FM Mattsson Mora Group AB (publ)

Varmt välkomna till FN Mattsson Groups presentation av andra kvartalet 2024. Vi som presenterar idag, det är i vanlig ordning jag, Fredrik Skarp, som är koncernchef och vd. Bredvid mig har jag min kollega Martin.

Hej, jag är Martin Gandersson, CFO för koncernen.

And those of you who are familiar with us will recognize this image that we are a company that focuses on mixers and bathroom products and kitchen products within six different product brands, which is what is visible to our customers. Six product brands that give us both a good breadth and good depth to process different customer segments and geographies. If we take a closer look at the development during Q2 2024, we can see that there has been a continued challenging market situation due to the conjecture we have, and which we have also had with us for a while. If we look at sales development in Q2 2024 compared to Q2 2023, We noticed that we decreased it by almost 3% and then we see some differences in our two different segments that we reported within the Nordic business that went down a little more. We decreased it by 4.5% while our business outside of the Nordic, called International, had a small decline of 0.6%. This lower sales also affects our EBITDA margin, which reached 11% during Q2 this year. If we compare that with Q2 2024, it is a small decline from 12.7%. But we can also note that we see an improved gross margin during the second quarter, which is a result of purchase effectiveness and a better product mix. But what also affects the margin in this quarter is that we have a higher sales cost, which is a result of us making active decisions to try to move forward our market positions. We also have slightly higher deductions from various investments we have made in recent years. What also feels good in a tough situation is that we continue to show a strong cash flow for the company. And of course, there are a lot of thoughts and challenges about the market situation and the connection that we have had with us for a while, where there has been a high interest rate and high inflation, which has affected the activity level among our customers. We continue to observe the behavior of our customers and it is a relatively weak demand. This applies to all our countries and our different customer segments that we work with. Then there are some differences between the brands and our geographies. We can see here in the second quarter that it was a bit tougher in our Nordic business, but overall it is still a tough market for us. Vi tycker också att vi har en förhoppning om att det ska kunna börja vända även om det är från låga nivåer. Det som händer kring ränteläget och inflationen är såklart positivt för hela branschen och vi hoppas att vi ska kunna börja se fler ljusglimtar här under andra halvåret men ändå så är vi inställda på ett fortsatt tufft konjunkturläge här under resterande 2024. And what we are working a lot with in this situation is to continue to see what growth opportunities there are and be good at capturing them with our various offers we have. But of course, we also need to continue to work with internal efficiencies to pair this situation with sales, so that these points are still at the top of the agenda when we enter the autumn. Then there is of course a lot to take with us, and a part of what we are talking about is that we have a somewhat improved gross margin, a strong cash flow, and I think that as a business and our brands we are well equipped for the future. We can note that all of our product brands are very well invested in i sin produktportfölj och ligger bra till utifrån den både kravbild och de olika behov vi ser ifrån. We work with different customer groups, both on the private and professional side, but it does not feel safe and good for the future that our brands and assortments are in good shape for the coming quarter and 2025. During this second quarter, we have also made two important launches for us to move forward our Our positioning towards customers and an important hotbed base that we have launched here and is very much aimed at the more private markets in the Benelux region, but also other selected international markets. A series that is very much about new design and a price picture that we think fits well from the customer groups we are targeting ourselves towards. We are also doing a good update and launching the next generation of our lead-free series Moremix, which is aimed at the Nordic professional market and retail. Two important product launches that we believe in for the future. It feels positive and exciting. Then I'll hand it over to Martin, who will go into more detail about how the figures looked during the quarter.