Teqnion AB (publ)

Hi everyone, welcome to Technion 2025 Q1 Q&A. Today we have kept the tradition of issuing our quarterly report on the same day as our AGM, which is the reason why we do this Q&A a little bit later in the day. We will, as always, alternate between the questions that we have received through our Q&A email and ones that you can ask us live. Please use the Q&A function in the Teams window, which you'll see at the top. Before we jump into the Q&A session, I would like to hand it over to you, Johan, to say a few words about the quarter.

Hello everyone and welcome to this Q&A. Today we are broadcasting from TM Partners in Stockholm. Our legal advisors here will be later today going to hold our AGM. The quarter has been rather hectic with a lot of acquisitions for us. We have had a pace where we acquired six new companies and we are very happy to welcome our new colleagues into the group. This is a pace that you shouldn't be accustomed to. Please don't extrapolate this speed going forward. We have had a rather big backlog of acquisitions lined up for this first quarter from the previous years, talking to a lot of entrepreneurs and building relationships as we always do. We think that the pace that we communicated before with a handful of acquisitions per year is something that we like and are comfortable with. And over a period of time, we believe that's the right pace for Technion. The result in Q1 has been boosted quite a bit from FX effects. The Swedish Corona has been strengthened due to the very turbulent global situation that we have at the moment. And since we are operating more on an international level these days, these things tend to be bigger than they used to be. And it's also something that probably going to stay big or bigger in the future as we grow and move more international. We have operated quite hard when it comes to improvement projects out in our subsidiaries with struggling companies within the group and happily we start to see some effects in those improvement projects. So the results, some margins and the cash flow on specific companies have been improved and especially when it comes to the sequential comparison with a very poor Q4, we're actually doing a little bit better, which is I don't know if I can say it feels good. It's still a lot of frustration with these things. They take a lot of time. It's a very slow pace to fix things that needs to be fixed, but we're on it and we're working really hard to do this. And we are confident that we have the ability and skill set to do it. But once again, it's a slow process. I think that With that, we can maybe move into the Q&A, which is the main reason why we're here.

Yeah. We'll be trying to be quick on some of the questions just in order to get to the rest of them as possible, and then we might deep dive a little bit more in some of them. So the first live question we have comes from Niklas Dreiholt, who's wondering, would Tecna ever consider investing in the public market if extraordinary opportunities arose? like a 2008 type crash for example.