Ole Kristian Jødahl: Thank you, and welcome to this Q3 call 2026. As always, I have Sylva with me here. Turning page, Alimak Group, diversified global industrial company. We are a leading provider of sustainable access and working at height solutions. 3,100 FTEs now. We are present all around the world. We have some fundamental drivers supporting our success. On the global trend side, health and safety is an important driver for us, of course. Urbanization, the current regionalization that we see driven by geopolitics, and also electrification, to mention some. We do have a leading market position in the niches where we operate, which gives us a good base to drive business. We have a long history. We have machines installed all around the world, which also forms a fantastic base for our service and aftermarket business.
Ole Kristian Jødahl: A relatively light model, which gives us a strong balance sheet and good cash conversion. Turning page. Our strategy, this is the New Heights that we launched back in 2020. We renewed one and a half year ago, and it is also now what we are continuing up towards 2030. It has served us very well. We will continue to drive the same strategy going forward. Turning page. Our financial and sustainability targets you see here. To mention a little bit on the financial side, 8% to 12% average annual revenue growth, to reach a 20% adjusted EBITDA margin by 2028 and have a leverage of below 2.5 times over time. Also this year, we also signed up and got approved our science-based targets. Turning page and diving into Q3.
Ole Kristian Jødahl: We saw a solid order intake growth and also resilient profit in the quarter, despite a still challenging construction-related market. We had order intake of 16% and 4% organic, and four out of five divisions delivered organic growth. It is the construction piece which is still struggling on the overall business, and that is also affecting Façade Access, which again had a somewhat lower order intake. Pro-Bel strengthens Façade Access and the group and provides a significant margin contribution to that business, but also a broader market exposure, making the business more diversified and resilient, which is an important strategic drive that we have had for some time to become less dependent on tall buildings, which is currently a very challenging market. We also have not delivered fully on our profitability ambitions over the last couple of quarters.
Ole Kristian Jødahl: That is why we also launched some cost efficiency and reduction activities in the quarter. We have identified SEK 80 million in annual savings, which will then have a full impact from Q2 2027. This involves four out of five divisions and also group functions. The only division which is not part of it is wind, where we are so lean, so it is really hardly anything to do in that sense, at least as we see it now. Short term, also the leverage increased in the quarter due to Pro-Bel acquisition. We are at 2.82 reported and 2.60 if we would include the 12 months of Pro-Bel earnings. With our good cash conversion, we should be below the 2.5 target by the end of the year. Turning page. Order intake was then SEK 1,789 million, up 16% or 4% organically.
Ole Kristian Jødahl: Organic increase in industrial, wind, construction, and HSPS. Revenue was SEK 1,783 million, up 8% or down 2% organic, and we saw organic growth in wind and industrial. Adjusted EBITDA at SEK 318 million, up from the SEK 287 million, giving a margin of 17.8% versus 17.3%, where then, as you understand, Pro-Bel contributed positively to the quarterly margin. We still continue to see a very weak construction margin, also this quarter, which is, of course, disappointing. We will come a little bit back to that later. While Façade Access and wind improved operationally in the quarter, and industrial and HSPS remained stable. We have now then four out of the five divisions reporting around 18% or better in EBITDA margin. Turning page. Service side, key component, of course. We had order intake of SEK 788 million in the quarter, 32% up or 24% organic.
Ole Kristian Jødahl: The increase came from Façade Access, construction, HSPS, and wind. Revenue was SEK 730 million, up 10% or 3% organic, with positive contribution from Façade Access, HSPS, and wind. As you see, we had a very strong book to bill in the quarter, and this is important for us, of course, that we are growing this piece of the business, which is a strategic focus in each division. Turning page. Façade Access, order intake SEK 448 million, up 18% in the quarter or down 8% organically. The organic decline was primarily driven by project award delays in the Middle East and also North America. While it is also partly offset by our focus on refurbishment, retrofit and replacement, where we saw nice growth in Europe, but also some new equipment orders in Southeast Asia.
Ole Kristian Jødahl: To be further said, on the order intake side, we have had no significant larger orders in this business this year because that market is very slow. That also is a very price pressured market currently, so we will not take business which is not supporting our margins. As part of our strategy we have talked about for long, we want to go into lower and medium high type of buildings and this is also then what we are doing and also what we are doing with the acquisition of Pro-Bel. Revenue was SEK 554 million, up 13%, down 10% organically. Organic decrease was due to the lower backlog. EBITDA SEK 101 million, up from SEK 64, a margin 18.3% versus 13%. We continue to see improvement in the operational margin, but also of course a significant contribution from Pro-Bel in the quarter. Turning page.
Ole Kristian Jødahl: We continue to drive strategy and our growth initiatives. The compact BMU solution that you see on the picture here for more medium height buildings is something we have been reviving and have had success with in the Benelux and we are now also creating more opportunities across Europe. IDS, we have been focusing for a long time, continue to serve as well and we also signed some nice contracts in Dubai and Saudi Arabia in the quarter, which is nice because the bigger things or main projects in that region has been more or less a full standstill for the last 6 months, which is also affecting the business. But we also continue to focus on infrastructure, as you know, and we have now also established a dedicated team in the US for this. The Pro-Bel integration started off very well.
Ole Kristian Jødahl: The business is continuing like it were prior to acquisition, which is of course important. I just want to highlight also there is some seasonality to this business where typically Q2 and Q3 are the stronger quarters and due to winter normally then Q4 and Q1 are slightly lower. But nothing really fundamental but some seasonality to it. We continue to also drive the operational improvements. In this group project we also identified more savings potential in Façade Access and that amounts to then SEK 20 million of annual savings effective from Q2 next year. Turning page to Industrial. Order intake was SEK 410 million, up 15% or 11% organically. New equipment order intake was up against last year, supported by mining ports and also power projects in North America.
Ole Kristian Jødahl: While we also see that several large equipment opportunities that we have been working on, they remain in pipe, nothing really fundamentally closed lately. The service business came down also somewhat in the quarter due to timing of refurbishment projects. Revenue was SEK 400 million, up 7% or 2% organic and driven by revenue growth in previous or new equipment in previous quarters. EBITDA at SEK 99 million, up from SEK 92, giving a margin of 24.6% versus 24.5%. The positive gross margin development that we saw allows us to also continue to invest in sales and product development. Turning page. The market still remains relatively strong even though we also have some weaker pockets that we have seen throughout the year. It is strong equipment growth in Americas and Asia Pacific, especially in power, mining and heavy industries.
Ole Kristian Jødahl: While on the oil and gas side we have, as you understand due to the war, seen nothing happening over the last 6 months. Also another effect we see in the oil and gas segment is that the aftermarket is negatively affected because the sites that they start up running, they run full speed, which means that they do not take the time to do bigger overhauls or services. So it is something which we are sure is due to come. We continue also to focus on product development and we are launching now a new competitive SE range, which is a more cost-effective machine. It is more flexible and also easier to install with lower CO2 footprint, et cetera. So product development remains of course a very important piece. Turning page to Construction. Order intake was SEK 398 million, up 10% or 6% organic.
Ole Kristian Jødahl: We saw strong order intake in India and Australia. Australia is where we run our own rental operations, so that gives us a strong connection direct with customers. India is an important country of course, which is supported by our Chinese factory. While demand for new equipment in Europe continues to remain very, very slow, we see good momentums for parts and service. Revenue was SEK 318 million, down 4% or 9% organic, and this is also due to some delay in project startups in the quarter that we were expecting to come. So, these are projects in the order book. EBITDA at a disappointing SEK 22 million, down from SEK 44 million, giving a margin of 6.9% versus 13.3%. It comes down due to lower revenue, but also some operational inefficiencies. We are working on a lot of things to improve. Turning page.
Ole Kristian Jødahl: The market remains challenging, as I was saying, and we also continue to see rising interest rates. So to expect a short-term change in the market is not there. While at the same time, we have seen now 2 quarters in a row where we have order intake growth, and also 3 quarters where we have had a positive book to bill. So there are signs that we might have seen the worst when it comes to order intake. We also see that the infrastructure projects, there are quite a bit happening still, of course, as you know, in the construction sector, and that was particularly good for us in Australia. Again, there we have our own rental set up, which gives us the possibility to be close and get that business. So some pluses in our business currently is our own rental.
Ole Kristian Jødahl: That holds up well, even though we also face a tough price pressure in that business. The aftermarket is important and good for us. What we have done on light machinery over the last years to develop that range is providing us sales these days. Special machines for special bigger projects, that is something we are good at and we get. Of course, the China set up that we have servicing APAC, Eastern Europe, Latin America, Asia Pacific, et cetera, is good for us and also the used. It is the new sales in Europe and US, which is on very low levels. We are doing cost reduction activities. Karin has also been here now for around 6 months. Lots of focus on making the organization more efficient and performance driven.
Ole Kristian Jødahl: We have done quite a lot of, or she has done quite a lot of changes to the organization. Also, we are reviewing business models to see how we can actually get even closer to customers and more in control of the market. We continue to invest, of course. That is still a fundamental piece, something we do not stop because the market will also come back one day. We work on improving the position. We work with the product portfolio, we work with the digital, we work with safety, et cetera. Turning page. Height Safety & Productivity Solutions order intake was SEK 359 million, up 18% or 5% organic. We saw good momentum continuing with the elevator customers and also Middle East, India.
Ole Kristian Jødahl: Significant orders with lifting solutions for the energy sector and also the construction market is affecting this business and that continues to be soft and especially affecting some European and US parts. Revenue was SEK 318 million, up 3% or down 2% organic. Strong deliveries to elevator customers was offset by some weaker performance in North America. EBITDA SEK 57 million, same as last year, giving a margin of 18% versus 18.5% last year. Positive gross margin development also here, which we are also using to invest in selling and R&D to ensure profitable growth. Turning page on our profitable growth plan and the transformation continues. We invest in product development. We are launching a self-retracting lifeline, as you can see here. Also continuing on organizational changes. We have done some streamlining in France and in the US.
Ole Kristian Jødahl: We continue to build on our service capability because one fundamental piece of this business is that we try to do more direct to also get more in control. We will continue the distribution business, but also more direct. Service is an essential piece that we can grow and need to develop connected to that, but also to leveraging on our special application competence. We have had some very nice wins in the energy sector in Europe last quarter. Turning page to wind. Order intake was SEK 179 million, up 14% or 10% organic. We saw a growth in the new equipment in Northern Europe and the US, while China was somewhat softer compared to previous quarter. Also, we need to note that China was extremely strong in 2025.
Ole Kristian Jødahl: Revenue was SEK 202 million, 26% up or 23% organic, and driven by, of course, a strong backlog. EBITDA reached SEK 39 million up from 30, giving a margin of 19.2% versus 18.6%. Higher sales volumes and good performance, I would say almost always offset by a slightly unfavorable product mix in the quarter. Turning page. The Western OEMs had a strong order intake in Q3, which also points to more business for us on turbine installations from 2027. That is good. Offshore, it was unchanged in the quarter, but still look very strong medium to long term for both Asia and Europe.
Ole Kristian Jødahl: We see some skill shortages in this industry, which is giving us a nice opportunity to train more people, good for our training business and also the repowering, which I mentioned last time, that there are also now turbines that start to be rebuilt, which cause that they redo everything inside and also driving new lifts and a good business for us. We continue to drive our strategy. India, we have expanded with a new facility. We start to get the first business there, and we have also established a new training center in UK. From innovation and product side, we have launched a new fall arrest device, which has kicked off very well.
Ole Kristian Jødahl: We are also launching or we are getting into this service because when we designed the first lifts, which is now around 20 years ago, they were having a defined life of 20 years, which means that if you want to go further, they need a full overhaul by us. So that is also a nice aftermarket business which is coming up. Then we are with the more financials, and I leave the floor for Sylvain.
Sylvain Grange: Thank you, Ole. Good morning to everybody on this call. We saw in the quarter that adjusted EBITDA increased by 11%, whilst revenue increased by 8%. That obviously implies an adjusted EBITDA margin expansion, which is coming from the high margin of the Pro-Bel group of companies. Excluding Pro-Bel, the margin was 16.8% in the quarter versus 17.3% in Q3 2025. The reduction, as explained by Ole, is mainly due to the Construction division. As always, I will provide more details regarding gross margin and G&A on the next slide. Items Affecting Comparability amounted to SEK 18 million in the quarter, and most of them related to the restructuring costs, SEK 15 million out of 18. The total one-off cost of our cost program is expected to be around SEK 40 million, and most of the balance will be recognized in Q4 2026.
Sylvain Grange: As far as the quarterly amortization is concerned, the increase is due to the Pro-Bel acquisition. It is based on the preliminary purchase price allocation. Looking forward, we should see quarterly amortization charge of slightly above SEK 50 million. Finance net in the quarter was close to our expectations at SEK 43 million, and the increase is due to the higher borrowings implied by the Pro-Bel acquisition. Looking at the next few quarters, we should be around SEK 40 million per quarter. Taxation rate was up in the quarter 27.7% versus 24.9% in Q3 2025. That is due to country mix effects. This is consistent with what I communicated in July. Then we see the lower earnings in Sweden and we see the growing share of the Canadian earnings in the total group earnings.
Sylvain Grange: With the current country mix, we should continue to be around 28% as far as the taxation rate is concerned. Overall, in the quarter, net earnings went up by 13% and the main driver for that increase was the higher EBITDA. Next, the gross margin increase in the quarter and excluding items affecting comparability, it expanded by 250 basis points, with Pro-Bel contributing 60 basis points to that increase. All divisions expanded organically in the quarter, with the exception of Construction, affected in particular by the low revenue. We see that we have been managing quite well the inflationary pressures implied by the war in the Middle East. That is a focus area and it will continue to be a focus area for us in the coming months and quarters. Regarding operating expenses as a percentage of revenue, excluding items affecting comparability, they went up this quarter.
Sylvain Grange: This is partially driven by some investments in R&D, sales and marketing, primarily in Industrial and HSPS. Those investments are gradually paying off. If you look at the organic growth of those two divisions, we see the impact. Beyond those investments, we have seen the cost base, which is too high, in particular in the Construction division. That has led to the cost program mentioned by Ole. In Construction division, most cost activities have already taken place. Operating expenses will start to come down in Q4 2026, with the full annual effect from Q1 2027 onwards. As you know, we have identified additional efficient gains outside of Construction in other divisions, and the total annual savings for the group will be SEK 80 million, with full effect from Q2 2027 onwards. Façade Access will be the second largest contributor to those cost savings after Construction.
Sylvain Grange: Moving to the next page. The result for the period was SEK 150 million versus SEK 133 million in Q3 2025. This is a 13% increase. Excluding items affecting comparability, result for the period was SEK 167 million versus SEK 173 million. This is a 3% decrease. EPS was SEK 1.42 versus SEK 1.25 in Q3 2025. That is a 13% increase. Adjusted for IAC and acquisition-related amortization, EPS was SEK 1.88 versus SEK 1.78. This is a 5% increase. Moving to cash flow. Overall, I am satisfied with the operating cash flows in the quarter. It is SEK 196 million, same as last year. If you look at the reporting numbers, we increased working capital by SEK 57 million. This increase is due to two very well-identified effects. First, the impact of the mechanics of the Pro-Bel acquisition.
Sylvain Grange: We acquired Pro-Bel with a working capital below normative working capital, so it is affecting cash flow from operations, but it does not really reflect any operational issue. The second impact is the phasing of the revenue. Within the quarter, we had a strong September in terms of revenue, with a higher share of the September revenue of the total quarter versus previous Q3s. Of course, this is affected negatively. Outside of those two impacts, the working capital would have been stable, which is more where we want to see. It is well understood where we are there, and we are positive for Q4, and we will continue to focus highly on cash generation in Q4 in the coming quarters. Moving to the next slide. The net debt was SEK 3.8 billion at the end of Q3 versus SEK 2.6 billion end of Q2.
Sylvain Grange: The increase is primarily due to the financing of the Pro-Bel acquisition. More marginally, we had some adverse Forex effects due to the weakening SEK, and this was partially compensated by our operational cash flows. Leverage was 2.82 reported, including 12 months of Pro-Bel earning. It was 2.60 versus 2 at the end of Q2. It is a high priority for us to reduce that leverage, and it is our number one capital allocation priority. Beyond that, we will continue to invest in organic growth, in particular with R&D, sales, and marketing expenses. I refer to what we are doing, in particular in Industrial and HSPS divisions. We continue to be active on our potential acquisitions in a selective way. Then, of course, at the same time, we are mindful of also the leverage target.
Sylvain Grange: Finally, we are committed to delivering our dividend according to the policy, knowing that, of course, in the end it is a board proposal and AGM decision. Finally, one comment regarding ROCE, which increased in the quarter thanks to the impact of the Pro-Bel margin. It increased to 22.9% excluding goodwill, and 9.3% including goodwill versus 22.7% and 9.2% respectively in Q2 2026. On that, I will hand over to Ole.
Ole Kristian Jødahl: Thank you, Sylvain. We turn to the summary slide. Solid order intake growth in the quarter and also resilient profitability. There are, as I have been into, two, I would highlight the main effects macro-wise, which is affecting the group currently, and it is the construction market, which has been slow for a long, long time now, driven by higher interest rates. This is, of course, affecting our Construction division, but also partly our Façade Access and HSPS. Then you have the other bigger macro thing, and that is the war in the Middle East and how that affects investments there, which is also affecting, most significantly our Façade Access and Industrial business, but also partly HSPS and Construction. These are things which are out of our control, so the only thing we can do is, of course, to continue to drive our activities.
Ole Kristian Jødahl: That is also why we are, like we did now in Q3, doing more on the cost side to compensate and to ensure that we continue to drive profitable growth in the group. I would also want to take this opportunity to thank all our great people inside the group for, I think, delivering a good quarter, considering everything around, and also making the group even stronger going forward. So we will continue to execute on the New Heights like we have done. With that, we turn page and take questions.
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 Andreas Koski from BNP Paribas. Please go ahead.
Andreas Koski: Thank you, and good morning. A couple of questions on Construction.
Ole Kristian Jødahl: Yeah.
Andreas Koski: First, can you just confirm that the order intake you report, that is net, so it is including any cancellations you may have in a quarter or in a period?
Ole Kristian Jødahl: Yes, absolutely.
Andreas Koski: Yeah.
Ole Kristian Jødahl: It is.
Andreas Koski: Good. If we look at the order intake in the last three quarters, I sum them up to SEK 1.2 billion or close to SEK 1.2 billion, at the same time, the sales in the last three quarters, they have been less than SEK 1 billion.
Andreas Koski: That would imply that sales will start to increase in the coming quarters. Do you disagree with that?
Ole Kristian Jødahl: No, I do not.
Andreas Koski: No. Yeah.
Ole Kristian Jødahl: Absolutely.
Andreas Koski: Yeah. If we look at the operating leverage that we have had, the flow-through down to the bottom line, it has been massive. Maybe you can explain why it has been like that. It is just under absorption.
Ole Kristian Jødahl: Yeah
Andreas Koski: That you are not able to cover your fixed costs? Is it also a lot of mix effects in there? When sales start to increase again now, say, going into 2027, should we expect the same kind of operating leverage also on the way up that we should see 40%, 50%, 60% drop-through rates? What to think about that? Thank you.
Ole Kristian Jødahl: Yeah. It does not carry just a yes or no answer because the business contains of a mix.
Andreas Koski: Yeah.
Ole Kristian Jødahl: The rental business, when I say rental, it is what we actually perform as our rental. It is not that we sell to rental customers, but our own rental activity. That is holding up well. That is also what has been really the main driver behind the order intake recently. The main part or the tick up in the order book is rental order intake mostly, which carry a lower margin and also a little bit lower now also, I would say, than normal because the price pressure in that market is immense.
Andreas Koski: Yeah.
Ole Kristian Jødahl: You have that effect, then you have the effect that we have very little sales, record, I would say, low levels out of our Skellefteå factory. That is driven by the European market and the North American market mostly, where we have seen very low sales. This is because these, our rental customers, they do not reinvest their machinery because they have enough. For the time being, when the market is uncertain, they rather keep what they have and service it rather than changing it. That is also what I allude to regarding business model. It is something we need to look at a little bit. Sometimes they just keep our machines too long. They are too good. There we have an enormous negative leverage, and drop-through. Because there we have the factory in Skellefteå, which we have done whatever we can, I feel, to manage costs.
Ole Kristian Jødahl: At the same time, that factory also supports mostly the industrial business, which is going at a very good speed. So it is a balance there on what you can do, but it does not carry that full flexibility. It is not that you can shift all that to industrial and not to. So there is quite a lot of cost here also coming through on the construction side. There, when that volume come back, we will have a similar positive drop-through, for sure.
Andreas Koski: Yeah.
Ole Kristian Jødahl: But it is difficult to say when that volume is coming back because we do not really see it much yet. The order intake, as I say, it is mostly driven by our rental business.
Andreas Koski: Yeah. Okay. In the near term, when sales pick up, we should not expect that kind of drop-through because the sales pickup will be driven by rental, and rental is lower margin.
Ole Kristian Jødahl: Exactly
Andreas Koski: We will continue to see a margin under pressure in Construction for some time, even though it should improve from the levels that we have seen in Q3 maybe.
Ole Kristian Jødahl: Absolutely. Exactly. Correct. But it is first when we start to see machines coming back in Europe and North America that we will start to get that positive type of leverage.
Andreas Koski: Understood. You mentioned that Karin has joined you, and she has already made some changes to the organization or the structure of Construction. Can you maybe share what the most important changes have been?
Ole Kristian Jødahl: It's ownership and the overall structure. We have had strong support and a structure driving mast climbing work platform and light equipment that we have now reorganized in how it's being managed. We have reorganized how we are managing rental versus direct sales to get more clarity, more type of clear ownership, and focus on these pieces. That means also that we have simplified, we have taken out resources. That also leads to cost reductions, but they're more to the point and more forward-leaning, sales-oriented structure.
Andreas Koski: Understood. One last question, that is on Façade Access. When I back out or take out the acquisition of Pro-Bel, I get to an underlying order number of around SEK 350 million, which it looks like it's a record low for Façade Access after your acquisition of Tractel. I understand why the business in Middle East is weak, but can you talk a little bit about the project, say, delays in North America? What's driving that, and are you seeing any signs that that will come back anytime soon? Thank you.
Ole Kristian Jødahl: Yeah. I wouldn't say it's driven by the Tractel acquisition, because even though
Andreas Koski: No, no.
Ole Kristian Jødahl: you refer to the number, but yeah. It refers to tall buildings. Historically, when I came to this group, the focus was only on tall buildings. They had stopped smaller and medium-height type of buildings, and the tall building market has been extremely slow since actually the pandemic hit. It has never really come back, because also the interest rates affect that. This is a purposeful change that we have done. At the same time, we are also focusing on fixing the margin problem we had in that business. So you have two effects on order intake. One is that the market is very slow for tall buildings, which we are trying to also more and more not get out of, but do less of, and become less dependent on.
Ole Kristian Jødahl: Plus the fact that when the market is very low, the few projects that are there are under heavy price pressure. We will not take projects which is not substantiating the margin commitment that we have given on this. We have done a lot on the cost side. We have closed down factories, simplified, and moved more to Asia, and so yeah. It's a constant drive there to ensure that we are competitive, but it's not so that we have competitors taking high margin projects in that field. They are not making money. They are just completely desperate. We know that. The contracts we jump off or don't get are, I would say, most cases, lost type of projects. So it's nothing we want.
Ole Kristian Jødahl: It's a purposeful change that we are doing into the other part of this business, which is highly profitable, as you know, with Pro-Bel, and applying our competence on more lower and medium-height business around the world and also on infrastructure, et cetera. That has caused lower order intake last year, and that's also causing lower order intake now. On top, we have had Middle East, which has also led to that it's nothing there over the last six months.
Andreas Koski: Okay.
Ole Kristian Jødahl: But the pipe is not completely empty. It's projects in front of us, and we are fighting for these every day, and we see competitors are having problems. So it's absolutely not a business that we have, let's say, written off. On the contrary, we are sure we can grow that business, but it will be a slightly different business than historic, and it will be at fundamentally different margins than historic.
Andreas Koski: Okay. Understood. Thank you very much.
Ole Kristian Jødahl: Yeah. Thanks.
Operator: The next question comes from Anna Lagerlof from DNB Carnegie. Please go ahead.
Anna Lagerlöf: Okay, good morning, Ole and Sylvain. Just two follow-ups from my side, starting on Façade Access. My impression has been to maybe expect stable revenues and margins for Pro-Bel near term. I just wanted to check if that remains a fair assumption given how the order intake developed for the legacy portion in Q3 in Façade Access.
Ole Kristian Jødahl: Did I understand your question correctly that you wonder if we expect Pro-Bel to continue like we have seen now?
Anna Lagerlöf: Yeah, exactly.
Ole Kristian Jødahl: or-
Anna Lagerlöf: Yeah, because the Façade Access, you talked a bit about it, but that order intake was as solid.
Ole Kristian Jødahl: No, but order intake and the business for Pro-Bel has been good, but that is also a little bit always, so it is not a flat type of thing every day, but it is much more stable and reliable than what we have seen because that is the business we are moving into. So that business has kicked off well with us and in line with what we saw. We do not see anything else with that. But you also do not have, of course, I cannot say what happens in 2 years or in 1 year because you do not have that type of insight into it either. But everything points to that this is continuing as of now.
Anna Lagerlöf: Okay, perfect. Very clear. Thank you. My other follow-up is just on the margin level in Construction. If we do not take the cost savings into account, just thinking about the inefficiencies that partly held back margins in this quarter, is that expected to remain during Q4 and Q1? Just trying to understand how we should think about the cost this short term.
Ole Kristian Jødahl: Yeah. Do you ask about the cost or you ask about the margin? Because I think margin, our expectancy is that we have seen the worst of it.
Anna Lagerlöf: Yeah, because you mentioned some, the inefficiencies on the organization.
Ole Kristian Jødahl: Yeah. We have seen also inefficiencies but that is also driven by turbulence now with a lot of focus on changes and stuff like this. So inefficiencies, I do not expect to continue, if that was the question.
Anna Lagerlöf: Yeah. Okay. Inefficiencies, that will be better in quarters ahead with some improvement from the cost savings while the product mix is going to remain-
Ole Kristian Jødahl: Yeah
Anna Lagerlöf: probably. Yeah. Okay, perfect.
Ole Kristian Jødahl: Yeah. Because unfortunately, it is also like that when you do more changes, you lose a little bit focus here and there. So that is also causing some short-term inefficiencies. Mm-hmm.
Anna Lagerlöf: Okay, perfect. That was all for me. Thank you.
Ole Kristian Jødahl: Mm-hmm. Thank you.
Operator: As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. There are no more questions on the lines, so I hand the conference back to the speakers for questions from the web.
Ole Kristian Jødahl: Yeah. Thank you. We have no questions on the web here. I guess sitting, waiting, they have had time to type. I guess that means it is nothing coming there neither. With that, again, I want to thank all our great people for delivering what I say a decent Q3. Thank you all for listening in. Until next time. Thank you.
