Lindab International AB (publ)

Welcome to the LINDAB Q2 presentation for 2025. During the questions and answers session, participants are able to ask questions by dialing star 5 on their telephone keypad. Now I will hand the conference over to the President and CEO Ola Ringdahl and CFO Lars Inner. Please go ahead.

Good morning and welcome to this presentation of LINDAB's Q2 report. My name is Ola Ringdahl, President and CEO of LINDAB Group. And with me today, I have our CFO Lars Inno. We will begin by presenting the results for the quarter. And after that, we will take a closer look at our key focus areas. Following the presentation, there will be a Q&A session. Let's start with some highlights. Despite the continued challenging market environment, ventilation systems showed strength in the quarter, achieving an operating margin of 9.9%. This performance was driven by an improved gross margin and also from the effects of the previously announced cost reductions that are now implemented and showing effects. For profile systems, sales and profitability were impacted by continued low volumes in the project business. During the quarter, currency effects were higher than normal, affecting sales negatively by 4%. Let's take a closer look at our sales development. Ventilation systems were affected by continued low market activity and also currency effects were significant in the quarter at minus 4%. These factors resulted in lower net sales for the quarter. What is encouraging, however, is that many markets are moving in the right direction, both in terms of sales and profitability. Examples include the UK, Denmark, Switzerland, Italy and also the US. However, in Germany and Sweden, two important markets will end up, market conditions remain challenging, influencing sales negatively for the group. For profile systems, we can see that major projects in the important Swedish market have not yet gained momentum. And in the table, you can see that organic growth was minus 12% in the quarter. I would like to mention that Two percentage points are related to the closure of businesses in three countries in Eastern Europe. And another three percentage points are related to the move of the factory for sandwich panels in Sweden. For smaller projects and sales through builders merchants, we are seeing increased sales both in the quarter and year to date. And this is a positive sign for the future. Let's now have a look at operating profit. Ventilation systems demonstrated resilience in the current challenging market and delivered a strong result with an adjusted operating margin of 9.9%. Actions to reduce our cost base have contributed to the strong result. The full effect of the savings will be reached now in July. Together with price adjustments, this has also improved our gross margin. In profile systems, the operating margin was negatively influenced by low volumes and low capacity utilization. We have partly compensated this through lower costs. Group operating profit for the second quarter was 281 million SEK. Currency effects were unusually large in the quarter. At previous year's currency rates, the operating profit would have been approximately 297 million SEK. The operating margin was 8.6% for the group.

Now I hand over to Lars Uner, our CFO, for a look at our cash flow and financial position. Thank you, Ola.