Beijer Alma AB (publ)

Ladies and gentlemen, welcome to this presentation of the Alma Second Quarter 2026. If you hear some strange noises around me, it's because I'm sitting in a sailboat in the middle of the Baltic Sea. It's old waves, but no wind.

That's why there are some strange noises.

Together with me is Peter Forslund, who is the CFO of Good morning, everybody. On this agenda, I will talk a bit about highlights from Q2, and then we'll talk about financial performance, then acquisitions, and finally, Q&A. And we increased our net revenue by 5% in this quarter, and we have adjusted the beta of 14%. If you look at the market, and we are working in many areas of the world, and we start in the United States where we are with Bay Components, it's been a good quarter, and we see a strong market in the United States. And as we are manufacturing springs, we are many many different customer segments but seems like in the first half here has been a strong market in the United States and it seems to continue that way if you go to Europe that means Europe excluding the Nordic it's been a much weaker market it's been stable but really no no no increase in the market and we have also still some problems to solve for Malcolm X that we work with and will be not solved probably before end of this year. In the Nordic region we have seen a smaller growth, stable market and also a slight growth general for the components and actually a nice growth organically for Bay Tech in the Nordic. If we go to Asia, where we have the spring business, it's been a stable business over the period. Then, specifically, we talk about Bayer Tech. It has been a very good quarter where we have made acquisitions, we have had organic growth, and we come back to that later on. It's been a good quarter, and I have some hope for the coming quarters in this year that will continue to be strong quarters for 2026. And by that, I give the word to Peter.

Thank you, Johnny. We will now go into a little bit more detail, both components and tech, but also a little bit on the general. As Johnny mentioned, we see a continued profitability improvement, both in components and tech. We have a strong EBITDA growth coming up to 14% year over year. We see a stable demand during the quarter, not reaching really the heights of late March from the first quarter, but overall stable and we are satisfied with the performance. Johnny mentioned also US specifically, and US is the market together with niche within Bayer Tech that has the highest demand. We've also seen a very limited effect from the geopolitical turmoil on the Q2 numbers and what happens in the future. Let's see, but so far not much of an impact. Great. We will go further. If you look a little bit on the sales development, if you look at the sales development, we have a slightly organic growth within the quarter, but still some currency headwind. If we look at the components, we have more currency headwind than we have in tech that is fairly neutral. If you look at the organic growth a little bit more specifically, there are still effects from the action plan. We're saying that we're losing around 50% 50 million second top line based on the deals that we have decided to not do in the in the action plan. So the underlying organic growth is a little bit stronger than the 1%. Acquisitions are contributing than 5%. And please remember that the acquisition, the five acquisitions we made this year is fairly late in the quarters, you will see that the full impact during the third quarter, rather than here in the second quarter. Moving on to a little bit more details on their components. We see a slightly lower demand in the quarter compared to last year. Specifically, this comes from Germany and from the UK. On the demand side, we see a better demand in Eastern Europe. But we see that the business is stable. It's not that much has changed. It's just the demand moving a little bit sideways and a little bit lower, nothing dramatically in Chassie Springs, still good profitability in Chassie. Industry we have talked about a little bit on the regions, US is the strongest and exactly as Johnny mentioned around Europe that we see Europe is stable, but it's not improving and becoming better. So the industrial demand is moving sideways in Europe rather than improving. We have the effects from the action plan as we discussed earlier. What is great is that we see a broad profitability improvement over the different regions. Not only in one or two, but there's broad improvement on profitability. Looking at Alcomex, so Alcomex delivers a stable Q2 results, profitability moving sideways. We are still very close to double digit, but still not really there. But Alcomex is stabilizing and the performance is solid here in the second quarter. Moving then to Bayer Tech. So Bayer Tech has a very strong quarter, 8% organic growth and then five acquisitions. So Bayer Tech is really performing on a high level. If you look at the demand side, specifically in the different segments in Bayer Tech, then we see that industrial products, there is still a little bit of a cautious demand when it comes to industrial product, but not bad in any way, but a little bit cautious. fluid with a solid organic growth. There is a wide range of businesses there in the in the valves that are performing on a good level. Niche Technologies has had a very, very good year that continues. Several companies are contributing in a good way. If you look at the profitability improvement that we see in Baytech, so that is all that is driven by both demand, but also a little bit of mix where we have sort of say more revenue in the niche technologies and businesses, which tends to have a little bit of higher margins. Looking at Beatech as a whole, we now have a period of 12 months behind us with a very solid organic growth. I think we've had 8% in Q3 last year, 8% in Q4, 6% in Q1, and now 8% here again in Q2. So it's a very solid delivery here over time from Beatech. Looking at the cash flow side, we come out with a strong cash flow in the quarter, driven first and foremost by the profit growth, but also that we in the quarter sees a positive working capital development, meaning that last year in the second quarter, we had a negative working capital development, and now we have a positive, meaning that the swing gets fairly significant between second quarter last year and second quarter this year. Looking at capital efficiency, which is one of our financial targets, we are catching in soon to reach 50%. We see a good development in the capital efficiency, both in the adoption internally, but also in the development in the numbers. So solid performance in capital efficiency, very much driven by the EBITDA growth. Moving over to the financial position, net debt stays at 1.7 despite us doing five acquisitions and paying dividend. That's of course helped by the strong cash flow. We see that we have a good financial strength to continue to invest and to reach the set targets that we have. So from a leverage perspective, it's a solid delivery. With those comments, I will hand back to you, Johnny, to talk a little bit about the acquisitions that we have done in the quarter. Thank you.

This is a picture showing the acquisitions we've done since 2010. And as you've seen, it varied over the years. But I think now we have our ambition is to continue to grow the acquisitions. And we have two teams now. One team since many years working with Baytech, but also a new team working with Bay Components. And we are waiting now for them to be able to make their first deal. If we look at the acquisitions done, second quarter is in Baytech. The first is a Swedish company in Uppsala with an add-on to one company we have with Lundgrens. They're working with service, with piping service. We made our first acquisition outside the Nordic, and that is a fluid company because we have a lot of fluid competence. So it's by context and knowledge we ended up this business. KiCab is actually a company who's doing sludge screw compressors, so it's adding to a program that we have earlier in this area with processing sludge. GR Wood is a Finnish company with very special business who is an intermediator between the supplier of material for refurbishing houses and the refurbisher. They make kits of what is needed when you refurbish a house. So the company is doing the refurbishment make a specification what they want, and GR Woods manufacture this, make a package of it, and deliver to the house that's supposed to be refurbished. This is a business I haven't seen in Sweden. It's very special for Finland. But they have been very solid in the market for a long time, have a nice profit. Finally, it's Steinar, who is a valve company in Norway, working to the oil sector in Norway. And I know there will come a few more acquisitions in Baytech in Q3 as well. So the summary is that it's a stable industrial demand, and we continue to improve our profitability, and we are aiming at a higher level than we are today. We have so far not been impacted by the geopolitical turmoil in the quarter. A few price increases on some material, but not in a major, and not what we have seen with our customers as well. By that, we go over to the 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 Johan Dahl Dahl from Danske Bank. Please go ahead.

Yes, good morning, everyone. Just, John, if you could expand a little bit on the components that the team you talked about on M&A, how those working processes are progressing and, you know, when you think they can start to deliver on sort of the growth would be interesting too.

Yeah, we hired one person from, I think it was 1st of February, 1st of March, an experienced person. We have also now released one person in the European organization. So we have now building up a number of cases. But, you know, it takes time to get relations with different people out in the organization. But I hope there will be something in this autumn. But you never know until the deal is done.

Got you. And also on components, presumably, you know, there will be needed price hikes. I'm sure you did some in Q2 already, but how far have we come in compensating for raw material cost inflation? Is that something that is mainly ahead of you in the second half, or do you think you've come sort of a long way on actually compensating for all that?

Many of the production orders are actually As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad.

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

I haven't seen any written questions. Have you, Peter?

No, there are no written questions at this point in time.

I guess many, many presentations today.

But you're anytime you're welcome to come back to us if you have any questions.

So thank you for for today. And we hear from each other at least in the Q3. And I wish you a good summer. Goodbye.