ByggPartner Gruppen AB (publ)

Välkomna till Big Partner Gruppens presentation av Bokslutskommuniké 2025. Med oss idag har vi vd Sture Nilsson och CFO Karin Mellegård-Järf. Under första delen av mötet är deltagarna i lyssnarläge och därefter kommer det finnas tid att ställa frågor till talarna. Under frågestunden kan deltagarna ställa frågor genom att trycka, fyrkant 5, på sin telefon eller använda rutan under presentationen på webben. Jag lämnar nu över ordet till vd Sture Nilsson. Varsågod.

Tack så mycket. Ja, Sture Nilsson heter jag. Vd, konsernchef för byggpartnergruppen. Och på andra sidan bordet här har jag Karin Mellegård, CFO. Tack för att ni vill lyssna på oss under en stund här nu. Vi vill gärna presentera Q4 och avsluta också hur hela året på byggpartnergruppen har rullat igenom. Så att vi börjar. And then I'll take a first picture that I like to repeat since the old days, that it's a short description of Byggpartigruppen. You probably recognize it, because it hasn't happened to bigger things on that side. But as I said before, we are a cleanly grown entrepreneur, who primarily through three large companies, runs a strong locally anchored business, where entrepreneurship is the foundation that we want to lift forward in our business. Vi är etablerade i Mellansverige genom Byggpartner. Där är framförallt Dalarna som är den absolut största basen för oss. Vi finns som det ledande bolaget i Östergötland genom Olin Ekeroth. Sedan har vi närvaro efter hela västkusten genom Flodéns. Totalt är vi drygt 900 medarbetare och vi omsätter nu på året 2025. Over 5 billion, so they end up with 5.1 billion this year. Among our focus areas, we would like to highlight what actually characterizes 60% of our business, and that is that we work in collaboration and partnering. The reason for this is that we strive to develop the conditions for a project together with our customers. in an early stage, and then work in open cooperation during construction time. So collaboration is a core issue with us today. Then when it comes to tree building, sustainability, you can say that tree building, which is an important part for us, is also perhaps our most important contribution to sustainable development in our industry. And there we also have a combined core competence through one of our core companies called Dalarusgruppen. under the building partner segment today. I would like to summarize the quarter. I am very pleased with how we are concluding the year. When I go through the fundamentals of the economy, I realize that it is easy to repeat the message that we have had throughout the year when it comes to order entry and result development. But it is also a goal in itself that we should experience as stable in our development. And it is a challenge for the construction industry to have that impact. And it has been important for us that we want to experience as a stable company. I think we have shown during these quarters this year and also this last quarter that the stability continues. So before Karin comes in on economic development, I would like to highlight the overall picture. And that is that we have continued another quarter with a strong order intake and that our order stock is still at a high level, 4.5 billion. In addition to the order stock, we have a really interesting and good base of initiating what we call phase 1 collaboration in collaboration. And there we have a long-term order potential of up to 5 billion, which is long-term that we believe is a deal for us. So that's beyond the order block. The turnover, after this strong order start this year, we have seen in the last two quarters that even our turnover and production volume is increasing. We also have an increase in turnover in the quarter. Resultatet som vi mäter i vita uppgick till 55 miljoner och det är ju en förbättring mot förrgående år och det är faktiskt vårt högsta resultat någonsin i koncernen. Sedan avslutar vi året med ett mycket starkt kassaflöde som uppgår i kvartalet till redan 195 miljoner. Det innebär att We have now turned our previous net debt into a net cash, a positive net cash for the year. And we are incredibly happy that we have that development. And then I can say right now that based on this financial situation, the board proposes a division of 75 euros per share. It's a bit of an overarching picture of what the quarter looks like, and Kare will come back to that. If I look at which projects, I think it's still fun to show a little bit of the projects that are current for us now. Then I can start to say that some examples of current projects are among other things that we, in cooperation with the Fortification Agency, have started a reconstruction up in Älvdalen. We have a command hotel where we will renovate this completely and it has been started now during the winter. Vi har tidigare höst flaggat för att vi inledde ett samarbete med Saab i Linköping. Och nu i december, sent i december, så tecknar vi ett fas 2-avtal där vi faktiskt producerar en orderingång med Saab i Linköping för att bygga ett nyt kontor för uppåt 900 medarbetare. Så där har vi gått från fas 1 till nu fas 2 och vi har orderiserat då i kvartalet 350 miljoner som vi bedömer är storleken på det här projektet. And it is full pressure on this, as much in Saab today, in the expansion they are dealing with. So this is a very interesting project for us that we are fully engaged in now. Then just a current picture of our large school building in Halmstad. And there is land and foundation work going on fully today. And we are soon on the move to go over to a large building nation in that. And it was a project that started this fall, which is estimated at about 470 million. So it's a really big project in Halmstad, but also out of the school business that we have good experience of and have worked a lot with in Flodens than before. Then more examples of collaboration projects that occur, both in Motala with the housing department in Platen, We are working in the long run with Varbergs Bostad and renewing housing there. And then we have, as I mentioned earlier, we are still in phase one of the design of Gävle Hospital, a large project. This means that we can go into a production phase later this year. This is a collaboration project as an example. We are also looking forward to the many tree building projects that are taking place today. Some examples here are that we are far ahead of Maserhallen in Borlänge, the new production of a sports hall. We are also building a new production in Motala by the office with a tree stump as the foundation. We have also started a while ago with a new project at Skradro, an elderly resident in the city of Gothenburg, which is also characterized by a large number of tree buildings and with an ambitious climate ambition in that project. So it's a bit of a project that we're dealing with now, so I thought I'd hand it over to Karin so she can go into the numbers again.

Absolutely, thank you. When we start to look at our order entry, we see that it continues to be very strong even in quarter 4 and goes up to approximately 1.3 billion. This is almost a doubling compared to the same quarter previous year. And if we sum up the order entry for 2025, it is also at record high levels and ends at almost 6.4 billion, which we will compare with 3.4 billion at the beginning of 2024. Vår orderstock visar vår framtida produktionsvolym bekräftade åtaganden. När vi stänger 2025 så uppgår den till drygt 4,5 miljarder vilket ska jämföras med 3,2 miljarder året innan. Sture kommenterade ju precis det här att i vår orderstock så finns det också en stor andel pågående fas 1-projekt. By the end of 2025, these savings will be close to SEK 5 billion. This means that the total potential volume of future investments will exceed SEK 9 billion, which gives us a very stable basis for the future. Men vi vill ändå fortsätta och poängtera att vi fortsätter tillämpa vår selektiva strategi i valet av vilka projekt som vi kalkylerar på. För tillsammans med vår prioritering av samverkansprojekt innebär det att vår nuvarande projektportfölj har en hög lönsamhetspotential med lägre risknivå. I slutet på 2025 uppgår andelen samverkansprojekt till 61%. Fördelningen av vår orderstock förändras ju över tid beroende på vilka projekt som vi erhåller. Och vid utgången av kvartal 4 så ser vi en ganska jämn fördelning mellan samhällsfastigheter och kommersiella fastigheter. Där samhällsfastigheter utgör 45% av orderstocken medan kommersiella står för 47%. Vår exponering mot hyresfastigheter uppgår till 7%. If we move on and look at our turnover in the quarter, it goes up to roughly 1.5 billion, which means an organic growth of nearly 13%. This growth is a result of our strong orders during the year. For the whole year, 2025, our turnover now exceeds 5 billion, which means that we have nearly 8% in organic growth. Hoppar vi över till vårt rörelseresultat före räntor, amorteringar och skatt så fortsätter det att successivt förbättras, vilket även vår lönsamhet gör. Vi ser en stabilitet i vår verksamhet och för elfte kvartalet i rad så redovisar vi ett positivt resultat med en successivt förbättrad marginal. Sture mentioned earlier that the result in the quarter is up to SEK 55 million, which is equivalent to a margin of 3.5%. This improvement is over 20% when compared with the fall in Q4 2024, when it went up to SEK 45 million. I will also come back to this, but if you zoom out and look at the full-year figures, we have a full-year result of 185 million kronor in 2025 compared to 2021-2024, and that is an increase of over 50%. What is also worth noting is that all segments improve their results both in the quarter and in the whole year. Vår finansiella ställning fortsatte att förstärkas under kvartalet. Kassaflödet från den löpande verksamheten uppgick till plus 195 miljoner. Kassaflödet beror ju på förändringen i rörelsekapitalet och i byggföretag så präglas det av stora variationer mellan kvartalen. And it affects both the degree of improvement as a type of project. But our assessment is that the cash flows from the ongoing business should continue to develop positively and follow our result development even in 2026. The solidity is improved to 32.2% and our debt rate has risen to minus 0.2. This means that we have a net cash flow of 58 million. Det var koncernens studie. Nu hoppar vi över till segmenten.

Ja, då tänkte jag lite kort att sammanfatta lite grann från respektive segment från kvartalet. Vi börjar med byggpartner, det största bolaget som fortsätter att ha en stark utveckling. Förutom orderstocken så har vi här den största volymen av det vi kallar för fas 1 samarbeten. Så det ger en väldigt stark bas framåt för byggpartner med lite framåtriktning. Now we also see a strong turnover growth in the quarter, a full 26% in the quarter compared to last year. And in the whole year we have now almost reached 3 billion in turnover. It is also a level that has not been near before in the building partners. The profitability continues at a good level, we think. We have of course the goal of 5%. Now we are up to 4.5% this quarter. It changes something as you can see here between the quarters. It is between 4, 5 and 5. It is due to the fact that the end of the project occurs a little differently between the quarters and then it can affect the margin. So the decimals change a little bit depending on the project mix. But we think we have a good level now and we have a good progress in Byggpartner. When it comes to Östergötland, Olin Ekeroth, we have seen from previous reports that we have had a tough market in Östergötland during the year. But here we see a clearer positive market signal now in winter. Olin Ekeroth has now entered a number of new project collaborations in later times, during Q4 and also now in January. SAV-projektet bidrar naturligtvis en starkt orderstock som är på knapp miljard här nu. Men vi har även tidiga fas 1 samarbete som har ökat ganska starkt i Östergötland under sista kvartalet. Det är väldigt positivt att vi ser att dialogerna med våra kunder och marknadssignalen är positiva även i Östergötland. Lönsamheten har de tre sista kvartalen lyft på en klart bättre nivå. Vi har haft och har nog en tendens att vi har ett svagt första kvartal beroende på projektmixen i Öst-Ea och Linnékerot. Men vi ser att de här tre sista kvartalen har legat på uppåt 4% i marginal som vi även hade i Q4. Det är en positiv utveckling som vi är väldigt nöjda med. So, positive signs of the continued development in Olin Ekeroth. I'm happy for that. In addition, we still have a large order stack with us, which was built up during the autumn, Q2, Q3 and now Q4. In relation to the revenue, which is around 600 million under 2025, we have a strong order stack on double the annual volume, 1.2. This gives a chance for a strong growth in 2026. We saw that Q4 under 2045 did not have a greater effect of the order block, but it is first in the first half of the year now under 2026 that we will see that the production rate increases in Flodensk. It is also important to note that compared to the previous year, we now have a zero-result. We did not have a negative result in the quarter. It is also important to note that we are now strengthening our conditions to gradually improve our solutions in 2026. Here, too, we have good expectations of a positive development in Flodens. I have mentioned several times this with the previous phase 1 collaboration. And just to give you a brief of that, I would like to say that this is just a selection of projects that, during 2025, went from what we call phase 1, an early design phase, to becoming a production start in the year phase 2. And this is what the step looks like when we work in collaboration. These projects that you have entered in the production stage now, they have been preceded by a collaboration with customers, where we have worked with design, calculations, agreements on the forms of the buildings. And this is a way to both reduce the risks, but also to secure the collaboration with our customers, to work that way. Frågan brukar komma ibland, hur ofta händer det att ett fas 1-projekt inte övergår till ett fas 2? Det kan man säga att för oss har det nog inte hänt någon gång, utan det som kan vara osäkert är i vilken takt man sätter igång den här produktionsfasen. Därför är vi inte detaljerade med när produktionsfasen faller in. Men det här är en väldigt positiv bild. Alla de här projekten är uppstampade under 2021. A summary when I go into the whole year. Karin mentioned it a little bit, but I think it's relevant now in the last quarter to say how it feels, how we sum up the whole year. And then I repeat a little bit again, then I can say that we have had a very strong order entry. The order entry has been at 6.4 billion compared to 3.4 in the previous year. And we want to investigate that we still haven't let go of being selective in our way of wanting to take jobs. And many of these orders have been preceded by a phase 1 job where we have worked together. So a strong order entry and then it has caused an increased order volume of 4.5 billion. And just as Karin said, in addition to that 4.5 billion order volume, we have a pipeline of these phase 1 projects, which has also increased vigorously during this year. In the second half of the year, we have seen an increase in revenue, so we have 5.1 billion in revenue throughout the year. And that's a good basis for us to see the continuation of this. I just want to repeat that the order stock, together with the Bas 1 basis, gives a very strong basis for 2026. And I think that's important when we focus on the fact that the result is good, a good basis for the future. The EBITDA result has increased by 50%, 3.6% in the whole year, so we have created 185 million results during the year compared to the other 20 last year. And we have taken a step, 3.6% is a step towards our 5% goal, which we are not letting go of in any way, but we continue to work towards that goal. The strong cash flow, as Karim mentioned, in the whole year, 285 million, means that we end the year with a positive net for cash. It feels very good. And with this background, the board has proposed a division of 75 euros per share. Finally, we continue to work hard to further improve profitability. I would like to express my gratitude to all our fantastic employees who have made it possible for us to have this positive development in the company. Thank you very much to our employees. It is a fantastic effort this year. Ja, det var väl det vi hade tänkt att visa om rapporten och hur vårt sluttade. Så nu är vi öppna för frågor från er.

Om du vill ställa en fråga, tryck 4-5 på din telefon för att ställa dig i kön. Om du vill dra tillbaka din fråga, vänligen tryck 4-6. Du kan även skriva din fråga i rutan under presentationen på webbsändningen. Nästa fråga kommer från Simon Jönsson från ABG Sandalkaljer. Varsågod.

God morgon, Sture och Karin. Tack för att ni tar mina frågor. Jag hoppas att ni hör mig också. Ni lyfter ju fram en stark potentiell ordningång från fas 1-år ni har just nu. Du sa, Sture, att ni i princip aldrig förlorar en fas 2 om ni har haft fas 1-år med jag. If I've interpreted it correctly, let's first check that I understand correctly. And then I wonder a little bit about how the visibility is in this. How are we going to calculate the coming years primarily? Is this much before 2026 or 2027? Or is this more long-term things when we talk about this potential year-end from Fafetto?

Yes, if I may answer that, the possibility that a phase 1 will go to phase 2, there is a certain uncertainty. It is also that we will come up with, together with the customers, a budget that everyone agrees on. And especially in the housing sector, there are still too many customers in uncertainty when you enter a phase 1, if you are really ready to run a phase 2. But our experience in recent years, and in the long run, is that The uncertainty is the pace in which you are ready to launch the project. We have an example in Gävle. We had a phase 1 last year in the hospital. The scope of this project in this phase 1 swelled quite a bit, so we did a retake. So we extended this phase 1 period quite a bit. So that's the timing that is the uncertainty, especially when it comes to facets. Then we have the base we have now, where we say that we have a potential for a long time, of 5 billion in potential. So what we can say is that we believe that the main part of these projects will start production in 2026. That's what we can say, and then it's a run time between two and three years on this production volume. That's the closest I can say right now.

Great, thank you very much for that. That was clear. And then I wonder, if we focus on the current order book, how you think about the quality of it and the margin profile in general in what production starts here in the near future. I think especially for for your margin goal and still margin lift in the future? We can get into the margin more specifically later, but just on the order book right now, what do you see for quality and margin profile on that, relative to what you've had before?

The calculations when we place an offer and go into it, is that all of our new orders will actively contribute to our 5% profitability. That's the basis for us. So that's the basis we're taking the project on now. Then there has been an incredibly tough price competition over the past year. And that has made us have to be very selective with the jobs we go into. But we say that the basis is that The order stock should enable our 5% goal in the order stock we have today. That's the ambition. Then there are always deviations that happen in a business, but the ambition and the conditions are that you should be able to reach 5% with an order stock.

Right. And you mentioned a bit about the tough price pressure. We've seen that broadly in the construction industry in recent years. Have you seen any changes there? Do you notice that it's getting a little easier now? Or would you say that it's about the same as before?

Or what do you think about price pressure? We probably experience that a lot of segments are starting to open up, that there is a positive development. I mentioned Östergötland as an example, that there are more and more actors who are starting to start discussions and projects. But we still have a lot of price pressure in the market, so there are many actors who are struggling to get investment in the short term. That's why when we go into a collaboration project, we have a more unique relationship with our customers, where we more come to a reasonable solution model. So it's still price pressure, I can say.

What we see broader, Swedish and Nordic construction market width or infra, is that the project pipeline looks pretty good on the infrastructure side. Is that something you think higher volumes in other nearby businesses can somehow suck up a little of the overcapacity that may exist in general and help to reduce price pressure or Is there such a connection that other state agencies can help you in terms of price?

The infrastructure market is well known, with the defense strategy and other things happening in Sweden. That market looks strong in the future, and we are explicitly not there. But there are quite a lot of rings in the water, which we still count on. Indirectly, we have advantages of that. It's not just in the land you dig, it's also in the buildings around it. We see in the long term that this is positive for us, of course.

Interesting. And then just last thoughts on the margin goal. Up to 5% and you talk about the projects you take, you see that you will contribute to getting a higher margin. Is that what you see as the most important driver? I'm thinking how we should look at how you bridge here from up to 5, if it is that there is a higher project margin or other effectiveness in the organization or something like that that should drive a better margin or how should we see that bridge? Is it possible in the short term in the coming two years or is this a long-term ambition of 0.5%?

The goal is long-term, and that's because conjecture has an impact. It doesn't come from that. But we see now that one of our largest companies is and tends to reach almost 5% now. And that shows that we have that opportunity. We are at 4% in Olin Ekeroth. And that's with a tough market that it has been now. So we see potential there. And then Oliniflodens, which is still 20% or less of our turnover, there we have a zero result. And there we have a completely different ambition forward to lift the result there. So we are not satisfied with it, it says 3.6% this year. But how fast it goes. I don't want to say that, but the goal is very clear that we will be there. We are not satisfied until we are there and balance. It may not be very clear, but that's the answer I could give now.

Yes, I understand. Of course, it depends a lot on market development, but if there is a remarkable, clear improvement on the price-press front and better market and if that happens in one year or three years, but then somewhere you should be able to lay at 5% more inflation. It's like nothing else. It's not internal power consumption that is required or anything like that for you to take it without it.

No, it's not. We have had, as we have mentioned earlier, in Flådén, we have had old sourdough that we have struggled with and put away. And that was home to profitability there. But looking forward, we don't have any old, sick projects in our base. Then you can say that we are a clean-roasted construction company and we are talking about this 5% margin from an entrepreneurial business. If we look at the big state buildings, they have more marginal effect due to project development. So if we compare building margins, we have a relatively high ambition for building margins compared to most other builders. But we stand by our view that it is a cleanly grown entrepreneurial business that is our idea.

Thank you for that. It will be interesting to follow. That was all from me.

Next question comes from Oliver Ljusitalo from Aktiespararna. Welcome.

Hi Natura and Karin. I hope you can hear me. I thought the report looked pretty strong. But on the cost side, I thought it looked a little high. And it might be the construction partners there. The margins are both decreasing compared to the same quarter last year. Men även mot föregående kvartal. Är det något särskilt som ligger bakom det här eller är det bara mycket finjusteringar som krävs? Jag säger att omsättningen har ökat rätt mycket och det är väl kanske läst att kostnaden springer iväg lite grann då också. Kan ni utveckla det där lite grann?

We don't have a big fixed cost increase that stands out. It's a big company with 3 billion in revenue, and there is project investment in different ways, also on the cost side, which means that individual quarters can have income costs of a few million, up and down. That's how it is. But what I mentioned above, why the margin is not a straight trend, is because we have a project end, we do a project end, and often Are we a little careful? It's natural when we have running results for ongoing projects. The signal in our business is that when we finish a project, we often have a certain residual result effect to pick up, to lift up. That's what shows up in certain quarters when they are finished. So you have to live with that, that it's not a straight line on the results, but there will be some peaks when we finish the project with a positive upside.

That's what I agree with. Otherwise, you are witnessing a gradually better state of mind here, especially in the later part of 2026, and a little more stable price level as well. It's clear that I understand that the focus will be on collaboration agreements, but do you see yourself being able to go beyond more fixed price agreements, given that the conjecture views feel more beneficial?

It's important to bring that up, because we have been very focused on collaboration during several years, which means that we reduce the risk and build more stable long-term relations with customers. But we do not have the ambition to be 100% in cooperation. The requirement is that we have experienced organizations and feel stability in our policies. We see here that we take the project and feel safe with it. As I said, the market will not just be in cooperation. We think it's good to have one foot in the real estate project as well. It challenges us in a way and also creates discipline in the business. What we have changed in recent years is to have a much higher risk assessment when we go into real estate projects than we might have had a couple of years ago. That's what's different. We are open to the fact that even that market is interesting for us.

Good answer. Then I thought a little short about the facets, especially the multi-sport hall in Linköping and the renovation of the damn hospital. I have heard that you have said that these two could go in at least two years around the year shift here, 25-26. What happens on these fronts? Does an end begin to approach or not?

Yes, there is always a certain uncertainty in this design when you feel like a customer. But we can say that the hope now for both is that the first two projects should be signed in the first half of the year at least. So a certain delay compared to what was previously signalled.

Yes, I agree. Thanks for the clarification. And the last question was regarding the issuance agreement. You raised it, but I thought it might have been a little more. You have a lot of capital needs for the business and the balance sheet looks very strong. How do you resonate with this and what do you want to do with the money?

It's a question for the owners as well. What I can say is that we have a continued strategy to work with waste as part of our growth. And that's the easiest answer to say that it continues to be a parameter when we look at capital in the future. To have the capacity to make continued waste.

Exactly.

That's one factor that has affected this. But we have shown an ambition to increase the distribution, at least. That's the first step.

Right. And on the trade front, how do you do that? Could it be a smaller trade for your existing three larger units? Or could it be a new platform trade, like we saw here before? a couple of years ago. How do you think about that? How does the trade strategy look now?

It's hard to put it this way. We're both looking at what we call completions within our segment, smaller trade, and also what you call platform trade, where we could think of an increased geographical coverage of Sweden. And where you look at how... Because now there is... We are happy. We are in the Dalarna, Stark, Östergötland and Västkusten. And the possibility to bind this with more acquisitions is a clear part of our strategy in the future, I must say. It's hard to say more about the acquisition strategy, but we are actively looking at the possibility.

And finally, the transaction market, or rather the acquisition market, pipeline. Känner ni att det finns intressanta objekt eller är ni bara i ett inledande spaningsläge?

Vi tycker det är väldigt viktigt att ha en långsiktig perspektiv när vi inleder diskussionen med det om förvärv. Det vi gör det är att vi har tidiga dialoger med bolag som får ta sin tid innan vi känner att det är mogiskt för att prata om ett spärr. Det är ganska uppsökande att vi söker kontakt och låter dem mogna efterhand. Det är inte så att det står mäklare och erbjuder företag varje dag som vi hoppar på. Det är ju med egna aktiviteter för att titta på olika bolag.

Ja, jag fattar. Stort tack för bra svar. Det var allt jag hade nu.

Ja, tack för det.

Det finns inga frågor på telefon, så jag lämnar över ordet till talarna för eventuella frågor från webben.

Precis. Sture, då har vi fått några frågor här på webben som jag tänker att jag läser upp. Den första är från Johan Evelöv som gratulerar till ett fint 2025 och en fin avslutning på U4. Första frågan är om du kan utveckla lite ytterligare hur du ser på fas 1 och om du ser några trender av intresse.

I have described a little bit about phase 1 here now, as we say that the more partners of these will be launched, we believe, in phase 2 during this year and then during the next two or three years. I have said that before. Then we see that we see an increased trend that many customers want to have this first phase 1 dialogue to be safe with the cost picture and work with it together with the entrepreneur. So we see an increased trend that customers want to work that way. It strengthens our way of working. Good.

The second question. When you look at the structure of the order block at the end of Q4, do you see any trends you can share about which regions or sectors are customer types that weigh the most?

It's not a dramatic change. We see that almost half of the population is still in social housing. In schools, we see that the elderly get more power, but we also see that... We talked about the big multi-sport hall in Linköping, but we also have other sports facilities, sports facilities that are a significant part of social housing. When it comes to commercial properties, it's mainly the industry that we see strong development opportunities in. We haven't mentioned data stores much today, but it's a strong part. But we also see other industries that are clearly expanding and that take up a larger part than if we compared the order stock a few years ago with us.

Good. I'll continue here. Life, year... Given that the year ends with a fine net cash of SEK 58 million, how do you want to work with the capital structure and the distribution between investments, acquisitions, division and possible repurchase?

I have no clear answer to that. We have had an ambition to reduce our debt in this regard. Det enda återkommande jag kan säga är att vi vill kunna titta på förvärv utan att äventyra vår finansiella stabilitet. Att kunna göra det och uppleva som en... Ha en sund stabilitet i grunden. Vi tycker att det är väldigt viktigt som byggbolag att ha det. Men någon annan återköp av aktier har vi inte haft upp på agendan.

Det är inte möjligt för oss heller på den listan som vi har noterat det på.

Det stämmer. Som first notes är inte det möjligt där. Det är väl det svaret vi kan ge oss nu då.

Ska vi se att efter hårt arbete de sista två åren att Flodens är färdigstädat och under 2026 givet den fina orderstocken som överstiger en miljard, kan man förvänta sig inledningsvis en marginal i linje med Odin och Ekero på 4%, det vill säga har orderna som tagits på goda marginaler i linje med koncernmålet på 5%?

In the long term, that is the goal. But I think that a company that has gone from a turnover of around 600 million and is going to take a big step up in volume, it is natural to be a little wary of how fast the marginal development will come in the company. Because that is a growth trend that is now taking place. But basically, there are conditions for that high margin. But I want to be a little careful with how fast it comes.

Hur ser man på procenten av samverkansprojekt av totalen över tid? Nu har den varierat lite mellan 60 och 65 procent.

Jag tycker det är en ganska sund nivå att ligga på. Vi vet ju att vi har en renodlad serviceverksamhet som uppgår till nästan 20 procent av vår verksamhet. Det är ju en löpande småprojekt. If you remove that, 80% of the rest is in collaboration, and then we have a real estate project. We want to have a mix with a real estate project, because we are a local actor that must follow the market. So we are not just there to pick up the hay and the cake, but we want to be there for the wider market. I think 60% is probably the best assessment that we should be there somewhere.

Good. Then we have a question from Erik Johansson. When you look at the segment review, you see a cost per quarter on the motor company of 6 million. What is this cost increase and are there parts of the unit character that you should take into account?

The short answer is that this is primarily the purchase of services of unit character that has loaded Q4. That's the short answer.

Then we have one last question on the web, also from Carsten Nilsson. You exclude 50% allocation. Why? Do you see a problem somewhere? Now we can say that we are allocating 27% of our profit compared to 43% last year.

I want to see that this is a signal that we are still increasing the share by 50% per share compared to the previous year. It's a bit cautious, but I experience that the board is behind a very stable situation in our company. I see it as a step in long-term development, that you want to take this long-term step instead of taking it backwards.

Those were the questions we had received.

Okay, thanks to all of you who have listened to this long presentation. We thank you and hope you can follow us during the exciting year of 2026. Thank you very much for today.