Bulten AB (publ)

Hello and welcome to today's webcast with Bulten, where President and CEO Axel Berntson and CFO Anna Åkeblad will present the year-end report for 2025. After the presentation, there will be a Q&A, so if you have a calling in and want to ask a question, please press star 9 on your phone to raise your hand and then star 6 to unmute yourself when handed the word. You can also send in questions via the form to the right. And with that said, I hand over the word to you, Axel.

Thank you very much and welcome everybody to our Q4 call. uh as we said we will have some q a in the end and but before that we have a few different points we will go through the key things from q4 and then also cannot touch on what happened for the full year before anna goes through the financial results and i give you a few words on where we are heading going forward so that said let's have a look at q4 In Q4, for those of you who read our Q3 report, you know that we kind of projected that our Q4 would be impacted in the same level as Q3 from the cyber attack of our largest customer. They did recover faster, as they have communicated in the press as well, faster than expected, and they have remained on a good path with their recovery, which for us was very positive, and we are quite happy and proud to see their work on this. But for us, it meant that for the last half of the quarter, our volumes were kind of more or less back to where we expected them to be before the cyber attack. So that is quite nice. So happy for that. I think the only thing that is really deviating where the currencies, where the Swedish SEC strengthened more than we expected, that did have a fairly large impact on our top line. But other than that, I think we did fairly well. For those of you who have followed us also during the past year, you have noted that we have worked a lot with our costs. We have streamlined our organization a fair bit. We cut quite a lot of costs in the business. And this continued margin discipline and operational focus has supported that we were able to have a positive result despite these volume drops in the last quarter. If we can take a little bit more of a helicopter view on the full year, the story is still fairly similar because on the full year level, I think currencies is a major thing that affected us. I mean, it's a couple of hundred million that were dropped on top line from currencies. But we also had a few really disturbing events. We have had the Swedish Customs Authority enforcing anti-dumping fees on us that we do not agree with and that we are disputing in court. But that has had a quite large effect on our profit for the year. And then, of course, the cyber attack itself had a major impact on us, and that has put a quite negative flavor to our year. But the underlying performance is actually doing reasonably well. and we have finalized now the reorganization that we plan to do and we have decentralized the business into quite a few self-sufficient and independent business units and we do believe that this decentralization and increased focus on making money will have a positive result for us going forward and obviously having a lower cost base cost base makes us resilient to volume drops as well. So that is nice to see. We continue to work with our strategic review of the business. And a lot of that has to do with shifting built in a way to other customer segments, such as consumer electronics, and medical equipment, and so on, where we see better profit pools. But we're also moving further towards having more value added services in our business. And obviously, if you can have more value added services, you can provide more value to your customers. There are opportunities for us to also make more money in that. So we are quite happy with overall development of the business. So with those kind of noteworthy items, I hand over to Anna to walk us through the financial results of the fourth quarter.

Thank you accent if we start looking at the sales, we can see that the year on year decline reflects lower volumes following the cyber attack in the second half of the year, while we can see a stabilization towards the end of the year. and When we then look at our mix, the shift in the mix reflects lower automotive volumes during the year as well as continued growth in non-automotive segments. While automotive remains our largest customer group, the development supports a strategic focus on broadening the customer base. And even though we faced negative external factors, the fourth quarter delivered an adjusted EBIT of 37 million SEK, which is equal to 3% EBIT margin. And this shows that the underlying business is heading in the right direction and we continue to work with efficiency in our operations that is having a positive effect. Our adjusted key indicators for rolling 12 months are affected by the customer cyber attack. And we judge this effect is more short term and that we will be back in 2026. And the adjusted net depth in relation to adjusted EBITDA is in line with last year at around two. Now back to you, Axel.