nice projects in, energy sector in Spain. We adopt and especially make TA for a customer solution, but also railway project in Italy, where we use our ladders to provide access down in railway shafts. 

Turning the page. We are also very happy to announce that just before we came here, we signed an agreement with the Swedish company, Interlift, to be acquired.

We are expecting to close it by the end of November, with revenue around SEK 50 million. And this is within HSPS, then. So, it's a distributor of HSPS here in the Swedish and partly Nordic market. And we don't fully have our own setup here. So that will be a good strength and a new thing for us. 

But also, that we try this thing of vertical integration, which will give us, again, more market presence, more opportunities, more products, closer to customers, driving more service aftermarket, et cetera. So, it's a nice move, and very excited about the continuation of this one. 

Turning the page and Industrial. Here, we see the same story as we have seen for a long, long time, since basically we launched new heights, and we gave full attention to this business. It's been growing. And here, we continue to deliver strong, profitable growth. 

Order intake was SEK 356 million, up 4% or 10% organic, supported by the refurbishment business, which we have also now been putting extra focus on, and ports, power, and heavy industries continue to contribute positively.

Revenue was SEK 376 million, up 6% or 9% organic. Yes, it's due to strong order intake over a long time, but also, of course, a small effect now also from the Century acquisition.

I think in the quarter, it came into the last part, it's around SEK 11 million, which is affecting revenue. And then the aftermarket continues to contribute positively. EBITA, SEK 92 million, up from SEK 81 million, margin of 24.5% versus 23% last year.

Happy to see that we continue to make solid margin improvements at these types of levels. 

Turning the page. Yes, we closed in the quarter then the acquisition of Century Elevators, this party in the U.S., and it's running well for us. We have a new building there.

We are driving the short-term cost synergies. It's well on its way. The team has come together in a good way, and also an opportunity for order intake, and everything is developing well and looks strong.

So, we are very confident about the future of this business and that we have made a good move in getting this into the group. 

Also, as I mentioned, the refurbishment last quarter, I talked about the Mini 400 development we have done, and we have now also captured quite a lot of orders for this. So, it's a short-term and nice success for our product development. 

Turning the page into Wind. Order intake was SEK 157 million, down 2% or up 3% in constant rates. Orders in the U.S. remained slow, but we now see signs of trend reversal. And yes, I'm coming back to a little bit of the market on the next page.

Continued strong momentum in the Asia Pacific and also the offshore market in Northern Europe is now starting to improve. 

Revenue was SEK 160 million, down 11% or down 6% in constant rates, and is impacted by the softer order intake in Q2. Good performance in China, and it's also continuing to reinforce its strategic importance in the wind industry; it's very strategic for the Chinese. And I'm very happy to say also that we are very strong in China and with the Chinese OEMs.

EBITA at SEK 30 million, down from SEK 35 million, giving a margin of 18.6% versus the 19.4%. Gross margin was impacted some by negative geographical mix and a little bit by the lower revenue.

But our strong business model, cost control, supported another great profit level for this type of business and in this market.

Turning the page. China, as I said, continue to invest, continue to see this as a very important strategic piece of wind energy, not only in China, but also outside China, and we are in a strong position with them and expanding with them, not at least India for the time being.

In

North America, there, the market, due to the U.S. administration, we saw it in Q2. We talked about it then that it's slowing down the investments or signing of new projects because it's so much uncertainty. But now that uncertainty is more clear.

So we know that projects that have been started off before 4th of July next summer will be carried out. So it's a high push now on new things and signing up new projects.

So it looks good for us in the next 2, 3 years, absolutely in North America also. In Europe, offshore wind parks are again being signed up. So it's also here, we start to see market moving.

But we will have an effect, I think, still into the Q4 with what we have seen a little bit lower order intake in Q3.

Product highlights, we focus on training because this number of turbines that are coming out of warranty in the next coming years that will be fully available for us and our service business, it's increasing rapidly.

So training aftermarket is very, very important for us and will be a significant growth contributor forward. But then also, of course, the new products like within safety, the PPE and fall protection safety stuff or products, et cetera.

So with that, I am at profit and loss, and then I leave the floor to Sylvain.

Thank you, Ole. Good morning. So as you indicated, Ole, our adjusted EBITDA decreased by 7% in the quarter, 2% organically.

Most of the difference is due to the adverse development of the foreign exchange rates, the strength in SEK, but there was in the quarter a small positive impact from the earnings of Century.

So we see that the organic quarterly adjusted EBITDA performance is slightly worse than revenue in the quarter. That's due to a small downtick in the gross margin. I will come to that on the next slide.

But it's worth mentioning that on a year-to-date basis, adjusted EBITDA rose more than revenue. Organically, year-to-date adjusted EBITDA grew by 5% for the first 3 quarters of the year versus 2% on revenue.

Below EBITDA, individual P&L lines are basically in line with our expectations with what I have been indicating over the last few quarters. We think we are where we should be.

To make it short, items affecting comparability relate to the restructuring costs in the Facade Access division, which we announced in July this year.

Quarterly amortization is consistent with the first 2 quarters of this year, and it's coming down versus Q3 2024 due to some [indiscernible] related intangible assets, which are now fully amortized.

Finance net is down due to lower interest rates. I've been saying we should be at around an average of SEK 40 million this year, and this is what you see for the first 3 quarters.

Regarding taxation in the quarter, the tax rate was 24.9%. This is higher than Q3 2024 due to the country mix, but that's close to what we have been seeing for this year, around 25%.

So the bottom line has decreased by SEK 22 million in the quarter. That's a 14% decrease. And the main driver is items affecting comparability. If one excludes IAC and the related tax effect, the net earnings grew by 4%.

Next page, please. We come to the EBITDA drivers, which are gross margin and operating expenses. Gross margin was down in the quarter, but that's primarily due to IAC. IAC's gross margin and SG&A this quarter.

Beyond IAC, we still see a small decrease, which is due primarily to construction and wind divisions. In both divisions, we saw the impact of the lower revenue. To a lesser extent, in wind, we had a negative geographical mix, which had a negative impact on the margin.

But Facade Access and HSPS kept the gross margin at a high level and Industrial managed to grow its margin to expand its margin in the quarter.

I'd like to repeat here what we have been saying for some few quarters is that the tariffs have had no impact on our margin. We have managed those tariffs in a way that we have had no negative impact on the margins.

Operating expenses as a percentage of revenue were slightly up in the quarter. But again, excluding IAC, that's reversed. They came down. We have been able to keep SG&A stable or decrease them in all divisions, but in industrial, despite cost inflation despite labor.

So that means we have been able to make some cost reductions where we could.

But at the same time, we have continued to invest in product development, R&D, sales forces, and that's even more true for Industrial, which is the only division with higher SG&A as a percentage of revenue in the quarter due to an expanded sales organization primarily.

So we will continue to work on our cost base to basically generate room for maneuver and be able to invest in R&D and sales.

Next, please. The result for the period was SEK 133 million versus SEK 155 million in Q3 2024. That's a 14% reduction, as I said earlier.

Excluding IAC, the result for the period was SEK 163 million versus SEK 157 million. That's a 4% increase. And EPS has seen the same evolution because we kept the same number of shares.

So it was in the quarter SEK 1.25 versus SEK 1.46 in Q3 2024. That's a 14% decrease, adjusted for acquisition-related amortization, EPS was SEK 1.78 versus SEK 1.79. That's a 1% decrease.

Next, please. We continue to put a high level of focus and effort on cash flows and to try to keep cash flows on a high level, which has been the case if you look at the 12-month cash flow, as you can see on the right-hand graph.

In the quarter, they came down slightly due to lower earnings and phasing of tax payments, but we did manage to slightly reduce working capital in the quarter.

Looking at the year-to-date performance, we saw an increase in the working capital that's mainly due to inventories, in particular in the Construction division. That comes from the necessity to increase stocks in some locations in order to seize commercial opportunities with very short lead times.

At the same time, we were slightly caught by the lower revenue. So we see that we can reduce inventory in the next couple of quarters, and that we will be working on that.

So overall, a reasonably good quarter, but with some potential to do a bit better on working capital.

Next, please. The net debt is SEK 2.6 billion at the end of the quarter. It's the same level as the end of Q2. This stability derives from the positive operating cash flows, compensated by primarily the acquisition price, which was paid in the quarter.

The leverage is at 1.79, and this is in line with our target of being below 2.5, very slightly up versus the end of Q2 2025. We were at 1.74. Our capital allocation priorities remain unchanged. We will continue to invest in organic growth.

I mentioned R&D sales that are actually happening in order to fuel our profitable growth journey. We have announced 2 acquisitions. We closed Century, and we signed Interlift. We have a growing funnel, and then we are very active, and I'm hoping we get some new acquisitions agreed in the coming months and quarters.

We are committed to delivering our dividend policy, which is 40% to 60% of our earnings. And one last word on ROCE, which is an important metric for us. It is slightly coming down in the quarter due to the lower EBIT.

It's decreasing to 26%, excluding goodwill, and 10.6%, including goodwill, to be compared with 26.8% and 11%, respectively, in Q2 2025.

And on that, I will hand over again to Jodahl Ole for the conclusion.

Yes, we turn the page to the summary. So as a group, we continue to deliver on the New Heights program, with organic growth of 4% on order intake in the quarter, and 4 out of 5 divisions grow. And the last one was more, I would say, a timing type of thing, growing very strongly year-to-date.

Adjusted EBITDA of 17.3 million. And yes, that's absolutely below our ambitions in the quarter, but it doesn't change the story. But it, of course, energizes us to continue to work even more focused on continuing to lift margins, which is a fundamental piece of our New Heights strategy and something we will continue to do.

Year-to-date organic growth, 8% in order intake. So that's still strong. And I'm also very happy that we have been able to close Century and sign up Interlift. So that should also be closed well before the end of the year.

We are continuing to face this challenging construction market, and that will continue to affect us, absolutely. But at the same time, we continue also to counter it, I think, in quite an effective way, and we will continue to do so. And we are also in a very strong position for when this market will come back, and that's just a question of time.

It's impossible to say when that will be. But every day that passes, it's coming closer to us. That's also what we know. We do have a solid financial position, which will allow us to also to continue to acquire and invest in the business to really ensure that we drive profitable growth. And we will talk more about this at the Capital Market Day on November 25.

So with that, thank you to all employees, customers, and partners, and we move into Q&A.

[Operator Instructions]

The next question comes from Sofia Sörling from DNB Carnegie.

I will start focusing on the Construction division. So it seems quite a significant drop quarter-over-quarter.

Could you give us some more flavor on the reason for this? And if you see any typical change in your customer behavior, specifically from Q2 to Q3? Are they, for example, pausing projects into 2026, or are they a little bit more hesitant? Or what do you see there?

But it's nothing, really, changed from before. If you go back in the quarters with construction, you would see high volatility. And it's basically the same thing, and this is driven by the fact that the markets are very challenging.

So how we survive and how we win business, it's not because we have something stable coming. It's because we fight like crazy in all corners of the world to win business every day. It's with new products, it's with new customers, it's in new markets.

We try everything, and this is what keeps it alive and that causes fluctuations, quite significant fluctuations in the mix. But also this underlying fact, as I was saying, that the European market and the North American market is very depressed.

It's further depressed in North America with the current administration, which is causing a very unstable or unreliable or non-existing investment environment in U.S. for the time being.

It's difficult for companies to invest there, especially on the property side because of the uncertainty of cost and what tomorrow will look like. So that's why we see the pipeline of projects.

Tall buildings, for example, in New York, it's a long, long list of projects that developers have in their planning and drawn up and so forth, but it's not happening.

So that's more the same story, but it's a mix effects and the jumps up and down in yes, the volatility of the business, which creates this situation. So that's why it's difficult not only for you, but also for us to a little bit predict the quarter-by-quarter because it's so many variations fluctuating.

If we focus on the wind division, I noticed that the service component was perhaps quite low in Q3. Is that something that we should expect ahead as well, that equipment will be a larger part within this division?

No. I would say, if anything, it's rather the contrary because we know that, that market, as I was also talking or mentioning briefly, that the number of machines that will come out of warranty in the coming years is growing rapidly.

That's an aftermarket and a service opportunity for us, which we are normally very strong at. So absolutely, we should grow there. But we also see that equipment sales, we believe, will be relatively good in the coming years.

So it's nothing there that you need to, let's say, read into specific quarters either. We need to see things more over time. And we foresee that both of these will continue to grow, and if any, service the aftermarket more.

Then I have a general question about the conversion of orders to sales. Is that something that you have experienced, that it's more difficult now you get the orders, but more difficult to execute on them? And if you can give us some depending on each division?

No, but I wouldn't say that. We are not really having anything in our order book, which we clearly see that is not turning into revenue or dropping out of the order book.

We have not had anything to talk about in that respect. It's more that, as I was saying, that it's not turning into orders yet. So that is a big pipe out there that most likely will become orders when the market starts to improve, especially on Facade Access and construction.

A little bit temporary on wind then, as I said, due to also this U.S. administration focus on the wind market. But other than that, no.

A final question here from my side. So you mentioned Facade Access, you've seen improvement within this division, and the legacy of projects with lower profitability are phasing out now.

Could we expect that fully by the end of 2025? Or how should we interpret it?

I have learned to never say anything black and white. So to say that it's fully out, I'm not ready to do, but that we are now in the last phase of these things, and we will see less of it, but then a contract is also never closed until it's really closed.

The long-term things, you can have negotiations and customer things, and so forth. So I can't give a commitment on a date. But we are towards the end of this, absolutely.

So yes, and then it's a different quality also fundamentally in our order book and in the projects that we are running. But that doesn't mean either, as I've been saying many times, that the margin will just jump from one level fundamentally to another level.

But that is also a fundamental thing and actually that we are getting further solid, strong margin uplifts in that division up to the levels that it should be. Absolutely, it's a fundamental piece.

Sorry, I have one more question. You mentioned this integrated design services and low complexity solutions within Products potential. Could you give us some examples of the typical customer here?

Low complexity solutions, it's basically any type of building, or it's just that you're not only focusing on the tallest building, but any building also have whether it's tall buildings or lower or medium height buildings, they have different means of securing people working safely at height.

So tall buildings have these big BMUs normally, but also some lighter equipment. Medium height buildings have less complex machinery and then the lower building have even just anchor points that you actually hook up for people in wires and stuff, so they climb.

So it's a full way of spectrum of products. So it's the same type of customers, like you find out there, it's no new customers. It's just that we can provide more of the range they need.

For IDS, it's a fundamental piece because when we sell a BMU, that's when you have the consulting services or architects and consultants in the pictures because the owners of the building, they go to a general contractor or a construction company, which will construct the whole building and they use consultants or architects to help define what type of BMU and so forth and some sort of middlemen. And then you had us in the end, the manufacturer.

So we were just exposed to these architects and consultants, which were having their perception and not really a lot of knowledge about which solution to select, which also kept us very far away from the final customer, the owner of the building.

So that's why we said we will actually start our own consultancy. So then we will be our own boss in a way. So we can be a consultancy and that's what we are with this IDS services, we consult for the construction companies, general contractors, but also the owners on what type of Facade Access solution they should have.

So that brings us closer to the final customer, which sits with the machine and the utilization of this and the value of the machine for the next 20, 30 years.

But it also puts us in a position where we are more or less defining our own machinery to become spec into the building. So it's a fundamental piece in this understanding the value chain, which has opened lots of doors for us.

The exciting thing is that this is a stand-alone business, also within Facade Access. We win more and more contracts. We make very good margin on it, and it opens the door for us to basically specify ourselves.

So it's a good thing. And the customers like it because they anyway need us in this. So it's a good model for us.

[Operator Instructions]

There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions or closing comments.

Yes. Thank you. We have, for the time being, no written questions here either. I don't know what that means, either it was very clear or it's very few listening in today because it's a lot of companies here. I don't know. But Yes. No. It's no more questions popping up.

So with that, I think we just say thank you. Thank you to all of you for listening in. Thank you for the questions we received. And until next time, see you. Goodbye.