Q2 2026 AutoStore Holdings Ltd Earnings Call

August 13, 2026

Speaker #1: At AutoStore.

Hiva Flåskjer: at AutoStore. I will be moderating today's meeting, and I am joined by our CEO, Mats Hovland Vikse, and our CFO, Paul Harrison. They are standing ready to walk you through this quarter and answer your questions. As usual, we would like to remind you of our disclaimer in regards to forward-looking statements. It can be read here at your own convenience. Moving on to our agenda, Mats will begin with an overview of our operational performance and strategic progress. Paul will then present the financial results in detail. We will follow with a live Q&A session, and you can submit your written questions via the webcast player or ask your questions directly via Teams. The link and information are available on our website. After the Q&A session, Mats will round off with some closing remarks. As a reminder, all financial figures are stated in USD. With that, let's get started.

Hiva Flåskjer: At AutoStore. I will be moderating today's meeting, and I am joined by our CEO, Mats Hovland Vikse, and our CFO, Paul Harrison. They are standing ready to walk you through this quarter and answer your questions. As usual, we would like to remind you of our disclaimer in regards to forward-looking statements. It can be read here at your own convenience. Moving on to our agenda, Mats will begin with an overview of our operational performance and strategic progress. Paul will then present the financial results in detail.

Speaker #2: I'll be moderating today's meeting, and I'm joined by our CEO, Mats Hovland Vikse, and our CFO, Paul Harrison. They're standing ready to walk you through this quarter and answer your questions.

Speaker #2: As usual, we would like to remind you of our disclaimer regarding forward-looking statements. It can be read here at your convenience.

Speaker #2: Moving on to our agenda. Mats will begin with an overview of our operational performance and strategic progress. Paul will then present the financial results in detail.

Speaker #2: We will follow with a live Q&A session, and you can submit your written questions via the webcast player or ask your questions directly via Teams.

Hiva Flåskjer: We will follow with a live Q&A session, and you can submit your written questions via the webcast player or ask your questions directly via Teams. The link and information are available on our website. After the Q&A session, Mats will round off with some closing remarks. As a reminder, all financial figures are stated in USD. With that, let's get started. Mats, over to you.

Speaker #2: The link and information are available on our website. After the Q&A session, Mats will round off with some closing remarks. And, as a reminder, all financial figures are stated in US dollars.

Speaker #2: With that, let's get started. Mats, over to you.

Hiva Flåskjer: Mats, over to you.

Speaker #3: Thanks, Hiva. Good morning, and thank you for joining our Q2 update. We've delivered a very strong quarter, with revenues of $192 million and order intake of $218 million.

Mats Hovland Vikse: Thanks, Hiva, and good morning, and thank you for joining our Q2 update. We have delivered a very strong quarter here with revenues of USD 192 million and order intake of USD 218 million. This is a performance that reflects the significant strategic progress that we have made across the business. In addition to that, we have also continued to see positive market trends. Customers are showing more confidence, and we also see a greater focus on building resilient and flexible supply chain, which is just getting more and more relevant in this current environment. We are no exception to this ourselves, and you see the benefits of our own strength in supply chain in our continued strong gross margin of 72%. Adjusted EBITDA margin was also very strong at 45%.

Speaker #3: This is a performance that reflects the significant strategic progress that we've made across the business. In addition, we've also continued to see positive market trends.

Speaker #3: Customers are showing more confidence, and we also see a greater focus on building resilient and flexible supply chains, which is just getting more and more relevant in this current environment.

Speaker #3: And we're no exception to this ourselves. You can see the benefits of our own strengthened supply chain in our continued strong gross margin of 72%.

Mats Hovland Vikse: We are no exception to this ourselves, and you see the benefits of our own strength in supply chain in our continued strong gross margin of 72%. Adjusted EBITDA margin was also very strong at 45%. Against this backdrop, and with improved visibility into our backlog and expected conversion, combined with the fact that we are further into the year, we have today provided full-year revenue guidance of around USD 700 million. This momentum supports further investment in our commercial product and technology capabilities.

Speaker #3: Adjusted EBITDA margin was also very strong at 45%. Then, against this backdrop, with improved visibility into our backlog and expected conversion, and given that we are further into the year, we have today provided full-year revenue guidance of around $700 million.

Mats Hovland Vikse: Against this backdrop, and with improved visibility into our backlog and expected conversion, combined with the fact that we are further into the year, we have today provided full-year revenue guidance of around USD 700 million. This momentum supports further investment in our commercial product and technology capabilities. While these investments are expected to slightly moderate margins in the H2 of the year, we remain well-positioned to deliver strong profitability while investing for the future. Overnight, we have also announced our agreement with Amazon. This is an agreement that establishes a global framework for supplying to Amazon. Whilst there are no purchasing commitments at this time, we are very pleased to continue to develop deeper relationships with our strategic customers. Also, we announced a share buyback program today, just reflecting the confidence we have in our business, our strategy, and our long-term opportunities.

Speaker #3: This momentum supports further investment in our commercial, product, and technology capabilities. While these investments are expected to slightly moderate margins in the second half of the year, we remain well positioned to deliver strong profitability while investing for the future.

Mats Hovland Vikse: While these investments are expected to slightly moderate margins in the H2 of the year, we remain well-positioned to deliver strong profitability while investing for the future. Overnight, we have also announced our agreement with Amazon. This is an agreement that establishes a global framework for supplying to Amazon. Whilst there are no purchasing commitments at this time, we are very pleased to continue to develop deeper relationships with our strategic customers.

Speaker #3: Overnight, we've also announced our agreement with Amazon. This is an agreement that establishes a global framework for supplying to Amazon. And whilst there are no purchasing commitments at this time, we're very pleased to continue to develop deeper relationships with our strategic customers.

Speaker #3: Also, we announced a share buyback program today, just reflecting the confidence we have in our business, our strategy, and our long-term opportunities. Paul will share more details on this in a moment.

Mats Hovland Vikse: Also, we announced a share buyback program today, just reflecting the confidence we have in our business, our strategy, and our long-term opportunities. Paul will share more details on this in a moment. Let me now walk you through some of the key developments that underpin our confidence in the business and also the opportunity ahead. One year ago, we outlined three key priorities. One is to strengthen our product offering. We wanted to deepen engagement with our key customers and building a larger recurring revenue business.

Mats Hovland Vikse: Paul will share more details on this in a moment. Let me now walk you through some of the key developments that underpin our confidence in the business and also the opportunity ahead. One year ago, we outlined three key priorities. One is to strengthen our product offering. We wanted to deepen engagement with our key customers and building a larger recurring revenue business. We have made progress against all three of these commitments. Looking at product and innovation, we have significantly reduced time to market, launching 14 new products and features over the past 12 months. These innovations have expanded our addressable market through solutions such as AutoCase, while also increasing the value we deliver through software and AI. With close to now 100,000 robots deployed across 2,000 installations worldwide, we have access to just billions of data points from live operations.

Speaker #3: So let me now walk you through some of the key developments that underpin our confidence in the business, and also the opportunity ahead. One year ago, we outlined three key priorities.

Speaker #3: One is to strengthen our product offering. We wanted to deepen engagement with our key customers, and build a larger recurring revenue business. We've made progress against all three of these commitments.

Mats Hovland Vikse: We have made progress against all three of these commitments. Looking at product and innovation, we have significantly reduced time to market, launching 14 new products and features over the past 12 months. These innovations have expanded our addressable market through solutions such as AutoCase, while also increasing the value we deliver through software and AI. With close to now 100,000 robots deployed across 2,000 installations worldwide, we have access to just billions of data points from live operations.

Speaker #3: Looking at product and innovation, we have significantly reduced time to market, launching 14 new products and features over the past 12 months. These innovations have expanded our addressable market through solutions such as AutoCase, while also increasing the value we deliver through software and AI.

Speaker #3: With close to 100,000 robots deployed across 2,000 installations worldwide, we have access to billions of data points from live operations. This proprietary dataset is one of our strongest competitive advantages.

Mats Hovland Vikse: This proprietary data set is one of our strongest competitive advantages. This is what provides the foundation for an increasingly intelligent software and AI capability that is just compounding with every robot that we deploy and then enabling us to deliver better insights, better optimization, and greater value to customers over time. We have also strengthened customer engagement across the install base, and we are seeing increasing traction from our land and expand strategy. At the same time, we continue to leverage our partner network to scale efficiently, and we have now sold into 68 different countries. Lastly, we continue to broaden recurring revenue streams with software embedded in every system sold and AutoStore-as-a-Service now providing additional flexibility for our customers. But I think what is particularly encouraging is that this progress is now increasingly reflected in our key operating metrics.

Speaker #3: This is what provides the foundation for an increasingly intelligent software and AI capability that’s just compounding with every robot that we deploy, and then enabling us to deliver better insights, better optimization, and greater value to customers over time.

Speaker #3: We've also strengthened customer engagement across the installed base, and we're seeing increasing traction from our land-and-expand strategy. At the same time, we continue to leverage our partner network to scale efficiently, and we've now sold into 68 different countries.

Speaker #3: And lastly, we continue to broaden recurring revenue streams with software embedded in every system sold, and AutoStore as a Service now providing additional flexibility for our customers.

Mats Hovland Vikse: Lastly, we continue to broaden recurring revenue streams with software embedded in every system sold and AutoStore-as-a-Service now providing additional flexibility for our customers. But I think what is particularly encouraging is that this progress is now increasingly reflected in our key operating metrics. If you look at this page, we now have 2,000 sites globally. Order intake was up 36% in H1, and revenues grew 63% in the same period. Importantly, we have achieved this while continuing to invest in future growth.

Speaker #3: But I think what is particularly encouraging is that this progress is now increasingly reflected in our key operating metrics. If you look at this page, we now have 2,000 sites globally. Order intake was up 36% in the first half, and revenue grew 63% in the same period.

Mats Hovland Vikse: If you look at this page, we now have 2,000 sites globally. Order intake was up 36% in H1, and revenues grew 63% in the same period. Importantly, we have achieved this while continuing to invest in future growth. Our total operating expenses have increased as planned as we invest in innovation, our commercial capabilities, and in expanding our product portfolio, just further strengthening the platform and our position. While we are pleased with the progress that we have made, we still believe that we are in the early stages of capturing the opportunity in front of us, and we just continue to see that these strategic priorities are the right focus areas. Looking ahead, we see a clear path to sustained, profitable growth and long-term value creation. Behind this confidence lies several key pillars. First, we operate in a large and still significantly under-penetrated market.

Speaker #3: And importantly, we have achieved this while continuing to invest in future growth. Our total operating expenses have increased as planned as we invest in innovation, our commercial capabilities, and in expanding our product portfolio—just further strengthening the platform and our position.

Mats Hovland Vikse: Our total operating expenses have increased as planned as we invest in innovation, our commercial capabilities, and in expanding our product portfolio, just further strengthening the platform and our position. While we are pleased with the progress that we have made, we still believe that we are in the early stages of capturing the opportunity in front of us, and we just continue to see that these strategic priorities are the right focus areas. Looking ahead, we see a clear path to sustained, profitable growth and long-term value creation. Behind this confidence lies several key pillars.

Speaker #3: And while we're pleased with the progress that we've made, we still believe that we're in the early stages of capturing the opportunity in front of us, and we continue to see that these strategic priorities are the right focus areas.

Speaker #3: Looking ahead, we see a clear path to sustained profitable growth and long-term value creation. Behind this confidence lie several key pillars. First, we operate in a large and still significantly underpenetrated market.

Mats Hovland Vikse: First, we operate in a large and still significantly under-penetrated market. The majority of warehouses globally remain unautomated, and we continue to believe that automation adoption will increase over time. Second, within this attractive market, we believe AutoStore holds a unique competitive position. We have a market-leading technology platform with the largest install base and a customer value proposition that is characterized by rapid payback. Third, our go-to-market model allows us to combine this scale with customer intimacy.

Speaker #3: The majority of warehouses globally remain unautomated, and we continue to believe that automation adoption will increase over time. Second, within this attractive market, we believe AutoStore holds a unique competitive position.

Mats Hovland Vikse: The majority of warehouses globally remain unautomated, and we continue to believe that automation adoption will increase over time. Second, within this attractive market, we believe AutoStore holds a unique competitive position. We have a market-leading technology platform with the largest install base and a customer value proposition that is characterized by rapid payback. Third, our go-to-market model allows us to combine this scale with customer intimacy. We continue to deepen engagement with customers directly whilst also leveraging our partners to expand our reach and support our land and expand strategy. Finally, we continue to invest in innovation. We have now expanded our offering through new products, AI software capabilities, and solving adjacent use cases, just increasing the number of opportunities where AutoStore can create value for customers. We will not stand still. Importantly, all of this is then underpinned by attractive profitability, strong cash generation, and disciplined capital allocation.

Speaker #3: We have a market-leading technology platform with the largest installed base and a customer value proposition that's characterized by rapid payback. Third, our go-to-market model allows us to combine this scale with customer intimacy.

Speaker #3: We continue to deepen engagement with customers directly, while also leveraging our partners to expand our reach and support our land and expand strategy. And finally, we continue to invest in innovation.

Mats Hovland Vikse: We continue to deepen engagement with customers directly whilst also leveraging our partners to expand our reach and support our land and expand strategy. Finally, we continue to invest in innovation. We have now expanded our offering through new products, AI software capabilities, and solving adjacent use cases, just increasing the number of opportunities where AutoStore can create value for customers. We will not stand still. Importantly, all of this is then underpinned by attractive profitability, strong cash generation, and disciplined capital allocation.

Speaker #3: We have now expanded our offering through new products, AI, software capabilities, and solving adjacent use cases—just increasing the number of opportunities where AutoStore can create value for customers.

Speaker #3: And we won't stand still. Importantly, all of this is underpinned by attractive profitability, strong cash generation, and disciplined capital allocation. Taken together, we believe this provides a clear path to long-term value creation.

Mats Hovland Vikse: And taken together, we believe this provides a clear path to long-term value creation. One of the strengths of AutoStore is the diversification of our business. We serve customers across several end markets with no single vertical representing a significant share of revenue. We are also fortunate to work with many leading global companies, just demonstrating the relevance of our solution across a wide range of industries and use cases. While we have already built a highly diversified business, we still see significant opportunity to deepen our presence across these end markets and expand with both new and existing customers. It is always nice to end with a nice customer story. QLS is a good example of how our innovation efforts are translating into customer value.

Speaker #3: One of the strengths of AutoStore is the diversification of our business. We serve customers across several end markets, with no single vertical representing a significant share of revenue.

Speaker #3: We're also fortunate to work with many leading global companies, just demonstrating the relevance of our solution across a wide range of industries and use cases.

Speaker #3: And while we've already built a highly diversified business, we still see significant opportunity to deepen our presence across these end markets and expand with both new and existing customers.

Mats Hovland Vikse: While we have already built a highly diversified business, we still see significant opportunity to deepen our presence across these end markets and expand with both new and existing customers. It is always nice to end with a nice customer story. QLS is a good example of how our innovation efforts are translating into customer value. The installation that you are about to see utilizes newer capabilities such as the FlexBins, which is enabling the system to accommodate a wider range of inventory and customer requirements. So before handing it over to Paul, please have a look at this video.

Speaker #3: And it's always nice to end with a good customer story. QLS is a good example of how our innovation efforts are translating into customer value.

Speaker #3: The installation that you're about to see utilizes newer capabilities, such as the FlexBins, which enable the system to accommodate a wider range of inventory and customer requirements.

Mats Hovland Vikse: The installation that you are about to see utilizes newer capabilities such as the FlexBins, which is enabling the system to accommodate a wider range of inventory and customer requirements. So before handing it over to Paul, please have a look at this video.

Speaker #3: So, before handing it over to Paul, please have a look at this video.

Speaker #1: Thank you.

Speaker #2: At QLS, we work with fantastic brands from fashion to electronics. With the AutoStore system, we can serve all those customers exceptionally well with high quality and, as a result, get the orders to consumers' homes as quickly as possible.

[Company Representative]: At QLS, we work with fantastic brands from fashion to electronics. With the AutoStore system, we can serve all those customers exceptionally well with high quality, and as a result, get the orders to consumers' homes as quickly as possible. QLS originally started out as a parcel carrier for other companies, and when we got to know them, they had already taken their first steps into fulfillment. AutoStore was the right match.

[Video Narrator 1]: At QLS, we work with fantastic brands from fashion to electronics. With the AutoStore system, we can serve all those customers exceptionally well with high quality, and as a result, get the orders to consumers' homes as quickly as possible. QLS originally started out as a parcel carrier for other companies, and when we got to know them, they had already taken their first steps into fulfillment. AutoStore was the right match.

Speaker #2: QLS originally started out as a parcel carrier for other companies, and when we got to know them, they had already taken their first steps into fulfillment.

Speaker #2: AutoStore was the right match.

Speaker #1: QLS is handling many customers within one system. All of those customers have different types of SKU portfolios and different requirements—for their packaging processes and for their value-added services.

[Company Representative]: QLS is handling many customers within one system. All of those customers, they have different types of SKU portfolios. They have different requirements on their packaging processes, on their value-added services, and different functionalities. This creates a lot of pressure to keep up the efficiency in the warehouse.

[Video Narrator 2]: QLS is handling many customers within one system. All of those customers, they have different types of SKU portfolios. They have different requirements on their packaging processes, on their value-added services, and different functionalities. This creates a lot of pressure to keep up the efficiency in the warehouse.

Speaker #1: And different seasonalities. This creates a lot of pressure to keep up the efficiency in the warehouse.

Speaker #3: QLS is.

Speaker #2: QLS has different customers with different product types. That is why we switched to AutoStore's FlexBins solution. FlexBins has made an enormous difference for QLS because it allowed us to combine two different bin sizes and bring our customers' products together in the same system.

[Company Representative]: QLS has different customers with different product types. That is why we switched to AutoStore's FlexBin solution. FlexBins has made an enormous difference for QLS because it allowed us to combine two different bin sizes and bring our customers' products together in the same system. The great thing about AutoStore is that we can install it in a highly modular way. We can open a new fulfillment center and, as our customers grow, continue expanding the AutoStore and keep delivering the same quality to all customers.

[Video Narrator 1]: QLS has different customers with different product types. That is why we switched to AutoStore's FlexBin solution. FlexBins has made an enormous difference for QLS because it allowed us to combine two different bin sizes and bring our customers' products together in the same system. The great thing about AutoStore is that we can install it in a highly modular way. We can open a new fulfillment center and, as our customers grow, continue expanding the AutoStore and keep delivering the same quality to all customers.

Speaker #2: The great thing about AutoStore is that we can install it in a highly modular way. We can open a new fulfillment center and, as our customers grow, continue expanding the AutoStore and keep delivering the same quality to all customers.

Speaker #1: Due to the fact that AutoStore is standardized, you can create a blueprint in one warehouse and roll it out across the world as well.

[Company Representative]: Due to the fact that AutoStore is as standardized, you can create a blueprint in one warehouse and roll it out across the world as well. This is also how QLS is doing this.

[Video Narrator 2]: Due to the fact that AutoStore is as standardized, you can create a blueprint in one warehouse and roll it out across the world as well. This is also how QLS is doing this.

Speaker #1: This is also how QLS is doing this.

Speaker #2: They started out with a system with only a few robots, not too many bins, and a few workstations. As QLS grew, AutoStore was able to grow with it.

[Company Representative]: They started out with a system with only a few robots, not too many bins, and a few workstations. As QLS grew, AutoStore was able to grow with it. The brands we work with continue to grow. It is fantastic that we can do that together with AutoStore so that we can offer the same quality in all warehouses. The fact that today we are at QLS's third location with an AutoStore says everything about our journey together.

[Video Narrator 1]: They started out with a system with only a few robots, not too many bins, and a few workstations. As QLS grew, AutoStore was able to grow with it. The brands we work with continue to grow. It is fantastic that we can do that together with AutoStore so that we can offer the same quality in all warehouses. The fact that today we are at QLS's third location with an AutoStore says everything about our journey together.

Speaker #2: The brands we work with continue to grow. It is fantastic that we can do that together with AutoStore, so that we can offer the same quality in all warehouses.

Speaker #2: The fact that today we are at QLS's third location with an AutoStore says everything about our journey together.

Speaker #4: Thank you, Mats, and good morning, everyone. There are a couple of things to take away from this video. First, the importance of introducing new products that serve a greater variety of customer needs.

Paul Harrison: Thank you, Mats, and good morning, everyone. There is a couple of things to take away from this video. First, the importance of introducing new products that serve a greater variety of customer needs, and second, how in turn that supports our land and expand strategy. As Mats has said, Q2 was a very strong quarter for AutoStore with record revenue of $192 million and record order intake of $280 million. Profitability remains strong with a gross margin of 72% and an adjusted EBITDA margin of 45%, while cash conversion was 84%, demonstrating the cash generative nature of our business. We also ended the quarter with an order backlog of $596 million, providing good visibility into future revenues.

Speaker #4: And second, how, in turn, that supports our land and expand strategy. As Mats has said, Q2 was a very strong quarter for AutoStore, with record revenue of $192 million.

Speaker #4: And record order intake of $280 million. Profitability remained strong, with a gross margin of 72% and an adjusted EBITDA margin of 45%, while cash conversion was 84%, demonstrating the cash-generative nature of our business.

Speaker #4: We also ended the quarter with an order backlog of $596 million, providing good visibility into future revenues. Overall, we are pleased with the Q2 financial performance, and while the project nature of our business means that quarterly progress will not necessarily be linear, the direction of travel and upward trajectory is clear.

Paul Harrison: We also ended the quarter with an order backlog of $596 million, providing good visibility into future revenues. Overall, we are pleased with the Q2 financial performance, and while the project nature of our business means that quarterly progress will not necessarily be linear, the direction of travel and upward trajectory is clear. Let me now take you through the financial performance in more detail. Looking firstly at order intake, we reached 218 million in the second quarter, a strong number following several strong quarters.

Paul Harrison: Overall, we are pleased with the Q2 financial performance, and while the project nature of our business means that quarterly progress will not necessarily be linear, the direction of travel and upward trajectory is clear. Let me now take you through the financial performance in more detail. Looking firstly at order intake, we reached 218 million in the second quarter, a strong number following several strong quarters. I am happy to report that retail, 3PL, and industrial segments all continued to contribute positively and in line with our strategic focus. Turning to revenue, as I mentioned, we delivered a record revenue of 192 million in the quarter, up 43% year-over-year and 16% sequentially. Looking at the regions, Europe delivered a very strong quarter. North America is slightly down this quarter. However, we are experiencing strong demand in a region where we see significant growth opportunities.

Speaker #4: Let me now take you through the financial performance in more detail. Looking firstly at order intake, we reached €280 million in the second quarter, a strong number following several strong quarters.

Speaker #4: I'm happy to report that the retail, 3PL, and industrial segments all continue to contribute positively and in line with our strategic focus. Turning to revenue, as I mentioned, we delivered record revenue of $192 million in the quarter, up 43% year over year and 16% sequentially.

Paul Harrison: I am happy to report that retail, 3PL, and industrial segments all continued to contribute positively and in line with our strategic focus. Turning to revenue, as I mentioned, we delivered a record revenue of 192 million in the quarter, up 43% year-over-year and 16% sequentially. Looking at the regions, Europe delivered a very strong quarter. North America is slightly down this quarter. However, we are experiencing strong demand in a region where we see significant growth opportunities.

Speaker #4: Looking at the regions, Europe delivered a very strong quarter. North America is slightly down this quarter; however, we are experiencing strong demand in a region where we see significant growth opportunities.

Speaker #4: Asia Pacific saw stable performance during the quarter. The standard segment delivered steady growth, and we also benefited from a meaningful contribution from high-throughput projects in both Europe and North America.

Paul Harrison: Asia-Pacific saw stable performance during the quarter. The standard segment delivered steady growth, and we also benefited from a meaningful contribution from high-throughput projects in both Europe and North America. As Mats mentioned a few minutes ago, we now have 6 months behind us this year, and we have stronger visibility into the balance of the year, notwithstanding the project nature of our business. This has led us today to provide full year revenue guidance of around $700 million. Let me now turn to profitability. Our gross margin slightly moderated from Q1, and that is consistent with our prior communication, but it remains strong at 72%. This reflects continued operational excellence and the resilience of our business model. As I have said before, we are not immune to input cost movements. However, I would say that we are significantly better positioned today than in previous cycles.

Speaker #4: As Mats mentioned a few minutes ago, we now have six months behind us this year, and we have stronger visibility into the balance of the year, notwithstanding the project nature of our business.

Speaker #4: And this has led us today to provide full-year revenue guidance of around $700 million. Let me now turn to profitability. Our gross margin slightly moderated from Q1, and that's consistent with our prior communication, but it remains strong at 72%.

Paul Harrison: Our gross margin slightly moderated from Q1, and that is consistent with our prior communication, but it remains strong at 72%. This reflects continued operational excellence and the resilience of our business model. As I have said before, we are not immune to input cost movements. However, I would say that we are significantly better positioned today than in previous cycles. A more diversified supplier base, improved sourcing, and our standardized product platform provide greater flexibility to help manage raw material cost volatility. Adjusted EBITDA margin was 45%, up sequentially from 44% in Q1.

Speaker #4: This reflects continued operational excellence and the resilience of our business model. As I've said before, we're not immune to input cost movements. However, I would say that we are significantly better positioned today than in previous cycles—a more diversified supplier base, improved sourcing, and our standardized product platform provide greater flexibility to help manage raw material cost volatility.

Paul Harrison: A more diversified supplier base, improved sourcing, and our standardized product platform provide greater flexibility to help manage raw material cost volatility. Adjusted EBITDA margin was 45%, up sequentially from 44% in Q1. This continues to demonstrate the scalability of the AutoStore business model, where revenue growth translates into attractive profitability and cash generation. At the same time, we are now accelerating investments behind future growth opportunities, particularly within product innovation, software and AI, as well as commercial capabilities. While this is expected to slightly moderate margins in the second half, we are confident in our ability to balance disciplined investments while continuing to deliver strong profitability. Overall, we believe the quarter demonstrates both the resilience of our business model and our ability to invest for future growth from a position of financial strength. Turning to the balance sheet and cash flow now.

Speaker #4: Adjusted EBITDA margin was 45%, up sequentially from 44% in Q1. This continues to demonstrate the scalability of the AutoStore business model, where revenue growth translates into attractive profitability and cash generation.

Paul Harrison: This continues to demonstrate the scalability of the AutoStore business model, where revenue growth translates into attractive profitability and cash generation. At the same time, we are now accelerating investments behind future growth opportunities, particularly within product innovation, software and AI, as well as commercial capabilities. While this is expected to slightly moderate margins in the second half, we are confident in our ability to balance disciplined investments while continuing to deliver strong profitability.

Speaker #4: At the same time, we're now accelerating investments behind future growth opportunities, particularly within product innovation, software, and AI, as well as commercial capabilities. While this is expected to slightly moderate margins in the second half, we're confident in our ability to balance disciplined investments while continuing to deliver strong profitability.

Speaker #4: So overall, we believe the quarter demonstrates both the resilience of our business model and our ability to invest for future growth from a position of financial strength.

Paul Harrison: Overall, we believe the quarter demonstrates both the resilience of our business model and our ability to invest for future growth from a position of financial strength. Turning to the balance sheet and cash flow now. The strong profitability and cash generative nature of our business model continues to be reflected in our balance sheet. Cash conversion was 84%, supporting both continued investment in the business and the further strengthening of our financial position. Net debt was reduced by 46 million during the quarter, ending at 90 million, which corresponds to a net debt ratio of 0.3 times.

Speaker #4: Turning to the balance sheet and cash flow now, the strong profitability and cash-generative nature of our business model continues to be reflected in our balance sheet.

Paul Harrison: The strong profitability and cash generative nature of our business model continues to be reflected in our balance sheet. Cash conversion was 84%, supporting both continued investment in the business and the further strengthening of our financial position. Net debt was reduced by 46 million during the quarter, ending at 90 million, which corresponds to a net debt ratio of 0.3 times. At the same time, liquidity remains strong, with $104 million in cash and a fully available revolving credit facility of 350 million, providing total liquidity of 454 million. This financial strength gives us significant flexibility. Finally, on capital allocation. At our 2024 Capital Markets Day, we outlined three priorities for the deployment of capital, and these priorities remain unchanged today. Our primary focus is to reinvest organically in the business where we see substantial opportunity for growth in what is still a large and underpenetrated market.

Speaker #4: Cash conversion was 84%, supporting both continued investments in the business and a further strengthening of our financial position. Net debt was reduced by $46 million during the quarter, ending at $90 million, which corresponds to a net debt ratio of 0.3 times.

Speaker #4: At the same time, liquidity remained strong, with $104 million in cash and a fully available revolving credit facility of $350 million, providing total liquidity of $454 million.

Paul Harrison: At the same time, liquidity remains strong, with $104 million in cash and a fully available revolving credit facility of 350 million, providing total liquidity of 454 million. This financial strength gives us significant flexibility. Finally, on capital allocation. At our 2024 Capital Markets Day, we outlined three priorities for the deployment of capital, and these priorities remain unchanged today. Our primary focus is to reinvest organically in the business where we see substantial opportunity for growth in what is still a large and underpenetrated market.

Speaker #4: This financial strength gives us significant flexibility. Finally, on capital allocation: at our 2024 Capital Markets Day, we outlined three priorities for the deployment of capital, and these priorities remain unchanged today.

Speaker #4: Our primary focus is to reinvest organically in the business, where we see substantial opportunity for growth in what is still a large and under-penetrated market.

Speaker #4: Second, we continuously evaluate strategic inorganic opportunities, and will flexibly invest in those that can accelerate our expansion into adjacent markets and create value for shareholders.

Paul Harrison: Second, we continuously evaluate strategic inorganic opportunities and will flexibly invest in those that can accelerate our expansion into adjacent markets and create value for shareholders. Finally, any surplus capital will be returned to shareholders. This approach to capital allocation is underpinned and enabled by our strong balance sheet and leverage profile, which we will maintain. Consistent with this framework, today we have announced a share buyback program of up to USD 75 million, which we plan to complete over the course of this year. The program reflects our confidence in AutoStore's long-term prospects and cash generative business model, while preserving substantial financial flexibility to continue investing in the business and pursuing our strategic priorities. With that, I will pass back to Hiva, who will manage the Q&A. Thank you.

Speaker #4: And then, finally, any surplus capital will be returned to shareholders. This approach to capital allocation is underpinned and enabled by our strong balance sheet and leverage profile, which we will maintain.

Speaker #4: So, consistent with this framework, today we announced a share buyback program of up to $75 million, which we plan to complete over the course of this year.

Speaker #4: The program reflects our confidence in AutoStore's long-term prospects and cash-generative business model, while preserving substantial financial flexibility to continue investing in the business and pursuing our strategic priorities.

Paul Harrison: The program reflects our confidence in AutoStore's long-term prospects and cash generative business model while preserving substantial financial flexibility to continue investing in the business and pursuing our strategic priorities. With that, I will pass back to Hiva, who will manage the Q&A. Thank you.

Speaker #4: So with that, I'll pass back to Hiva, who will manage the Q&A. Thank you.

Speaker #2: Thank you, Paul.

Hiva Flåskjer: Thank you, Paul. Please join me, Paul and Mats. Let us see. Let us start with questions from the teams. If you would like to ask any questions, please raise your hand. Nobody has raised their hands. That is unusual. I cannot see that. Oh, there we go. Tim, I believe you are first in line, so if you could please go ahead and unmute yourself.

Speaker #3: Please join me, Paul, and Mats. Let's see. Let's start with questions from the teams. If you would like to ask any questions, please raise your hand.

Speaker #3: Nobody's raised their hands. That's unusual, and I can't see that. Oh, there we go. Okay, Tim, I believe you're first in line, so if you could please go ahead and unmute yourself.

Speaker #5: Hey, hi. Good morning. Thanks very much for taking my questions. Can you hear me okay?

[Analyst] (Barclays): Hey. Hi, good morning, and thanks very much for taking my questions. Can you hear me okay?

Tim Lee: Hey. Hi, good morning, and thanks very much for taking my questions. Can you hear me okay?

Speaker #3: Yes.

Speaker #5: Thank you. Cool, cool. Thanks very much. So, my first question is on the agreement with Amazon. Can you please provide a little bit more details on the agreement?

Hiva Flåskjer: Yes.

[Analyst] (Barclays): Cool. Thanks so much. My first question is on the agreement with Amazon. Can you please provide a little bit more details on the agreement? For example, is that the partnership will be only for the new projects for Amazon or at least also with the existing projects? What would the product or solutions involve? The timeframe of the projects or the agreements and any minimum purchase amount, for example. Any more colors would be helpful. Thank you.

Tim Lee: Cool. Thanks so much. My first question is on the agreement with Amazon. Can you please provide a little bit more details on the agreement? For example, is that the partnership will be only for the new projects for Amazon or at least also with the existing projects? What would the product or solutions involve? The timeframe of the projects or the agreements and any minimum purchase amount, for example. Any more colors would be helpful. Thank you.

Speaker #5: For example, is the partnership only for the new projects with Amazon, or does it also apply to the existing projects? What will the product or solutions involve?

Speaker #5: The timeframe of the projects or the agreements, and any minimum purchase amount, for example—any more color would be helpful. Thank you.

Speaker #4: Yes. Thank you. This agreement provides a framework in which Amazon can purchase our products and solutions on a global basis. It does not contain any purchasing commitments as such.

Mats Hovland Vikse: Yeah. Thank you. This agreement provides a framework in which Amazon can purchase our products and solutions on a global basis. It does not contain any purchasing commitments as such. Beyond that, we cannot comment on the details of the agreement as such, and we do not have a practice on commenting on the individual customers.

Speaker #4: And beyond that, we can't comment on the details of the agreement as such, and we don't have a practice of commenting on individual customers.

Speaker #5: All right. Understood. No worries. And then my second question is on the guidance. So the full-year guidance for revenue is around $700 million, and for the first half of the year, we have around $358 million.

[Analyst] (Barclays): All right. Understood. No worries. My second question is on the guidance. The full year guidance for revenue is around $700 million. For the H1 of the year, we have around $358 million. That means the H2 revenue could be quite reflective compared to the H1. We have order intake to be growing in the past two quarters. Book-to-bill has been above 1. Does that imply the new orders for these two quarters, there will be more high throughput projects which may last for a longer period of time? Can you please provide a bit more color on that?

Tim Lee: All right. Understood. No worries. My second question is on the guidance. The full year guidance for revenue is around $700 million. For the H1 of the year, we have around $358 million. That means the H2 revenue could be quite reflective compared to the H1. We have order intake to be growing in the past two quarters. Book-to-bill has been above 1. Does that imply the new orders for these two quarters, there will be more high throughput projects which may last for a longer period of time? Can you please provide a bit more color on that?

Speaker #5: So that means the second half revenue could be wide reflective compared to the first half. But we have all the intake to be growing in the past two quarters, book to bill has been about one.

Speaker #5: So does that imply that the new orders for these two quarters will include more high-throughput projects, which may last for a longer period of time?

Speaker #5: Can you please provide a little bit more color on that?

Speaker #4: Yes, thanks, Tim. I'll comment on that. Look, first of all, we're pleased to provide guidance today. That guidance is given following a very strong first half, as reported today.

Paul Harrison: Yeah. Thanks, Tim. I will comment on that. Look, first of all, we are pleased to provide guidance today. That guidance is given following a very strong H1, as we reported today. Keep in mind always that this is a project-based business. In that regard, we still got five months of the year to go. We have a good part of the year still to go. As you would expect us to do, our guidance is set on a prudent basis in light of those characteristics.

Speaker #4: And keep in mind always that this is a project-based business. And in that regard, we've still got five months of the year to go.

Speaker #4: So we've got a good part of the year still to go. So, as you would expect us to do, our guidance is set on a prudent basis in light of those characteristics.

Speaker #5: Understood, very helpful. And then on the margin side, I think the comment is also that there will be more investment in the second half, so margins could probably be slightly moderated in the second half versus the first half.

[Analyst] (Barclays): Understood. Very helpful. On the margin side, I think, the comment is also like there will be more investment in the H2, so margins could probably slightly moderate in the H2 versus the H1. Any quantification you can give on how this margin would be fought? That would be great. Thank you.

Tim Lee: Understood. Very helpful. On the margin side, I think, the comment is also like there will be more investment in the H2, so margins could probably slightly moderate in the H2 versus the H1. Any quantification you can give on how this margin would be fought? That would be great. Thank you.

Speaker #5: Any quantification you can give on how this margin would evolve, that would be great. Thank you.

Speaker #4: Again, I'll cover a couple of points. First of all, I think these results demonstrate that we apply a very disciplined approach to investment in our business, and we're seeing the clear benefits of that investment, as we talked about in the presentation.

Paul Harrison: Again, I will cover a couple of points. First of all, I think these results demonstrate that we apply a very disciplined approach to investment in our business, and we are seeing the clear benefits of that investment as we talked about in the presentation. We have consistently said that we will continue to invest where we see opportunities to accelerate growth. That is the framework with which we think about investment. That said, we are very proud of the margins that our business delivers and will sustain high margins. As I say, the words moderate slightly reflect the opportunity to invest further in the business, but you can continue to expect to see strong margins in H2.

Speaker #4: And we've consistently said that we will continue to invest where we see opportunities to accelerate growth. So that's the framework with which we think about investment.

Speaker #4: That said, we’re very proud of the margins that our business delivers, and we’ll sustain high margins. So, as I say, the words "moderate, slightly" reflect the opportunity to invest further in the business, but you can continue to expect to see strong margins in the second half.

Paul Harrison: As I say, the words moderate slightly reflect the opportunity to invest further in the business, but you can continue to expect to see strong margins in H2.

Speaker #5: Understood. That’s clear. And my final question will be on the current trading status. Can you give a little bit more color on how the order momentum evolved into the first quarter?

[Analyst] (Barclays): Understood. That is clear. My final question will be on the current trading status. Can you give a little bit more color on how the order momentum evolved into Q3? Any change in terms of customer behavior, let us say, in terms of macro environment?

Tim Lee: Understood. That is clear. My final question will be on the current trading status. Can you give a little bit more color on how the order momentum evolved into Q3? Any change in terms of customer behavior, let us say, in terms of macro environment?

Speaker #5: Has there been any change in customer behavior, let's say, in terms of the macro environment?

Speaker #4: Yes, thanks, Tim. So, as we talked about, we've had significant strategic progress, which has also led to the results we've had today. The first half has been incredibly strong.

Mats Hovland Vikse: Yes. Thanks, Tim. As we talked about, we have had significant strategic progress also leading to the results that we have had today. H1 has been incredibly strong. On the market overall, we see customers coming in with more confidence and combining with that, this need to create resilience in a world that is highly volatile. It is also giving us some good tailwinds from the market. We continue to have very constructive dialogue with both existing and new customers, and feel very good about where we are today.

Speaker #4: On the market overall, we see customers coming in with more confidence. And, combined with that, this need to create resilience in a world that is highly volatile is also giving us some good tailwinds from the market.

Speaker #4: We continue to have very constructive dialogue with both existing and new customers, and feel very good about where we are today.

Speaker #5: All right. That's very helpful. Thank you very much.

Speaker #2: Thank you, Tim.

[Analyst] (Barclays): All right. That is very helpful. Thank you very much.

Tim Lee: All right. That is very helpful. Thank you very much.

Speaker #3: Thank you, Lasse. You are the next one. Please, can you go ahead and unmute yourself?

Hiva Flåskjer: Thank you, Tim. Thank you. Lasse, you are the next one. Please can you go ahead and unmute yourself.

Speaker #4: Hi, good morning. Just a quick follow-up on your outlook for the rest of the year. I mean, the phasing for a weaker H2 kind of goes against your typical seasonality.

[Analyst]: Hi. Good morning. Just a quick follow-up on your outlook for the rest of the year. The phasing for a weaker H2 kind of goes against your typical seasonality, at least historically. I am just wondering if you can give some more detail on whether, was there anything in Q2 that contributed to the very strong growth that should suggest that the next two quarters are somewhat weaker or are there any kind of special effects that you saw in Q2?

Lasse Stüben: Hi. Good morning. Just a quick follow-up on your outlook for the rest of the year. The phasing for a weaker H2 kind of goes against your typical seasonality, at least historically. I am just wondering if you can give some more detail on whether, was there anything in Q2 that contributed to the very strong growth that should suggest that the next two quarters are somewhat weaker or are there any kind of special effects that you saw in Q2?

Speaker #4: At least historically. So I'm just wondering if you can give some more detail on whether there was anything in this second quarter that contributed to the very strong growth that should suggest that the next two quarters are somewhat weaker, or if there were any kind of special effects that you saw in Q2?

Speaker #6: I think the observation about.

Speaker #4: Q2 and H1 generally, it was a very strong period for the business, with a number of projects secured in terms of revenue during the period.

Paul Harrison: I think the observation about Q2 and H1 generally is it was a very strong period for the business, with a number of projects secured in terms of revenue in the period. As you might expect, with still quite some way to go in 2026 and in light of that very strong performance, of course, we are going to be prudent at this stage in giving our guidance of around USD 700 million. But one thing to keep in mind, I think, if I may, on the USD 700 million, that still implies that number would still imply 30% growth year-over-year. It is very much consistent with the comments we have made today. It would reflect a very strong year, we believe.

Speaker #4: So, as you might expect, with still quite some way to go in 2026, and in light of that very strong performance, of course, we're going to be prudent at this stage in giving our guidance of around $700 million.

Speaker #4: But one thing to keep in mind, I think, if I may, on the $700 million—that still implies, that number would still imply, 30% growth year over year.

Speaker #4: So, it is very much consistent with the comments we've made today. It would reflect a very strong year, we believe. Okay, understood. And then just the second question on gross margins.

Paul Harrison: It would reflect a very strong year, we believe.

[Analyst]: Okay, understood. Just the second question on gross margins. I think in Q2, in Q1, you mentioned we should expect that to sort of start with a seven for the full year. Q2 was really robust again on margins. I am just wondering if you have any updated thoughts there for us in light of aluminum prices still reasonably high. I know you mentioned you are better set up there than you were in the past, but any updated thoughts on the gross margin would be great.

Lasse Stüben: Okay, understood. Just the second question on gross margins. I think in Q2, in Q1, you mentioned we should expect that to sort of start with a seven for the full year. Q2 was really robust again on margins. I am just wondering if you have any updated thoughts there for us in light of aluminum prices still reasonably high. I know you mentioned you are better set up there than you were in the past, but any updated thoughts on the gross margin would be great.

Speaker #4: I think in Q2—or sorry, in Q1—you mentioned we should expect that to sort of start with a 7 for the full year.

Speaker #4: Q2 was really robust again on margins. So just wondering if you have any updated thoughts there for us in light of aluminum prices still reasonably high.

Speaker #4: I know you mentioned you're better set up there than you were in the past. But any updated thoughts on the gross margin would be great.

Speaker #4: Yes, you're absolutely right to remember what we said at Q1. We expected gross margins to moderate somewhat over the balance of the year, and you've seen that at Q2.

Paul Harrison: Yes. You are absolutely right to remember what we said at Q1. We expected gross margins to moderate somewhat over the balance of the year, and you have seen that at Q2. But look, based on what we see looking out and given the operational strength that I referred to in the presentation around the management of our cost of sales, then I still expect the gross margin to start with a seven this year.

Speaker #4: But look, based on what we see looking out, and given the operational strength that I referred to in the presentation around the management of our cost of sales, I still expect the gross margin to start with a 7 this year.

Speaker #4: Okay. And that's for the full year, right? Not just for H2, or—I expect it to start with a 7 for the full year and H2.

[Analyst]: Okay. And that is for the full year, right? Not just for H2 or?

Lasse Stüben: Okay. And that is for the full year, right? Not just for H2 or?

Paul Harrison: I expect it to start with a seven for the full year and H2.

Speaker #4: Okay, thank you. And was there anything from as-a-service in Q2? Yeah, we had a couple of deals in Europe—around $8 million of total contract value.

[Analyst]: Okay. Thank you. And was there anything from as a service in Q2?

Lasse Stüben: Okay. Thank you. And was there anything from as a service in Q2?

Paul Harrison: Yeah. We had a couple of deals in Europe, around about USD 8 million of total contract value. So that tells you this continues to play an important role in our armory, generating interest from customers, some of which ends up translating to traditional to the CapEx based business. But yeah, two deals in Europe this quarter.

Speaker #4: So that tells you this continues to play an important role in our armory, generating interest from customers, some of which ends up translating to traditional, sort of CapEx-based business.

Speaker #4: But yeah, two deals in Europe this quarter. Great. Thank you very much.

Speaker #3: Thank you, Lasse. Eirik, you're the next one up. If you could go ahead and unmute yourself, please.

[Analyst]: Great. Thank you very much.

Lasse Stüben: Great. Thank you very much.

Hiva Flåskjer: Thank you, Lasse. Eirik, you are the next one up. If you could go ahead and unmute yourself, please.

Speaker #5: Yes. Hi, guys. Thanks for taking my questions. If I can push you a bit more on the Amazon deal, could you kind of help us understand if Amazon should be viewed not only as a customer, but also as a kind of partner of sorts?

[Analyst] (DNB Carnegie): Yes. Hi, guys. Thanks for taking my questions. If I can push you a bit more on the Amazon deal, could you kind of help us understand if Amazon should be viewed kind of not only as a customer, but also as a kind of partner of sorts, and if so, are they a partner that will only do own integrations, or will they have the opportunity to offer AutoStore solutions also outside its own kind of usage?

Eirik Rafdal: Yes. Hi, guys. Thanks for taking my questions. If I can push you a bit more on the Amazon deal, could you kind of help us understand if Amazon should be viewed kind of not only as a customer, but also as a kind of partner of sorts, and if so, are they a partner that will only do own integrations, or will they have the opportunity to offer AutoStore solutions also outside its own kind of usage?

Speaker #5: And if so, are they a partner that will only do their own integrations, or will they have the opportunity to offer AutoStore solutions also outside their own kind of usage?

Speaker #4: So, as I said, the agreement provides a framework that describes how Amazon purchases our products and solutions, but we're not disclosing any details on how that is set up.

Mats Hovland Vikse: Look, as I said, the agreement provides a framework that describes how Amazon purchases our products and solutions, but we are not disclosing any details in how that is set up.

Speaker #5: Okay, that's fair. But if I could maybe frame it another way—do any of your other customers have a similar agreement or contract?

[Analyst] (DNB Carnegie): Okay. That is fair. But if I could maybe frame it in another way. Do any other of your customers have a similar agreement or a similar contract?

Eirik Rafdal: Okay. That is fair. But if I could maybe frame it in another way. Do any other of your customers have a similar agreement or a similar contract?

Speaker #4: So, we do have similar agreements out there. And, of course, we have announced this because of its significance. Look, if you look at how some of the customer relationships that we've had have developed, we see more and more customers actually taking good ownership of their automation, figuring out how to best utilize it, simply because it's becoming so strategically important.

Mats Hovland Vikse: We do have similar agreements out there, and of course, we have announced this because of its significance. Look, if you look at how some of the customer relationships that we have had has developed, we see more and more customers actually taking good ownership of their automation, figuring out how to best utilize it simply because it is becoming so strategically important. And that is a trend that we see across a wide variety of customers out there.

Speaker #4: And that's a trend that we see across a wide variety of customers out there.

Speaker #5: That's great. Thanks for the color. Also, on a different note, Europe continues to be the key driver of revenue. Could you give us any indication of what the geographical mix looks like in the order backlog as of now, or the order intake in the quarter?

[Analyst] (DNB Carnegie): That is great. Thanks for the color. Also on a different note, Europe continues to be the key driver on revenue. Could you give us any indication of what the geographical mix looks like in the order backlog as of now or the order intake in the quarter, and is that kind of similar to reported revenue in the quarter, or is the tilt different?

Eirik Rafdal: That is great. Thanks for the color. Also on a different note, Europe continues to be the key driver on revenue. Could you give us any indication of what the geographical mix looks like in the order backlog as of now or the order intake in the quarter, and is that kind of similar to reported revenue in the quarter, or is the tilt different?

Speaker #5: And is that kind of similar to reported revenue in the quarter, or is the tilt different?

Speaker #4: I think I may go back to the comment I made in the presentation in that regard, Eric. I commented that actually, we'd seen a slight contraction in US revenues—in North American revenues—in Q2.

Paul Harrison: I think I go back to the comment I made in the presentation in that regard, Eirik. I commented that actually we had seen a slight contraction in US revenues, in North American revenues in Q2. My comment was that we still continue to see strong demand from that region. You can conclude from that North America continues to more than pull its weight when it comes to the order intake.

Speaker #4: But my comment was that we still continue to see strong demand from that region. So you can conclude from that that North America continues to more than pull its weight when it comes to the order intake.

Speaker #5: That's very clear. Thanks, Paul. And just one last one—great to see that you're launching a buyback. Could you share some thoughts on your thinking around both the absolute level of max $75 million, and also if this is something that you potentially see as a staple for your use of cash over the coming years?

[Analyst] (DNB Carnegie): That is very clear. Thanks, Paul, and just one last one. Great to see that you are launching a buyback. Could you share some thoughts on your thinking around both the absolute level of max $75 million, and also if this is something that you potentially see as a staple for your use of cash over the coming years?

Eirik Rafdal: That is very clear. Thanks, Paul, and just one last one. Great to see that you are launching a buyback. Could you share some thoughts on your thinking around both the absolute level of max $75 million, and also if this is something that you potentially see as a staple for your use of cash over the coming years?

Speaker #4: Well, delighted to announce the buyback today. And it is, of course, as you know, the first buyback AutoStore has conducted since its IPO. So we've set a goal of up to $75 million for 2026.

Paul Harrison: Well, delighted to announce that buyback today. It is of course, as you know, the first buyback AutoStore has conducted since its IPO. We set a goal of up to $75 million for 2026, and of course, as the rest of this year progresses, we look forward to a number of discussions now with shareholders to understand their reaction to that, and that is something we will share with our board as we continue to debate the topic. Great to launch this today, Eirik.

Speaker #4: And of course, as the rest of this year progresses, we look forward to a number of discussions, now with shareholders, to understand their reaction to that.

Speaker #4: And that's something we'll share with our Board as we continue to debate the topic. But great to launch this today, Eric.

Speaker #5: Perfect. Thanks for taking my questions.

Speaker #3: Thank you, Eric. Tintin, if you could please go ahead and unmute yourself.

[Analyst] (DNB Carnegie): Perfect. Thanks for taking my questions.

Eirik Rafdal: Perfect. Thanks for taking my questions.

Hiva Flåskjer: Thank you, Eirik. Tin Stormont, if you could please go ahead and unmute yourself.

Speaker #6: Morning, guys. First, on Amazon, another attempt. Can you talk about maybe what you've done with them so far? And then, are there specific developments or features that are bespoke to Amazon in your development pipeline?

Tin Stormont: Morning, guys. First on Amazon, another attempt. Can you talk about maybe what you've done with them so far? Are there specific developments or features that are bespoke to Amazon in your development pipeline? Should I do it one at a time or do it all in one go?

Speaker #6: And then, should I do it one at a time, or do it all in one go?

Speaker #4: No, give us both, Tintin.

Speaker #6: Yeah, I'll go for it. And then, in terms of—somebody already asked about AutoStore as a service—but just generally, Paul, could you update us on where recurring revenues are at now in the business?

Paul Harrison: No, give us both, Tin Stormont.

Tin Stormont: Yeah, I'll go for it. In terms of, somebody already asked the AutoStore-as-a-Service, but just generally, Paul, could you update us where recurring revenues are at now in the business?

Speaker #4: So, why don't I start? We have already, previously, many times talked about the fact that there is a relationship and that there is usage of AutoStore.

Mats Hovland Vikse: Why don't I start?

Paul Harrison: Yes.

Mats Hovland Vikse: Look, we have already previously, many times, talked about the fact that there is a relationship and that there is usage of AutoStore. But I'm also afraid that beyond that, I need to reiterate my comment that we do not comment on the terms of the agreement nor on individual customers as such, as is our practice.

Speaker #4: But I'm also afraid that, beyond that, I need to reiterate my comment that we do not comment on the terms of the agreement, nor on individual customers as such, as is our practice.

Speaker #4: Hey, look, Tintin, on recurring revenues, it's again, I think, a strong message. And that is that even in a quarter where we've seen very strong revenues, led, as you might expect, by...

Paul Harrison: Hey, look, Tin Stormont, on recurring revenues, it's again, I think a strong message, and that is that even in a quarter where we've seen very strong revenues, led, as you might expect, by traditional s-

Speaker #6: I seem to have lost your audio, Paul. Is it just me?

Tin Stormont: I seem to have lost your audio, Paul. Is it just me?

Speaker #4: I'm back. I think I'm back. Sorry, Tintin. Look, I was making the point—I don't know when you lost me—but look, even in a quarter where we've seen very strong business, and of course much of it, as you'd expect, is traditional capex-based business, it's great to see that recurring revenues are still a double-digit proportion of our revenue base.

Paul Harrison: I'm back. Sorry, Tin Stormont. Look, I was making the point there, don't know when you lost me, but look, even in a quarter where we've seen very strong business, and of course, much of it, as you'd expect, traditional CapEx-based business, it's great to see that recurring revenues are still a double-digit proportion of our revenue base. So a strong and important contribution from recurring revenues, which include all the AutoStore-as-a-Service and software, of course.

Speaker #4: So, a strong and important contribution from recurring revenues, which include AutoStore as a Service, and software, of course.

Speaker #6: Yeah, sorry. Could I just go back to the second part of my Amazon questions? Which is: are there specific features and functionality that are specific to Amazon?

Tin Stormont: Yeah. Sorry, could I just go back on the second part of my Amazon question? Which is, are there specific features and functionality that's specific to Amazon? I know obviously it's very much a product business, but just wondered if there's some specific features either in development or in the pipeline.

Speaker #6: I know, obviously, it's very much a product business, but I just wondered if there are some specific features either in development or in the pipeline.

Speaker #4: Yeah. Look, as you say, it is very much a product-driven business. And we take pride in our standardization. But I also need to reiterate that we do not comment on individual customers as such.

Mats Hovland Vikse: Yeah, look, as you say, it is very much a product-driven business, and we take pride in our standardization. But I also need to reiterate that we do not comment on individual customers.

Speaker #6: Fair enough, Mats. Fair enough. Okay, thank you.

Speaker #4: Thanks.

Speaker #3: Thank you, Tintin. Petter, you're the next one up. If you could please go ahead and unmute yourself.

Tin Stormont: Fair enough, Mats. Fair enough. Okay. Thank you.

Mats Hovland Vikse: Thanks.

Hiva Flåskjer: Thank you, Tin Stormont. Petter, you're next one up. If you could please go ahead and unmute yourself.

Speaker #5: Yeah, thank you. I have a couple of questions; I'll take them one at a time. Orders are materially up and at an all-time high. Is it possible to provide some color on the drivers here?

[Analyst] (ABG Sundal Collier): Yeah, thank you. A couple of questions. I'll take one at a time. Orders are materially up, all-time high. Is it possible to provide some color on the drivers here? Geographical between industries, whether it's broad-based or large orders. Finally, also, is Amazon included here? Thanks.

Petter Nystrøm: Yeah, thank you. A couple of questions. I'll take one at a time. Orders are materially up, all-time high. Is it possible to provide some color on the drivers here? Geographical between industries, whether it's broad-based or large orders. Finally, also, is Amazon included here? Thanks.

Speaker #5: I mean geographically, between industries, whether it's broad-based or larger orders. And finally, is Amazon included here? Thanks.

Speaker #4: Okay, look, I'll start with that. The order profile does reflect the traditional spread of our business. I made the comment a couple of minutes ago to imply that order momentum is strong in North America, notwithstanding slight contraction in revenues this quarter.

Paul Harrison: Okay. Look, I'll start with that. The order profile does reflect the traditional spread of our business. I made the comment a couple of minutes ago to imply that order momentum is strong in North America, notwithstanding slight contraction in revenues this quarter. We've commented as well that it's the standard segment that's been very strong in the period, albeit still a strong contribution from high-throughput projects as well. There are no particularly unique orders driving the order intake number in the period. It's just a strong period. My final comment would be that to relate the order intake performance to some of the new product innovation, because there's no question that some of our newer products, such as AutoCase, are unlocking opportunities. Indeed, if you go back to the video we played this morning, you heard the customer talking about FlexBin.

Speaker #4: And we've commented as well that it's the standard segment that's been very strong in the period, albeit still a strong contribution from high throughput projects as well.

Speaker #4: So, there are no particularly unique orders driving the order intake number in the period—it was just a strong period. And my final comment would be to relate the order intake performance to some of the new product innovation, because there's no question that some of our newer products, such as AutoCase, are unlocking opportunities.

Paul Harrison: My final comment would be that to relate the order intake performance to some of the new product innovation, because there's no question that some of our newer products, such as AutoCase, are unlocking opportunities. Indeed, if you go back to the video we played this morning, you heard the customer talking about FlexBin. We are seeing these innovations unlock opportunities and play their part in driving order momentum.

Speaker #4: And indeed, if you go back to the video we played this morning, you heard the customer talking about Flex Bins. So, we are seeing these innovations unlock opportunities and play their part in driving order momentum.

Paul Harrison: We are seeing these innovations unlock opportunities and play their part in driving order momentum.

Speaker #5: Thank you, Paul. And then probably another question for you. The OpEx is slightly up in the quarter. Is this sales-driven, or should we expect this level to persist, despite guiding lower sales in the second half?

[Analyst] (ABG Sundal Collier): Thank you, Paul. Then probably another question for you. The OpEx is slightly up in the quarter. Is this sales driven, or should we expect this level to persist despite guiding lower sales in H2?

Petter Nystrøm: Thank you, Paul. Then probably another question for you. The OpEx is slightly up in the quarter. Is this sales driven, or should we expect this level to persist despite guiding lower sales in H2?

Speaker #4: Well, look, when we talk about margins moderating in H2, as we invest in growth opportunities, quite a bit of that is people, and quite a bit of that is in commercial.

Paul Harrison: Well, look, when we talk about margins moderating in H2 as we invest in growth opportunities, quite a bit of that is people and quite a bit of that is in commercial. Mats talked in his presentation this morning about increasing customer intimacy. For strategic customers, that is achieved by having senior experienced salespeople managing those accounts. So yes, an element of the investment referred to will be manifest in OpEx.

Speaker #4: Mats talked in his presentation this morning about increasing customer intimacy. And for strategic customers, that is achieved by having senior, experienced salespeople managing those accounts.

Speaker #4: So yes, an element of the investment we refer to will be manifest in OpEx.

Speaker #5: And look, maybe I'll add, Paul. Look, we will continue to invest when we see growth opportunities. And we do see growth opportunities, both on the product side and in how we develop the commercial side of the business.

Mats Hovland Vikse: Look, maybe I will add, Paul. Look, we will continue to invest when we see growth opportunities, and we do see growth opportunities both on the product side and how we develop the commercial side of the business. I think if you look at what we have achieved over the last year as well, we are showing clear financial return on those investments. We will continue to take opportunities so that we not only build the opportunity to drive growth today, but also building just a better foundation, a better company, so that we are well-positioned to take advantage of this massive growth opportunity that we have in front of us.

Speaker #5: I think if you look at what we've achieved over the last year as well, we are showing clear financial return on those investments. And we will continue to take opportunities so that we not only build the opportunity to drive growth today, but also build a better foundation—a better company—so that we're well positioned to take advantage of this massive growth opportunity that we have in front of us.

Speaker #5: Thanks, both. One final question from me, and I'll go back to the Amazon deal again. I totally understand that you can't share too many details here, but Mats, how do you view this deal?

[Analyst] (ABG Sundal Collier): Thanks, both. One final question from me, and I go back to the Amazon deal again. I totally understand that you cannot share too much details here, but Mats, how do you view this deal from the company? Has this closing been a key goal for you for a long time? How do you see this going forward as well? Thanks.

Petter Nystrøm: Thanks, both. One final question from me, and I go back to the Amazon deal again. I totally understand that you cannot share too much details here, but Mats, how do you view this deal from the company? Has this closing been a key goal for you for a long time? How do you see this going forward as well? Thanks.

Speaker #5: I mean, from the company, has this closing been a key goal for you for a long time? And how do you see this going forward as well?

Speaker #5: Thanks.

Speaker #4: Look, as we've talked about before, a key part of our strategy is to build deeper engagement with the largest customers out there, what we call the high-potential segment, and the elements that we've talked about before.

Mats Hovland Vikse: Look, as we have talked about before, a key part of our strategy is to build deeper engagement with the largest customers out there, what we call the high potential segment, and the elements that we have talked about before. We will continue to focus on that. If you look at the customer list we have today, there is several high-quality blue-chip names that is using our system across different verticals, across different use cases, and doing that with success. We will continue to invest against having those capabilities to build those deep relationships because we see that there is such a great land and expand opportunity out there.

Speaker #4: We will continue to focus on that. And if you look at the customer list we have today, there are several high-quality, blue-chip names that are using our system across different verticals, across different use cases, and doing that with success.

Speaker #4: And we will continue to investigate having those capabilities to build those deeper relationships, because we see that there is such a great land-and-expand opportunity out there.

Mats Hovland Vikse: We will continue to invest against having those capabilities to build those deep relationships because we see that there is such a great land and expand opportunity out there.

Speaker #5: Thank you. I'll jump back to the queue.

Speaker #3: Thank you, Petter. Martine, you're next up.

[Analyst] (ABG Sundal Collier): Thank you. I will jump back in the queue.

Petter Nystrøm: Thank you. I will jump back in the queue.

Hiva Flåskjer: Thank you, Petter. Martine, you are next one up.

Speaker #6: Thank you. Congratulations. Those were really good results. I suppose almost all of my questions have been answered. But I just have one more: when you mention the moderation in the margins in H2, could you also say something about your medium-term expectations beyond H2 here?

[Analyst] (Nordea Markets): Thank you. Congratulations with really good results. I suppose all of my questions are almost answered. I just think of when you say the moderation in the margins in H2, can you also say something about your medium-term expectations beyond H2 here?

Martine Kverne: Thank you. Congratulations with really good results. I suppose all of my questions are almost answered. I just think of when you say the moderation in the margins in H2, can you also say something about your medium-term expectations beyond H2 here?

Speaker #4: You know what? I go back to the comments I made about guidance in this still very much project-based business. And we're not guiding beyond the guidance in 2026 that we've given today.

Paul Harrison: You know what, I go back to the comments I made about guidance in this still very much project-based business. We are not guiding beyond the guidance in 2026 that we have given today, Martine. For the moment, I will not comment on that.

Speaker #4: Martine, so for the moment, I won't comment on that. I would perhaps reiterate Mats's important point, which is that we'll remain very disciplined investors in the business—mindful of the high margins we deliver, but ready to invest in growth opportunities.

Paul Harrison: I would perhaps reiterate Mats' important point, which is that we will remain very disciplined investors in the business, mindful of the high margins we deliver, but ready to invest in growth opportunities.

Speaker #6: That's good. And on the sales part in Q2, since the full-year guidance assumes somewhat of a deceleration of sales, can you say something about whether any of the sales coming in were significantly larger this quarter?

[Analyst] (Nordea Markets): That is good. On the sales part in Q2, since the full year guidance assumes somewhat the acceleration of the sales, can you say something about any of the sales coming in being significantly larger this quarter? Does that make sense?

Martine Kverne: That is good. On the sales part in Q2, since the full year guidance assumes somewhat the acceleration of the sales, can you say something about any of the sales coming in being significantly larger this quarter? Does that make sense?

Speaker #6: Does that make sense?

Speaker #4: There's nothing abnormal in the pattern this quarter. But together, those sales contributors were very strong this quarter, and a very strong half. And of course, as you would hope, that's informed our thinking around guidance, where we want to build in some prudence to that guidance.

Paul Harrison: There is nothing abnormal in the pattern this quarter, but together, those sales contributed to a very strong quarter and a very strong H1. Of course, as you would hope, that has informed our thinking around guidance, where we want to build in some prudence to that guidance with still five months of the year to go.

Speaker #4: We still have five months of the year to go.

Speaker #6: Perfect. And last one, on the AutoStore service, you said on the sales revenue side, it was approximately $8 million, but in the order intake, was there any AutoStore service there?

[Analyst] (Nordea Markets): Perfect. Last one, on the AutoStore-as-a-Service, you said on the sales revenue side, it was approximately 8 million, but in the order intake, was there any AutoStore-as-a-Service there?

Martine Kverne: Perfect. Last one, on the AutoStore-as-a-Service, you said on the sales revenue side, it was approximately 8 million, but in the order intake, was there any AutoStore-as-a-Service there?

Speaker #4: No. In the quarter, the deals in revenue have a TCV of around $8 million. And so that will play out, of course, over the number of years associated with the deals.

Paul Harrison: No. The deals in revenue in the quarter have a TCV of around about 8 million. That will play out, of course, over the number of years associated with the deals. That is the principal update on orders for as a service in the quarter.

Speaker #4: But that's the principal update on AutoStore as a service in the quarter.

Speaker #5: So, new orders, to be clear.

Speaker #4: Yes. Sorry. Yes.

Speaker #6: Perfect. Thank you.

Mats Hovland Vikse: New orders, to be clear?

Paul Harrison: Yes. Yes.

Hiva Flåskjer: Perfect. Thank you. Thank you, Martina. Next one is Lucas. Please go ahead and unmute yourself.

Martine Kverne: Perfect. Thank you.

Speaker #3: Thank you, Martine. Next one is Lucas. Please go ahead and unmute yourself.

Hiva Flåskjer: Thank you, Martina. Next one is Lucas. Please go ahead and unmute yourself.

Speaker #7: Hello, good morning, everyone. I’ll have two, just a bit more kind of strategic and longer-term. When you think about all the kind of new products and also software updates you’ve launched in the past few years, clearly, there’s been an acceleration. Are you able to kind of separate, in the growth you’ve seen over the years, how much is related to those additions you’ve made?

[Analyst]: Hello. Good morning, everyone. I'll have two, just a bit more kind of strategic and longer term. When you think about all the kind of new products and also software kind of updates you launched in the past few years, clearly there's been an acceleration. Are you able to kind of separate in the growth you've seen over the years, how much is related to those additions you've made? Obviously, some of them are priced in, so there's a number for it, but also it's an enabler to more orders. I'm just trying to see the return on all of those product launches. Are you able to kind of put a number on it as a system you wouldn't have sold? Or are the average kind of dollar per system much higher because now you sell robotic picking and you sell kind of other things related to it?

Lucas Ferhani: Hello. Good morning, everyone. I'll have two, just a bit more kind of strategic and longer term. When you think about all the kind of new products and also software kind of updates you launched in the past few years, clearly there's been an acceleration. Are you able to kind of separate in the growth you've seen over the years, how much is related to those additions you've made? Obviously, some of them are priced in, so there's a number for it, but also it's an enabler to more orders. I'm just trying to see the return on all of those product launches.

Speaker #7: Obviously, some of them are priced in, so there’s a number for it, but also, it’s an enabler to more orders. So I’m just trying to see the return on all of those product launches.

Speaker #7: Are you able to kind of put a number on it as a system you wouldn't have sold, or are the average kind of dollar per system much higher because now you sell robotic picking and you sell kind of other things related to it?

Lucas Ferhani: Are you able to kind of put a number on it as a system you wouldn't have sold? Or are the average kind of dollar per system much higher because now you sell robotic picking and you sell kind of other things related to it? Thank you.

Speaker #7: Thank you.

Speaker #4: Yeah. As Paul mentioned, there is a meaningful portion of orders that we've signed off late that has been enabled by the fact that we've released the products that we have.

[Analyst]: Thank you.

Mats Hovland Vikse: Yeah. As Paul mentioned, there is a meaningful portion of orders that we've signed off late that has been enabled by the fact that we've released the products that we have, because by releasing those products, we're able to solve different kinds of use cases that we've been able to in the past, and that enables us to sell our full suite of products because we can add that specific capability. So we have that, and we will continue to have those types of innovations. But importantly, also the investments and the releases that we've had on our core, including software CubeVerse and AutoStore Intelligence, we're providing our customers with a system that is just constantly improving, and where the value of that just compounds with every new robot that we add to the fleet.

Speaker #4: By releasing those products, we're able to solve different kinds of use cases than we have in the past. That enables us to sell our full suite of products because we can add that specific capability.

Speaker #4: So we have that, and we will continue to have those types of innovations. But importantly, also the investments and the releases that we've had on our core, including software, Q version, AutoStore Intelligence, we're providing our customers with a system that is just constantly improving.

Mats Hovland Vikse: But importantly, also the investments and the releases that we've had on our core, including software CubeVerse and AutoStore Intelligence, we're providing our customers with a system that is just constantly improving, and where the value of that just compounds with every new robot that we add to the fleet.

Speaker #4: And the value of that just compounds with every new robot that we add to the fleet. That is an important aspect for customers who are making automation investments not only for this one specific site they have right in front of them, but who need to build a model where they have the right long-term partners, given how strategic these types of investments are.

Mats Hovland Vikse: That is an important aspect for customers that are making automation investments, not only for this one specific site that they have right in front of them, but they need to build in a model where they have the right long-term partners, given how strategic these types of investments are. Overall, it's A, creating new opportunities and enabling a lot of orders, and B, it's also helping create that long-term confidence in us as the right partner for the future.

Speaker #4: So overall, it's A, creating new opportunities and enabling a lot of orders. And B, it's also helping create that long-term confidence in us as the right partner for the future.

Speaker #7: Thanks. And just a quick follow-up also on the point you made on data, which obviously I think is interesting because you have much more system than kind of anyone else in cubic storage.

[Analyst]: Thanks. Just a quick follow-up also on the point you made on data, which obviously I think is interesting because you have much more systems than anyone else in cubic storage. But when the Router came in, I remember there was a big shift in productivity and how much more you can do with the same system. I guess when you think about new iterations going forward, just with the software itself, how much more you think you can unlock from productivity of the existing installation just from software. The point is, yeah, with AI, maybe there's more things we can do. Thank you.

Lucas Ferhani: Thanks. Just a quick follow-up also on the point you made on data, which obviously I think is interesting because you have much more systems than anyone else in cubic storage. But when the Router came in, I remember there was a big shift in productivity and how much more you can do with the same system. I guess when you think about new iterations going forward, just with the software itself, how much more you think you can unlock from productivity of the existing installation just from software. The point is, yeah, with AI, maybe there's more things we can do. Thank you.

Speaker #7: But when the router came in, I remember there was a big shift in productivity and how much more you could do with the same system.

Speaker #7: I guess, when you think about new iterations going forward, just with the software itself, how much more do you think you can unlock from the productivity of the existing installation just from software?

Speaker #7: And the point is, yeah, with AI, maybe there are more things we can do. Thank you.

Speaker #4: Yes, and you're absolutely right. When we did release that new router product, we took a leap change in terms of productivity. Since then, that has just continued to be improved every day based on all the data that we're gathering and our ability to take that and use it to improve the system.

Mats Hovland Vikse: Yes, you're absolutely right. When we did release that new Router product, we took a leap change in terms of productivity. Since then, that has just continued to be improved every day based on all the data that we're gathering and our ability to take that and use it to improve the system. Now with AutoStore Intelligence and utilizing AI to both configure that on specific sites automatically, but also just to continuously improve it, we still see a lot of opportunity to have that just become increasingly better over time. Having this notion where you have a standardized machine layer and then smartness on top that enables you to constantly improve and get a better system is what we call intelligent fulfillment, which is a key aspect of how we think at AutoStore.

Speaker #4: Now, with AutoStore Intelligence and utilizing AI to both configure that on specific sites automatically, but also to continuously improve it, we still see a lot of opportunity to have that just become increasingly better over time.

Speaker #4: And having this notion where you have a standardized machine layer, and then smartness on top that enables you to constantly improve and get a better system, is what we call intelligent fulfillment, which is a key aspect of how we think at AutoStore.

Mats Hovland Vikse: Having this notion where you have a standardized machine layer and then smartness on top that enables you to constantly improve and get a better system is what we call intelligent fulfillment, which is a key aspect of how we think at AutoStore.

Speaker #7: Thank you.

Speaker #3: Thank you, Lucas. Halvor, you're next. Please, can you go ahead and unmute yourself?

[Analyst]: Thank you.

Lucas Ferhani: Thank you.

Hiva Flåskjer: Thank you, Lucas. Halvor, you are next one. Please can you go ahead and unmute yourself?

Speaker #5: Yes, good morning. It's a bit broader question, not directly related to Amazon, but we have seen that Amazon is opening up their logistics network during the summer.

Paul Harrison: Yes. Good morning. It is a bit broader question and not directly related to Amazon, but we have seen that Amazon is opening up their logistics network during the summer. It would be great to get some color on the response from your 3PL customers and other customers as well. Have you seen any change in behavior following the news? Thank you.

Halvor Aasen Dybdahl: Yes. Good morning. It is a bit broader question and not directly related to Amazon, but we have seen that Amazon is opening up their logistics network during the summer. It would be great to get some color on the response from your 3PL customers and other customers as well. Have you seen any change in behavior following the news? Thank you.

Speaker #5: So it would be great to get some color on the response from your 3PL customers and other customers as well. Have you seen any change in behavior following the news?

Speaker #5: Thank you. So overall, 3PL has been a good segment for us because we can, through a standardized product, serve so many different use cases and industries.

Mats Hovland Vikse: Well, overall, 3PL has been a good segment for us, because we can, through a standardized product, serve so many different use cases and industries. As you have seen from our presentation, it is also a meaningful portion of the business we do. As such, we create good relationships with the 3PLs out there.

Speaker #5: And as you’ve seen from our presentation, it’s also a meaningful portion of the business we do. As such, we create good relationships with the 3PLs out there.

Speaker #5: Thank you very much.

Speaker #3: Thank you, Halvor. Tim, you're next.

Paul Harrison: Thank you very much.

Halvor Aasen Dybdahl: Thank you very much.

Hiva Flåskjer: Thank you, Halvor. Tim, you are next one.

Speaker #5: Hi. First of all, thank you for my follow-up. So actually, a little bit more on the Amazon deal. With the new partnership, does that mean going forward there will be the option for Amazon to buy your systems directly, or is it still going through the traditional way of going through the distributors?

[Analyst] (Barclays): Hi. Thanks for taking my follow-up. Actually, a little bit more on the Amazon deal. With the new partnership, does that reflect, going forward, that will be like Amazon to buy your systems directly, or is it still going through the traditional way of going through the distributors? Not sure if you can comment on that.

Tim Lee: Hi. Thanks for taking my follow-up. Actually, a little bit more on the Amazon deal. With the new partnership, does that reflect, going forward, that will be like Amazon to buy your systems directly, or is it still going through the traditional way of going through the distributors? Not sure if you can comment on that.

Speaker #5: Not sure if you can comment on that.

Speaker #2: I'll refer back to the answer that I gave previously on the similar question. It provides a framework in which they can do it, but we're not disclosing details on the contract itself.

Mats Hovland Vikse: I will refer back to the answer that I gave previously on the similar question. It provides a framework in which they can do it, but we are not disclosing details on the contract itself.

Speaker #5: All right. Clear. Thank you very much.

Speaker #3: Thank you, Tim. Tintin, you have follow-ups. Please go ahead and unmute yourself.

[Analyst] (Barclays): All right. Clear. Thank you very much.

Tim Lee: All right. Clear. Thank you very much.

Hiva Flåskjer: Thank you, Tim. Tin Stormont, you have follow-ups. Please go ahead and unmute yourself.

Speaker #6: Yes. A very easy one. And a non-Amazon one. The share buyback—up to $75 million—is there a cap on the price? Yeah.

Tin Stormont: Just a very easy one, and a non-Amazon one. The share buyback, up to $75 million, is there a cap on the price?

Speaker #6: Sorry.

Speaker #4: As you always see with these programs, there are parameters that the board has set around the buyback, but we're not disclosing those today—probably obviously so, Tintin.

Mats Hovland Vikse: There are-

Paul Harrison: There are-

Tin Stormont: Like, are you buying Yeah, sorry.

Mats Hovland Vikse: As you always see with these programs, there are parameters that the board has set around the buyback, but we are not disclosing those today, probably obviously, so Tin Stormont.

Paul Harrison: As you always see with these programs, there are parameters that the board has set around the buyback, but we are not disclosing those today, probably obviously, so Tin Stormont.

Speaker #6: Okay. Thank you.

Speaker #3: Thank you, Tintin. Okay. I believe Tim—yeah, you took down your hand. So I believe that concludes the questions from Teams. Let me just double-check.

Tin Stormont: Okay. Thank you.

Hiva Flåskjer: Thank you, Tin Stormont. Okay. I believe, Tim, you took down your hand, so I believe that concludes the questions from Teams. Let me just double-check from the web. No questions there. I believe that concludes today's Q&A session. With that, I will hand over the word to you, Mats, for your final remarks.

Speaker #3: From the web, no questions there. So I believe that concludes today's Q&A session. And with that, I will hand over the word to you, Mats, for your final remarks.

Speaker #2: Thanks, and thanks for all the questions. So let me just conclude by summarizing a few key messages from today's presentation. We've made significant strategic progress over the past 12 months, and this is increasingly reflected in our financial performance.

Mats Hovland Vikse: Thanks again, Hiva, and thank you for all the questions. Let me just conclude by summarizing a few key messages from today's presentation. We have made significant strategic progress over the past 12 months, and this is increasingly reflected in our financial performance. This quarter, we delivered record high order intake, revenue, and backlog, all while maintaining strong profitability. We have, at the same time, increased the scale and pace of our innovation and keep investing against a very attractive roadmap. Altogether, these results just reinforce our confidence that the strategic priorities that we set out a year ago are the right ones. The market opportunity remains substantial and is growing. Warehouse automation is under-penetrated, but the trends and the tailwinds are clear.

Speaker #2: This quarter, we delivered record-high order intake, revenue, and backlog, all while maintaining strong profitability. At the same time, we have increased the scale and pace of our innovation and continue to invest against a very attractive roadmap.

Speaker #2: Altogether, these results just reinforce our confidence that the strategic priorities we set out a year ago are the right ones. The market opportunity remains substantial and is growing.

Mats Hovland Vikse: Altogether, these results just reinforce our confidence that the strategic priorities that we set out a year ago are the right ones. The market opportunity remains substantial and is growing. Warehouse automation is under-penetrated, but the trends and the tailwinds are clear. And in this market, we have a leadership position. We believe AutoStore is well-positioned to maintain and grow this position, leaving us well-placed to deliver profitable growth and long-term value creation. We are very excited and motivated to take advantage of that opportunity that we have ahead of us.

Speaker #2: We're in a market where house automation is underpenetrated, but the trends and the tailwinds are clear. In this market, we have a leadership position, and we believe AutoStore is well positioned to maintain and grow this position, leaving us well placed to deliver profitable growth and long-term value creation.

Mats Hovland Vikse: And in this market, we have a leadership position. We believe AutoStore is well-positioned to maintain and grow this position, leaving us well-placed to deliver profitable growth and long-term value creation. We are very excited and motivated to take advantage of that opportunity that we have ahead of us. Thank you for joining us today. We appreciate your continued interest and support, and look forward to speaking with you again next quarter.

Speaker #2: So we're very excited and motivated to take advantage of that opportunity that we have ahead of us. So, thank you for joining us today.

Mats Hovland Vikse: Thank you for joining us today. We appreciate your continued interest and support, and look forward to speaking with you again next quarter.

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Q2 2026 AutoStore Holdings Ltd Earnings Call

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