Bulten AB (publ)

Hello everyone and welcome to this presentation with Bulte. Axel Bernsson, President and CEO, and Anna Åkerblad, CFO, will present the Q2 report for 2025 and answer questions during the Q&A. If you're calling in, please press star 9 to raise your hand and star 6 to mute yourself when you get the word. You can also use the form located to the right. And with that said, please go ahead with your presentation.

Thank you. Welcome to our Q2 presentation. We have a fairly short agenda for today, so we give you a summary of Q2, a quick view of the market development, and then we go through our financial results and then we sum up and talk about the future in the end. So with that said, we move on. If we sum up our second quarter, I would say that it was broadly in line with both the prior year and previous quarter. I think this is quite good given that we saw softening volumes from the automotive sector, while at the same time we did see a strong improvement in our medical technology and consumer electronics segments. So it's nice to see that we are able to maintain margins even though volumes are lower. During the quarter, we've spent quite a lot of time with our strategic review and we have launched a more detailed process and program around that, where we are focusing on our footprint, on our organization, and how we allocate our resources for the future. If we look quickly about the markets, we usually show a few slides on the automotive sector, but I do foresee a soft market with zero or slightly positive growth globally, which is a little bit driven by Asia, while European and North American markets will be very low on growth. However, we do have other areas that we focus on and will focus more on for the future. So if you look at medical technology and consumer electronics, those markets actually have a quite sound underlying growth and we are fairly competitive here and have very good margins. So this is an area where we will put more focus for the future and that is developing very well for us. Move forward, I'll leave over to Anna to give you some financial highlights.

Thank you Axel. And here is an overview of our quarterly sales the last years, including 12 months rolling sales. And sales volumes for second quarter was down over 8% versus same quarter last year. And this is following our customers pattern where some of them did not produce for export due to global customs discussions in the beginning of the quarter, which is also reflected in the order intake. However, our sales is still on a relatively stable level in a more volatile market. And in this waterfall, you can see the change in rolling 12 months sales for different customer groups. And there is a positive growth in other industries, the slight decrease in the rest of the customer groups. And the customer group other industries has with this increased sales with 9% compared to last year rolling 12 months. And as a proportion of rolling 12 months sales, other industries outside automotive amounts to over 14%. And this is an increase compared to last year when it amounted to over 12%. Our main customer group OEM Life Vehicles amounts to 61% and is in line with last year. The second quarter delivered an adjusted EBIT of 69 million SEK, which is equal to .2% EBIT margin. And the quarter was in line with both last year and previous quarter. Adjusted earnings per share for the quarter was down to one SEK and 3.1 SEK for the rolling 12 months. Looking at the cash flow and net debt, we have amortized debt with cash and hence the negative cash flow from financing activities. Cash position is lower than last year's quarter, but in line with end of last year when taking out the change rate effect. Net debt excluding lease liabilities is higher than last year, but more in line with year end. Our adjusted P indicators for rolling 12 months are in line with last year or slightly below. The adjusted net debt in relation to adjusted EBIT is in line with last year at 2.3. Our guideline for average net working capital in relation to 12 month sales is about 20-25%. Depending on growth pace, at the end of the quarter, our rolling 12 months are at a level of 16.7%, which is a good level and in line with last year. CAPEX as percentage of sales is slightly above our guidelines. This is related to catch up of previous years where CAPEX were held at a low level in combination with timing of completion of larger production equipment and efficiency investments. Depreciation as percentage of sales is in line with our guidelines. Now back to you Axel.