Q2 2026 Fasadgruppen Group AB Earnings Call

August 20, 2026

Speaker #2: Your line is muted.

Speaker #3: Call recording is on.

Magnus Blomberg: Good morning, everyone, and welcome to Fasadgruppen's presentation of Q2 2026. My name is Magnus Blomberg, acting CFO, and with me here in the room, we have our CEO, Martin Jacobsson. Martin, will you please walk us through the report? After the report, we will open up for some questions. With that being said, Martin, please go ahead.

Magnus Blomberg: Good morning, everyone, and welcome to Fasadgruppen's Presentation of Q2 2026. My name is Magnus Blomberg, acting CFO, and with me here in the room, we have our CEO, Martin Jacobsson. Martin, will you please walk us through the report? After the report, we will open up for some questions. With that being said, Martin, please go ahead.

Speaker #4: Good morning, everyone, and welcome to Fasadgruppen's presentation of the second quarter 2026. My name is Magnus Blomberg, Acting CFO, and with me here in the room we have our CEO, Martin Jakobsson.

Speaker #4: So, Martin, will you please walk us through the report? After the report, we will open up for some questions. So, with that being said, Martin, please go ahead.

Speaker #5: Thank you, Magnus. And a very warm welcome and good morning from me as well. Let's move to the first slide directly, and let me give you the quarter here in short.

Martin Jacobsson: Thank you, Magnus, and a very warm welcome and good morning from me as well. Let's move to the first slide directly. Let me give you a quarter here in short. By our own standards, the earnings were weak. A weak quarter and a weak business, I would say, are two different things. We will show that today. On adjusted EBITDA level, we came in at roughly SEK 108 million against SEK 132 million last year, which is down 19%, and I will not dress that number up. Remember here, we took roughly 2,000 colleagues in our organization, took this business from we had -12%, if you remember, organic growth in Q1, up to broadly flat now here in Q2. The margin came in at roughly 7.6%, and that's just a statement, and I am proud of the colleagues that did this.

Speaker #5: By our own standards, the earnings were weak. But a weak quarter and a weak business, I would say, are two different things. And we will show that today.

Speaker #5: So, on our adjusted EBITDA level, we came in at roughly SEK 108 million, against SEK 132 million last year, which is down 19%. And I won't dress that number up.

Speaker #5: Remember, here, we took roughly 2,000 colleagues in our organization, took this business from—we had minus 12, if you remember, organic growth in Q1—up to broadly flat now here in Q2.

Speaker #5: And the margin came in at roughly 7.6%, and that's just a statement. I'm proud of the colleagues that did this. I would say that the decline in the result is not widespread.

Martin Jacobsson: I would say that the decline in the result is not widespread. It is concentrated. It sits mainly in our Nordic contracting business, and that's essentially in Norway. I will walk through the reasons later in the presentation. Every other part of the group, I would say, held its ground or improved, and that distinction matters because concentrated problems can be fixed. The other headlines we have here in the first slide is, of course, the organic order backlog, which was up 6.6% compared to last year, mainly driven then by Norway, Finland, and the UK. Very strong increase in Norway is noteworthy. Of course, we welcome new colleagues into the group here. We finalized this acquisition in August with Klorakkene. So a very warm welcome to Klorakkene. They are a roofing specialist, mainly focusing on industrial customers and also data centers.

Speaker #5: It is concentrated. It sits mainly in our Nordic contracting business, and that's essentially in Norway. I'll walk through the reasons later in the presentation.

Speaker #5: But every other part of the group, I would say, held its ground or improved. And that distinction matters, because concentrated problems can be fixed.

Speaker #5: The other headline we have here on the first slide is, of course, the organic order backlog, which was up 6.6% compared to last year, mainly driven by Norway, Finland, and the UK.

Speaker #5: A very strong increase in Norway is noteworthy. And of course, we welcome new colleagues into the group here. We finalized this acquisition in August with Krorakene, so a very warm welcome to Krorakene.

Speaker #5: they are a roofing specialist, mainly focusing on industrial customers and also data centers. With that, we can move on. So, if we just look on our rolling 12-month basis here, our numbers you see have net sales of roughly 5.2 billion, we're at an adjusted EBITDA level of roughly 350 million, with somewhat lower margin compared to the same period last year.

Martin Jacobsson: With that, we can move on. If we just look on a rolling 12-month basis here, our numbers, you see a net sales of roughly SEK 5.2 billion. We are at an adjusted EBITDA level of roughly SEK 350 million with somewhat lower margin compared to the same period last year. It is also noteworthy the cash conversion here is roughly 100%. Whatever else this year has thrown at us, we could say the business still converts earnings to cash. Moving on. Looking at the net sales, it was down roughly 1.8% in total, and of that it was a broadly flat organic growth, -0.5%. But remember here we had a divestment of Alnova that came in last year, and that also affected the quarter here.

Speaker #5: And it's also noteworthy that the cash conversion here is roughly 100%. So, whatever else this year has thrown at us, we can say the business still converts earnings to cash.

Speaker #5: So, moving on—looking at the net sales, it was down roughly 1.8% in total, and of that, it was a broadly flat organic growth: minus 0.5%.

Speaker #5: But remember, here we had a divestment of Alnova that came in last year, and that also affected the quarter here. Then, looking at our segments, I would say that total solutions decreased by roughly 2.2%.

Martin Jacobsson: Looking at our segments, I would say that the Total Solutions decreased by roughly 2.2%, and our Specialist Solutions increased by roughly 1%. Clear Line in our business in the UK, decreased by roughly 9%. But it is noteworthy here that you remember coming back to the organic growth, it was -12% as I said, in Q1, and now it is broadly flat. That is an important number for us that we are on the right path. I would like to give an example. If this is broadly like a hotel, the rooms that we had during the wintertime cost money whether someone sleeps in them or not. Of course, now that the rooms have been starting to fill up again, we are making money in that instance. As we see it, the earnings from those rooms arrive a quarter or two behind the guests.

Speaker #5: And our specialist solutions increased by roughly 1%. Then, Clearline, our business in the UK, decreased by roughly 9%. But it's noteworthy here that, if you remember, coming back to the organic growth, it was minus 12%, as I said in Q1, and now it's broadly flat.

Speaker #5: That's an important number for us, that we are on the right path. I'd like to give an example. If this is broadly like a hotel, the rooms that we had during the wintertime cost money, whether someone sleeps in them or not.

Speaker #5: And of course, now that the rooms have been starting to fill up again, we're making money in that instance. And as we see it, the earnings from those rooms arrive a quarter or two behind the guests.

Speaker #5: But with that said, of course, a number that stands out here is, of course, the decrease in Clearline that's still affected by what we've told you before—the building safety regulator delays.

Martin Jacobsson: But with that said, a number that stands out here is, of course, the decrease in Clear Line that is still affected by what we have told you before, the Building Safety Regulator delays still there. But that means that it is a queued demand and not a lost demand. Now we can stand. Just one last thing on the sales. I would like to stress here, also in Sweden, we have seen housing cooperatives and property owners that have postponed facade renovations throughout the last couple of years are very active again, as we say, a facade does not care about interest rates. What we have seen now is that with the lower interest rates level and a more, I would say, more confident market, we are seeing there is more projects to calculate on. Hopefully we will see that in the numbers in the future as well, that Sweden is on the right path.

Speaker #5: Still there. But that means it's a queued demand, and not lost demand. And now we can say just one last thing on this, on the sales.

Speaker #5: I would like to stress that here in Sweden, we've seen housing cooperatives and property owners who had postponed facade renovations throughout the last couple of years are now very active again.

Speaker #5: As we say, a facade doesn't care about interest rates. And what we've seen now is that with the lower interest rate levels and a more, I would say, more confident market, we're seeing there's more projects to calculate on.

Martin Jacobsson: What we have seen now is that with the lower interest rates level and a more, I would say, more confident market, we are seeing there is more projects to calculate on. Hopefully we will see that in the numbers in the future as well, that Sweden is on the right path. With that, we can move on to the next one, please. Looking on the adjusted EBITDA, the earnings slide, I would say the one that matters most today. Looking at the segment, and you see exactly where the problem lies.

Speaker #5: And hopefully, we'll see that in the numbers in the future as well, that Sweden is on the right path. With that, we can move on to the next one, please.

Martin Jacobsson: With that, we can move on to the next one, please. Looking on the adjusted EBITDA, the earnings slide, I would say the one that matters most today. Looking at the segment, and you see exactly where the problem lies. You see that Total Solutions margin came in at 3.3% compared to 6.6%. I would say that this is mainly then focused on our businesses in Norway, which a lot of them are in the Total Solutions segment. I would say that the two forces that have affected this, and I want to separate them. First, the market is weak. I would say that hand was dealt to us, but part of the decline is also self-inflicted, you could say. We have changed management in several of our Norwegian companies in the last year or so.

Speaker #5: Then, looking at the adjusted EBITDA, the earnings slide—I would say the one that matters most today—looking at the segments, you can see exactly where the problem lies.

Speaker #5: You see that total solutions margin came in at 3.3% compared to 6.6%. And I would say that this is mainly then focused on our businesses in Norway, where many of them are in the total solutions segment.

Martin Jacobsson: You see that Total Solutions margin came in at 3.3% compared to 6.6%. I would say that this is mainly then focused on our businesses in Norway, which a lot of them are in the Total Solutions segment. I would say that the two forces that have affected this, and I want to separate them. First, the market is weak. I would say that hand was dealt to us, but part of the decline is also self-inflicted, you could say. We have changed management in several of our Norwegian companies in the last year or so.

Speaker #5: And I would say that the two forces that have affected this—and I want to separate them. First, the market is weak. I would say that hand was dealt to us.

Speaker #5: But part of the decline is also self-inflicted, you could say. We've changed management in several of our Norwegian companies in the last year or so.

Speaker #5: I would say different phases in a cycle demand different leadership. And a turnaround has its own requirements, and we acted on that.

Martin Jacobsson: I would say different phases in a cycle demand different leadership, and a turnaround has its own requirements, and we acted on that. I want to be clear upon that. Changes like those always cost tempo and volume in this transition. I would say that with the changes that we've made, we're confident in the future in Norway. I mentioned earlier that the order backlog grew significantly in Norway, and that leads the way. That's what we're going to keep track of ourselves, the volume increase, and with that, the margin will recover. Of course, that's something that we will have a look closely at in the future, and hopefully you will do, too. I would say it's also noteworthy here, Clear Line's strong result, and the margin that increased from roughly 29% to 38% is, of course, a very impressive number.

Speaker #5: So, I want to be clear on that. Hand changes like those always cause tempo and volume in this, in this transition. But I would say that with the changes that we've made, we're confident in the future in Norway.

Speaker #5: So, I mentioned earlier that the order backlog grew significantly in Norway, and that leads the way. So, that's what we're going to keep track of ourselves—the volume increase—and with that, the margin will recover.

Speaker #5: And of course, that's something that we will have a close look at in the future, and hopefully, you will do too. Then, I would say it's also noteworthy here—the Clearline's strong result—and the margin that increased from roughly 29% to 38% is, of course, a very impressive number.

Speaker #5: And Clearline is working in a very disciplined way and delivering quality projects every day to our customers. So, very proud of Clearline in that matter.

Martin Jacobsson: Clear Line is working in a very disciplined way and delivering quality products every day to our customers. We're proud of Clear Line in that matter. Of course, it's good to see that we're on the right path. With that said, we can move on to the next slide, please. Looking on the order backlog, as I mentioned, it increased here organically, and this tells a bit different story than the income statement. Of course, we see that it's mainly on the Specialist Solutions segment and on the Clear Line segment that we see the increase. I would like to stress here once again that it's especially in Norway, Finland, and the UK that we've seen a very strong uptick in the order backlog. We are eager to convert this strong order backlog into sales.

Speaker #5: Of course, it's good to see that we're on the right path. But with that said, we can move on to the next slide, please.

Speaker #5: Now, looking at the order backlog—as I mentioned, it increased here organically. This tells a slightly different story than the income statement. Of course, we see that it is mainly in the Specialist Solutions segment and in the Clearline segment where we see the increase.

Speaker #5: And I would like to stress here once again that it’s especially in Norway, Finland, and the UK that we’ve seen a very strong uptick in the order backlog.

Speaker #5: So, we are eager to convert this strong order backlog into sales. But just a noteworthy point here is, of course, that we're having a close look at the Danish order backlog, which has had somewhat of a hit the last couple of months.

Martin Jacobsson: Just a noteworthy here is, of course, that we're having close look on the Danish order backlog, which had somewhat of a hit the last couple of months here. With that said, I'd like to come back to that in the future to see where we're heading. Yes. I think we can move on to the next slide, please. On the cash flow, operating cash flow of SEK 52 million compared to SEK 181 million last year, with working capital as the swing. I would say when the production accelerated hard in April, after a late start to the season, we said working capital built sharply. It's more like a normal breathing of a product business entering high season. I would say that it's amplified this year because the season started late and then fast.

Speaker #5: But, with that said, I'd like to come back to that in the future to see where we were, yes. So, I think we can move on to the next slide, please.

Speaker #5: Then, on the cash flow—operating cash flow was SEK 52 million compared to SEK 181 million last year, with working capital as the swing. I would say that when production accelerated hard in April, after a late start to the season, we saw working capital build sharply.

Speaker #5: But it's more like the normal breathing of a project business entering high season. And I would say that it's amplified this year because the season started late and then moved fast.

Speaker #5: So it's more of a timing, and not a leakage question, I would say. And the number to double-check here is, of course, that 98% on a rolling 12 months.

Martin Jacobsson: It's more of a timing and not a leakage question, I would say. The number to double-check here is, of course, that 98% on a rolling 12 months. As I mentioned earlier, we're still converting a lot of earnings into cash. Remember, it's mainly in the H2 that seasonally converts. All right. Next slide, please. We had a net debt here of SEK 1.6 billion, down from SEK 2.2 billion a year ago. Leverage of 3.3x adjusted EBITDA. The rights issue that was concluded in the Q2 did the heavy lifting, so to speak. From here, I would say the deleveraging comes the old-fashioned way, earnings and cash conversion. Next slide, please. As I mentioned here in the start, we welcome a new company into our world, Prorakenne. Prorakenne, a roofing specialist situated in Oulu in Finland, and was acquired through our subsidiary, Rovakate.

Speaker #5: So, as I mentioned earlier, we're still converting a lot of earnings into cash. But remember, it's mainly in the second half that seasonally converts.

Speaker #5: All right. Next slide, please. We had a net debt here of SEK 1.6 billion, down from SEK 2.2 billion a year ago. Leverage of 3.3 times adjusted EBITDA.

Speaker #5: The rights issue that was concluded in the second quarter did the heavy lifting, so to speak. And from here, I would say the de-leveraging comes the old-fashioned way.

Speaker #5: Earnings and cash conversion. Next slide, please. So, as I mentioned here at the start, we welcomed a new company into our world through Rakine.

Speaker #5: Through Rakine, a roofing specialist situated in Oulu in Finland, and was acquired through our subsidiary Rovakate. Rakine had a long-standing collaboration with Rovakate in the Finnish industrial and data center segment—mainly, I would say.

Martin Jacobsson: Prorakenne has a long-standing collaboration with Rovakate in the Finnish industrial and data center segment, mainly, I would say. I would say that there are three things I want you to take from this deal. First, the logic. We have two established players who already work together. Industrial customers want more of a one-stop shop. We provide them with that. Demand is pulling the acquisition, not the other way around, so to speak. Secondly, it is the structure. It was financed from existing cash with part of the consideration settled through a long-term co-ownership instrument in Rovakate. The seller becomes a co-owner in the business they are joining, and I care a great deal about this. I think it is a very strong signal because in a group of entrepreneurial-led companies, their best acquisition currency is not cash, it is a shared ownership of the outcome.

Speaker #5: I would say that's there's three things I want to tell you I want you to take from this deal. First, the, the logic we have two established players who already work together industrial customers.

Speaker #5: They want more of a one-stop shop, and we provide them with that. So, demand is pulling the acquisition, not the other way around, so to speak.

Speaker #5: Secondly, the structure is that it was financed from existing cash, with part of the consideration settled through a long-term co-ownership instrument in Rovakate. So the seller becomes a co-owner in the business they're joining.

Speaker #5: And I care a great deal about this. I think it's a very, very strong signal, because in a group of entrepreneur-led companies, the best acquisition currency isn't cash.

Speaker #5: It's a shared ownership of the outcome. And, we talked about that earlier, but people water the garden they own a piece of. I think that's something to take with you.

Martin Jacobsson: We talked about that earlier, but people water the garden they own a piece of. I think that is something to take with you. Thirdly, the direction deepens our exposure to data centers and the industrial customer segment. Of course, data center is especially interesting. One of the few construction segments that is in structural growth, especially in the Nordics. Moving on, just some examples here from Prorakenne. It shows the range of the capabilities, and it is the range I want you to notice first on the left-hand side, SEK 2 million roof done in 3 months. On the right-hand side, 45,000 square meter data center roof done in 32 months, which is a unique expertise. It means that we can handle all types of projects on the roofing side.

Speaker #5: And thirdly, then, the direction deepens our exposure to data centers and the industrial customer segment. And of course, data centers are especially interesting—one of the few construction segments that is in structural growth, especially in the Nordics.

Speaker #5: Then, moving on, just some examples here—from through Rakhine—show the range of the capabilities. And it's the range I want you to notice.

Speaker #5: First, on the left-hand side, a 2 million kroner roof done in three months. And on the right-hand side, a 45,000 square meter data center roof done in 32 months, which is unique expertise.

Speaker #5: And it means that we can handle all types of projects on the under-roofing side. So, it's very, very glad to see True Rakine join us.

Martin Jacobsson: It is very glad to see Prorakenne join us, and we are eager to help more customers in the future. Some concluding remarks before we open up for questions. Backlog stronger, SEK 4.5 billion, and it is growing the fastest where we need it the most, so to speak. Recovery through the quarter was also gradual. We saw the end of the quarter was strong here. The profitability focus continues, especially in Norway, where new leadership and a filled order book, the high season now in the midst of it, have to do their work together. Of course, we added Prorakenne, as just mentioned, which is a step in the right direction for us. From here, I would say mainly it is an execution story, and judge us on that.

Speaker #5: And we are eager to help more customers in the future. Then, some concluding remarks before we open up for questions. The backlog is stronger, at SEK 4.5 billion, and it's growing the fastest where we need it the most, so to speak.

Speaker #5: Recovery through the quarter was also gradual. We saw that the end of the quarter was strong here, and the profitability focus continues—especially in Norway, where new leadership and a filled order book coincide with the high season now in the midst of it.

Speaker #5: Have to do their work together. And of course, we added through Rakine, as I just mentioned, which is a step in the right direction for us.

Speaker #5: So from here, I would say mainly it's an execution story, and then judge us on that. I would say that Sweden's volumes will reach their earnings lines, and that Norway's volume increases and the margin as well.

Martin Jacobsson: I would say that Sweden's volumes will reach their earnings lines, but Norway's volume increases and the margin as well. The Danish order backlog is filling up would also be something that we are looking to execute on. Finally, I would thank our 2,000 employees, especially. The backlog that we built is built in a difficult market, but it is a heck of a job that has been done. Now it is up to us to execute it, and we will do that together. With that, we open up for questions.

Speaker #5: And that the Danish order backlog is filling up could also be something that we're looking on to execute on. And finally, I would thank our 2,000 employees especially, and the backlog that we built is built in a difficult market.

Speaker #5: But, but, it's a heck of a job that's been done. Now, it's up to us to execute it, and we'll do that together. So, with that, we open up for questions.

Speaker #1: If you wish to ask a question, please dial #Key5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #Key6 on your telephone keypad.

Operator: If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Max Baukham from SEB. Please go ahead.

Speaker #1: The next question comes from Max Baco from SEB. Please go ahead.

Speaker #2: Thank you. And, good morning. perhaps, starting with Sweden. I mean, you mentioned a couple of times that, that Sweden is on the right path and, and that you are seeing increasing activity, especially on the renovation side here in Sweden.

Max Baukham: Thank you, and good morning. Perhaps starting with Sweden. You mentioned a couple of times that Sweden is on the right path and that you are seeing increasing activity, especially on the renovation side here in Sweden. If I understood it correctly, Sweden did not add to the growing order backlog here in Q2. How should we think about that you are seeing improving activity but the order backlog is not improving?

Max Bacco: Thank you, and good morning. Perhaps starting with Sweden. You mentioned a couple of times that Sweden is on the right path and that you are seeing increasing activity, especially on the renovation side here in Sweden. If I understood it correctly, Sweden did not add to the growing order backlog here in Q2. How should we think about that you are seeing improving activity but the order backlog is not improving?

Speaker #2: But if I understood it correctly, Sweden did not add to the growing order backlog here in Q2. How should we think about that?

Speaker #2: That you're seeing improving activity, but the order backlog is not improving.

Speaker #3: Good morning, Max, and thank you for that. Yes, of course, it's a relevant question, and it's based upon the discussions we have with all our customers around Sweden.

Martin Jacobsson: Good morning, Max, and thank you for that. Yes, of course, it is a relevant question, but it is based upon the discussions we have with all our customers around in Sweden, and we are seeing around the corner what is coming. Of course, Sweden is working from a bit higher level on the order backlog side than, let us say, Norway. So the autumn is full in that instance, you could say, but we are always eager to fill it up even more. I think with the current situation, we have the possibilities, at least with the active customers, to increase even more in the future. I would say that a bottleneck for us is, of course, still the amount of craftsmen and subcontractors that we have. With that said, if the customer wants us to start immediately and we can postpone them, that would be to our benefit.

Speaker #3: And we're seeing around the corner what's coming. And, of course, it's, it's Sweden is working from a, a bit higher level on the order backlog side than the, than, let's say, Norway.

Speaker #3: So it's, the autumn is full in that instance, you could say. but, but we're always eager to, to fill it up even more. And I think with the current situation, we have the, the, the possibilities, at least with the active customers, to increase even more in the future.

Martin Jacobsson: I think with the current situation, we have the possibilities, at least with the active customers, to increase even more in the future. I would say that a bottleneck for us is, of course, still the amount of craftsmen and subcontractors that we have. With that said, if the customer wants us to start immediately and we can postpone them, that would be to our benefit. As we are seeing it now, at least, the demand is strong in Sweden. So hopefully we can grasp some of those outstanding offers in that instance. We are seeing a lot of activity. That is the main thing here, and very strong discussions with customers.

Speaker #3: And I would say that a bottleneck for us is, of course, still the amount of craftsmen and subcontractors that we have. And with that said, if you, the customer, want us to start immediately and we can postpone them, that would be to our benefit.

Speaker #3: But as we're seeing it now, at least, the demand is strong in Sweden. So hopefully we can grasp some of those outstanding offers in that instance.

Martin Jacobsson: As we are seeing it now, at least, the demand is strong in Sweden. So hopefully we can grasp some of those outstanding offers in that instance. We are seeing a lot of activity. That is the main thing here, and very strong discussions with customers.

Speaker #3: But we're seeing a lot of activity. That's the main thing here, and very strong discussions with customers.

Speaker #2: Okay, understood. And then, on the same topic, I noticed that Clearline's order backlog declined 9% versus Q1. How should we think about that? Is it just that Q1 was very strong and perhaps it's a timing issue, or is there anything else in that number?

Max Baukham: Okay, understood. On the same topic, I noticed that Clear Line's order backlog declined 9% versus Q1. How should we think about that? Is it just that Q1 was very strong and perhaps some timing to it, or is there anything else in that number?

Max Bacco: Okay, understood. On the same topic, I noticed that Clear Line's order backlog declined 9% versus Q1. How should we think about that? Is it just that Q1 was very strong and perhaps some timing to it, or is there anything else in that number?

Martin Jacobsson: It is nothing in particular in that number. It is still on a very high level. We are looking into still 2028, 2029 now for Clear Line. So I would not say that that is something to worry about or so. It is nice that we are executing on sales, even though on a somewhat lower level compared to last year in Q2. But on the other side, it is on a disciplined level, as we can see on the margin.

Speaker #3: it's, it's, nothing in, in particular in, in that number. It's still on a very high level. And we're looking into to, to still 2020, 2028, 2029 now for, for Clearline.

Speaker #3: So, I wouldn't say that that's something to worry about or so. It's nice that we're executing on sales, even though at a somewhat lower level compared to last year in Q2.

Speaker #3: But on the other side, it's, on a disciplined level, as we can see on the margin.

Speaker #2: Okay. Understood. And, and then the final question. You, you basically touched upon it, during the presentation when, when you stated that going ahead, it's, it boils down to execution more or less.

Max Baukham: Okay, understood. The final question, you basically touched upon it during the presentation when you stated that going ahead it boils down to execution, more or less, but all taken together with improving order backlog, regulatory delays, perhaps, easing in the UK, and so on and so forth. Going into the H2 here of 2026, do you see that better volumes and better profitability compared to the H2 of last year? Is that a reasonable scenario, or is there something that goes against that view? What is your thinking on that?

Max Bacco: Okay, understood. The final question, you basically touched upon it during the presentation when you stated that going ahead it boils down to execution, more or less, but all taken together with improving order backlog, regulatory delays, perhaps, easing in the UK, and so on and so forth. Going into the H2 here of 2026, do you see that better volumes and better profitability compared to the H2 of last year? Is that a reasonable scenario, or is there something that goes against that view? What is your thinking on that?

Speaker #2: But, but all taken together, with improving order backlog, regulatory delays perhaps easing in the UK, and so on and so forth, going into the second half here—of 2026—do you see, you know, better volumes and better profitability compared to the second half of last year?

Speaker #2: Is that a reasonable scenario, or is there something that goes against that view? What's your thinking on that?

Speaker #3: Yeah, I mean, as you know, we don't really give any forecasts in that sense. But, of course, a very, very strong order backlog makes the possibility, at least, to execute strongly in the second half of the year.

Martin Jacobsson: As you know, we do not really give any forecasts in that sense. But of course, very strong order backlog that makes the possibility at least to execute strongly in the H2 of the year. So I think the room for improvement is there.

Speaker #3: So, I think the room for improvement is there.

Speaker #2: Understood. That was all from me. Thank you very much.

Max Baukham: Understood. That was all from me. Thank you very much.

Max Bacco: Understood. That was all from me. Thank you very much.

Speaker #3: Thank you, Max.

Martin Jacobsson: Thank you, Max.

Speaker #1: There are no more questions at this time, so I will hand the conference back to the speakers for any written questions and closing comments.

Operator: There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments.

Speaker #3: Yeah. We have some written questions here as well. So let's begin with the first one. Have there been any changes or adjustments with Clearline's revenue recognition or the policies?

Magnus Blomberg: Yeah. We have some written questions here as well. Let's begin with the first one. Have there been any changes or adjustments to Clear Line's revenue recognition or the policies, Martin?

Speaker #4: During which period?

Martin Jacobsson: During which period?

Speaker #3: During Q2 2026. In this case.

Magnus Blomberg: During Q2 2026.

Speaker #4: Oh, yeah. Oh, well, no. Well, it hasn't been to any other period either, so... but no.

Martin Jacobsson: Well, no. Well, it hasn't been to any other period either, so, but no.

Speaker #3: And the second question is: Have the BSR granted new gateway approvals to Clearline during the quarter, as seemed likely given the improved permitting environment and higher approval rate in London towards the end of June?

Magnus Blomberg: The second question is, have the BSR granted new Gateway Two approvals to Clear Line during the quarter, as seemed likely given the improvement permitting environment and higher approval rate in London towards the end of June?

Speaker #4: Yes, we have received several approvals.

Martin Jacobsson: Yes. We have received several approvals.

Speaker #3: Thank you for that. And did Clearline achieve or recognize an unusually high number of project milestones, or was there perhaps a novel initial move? Mobilization payment during Q2 2026?

Magnus Blomberg: Thank you for that. Did Clear Line achieve or recognize an unusual higher number of project milestones, or has a possible novelty initial mobilization payment during Q2 2026? Did this contribute significantly to the exceptional strong EBITDA margin reported to the segment? Long question, sorry for that.

Speaker #3: And did this contribute significantly to the exceptional strong EBITDA margin reported for the segment? Long question, sorry for that.

Speaker #4: I think it's connected to the margin of Clearline in Q2, as I read it. But I would say, well, of course, we ended some projects for Clearline in June, but that's nothing unusual in that sense.

Martin Jacobsson: Well, of course, we ended some projects for Clear Line in June, but that is nothing unusual in that sense. So, nothing stands out on that, I would say.

Speaker #4: So, nothing stands out on that, I would say.

Speaker #3: Thank you. Moving on, Sweden looks to have turned, and Finland is also growing. Could you also see growth in the second half for Norway and Denmark?

Magnus Blomberg: Thank you. Moving on. Sweden looks to have turned and Finland is also growing. Could you also see growth in the H2 for Norway and Denmark, or is that more of a matter for 2027?

Speaker #3: Or is that more a matter for 2027?

Speaker #4: Yeah, it’s back to the thing—as I mentioned to Max—there is room for improvement in all countries. But we have a strong order backlog, in that sense.

Martin Jacobsson: Yeah. It is back to the forecasts, and I think, as I mentioned to Mark, there is room for improvement in all countries. But we have a strong order backlog, in that sense.

Speaker #3: And what margin can we expect from Clearline going forward?

Magnus Blomberg: What margin can we expect from Clear Line going forward?

Martin Jacobsson: Well

Martin Jacobsson: Well-

Speaker #4: well,.

Speaker #3: Since the margin has fluctuated?

Magnus Blomberg: Since the margin has fluctuated.

Speaker #4: Well, I think if you just take the two margins that we've—we see in this quarter—if it's 38, it's 38% in Q2 2026.

Martin Jacobsson: Well, I think if you just take the two margins that we see in this quarter, and if it is 38% in Q2 2026 and 29% in Q2 2025, that doesn't give you the full picture of the margin. But of course, it gives you a sense of how disciplined they are at Clear Line, and what kind of quality they provide. But I can't give you any more than that.

Speaker #4: And 29% in Q2 2025. That doesn't give you the full picture of the margin, but of course, it gives you a sense of how disciplined they are at Clearline.

Speaker #4: And what kind of quality they provide. But I can't give you any more than that.

Speaker #3: Thank you. Moving on here, the Danish revenue declined a bit in the second quarter, and also for the first half of the year. Could you please elaborate on what's driving the decline in Denmark?

Magnus Blomberg: Thank you. Moving on here. The Danish revenue declined a bit in Q2, and also for H1. Could you please elaborate on what is driving the decline in Denmark? Is it mainly related to timing, weather, or are you seeing anything else?

Speaker #3: Is it mainly related to timing, weather, or are you seeing anything else?

Speaker #4: So it's more of a mixed effect in the sense of what kind of projects you're executing on, so it's not a demand question per se.

Martin Jacobsson: It is more of a mix effect in the sense of what kind of projects you are executing on. It is no demand question per se. I would say it is still demand on a strong level.

Speaker #4: I would say it's still demand on a, on a strong level.

Speaker #3: And could you elaborate more on the Danish order backlog?

Magnus Blomberg: If you elaborate more on the Danish order backlog.

Martin Jacobsson: Yeah. That is what I mentioned earlier. That is something that we are looking into and following closely, and have some interesting prospects out there. New projects that we want to help customers with. Let us see if we can sign the contract as well there during H2.

Speaker #4: Yes, that's what I mentioned earlier. That's something we are looking into and following closely. We have some interesting prospects out there—new projects that we want to help customers with.

Speaker #4: Let's see if we can sign the contract as well here during the second half of the year.

Magnus Blomberg: If you continue on the Nordic here, how has the competition and prospective project margin in the Nordic development over the last 12 years been, Martin?

Speaker #3: And continue and on if you co if you continue on the Nordic here, how has the competition and prospective projects margin in the Nordic development over the last 12 years more?

Speaker #4: Well, I don't know if you really understand.

Martin Jacobsson: Well, I don't really understand.

Speaker #3: So how has the competition—and, yeah, how has the competition been in the Nordics over the last 12 months, I think?

Magnus Blomberg: So how has the competition been on the Nordic the last 12 months, I think it is.

Speaker #4: Okay. Well, the competition is still there, as always. It's something that is always there. I don't really know if I understood the question, but I think we're competing every day with the competitors.

Martin Jacobsson: Well, the competition is still there as always. It's something that is always there. I don't really know if I understood the question, but I think we're competing every day with the competitors.

Speaker #3: Yeah, and you touched upon that already, but Clearline's order backlog is declining a bit. No new orders for Clearline, or are you worried about that?

Magnus Blomberg: Yeah. You touched upon that already, but Clear Line order backlog is declining a bit. No new orders for Clear Line, or are you worried about that?

Speaker #4: I'm not worried about Clearline.

Martin Jacobsson: I am not worried about Clear Line.

Speaker #3: Thank you, Martin. That's all the written questions for now. I see we have some—yeah, some speaking questions here. So, please.

Magnus Blomberg: Thank you, Martin. That is all written questions for now. I see we have some queue for some speaker questions here, so please.

Speaker #2: The next question comes from Lucas Mattson from Indiers. Please go ahead.

Operator: The next question comes from Lucas Mattsson from Inderes. Please go ahead.

Speaker #5: Hi guys, and good morning. Lucas here from Inderes. I have a couple of questions as well. I'm thinking about Norway, which remains your most challenging market.

Lucas Mattsson: Hi, guys, and good morning. Lucas here from Inderes. I have a couple of questions as well. I am thinking about Norway, which remains your most challenging market. Could you give us some color on the concrete measures currently underway and whether there is any scenario in which you would restructure or exit part of the operations?

Speaker #5: Could you give us some color on the concrete measures currently underway, and whether there is any scenario in which you would sort of restructure or exit part of the operations?

Speaker #4: Morning, Lucas. Yes. So, Norway—I would say that it's a team effort underway. It's not a one-man job in that instance. We have a lot of experience and knowledge within the group, so we are collaborating on the issues at hand.

Martin Jacobsson: Morning, Lucas. Yes. Norway, I would say that it is a team effort underway. It is not a one-man job in that instance. We have a lot of experience and knowledge within the group. While we are collaborating on the issues at hand, as an example, we have people both from Denmark and Sweden assisting our companies in Norway. We have full backup and of course, as we mentioned, the new leadership is also in assistance of some support and that we are giving to them. I think that is some flavor to what kind of things that we are doing. We are of course, eager to execute on the very strong order backlog that has developed throughout the year here in Norway.

Speaker #4: And, as an example, we have people both from Denmark and Norway, Denmark and Sweden, assisting our companies in Norway. So we have full backup.

Speaker #4: And of course, as we mentioned, the new leadership is also in need of some support, and that we are giving to them.

Speaker #4: So I think, that's some, some flavor to, to what kind of things that we are doing. We are, of course, eager to execute on the, the very strong order backlog, that has developed throughout the year here in, Norway, and, on your second part of your question, re-regarding, sales or so, it's, it's nothing that you should, take into your model at, at this time, I would say.

Martin Jacobsson: On your second part of your question regarding sales, it is nothing that you should take into your model at this time, I would say.

Speaker #5: Okay, thank you. That's clear. And then perhaps one final question about Clearline as well. You have previously indicated that around SEK 750 million of Clearline's order backlog has been cleared for execution following regulatory approvals.

Lucas Mattsson: Okay. Thank you. That is clear. Then perhaps one final question about Clear Line as well. You have previously indicated that around SEK 750 million of Clear Line's order backlog has been cleared for execution following regulatory approvals. Looking at H1, Clear Line generated roughly SEK 260 million in revenues, which would imply quite substantial acceleration in H2 if that figure were to be reached. Is that indication still valid, or how should we think about this?

Speaker #5: Looking at H1, Clearline generated roughly SEK 260 million in revenues, which would imply a quite substantial ex-acceleration in H2 if that figure were to be reached.

Speaker #5: Is that indication still valid, or how should we think about this?

Martin Jacobsson: It's always a timing question, and when you can really execute on a project, it's a lot of various variables on that to see exactly where that lands on a full year. I wouldn't say that there's an indication of exactly which revenue they will turn out on 2026, but what we can see is we have a very strong order backlog at Clear Line, which we are eager to execute. Noteworthy is maybe that we received some orders that is not under the approval of BSR, which we are also eager to execute on, of course. We don't have the hassle, if you call it like that, to do the BSR process. Hopefully that can also assist in the execution here going forward.

Speaker #4: if it's, of course, it's always a timing question. And, when you can really execute on a project is, is a lot of various, yeah, variables on, on that to see exactly where that lands on a full year.

Speaker #4: I wouldn't say that there's an indication of exactly which revenue they will turn out in 2026, but what we can see is we have a very strong order backlog at Clearline, which we are eager to execute. Noteworthy is maybe that we've received some orders that are not under the approval of BSR, so which we are also eager to execute on, of course.

Speaker #4: But then we don't have the hassle, if you call it that, to do the BSR process. So hopefully, that can also assist in the execution here going forward.

Speaker #5: All right. Very clear. Thank you. And thank you for taking my questions.

Lucas Mattsson: All right. Very clear. Thank you. Thank you for taking my questions.

Speaker #4: Thank you, Lucas.

Martin Jacobsson: Thank you, Lucas.

Speaker #2: The next question comes from Linus Allenton from Nordia. Please go ahead.

Operator: The next question comes from Linus Aletun from Nordea. Please go ahead.

Speaker #5: Hi, and good morning. Just a question from me here: you said competition remains present across the Nordic markets. Have tender pricing and prospective project margins changed over the past years?

Linus Aletun: Hi, and good morning. Just a question from me here. You said competition remains present across the Nordic markets. Have tender pricing and prospective project margins changed over the past years? I am particularly wondering about Sweden and Norway.

Speaker #5: I'm particularly wondering about Sweden and Norway.

Speaker #4: Good morning, Linus. Well, of course, it's a continuous process in that instance. I wouldn't say that. I think it was an unclear question where I talked about that, but with that said, I think above you.

Martin Jacobsson: Well, good morning, Linus. Of course, it is a continuous process in that instance. I think it was an unclear question in the way I talked about that. With that said, I think competition is always looming above you. I would say that it was more intense, especially if we take Sweden first, it was more intense a couple of years ago. We have seen plenty of bankruptcies in our sector throughout the years, and that has eased the competition somewhat. We have also seen several more prone to new production players that have started to work on the renovation segment, which has not worked well, if you put it like that. Then they have maybe dissolved or gone back to little new build there is. I would not say that is a You could say it is not that tough in that sense.

Speaker #4: But I would say that it was more intense, especially if we take Sweden firstly—it was more intense a couple of years ago. But we've seen plenty of bankruptcies in our sector throughout the years.

Speaker #4: And that has eased the competition somewhat. We've also seen several more-prone-to-new-production players that have started to work on the renovation segment, which has not worked well.

Speaker #4: If you put it like that. And then they have, it's maybe dissolved or, or gone back to, to little new build there is. so I wouldn't say that that's, that's, I would say you could say it's not that, that tough in that sense.

Speaker #4: It was tougher before, if you put it like that. That's what we're seeing in Sweden. In Norway, I would say—I've said that before.

Martin Jacobsson: It was tougher before, if you put it like that. That is what we are seeing in Sweden. In Norway, I have said that before, that maybe they are a bit later in the cycle compared to Sweden. Remember, the interest rate levels are a bit higher in Norway as well. On the new build side, it has also been tough, I would put it. Of course, competition is still there and maybe a bit off to Sweden in the cycle still also on that side, if that gives some flavor for you, Linus.

Speaker #4: That's maybe because they are a bit later in the cycle compared to Sweden, and remember the interest rate levels are a bit higher in Norway.

Speaker #4: As well. And on the new build side, there's also been tough, I would put it, so of course, competition is still there.

Speaker #4: And, yeah, maybe a bit off to Sweden in the cycle still, also on that side. If that gives some flavor for you, Linus.

Speaker #5: Yes, it does. Thanks. And just a question here on Clearline. I also noticed a sequential drop here in the backlog. Do you think you could give us a number, perhaps, on the order intake here in the quarter?

Linus Aletun: Yes, it does. Thanks. Just a question here on Clear Line. I also noticed the sequential drop here in the backlog. Do you think you could give us a number perhaps on the order intake here in the quarter?

Speaker #4: Yeah, we got the same question earlier here, but on the order intake side, there's nothing really that I have in front of me.

Martin Jacobsson: Well, we got the same question earlier here, but on the order intake side, it is nothing really that I have in front of me, but

Martin Jacobsson: Well, we got the same question earlier here, but on the order intake side, it is nothing really that I have in front of me, but-

Speaker #4: But,

Speaker #5: Okay.

Linus Aletun: Okay

Linus Aletun: Okay.

Speaker #4: As I mentioned earlier, I'm not worried, especially not on the order backlog side at Clearline. We're looking into projects that are to be done in 2028 and 2029 now.

Martin Jacobsson: as I mentioned earlier, I am not worried, especially not on the order backlog side of Clear Line. We are looking into projects that are to be done in 2028 and 2029 now.

Speaker #5: Yeah, clear. And just one final question here: how should we think about H2 for Clearline, going forward? I mean, in the comparison H2 here, I guess that full BSR is reflected, right?

Linus Aletun: Yeah, clear. Just one final question here. How should we think about H2 for Clear Line going forward? I mean, in the comparison H2 here, I guess that the full BSR is reflected, right? So how should we think about Clear Line organically going forward?

Speaker #5: So, how should we think about Clearline organically going forward?

Speaker #4: of course, it's, it boils down to, to, to the execution. And I know Linus, you follow, the BSR approvals, closely. And, I think it's, I think they're on the right path there.

Martin Jacobsson: Of course, it boils down to the execution, and I know, Linus, you follow the BSR approvals closely, and I think they are on the right path there. We actually received some approvals before deadlines for the first time here a couple of months ago. So that was also the first time that happened. So that gives you somewhat of, hopefully, an indication of easing of the BSR approvals. So there is, as I said earlier, room for growth here as well, room for improvement in that sense for Clear Line. I think continue to follow those BSR approvals. They are pretty interesting.

Speaker #4: Actually, we received some approvals before deadlines for the first time a couple of months ago. So that was also the first time that happened.

Speaker #4: so that gives you somewhat of an hopefully an indication of, easing of the BSR approvals. so there's as a r as I said earlier, room for, for growth here as well, room for improvement in that sense.

Speaker #4: For Clearline, I think we should continue to follow those BSR approvals. They're pretty interesting.

Speaker #5: Yeah. Yeah, I agree. I agree. I mean, the legacy, orders there are, are, are dropping. And, approval times are, are dropping as well for new, new, new, new, new approvals.

Linus Aletun: Yeah. I agree. The legacy orders there are dropping, and approval times are dropping as well for new approvals. Thank you very much for taking my questions, and have a good day.

Speaker #5: So, yeah. Thank you very much for taking my questions, and have a good day.

Speaker #4: Thank you, Linus.

Martin Jacobsson: Thank you, Linus.

Speaker #2: There are no more questions at this time, so I will hand the conference back to the speakers for closing comments.

Operator: There are no more questions at this time, so I hand the conference back to the speakers for closing comments.

Speaker #3: Yeah. So as you heard, no more questions. And so, thank you, everyone. And maybe a final word—Martin, over to you.

Magnus Blomberg: Yeah. As you heard, no more questions, so thank you, everyone. Maybe a final word. Martin, over to you. Yeah. Thank you, Magnus. No, very glad that you listened in. I am eager to meet you all again in November when we will present our Q3 results. Looking forward to that. Thank you and have a nice day.

Magnus Blomberg: Yeah. As you heard, no more questions, so thank you, everyone. Maybe a final word. Martin, over to you.

Speaker #4: Yeah. Thank you, Magnus. I'm very glad that you listened in. I'm eager to meet you all again in November when we'll present our Q3 results.

Martin Jacobsson: Yeah. Thank you, Magnus. No, very glad that you listened in. I am eager to meet you all again in November when we will present our Q3 results. Looking forward to that. Thank you and have a nice day.

Speaker #4: So looking forward to that. Thank you and have a nice day.

Operator: The host has ended this call. Goodbye.