Alimak Group AB (publ)

Welcome to the Alamak Group Q22026 report presentation. For the first part of the conference call, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound 5 on their telephone keypad. Now I will hand the conference over to the speakers, CEO Ol-Christian Jodahl and CFO Sylvan Gronch. Please go ahead.

Thank you and welcome to this quarter two call of 26. And as always, I have Sylva with me here. So turning page and a short recap. Alema Group, a diversified global industrial company. We are a leading provider of sustainable vertical access and working at height solutions. 3000 employees and now with the new acquisition that we have done, it's actually closing up to 3200. 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, etc. 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 two most interesting one on the financial side is the Average annual revenue growth target of 8-12% and that we should reach an adjusted beta 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 excess. But this is due to timing effects. We have talked 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. Four out of five 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 the 22% margin. So it's the construction division which face 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 three and a half months ago and Karin is driving then a focused review of the division performance and how to improve. Cash flow 280 million SEK versus 180 last year, so strong, good cash flow in the quarter. And then, as you know, the other day we announced the acquisition of Probel, a provider of suspended access and fall protection system out of Toronto, Canada, which will give us a much broader market exposure and diversify the business for façade access, but also for the Group. and it will be fundamentally margin accretive to FacadeXS, but also to the Group. And if you are up to date on the latest press release, you will see that just two 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 1,741,000,000 SEK, up 1% also organically, and increased 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 1,762,000,000 SEK, down 2% or 2% organically. We saw good growth in wind and industrial, while especially in construction then driving this down EBITDA adjusted at 303 million SEK down from 322, 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 two quarters. And it's reflecting basically the difficulty in construction. As I said, the other pieces are moving well. Turning page, service. Continuous, of course, to be a fundamental piece, and order intake was 721 million SEK in the quarter, up 9%, also organic, and it was an increase in construction, industrial, HSBS, and wind. Revenue was 699 million SEK, up 1%, also organic, with a positive contribution from facade excess and industrial division. and creates resilience, good margins and a fundamental growth driver for the Group also. Turning page and we dive into the divisions starting off with FacadeXS. Order intake was 403 million SEK 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 or as soon as things start to settle down. Revenue was 486 million SEK, 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. EBITDA at 63 million SEK, up from 56, 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 have 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 the 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 triple R, 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 A big thing for FacadeXS, but also something I'm very happy with from a group perspective, is the acquisition of ProBell. So it's a great company out of Toronto, Canada, which have been then started by Mark LeBell actually 50 years ago where he did window cleaning the first five years and then he saw that this is not safe and he started the company to ensure safety for those that work at heights 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 complimentary 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 a complimentary also product range. So it brings synergies and growth opportunities for us. running 12 months up to April 2026 revenue was 69 million CAD which is approximately 473 million SEK adjusted the beta of 24 million CAD or 165 million SEK giving an adjusted the beta 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 FacadeXS, 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 404 million SEK, 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 continue to perform well. Revenue was 421 million SEK, 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. EBITA at 107 million SEK up from 105 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 Reckon Pinion, 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 also 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. Then 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 389 million SEK up 19% or 17% at constant rates We saw increased interest in our mass-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, hoist and mass-climbing work platforms, remains soft, and especially Europe. While, you know, what we can affect is parts and service, and that's good. And these overall growth initiatives that we are driving. And then revenue was 333 million SEK, down 18%, also in constant rates. And it's lower new equipment sales for hoist and mass 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 the temporary revenue. EBITDA at 28 million SEK down from 68, 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 non-recurring items in the quarter. And as I said already, we are making and that's part of Karin's getting into this business to really ensure that we can improve the overall setup and the profitability. So turning page. Karin has been here three and a half 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 doubts. 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 mass climbing work platform case where we have developed a solution for a steel plant chimney refurbishment where we have this mass climbing work platform solution which historically 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 345 million SEK, up from 316, plus 9% and 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 that's specifically into the height safety solutions that we are having. Revenue was 319 million SEK down from 321, 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. EBITDA at 57 million SEK up from 55, 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 pages, 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 Voltrak 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 continue to take nice business also in fire and rescue with our Tirfoil, which is a unique product also there. Turning page and into wind record quarter. Some of you might remember that this was a problem child 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 215 million SEK in the quarter, up 36% or 35% of concentrates. Growth is coming from our key OEM customers, you know, 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 US market and also increasing interest in offshore again. Revenue was 213 million SEK, up 20% or 21 at constant rates. Record quarterly revenue and strong execution across all regions. EBITDA 48 million SEK, up from 38, 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 rebuilds 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 the online data and support uptime and more customer value. And with that, we turn the page to profit and loss, and I leave for Sylvain.

Thank you, Ole. Hello to everybody on this call. So, adjusted EBITDA decreased by 6% in the quarter to 303 million SEC, while revenue decreased by 2%, so this obviously implies an adjusted EBITDA 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 EBITDA 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 35 million SEC was consistent with our expectations. It will go up due to the Probel acquisition and the impact will be estimated in Q3. Financial net charge was down to 33 million SEC that was expected and the reduction versus Q2 2025 is due to lower borrowings and lower interest rates. With the Probel acquisition, we expect that charge to go up by around 10 million SEC, so that will take us to circa 40 billion SEC. The effective taxation 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 six 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 Probel is on that level as well. So in the quarter, net earnings came down by 17 million SEC. That's a 9% decrease, and that's due primarily to the EBITDA 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 mixed effects, as explained by Houllée, but that was compensated by Facade Access, Industrial, HSPS. The three of them expanded their margins in the quarter. Wind was flat. I said three months ago we were expecting some higher costs 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 IEC 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. Annulée 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 three divisions, HSPS, Facade Access, WIN, SG&A were stable or decreasing in the quarter as a percentage of revenue. Movinging on to the result for the period, which was 167 million SEC versus 184 in Q2 2025, that's a 9% decrease. Excluding items affecting comparability, result for the period was 169 million SEC versus 184, and that's an 8% decrease. Earnings per share was 1.57 SEC versus 1.74 and it's a 9% decrease. We have had the same number of shares adjusted for ISE and acquisition related amortization. EPS was 1.82 SEC versus 1.98 and that's an 8% decrease. Movinging to the cash flows. 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 catchback from Q1 and our usual efforts and discipline with respect to cash collection. I've said many times, you know, we focus on cash flows and we will continue to focus on cash flows. That's important to us. Next page, net debt went slightly up in the quarter to 2.6 billion SEC. 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. But the leverage ratio at the end of the quarter is still well within our target. As we said, Probel acquisition will take us temporarily above 2.5, but we expect continued good operating cash flow, both on legacy Alimak and Probel, and that will take us back to the target, so below 2.5 by the end of this year. Our capital allocation priorities remain unchanged. We invest in organic growth. I refer 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 ROSI, 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 Oule.

Thank you Sylvain and we turn page to the summary slide. So yeah, 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. Four out of five 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, ProBell, also have strong cash flow, which, as Sylvain is saying, which will allow us to deleverage fast. It's a significant addition to the façade access business and also to the Group. It will make us more resilient. It will create more growth opportunities. It will bring higher profits 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.

If you wish to ask a question, please dial pound key 5 on your telephone keypad. To enter the queue, if you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Oscar Ronquist from SEB. Please go ahead.

Thank you. Good morning. So I'll start off with... 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 parables, 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? Thanks.

Yeah, we are confident that this is volatility that we see between months and quarters. Nevertheless, it's never so that the 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 worries us.

All right, perfect. So the, you know, the a little bit softer facade access orders, we should not see that really as an indicator of, you know, a leading indicator for an even slower construction market.

No, no. I wouldn't say, no. As I said, Middle East is an important region for FacadeXS, 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 onto the P&L, obviously construction being the big dampening factor here on sales and EBITDA. So you talked about some non-recurring items. If you possibly could quantify the non-recurring 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 data picking up already in Q3 or should we expect a little bit of a delay there?

Yeah, take your last piece first, you know, to give any clear promise about, you know, the exact delivery. Of course, we have visibility into our order book, but it's also a lot of shorter term, you know, on the service and the aftermarket, etc. 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, you know, if you look back in history, it should have been on a different level. 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 know, you can't change fundamentally the cost structure here because that would, you know, A fundamental piece both for industrial division and construction division, which we're not ready to do. But we are doing still things, so we will save some money, so that will have effects for sure. And we will build a more sharp and focused structure, you know, based on the situation we have. The one-offs that you question, it is some one-offs, so that's why we also mention it. So cleaning for that, we haven't, you know, but it would more be, let's say, a bit normal to what we have seen over the last couple of quarters margin. So it was a small extra drop now due to this.

Yeah. Alright, perfect. Then just, I mean, obviously you don't have a crystal ball, but do you see any change on the underlying market demand in the construction segment, also affecting HSPS, etc.? Is it increasing a little bit, or is it still sort of the same with the very uncertain outlook?

I like your question, you know, is it increasing a little bit? I wish, you know, but we said by the beginning of the year that we thought, you know, we said beginning 25 that we thought it should come end of 25, you know, second half. We said beginning of this year that we thought it should come end of this year. But then, you know, last year it was Trump with his tariffs. This year it was Trump with his war. So there is always these fundamental things, which is, you know, making it more challenging for making investments, you know. 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, you know, in the first years here, it was also low investments, but then we had so much to do in other parts of the world that we gained. But that's also, you know, 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.

Understood. That was all from me. Thank you very much.

Thank you.

As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Anna Woodstrom from DNB Carnegie. Please go ahead.

Anna Woodstrom Thank you for taking my questions as well. 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?

That I can't, that would be the crystal ball again, you know, but the only thing I know and what we have seen over time, you know, is that it is volatility between quarters and months. And what we know is the project pipe that we are working on, you know, to projects that we're working on and trying to win. And that looks strong. And then when it will come, you know, 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, you know, be awarded during Q3, I can't say. And it's... You know, it's just basically I can't say when it will be, but normally, you know, some of them come and but yeah, I can't make any commitments around that.

Okay, so you haven't seen any like shift in this for the last couple of months?

No, normally it would be, yeah, so normally it would be coming not too long from where we are.

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

It's a little bit difficult to... Sorry, you are far, far away, so it's difficult to hear. You could repeat again.

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

We have a good effect from some segments where we are taking a lot of business and then it's other segments where it's more slow moving. But the HSPS business is a very, very broad type of business. We are serving multiple segments and Different channels to market etc. So it's it is difficult also here to be making, you know, very reliable forecast into each of these pieces of what's moving. But what we have seen for some time now is that specifically, you know, 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 view sort of the lion part of the improvement as a result of these initiatives that you started doing in the 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 is it rather similar to what we've seen?

It's similar to what we have seen, and then you have pluses and minuses in all, you know, but this is again due to the normal volatility. We are not selling, you know, one small product with thousands or millions in quantity. So you have that type of volatility in our business. So it's nothing special else to highlight now.

Okay, perfect. Thank you so much.

Thank you.

The next question comes from Anders JAFS from SB1 Markets. Please go ahead.

Yes, hi, good morning, gentlemen. 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... over the next second half of the year given your strong performance in this division and also how you view the US market which has had some policy backdrop but how that should potentially affect the division going forward.

Yeah, 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 the results will remain. It's no real reason why that should come back. Which is very nice to see, of course, you know, because but this is a setup we 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 US question. US is good for us now, and this was driven also by the policy of Trump. First he stopped everything and then everything could be moving. So for the next couple of years, it looks US 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 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. Yeah, 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. Regarding the countries, one typical significant ALIMA 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 comment, the higher tax rates in the quarter, 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 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 Probel acquisition, you know, which is earnings in US and Canada, it will have a negative effect on the average tax rate. So at this stage, I would say that, you know, you can expect this to be close to what we see this year. But of course, we have some volatility depending on the country mix.

And if I may, you mentioned Sweden, but of course the very low volumes for our Swedish construction factory will mean 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. Correct. So that was the two 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.