Vestum Stock

Welcome to the Vestum Q1 2026 Report Presentation. [Operator Instructions] Now I will hand the conference over to the speakers, CEO, Simon Gothberg; and CFO, Olof Andersson. Please go ahead.

Hello, everyone, and welcome to our presentation of Vestum's Q1 report for 2026. My name is Simon Gothberg, CEO of Vestum. And together with me, I also have our CFO, Olof Andersson.

Let's start with some highlights from the quarter. It's great to see that we continue to deliver growth in adjusted EBITDA cash flows and again, with an increase in adjusted EBITDA margin, this time, up from 8.7% to 11.7% Cash flow was, as expected, solid with cash flow from operating activities of SEK 79 million in comparison to SEK 20 million last year.

Two acquisitions were completed in the quarter. But since cash flows were strong, we still managed to reduce leverage as measured by financial net debt in relation to reported EBITDA to 3.2x. Now let's have a look at the segments, starting with the Flow Tech segment. We're seeing great development with high profit growth and increased margins. EBITA grew by 59%, while the EBITA margin increased from 18.1% to 23.9%, driven by both organic development and acquisitions. We generated double-digit organic profit growth in both the U.K. and Nordics in the quarter. We implemented several organic growth initiatives by end of last year that have emerged through increased collaboration between the companies, mainly in the U.K. and we're now seeing the results of this, not least in our pump hire business, where we achieved all-time high hire sales in both February and March. And we are beginning to see some positive impact from the new U.K. investment plan, AMP8.

And as for M&A, we completed 2 add-on acquisitions in the U.K. during the quarter. The M&A pipeline remains strong. And as with previous quarters, the market outlook for the segment remains very favorable, and we expect solid development going forward. Moving on to the Niche Products segment. As announced in the year-end report for 2025, we have divested a low-margin business in this segment, meaning lower sales for Q1 compared to last year. This has had a positive impact, however, on profitability, leading to an increased EBITA margin from 10.0% to 13.3%. And our focus continues to be on strengthening profitability and growing volumes in this segment.

Lastly, let's have a look at the Solutions segment. As announced in the year-end report for 2025, we have carried out several divestments in Q4 '25 and Q1 '26. This has led to significantly lower volumes in the segment. And the decrease in profitability is driven by divestitures, the winter weather in Sweden in January and February, along with completion of low-margin projects won in 2025. And we have made several moves to improve profitability in the segment going forward, not least the divestitures and ongoing operational activities to organically improve margins. And we expect to see the positive effects of these activities gradually throughout 2026.

Now over to Olof.

Thank you, Simon. Let's continue to have a look at the net sales and EBITA development over the past couple of quarters. And we'll begin with the chart on the left showing net sales, where we saw a decrease compared to the same period last year, driven by divestments in the Solutions segment. However, this decrease was, to some extent, offset by the acquisitions of Nortech and DFS.

Moving on to the chart in the middle, showing adjusted EBITA development. We see an increase driven by the Flow Technology and Niche Products segment, as Simon commented on previously. And finally, in the chart to the right, the EBITA margin also [ decreased ] compared to the same period last year, again, driven by the Flow Technology and Niche Products segments. We move on to the net sales development. And in total, net sales in the first quarter decreased by 8% compared to last year. And if we break down that decrease, the divestments in the Solutions segment put pressure on net sales in the quarter. But as mentioned previously, this was, to some extent, offset by the acquisitions of Nortech and DFS. We had a slight negative effect from FX. And finally, we saw a slight negative organic growth of 2% in the quarter.

So let's look at free cash flow, and we define free cash flow as cash flow from operating activities. So that is including interest and taxes paid and change in net working capital, and then we subtract CapEx spending, i.e., investments in fixed assets. And we also subtract leasing amortization. So free cash flow is basically cash that can be used for dividends, acquisitions and/or repayment of debt. And the LTM free cash flow was SEK 170 million, an increase from SEK 111 million in the previous quarter, and this was mostly due to stronger cash flow from operating activities. This increase was, to some extent, offset by higher CapEx spending as we continue to do some important investments in our growing businesses.

And if we move on then to net debt and leverage, the net debt is represented by the pink bars in this chart and amounted to SEK 1.9 billion. The leverage decreased, as Simon mentioned, in the first quarter from 3.4 in Q4 to 3.2 due to our cash generation and expanding EBITDA. It is worth highlighting that this is a reported leverage, i.e., we don't include any pro forma figures from the acquisitions that we completed in March. So they are expected to contribute to lowering leverage going forward.

And finally, Vestum's earn-out debt was SEK 30 million at period end. And by that, I hand it back to you, Simon.

All right. Thank you. Okay. So in summary, we delivered a strong quarter and again, growth in adjusted EBITDA and cash flows and significantly higher margin. The Flow Tech segment continues to do very well, and we're expecting this to continue as the market outlook looks very promising.

We see mixed performance in the Niche Products and Solutions segments with organic growth and margin improvement in Niche Products and the opposite in Solutions. And that said, we expect both to gradually improve throughout 2026. The structural change announced last quarter is progressing well and developing according to plan.

And with that, we open up for any potential questions.

[Operator Instructions]

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

Okay. No written questions. Everything crystal clear. Good to know. Perfect.

So we thank everyone for listening in. Have a great day. Bye-bye.

Welcome to the Vestum Q4 2025 Report Presentation. [Operator Instructions]. Now I will hand the conference over to the speakers, CEO, Simon Gothberg; and CFO, Olof Andersson. Please go ahead.

Hello, everyone, and welcome to our presentation of Vestum's year-end report for 2025. My name is Simon Gothberg, CEO of Vestum, and I also have our CFO, Olof Andersson here. So let's start with a summary of the full year 2025. We have continued to streamline the business and increase the level of specialization in the group. 5 divestitures were completed throughout the year and 2 acquisitions. We also successfully refinanced the balance sheet and redeemed all outstanding bonds.

As for financial performance, it's been a challenging year with an uncertain macro environment and continued low economic activity in the Nordics. Even so, we delivered positive organic growth of 1% and an improved adjusted EBITA margin from 9.8% to 10.1%. Free cash flow, excluding changes in net working capital also improved from SEK 127 million to SEK 137 million. And we've also continued to invest in growth, both organically and through acquisitions, mainly in our product-related companies in the segments Niche Products and Flow Technology.

Moving on to some highlights from the fourth quarter. It's great to see that we, for the first time in 10 quarters, delivered growth in adjusted EBITDA, not least driven by a margin improvement from 8.8% to 10.8%. Cash flow was, as expected, strong with cash flow from operating activities of SEK 164 million in comparison to SEK 117 million last year. One acquisition was completed in the quarter, which drove up leverage as measured by financial net debt in relation to reported EBITDA to 3.4x. Now let's have a look at the segments, starting with the Flow Technologies segment.

The segment has developed positively with profit growth and margin expansion across all markets. Sales grew by 23%, while the EBITDA margin increased from 14.8% to 21.6%, driven by both organic development and acquisitions. We have implemented several new growth initiatives that have emerged through increased collaboration between the companies. We've not yet seen any positive impact from the new U.K. investment plan, AMP8, on which more than GBP 100 billion will be invested over the coming 5 years to improve water infrastructure.

That said, we're beginning to see early indications that investment activity will pick up during the first half of 2026. And this is partly supported by new framework agreements awarded to several of our U.K. companies. During the quarter, we completed the acquisition of Dynamic Fluid Solutions, a leading U.K. supplier of advanced pumping and fluid management systems for complex industrial and environmental applications. The company has already secured its first significant joint order together with another business within the segment. And the market outlook for the segment remains favorable, and we expect stable development going forward.

Moving on to the Niche Products segment. Volumes developed in line with previous year, while the EBITDA margin improved slightly from 11.5% to 11.6%. We're beginning to see signs of a gradual recovery in the market, although the pace remains modest. Our focus continues to be on strengthening profitability in the segment, which led to the divestment of a less profitable business after the end of the quarter. And this is expected to contribute to higher margins and improved resource efficiency going forward.

Lastly, let's have a look at the Solutions segment. Within the segment, we have with the aim of sharpening the segment's focus and strengthening profitability carried out several divestments during the year. In the first quarter, we divested both the largest and third largest company, respectively. And this work continued during the fourth quarter and into the first quarter of 2026, where we have divested a number of smaller lower-margin businesses. Collectively, these divestments are contributing to lower volumes with expected margin improvements ahead.

We will see the effects of these activities gradually throughout 2026. In the fourth quarter, EBITDA margin declined from 7.4% to 4.4%, and this is partly due to low margin volumes in the divested businesses. Looking ahead, we see a slightly improved market environment, although it will most likely take until the summer before we see a turnaround in both growth and margins. And our focus remains firmly on improving profitability in the segment. Now over to Olof.

Thank you, Simon. So let's continue to have a look at net sales and EBITA development over the past couple of quarters. And we begin with the chart on the left, showing net sales, where we saw a decrease compared to the same period last year, driven by divestments in the Solutions segment, but this decrease was, to some extent, offset by the acquisitions of Nortech and DFS.

If we move on to the chart in the middle, showing adjusted EBITA development, we see an increase, as Simon mentioned, for the first time in 10 quarters, where the Flow Technologies segment leads the way. And this was despite the fact that the divested businesses in the Solutions segment actually had a negative impact on EBITA in the fourth quarter. Finally, in the chart to the right, the EBITA margin also increased compared to the same period last year, again, driven by the Flow Tech segment. Moving on to net sales growth. So in total, net sales in Q4 decreased by 15% compared to last year.

And if we break down this decrease, the divestments in the Solutions segment put pressure on net sales in the quarter, as mentioned previously. But again, this was, to some extent, offset by the acquisitions of Nortech and DFS. We saw a slight negative effect from FX, driven mostly by the Swedish krona being stronger in relation to the British pound. And finally, we saw a slight negative organic growth. of 1% in the quarter. Moving on to free cash flow, and we define free cash flow as cash flow from operating activities. So that is including interest and taxes paid and change in net working capital, and then we subtract CapEx spending, i.e., investments in fixed assets.

And we also subtract leasing amortization. So basically, free cash flow is cash that can be used for dividends, acquisitions or repayment of debt. And the free cash flow of the last 12 months was SEK 111 million, an increase from SEK 70 million in the previous quarter. And this increase was due to a combination of stronger cash flow from operating activities and quite substantial but expected release in net working capital. This increase was, to some extent, offset by higher CapEx spending as we continue to do some important investments in our growing businesses.

I also want to point out that the LTM figure is depressed by the extraordinary financial costs of roughly SEK 25 million, which we incurred in the first quarter of 2025 when we redeemed our last outstanding bond. So moving on to net debt and leverage development. And the net debt is represented by the pink bars and amounted to SEK 1.9 billion in Q4. And the leverage -- sorry, the leverage increased in Q4 from 2.8 in Q3 to 3.4x, which was almost entirely due to the acquisition of DFS, which took place in October.

And this is in line with our expectations. It is worth highlighting that this is reported leverage, i.e., we don't include any pro forma figures from DFS. So DFS is obviously expected to contribute to lowering leverage going forward. And finally, our earn-out debt was SEK 24 million at period end. And by that, I hand it back to you, Simon.

All right. Thank you. So on February 11, i.e., yesterday, Vestum's Board of Directors decided to carry out a structural separation of the group, whereby parts of the Flow Technology segment will be organized as a separate business. The decision is based on the group currently operating with 2 clearly distinct business logics, projects with focus on U.K. and Nordic water infrastructure and products and services with a focus on Swedish industry and infrastructure. And these 2 businesses have different growth potential, limited synergies and are considered to be able to develop better as 2 independent groups.

The Board's decision enables more focused development, higher profitability and a clearer strategic positioning for each group. The Board has also decided to evaluate additional structural alternatives for the separated Flow Technology business, including a possible future sale. That said, no decision on a divestment has been made and all alternatives will be evaluated based on what is considered to create the most value for the company's [ shareholders ]. So in summary, we delivered growth in adjusted EBITDA and cash flows in the quarter with a significantly higher margin. The Flow Technologies segment continues to do very well, and we're expecting this to continue as the market outlook looks very promising. We continue to see stable performance in the Niche Products segment and are expecting gradual improvement in both profitability and growth going forward.

We made several divestitures in the Solutions segment to streamline operations and expect this to show in the numbers throughout 2026. The market continues to show positive market outlook signs, and it's likely that we start to see an improved volume and profitability from Q2 and onward. The structural change announced yesterday will lead to an increased focus on operational development for each part of our business, while strategic positioning will become clearer, and this is expected to lead to higher profitability growth across our company. And with that, we open up for questions.

[Operator Instructions]. The next question comes from Johan Lonnqvist Sunden from DNB Carnegie.

Excellent. Two questions from my side. Firstly, just a housekeeping thing to get the better and bear with me, it's been busy reporting today. The divestment that you -- the minor divestments that you announced yesterday, [indiscernible] when in Q4 were those divestments made and how much of a negative impact did those divestments have on sales and EBITDA in the Solutions segment in Q4?

Yes, sure. So basically, all of those divestitures mentioned had an impact on our Q4 numbers. And none of them are expected to have an impact on Q1 and onward. And looking at the enterprise value mentioned in the press release, roughly SEK 30 million or I guess, 40% of that number was received in the fourth quarter.

And this is obviously on a non-IFRS measure. So the enterprise value excludes any leasing debt in relation to IFRS 16. And when it comes to sales and profits, those divested in the fourth quarter, they are -- they were rather small businesses, jointly doing roughly SEK 100 million in sales at a very, very low margin. And the impact in Q4 for the Solutions segment was a few million in negative EBITDA.

So you mean a few million in negative EBITDA that you didn't have or as you lost?

No. So they impacted the Solutions segment negatively in Q4.

Yes. By ballpark, is it more or 5? Or is it less than 5?

Ballpark 2 to 3.

Excellent. And then another little more big picture question regarding the kind of split up and the proposed split up. You have outlined the rationale, but just curious to hear why now? You have previously had this strategic review ongoing. But why now? Because I guess this is a quite time-consuming process and you will not do that if you don't think it can lead to something, I guess.

Yes, sure. So basically, from 2024 and onward, we've been doing acquisitions to the Flow Technology segment, right? We took a pause on acquisitions between 2022 and 2024. And we've grown our U.K. presence by quite a lot. And all those companies have some serious synergies. And we've seen the industrial logic play out with collaborations and procurement savings and et cetera. And the industrial logic of having those 8 companies, the 4 in the U.K. and the 4 in the Nordics, it's very clear to us that they would thrive as a stand-alone business, while as the remaining operations in Vestum also need full resources in order for that part of the business to improve margins and volumes.

And looking at the growth potential in these 2 businesses, they're also quite different and they require different amounts of capital. And looking at the Flow Technology segment or that part of the business that will now be evaluated to potentially be divested, the M&A pipeline is extremely strong. And obviously, that segment -- that business would flourish with more capital available, both in terms of organic investments, but definitely in terms of M&A.

And with the free cash flow generation investment, I mean, it's rather good, but it's not enough to fuel the growth for that business and doing a rights issue at these levels doesn't make any sense either to us. So the way forward is obviously to split the business in 2 and doing a spin-off and create 2 separate listed entities wouldn't really solve the issue, right, of accessing enough capital for the Flowtech business to invest in growth. And we've seen a large interest for that part of the business from investors, really institutional investors, from private equity investors, from investors in general. So we're quite aware of the high level of interest. And we think that the timing now is quite good. Both these 2 businesses are doing very well. The remaining operations and the Flowtech segment. We expect it to do very well going forward. And yes...

And when do you expect to find a conclusion on where to proceed with the Flow Technology business? If it should spin off and list as a separate entity or if it will be divested? Just talk us through the kind of time line.

Yes. So obviously, we described this as a potential divestiture and not in terms -- not so much putting it as a separate listed entity. So that's the first path that we will evaluate. And it's a bit too soon speaking about the time line and when this is expected to complete. And obviously, we will follow up in the quarterly report for the first quarter.

But do you anticipate the kind of conclusion of anything before summer?

Well, after the communication we done yesterday, this is really now when we can start speaking to potential interested parties and really talk about the sort of the marketing materials of the business and the financials. It wasn't really possible before yesterday. So I think it's a bit too soon pinning down a specific month when this will happen. But hopefully, we can have some more news throughout the coming quarters.

[Operator Instructions]. 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.

Okay. Very good. No written questions and no additional questions. So with that, thanks for your attention. Have a good day. Bye-bye.

Welcome to the Vestum Q3 2025 Report Presentation. [Operator Instructions]

Now I will hand the conference over to the speakers, CEO, Simon Gothberg; CFO, Olof Andersson. Please go ahead.

Hello, everyone, and welcome to our presentation of Vestum's Interim Report for Q3 2025. My name is Simon Gothberg, CEO of Vestum; and together with me, I also have Olof Andersson, our CFO.

Okay. Let's look at some highlights from the quarter. We continue to sequentially improve profitability with an adjusted EBITA margin of 11%. Overall, we experienced stable volumes in the quarter with some uptick towards the end of the quarter with September being the strongest month. That said, we're facing some tough comparable figures from Q3 2024 as that was the strongest quarter last year. This led organic growth to drop somewhat to negative 2% in Q3 '25.

We have continued to invest in our leading product companies, which is reflected in increased CapEx. These investments primarily relate to geographic expansion in the U.K. within the Flow Technology segment. And as volumes grew at the end of the quarter, we also saw an uptick in working capital. As a result, cash flow decreased during the quarter, but for sound reasons.

Moving on to the segments, starting with the Flow Technology segment. Sales grew 10%, mainly driven by acquisitions. Overall, we saw a stable performance across all markets with some variations. As in the first half of the year, we're experiencing solid demand and profitability in Scandinavia.

In the U.K., the market has been preparing for the new investment plan AMP8, under which more than GBP 100 billion will be invested over the next 5 years to improve water infrastructure. And although these investments have yet to materialize in the markets, we generated solid organic growth in the U.K. towards the end of the quarter, with September being a very strong month, which proves our resilience and ability to grow in verticals that are not dependent on AMP8 or extreme weather because there's been none of that in Q3.

Profitability, measured as EBITA margin strengthened from 18.1% to 20.7% compared to last year. And after the close of the quarter, we completed an acquisition in the U.K. I'll come back to that later in the presentation. Overall, the market outlook for the segment remains very favorable, and we expect stable development going forward.

Moving on to Niche Products. We continue to perform in line with last year. And it's good to see that we sequentially continue to improve profitability, as shown with an uptick in EBITA margin from Q2. However, compared to last year, the margin dropped a bit driven by tough comparables. Going forward, we continue to focus on improving profitability.

Lastly, let's have a look at the Solutions segment. As mentioned in previous quarters this year, we have divested several companies during the year, including the largest and the third largest company in the segment, meaning that sales in absolute terms decreased.

The EBITA margin in the segment sequentially strengthened from 5.0% to 5.6%, but declined from 9% compared to the previous year. The market continues to be characterized by high competition and price pressure, although we did see some improvement towards the end of the quarter in both volume and pricing, and our focus remains on improving profitability for the segment.

Moving on. It's great that we have successfully closed the acquisition of Dynamic Fluid Solutions or DFS, as they are called. This is a great company that fits very well into our Flow Technology segment. We first visited the company about 4 years ago, and I've been working with them via some of our other U.K. companies on different customer projects for a number of reasons or for a number of years and are now very excited to have DFS as part of our business.

The company is a U.K. leading provider of advanced pumping and fluid management systems for the water and wastewater industry. They have developed their own products in-house and has captured an important part of the U.K. pump hire market with its innovative pumping systems. The majority of sales are from rental with rental durations ranging from 1 week to over 3 years, and the rental sales volumes are characterized by a high proportion of recurring revenue and continue to grow.

Looking forward, the addition of DFS positions us very well with a significant water infrastructure investments that are expected in coming years in the U.K. not least driven by the new investment plan as previously mentioned, AMP8 as well as the new nuclear power station Sizewell C that is to be built on the East Suffolk coast. This business is located in Suffolk. We are now accelerating our geographical expansion and look forward to collaborate on customer projects and procurement with several of Vestum's existing flow technology companies, not least pump supplies, which is one of the largest suppliers in the U.K. of electric submersible water pumps. And the acquisition strengthens our already very strong position in water infrastructure.

Now over to Olof.

Thank you, Simon. Let's have a look at the net sales and EBITA development over the past couple of quarters. And let's begin with the chart on the left, which shows net sales where we saw a decrease compared to the same period last year, driven by the divestments in the Solutions segment that were completed in Q1. But the decrease was, to some extent, offset by the acquisition of Nortech.

And if we move on to the chart in the middle, showing adjusted EBITA development, we again see a decrease driven by the development in the Solutions segment. And finally, in the chart to the right, the EBITA margin decreased compared to the same period last year, but increased sequentially compared to the previous quarter.

Moving on to the next page, which is net sales growth. And in total, net sales in Q2 -- sorry, Q3 decreased by 13% compared to last year. And if we break down this decrease, we see that the divestments in the Solutions segment put pressure on net sales in the quarter. But as mentioned previously, this was to some extent offset by the acquisition of Nortech, and we saw a slight negative organic growth of 2% in the quarter.

Now let's look at free cash flow. And we define free cash flow as cash flow from operating activities. So that is including interest and taxes paid, and change in net working capital. And then we subtract CapEx spending, i.e., investments in fixed assets, and we also subtract leasing amortization. So basically, free cash flow is cash that can be used for dividends, acquisitions and repayment of debt.

And the LTM free cash flow was SEK 70 million, a decrease from SEK 120 million in the previous quarter. And this was mainly due to a buildup of net working capital, which we expect to reverse in the coming 1 or 2 quarters. It was also to some extent driven by higher CapEx spending as we have done some important investments in our growth businesses.

And I also want to point out that the LTM figure is depressed by the extraordinary financial costs of roughly SEK 25 million, which we incurred in the first quarter of this year when we redeemed our last outstanding bond.

Moving on to net debt and leverage development. And the net debt is represented by the pink bars and amounted to SEK 1.6 billion, and leverage increased slightly in Q3 from 2.7 to 2.8, and this was due to LTM EBITDA being lower than the previous quarter. Vestum's earn-out debt was SEK 25 million at the end of the quarter. And if you include the earn-out debt in the net debt, the leverage would then increase to 2.9.

And by that, I hand it back to you, Simon.

All right. Thank you. So in summary, the Flow Technology segment continues to do very well. We're expecting this to continue as the market outlook looks very promising, not least driven by our latest acquisition. We're still facing challenging market conditions in certain parts of the Solutions segment, mainly in Sweden as competition remains high. We are expecting profitability to improve for these companies as construction investments in Sweden rise from the historically low levels that we currently see.

Cash flow, as mentioned, was impacted by growth initiatives in the quarter, but we have overall created conditions for solid cash flow generation going forward. We did see some positive signs towards the end of the quarter with, again, September being a rather solid month. That said, it's a bit early to determine whether this marks the beginning of a new positive trend characterized by profit growth.

And with that, we open up for questions.

[Operator Instructions] The next question comes from Jakob Marken from Danske Bank.

First of all, I have sort of a question on Page 22, you split out organic growth, FX and divestments and acquisitions. I'm just wondering if you can help us a bit on sort of the SEK 8 million negative organic growth sort of based on business areas. And also if you can help us with how much came from the divestment and how much was acquired growth in the minus SEK 96 million?

Yes. Sure. Jakob, it's Simon here. So let's try to dissect that question a little bit. So the divestitures that we did earlier this year, they contributed with SEK 131 million in the Solutions segment in Q3 last year. And looking at organic development per segment, I'd say that in the Solutions segment, it was a few percentage points down somewhere between 3% and 5%, and quite flat in the other 2 segments.

And as you can see in the Flow Tech segment, you can see the contribution from Nortech, which is the only -- the only acquisition we've done that, that was part of Q3 now, but that wasn't part of Q3 last year. And you can see the figures on Page 18, perhaps in the report. So they did SEK 14 million, I believe, in EBITDA.

Let's see, did you have any other -- was there any other detailed questions on the growth, Jakob?

The next question comes from Jakob Marken from Danske Bank.

I was dropped from the line. But I didn't have any questions on that part. But I had another question. So you say that September was sort of a stronger month and that you've started to pick up some more demand. I was just wondering if you could say something about October. How is it feeling currently? And also how we should view cash flow, if you start to get some better demand, should we expect the working capital to tie up to also be in Q4? Or how should we think about that?

Yes, sure. So as mentioned in the report, September was the best month in the quarter. September is typically -- it's typically September and August are the 2 best months, right, in Q3, but September was also actually a bit better than last year. And the working capital tie-up was also seen in September. And putting those 2 together, that basically means that volumes are picking up.

And then obviously, what matters is the margin in those volumes. There's only been 3 weeks of October. But as you know, we do have some visibility in many parts of our business. And -- looking at the Flow Tech segment, the market outlook looks quite promising for the next few months.

And then looking at the other 2 segments, pricing did come up a little bit over the last couple of weeks, last month or so. But I mean, that said, it's still a tough market for the sort of the end markets of Solutions and Niche Products and in Sweden. So it's a bit early to say if this is the beginning of organic profit growth again. That was the first part of your question.

The second part was working capital release, right? So yes, we did -- I mean, if you look at cash flow from operating activities before change in working capital and the cash flow analysis, things are looking quite good, right? And then the question is, when do we release that working capital? And it could be in Q4, but it could also be in Q1. I mean if it's January 2, it basically means that it falls into Q1, right? But it's still -- yes, so it depends really.

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.

Okay. Word is back to us. It seems like there's a busy day with lots of reports today and not a lot of questions. Thanks so much for taking the time. See you again next time. Okay. Bye-bye.