Röko AB (publ)

Welcome and good morning. So we start by going into slide number two in our Q2 presentation. We look at two important metrics for compounders or serial acquirers when we assess our business. They are growth in EBITDA and change in leverage that we compare on a year-to-date basis versus the same period last year. We grew EBITDA 11% in the first six months of this year, driven by acquisitions and organic growth, but with negative exchange rate differences. Leverage was unchanged at 2.3 times EBITDA. In the 12 months period since the end of Q2 2024, we have invested approximately 926 million Swedish kronor in acquisitions, of which 600 towards the end of Q2 2025. So the unchanged leverage is due to strong cash flow generation and organic profits. If we move on to page number three, we have the highlights of our group's financial performance with the prior three years providing full year context. In the year-to-date period, we grew sales 6% with 3% organic growth in local currency, Exchange rate differences had a negative impact in the period with minus three percentage points. EBITDA grew 11%, as previously mentioned, driven by acquisitions and organic growth. But as previously said, note that the exchange rate differences were negative and impact both net sales and EBITDA. Our margins are seasonally stronger in the first half year, which you can see here at 22%, whereas full year 2024 at 20. But we still see a margin improvement here in the beginning of the year versus the same period last year. This is predominantly driven by margin improvements in all comparable or in most comparable companies. But we also see that our recent acquisitions have provided a bit of and being margin accretive. As a reminder, we have approximately 7% of our net sales in the US, of which the majority are from goods that are manufactured outside of the US. 2% of that 7% are net sales that stem from goods manufactured in China. We monitor the situation closely, and while the tariffs certainly pose an issue to specific companies, the risk for our group is not so significant. In the second quarter, we acquired and consolidated a company in the Netherlands, a company called Topa Bathroom Products. The company designs and sells bathroom products such as faucets, mixers and bathroom furniture in the Benelux market under a brand called Brouwer. The company has more than 30 employees and approximately €20 million of net sales. We believe that the market for acquisitions is a bit better and more active the previous two years. If we then turn to page number four we go through cash flow and some return rates. Our free cash flow declined nine percent in the year-to-date period versus the same period last year and cash conversion was 67 percent. We completed the IPO in March 2025 and transaction costs that relate to the listing impacted free cash flow negatively with 41 million Swedish kronor in the six month period. So if we adjust for that, then cash flow declined 2% versus the same period last year and cash conversion was 73%. I think this year we have had a bit higher organic growth in local currency than the same period last year. And we can see that our companies tie a bit more working capital than the same period last year. We monitored the development of inventory and trade receivables closely together with our local management teams and always try to improve. Return on capital employed improved from 13.5% in H1 last year to 14.1%. Our return on capital employed remains relatively low compared to our peers as we are a younger company, but we see that it improves year over year, which is a good trend. The acquisition that we completed in the six month period was also completed in the last month, and that timing effect has an adverse impact on return on capital employed. Return on capital employed, if we exclude intangibles arising from acquisitions, With that, I will hand back to Ida, who will moderate the Q&A session if there are any questions.

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The next question comes from Dan Johansen from Seb. Please go ahead.