Röko AB (publ)

Thank you. Welcome and good day. This is Johan Blad speaking and Fredrik Olsson is here as well to be able to answer questions. We go to slide number two in our Q1 presentation. When we look at our group, we look at two important metrics for how serial acquirers perform. These are growth in EBITDA and change in leverage, obviously, given the fact that we don't take in any additional capital from shareholders. We grew EBITDA 14% in the first quarter, driven by acquisitions and organic growth, and we managed to reduce our leverage with 0.4 times from 2.3 times EBITDA at the end of Q1 2024 to 1.9 times at the end of Q1 2025. In the 12 months period since the end of Q1 2024, we have invested 556 million Swedish kronor in acquisitions, and as mentioned, have had no injections from shareholders. Continuing to page three, we have the highlights of our group's financial performance with the prior three years providing a bit of full year context. In Q1, we grew sales 9%, of which 3% was organic growth in SEK, 2% in local currency. EBITDA grew 14%, as mentioned, driven by acquisitions and organic growth. Our margins are seasonally stronger in the first quarter, but we also see a margin improvement in the quarter driven both by mix and general margin improvement. We have not mentioned on the slide here, but mentioned in the report, 7% of our net sales in the US of which the majority is goods that are manufactured outside of the US, but some install installations as well. 2% of net sales stem from goods that are manufactured in China. We obviously monitor the situation with the ongoing tariffs closely, and while they certainly pose a threat to individual and specific companies, the risk for our group is not so significant. No acquisitions were completed during the first quarter, so we remain at 28 subsidiaries and have eight people at HQ. Rökos B share was listed on Nasdaq Stockholm in March 2025. Continuing on to next page, we start to zoom in a little bit on cash flow. Our free cash flow declined 20% in Q1, and cash conversion was only 53%. However, we had 39 million of transaction costs relating to the IPO, which impacted the cash flow negatively. Adjusting for this, cash flow declined 5% and cash conversion was 63%. Cash flow can fluctuate a bit between quarters, and in Q1 this year, we paid higher taxes and had a slightly larger buildup of working capital. I should mention that we paid taxes in line with what we did full year last year. So it was actually low taxes paid in Q1 2024. Return on capital employed improved from 13.3% in Q1 2024 to 14.5%. Rose return on capital employed remains relatively low compared to Peers as we are a younger company, but we see that it improves year over year. Return on capital employed excluding intangibles remain at the high level of 177%, evidencing our asset-light group of companies. Summarize a bit on page five, we give a bit of context to our group and revisit some numbers from full year 2024. Since we started in 2019, we have managed to acquire companies and pay less than eight times EBITDA on average, which we think is an important metric to focus on. Our group delivered 9% organic growth in EBITDA in 2024. The best performing companies have since acquisitions grown Ibita three times as much as the three worst performing companies have declined Ibita. And in 2024, we acquired 125 million of Ibita, of which 57 million was consolidated in 2024. And the remaining then will be consolidated throughout of 2025 due to phasing of acquisitions. With that, I will hand back to the operator to see if there are any questions.

To ask a question, please dial pound key 5 on your telephone keypad. To enter the queue, if you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Dan Johansen from SEB. Please go ahead.

Hi, Johan. A couple of questions from my side. Starting a bit on organic growth, you reported 3% on sales, but My impression is that it's a slightly higher number if you look at EBITDA instead. Would you agree that organic EBITDA growth is a couple of percent above the 3% organic sales growth in this quarter? Thank you.