Prevas AB

So looking into the second quarter of 2026 for Prevas. Prevas delivered a stable revenue performance in a quite cautious market. We delivered 405.1 million SEK versus last year, 408.8. That equals a negative growth of 0.9%. The EBITDA was clearly below our ambitions. The EBITDA adjusted for restructuring was 23.1 million SEK, 5.7%. During this quarter, we have made several initiatives in the group to reach a more agile and efficient organization for future profitable growth. And we have taken restructuring costs of a total of 8 million SEK during the quarter. We also during this quarter had a negative EBITDA in Finland that affected the EBITDA, of course. And that was due to the restructuring costs we have taken for a change program, which I will come back to later on in the presentation. We had postponed projects in Finland and also low utilization. Excluding Finland, Prevas as a group delivered improved EBITDA versus last year. We delivered, excluding Finland, 6.6% in EBITDA for the second quarter. The reported EBITDA was 3.7% equals to 15.1 million SEK. The operating cash flow continued to be strong. We've delivered 42 million SEK in operative cash flow for the quarter compared to last year of 49.6. EPS 0.5 SEK versus last year 0.73. But all in all, if we look into the second quarter, it was clearly below our ambitions. And to be honest, I'm not satisfied with what we are delivering. The quarter was mainly impacted by Finland and the restructuring cost of 8 million SEK. We have taken necessary actions throughout the group to increase efficiency and to reach improved profitability and growth for the future. Looking into the business in Prevas as a total, we can see that the underlying business continues to improve. We have a continuous trend with increased utilization in the group, in major parts of the group, I would say. And that is driven by operational improvements that we have been doing. One example is that we are doing the first quarter and also affecting the second quarter. We had three business units in Malmö Lund area that we merged into two focus units. We also closed an unprofitable unit in Malmö. We have worked with adaptions to demand in several units in order to adapt the workforce towards actual demands in order to increase the efficiency of Prevas as such. But that is one part, the operational improvements. Another important part is that we are growing as well. We are growing in several areas in Prevas, like in AI-based vision system, a clear niche where we have a strong position. The core of Prevas embedded systems software development is growing in Prevas in total. We are growing in defense, we are growing in enterprise asset management systems, we're growing in smart production. So we have many areas in Prevas that actually are growing. So if you combine the operational improvements and action we are taking in that area, combine that with the growth we see, That drives increased utilization that we also see in major parts in Prevas for the second quarter. Looking into Denmark, as it previously informed, we had a slowdown in demand in the life science sector that affected our Danish unit. So we have reduced the number of employees in Denmark taking those kinds of actions. We have also focused on sales and growth, especially in cybersecurity area and industrial Linux in Denmark. What we see now is that the actions and the focus we have taken gives effect. We see a trend that is positive in Denmark, We had a positive EBITDA in June, which proves once again that we are going in the right direction in Denmark. Another positive thing is that we see a slow recovery in the life science demand, which affects Denmark in a positive way. But all in all, the underlying business in Prevas is improving, and we see increased EBITDA for the second quarter in for the group excluding Finland. And looking into Finland and my team, we already look forward to the autumn to show and to prove what we really can do in Prevas. So with this, we move on to the Q&A session and I hope and look forward to interesting questions this time as we normally have. Thank you very much.

Thank you, Magnus, for this presentation. We go further to the questions from the audience. What does management turnover in Finland look like? Is the challenging performance related to a significant number of senior managers having left the company?

No, actually it is like this. The turnover in our management team in Finland is very, very low. The core team that came in through the acquisition remains, and they are also shareholders. We have a very stable management team in Finland. And the challenge we have in Finland is related to the market development as such, not to what can happen in the consultancy industry that you acquire a company and that the team that managed the company disappears. And that is not the case in Finland. We have a strong management team, very committed.