Sweco AB (publ)

change at sweco we choose to see change as opportunity to embrace global shifts with our concept of architects and engineers working hand in hand and in change use the collective knowledge of citizens communities clients and consultants to transform society for the better As populations grow, demographics shift and demands on urban planning and infrastructure evolve. It's the opportunity for cities to become more resilient, more sustainable, more secure. To adapt to the climate demands of today and the new needs of tomorrow's communities. Navigating the green transition is opportunity. Alongside our clients is the chance to establish the resource efficient industries, reliable energy and transport systems that societies and competitive economies need to thrive. We seize every opportunity. And with AI and digitalization powering innovation, amplifying performance, and revealing deeper value, our multidisciplinary experience and capabilities make greater impact than ever. One thing will never change. Our philosophy. Every single Sweco consultant will always have the expertise, determination and responsibility to make a difference. It's how we keep transforming society together.

Good morning and welcome to this presentation of Sweco's Q1 report. With me this morning I have Sweco's president and CEO Åsa Bergman and CFO Jan Alde. After their presentation they will take your questions and we will give you the instruction at that point. So over to you Åsa.

Welcome everyone to Sweco's Q1 presentation. Before we present the result for the first quarter, let me give you a quick overview of Sweco. Sweco is Europe's leading architecture and engineering consultancy with operations in eight geographical business areas across some 15 markets in Europe. We are a well-diversified business operating across three different segments with a good balance of private and public clients. The foundation for Sweco's long-term success is a mix of competencies spread across 23,000 experts. Our focus on organic and acquired growth, as well as our efficient and decentralized operational model. With a strong financial track record and financial position, we are focused on continuing our growth journey and build on Sweco's success. With this introduction, let me start the presentation with a summary of the first quarter of 2026. In Q1, Sweco delivered a stable result in a mixed market characterized by positive organic growth, increasing fees and billing ratio, and continuing acquisition activity. Net sales increased 3% to 8.3 billion SEK, and the organic growth rate was 3%. EBITDA amounted to 869 million SEK, corresponding to a margin of 10.4%. EBITDA increased by 5%, adjusted for calendar effects. Higher average fees, a higher billing ratio and contribution from acquisitions had a positive effect on the result in the quarter, while restructuring and integration costs as well as higher personal expenses had a negative impact. Our acquisition activity continued with three acquisitions in this quarter. Now let us go into more details. Overall, most business areas delivered a stable first quarter. Five out of eight business areas delivered positive organic growth, and five out of eight also improved EBITDA in the quarter. We continued to navigate the market well and increased our order backlog. We also maintained a strong focus on internal efficiency as reflected in the billing ratio compared to last year. I would also like to highlight the positive performance in Sweden that delivered solid organic growth and a positive EBITDA improvement supported by synergies from the recent acquisition of Projekt Engagement. However, the result was negatively impacted by project adjustments and restructuring and integration costs taken in Sveco Finland. We are pleased to see that most business areas performed well in this quarter. Let us now turn to the market overview. Demand for Sweco services was broadly consistent with previous quarters. Demand remained good in energy, water, environment, infrastructure, as well as security and defense. Residential and commercial buildings and part of the industry segment remained weak. The uncertainty in the broad macro and geopolitical environment increased. but a decentralized operating model and well-diversified business model with a clear European focus provided resilience in the quarter. As capital and policy attention increasingly shift towards Europe's competitiveness and resilience, this focus is becoming even more relevant for Sweco. With that, I welcome our CFO, Jan Alde, to walk you through the numbers. Please, Jan.

Thank you, Åsa. So net sales came in at 8.3 billion SEK with an organic growth rate of 3%, acquired growth of 5% and a negative FX impact of 3%, giving the total net sales growth of 3% in the quarter. The calendar effect was five less working hours in Q1 versus last year. EBITDA increased 5% or 43 million SEK adjusted for the calendar effect. EBITDA margin came in at 10.4%, and the net debt to EBITDA ratio of 0.5 times at the end of March, same as last year. Looking at net sales, the organic growth of 3% in Q1 was primarily driven by higher average fees and a higher billing ratio. From a BA perspective, we saw organic growth in 5 out of 8 BAs, Germany and Central Europe had the strongest organic growth rate at 9%, driven by higher average fees and FTE growth in an overall stable market. Growth in Finland was flat in a quarter, as the Finnish market remains challenging, and Denmark reported a negative growth rate of 2% due to a stable but somewhat weaker demand situation within the industry and energy market segments. The other BAs reported organic growth rates between 3 and 5%. And looking at EBITDA, which increased 43 million or 5% versus last year, adjusted for calendar effects. Overall, the EBITDA improvement was driven by higher average fees, improved billing ratio and contributions from the acquisitions made in 2025, while higher personnel expenses had a negative impact. The reported EBITDA margin was 10.4% in Q1 versus 11.2% last year. Adjusting for calendar effects with negative impact in Sweden and Norway, the EBITDA margin was on par with last year. From a BA perspective, we saw a strong performance in Sweden in Q1, with a margin significantly above last year, adjusting for the calendar effects. Norway also reported slightly higher margin than last year, adjusting again for the calendar effect. The EBITDA margin in Finland was impacted by negative project adjustment as well as restructuring and integration costs. The margins in the other BAs were roughly in line with last year. Important to note, though, is that Belgium and Denmark continue to deliver very strong margins. Now let's look at the EBITDA bridge by BA. So the result in Sweden was 68 million SEK, or 26% higher than last year, driven by higher billing ratio, higher average fees, and a positive contribution from the project engagement acquisition last year, despite having 30 million SEK of integration and restructuring costs in Q1. The result in Finland was 28 million SEK lower than last year and was impacted by negative project adjustment as well as integration and restructuring cost of 17 million SEK following personnel reductions in the quarter. The integration of both project engagement and FinPEC is progressing well and we expect synergies to materialize gradually during 2026. Norway, Netherlands, Belgium and the UK delivered EBITDA improvements, while the result in Denmark and Germany and Central Europe was slightly lower. The calendar effect was five less working hours in Q1 versus last year, corresponding to a negative year-on-year impact of 75 million SEK, affecting the result in Sweden and Norway. Now look at the financial position of the company. So cash flow in Q1 was negatively impacted by a seasonal increase in working capital, resulting in a net debt position at 1.9 billion SEK at the end of March, slightly higher than last year. M&A cash outflow was 46 million. And this means that the net debt EBITDA ratio at the end of March was 0.5 times same as last year. Hence, our leverage is well below our target, and we remain financially very strong to pursue an active M&A agenda. Finally, a reminder of the calendar effects for 26. The expected total number of working hours for 26 is expected to be seven hours more than at 25, and in Q2, we expect five hours more than the same quarter last year. And by that, I hand back to you, Åsa.

Thank you. Acquisitions remained one of Sweco's key growth drivers, and we started 2026 with three new acquisitions. In January, we acquired the Finnish architecture firm Näkymä, with 20 experts specializing in the design of historical and cultural sites. Later in the quarter, we announced the acquisition of Belgian firm Konix RDBM Architects, a well-known and award-winning practice with 50 experts that will further strengthen Sweco's position in large-scale urban development projects. We also acquired the Belgian architecture firm A-TRACT Architecture, with 10 experts specializing in sustainable architecture. At the same time, we continue to integrate the 13 acquisitions completed in 2025, which are now step by step being added to our offering across several business areas. Our M&A agenda remains active and disciplined, and we continue to evaluate opportunities across our core markets. Projects 1 during the quarter highlights Sweco's role in Europe's transition to a more resilient and sustainable society. In Norway, Sweco was appointed lead consultant by ÅEnergi to support the development of the Åserall South hydropower project, strengthening renewable power generation through cross-border collaboration and digital delivery. Sweco also won contracts to support public transport operators across Europe in developing the infrastructure required for electrification. This includes next-generation electrical bus depots in Belgium, enabling low-emission public transport and future-ready mobility systems. In the UK, Sweco was awarded a major office development project in the city of London, the Dovetail Building, where we deliver technical and sustainability services, including lifecycle carbon analysis. In addition, Sweco leads a major system restoration project in Belgium. The project restores natural hydrology, raising groundwater, improving water quality and rebalancing flood dynamics. To summarize, Sweco delivered a stable first quarter in a mixed market, and we have set clear priorities going forward. First, we will continue to be responsive to market developments. Operating in a mixed market with increasing geopolitical uncertainty makes it essential to remain active and agile. Sweco's decentralized operating model helps us stay close to the market and enables both proactivity in sales and the ability to quickly respond to changing market conditions. Second, we will remain our focus on internal efficiency and further margin improvements, building on the progress we have made over the past quarters. Third, we will continue developing our AI capabilities, strengthening both our offering and our internal efficiency. And finally, we will continue the integration of acquisitions and maintain an active and disciplined M&A agenda. With a strong market position, diversified portfolio and solid financial position, Sweco is well positioned to continue to navigate the market. Thank you.

Thank you, Åsa and Jan. And now's the time to open up for questions. So please, operator, if you could give us the details.

Thank you, dear participants. As a reminder, if you would like to ask a question, please press star 1 1 on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star 1 and 1 again. Alternatively, you can submit your questions via the webcast. Please stand by while we compile the Q&A roster. This will take a few moments. And now we're going to take our first question. Yes. And it comes from Dan Heima from SEB. Your line is open. Please ask your question.

Yes. Good morning, Åsa and Jan. A couple of questions from my side. Good morning, Dan. Good morning. Maybe starting a little bit on M&A and integration. You clearly put a lot of effort into integration of M&A in the last couple of quarters here. And on the integration cost, how far would you say you are in the process of integrating mainly project engagement and FinPEC Is the heavy work done now, so to say, in terms of cost at least, or how do you view it here during 2026? Thank you.

Yeah, if I start with project engagement that we bought last summer, we integrated them structurally, so to say, into our organization first of Jan, meaning that they are fully integrated in our organization and in our systems. With that said, it takes time before we get fully up to speed in all aspects. So, of course, I would say that we are done with the structural parts of the integration, but now it's more about getting every employee and the full kind of synergy when it comes to our business synergies ahead. But according to plan and a good strategy, in a good state so to say or state and when it comes to FinPEC that was an acquisition doing that we done did later last year meaning that we are taking some integration costs in this quarter in Finland and we are working with the integration in this quarter So you will see a gradual improvement linked to those acquisitions. And the same goes for SAAR Architects, where we established a new division in Belgium focusing on architects. So we reorganized all architects into one division in Belgium. And now we are number one on the Belgian market when it comes to architecture. I hope that answers your question.

Yes, it does. Thank you very much. Maybe one more on the demand, the general demand. You say, yeah, market is mixed. Looks like your outlook is similar as previous quarters, but seems to have increased your order book a little bit here. Can you give any sense of decrease in the order book? Is it growing roughly in line with sales, or is it growing more or less? Just to get an indication here. Thank you.

Yes, Dan, I would say we continue to strengthen our order book and I would say both in absolute terms and also in relation to our LTM sales. So I think I see a good development order on the order book. When it comes to the market, maybe you want to comment some more, Åsa?

As we reported, we see a quarter with almost the same demand and demand. sectors that is you know strong and a bit weaker that that we have seen in previous quarters so so when it comes to our order backlog of course we grow across but it's it's it's very much linked to those segments where we see see good demand and that work we will continue of course But I mean, it's fair to comment on the geopolitical environment. In this quarter, we don't see any direct effects in our portfolio linked to the situation globally. But with that said, you need to pay attention to it and have great respect for the situation. And of course, if it gets prolonged... our clients might be influenced by energy prices and the overall investment climate, so to say. And of course, then we might see things in our project portfolio. But when we talk about the business model, it's really about making sure that we really focus on our clients and You know, on our produce, we really understand what is going on ahead. And another comment is also that when crisis like this occurs and there I mean, we are in the middle of this right now. Of course, there might be a push for even a faster and energy transition into more renewables in Europe. So I think the same agenda sticks, but I mean, we need to really understand ahead what is going on. So like everyone else, we are following the situation closely and staying close to our clients.

Yes, makes sense. Thank you very much for the call. Maybe a little bit final one from my side then. that was on the project adjustment in Finland. Can you give a sense of the total size? I'm not sure you specified that, but is it just a couple of millions? How much is that project adjustment you made in Finland?

Dan, I would say project adjustments, whether they are negative or positive, it's really part of our ongoing business. But I mean, you've seen the reduction in the profit in Finland. We have given you the integration and restructuring costs. So I think the remaining deviation, you can get a sense of the size of the negative project adjustments.

Okay, fair. I think that was it from my side. Thank you very much.

Thank you. Thank you. Now we're going to take our next question. And it comes from Daniel Durbeck from Handelsbanken. Your line is open. Please ask a question.

Thank you, operator. And good morning also, Anja. Good morning. Questions from my side as well. First, if you could comment a little bit on the improvements in the average fees and billing ratios that you mentioned, expanded to 74.4%. Do you see large variations between the regions? Obviously, Finland is tough, but and also to what extent are these fees increases figured by pricing power versus, you know, mixed effects in the product?

I mean, first of all, we have continued our focus on billing ratio, meaning that we work with efficiency measures in all our business areas. And to your question, of course, we know what good looks like within Sweco, and there is deviations between the different BAs, and that has more... More to do with how we are exposed in the specific markets and how the market is playing out right now. So, of course, there is deviation. We use that as best practice and benchmarking across the different business areas to really drive continuous performance. So we will continue to focus on this one and expand ahead as well. So that is an important area for you. When it comes to your other question, of course, for us, it's about focusing on increasing our prices on the market and making sure that we expand the prices when we put them out. Another part of that mix that you refer to is about how we deliver and execute our projects. So we minimize any negative project adjustments and work really efficient in our projects. How much is that is one part and another part is hard to measure as we distribute 150,000 projects a year. But we work with all those measures in parallel to really make sure that we expand prices. And it's also about selecting and deselecting projects, of course, making sure that we try to win on quality and that we are not putting any pressure on our prices.

Perfect. May I also ask you, coming back to Finland, being a drag in the court and so on tough market and you did this restructuring integration post but in Finland you also can use this system of temporary layoffs so my question is really is that more or less fully utilized and then you have this 17 of our restructuring integration and And also, should we expect now that Finland at least will have a decent or strong billing ratio following these adjustments? Yes, just a little bit more comments on flavor on Finland would be great.

Yes, we use, of course, the available tools that we have and temporary layoffs we continue to use in Finland. It's a little bit lower than last year, but we still absolutely use it. What we did in Finland is to reduce on a permanent basis some 38 people in the quarter. And this is really... driven by three things. One, of course, is that we have to adapt to the current market situation. Secondly, is that we continue to drive efficiency improvement programs. And thirdly, we have the integration of Finpec. So all of these factors are behind the personal reduction in Finland. But to answer your question, yes, we continue to use all the tools available.

And just a comment from my side is that we have spoken about the Finnish market for quite a long time, but I have great trust in the Finnish management that they are taking the right measures and maneuver the market in a really good way. We are winning great projects as well. And I mean, the market is what the market is, but our management and our organization is doing a great job over there.

Good. And also, last question from my side. Obviously, we hear these AI questions and AI development all the time, but is it possible to give some more concrete examples and projects where using AI now where you can improve your own efficiency and productivity, and if you've seen big impact on prices versus so far in the market triggered by AI usage?

I mean, our strategy is to work with AI or use AI in three different dimensions. One is the individual productivity across Sweco. And there we have implemented, and we did in 2023, so we're talking now three years, more or less on the date, where we have our own chat GPT platform where everyone works and uses this in the Sweco environment every week. There we have assistance across different applications. We have more than 70% of reoccurring use of that platform every week across. The second part is that we work to automate our processes and rethinking our different processes in our projects. That has to do with more of a structural change when it comes to how we work. And the third part is digital innovation, where we sell more of AI solutions to our clients and supporting them with AI solutions. in the projects or in kind of new ways, totally. And I would say that if you think about where we are right now, we're talking three years in with AI and we are focusing on expanding our prices and making sure that we are competitive and stay strong and that we have the relevant competence and that we make sure that we are, you know, calibrating where we have our competences and where we grow and how we grow. Of course, if you look at the scale of Sweco and that we are, our strategy is to integrate AI across. It's really hard to so far measure the real implications of AI. Of course, that is on our agenda all the time. But I think back to what we talked about before, expanding the prices, making sure that we stay competitive and that we win our contracts in the right way, and that we continuously evaluate new AI solutions. That is what we're focusing on right now. I think it's important also to mention that I mean, there is a huge scarcity when it comes to qualitative competencies across Europe. And of course, and I've said it before, this is a tool for us to let AI support our engineers and architects. So we actually can focus on qualitative work, analysis and advising our clients. and be more productive as a whole, but also as individuals. So that is where we are right now. And I mean, concrete examples are like hundreds and hundreds. But I mean, it has to do with when we do report writing, when we do specific analysis, and when we test solutions to make a certain choice, we can test much more with this tool. And of course, we have spent time in previous times on things that is like volume work that we use AI and that we can concentrate more on the analysis and the decisions and the support for the client. Hope that answers your question. It's a quite big question.

Yeah, I know. A good answer. Thank you so much.

Thank you. Now we're going to take our next question. And the next question comes from Johan Dahl from Danske Bank. Your line is open. Please ask your question.

Good morning, everyone. Just a few quick questions. Firstly, you talked about 5% contribution to top line from M&A in the first quarter. Could you give an indication how much on the beta that was from acquisitions made last year and this year? Approximately sort of round numbers. And also, if you could update us on the time, I presume the idea of making these acquisitions, but that they would close in on sort of group average in terms of margins. When do you set that sort of timeline when you can be at that level?

Good morning, Johan.

Good morning. As also I was saying, the integration of progressing, I would say very well, and we see good contributions from the acquisitions that we made last year. I won't give you an exact number, Johan, but what I can tell you is that the contribution that we see in the first quarter from a margin point of view is on par with the group average. So I think that can give you a sense for the contribution so far.

All right. Gotcha. And speaking specifically about Sweden, I mean, if you add back the restructuring charges and calendar, I think you increased results 29% year on year. Is there anything other than acquisitions that is sort of contributing here? I'm just trying to understand sort of underlying dynamics in the Swedish operations, whether there are any structural improvements there to talk about.

I mean, this has to do with the focus in the Swedish organization that we have worked with for quite a long time when it comes to efficiency and also the right kind of focus in the business and good projects wins. So, I mean, it's a strong quarter from the Swedish organization. And then, of course, adding the effects of the integration of project engagement.

Just finally, I think you talked about flat margin year over year, adjusting for the calendar. But still, the billing ratio is up almost, I think it's up 80 bips year over year. I understand that there are some one-offs, some sort of charges and also some product adjustments. But is there anything else that is sort of working in the negative direction, such as the net price, wages, et cetera, in this quarter?

Thank you. Well, if I would mention, we did do some employee reductions in some selected countries, as I said, to adapt to the current market situation. We continue to drive the internal efficiency programs. We are integrating the acquisitions from last year. So there are some workforce reductions in countries like Finland. Denmark, UK, part of Sweden. So, of course, that is impacting a bit the overall growth.

Thanks a lot. Thank you. Thank you. Now we're going to take our next question. The question comes from Johan Lundqvist Sundén from DNB Carnegie. Your line is open. Please ask a question.

Good morning. Thank you for taking my questions.

Good morning, Johan.

Three from my side. The first is a little bit back on Dan's question on the kind of restructuring integration work. Can you give some specific guidance for coming, say, one to quarters of anticipated restructuring charges that you're planning to take out?

Okay. I think the way you should look at this is that the project engagement integration, there we have taken almost all of the costs. When it comes to FinPIC, we took some of the costs this quarter in relation to some personnel reductions. We will take some more costs on the FinPIC integration during 26, more related to office consolidation, IT consolidation and things like that. They will not be higher than what you saw in Q1. So in short, you shouldn't expect really any significant cost coming through. And FinPEC integration, there will be some additional cost coming in the remainder of the year.

And just to be super clear, when you say not higher than what we saw in Q1, do you refer to the total amount for the rest of the year or the quarterly kind of

Yeah, I'm saying we took the 17 million charge in Finland in Q1 related to both restructuring and integration cost. So the additional integration cost to come is less than that. Less than what we booked in Q1.

Yeah. and then my second question is on the kind of cash flow statement and i'm note that you're building up a little bit more working capital than you normally do okay and i cannot find any kind of more detailed comment in the report rather than seasonality and from my perspective you're building up more than the seasonal patterns should say that you should build up what is the dynamics and driving forces behind the working after build up

I would say what you see in the first quarter is, on one hand, a seasonal kind of increase in working capital, similar like we saw last year. Then this year we had some larger invoicing, the timing of some invoices that came a little bit different this year versus last year. Nothing extraordinary. It's just the timing of some invoices that came through in the quarter.

And is it more like... invoices come in came at the end of 25 and is hampering our q126 or is it like invoicing should come in and support in q2 so the kind of h1 is kind of normal level

Yeah, I don't see, let's say, any abnormality in terms of build-up of overdue invoice or trade placebo overdue. So what you see is that work in progress normally comes up in Q1, because on one hand, you had the strong decrease in Q4 of the previous year. So I would say we see a very similar pattern like we've seen in previous years. The only difference, as I said, this quarter is the timing of some invoices and difference versus the same quarter last year.

Okay. So no kind of full year changes. The full year working capital swing should not deviate materially from what we have seen historically, so to say.

Of course, I can't stand here and give a forecast for the full year, but I'm just saying, Johan, I don't see a change in the working capital build up here versus previous years. So I would expect the same kind of seasonal pattern as we've seen in earlier years. There's nothing else that indicates something different.

That's fine. My final question is on the Danish business, where we saw organic growth, revenue falling organically, but the margins being maintained. You mentioned that they perform well. We've seen them performing well for quite a while. Should we be worried that giving lower kind of investment activity in the Danish kind of pharma industry, that the Danish business can maybe see a roll down both margin-wise and volume-wise?

I mean, first, maybe a comment from my side when it comes to the market. I mean, you will know that the investments in the pharma sector in Denmark has decreased a lot. And it, of course, affects the whole market. But our Danish business has really been able to distribute other kinds of work in parallel with this decrease. So if you look at the decrease of our Danish business, or actually that they're not growing in line with previous quarters, I would argue that in relation to that, they are doing a good job of sales and focusing on other segments with that said we work in that sector continuously and it's an important sector for us but i mean it's they have as you say strong margins they have focus on the right things and it's really about you know continue growing in other segments in parallel

So no reason to anticipate the margin downtick in, say, the rest of 26?

I mean, we don't give any forecast, but I mean, the focus they have on operational excellence that they will continue to work with.

Yeah, perfect. Those were my three questions. I get back in line. Thank you.

Thank you, Johan. Thank you.

Dear participants, as a reminder, if you would like to ask a question, please press star 1 1 on your telephone keypad and wait for your name to be announced. Alternatively, you can submit your questions via the webcast. Now we're going to take another question on audio line. And it comes line of Julia Sundvall from ABG Sundal Collier. Your line is open. Please ask a question.

Yes. Hi, Anne. Good morning. Just one question from my side, and it's regarding the markets. and especially the weak real estate market. I was just wondering, we have seen some positive signs regarding the market within the residential market in Sweden, even though it's from low levels. Have you seen any light in some way regarding the residential market in Sweden, or do you view it as weak?

Good morning, Julia. I have to say, if I look back, the overall residential market and commercial real estate has been weaker or weak since the inflation increase and the war broke out in Ukraine. And we have, I mean, of course, I mean, our portfolio is quite broad. And we have worked with residential and commercial real estate all along, but on lower levels. But I mean, we don't see a strengthening market or any market that opens up, if that is your question. It's still on the weak side. And I have to also add with the uncertainty that we now have, I mean, it's really about, you know, focusing on understanding how the market will play out ahead, of course.

Okay, perfect. That was all from my side. Thank you.

Thank you.

Thank you. Dear speakers, there are no further questions on Audio Alliance, and I would like to hand over to Marcela Silvander for any written questions.

Thank you so much. We have one question from Edward Donoghue, one in West, and I think I'm sending this one to you, Jan. Question goes like this. Good morning, he also says. I was wondering why Central Europe and Germany's strength of organic growth was not reflecting in the EBITDA percentage progression. Hmm.

Thank you for the online question there. I would say Germany had a bit higher cost coming through in Q1. But besides that, I would say the performance in Q1 is in line with the previous seasonal view for Q1. Yeah, I would say otherwise pretty much in line with our expectation, except for a little bit higher cost coming through in the quarter.

Okay. Thank you for that question. And with that, no further questions on my part, and I don't think in the phone line either. Operator? No. So with that, we'd like to thank you for joining us this morning. And also a quick reminder of that, Sweco will release our Q2 report on the 17th of July. Thank you and have a nice day. Thank you.

Thank you.

Transition means facing change. At Sweco, we choose to see change as opportunity. To embrace global shifts with our concept of architects and engineers working hand in hand. And in change, use the collective knowledge of citizens, communities, clients and consultants to transform society for the better. As populations grow, demographics shift and demands on urban planning and infrastructure evolve. It's the opportunity for cities to become more resilient, more sustainable, more secure. To adapt to the climate demands of today and the new needs of tomorrow's communities. Navigating the green transition is opportunity. Alongside our clients is the chance to establish the resource efficient industries, reliable energy and transport systems that societies and competitive economies need to thrive. We seize every opportunity. And with AI and digitalization powering innovation, amplifying performance, and revealing deeper value, our multidisciplinary experience and capabilities make greater impact than ever. One thing will never change. Our philosophy. Every single Sweco consultant will always have the expertise, determination and responsibility to make a difference. It's how we keep transforming society together.