Bravida Holding AB (publ)

Good morning, everyone. Oh, what happened with the sound? That was a great start. Welcome to this Q3 report of Bravida's presentation today. It seems like we have some issues with the sound, but meanwhile, together with me today is... Petra Branjes.

Hello.

Our CFO, yes, and together with Petra, I will take you through and guide you through this presentation. So thank you for that. I think we start immediately. Are we fine with the sound? Yes thumbs up then we start. Bravida as you know presence in 190 different locations. We were 14 000 employees in 24. We are unfortunately a few people today but hopefully we can when the market get back again start to grow the company again. We had in 24 close to 30 billion in sales in four different countries. So by that we are going into the highlights for this third quarter of 2025. Very happy to see a very strong performance in Denmark. And Denmark is contributing to the margin improvement for the whole group with 80 basis points. We are improving our margin to 5.3% in a very demanding market. I think that is very strong. As a CEO, of course, you work daily with things you can improve. You think that you can have done some things better. But I also... have to admit that in this market condition I think it's very strong to be able to improve the margin like we have done in this quarter. EPS increased with 24%. Denmark is executing due to the plan we have communicated earlier or slightly better actually. The guidance for the full year is still close to 5% but we throughout this year have been more and more confident that Christian and his team will deliver on that one. Acquisition contributes with two and a half percent. We also see an increased order intake in Finland with healthy margins which is really good and we have an operation cash flow that is due to timing issues slightly weaker than we want it to be. On the other hand at the same time last year we were around 130% cash conversion so there is a timing issue depending on some large projects. The net sales is down 2% roughly and The main reason except for the market as such is of course that we are very thorough what kind of projects business we bring into our portfolio. So the restricted project selection has contributed to the low net sales and of course also the improved margin that is going hand in hand. EBITDA in the quarter, the margin increased to 5.3%. And as I said, the driver behind this is that the margin is significantly improved in Denmark, despite a weak market. So very good from the Danish team at the same time as we have very stable margins in Norway and Sweden in a tough market. Finland, a lower margin. And that is more depending on an isolated issue in one branch or few projects. And I guess Petra will come back to that later. Order intake and backlog. The order intake is up 5%. might be a positive sign i think it's still too early to say that the market will turn we still think that it will take some a bit into the 2026 before we see that the growth is coming back in our books activity has increased a bit but the order backlog is on stable level and we are very happy with the quality of the orders we have in our books today so The market is a bit challenging but an increased or improved order intake and a stable order backlog is of course very good to see. And maybe worth mentioning is that the order book increased in Sweden and Finland in the quarter. So ESG, the change in CO2 emissions is down 42% if we compare to the net sales in 2020. It is improved with close to 15% the last 12 months and especially happy. we are with the improved work with the health and safety. The accident rates is improved and it's now at five which is lower than our target and it's lower than last year which was 5.9. A low number is good. Norway, Sweden is better than our group target. Finland has improved a lot. Denmark is working hard to get down in this KPI as well to improve that work and it's very good to see that we are moving in the right direction regarding the ESG KPIs as well as we are improving the margin at the same time as we're improving the margin I would say. Acquisitions, we have done two acquisitions until the third quarter adding 300 million plus in annual sales. In the fourth quarter we have added another two acquisitions one in Sweden and one in in Norway, slightly smaller ones, but with good margins. And the pipeline is still strong. We have good quality in the pipeline, a lot of discussion. But as I said, the last couple of quarters, it is a bit more tricky to close the deals depending on the main reason is the market condition, because sometimes we want to do the deal, but the sellers might think that they are performing slightly below what they are used to do. When some want to sell, we maybe are a bit too cautious because their performance is going south or is not in the level we want it to be. So a good pipeline, but slightly more tricky to actually close the deals. With that, I hand over to Petra, who will take you through the different segments.