Alligo AB (publ)

Welcome to Aligo Q1 Report 2026. This is my 51st quarterly report and my last. Presenters are, as always, Iria Minseborn-Blander, our brilliant CFO and Deputy CEO, and myself, Kleiner David, CEO. As always, we keep the presentation fairly short. You can read most of it on your own. And we have, as you know, some specific topics. This time it's actually three specific topics. Welding, Eurologistics expansion and tools Finland. So this is Aligo. We are getting closer slowly, slowly to 10 billion SEC turnover. Sweden being the largest country. 2,400, a little shy of 2,500 employees. And 240 stores approximately. And we have a little less than 20% of own brands. It's 18 now. And as we acquire companies, that figure is being diluted a little bit. So then you have to start picking up again. But it's 18% as it is today. But in the quarter, all countries increased their own share of all brands. The integrated business, we normally say it's 80%, but it's actually 79 this quarter. And that part of our business is fully integrated ERP, logistics, finance, HR, everything. It's fully, fully, fully integrated. And we make acquisitions in that part, but then you are always fully integrated. And then we have our other part, which is the non-integrated companies, group of companies, which today amounts to 21% of our sales. So it's product media, 17, 18 companies, welding, which now are up on eight after last week's two acquisitions. Our wonderful Batterilagret and some other companies where we normally highlight HDP being a big and very profitable part of those. Highlighting Q1, macroeconomics. It's hard for anybody to get away from all this flow of information, what's happening. And we are not affected directly we can see price increases but we are very limited affected but of course it could affect the market situation if interest rates are increased or the trust for the future is getting down so the consumption goes down that then of course we will be affected as well but we as a team are unfortunately in one sense or luckily in another sense well trained in maneuvering in tough conditions. We built this entire group, Aligo, in extremely tough environments, starting our journey with COVID and then freight disasters and superinflation and currency turbulence. So we are unfortunately in a way very used to navigating uncertain and tough environments. Delivery capacity is good and stable. All central warehouses and all those flows are working nicely. So Q1 in brief, revenue 5.6% up. It should have been 7.5 if the NOC and the euro hasn't affected us negatively. What is especially good is that the organic growth is 4.9%. I would have hoped it would have been 5.0. It is actually 4.92%. We're at 300% from rounding it to five, but it is what it is. Cash flow, it's a weak quarter normally. We had minus 38 million last year. We have plus 209 million this year. Adjusted EBITDA up 53% from 74 million to 113 million. A good jump. So the adjusted EBITDA margin goes from 3.3 to 4.8, and the gross margin is Highlights, we have been pushing for sales like forever and we continue to push for sales. And as long as there is a market to fight for, we will fight in that market. And I think we can, in part of our organization, see already now that that gives results for sure. We are very good at managing price and it's also good to know if there will be price increases following this Mideast turmoil. And we increase the share of all brands in all three countries. Sustainability, I think we mentioned it already last time, but we are awarded platinum by Ecovades. Puts us for top 1% of all the companies, 50,000 companies, I think, around the world. And that's very good for us when we tend to large customers or to the defense sector and so forth. And operationally, the new bank agreement refinancing is in place. We are developing continuously. Capital efficiency, you can see in the cash flow, is well underway. And yesterday we decided to actually buy the neighbor plot in a lot in Örebro and to start building there. So update. Welding just to show on the map that they are becoming, quite a few of them now, eight, two of them in Finland. and the rest in Sweden. And we are very proud of this group. There are more to be acquired, but we already have a good foothold in Sweden relating to welding. So 450 million and plus 100 employees. And it's good also when we, more and more going forward, will be able to even through those businesses offer things we have. We have the small service solution, we have workplace equipment, we have other things that the welding customers could need. So we will boost also those companies with offers we have. And also recare, of course, could be offered to the welding company's customers in that sense. Logistics expansion in Örebro could fail. Why do you talk about that? But it's more important than it feels. In our central warehouse in Örebro, we have a road on two sides of our building. There were two free plots on either of the remaining two sides originally. And some years back, we bought one of them when we did the latest expansion. And for the last 12 years, I've been looking at the bigger plot, which our neighbor had an option to buy for many, many years. But it's important for us to buy that to keep all those open for expansion. So for anybody else to build something there and lock us up would not be good. So we have been having long discussions with Örebro municipality and we have come to the conclusion that we can buy that slot and it's 40,000 square meters and we will build an extension to our central warehouse. Because last time we extended outside the warehouse, we actually did that after the acquisition of Gråns. And after that, we already included the tools business. So we are one extension behind in a way. But it's a limited investment. Super good to have all doors open for the future, logistic-wise. And Örebro is a Nordic hub. It's not only for Sweden. It's very much of a Nordic hub for us logistically. And that's just the picture. how it will be, and it's plenty of space for future expansion. So we will need to grow and acquire a lot to fill up the remaining square meters where we could build. Finland, it's running very nicely, even a little bit ahead of time schedule, actually. 40-plus persons have left us. We're close to a couple of shops. They're phasing out two reasonably fair-sized customers, but still we have an organic growth in the quarter of 11.1%. So the Finnish team with Håkan at the helm is doing a brilliant job, and they also had a good EBITDA development in the quarter. So it looks good and stable in the Finnish business. Financial, Siriann.

Yes, thank you. And as Clay mentioned, the Q1 result exceeded last year's and cash flow improved, leading to reduced leverage. Additionally, stabilized demand across all markets and the impact of cold winter weather at the beginning of the year contributed to organic growth. Revenue increased by 5.6%. 6% in the quarter, driven by organic growth of 4.9% and growth from acquisitions of 2.5% contracted by negative FX effects. We had organic growth across all countries and our store sales benefited from the cold and snowy winter weather. EBITDA reached 113 million SEK representing an improvement of 39 million or plus 53% and the increase was due to improved results in all three countries and was driven by higher volumes, cost reductions and contributions from acquired businesses. The gross margin remained stable compared to last year as positive and negative factors offset each other. For instance, increase in sales of our own brands and lower purchase cost in U.S. dollars contributed to improving margins. On the other hand, a higher share of sales from the non-integrated business, which has structurally lower gross margin, along with customer mix effects within the integrated business negatively impacted the overall gross margin. This is a business slide, but as you can see, Sweden has the highest share of SMEs and own brands, followed by Norway, while Finland has the lowest. And this directly correlates with the profitability in each market. The higher the shares, the greater the profitability. And the lower gray boxes show the share of own brands within the integrated business. And as shown, this share has increased across all countries, driven by a 15% increase in worker MPP sales on group level, which positively impacted the trading gross margin. Moving on to some highlights of each market development in Q1. Starting with Sweden, there we had revenues that increased by 10%, driven by both organic and acquired growth. Organic growth is driven by both an increase in store sales, primarily of wind-related products, and growth in direct sales. And the increase in direct sales is related to both larger customers in the manufacturing industry and project orders to the defense industry. And the improvement in EBITDA is due to higher volumes, cost savings, and contributions from the acquired companies. Organic growth in Norway was driven by increased sales of workwear and PPE in stores, while direct sales were flashed overall, but declined in the oil and gas segment, which started to slow down in the second half of 2025. EBITDA improved due to higher volumes and cost reduction. And when it comes to Finland, SAFe continues to recover among larger industrial customers, which balances the two larger customer relationships being phased out. And as Clay mentioned, the efficiency program in Finland is progressing as planned, and the improved results in the quarter is due to high volumes and cost savings. Operating cash flow improved from last year, given by higher EBITDA, lower income taxes paid, and lower inventory levels for our own brands, following the strong sales of work for MPPE in the quarter. Even if the capital efficiency project contributed to positive effects in Q1, there is still more work to do. We aim to reduce net working capital as percentage of sales from the current 28 to 24%, which was the level in 2022. And when it comes to investing activities in the quarter, it relates to organic investments, which were lower than last year. And the capex to depreciation ratio was 0.7 on a rolling 12-month basis. And we didn't finalize any acquisitions during the quarter. However, we completed the acquisition of Patrilaget in February last year. During Q1, leverage continued to decrease due to the improved EBITDA and cash flow. And the net debt to EBITDA ratio decreased from 2.5 at year end to 2.2, which is well within the financial target range. We refinanced the business during Q1 and increased the sustainability linked facility by 500 million, bringing it to 3.1 billion SEK. And the new facility runs until February 2029 with the option to expand twice for one year each. Available cash and unutilized credit facilities total nearly 2 billion SEK at the end of Q1. Covenants relate to interest coverage and equity asset ratios. And these are fulfilled at the end of the period and there is good headroom before reaching the threshold. So in summary, we have a strong financial position, and we will continue to invest in organic growth, such as the upcoming central warehouse expansion, and of course, continue to acquire well-run businesses. And Ling, over to you, Kling, for summary and outlook.

Super. Thank you, Irene. The Q1 in summary, strong quarter, a little bit of help from the beginning of the quarter from the weather. We have efficiency programs, so we've had that throughout the group. As you all know, we have Plan B, Plan C, Plan D. So we have been very cost cautious and we've been very early on taking necessary grip to adjust our cost base. And now at the latest, we are focusing very much on Finland. So we are happy with the organic growth. We are happy with the result development. We're happy with the cash flow and it's also that it's throughout all the countries, that is what makes us especially happy. It's not one country doing extremely well and others not. So an outlook, the million dollar question, how does it look going forward? But we have proven, I think you can agree on, that we can both grow, but we can also improve profitability also in an uncertain market. So we are so fine-tuned and at such a low cost base and have such a strong offer. So with our financial position, our customer offer, and what we have done with our legal group, I'm convinced we are in a very, very good place going forward to whatever market conditions there will be. Very good. So handing back to you, Raff.

Thank you, sir. As a reminder, to ask a question on the phone, please press Star 11 and wait for your name to be announced. To withdraw your question, please press Star 11 again. Once again, please press Star 11 and wait for your name to be announced. To withdraw your question, please press Star 11 again. If you wish to ask a question via the webcast, please type them in the question box and click Submit. Thank you. We are now going to proceed with our first question. And the questions come from the line of Emanuel Janssen from Danske Bank. Please ask a question.

Good morning, Klein and Irene. I hope you can hear me. Very fun to see that the organic growth trends continues and also, of course, also strengthening in this quarter. But I wonder if you perhaps could elaborate a bit on the market condition between the regions and perhaps also can elaborate a bit on the trend during the quarter between the months. I assume that January was quite strong, as you mentioned, with cold winter weather, et cetera.

Yeah. No, exactly. I have to start with the last question. For sure, it started. uh strong and if i were to write a script of how i'd like the weather to be it would have been like very much like it was in january on the other hand as i've said in many uh different places if this would have been a couple years back then we would have sold extremely much but the in a slower market the customers tend to buy exactly what they need so if you're your start battery is out and you're going to buy a new start battery. A couple of years ago, the customer would have bought winter boots, winter jacket, and diesel warming equipment, but they bought exactly. So we could see in January, battery sales were up 55%. Hydraulic sales were up. All winter-related gears were up. And it was So we had a good start of the year, of course. So the best start in January and a slower start at the end, but still okay. So winter helped us, but not as much as it would have done some years back. Looking region for region, if we start from the east, Finland has tough market conditions as it is. It's also predicted to pick up GDP-wise and construction-wise. They're later than Norway and Sweden. But we, as you saw, are growing 11.1% organically, despite the fact that we are facing out to reasonably large customers. So we are doing it good in Finland, growing much more than the market is growing. Norway, we have a lot of initiatives, especially focusing on the construction sector. And construction sector this year and next year, actually Norway is predicted to grow quite a lot. And then we have a stable position in oil and gas. And as we mentioned many times, Miriam just did, the oil and gas sector has been slow a couple of quarters now. But we don't predict it to continue to be slow, looking at oil prices and other things and gas prices. And Sweden is stability. Our position is super strong. It's a good spirit in our sales team. I think we can do a lot with what is already there, but it just continues to grow. And also Sweden is predicted to have the highest GDP growth this year. And as you know, the best thing for us to correlate against it is the GDP development. So if the GDP goes up, our sales normally go up. So Sweden is from a different KPIs perspective inflation, construction and GDP is looking good going forward. So hopefully nothing else happens in the world so those are being revised but it is looking good going forward.

Thank you very much for that clear answer and perhaps looking a bit into Q2 then I assume that this quarter is not as weather dependent as Q1 and do you think it's Is it reasonable to assume that you could keep up this organic growth pace from a sequential point of view, or the weather was quite good for you in January? If you can understand what I mean.

I have to promise 5% organic growth in Q2. That I don't want to do, even if I'm not responsible for Q2. I am for the two first months, but not the last month. No, that will be high, but we are fully committed to continue this organic growth track and do whatever possible to continue that. But to promise 5%, that would be steep. And as you say, it's not as weather dependent, but having said that, of course, we'd like the spring to kick in. I mean, we have forestry, agriculture, customer segments who are dependent on, of course, that the weather is better. But it's absolutely not as you mentioned in the winter side. Of course not.

Yes, totally understand. We will not expect 5% perhaps. And looking at Norway, just looking at the integrated business, I have noticed that the share of private label is expanding about 6 percentage point year over year. Could you perhaps maybe explain a bit behind that increase?

It feels like we've been struggling a lot and it feels like it's happening a lot now. Obviously we need to talk about it several years before things about happening. So especially it feels like it's much more focused on workwear which has of course the highest own brand percentage but it feels like the willingness to grow the own brands are

higher in all parts of the organization absolutely and you also see an effect from the cold winter weather in not only in Sweden you can see that in Norway and Finland as well and that drives the increased share of own brands a positive mix effect yeah perfect that's very clear

And looking then at the non-integrated business, is it possible to give out the profitability levels that we're seeing there, and are we also seeing organic growth in that business?

We haven't communicated group by group, but we follow the industry indexes for them each, and they are in line or better. uh we can follow two different industry indexes for for the for the product media group the welding industry welding a bunch of companies we can follow uh indexes and we can also follow how they do in relation to our integrated businesses welding sales and marcus are being measured against the workwear sets in the integrated businesses so they are developing nicely we don't have them to to bring down the result levels that they, of course, should benefit or should improve the average EBITDA for the group, if I express myself like that. Perfect.

Thank you very much. And looking at the expansion of the warehouse, limited investment, I think you mentioned in the presentation, what should we expect in terms of CapEx the coming years?

I don't know if we have said we should communicate it or not, but it actually can be handled within our normal CAPEX.

Over two years actually, so 2027 and 2028, it will be handled under a normal CAPEX level.

So it's not a super expensive project. But the first stage will improve logistic processes. And we have ensured that we have expansion possibilities going forward. That is super important. Perfect. Thank you.

And I don't recall if I gave you this question last time, Clay, but looking back at your journey as CEO, what are you most proud of having achieved? And is there anything that has surprised you about the company's resilience or growth along the way?

I'm not surprised, but again and again and again, you can realize what you can achieve working together. So people would be one word. If you have a reasonably clear target where you're heading, we pull in the reasonably same direction what is possible to achieve in extreme tough conditions in a public environment. I mean, doing this as you know, has been a super challenge and it would have been without having to present quarterly what we are doing. So I'm almost surprised that it was possible to do considering the environment we did it in. And what I'm surprised as your second question was, and I think you mentioned the word actually, resilience. we have made analysis 2020, 2021, what would happen to this group? You know, you do that of course, normally, if you lose this much on top line, but to be able to mitigate market decline to the extent that we have done, and of course we have been hit result wise, but to deliver what we have done under the circumstances with such a newly built group of companies, That is actually surprising. I have to use the word surprising to that part.

I agree on that. Thank you for that, Clayne. And I thank you all, Clayne. And on a final note, congratulations on a strong final quarter. And thank you for having us here today. in the financial market with Aligo and all the best for the future. And it's been great working with you, Clay. Thank you, Mono. Likewise.

Thank you. As a reminder, to ask a question, please press star 1-1 and wait for him to be announced. To withdraw your question, please press star 1-1 again. Once again, it's star 1-1 to ask a question. If you wish to ask a question via the webcast, please type them in the question box and click submit. We are now going to proceed with our next question. And our next questions come from the line of Albin Bandevik from ABG Sundell Collier. Please ask your question.

Good morning, Klein and Elena. This is Albin from ABG. Perhaps returning a bit on the previous question regarding the solid organic growth in the quarter, you mentioned that the fence Defense project orders have been an important driver behind this. Do you consider this growth to be structural or how do you see us extrapolating this growth forward at this point in time?

Generally it's a good growth, but let's be clear, we were helped by the weather in the beginning of the quarter. That helped us. On the other hand, we have other things in the future which will help the growth of Aligo, which was a defense sector and so forth. So we have good growth opportunities and the different initiatives we are running, Recare, especially Recare, is developing nicely. But as I said earlier, we cannot promise the coming quarter at least not promise a 5% organic growth. but we are fully dedicated to continue to deliver organic growth for sure.

All right, thank you. That's clear. And yeah, it was good to also see the positive development in Finland with ongoing efficiency projects seeming to pay dividends here. What are your remaining objectives to do in Finland? Can we expect more store closures, for instance? And also, how should we think about the profitability in the segment for the remainder of the year?

We constantly look at all our shops, if it's Sweden, Finland or Norway, but especially in Finland. The most obvious ones have been closed. There could be a couple that we could co-locate. There could be some acquisitions we have made in the same city that we could co-locate. But that's more the daily operational work. What we're focusing very much on in Finland now is on the gross margin side. taking discussions with the customers. If you look at customer satisfaction index is extremely high in Finland. So the customers are dependent on us and they very much enjoy working with us, but we see a very bad margin. So we see potential to increase, to get better paid for what we do in short terms. So that's the focus now. So from a cost perspective, most is done. The planned shop closures have been done. Now it's managing sales and margins.

All right. Yeah, I understand. Because the efficiency project doesn't seem to affect the organic growth, seeing as it was really strong in the quarter in Finland. How should we think about that dynamic situation?

We have a lot of ongoing initiatives. We have been lucky in some cases. I mean, we were lucky having a couple of customers who didn't want to pay for the services we delivered. So they are being phased out. That was the unlucky part. But the lucky part is that we have customers that are growing today because the Finnish market is not growing by 11%. That's for sure. So we are doing a good job. We are getting more and more from A few customers, but also generally. But the market is not at all picking up in this space.

All right. And yeah, I think that was it for me. I wish you the best of luck going forward, Klein. Thank you.

We are now going to proceed with our next question. And the questions come from the line of call. Johan Bonnevier from D&B Carnegie, please ask a question.

Good to hear, good to hear. Hi, Klein and Neri, and thank you for taking my question. Just continue on Finland. I think it's an interesting subject. And when you look, you presented a big to-do list here a couple of quarters back, and when you were at, say, were at a slightly weaker point than you are now. What of those things that were on that to-do list do you feel is now the big contributors and what might still be on that list that is still to come?

We have done the organizational changes. We have planned it many times. We have decided to do it many times in Finland, but for some reason it's never been really, really executed. That has been executed now. So that is ticked off. We are looking at store profitability in a totally different way than we've ever done in Finland. has been ticked off so a couple of shops have been closed and the other ones we're focusing on on developing and now as i said it's very much on the sales side so i i'm i'm impressed by the the pace and the the uh how clear they've been on what to do and to do it in finland so the execution has been very very good now it's more of operational efficiency, getting price increases through, getting paid for the services we do. We have a history which goes decades back where we have probably over served our customers. Again, looking at the customer survey, we can see that they are super happy with us. And of course they are, if they're getting super service. We are not getting paid for it to the extent that we should. So very much on the fine tuning and continue to do the operational homework.

So it sounds more like the same kind of to do list like you probably have in Sweden all the time and nor always all the time. Absolutely. Excellent. And, and when you look at your your strong winter goods sales here in the start of the quarter, were you able to basically sell out of the inventory or had or and so you are now going into a full replenishment going into the next season?

No, we have Realex and that's taking that into full account. But we did sell out of some products, but we always have a different brand. If one brand is sold out, we can always solve the customer's need. So if not with the brand they thought when they went into the shop, we can solve their need with another brand. But it was actually diesel heaters and snow removing equipment sold like crazy a couple of weeks in January. And that was a very long time ago since we saw that happening. I think the Toyota shop have had some diesel warming equipment over summer, two, three years. Finally, they were sold. But our systems are taking that into account but it's a huge risk as you said otherwise that we buy a lot and then it will be a mild winter next time and then we are overstocked but that I think is very limited risk.

And when you look at you mentioned when you talked about the geopolitical situation do you feel that you get the products home from Asia that you are looking for and then so you are having a safe inventory that you need to serve maybe a slightly stronger market going forward.

Absolutely. And I said at the board meeting yesterday, last night, if something as terrible as this is happening, then it happened at the good time where we have all the seasonal products already at home. It's quite a while until we get the next season products on our way. polyester and plastic-related material, oil-based materials are going up price-wise. We already bought the fabrics for winter gear and partly for spring gear in December. So if something terrible should happen, it happened at least at a good time. So far we are limited affected and if prices were to increase, I think we all can agree on that historically we've been very successful on pushing that forward. And we will do that, of course, this time as well.

Yeah, I guess you then don't really have a lot of things in inventory where you have the price adjustment kind of need if you're putting it like that. If it's fresh goods coming in, in that respect. Exactly. On your comment on finding further acquisitions in the welding market, now getting up to $450 million in revenue, What kind of market share do you think that represents when you're looking at the segment as you define it?

It's a very good question, and we've been looking at that. We actually have external health trying to define that. We actually talk about ourselves as a leader, but God knows we are a big player. We realize that when we do negotiations with the suppliers, that then you really understand if we are a force to count on or not. But we don't have the actual market share figure. But if you take the integrated businesses together with these standalone businesses, we have a very decent share of the welding market. That's for sure.

And when you look at the pipeline of potential further transaction finding, more safe white spots being covered in that segment, is there a lot of potential transactions still to do there? We're now looking at a more mature situation.

We have actually done a consolidation race. So our legal has consolidated that. We bought the second biggest player in Sweden and then we have handpicked seven other businesses which met our criteria in profitability, ability to grow and so forth. So of course there are more to be done. It's not all complete. But the biggest step is already taken. And we have more to do with the group that we have synergy-wise, focus on more of a common assortment to learn from each other, make use of other offers we have in the group, as I said, the smart service solution, workplace equipment, re-care and so forth. So that group will develop nicely going forward.

On recap, can you communicate any customer wins to see that that build is starting to gear up?

Absolutely. I get text messages every day. So Janne, who is heading that, she normally texts me when she's won customers. And as I've said before, it takes a while before it's visible. You win the customer. They sometimes have a similar solution with somebody else, and that needs to run out first. So it has a long time before it really kicks in. But I also said in a number of years to the management of Aligo, you will be asking questions very much on re-care because that will be a significant part of the Aligo story. I'm 100% convinced.

But there to talk about any sort of backlog in that business or anything like that?

We have, I don't know if we have signed 20 customers now, perhaps. We had 10, 11 earlier, but there are, and it doesn't sound much, but they need to be pretty big. I mean, it's not a five employee business that wants to have a recare solution. You should be 100, 200 plus. But every time she is out presenting, she gets just a high hit rate.

Good to hear, good to hear. And Adrian, much more of a detailed number crunching question. Looking at the IFRS 16 amortization of lease liabilities in the cash flow statement, dumping around a lot, 65 million in this quarter, is that some sort of new level or is it something particular helping that number in this quarter?

I think that's the level that it should be at going forward. Of course, it It varies a little bit, but you can see it as a normal level going forward.

Excellent. That's very good for the cash flow. Thank you very much for all the good answers, Klein, and all the hard work during the year. I'm looking forward to seeing you in a couple of board positions. All the best out there.

Thank you.

There are no further questions on the phone, so I'll hand back to you, Mr. Olenvik, for the webcast questions. Thank you.

Let's see what we have gotten on written question. Specific driven weather effect. Was that what it was? Yes. What does that mean? As I said earlier, I interpret the question now. I'm not knowing if that was intention, but We can see the winter-related assortment picked up just as predicted. Start batteries, hydraulics, the winter boots and all those things. But we got limited other sales effects as you normally do in a normal market. When the customers come to our shop and buy what they need, they normally buy a lot of other things. We didn't see that. So the specific effects were very much exactly their need. Development of customer basket size. We look at the average receipt in the shops. It has been stably also going up a little bit. But we don't measure basket size in that sense. We have much more to do to make all our customers buy more from us. They could be buying a lot of tools, but not much of workwear and vice versa. So we have more to do. to expand sales with the customers we have to sell other sortments than they usually have had. Do we have any other questions? Let's see if I can read. Oh my God, it's a small text. How should one, can I post soon this now? How should one view looking forward as the ambition? I can't see it. It's blue text on blue background. It's impossible to read. Is it better there? It was about M&A I saw. Yes. Can you summarize it in five words?

How should one view Aligo looking forward as the ambition for M&A is increasing? Is the goal to dilute the integrated business over time? If so, is it warranted to view and compare each other serial acquirers?

Exactly. Over the years, we have been invited to red-eye serial acquirer conferences and meetings. There have been times where we have bought more companies than actually the ones calling themselves compounders. been looking at ourselves like that, but we have a platform which offers us good opportunities to make acquisitions both in the integrated channel where you buy something and you integrate it or in the freestanding businesses where we can add, like last week, welding businesses, product media businesses, battery or other product areas or competencies. So we have a platform Financially, the debt ratio has come down to 2.2 after being actually at 3, as we said, we should not go over after the acquisition of Batterilaget. And with our cash generation, it will go down quickly and the headroom and the new bank agreement gives us also good headroom. So financially, there is absolutely no restrictions. The restrictions would be us being prudent in how much we pay for our acquisitions. But acquisitions will for sure be the central part going forward. Okay, Raz, anything more from your side or should I go for closing remarks?

No further questions on the phone line, sir. So please go ahead with the closing remarks. Thank you.

Lovely, lovely. So I can end this by saying we had a good start, 2026. And especially happy to see that it's valid in all three countries. improve share, own brands, profitability development. So all developments are there throughout the business, which is a super good signal. I think we have delivered most of what we have said this quarter and over the years, and we even bought this little plot in Örebro, which it would have been a little bit annoying if we hadn't been able to do that, because it is actually important We've done our homework with ECOVADISK, getting platinum, so we are rated very high in all these tendering processes. We continue to do acquisitions. So I think we are in a very, very good place for whatever the market conditions will be going forward. All the indicators are pointing towards the direction that should be a better market, but God knows. I normally end these meetings by saying the journey continues. This time I would say the journey continues, but without me. So thank you for listening in. Thank you for all the support over the years. And take care.