Nimbus Group AB

We have Flipper also there and you may think, didn't they sell that? And we did, but we can still use the name for a period of time. That's the reason we still, because we are selling still Flipper. I will not mention everything on this slide, but at the end you find 2025 May, new organizational structure implemented. And this is a big thing for us. And if we look from an internal perspective, it will make us more efficient and also focused on our core business. And if we look upon it externally, it's our belief that it will be easier to follow and understand our business. If we then switch page. Then we come to commercial sales. And this new organization I was talking about, you can actually see it as we have three business legs. We have the commercial sales, which I will then present for you now. We have the retail sales that Rasmus will talk about later on here. And we also then have the operation and operations that you find the boat building, both by our own, but also the outsourced. And that is more or less included in everything we do. But if we then look at the commercial sales, sales drop 8%, similar as for the group, still small numbers and more coincident, I should say, it's not that many boats we're talking about. Important for us is that we see them more activity and we are closer to a done deal. And the proof of that then may be then that, as we say here, the improved order intake in North America. If we look below in the chart, you can see then that North America has a big jump up from the order intake perspective. But let's not forget about Europe. Europe has struggled for, I should say, two years now. And even if it's done from blue figures, we actually have doubled the order intake in Europe. And this is a really good sign for us. And the order intake takes us to the order book. And actually this chart we have in front of us on the right side below, you see that more or less the whole picture is affected by the pandemic. And that's a pity because it makes it different to relate to something we can call it real or a normal business. So I prefer then to talk about the right-hand side of this picture. And we have talked about this before during the quarters about this normalization and we can clearly see that now. We have the same pattern in the order book and we also then have this shorter order book that we have talked about before. The supply and the demand is closer to each other, as simple as that. And then of course, talking about the order book, only confirmed orders with prepayment in the order book. And that's also one thing that we implemented later on. So it also affects the comparability in this chart. The order from the Swedish Armed Forces is not included then, only the pre-series as before. But during the autumn now we will know more in what time this will be produced and then sold to the forces. And then of course it will show up then in the order book accordingly. And net sales, I will not talk a lot about that. It's more or less in pair, as I said before, the small differences and more or less than, it's very few boats that differ. So the important thing for us is that it has stabilized them. Our opinion is that we have reached the bottom and actually are now going upwards again. And with that, I'll leave to Rasmus.

Thank you, John-Erik. And then we continue with the retail sales development. The second quarter is a seasonally important quarter for the retail business because of the domination in the Nordics. For reference, the second quarter last year represented 56% of the annual sales. So that is an important quarter. Having that said, sales decreased by 8% in the quarter to 274 million. And this is due to a softer market situation and also in combination with a bit of unfavorable weather conditions in the Scandinavia, which has affected sales on both own brands and traded and used boats. We saw that the positive former trends since the second quarter of 24 was affected by the escalated tariff debate that John-Erik mentioned earlier that ended up in March, April. And that had a negative impact on the sales, especially the first half of the quarter. In total, the sales of own brand was down 4% and traded and used boat was down 11%. The ordering take turned down by 29% to 148 million versus 209 last year. And the order book amounted to 28 million versus 35 last year. The fact that the order book now is low in June is driven by seasonality effect with lots of deliveries in the period and follows the normal business cycle. So this is not strange. Then we move on with the P&L and net sales in the second quarter amounted to 571 million, as I said, which is down 8% since last year, 723. And the EMEET amounted to 25 million versus 45 last year. The gross margin reached 11.9%, which is down 3.7 percentage points. The gross margin is still affected by cost of absorption and effects from low production and low sales volume. But also from this change US tariffs of 1 million and from exchange rate fluctuations by 10 million in relation to last year. The currency effect is mostly referring to US dollars. Adjusted for those tariffs and currency effects, the gross margin reached 13.9%. The gross margin was also affected, as John-Erik mentioned earlier, from those supporting activities to reduce stock level of finished boats. So that has also impacts, of course. OPEX amounted to 42 million, which ends up in a cost reduction of 19% since last year. The gross savings are higher, but the investments to strengthen the sales organizations reduces the net savings. More savings initiatives are ongoing, which will gradually have effect from the third quarter. Regarding the restructuring provision in Finland, the outcome in the period was slightly higher than expected. In the third quarter, we expect to be able to sum up the closing costs, including the outcome of the CREMO deal. The remaining reserve in the third quarter is 13 million and six million was reversed in the second quarter. The finance net amounted to minus 27 million, and this is mostly driven by currency effects from inter-company balances amounting to about 20 million. Also, this effect comes from the US dollar. Then we move on to the networking capital and cash flow. Operating cash flow in the period improved and amounted to 90 million versus 79 last year. Networking capital amounted to 664, which is down 77 since the first quarter. And the change refers to less inventory of 129 million driven by both seasonality effects, but also from the supporting market activities. Overall, we can say that the buying lead times are longer due to market uncertainty that pushes inventory release forward in both the retail sales and commercial sales business. But on the positive side, we can also say that measures implemented to adapt production volumes to the demand now has started to give the intended effect and that the networking capital decreases. We see that happening gradually now. Available cash included unused limit amounted to 299 million versus 77 last year and 237 in the first quarter. And with that, I leave the work to you, John-Erik.

Yes, and then finally then our financial targets. And actually they are exactly the same. We have the same target. We want to have a growth of about 10% over a business cycle. On midterm, we want to have a EBITDA margin on 10%. Our capital structure, no financial debt, unless it's property, for example. And we of course want to have a dividend, so dividend policy says 30% if everything else is done in the right manner. And we truly believe that this is a correct financial target for us, but we need some help then of course from the market, but a lot of other fees is now in place for the future. And with that, I actually leave to Gunilla.