Alimak Group AB (publ) (ALIG.ST) Earnings Call Transcript & Summary

Hi, everyone, and a warm welcome to Alimak Group's Capital Markets Day 2025. My name is Matilda Wernhoff and I'm responsible for strategy and M&A at Alimak Group, and I'm also your host for today. We are very happy to have you with us here today, both those of you that are here today physically at Studio Book and those that are joining through the live stream. We have a full agenda with interesting presentations, and you will get the chance today to get to know Alimak Group better and also our strategy. And there will be plenty of time for questions as well. We will start off this day with our CEO and CFO presentations. That will be followed by the strategy presentations on construction and industrial. Then after the break, we will follow-up with Wind, Facade Access and the High Safety Productivity Solutions before ending also with a M&A presentation. [Operator Instructions]. And with that, I would like to welcome our first speaker, up on stage, our CEO, Ole Kristian Jødahl.

Yes. Also from my side, a warm welcome to you all. It's great to be able to host, this is actually the fourth gathering we have as a Capital Market Day in Alimak Group since I joined back in 2020, if you count also the smaller update we had last year. So the plan for today is that we will give you a little bit more of our standing. And going forward, I will talk a little bit about the group strategy and how we work as a group. Sylvain will dive into as you can guess the numbers and say a little bit more about where we stand from a financial perspective and also how we are working and thinking about our financials going forward. While then after that, you will get quite a thorough presentation from each of the 5 divisions on their business, where we are and also there, of course, the way forward for each of these 5 divisions. And then Matilda will take us through shortly in the end, a little bit how we work on M&A because I think that's also an interesting piece for how we do things. It will be Q&A, as you know, and we will sum up in the end. So hopefully, you will have a good session here. We, yes, started 2020 with this New Heights thing. I came to the group then, so that was a kickoff for me really. But basically, also the group had gotten long-term owners, not far earlier. And we had some discussions. We wanted to create something sustainable, something long term, an industrial company that, in a way, from an owner perspective, will be a company fit in that type of structure. So it was multiple facets like this that came into the fact that we wanted to change the way we were organized and the way forward and how to drive the group. So that was the -- and then also the group had not performed according to the financial targets. So that's why we set out on this New Heights strategy, which we put up in 3 steps. First was fixing the base, and I will take you a little bit through that again because that's a fundamental way in how we drive the company. Then it was fixing profit and that was basically -- are the things part of the group that doesn't belong here that will not support the growth and the financial results or levels that we want to see. And we had some of that in Wind that we had to take out but also to really make these division strategies during those days to ensure that we knew where to go. And then we should be in some sort of phase from '22 to '25, where we delivered profitable growth and moving forward. And we said that could also be a time where we can start to take on acquisitions also because you need some sort of comfort and peace and quiet in your daily business to be able to handle new things coming in. So -- and that led to that we also acquired Tractel, but during the first phase there, we also spent a lot of time on Avanti and Facade Access because they were 2 acquisitions done a couple of years earlier, which needed a lot of attention. So yes, and we will come back to that during the day. So today, we stand in this place. We have been through what we said were New Heights in those days up to 2025. And of course, for us, it's natural then to work on what's the next step. And we have chosen to call it New Heights 2.0. And why? Yes, because we have done something that we are very satisfied with. We feel that we have a very good base. We have gotten a good structure. We have a good culture, we have a good model. We have things in place that we would like to carry with us forward. It's a good way of working. And we now believe also that we can actually accelerate our growth going forward. So that's why we call it 2.0, and this is what you will learn more about today, how we are accelerating our profitable growth forward. This is the core of what we did when we started off New Heights. It was, again, several things that you need to fix to really have an effective organization, but I think to have some sort of simple framework, still powerful or where you want to go with the organization is essential. You can be very detailed and so forth, if you want to run everything from top but if you want the organization to be engaged, if you want them to be taking decisions where decisions should be taken, you need to give a good framework which will actually allow them to do that. And you feel comfortable with centrally delegating out all of this. So this was, let's say, the idea behind the strategy. We made it very simple. We said we -- first of all, we need to be market driven, market and customer. It was way too much product-oriented focus. So we said moving people, material and businesses safely at Heights would be the guiding star of the group. And then as one of the four elements in our strategic pillars was customer obsession, really ensuring that we could put customers in the forefront of all decisions. They are paying for everything, so they need to be at the top of our heads. We said we wanted to be technology leaders because that was a natural type of DNA of the group, but also if you really want to perform sustainably over a long time, you need to have something more than just a low cost and fight for every day. You need to have a vision about that you want to do something good from a sustainability perspective, from a long-term owner perspective, shareholder perspective, and we are in global trends, which are supporting our business long term. And then it was about operational excellence, really to ensure that we work smart, we learn every day and we improve every day. So it's not about having a good setup and then hopefully, that works, but it's to constantly move that forward. It's to constantly improve. It's to constantly find and be hungry for something more. And then the final and maybe the most important of them all, recognizing that people is the most important asset. And especially when you want to run a setup where you decentralized the structure because we pay salary to 3,100 people in Alimak Group and for a reason. We want them to use their heads. We want everyone to think. We want them to learn and apply their knowledge on to doing things better. So we have put strategic and operational measures, a lot of that in place to ensure that actually the asset that we spend most time on and we invest most in and drive forward is people. And this should, over time, then generate the sustainable results and so forth with this and also the sustainable relations with our -- around us and so forth. So we have this long-term thing. But also the culture, if you don't have the right culture, if you don't have the right focus, it will neither work. So that was also something we spent quite a lot of time on what type of guiding things should be there in our culture. And of course, in a decentralized structure, you get responsibility. You are expected to take responsibility. So that was one of the core elements that take ownership for your thing. You are -- you get it and you will have to take it. The other thing was move fast and deliver. And this is the thing that you never to stand still, always to move forward, as I was talking about. If you want to be in the forefront, you can never rest. You can be happy with what you have achieved, but you can never be satisfied because you know it's more to do. But it's also not about being busy and having a lot to do, it's actually to have the ability to deliver. So that we have also put a lot of focus on, help prioritizing, making sure that the things we do, they are meaningful and that comes also with the ownership. If you own it, you're also interested in making sure that you spend the time right and that you make the right decisions. Challenging the limits, fundamental piece also is a lot of legacy in an old group, but also this again to really push. So not only to it's allowed to make mistakes, but it's more even though that it's expected to make mistakes. That's when you start to push. That's when you learn and that's when you are at the border line of always being best. And of course, as we are a team, so you're not supposed to be alone, even though it's a lot of responsibility on each individual. We expect a lot from everyone but you're not alone. So this was the fundamental strategic thing that we set, which I think is core in a decentralized structure. And then you come to that decentralized structure, what is that? Yes, that was these 5 divisions that we set up. This allowed for focus, someone was really focused on their business. It's all the way through locally, so it allows local decision-making, but this global language inside each division. So they understand it and they talk about the same thing, and they sit in the same thing. They are fully responsible for the full customer journey, which means that they have the benefit of finding the right products for the OEMs for new sales, and they also have the benefit and all the reasons to take care of the aftermarket because the more you have both, the more and the better you do. So that's the fundamental piece of each of these divisions. And then you also need to measure them on the right KPIs. You can't measure on a lot of activity level and I can't either force them to do a lot of things. They need to decide themselves, and I measure results. So that's what we do in the whole organization. You measure on KPIs, which are result driven. And this is a structure that was also intended to be long term, something that can stand over time. And then this way of working. That's also, I think, fundamental because you can have this framework in place and you can have the right culture, but you also need to stand in it every day as a leader and as leaders in the organization, we need to be true to the concept of actually working the right way. And one of the elementary things there, I believe or we believe as a management team is that we do things ourselves. We don't rely on others to have knowledge, others can have a lot of knowledge about things, but we need to know it ourselves. So the core processes and the core elements, the core things we do, we own ourselves, we do ourselves. We learn it and we take responsibility. And that means that we don't have managers in the organization, which is just managers. All people have a job, a true job and they know their job. And this is how we also believe that you can actually manage an organization over time with confidence by just measuring output that you actually are into it. So you know what people are doing. You know when I have discussions with my team and they have with their team, we all know that we are working on the right things. That gives you comfort, then you can relax and you measure results. But if you are depending on everyone else telling you what to do, then you are out of the game and you become nervous and you start to measure things you shouldn't measure. Then you start to be involved in decisions you shouldn't be involved in. So decentralized decision-making and really stand true into this, we believe is fundamental. So that's the way we work. And this is maybe the most challenging piece when things are going down or fluctuating that you stand true to that concept. It has worked because we have delivered results. We have grown 12% plus CAGR on top line. So yes, it's also M&A and so forth, but it's been very challenging times. We have 2.7% organic growth during these years. So the organic piece is still there in very challenging times, and we have lifted profit fundamentally. And that was the biggest topic of them all when we had to choose growth or profit, we chose profit. And that's what we have been pushing. But now we have come to a place where it's not so much more we need to choose. Still, we have some profit things to do in some divisions but we can also accelerate and we will also start to get more benefits out of the things that we actually have put in place and done, changed fundamentally over the last years. That's why we now talk about accelerated profitable growth. And that has led to this change that you have all read about this morning, we are upping our targets. And yes, we, first of all, on the sales side, we are upping it from 6% to 10% up to now 8% to 12%. And as I said, we have done 12 CAGR over the last 5 years top line. We have done 2.7% organic. If you look into the first 9 months of this year, still very, very challenging times. Our Facade Access or if you look order intake organic Facade Access organization up 12%. Industrial, up 18%, HSPS 4% and Wind 4%, also in very challenging times, Construction is somewhat down. But the fundamentals are there for this group to absolutely deliver growth, plus we have this M&A opportunity in front of us, which you will also hear more about. And adjusted EBITDA, I guess everyone expected that. If you look into our figures, you see what we have done. You know that we have more to be done in some divisions. It's more of a mathematical exercise to -- either to give in or to actually say that, yes, we are continuing what we have started. So that's basically what this is that we are still ambitious. We are still hungry. We are still also humble. We know it will not come easy. It's been hard work all these 5 years, but we are ready to start and -- or not start, but more continue that journey and work even harder and smarter and better because we have so much more knowledge with us now on how we do things. So that's the financials. And then we also update our sustainability targets. We have now gone, of course, full in on science-based targets like any group like us to do. We are a little bit late because we had to wait until we had data on Tractel before we could apply but now we are in the finalization phase. So beginning next year, it should all be cleared and set and we should have the targets in place. And then we're also updating our targets on -- towards -- back towards our suppliers that we will have more than 90% of our direct material suppliers signing up to our code of conduct unless they have something similar in place themselves or yes. So that's the update and a little bit the framework of where we are from a group strategy perspective. And then I think I'll leave the floor to next, and we continue the journey into more detail. So Sylvain, please, you're next up.

Thank you very much, Ole. I'm Sylvain Grange. I've been Group CFO for 3 years. Most of you know me and most of you know that I have been enjoying very much the Alimak journey for those 3 years. So I'm going to take you through a few financials. And then we start with the evolution of order intake over the 5 years of New Heights program 1.0. As Ole said, we grew 12.2% CAGR over that period, which is a strong performance. Acquisition made a significant impact on that CAGR, in particular, Tractel, which we acquired in November 2022. The organic part is more modest, but it's well understood. It comes from the initial priorities of New Heights programs, which was establishing the base, focusing on uplifting the margin and the headwinds we have been going through in some divisions, in particular those exposed to the construction cycle. But we are today a fairly different group. We were 5 years ago, SEK 4 billion group. Today, it's SEK 7 billion. So it has changed quite a lot. One of the things we have built over time is the diversification. We have moved a long way from being a manufacturer of Rack and Pinion construction elevators to a business with 5 customer centric divisions, 3 of them Facade Access, Construction and Industrial make around 1/4 of our total sales. HSPS is slightly below 20% and Wind slightly below 10%. This picture implies that we are fairly diversified in terms of products, customer segments, customers' exposure to cycle. So we don't depend on 1 customer. We don't depend on 1 macro cycle, and that brings definitely resilience to the business, including in difficult times. We are a global group. Sweden is a small part of our business. We do 1% to 2% of our sales in Sweden. And so we are present physically in 28 countries. In the biggest region, Europe, Middle East, top 3 countries are U.K., France, Germany, although we see that Middle East is growing, in particular, UAE and Saudi Arabia. In the Americas, obviously, this is the U.S., which is the biggest country, and it's a #1 country at global level as well. We are very global but our market shares are not identical in all the territories. So all territories where we see that we can increase market penetration represent has many opportunities. Of course, it varies depending on the divisions, but there are still plenty of geographical growth opportunities for us. Another important dimension of our business is service versus new equipment. I would like to repeat here something that we often say, but in our business, we make money on both new equipment and service. There isn't a game where we make less margin on the new equipment to be able to capture the service business, that's not us. Service for us is primarily aftermarket, maintenance, spare parts, refurbishment, retrofit. There is a small rental component, which is coming from the Construction division, but definitely primarily we do aftermarket in service. It's an important piece of our business because we see this as a driver for further growth. We have a growing installed base. We have an aging installed base, and that creates opportunities for us. But service as well is -- comes as a support for new equipment sales. Our customers more and more look at total cost of operation. They look at how they can expand the life of their Alimak equipment and being able to provide a quality service is critical in that game. So overall, diversification for us means resilience, in particular, in difficult times and growth opportunities. I'm now moving to something which is very close to my heart, cash flows. Since I've been in my job, I've always said we would focus on cash flow. And I'm happy to see that we see on this graph the translation into numbers of those efforts. Of course, the Tractel acquisition had a significant impact on the cash flow generation, but there is more to it. This is reported cash flow. So it includes interest and taxes. So of course, it matters that we have a good optimized financing structure. It matters as well that we're able to deliver reasonably low average corporate tax rate which is around 25% for the group, but when I'm saying we focus on cash flows, we primarily focus on the operating levers. So that's the margin. We work on uplifting the margin. We have said that many times, and you will hear that more during the day. But that means as well controlling our net working capital and applying a good discipline when it comes to capital expenditure. And that's what I'm showing here on this slide, evolution of net working capital and CapEx as a percentage of revenue over the 5 years of the New Heights program 1.0. You see that, again, there has been some impact of the Tractel acquisition when I look at the net working capital. But still after the acquisition, we were around 30%, and it has come down now to closer to 25%. And that's really a translation of the efforts we have made to minimize working capital. And I have to say that we have not done that at the expense of our suppliers. So we do have a policy of paying our suppliers on time, but we expect our customers to pay us on time. So to some extent, we have achieved a certain shrinking of our balance sheet. We are a CapEx-light business. We do primarily assembly. We do some cutting, bending, welding, but we are not heavy industry. So we are a CapEx-light business. You can see on this graph that we have been around 2% over the 5 years with a peak in 2023, but that's related to a one-off. We had to rebuild the facility in France following a fire. That was fully covered by our insurance policy, but still it had to go through CapEx. And if I look forward, we have no intention to change this CapEx-light model. We are between 2% and 2.5%. I think we should stay 2.5%, below 2.5% in the future. So that makes our business a cash-generative business and then we -- it will continue to be like that. This good cash generation means ability to deleverage. You see on this graph the history of the leverage ratio. Again, it went up with the Tractel acquisition. But you see that soon, we managed to deleverage and to be below our target, which was only still to be below 2.5x of leverage. More recently, we deleveraged, it has slowed down a little bit because we had to pay our dividend in Q2, and then we made the Century acquisition in Q3. But the fundamentals are there and will continue to deleverage in the future. We have not changed our capital allocation priorities. We have and we will continue to focus on R&D, sales and marketing. We won't do that at the expense of our profit, so that means we permanently work on our cost base. We generate cost efficiencies. We try to track and kill the waste so that we can make those investments in R&D, sales and marketing. M&A remains a high priority for us. We have a specific session on that later. We see lots of opportunities to create additional value for the group. And as you know, we have decided to keep the same dividend policy. If you look at the history of the last 5 years on average, we have distributed 50% of our earnings, so right in the middle of the range and we are definitely committed to delivering on that policy in the coming years. ROCE is a very important metric for us. It's one of the most important. Looking at the evolution, we started on a relatively low level, and that's a factor of a lower profit margin in 2020 and a relatively high capital employed, which is coming from the acquisitions of 2017. We have lifted ROCE. You can see that there is a temporary dent in the evolution. That's coming from the Tractel acquisition due to the additional amortization, but that's something we are prepared to do. We are prepared to experience a small temporary dent, if we know that long term, we continue to create value and that we will uplift ROCE, which is happening now. And then we are above 10% on reported ROCE and above 25% on ROCE excluding goodwill. EPS is, of course, the ultimate financial measure. And you see the same pattern as for ROCE with the impact of the Tractel acquisition. Over the 5 years, it's 1.0. We have more than doubled EPS from SEK 3 to SEK 6.6. So it is definitely a focus. There is no automatic effect on the dividend because dividend remains the Board proposal AGM decision. But of course, keeping the same policy, increasing the EPS means setting the framework and the grounds for future improvement in the dividends. I've talked a lot around the financial metrics, but we don't measure only financial data. We focus a lot as well on sustainability. We have sustainability targets. And we do that not only because it's an obligation or duty but we see sustainability in the group as a performance driver. So it's really, really important. I'm showing here on this slide, CO2 performance in the recent years. We basically overachieved our previous target in terms of CO2 emission reduction. That's not all of the emission. It's Scope 1, Scope 2 and business travel is Scope 3. But still, we are very happy that we managed that. As you know, and as said by Ole, we are moving to science-based targets for the next cycle. A few very simple conclusions. We believe we have a strong track record. And that track record includes an M&A component, so we have proven. We know how to buy and how to integrate, which is even more important. We have uplifted the margins thanks to a decentralized lean, agile business model, thanks to our ability to work on the cost base to generate cost efficiencies. We are comfortable we can continue on that path that we still have levers to pull and to grow to 20%, which is a new target. We run a cash-generative business that will remain. We are very confident with that. So overall we see a good level of confidence in the organization to continue improving the financial performance which will create means to invest in future profitable growth. So again, it's a virtual cycle, better performance, means more means to invest in the future, improving the performance. And at the same time, setting the ground, as I said, to -- for further improved dividends in the future. On that note, I will say thank you very much for listening. And I will welcome David Batson, Head of our Construction division.

Thank you, Sylvain. Hello all, and welcome. Look, seriously, I'm proud and honored to represent the division today, of course. And I'd like to firstly thank all our people in the division for their contribution, but also our customers, of course. My name is David Batson and I'm the Head of the Construction division since 2021. I joined Alimak in 2016 and previously held the role as Managing Director in Australia, in the Pacific area as well as New Zealand. Let's have a look at the division. So let's dive into this. What is it we do? And how do we contribute to the group? We provide temporary products and services to move material and people safely at height. We work in new construction, refurbishments, major infrastructure projects like bridges and tunnels. We manufacture products in 3 facilities. In Europe, Sweden, where we do our hoists for CE marked markets and have been impacted by market conditions, where volumes have been a little bit lower, and I'll share a little bit about that in the future. Our mass climbing work platforms are manufactured in our facility in Poland and our building construction products such as transport platforms are from Spain. Our manufacturing facility in China has been fixed. When we talk about fixing and making sure the base was right, we've seen a strong turnaround here with high volumes from non-CE markets, places like Latin America, Southeast Asia and Middle East and Africa. This was described at the time if some of you are in the room, our China for China strategy, but I think we can call it China for the rest of the world with the growth that we're seeing from those markets. We're market leaders. We have sales coverage in 22 countries of our own and often we're the only OEM in those countries. And we have distributors in 47 other countries. We have a rental and used offering, and they are important offerings and I'll expand a little bit about this in a couple of slides. We provide services and parts, asset management, refurbishment, application engineering, installation, operation, service and parts, of course, the dismantling of the product and also training. So let's look at the numbers. The Construction division represents 22%, 23% as we saw of Alimak Group is currently performing at 14.4% EBITDA. Our services, parts and rental represent 39%. We have a return on capital employed of 18.5%, excluding goodwill. Now this is not catastrophic for us, but we know that, that an EBITDA is not where we want to be, and I'll show you how we're going to move that higher in the future. So our rental and used offering, let's focus on this and why it's often a question that comes up. Why are we renting our products in certain markets and not all markets? It's selective and we operate in France, Germany, Benelux, Australia, Switzerland, Spain and Canada. Our rental strategy is selective. It's a result of the legacy and it's a balanced strategy, not a full-scale offering. And that's not our intention. It provides better flexibility for us and for the division. It enables us to introduce new products into the marketplace. It keeps us very close to our customers. We prefer to sell to rental houses and our customers where we don't see the market growth or the share that we believe we have a right to win for. We have the flexibility to go direct and penetrate those markets. And we did that, if you remember, with our acquisition of Tall Crane in Canada recently. We have a globalized used offering from where we were in 2020, driving parts and service solutions. As you can see on the slide, it's a circular economy, cradle to grave. It's representative here in graphics, reflecting components of our sustainability efforts, recycling and reusing and redistributing our products through the population. We've built a strong, robust division, and we are well positioned. Market or not, we will continue to invest and continue to grow this business. But what is the construction world as we know it? What is the world that I'm living in and the team are living in? It was mentioned before, we were a very product-focused hoist company in 2020. We're not global in our offerings at all, and we were farming some parts and some services from products we sell historically. We needed to transform. We fixed the base. We set the strategy to ensure we're able to grow and protect the business through the cycle of construction that we're actually living right now. We set the strategy as a technology leader to be the best partner. You'll remember we talked a lot about digitalization and transforming the organization. But we wanted to work on things that customers wanted to pay for. Our customers are adopting these technology trends. We're living in this new world. They are long trends and they take time to adopt. What we're trying to do is to improve the efficiency of the construction project. Think of a smart building site, think of Industry 4.0, Think of the Internet of Things and all that data to make that project more efficient and more productive. Just have a look at this image here, have a look at the logistics on this site, the logistics at height in the middle of the building and all the logistics on the ground. I'll expand on how, and we will continue to transform this division. So when I talk about logistics, what am I actually talking about? Well, really, I mentioned it before, moving people and material safely at heights, faster machines, larger machines and connected machines. Have a think about a glass facade panel coming from China being tracked all the way to get to its position on the construction side. How does it get there? It's often put in the Alimak hoist, and actually lifted to exactly that position. Those assets are tracked now from the time they leave the factory. So we've got a huge role to play. Not just moving people, but what about robots. Robots at the right location at the right level at the right time. It's just an emerging trend we're collaborating with the industry, and we're advancing the methodology of the sites of today and tomorrow. When I talk about connectivity, we're talking about connected assets. What does this mean? And what does it mean for us? Where and what the product is doing in real time, increasing utilization of the customers' products and getting a greater return on their investment. This value-added offering is expected, and we have transformed that division. But what is it? An example would be underload and overload. So what do I mean by underloading the hoist or overloading the hoist. Can you imagine that you have this massive product that's meant to be moving 5 tonnes and it moves 1 tonne a day, inefficient, not productive and not meeting the goals of our customers. We can track that, and we can supply that information. What about overloading the product? That's dangerous. That's a lot of risk. We need to provide our customers the data to manage risk on these projects. Predictive analysis is so important for them. Let's talk about robotics and AI. It's really a new frontier in construction that's not fully appreciated. Our products have potentially enable us via our leading position in mass climbing work platforms and our rack and pinion technology, where robots can be installed to work at the heights horizontally and vertically, and we're collaborating on a lot of these opportunities right now. These trends aren't to be ignored but they're to be explored and embraced, and we continue to be customer obsessed to work on those. An example I'd like to share with you is, can you imagine you're wearing PPE, helmet, glasses, ear plugs, you walk into a construction site, you go into a construction list. AI can detect if you've got that PPE on. That's a role we can play to make it a safer side for the future for our customers and deleverage their risk. I mentioned it before, we've been impacted by a challenging market for sure, higher interest rates, high construction material inputs, and that's impacting developments improvements. There has been a reluctance for developers to invest. However, there is a pent-up demand. As the government has invested in infrastructure, rails, tunnels, bridges and hospitals. We've all seen this happening in the past 2 years. The development in commercial, retail and residential is needed and it's pent up. We're well positioned for the upswing as the graph from the global data shows here. APAC has been quite good for us, especially India, Malaysia and Vietnam. Europe is on its way back with some green shoots in the Nordics and Germany is starting to come through. And the Americas is forecasted to be improving. The fundamentals of megatrends such as housing density, multistory developments, they exist, and the Middle East is a prime example of this. We've had good orders from the Middle East in these growth markets, and we continue to take orders. An example I'd like to share with you is in my hometown in Melbourne, Australia, if you didn't pick the accent up, 40 public housing towers are required to be refurbished alone. That's a pent-up demand of 15 years. The governments have to act. These residential towers have people in them, and they're not the standard. We're seeing exactly the same in Zurich, London, New York, cities all over the world. I'd like to switch and just talk about the growth areas, our drivers, product expansions, our mass climbing work platform activity and why that's important for us and our product support solutions program. Product support, I call parts and services, not just the labor, but the things that we do around our products. So let's look at product expansions. In 2020, we had 1 brand, Alimak. We've invested heavily in R&D and product development and expanded our hoist product offerings for traditional and emerging markets. Why? Why have we done that? To protect our profitability, investing in lighter, smarter and more efficient products, which our customers can enjoy now and into the future. We've opened up new markets like the STS 300. That's the scaffolding transportation system, the small one on the right there. We've expanded our offering with the Scanclimber mass climbing work platform business. It's a huge full product line. It's the widest and best-in-class, and I'll expand on that shortly. Camac of Spain, it's a very small investment. We have the ladder hoist now, which enables us to install solar panels. It's opened up a completely new market that we've never participated in before. Now what I'd like you to do now is just have a look at this clip of our Scando-650a next-generation construction hoist, the sustainable hoist offering more payload, greater efficiency, to ensure we maintain and grow our leadership position. [Presentation]

So let's have a look at mass climbing work platforms and why it's important for the division. Our solutions are ergonomic, they're modular. It can do straight brick walls, working at the right height for the people that are installing those bricks, but can also do balconies, as you can see in this slide. It has many applications and benefits, not just in new but refurbished construction, but industrial applications. We've seen growth in Australia and in the Middle East in 2025 through a consultative selling approach, where we engage with multiple stakeholders to share the economic, productivity and most importantly, the financial advantages of this access solution. The scaffolding market is 100x larger than the construction hoist market. This is a proven approach meeting our growth plans. Now I'll share an example where we were 30% more productive resulting in 50% less cost than scaffolding. How do we do it? We defined. We spoke to the stakeholders, we understood the timing of the project, and we understood the risks of the project, but we also differentiate it. We increased the safety, we improved the economics. We enhanced the logistics. Can you imagine wrapping a building full of scaffolding, the amount of material that needs to be transported to be stored around the building and then to be installed on to the building. As per our solution, you bring the trucks in, you install it on to the facade and you're working. You're not storing it down in car parks or children centers. We improved productivity and the impact on the building itself, where you tie the scaffolding for all those points in the building, we have so much less ties. So then what we'll have is less refurbishment of the facade. I want to say it again, 50% less cost and 30% more productive. And on this particular project I'm talking about EUR 1.5 million versus scaffolding. It's proven, it's financial, and that's something we should take away with us. But let's look at more examples outside of construction. Here, we have an example of access platforms shipyards. It's not a new solution but there's 135 shipyards in Western Europe alone. They're not all using mass climbing work platforms. They might use EWPs, they might use scaffolding. So we believe there's an absolute opportunity to go after this market. The middle image here is a snake platform in a petrochemical plant. And the reason why this one is important is its industrial shutdown and maintenance temporary and its use. Think of a flair tip in an oil and petrochemical replacing that flair tip, we saved the site 2 weeks in replacement time. Can you imagine getting a petrochemical site back on line 2 weeks earlier. The millions and millions of euro. It's a proven solution. But are we penetrating all the petrochemical sites across the world? No. So there's an opportunity there for us. And we're pursuing new segments. Those new segments are 3D printing where they're using our components, buildings that are being 3D printed. I'm sure you've seen houses being 3D printed. We're collaborating and we're working in those innovative concepts. Another one is 360-degree platforms working and building towers. Another one is weather protection where we protect the building, the existing building with weather protection with our mask climbers enabling more productivity and finishing that project quicker. I want to switch over to what we call sustainable product support solutions, our parts and services solutions. Safety is our #1 priority, enabling our customers to work, of course, safely at height. We have 20,000 active assets in the marketplace today, 20,000, which means safe application, the engineering, the installation, the use, the maintenance, the dismantle. And remember, we're temporary. So this just occurs all the time. We've introduced our 5 Star training program, and our online calculation tools. Remember, I talked about the digitalization journey we've come from in the last few years. These are all revenue-generating activities. What about productivity? We've introduced parts online to enable our customers to interpret the parts, to be able to get our request for quote quicker, to make it easy to do business with us. Virtual assistance, BIM galleries, these are some of the construction trends I mentioned earlier and our solutions for those trends. Smart controls enabling remote access to the assets to drive greater loyalty and connectivity, retaining and growing our customer base and therefore, increasing our share of the wallet. And then efficiency. We have our My Alimak online portal where you can use your QR code on the machine, you can get the data and the service history, and that's critical to manage risk. Remember, we're moving people at height. An example would be using genuine Alimak parts. Using a genuine Alimak safety device. Would you get into a lift without a genuine Alimak safety device. I can tell you I wouldn't. I'd like to know what's on there. Growing, we believe growing our CAGR of 7% organically in this space alone. Our population is growing every week, remember, in new territories and in new solutions to meet our customers' needs. So to conclude, yes, we've had some headwinds, acknowledged. We're we'll positioned though, our growth in product development and building a sustainable business. We're providing alternative solutions to access at height. We're addressing more of the market than we did in 2020. We're expanding outside traditional construction and segments looking at all temporary access opportunities. We see M&A opportunities as well to the growth drivers of product expansion, geographic or even technological. And it can add profitability to the vision such as we did with Tall Crane in Canada, and we did with Scanclimber in the last few years. And our ambition is to be at the group financial targets by 2028. Thank you for listening, and I'd like to invite Jens Holmberg.

Thank you very much, David, and hello to you all to you guys online, and you guys here in the studio. So my name is Jens Holmberg. I'm leading the Industrial division here at Alimak Group. Very excited to be here to tell you about what we've been doing since we met at least some of you a year ago, but most importantly, what our plans are to further improve our business going forward. But first, a quick recap of what the industrial division is. So we provide permanently installed elevators based on either traction or Rack and Pinion technology. When we do so, we strive to partner with our customers in long-term service contracts, making sure that we -- the units we supply are well maintained and operating smoothly. And this is really what forms the basis of our aftermarket, which is preventive service, repairs, spare parts sales as well as refurbs. That aftermarket, I would say, combined with the fact that we are exposed to multiple geographies and multiple customer segments creates a truly resilient and highly profitable business. So let's have a look at some of those numbers for that profitable business. Today or end of Q3 rolling 12, we sit at SEK 1.5 billion of revenue and share of service sales of 56%. And I think Sylvain made a very important point that even though we do good margins in the aftermarket, we also make good margins when we sell new equipment. And that combination is obviously a very good combination and that has allowed us to reach rolling 12 for the same period an EBITDA of 25.5%. And here's a number that sticks out. That has taken us to a return on capital employed of 126.4%. I've not seen that before. And I'm obviously very proud of it. I think it's a fact of our high margins in every part of our business. We're also very careful when it comes to inventory. We don't have too much, and we certainly don't have too little to not be able to serve our customers. We make sure that when we sell our products, we negotiate fair and good payment terms, and we make sure that we get good prepayments when we deliver more complex projects. Also, I would say that me and David, we come as a bit of a package, and we share the investments that we do in our fixed asset and our factories. And that's generating the return on capital employed you see there. We have been in the Industrial business and still are, I would say, on a strong, profitable growth trajectory. While our rolling 12 revenues, they sit at SEK 1.55 billion, the same period rolling 12 order intake is at SEK 1.7 billion. And I would say that this growth trajectory is the result of a high-performing team that knows how to truly leverage our business model. We go after geographic white spots where we're not at the moment. We strive to learn our customer segments at depth, and we continuously improve our aftermarket. It's also important to note here that the growth trajectory and the CAGR of 12.5% is almost, I would say, to 99% without any acquisitions. And even though we are exploring opportunities more and more to add M&A to our profitable growth, the organic growth will remain at the core of what we do. And I see plenty of opportunities for us to grow organically going forward as well in geographies where we are already present, any new ones and in customer segments where we already are as well as in new ones. And when we look into our customer segments where we operate, and here are some of them, not all of them. We see a very strong and positive growth story ahead of us. But even though that solid market growth will help us, we, of course, want to make sure that we do not only grow with the market, we want to outpace it, and we want to take market share. And that's why knowing our customer segments at depth is critical. Take ports, for example, which is a market that is expected to grow long term but we are already seeing quite a lot of investment going into ports now in existing ones as well as new ones. Our biggest business within ports relates to the elevators that sits on the ship to shore cranes but we can leverage our service footprint that we have in the ports to find new applications, new opportunities in the ports operations to drive growth. Oil and gas. So even though, hopefully, we find ourselves in a transition away from fossil fuels, oil and gas will remain and continue to grow for the foreseeable future. Customers that do operate within oil and gas, they are quite particular when it comes to their demands, both technically as well as on the aftermarket support, especially offshore. That creates quite high barriers of entry. And we've shown over the years that we can fulfill those demands, which position us for many of customers operating in these segments as the preferred supplier for their elevator needs. Mining is another one, a segment that will grow propelled by commodities such as gold, copper, rare earths and base metals such as iron ore. Traditionally, this has been an underinvested segment at Alimak. But we have shown this year that we can outpace the market and we've been especially through a focused and dedicated initiatives successful in Latin America this year. We have more growth to find in places like Canada, sub-Saharan Africa, Western Australia, and so on. A segment where we haven't been so successful this year is the Marine segment, which is about vertical transportation solutions at shipyards as well as elevators in the actual ships. And in order to be truly successful in this segment, you need a competitive traction offering. And that competitive traction offering is what we have been missing but we are busy at work addressing that, and I will talk about that later. I've mentioned the aftermarket a couple of times. And I would say that our own installed elevator -- installed base of elevators is the most natural and obvious way for us to profitably grow our business. It's also a very natural way for us to drive sustainability as if we succeed in the aftermarket, we extend the life of our products. I would say that the recent success that you see here expressed in our parts and service sales per installed elevator is the result of more focus, securing more service contracts and growing our workforce of skilled service technicians. And as we continue to grow our workforce of technicians, we need to make sure that we enable them to focus more on productive service work and less on administration. And that's where the rollout of our field service management software service protocol come in. Another way to further improve our aftermarket and further better serve our customer is to improve our training offering. I'll talk more about service protocol as well as training on the coming slide. Yes, I mentioned the benefit of service protocol allowing our technicians to focus less on boring admin and making sure that the elevators, they operate smoothly. That's obviously a core and a key benefit. But also, I would say we, through service protocol are able to improve safety for our service technicians. And safety is what we deliver to our customer. Therefore, it needs to be important for us. And actually, the most dangerous job that we do as division is the job that our service technicians, they do on site. And service protocol enables them to do high-quality risk assessments prior to starting any job, making sure that we can keep our safety records. We will also enable them to make and present quotes of repairs on site to the customers when they are doing service. And if we can leverage service protocol, which we can, to improve availability of spare parts in the service trucks we can speed up the turnaround of those quotes and get paid faster and our customers will get a safer elevator faster. That's moving, fantastic. The users of our equipment, they are really a key part of making it safe. Obviously, when we install and we commission our elevators around the world, we provide on-site training to our customers. But since our products are inherently sustainable, most of them last for more than 25 years. Operators on site, they will change and new needs for training will occur. And we want to make sure that we provide a cost-efficient solution for our customers to address that. And that's where our end customer operator e-learning comes in. If we equip those operators with showing them what good practice looks like, in case there is an incident in the elevator and equip them with basic troubleshooting, I'm sure that we can improve the safety of the solution as well as reduce unnecessary downtime to the benefit of our customers at the same time as we create a new profitable aftermarket revenue stream for Alimak. Traction. So if we develop, which we will, a competitive traction offering, we will seriously be able to tap into what we estimate a SEK 50 billion plus market. The benefit of how we operate within traction today, which is a bit different from Rack and Pinion is that we run a very asset-light approach. So what that means is that we design, we install and commission elevators, but we rely on partners for the manufacturing of components and some assembly. This is something that we intend to continue with and potentially further -- and to some extent, extend as well. So in order for us to reduce time to market, reduce the R&D investments and the risk of being able to comply with local standards, we are partnering up with suppliers regionally to -- while we also make sure -- and use their design, while we make sure that we keep control of key components in the design such as the control system, making sure it's an Alimak touch and feel of the end product. When we get access to this product, which I think that we will end of this quarter or beginning of the next latest, we need to make sure that we continue to invest in our traction competency globally, both when it comes to sales engineer as well as service technicians. And if we do so, I'm sure that we will also be successful in customer segments such as the Marine segments that I mentioned earlier. M&A, we will use that selectively to further accelerate our growth. We have 3 focus areas. The first is the Rack and Pinion to ensure more growth in that field. As you might know already, Rack and Pinion represents the lion's share of our business. We know it well. We also know what our weaknesses are. And we know that there are companies out there that can complement those weaknesses. And that's what we are looking for. The aftermarket, aftermarket is obviously an area that we want to grow. I mentioned it many times. And there are a lot of profitable, high-performing local service companies out there that actually do maintain our equipment already. Acquiring them will allow us to, of course, increase our aftermarket, but at the same time, increase the margins on our spare parts as an additional benefit, it can allow us to establish a direct go-to-market model if we acquire service companies in geographies where we aren't direct today. Last but not least, as all divisions within Alimak Group, our mission is to bring people, material and businesses safely to new heights. There are many other technologies available to fulfill that purpose other than rack and pinion and traction. And we want to make sure that we do not discard those solutions as well. And there are companies leveraging those technologies out there that are very complementary to our business and with which we can find synergies and drive more shareholder value. Our most recent acquisition that Sylvain mentioned briefly is the one of Century Elevators. So maybe a brief recap of what Century Elevators is. So it's a U.S. Houston-based supplier of rack and pinion elevators with an annual turnover of about USD 11 million. What we get -- what we did get when we bought Central Elevators is that we get access to a complementary rack and pinion offering, especially complementary when it comes to explosion-proof design, which is needed in oil and gas and petrochemical, for example. It will strengthen our market position in North America, which is obviously a very important market for us. It will allow us to grow our service business as well as improve efficiency in our service business, both being able to drive more penetration in the Alimak installed base as well as the Century installed base as we get access to a team of very skilled service technicians. And finally, we can drive some management and cost synergies, consolidating our sites in Houston, actually. We're about to finalize the move from our old premises to the Century premises, which is much better suited for growth going forward. I'm talking a lot about different growth opportunities that we aim to pursue. Whilst we do that, we obviously need to make sure that we work on our internal productivity to make sure that, that growth remains profitable. And first and foremost, as I mentioned, we sell safety. And as we sell safety, we need to prove that we know what safety is. And our primary priority in our operations, in our 3 factories is to maintain our current safety track record, which is, in fact, I think, very impressive because we have had year-to-date and on a rolling 12 basis, no lost time injuries at all. And we are very busy at work making sure that, that remains. I'm also proud to say that we have very clear plans to achieve the SBI targets when we present them. And I'm especially proud of our Scope 3 plans, which relates to our product and emissions from that product. And I think the plans that we have, as Sylvain mentioned, they go very hand-in-hand when it comes to cost efficiency, cost reduction and sustainability. It's really about resource productivity, and that's what we see here. I see a need, and we're busy at work updating and modernizing our rack and pinion offering. Last time when we met, I spoke about the modularity and our ability to tailor our offering to fit many different customer application. That is the strength, but we also have weaknesses that we can improve and that's what we need to do going forward. We will continue to assess whether we are best positioned to do things on our own or if we outsource. And then AI is high on the agenda for all companies, and we are no exception. To conclude, and the messages I want you to bring with you from today, we are supported by underlying market growth, which we can leverage. We can take market share, better customer focus, expanding into new geographies and grow the aftermarket. We'll continue to drive innovation in the traction technology, as I've mentioned, in rack and pinion, as well as in the aftermarket. We also have the footprint, both for the Industrial division and the Construction division to cater for our growth ambitions without substantial CapEx. All that, bow tying and up, our ambition in the Industrial division is to grow above growth target, at least at minimum at our current EBITDA margins. Thank you very much. And with that, I welcome Matilda back on stage.

Thank you, Jens. And now we have heard presentations from our CEO, CFO and as well the Construction and Industrial division. So it's time for our first Q&A of the day.

Good. So now with me on stage, I have Ole, Jens, David and Sylvain, welcome back. [Operator Instructions] But we will start off with questions in the room.

Timo Heinonen, Handelsbanken. So if the Industrial division has a target or ambition to grow faster than the group and the profitability is clearly higher. So 20% EBITDA margin target means that other businesses will show the decline in profitability of what I'm understanding wrong.

No. But it's -- you can do the mathematical exercise, of course, but what you see here for every division throughout the day is their ambition level. And the sum of it, you see as a group ambition level. So I think it's the group ambition level that you need to take home. But of course, there is also some sort of mathematical exercise that you can do that if all divisions are meeting and doing exactly what they hope for, it could be even more coming. But again, as a group, I think important for us is to also make realistic target and have a high ambition level. But we want to meet them, and we want to continue to do what we have said we should do.

If I can continue, can you be a bit more open about the targets by different businesses? I mean what kind of growth do you see for 5 different business lines and then the profitability targets?

You will -- the type of comments for each division will be in line with what we have seen for the first 2. So you will get similar type of comments, so we can sum up also in the end. And yes, we will have a Q&A in the end, then you will have the other 3.

Sofia Sörling from DNB Carnegie. So I have my first question to Jens. So actually sounds quite optimistic the market expectation for oil and gas and my impression is actually that the oil and gas CapEx budgets will shrink ahead a little bit or come down. And that has been quite of difficult challenges for the Industrial Equipment segment back in 2016, 2017. How would you say that your business model today would, if the CapEx budget for oil and gas would shrink into 2026? How would you navigate that environment?

Well, I will link it back to the resilience of our business, right? We are not only exposed to oil and gas. So if oil and gas were to shrink, which obviously I don't think because our investigation shows something different but then we need to find growth in other customer segments. And that for me is totally possible. But -- and then on -- and additionally, if the CapEx budget shrink, there is always the recurring service revenue and grow through the aftermarket in oil and gas as well, which we're busy at work doing.

And if I may also, if you remember back to when we started the New Heights program, basically, there wasn't really an industrial division. It was something on paper, but it wasn't anything real. So the fundamental piece that we did in those days also was actually to separate properly the construction business versus the industrial business and that allowed us to create this type of focus and lean and nowhere to hide type of structure that are only doing industrial. So back in those days, the group, I would say, from my understanding, was very dependent on oil and gas. While today, we have an Industrial division structure, which is as you have seen here, very focused on all segments and more and more where -- so that's been part of the journey that first, you created that division structure, then you really start to dive into each segment and ensuring that you understand customer needs that you do proper solutions and work and develop the business like you should. That's through Industrial business. So it's important to see where we are coming from. And then whether one segment will go up or down, that will be part also of, let's say, the exposure we have to all type of business. So what we need to ensure is that we are broad enough and good enough to really be winning anyway.

Okay. And then a question to David. So it seems like you see a lot of potential in the rental business ahead. Could you share a little bit of how large that share of net sales is today and what you expect into for example, '26, '27?

Actually, thanks for the question. I don't think I mentioned that growth in rental for us was something that we were focusing on. Our customers are rental companies. So we have many, many customers that have assets that they rent to the end users. So their market is exposed to the same challenges that we've been facing in developments in the past. But what I can say is that you would have seen the graphs, and we believe that we've got a great upside coming forward for sure.

We have a question over here.

Yes. It was [indiscernible] from SB1 Markets. So my question is surrounding Tall Crane, which was maybe the last minor acquisition you made before the Tractel one in 2022, I think. -- you touched about it lightly, but how has the trajectory from that add-on acquisition gone over the years? And how -- what kind of other sort of similar M&A would you look upon within the Construction division, so to say?

Yes. Well, I can give you a little bit of history is that our performance in Canada, we felt wasn't where we wanted it to be, and we saw a unique opportunity to really hit that market through Vancouver, and Tall Crane were ideally suited for that. And so what we've been able to do, that was a very complementary business and improved our EBITDA. So we didn't bring that business in and had to change it and we brought it in, and now it is a true Alimak Group Canada division. So it's not branded Tall Crane anymore. I use the reference today because of history. But certainly, it is our sales company in Canada on the West Coast, and we're very, very proud of it. It's been integrated well. They're a great team.

And maybe a follow-up on that towards the Industrial division. Now you made, obviously, the first 1 being the 1 in the U.S. And was there any particular reason that you chose this acquisition in this market? Or was it that sort of...

Well, North America is a very important market for us. And we had seen that we had been actually losing some business due to the fact that we didn't have the right offering and this opportunity gave us to -- this gave us the opportunity to quickly address that, and that's what we're looking for.

And I can just build on what David said on Tall crane or now Alimak Group USA, it's actually a beneficial acquisition for the Industrial division as well. because we could start -- we could use that as a starting engine, so to speak, to prepare our growth into Canada, which we're now visit doing. And starting that up from scratch would have been much more effort for us.

Adrian here from Handelsbanken. So you clearly are very rosy focused. And I mean 1 division clearly excels in this matter. So how do you think about capital allocation? I mean surely, investors would want to see more investments into the industry addition as ROCE is so high?

I think why they want microphones it's because also the ones out in the online, so they can pick up the question.

Sorry, my question was basically how you think about capital allocation and does the Industrial division gets more of it given the high ROCE?

It's, of course, an interesting question because, yes, should we, since they have a much higher ROE put all the money there? And in a way, you can't put more money there than what you actually would benefit from. So we are driving the investments into Industrial division that we see is meaningful. And then -- but we are also doing the same thing in the other divisions because we have decided upon that all these 5 divisions are meaningful for us, but we are very careful with all investments that we are doing, that they are derived from both a division perspective but also from a group perspective. So -- and so far, it hasn't really been any big issues. We are capital light. We are not investing heavily internally. We don't have really that need. It's more the front-end type of activities. And it's not really been an issue for us up to now. So -- but if we have to choose, of course, you have to choose the thing that gives you the most back. That's obvious.

And I could say, I don't think for me personally that I don't feel that the Industrial divisions have been held back just because Ole or Sylvain or the Board are being stingy with CapEx. So more CapEx wouldn't necessarily help also, as Ole said.

No. And we are not like a governmental department somewhere that you just fight for CapEx. They do only the CapEx they find is meaningful because they sit with the consequence of the CapEx themselves in each division.

Good. More questions from the audience here, yes?

Yes. About the industrial services. So what is the service penetration rate at the moment? You said that they are third-party or independent service providers taking care of the service Also what is the service penetration rate? And then what is the spare parts capture rate? So if you're acquiring those independent service providers, said that the profitability for the spare parts is up, but could you also see the higher penetration?

Yes. Well, I think last time I got that question a year ago as well. And I think the answer back then was that roughly our service penetration on our installed base is about 50%. Now with improvements that we have made, it's north of that. And what was the other part of your question, Timo?

Spare parts capture rate.

Well, I would argue that the service contract penetration rate and spare parts capture rate would sort of go hand in hand, but we do sell to those third-party suppliers. So the spare parts capture rate is slightly north of then the service contract rate. What we do in order to understand where we do have the possibilities to grow that we compare benchmark our internal operations when it comes to spare parts, sales per installed base to understand, well, they do that in the U.S. discounted for price difference, but they do that in Canada. Then we can know where we have the opportunity to improve.

Okay. If I can continue, then Construction-related questions. So the business has been amazingly stable, I would say, if looking how the construction kind of underlying volumes being down. So if the Construction newbuild activity will be up 5% to 10%. So how fast the Construction division will grow?

Oh, that's great. That's absolutely what we're all after, isn't it? And we saw the graph today that we believe it's bottoming out, and we believe it's coming. I can't tell you exactly when it's coming, but I do know there's a pent-up demand, which I mentioned in the presentation. So I'm excited about the future for sure. And I think you've picked up on what -- the message I was relaying is that when it comes, it's going to be good times.

And then if the new equipment volumes will be up, then can you maintain the profitability? Or is it so that actually the operational leverage will lift it up?

Yes, we don't believe this will affect profitability or the gross margin targets that we have for our division. And we have capacity absolutely operationally to fulfill demand.

No, yes. if the volume increases, the profitability will go up because we get better utilization of our fixed assets in our factories. It will help me as well.

And that's really what's holding it down today. It's the low volumes as we have been saying, conveying now for some quarters, especially on the bigger machines into Europe and North America. And that affects quite significantly the XXXXXXXXXXXXXXX factory, which is shared by also the Industrial division, but that also helps holding it up because that piece is much, much better, but still it affects quite heavily the Construction division. That division would have had fundamentally different results if it would have been exposed like it used to be. But the things that we have done over the last years to build up this capability in China very successfully. So we are really taking market and growing in the rest of the world, the used business, the reviving of the lighter equipment, mass climbing work platforms and so forth. It's not massive volumes yet, but it's -- all of it is something there now, which wasn't really there. So -- but when the market comes, it should also affect all pieces of this plus the leverage, of course, we would be getting back into the core old business of that division. So yes, we expect that when the market comes, that should affect that division in a very good way.

Good. More question from the audience here. Let's jump in then with a question from Steve that we received online. So within our -- within your 8% to 12% growth target, how should we think about organic growth in that target?

Well, as I said, you should think about it, that is a substantial piece of the growth without giving an exact figure year-over-year, but I've been saying many times that of course, there is a fundamental growth into our business. that you should think, I think, beyond GDP because you have trends like urbanization, electrification, health and safety, the focus that will come into this sector. In addition, we have built a structure that position us, as you have already seen with 2 divisions that we take market share that we also go after growth on our own. So there is clearly -- so -- and on top, divisions are measured internally on organic growth. So all incentive is really around that. So that's where the whole thing sits a business which is not fundamentally growing, is dying in my eyes. So -- but we are not giving a figure, but it's a fundamental piece and then we also have this nice ability that we have strong cash flow, good financials. So even though we distribute 40% to 60% of our dividend, still we have a lot of means to invest well into good acquisitions, which on top, we have proven that we can actually handle also well, I think. So yes, you're never comfortable, but still we are feel that we are absolutely ready to drive those targets going forward.

Great. And then we received also a ROCE question here. So maybe that's for you, Sylvain. So it says your ROCE has been at the level around 10%, including goodwill. Do you see potential to improve that going forward?

I do definitely. I tried to explain, I think we we'll continue pulling the levers we have pulled in the last few years. We see levers to improve the margin, which is a first step. But we apply, I think, a good discipline on our balance sheet. As I said, we control net working capital. We are not afraid of working capital, but we want to have the working capital we need to grow our business. And the same applies to CapEx. We don't prevent yet from investing into the future. But we are careful on how we spend our money. And with that discipline, and we feel very comfortable with increased ROCE in the future, absolutely.

Great. And then we have an industrial question here as well. So you have stated that after sales accounts for approximately 60% of the Industrial division. Do you see further potential to grow your service business?

Yes. So I mean, we intend to grow both our new equipment sales. That's the future of the market and improve our penetration in aftermarket. That combined will allow us to grow faster than the group target.

Great. And do we have any more questions coming from the audience here? Good. Then it's time for us to take a break. And when we come back in 20 minutes, we will start off with our Wind division. [Break]

So welcome back to Alimak Group's Capital Markets Day. We have 3 division presentations left as well as an M&A presentation before our second Q&A today. So let's get started right away. I would welcome up on stage, Rafael Pena, our EVP for Wind.

Hello. Good afternoon. My name is Rafael Pena and I am EVP for the Wind division at Alimak Group. I am excited to share how our Wind division is uniquely positioned for sustainable growth and profitability. Today, you will see our strategy, performance and the actions that we are taking to capture value in this rapidly expanding wind energy sector. Our focus is clear. Commitment to innovation, focus on operational excellence and service expansion in order to deliver strong financial results and long-term shareholder value. So our portfolio is organized into 4 main areas designed to maximize safety and efficiency for technicians working in wind turbines, supporting both onshore and offshore sites. The first block is the service lift, industry-leading vertical access solutions for safe transport of people and material. We, of course, meet all local regulations and any specific customer requirement. The new -- the more recent lift delivered to the market have digital controls and connectivity to the -- our Alimak My Avanti web platform, enabling remote monitoring for improved safety, efficiency and service performance. We have all technologies commonly used in wind towers, wire guide lifts, ladder guided lifts and also rack and pinion driving and guiding revision systems. Then we have the ladders and others. They are safe and efficient climbing systems and also is the original business from Avanti since 1885. We produce them locally at 5 different sites in order to always to stay very close to our customers and markets. We can customize, and we can deliver climbing solutions, combined or not with fall protection systems. We also deliver cable management systems with cable ladders and also guiding Avanti ladders for the ladder guide lift. Then the third block would be safety. Safety is very relevant for us. We supply advanced personal and protective equipment to ensure safe work in wind turbines, including for protection systems for ladders, personal protective equipment mainly for working at heights and rescue devices for emergency response situations. And then the final block is the service, a strong aftersales offering drives growth, enhances resilience and reinforces also our market position. We have -- we can provide local support to all our customers in the main key markets through one, certified safety product trainings, also through our digital learning platform. Second, installation and all kind of maintenance and services. And third, the supply of the original parts. So this is Wind division. Our Wind division is built on safety, service and technological leadership. In the last 12 months, we have generated revenue of SEK 656 million with 36% of our -- these sales coming from service and stable high-margin segment. Also, we have provided an adjusted EBITDA margin of 18.1% and our return on capital employed, excluding goodwill, stands very close to 32%, reflecting our disciplined capital allocation and, of course, operational excellence. These metrics reflects our systematic approach and the resilience of our business model. So margin improvements, as you all know, has been a very focused area in our strategy through the original New Heights 1.0 program, we have -- we've been able to increase our share of profitable products, also reduce our cost via operational excellence and enhance product value through innovation and technological leadership. The results, as you can see, are quite clear. Our adjusted EBITDA margin has steadily improved, reaching from 18% to 20% in the last quarters. Now as we are transitioning to New Heights 2.0, our focus sets to growth acceleration, building on our margin gains, to expand our footprint and capture new opportunities in the wind market. So wind market is now really entering a phase of very robust growth. Onshore capacity growing at 7% per year and offshore are remarkable 27% through 2030. Asia is leading the way, followed by Europe, while North America is still set for superior onshore growth at 16% a year. The U.S. wind energy market is experiencing now a surge in new projects as developers accelerate timelines in order to secure the fuel incentives under the current legislation that they have today. This dynamic is creating a short and midterm window of opportunities because projects must commence immediately in the next, let's say, before 4 of July 2026 and reached completion before end of 2030 to maximize this tax credit benefit. So this trend is expected to drive significant investment activity in the U.S., reinforce supply chain demand and position the sector for sustained growth over the next at least 5 years. So this is regarding U.S., but talking about worldwide we are anticipating also the installation of lifts, new lifts annually as illustrated in the adjacent graph. This growth will be driven by an increasing of lift penetration rate that will offset the moderate rate in tower numbers resulting for higher rate power per wind turbine. So yes, this market presents significant opportunities for our divisions to capture share to innovate and deliver solutions that meet the evolving needs of our customers. So these are our 3 main growth drivers moving forward. Our strategy is built on these 3 pillars, innovation leadership, after sales expansion and safety product development. These blocks are not isolated. They work together to reinforce our current competitive position. By focusing on innovation, service and safety, we are building a resilient, profitable business with customer-centric solutions that position us to capture further opportunities for the future. So now let's take a closer look to each one of these 3 drivers. So the first one will be about innovation in service lifts. Innovation is at the health of our growth strategy, especially in lifts, the wind market is now expanding as we have just seen. And we need smarter, safer and more reliable life solution. We are capturing now market share through technological leadership. First of all, with our remote control solutions that allows technicians to operate lifts safely and efficiently, reducing downtime and improving productivity. Then with new predictive maintenance capabilities that means that we can anticipate issues before they occur, minimizing disruptions and lowering the cost for our customers. Then we have the battery, new battery powered lifts that can offer flexibility and sustainability, aligning with the industry's shift towards greener solution. So in this picture, we can see our service lift, Dolphin, together with our climbing ladder and our fall protection system integrated in a nice and very unique wind tower. So these innovations are not just a technical achievement. They are strategic differentiators. They allow us to win new customers, retain existing ones and command premium pricing. By continually improving our products we are setting new benchmarks for the industry and reinforcing our reputation as a technological leader. For investors, innovation is key. And this is a key driver of growth and profit. It demonstrates our commitment to staying ahead of the curve, meeting customer needs and creating lasting value. Our focus on R&D ensures that we will remain competitive and relevant in a rapidly changing market, positioning us for long-term success. [Presentation]

Again, innovations. This time, not about service, but internal. Our internal strategy has changed and has gone and there are significant transformation. As you can see today, we are more focused on driving innovation and delivering added value for our customers rather than simply producing products tailored for individual specifications as we did in the past -- in previous years. So yes, the video demonstrates 1 of our patented innovations. This is a solution that we call service trolley that the main aim that the customers can have is that they eliminate completely the platforms that they have inside the tower because they don't need it anymore with this system. And this solutions can also -- could also autonomously perform digital inspections of some mechanicals and electrical components using artificial vision and AI. So our goal is to enhance safety performance and ease of maintenance for wind installations. Our R&D teams are working on new designs and materials that improve the durability and reliability of the tower internals and these advance reduce maintenance costs, expand equipment life and enhance safety for technicians. So by integrating these smart technologies and modular designs, we are making it easier for operators to maintain and upgrade their systems, reducing very importantly for our customers, total cost of ownership. So this approach strengthens customer relationships and also is creating new opportunities not only for new equipment, but also for service contracts and aftermarket sales. Our commitment with innovation again in internal companies is a clear driver of growth and profitability going forward, helping us to capture additional market share and differentiate from our competition, which is very important in our market. So at the end, we are -- we secure our continued relevance and leadership in the wind energy sector. So we have gone through innovation in both service lifts and internals and now we will talk a little bit about service. As you can see in the graph, our installed base is expanding rapidly. And with it, the opportunity for service contracts is also growing. As more lifts come out of their guarantee period, we are well positioned to capture service share and provide overhaul solutions for aging equipment. We are investing in our service infrastructure, expanding our training programs and enhancing our part supply to ensure that we can meet this growing demand. Our focus is on delivering high-quality, reliable service that keeps our customers' operations running smoothly. This not only drives recurring revenue, but also strengthens our relationship with customers, making us the preferred partner for long-term support. The accumulated number of lifts also out of guarantee period also creates a substantial market for maintenance, upgrades and overhauls. By offering comprehensive service solutions, we are turning our installed base into a stable profitable revenue stream. So for investors, the growing base for service contracts provides stability and also predictability for the future. It reduces reliance on new equipment sales and creates a foundation for sustained and profitable growth. Also about service, we need to talk a bit about the life extension wave. We are now preparing for a significant weight of aftersales opportunities as lifts are reaching 20 years of service and require life extension solutions. This is, as you can see, a major growth driver for our division by offering inspection, certification and a complete retrofit package. We can create economical, environmental and social value for the customers. Life extension service, lower CapEx by delaying the need of new equipment, optimize OpEx through improved efficiency and also reduce waste by extending the life span of the existing assets. Additionally, this service also improves safety and working conditions for technicians, supporting our commitment to sustainability. So the accumulated number of lifts with life extension needs is set right to start in the coming years, bringing new business revenues for retrofit services and modernizations. This provides recurring revenue, enhanced profitability and reinforces our position as a trusted partner in the wind industry. Finally, our third block is about safety. Safety is a top priority for our company and our division. We are expanding our range of fall protection system and personal protective equipment related to working at heights to meet the growing needs of the wind industry. These launches that you can see will be possible -- will be made possible, thanks to the close partnership that we have with our HSPS division. By working together, we can leverage the deep product knowledge that exists within Alimak Group. And this internal expertise means that we are building on a strong foundation of technical understanding and market experience. The synergy between divisions will allow us to accelerate development, ensure compliance with the highest safety standards and deliver solutions that truly meet the needs of our customers. By 2030, we estimate that over 600,000 workers will need PPEs and fall protection system, more than doubling our addressable market today. Our plan, as you can see, is to expand from one currently to four for different type of fall protection systems, title for the wind market that will significantly increase our market reach. Also personal protective equipment is replaced as an average in the wind market every 3 years for technicians, creating a recurring revenue stream. So segment really contributes very little to our revenue. The growth potential is huge. Through innovation and this partnership with HSPS, we aim to lead the wind safety products. So in conclusion, our Wind division stands on a strong foundation with a proven business model, very solid value proposition and a clear focus on accelerating growth through New Heights 2.0. We are leveraging underlying market expansion, innovation in lifts and internals, a wave of aftersales opportunities and also safety equipment, as you have just seen, expansion to drive both and top line revenues and margin improvement. So our ambition is to be with the group revenue growth target while maintaining our high EBITDA margin levels. So thank you very much for your attention. And I give the floor to my colleague, Herve from Facade Access division. Thank you.

Thank you, Rafael. Good afternoon. My name is Herve Ros. I'm leading the Facade Access division since August 2025. I joined Tractel in 2017. And for the past 2 years, I was in charge of the Facade Access division in North America, leading the team, both in Canada and in U.S. Today, we will discuss about the division, and we will discuss about where we stand as well about how we manage to deliver on our commitments and we'll talk about the present and the future strategy, our go-to-market, how we want to leverage our technologies and in a way, also including our approach towards the sustainability. For the past 3 years, we worked a lot. We worked a lot, especially when we are dealing with restoring the discipline, and I will come back to that point later on during the presentation. We will -- we have also stabilized our operation. We have worked on our legacy challenges. And in a way, we have rebuilt our foundation. So we are ready for the next phase and our next phase is a profitable growth. So let's start with the Facade Access story. With the revenues of the division, so we are delivering a SEK 2 billion revenues with 41%. 41% is our revenues coming from the services. And if you back to 2023, we were at 29%, so we are seeing a significant increase in this field, and I will come back to that when we'll talk about the aftermarket. We are also delivering a 12.4% EBITDA margin at end of Q3 2025. And our return on capital employed are at 16%. I would say it's okay. But clearly, there is a room for improvement here, especially because we are now focusing on the profitability and as well on operational efficiencies. We are working on three main segments. The new construction, the infrastructure and the aftermarket. This is key for the discussion today because that's clearly the foundation for our strategy. And the strategy again will be based on the profitable growth. The profitability, so we are talking about profitability. So I will invite you to look at the trend, the trend over the last 5 years, from 2020 to 2025. In 2021, we were delivering something like 2.5% EBITDA margin, where today, at end of Q3, we are at 12.4%. It is a significant improvement for sure. And you can ask me how we managed to do that? I will say, with different steps. First, we have to be -- it is correct to say that the acquisition of the Tractel was a positive impact for profitability within the division. But also, we are in the project business, and I'm coming back to my previous comment on the discipline, the discipline and execution. From the sales point of view, estimation, it is clear that we are today more selective on the job that we are bidding. We are making sure that we have the right terms and conditions. We are making sure also that we have the right contingencies because when we are doing our risk assessment, we want to be covered. At the same time, the first phase is the sales and estimation, but we have also the project execution. And here, we are applying the same method and some discipline and execution, especially when we want to mitigate our risk, when we are looking at the different opportunities in terms of [indiscernible] change order as well. And all the processes that we put in place are today helping us to deliver the results. A few words about the legacy challenges. We worked a lot on the legacy projects. And I will say, by end of 2025, it will be our end phase at the end -- final phase of this legacy project, meaning that for 2026, we don't see, as of today, a potential significant negative impact of this project for the division. A few words about also what we developed over the last 2 years is the consolidation. The consolidation of our manufacturing base, especially the BMU manufacturing base in Spain. So we are in one location in Madrid. Today, we are able to deliver and to supply and to manufacture, sorry, the 3 leading brands: Tractel, CoxGomyl and Manntech. So coming back to the 12.4%, 12.4%, again, it's better than before. But clearly, it's not at all where we want to be. So there is still a lot of work to do. And the ambition is really clear here is we want to be at the group level margin. So how we'll manage to do that? We'll manage because we'll be focused. We'll be focused on the main key growth driver that we have for the division. New construction, a brief description, new construction, we are talking about new equipment for new building when a customer asks for an access solution to access the facade for the different operations. We are mainly dealing here with turnkey solution projects, and this is what we are doing, especially with our 3 leading brands. The second leg is the aftermarket. The aftermarket, mainly driven by service and maintenance. But as well with our RRR strategy, where we are offering value proposition towards the retrofit job, refurbishment jobs. Refurb is, for example, you are taking a major part and you're trying to extend the life of the equipment, but also of the sustainability goal for us and for our customers and the replacement. Replacement, we are taking old machine existing sitting on the roof of the building, and we're replacing by a new one. The third focus that we have today and for tomorrow will be the infrastructure. Infrastructure, clearly, we are targeting 3 main segments and 3 verticals: the nuclear segment, the bridges and the tunnels. Here is we are providing a complete customized solution for customers, mainly also driven by the engineering expertise that we developed over the years. So let's start with the new construction. New Construction, here again, we are leading the market. We are leading the market, especially with our all-leading brands. And the idea for us after the acquisition of Tractel is today, we are in a position to completely offer the full portfolio of solutions to our customers, meaning that we can go from a low complexity to standard products to the high-end products, such as the BMU, the building maintenance unit. We can also talk about technology. So technology, as we are leading the market and because we are a manufacturer, we have a role to play here. I will give you the example. Last week, we have been awarded for the Sustainability Award. We are very proud of that. We have been awarded for this specific price due to the technology that we are putting in the BMU where we are putting the mechatronic system. And this today is helping us to differentiate for a very competitive market. So that's also a key point. Because at the end, remember, we are a global player. We are a global player because we are operating in North America. We are operating in EMEA, Europe and Middle East and in Asia Pacific. But the strength of the division is that we are also local. Local through the expertise of our engineering, expertise in our project management. And this is helping us to, in a way, be very close to our customers to understand their needs, and to be also having a bit deep knowledge, sorry, of the code and regulations. So I will make a quick parallel. For years, we were doing and dealing with general contractors. General -- and we are still dealing with them. But we want to move higher in the value chain. And the higher in the value chain, meaning that we want to be close to the decision maker. And the decision-maker in this industry are the owner, the developer, and the architects. So we'll come back to that later, but the strategy that we initiated 2 years ago with our design -- integrity design service over the full division will help us to move forward in this value chain. How we'll find and where we will find the opportunities? I give you here an example of our ambition supported by the market trend. So on one side, you have the tall building. Tall building, this is what I call building above 200 meters, where you see on the completion year from 2022 to 2028, a significant increase in terms of volume by plus 50% and is coming from U.S. and as well for Middle East. Some of you will ask me where is Asia in this graph? Don't get me wrong, Asia is and will be focused for the division. But due to some, I would say, nonreliable data. Just for the exercise today, we didn't put this in the graph. So tall building, this is what we did for years, it's good. But again, I told you about the fact that we want to go for the full portfolio. And the full portfolio is also with the low rise. Low buildings, so from 4 to 9 floors, and we are seeing significantly -- a significant volume from 9 to 1 between a low-rise building and the building from 10 floors and above. It will trigger, let's say, different solution where we can propose also the standard solution. So again, this is where we want to go, supporting by the market data. How we'll capture the market share, through the integrated design services. This is something that we launched in 2024 in North America first. Today, we are really active as well in Europe, in Middle East, in APAC. We have recent successes in London, in Dubai, and this is where we want to move upstream in the value chain. I was mentioning the owner, the developer, and the idea is to be very close to this decision maker to offer a new value proposition to be able, in a way to assist them at the early stage, meaning that we can have a better constructability. We can move faster and we can be faster in the time line for the project and in a way, proposing the total control of the cost for the customer. I will ask you just maybe to remember 3 key data to illustrate the success of this initiative for us, 17%. 17% is the new order intake in North America coming from this initiative as of today. 10% of all the new equipment projects in North America today are also starting with this initiative. And this remember only after 18 months. And at global level, at division level, 5%, we are contributing -- 5% of the division order intake. It is significant for us. And we are very positive because we are seeing now some traction as well from other segments, which is the aftermarket, but also the infrastructure project. The second leg, the aftermarket. The aftermarket for sure, is driven by the inspection and maintenance with our service technician be present on the job site. And I will say, more technicians that we have at the job site, the more we'll be able to grow our pipeline. And why it's important for us is because we have also developed over the last 2, 3 years, our strategy, the RRR our strategy, refurbishment, retrofit and replacement. This strategy is probably 1 of our biggest success over the last 2 years because the order intake from, again, this initiative has increased by 50%. And is, for sure, a very strong positive margin contributor. We are also very enthusiastic for the future because we know that 40% of our installed assets are more than 20 years old. What does it mean? It means that it will trigger two possibilities: one, a refurb or two, a replacement. In both cases, we are able to provide and this is what we want to do. I will finish with, let's say, the initiative to reinforce our relationship with the property manager. That's the key decision maker here with the training to reinforce the relationship but as well to reinforce the safeties. So we are going through a digital approach. And also the fact that because we are talking about extending life, asset life, we are talking here about the -- supporting the CO2 reduction for our customers. The third leg, very important for us for the future is the infrastructure. The infrastructure, again, I can give you some examples, especially on tunnels and nuclear. We just announced yesterday a significant project for us in nuclear for supporting the construction of the small modular reactor. You can see on our website. But for the exercise today, I will focus on bridges. The bridge is a very important market for us in the near future. Why? Because you are seeing significant investments and this significant investments are driving the demand. We have example in U.S., we have example in Europe. In Germany, they announced a major investment for the next 10 years. You have the same example in Norway. I'm coming from Canada. I can tell you, in Canada, it's also a major part where the government and the states are investing. And for a good reason, the aging of the bridges. 505 of the U.S. bridge, and roughly 50% of the European bridges are over than -- are more than 50 years old. And this, you have only two solutions as well. You maintain the existing one or you replace one. And again, this is what we developed over the last 2 years. We signed 2 projects in North America recently, and we are proposing this kind of solution or a temporary platform underneath the bridge to help them to build the bridge or permanent platform, a different technology, a permanent platform underneath the bridge to help them to inspect and to maintain. So we are well positioned today for this market for the bridge, for the nuclear and for the tunnels. And a key data is our ambition is also very clear. We want to have, let's say, 15% of our order intake by 2028 coming from this segment. Now talking about the future and because we are leading in the market, it is also all to anticipate and to define where we want to position the division within the next 3, 5 years. This is key for me. I think that we want to position the division within the asset management value chain. Why? Because we have a role to play. We are closer today from the key decision maker, the owner, the architect, the developer. And we are seeing that as the asset manager, their role is to protect the value of the asset. The asset here is the building and you have information from the inside of the building. You can deal with the elevators, you can real time with the AC system. You can control the flow of your people, you can predict the advance. But think about the outside, the exterior of the building. You have nearly nothing, no information. And that's the idea. How can we use the tool? And today, our tool is the access solution along the facade. Or can we access use this tool, not anymore as a tool, but as a data hub. So meaning that between every drop or for every drop, sorry, we can start to collect data. We can start to monitor the health of the facade. We can map 3D the facade. We can work on the operational efficiency of the facade as well. So this is key for us. And it will also probably drop -- help us to develop more and more opportunities. We are investing money, resources and time, especially with our R&D team. But how can we accelerate that? We can accelerate that also due to our partnership. So I want to focus on this specific one because we signed an exclusive partnership for the next 5 years with Skyline Robotics. And we had the ambition together, combining our R&D to support in a way, the key decision-maker here is the property manager. The property manager is facing difficulties today for the cleaning, the cleaning cycle, the window cleaning of the building. For one good reason is the aging of the population. So the window washer today, first, it's difficult to attract talent. The job is still, I will say, difficult to operate during winter, and it's not the safest job in the world. So as of today, the lack of resources is also impacted our customer and basically the way that they are dealing with the operation. So our goal is to create and to develop an integrated robotic building maintenance unit. And we are very glad to say that we already signed our first integrity design services with them in North America, where we are starting now to develop, to study and to be able to provide solutions for the next 2, 3 yeas. One important point, we believe in this technology. We believe in this value proposition for our customer because we have invested in this company. I'll summarize, and I will conclude quickly with one key point of profitability. I will continue to say that will be and will be our key priority and for one good reason, I was managing the business in North America for 2 years. And I can tell you that this business in Facade Access is proving that the model is working, meaning that we managed to deliver for years and EBITDA margin above the group level margin. So we know the playbook. We know what we have to do. I explain you where we want to position as well the division on the high-value segments, the IDS, the integrated design services, infrastructure, the aftermarket. And because we are also, again, leading the way, leader of the market, we want to continue to innovate from the Facade Access to the Facade Intelligence. So again, in terms of ambition, we want to reach the 18% by 2028. At the end, it's all about people and our people, the 1,000 people working in this division, they are committed. We know what we have to do. We are doing it. And in a way, we are -- and I am very confident on the outcomes. Thank you very much. And I will leave the floor to Jose Maria.

Thank you, Herve. My name is Jose Maria Nevot. I'm heading Safety and Productivity Solutions. In the past, I was running Wind divisions, but from March 2025, I started and I have the honor to take this role. Today, I will walk you through what is the current division performance, what we do, where we do that, the new strategic directions and the growth opportunities that we look ahead in 2026 and beyond. So as the last 12 running months, we are at the level of SEK 1.3 billion with a share of the services just up to 15%, even if it has been improved in the last few quarters at EBITDA level of good 18.3% and a ROCE of 14.3%. We are not happy with this data, and we are ambitious and expect revenues to grow beyond what's ahead of GDP. For the EBITDA, we have to establish a new bar to increase the service level, not at the group level, but a little bit closer and the same in the ROCE. So -- but before we move into that, what it is this division about? Safety and Productivity Solutions has 3 main areas: high safety in which we can divide in personal and collective then we have productivity solutions with lifting, handling and measuring. And finally, the services. In the services, we make inspection, repairs, calibration, spare parts and training. But we start -- we had safety here, our job is basically safe work at heights. For that, the first thing you need is to have a harness, harness a position and [indiscernible]. That's the first point. Then to be able to work around for your work. And on that, you need this kind of self-retracting devices that we commercialize under the training block 4, and then the rest of the equipment for rescue and the centers and even for more complex solutions that goes into the -- what it is called the confined space. Then in the high safety collective, we have a large range of products as well. First one would be the guard rails and gates that are used in the industry and in the construction. This is an important and relevant product range that we commercialize in North America. We have safety lines that is based on cable. So in the rigid profiles. And last but not least, the safety access ladders. Moving into Productivity Solutions. In the lifting, here, we have to think that we are in our shop, and we have to move to lift some loans. We have the full portfolio. So we have motorized and manual for cables and for chains. So I will start by the manual cable hoist, which is called Tier 4, and it was patented in 1945. It was a revolution in the sector, and it is today one of the best sellers. Then when it moves into motorized, it was for the mini 4 up to 500 kilos. And above that, it was the [indiscernible] which was a machine that was delivered to the market in 1975. And actually, it was a world of success on sales and which is still very relevant in many sectors. Then we have as well the chain hoist, manual, the [indiscernible] as well as the motorized one, which is well track. Then when we are having something to pull, we have to handle the loads here is what we have from very simple clamps to -- I would say, mid complexity to move barrels to move big stainless steel cylinders or even to make the rotation of trailers in track construction. We have the magnets, permanent and as well fed by batteries. And [indiscernible] hooks here, again, from very simple and basic solutions to very heavy solutions that are used in the polar train of nuclear power plant. And finally, we are pulling goods, and we are picking them and clumping them. In order to make it safe, we need to have a measurement and control of these loads. So it has developed a full range of devices that are able to measure the loads. That's the [indiscernible] range that goes from few kilos up to 350 tonnes, and then as well to measure the attention of the cables within the rope and within line. So that's what we do. Then we're moving where we do that. So we have 9 manufacturing facilities in 7 countries. If I start with textile or soft goods, we have in Mexico that is dedicated for the North American market in Turkey and in France for the European and then the last one in China. For what is high safety and productivity tools, it is basically in Central Europe, Germany, France and little bit in Spain. And then we have the factory in Houston for the guardrails and the gates. Talking about the sales, I would like to mention that in our sales are very much concentrated. So 64% of our current sales are happening in Europe and 28% in North America. So that is giving you, let's say, a guide of what would be the strategy to come. Other point to understand as well is our sales are happening in the distributors at 60%, 50% of that is generalist, 1/3 is going to lifting and handling and the remaining for PP specialist. And 40% remaining is going to elevate our companies, installers, OEMs, rental firms and other small users. So getting back into financials, we have proven strong stability. I mean, it's stably flat in all the parameters. So over rolling 12 months, order intake has been consistently beyond SEK 1.2 billion to SEK 1.4 billion, and the EBITDA margin has been between 17% to 20%. So our ambition is to trigger a profitable growth of revenue at the level of between 8% to 12% at group level, while our adjusted EBITDA margin even it has been quite resilient, we have to go to the level of SEK 20 billion. And how to achieve that? So here, the enablers or the pillars or the main strategic initiatives are these 3. So in the organization streamline. Here, it will be a little bit like new heights 1.0. So we are going to establish the base, the foundation in order to further development. Second, customer obsession. Here, we are segmenting the customers to understand what is our potential reach and try to win with appropriate offer and tailored solution. And finally, which is natural with the geographical expansion, as you can see, after that 90% of sales that are happening in Europe and North America. So let's just start with the organization streamlining. About the structure, we want to reduce the number of fiscal and reported entities. We will centralize operations, R&D, marketing and product management. We will share platforms, KPIs and governance for making faster decision and execution, and we will improve the margin through efficiency gains. Relative to supply chain, we will need to optimize that as well. We are introducing the maker by concept, and we will set a smart manufacturing footprint. We will utilize the operations, we will use a common ERP in all the units, and we will apply consistently practice across sites for quality, efficiency and safety. And it has been mentioned in sustainability on the tractor side, we have to catch back and we are doing that by the end of the year, and we have been working the life cycle of their products, the processes and even with the reporting, and we will get there. And in the product development, that is, I would say, a substantial change with the previous strategy. Because here, it is going to be absolutely driven by market needs and customer value. So we need to understand what is their game plans and associated with the new technologies or current technologies to find the right solution. So we are simplifying our structure to become more efficient and robust integrated sustainability through our value chain and fostering an innovation-driven portfolio. So our model will be ready for growth. In the second pillar, customer obsession. So here, we are going to adapt our sales channels. We will study see if it is going to be direct or e-commerce or through distributor based on the customer and solutions. So this flexibility will allow us to maximize our reach and impact in each of the segments. And then we will get into detailing what each one of them. I will start with elevators, where this sector -- within construction, it's a sector where we are well introduced, thanks to the solution that we are within a within Tractel, and for the Big 4, they will be centrally managed with customer support and project coordination and the others will be supported by regional systems with distributors, supported with training and package offers. In construction, for the large again, there will be a direct engagement to understand what are the needs and to find a solution. Meanwhile, the mid and smaller companies will be through standardized offers via the distribution networks. But nevertheless, in our contractors, we will develop project-based lift in our handling solution, basically on the -- elaborating on the [indiscernible] with modular equipment eventually flexible leasing models. We will set up this localized service structure via certified partners with digital tools to ensure fast and reliable support and we will explore textile products and chain hoist to capture price sensitive, but high-volume markets with cost-effective solutions. Moving into industry. Here, we will adapt our offering to local safety regulations and industrial standards in the targeted industries. So the targeted industries, there are some -- where we have already a degree of introduction, which is in the energy, in the oil and gas, in the nuclear as well as in wind. And the others that we have the possibility or the opportunity to get better penetration like in food, beverage, pharmaceutical and chemical. So there will be direct sales by offering specific solutions in lifting equipments, confined space, rail and gates access, and we will engage with the maintenance department through specialized distributors for the rest of the standard catalog. Then into the third, which is the infrastructure here, it will be absolutely direct because we will win the trust through demonstration, expertise and tailored access solutions for cities and public services. Here, we will focus on municipalities and utilities in water, water waste and electrical networks. And here, we will have direct sales with by on-site demos, some pilots to show the full solution portfolio. So besides that, to manage that, we will need to manage public tenders with a structure follow-up with clear timelines, proactive big management, and we are using artificial intelligence in order to manage that. And we are building a regional partner network as well to ensure the project execution, compliance and smooth implementation. Here, I would like to say that even if our sales are divided 70% in construction, 20% in industry and 10% in infrastructure, what we expect on the growth ahead to come is going to be divided in equal parts for each one of the areas. Then about geographical expansion. Yes, clearly, we are strengthening our positioning in Europe and North America. You will see that in a couple of slides, but meanwhile as well, we are increasing our activities in potential markets like Brazil, Dubai, the Kingdom of Saudi Arabia, India and Australia. Each one of these regions are offering a unique opportunity for growth, and we are committed to unlock all the potential. So in order to achieve that, we will -- we are using, again, where we'll establish a position with the elevator industry that is allowing us to penetrate these markets in a much faster possibility. And all these countries actually are bearing -- we are leveraging as well the fact that in some of them, there are other divisions present so we can establish ourselves faster. And we expect that about 25% of the total growth will come from these regions. But while yes, we will drive destiny through these 3 strategic initiatives. There are inorganic opportunities for expanding this profitable business. The market here is actually is very large. It's very fragmented. It's dominated by regional players and standards. So the possibilities for inorganic growth here are 100 plus -- is extremely large. So here, what we have established is a clear strategy in order to weight them in order to manage the funnel or the pipeline, where we are looking at the possibility of vertical integration, downwards and upwards in our value chain in the new footprint in areas that we have not present and in the new technologies and services activities. And actually, we are starting to act according to that. So a good example, it could be this recent acquisition of Interlift that was signed in October 21, and we expect in the short term to have the closing, it's a distributor, it's a lifting and handling specialist that is based in the south of Sweden, which -- with revenues about SEK 50 million. And what is that bringing to us? Well, it is, first of all, strengthening our position in Sweden, where we were not present as HSPS. We are creating the direct relationship with very large customers where we can leverage the full value chain from the production to the end user. We are expanding our portfolio because he is adding as well some solutions that can be applied for shipyards and water infrastructures. And that is as lifting and handling specialist is generating as well possibilities and opportunities for high safety solutions that we can increase in the portfolio. So all in all, it is -- it can be a model for future strategic moves in other markets. So in summary, our division is well positioned for growth. We are streamlining our organization, tailoring our approach to customer segments and expanding geographically. The market consolidation through acquisition will further accelerate our growth. And our ambition is to deliver the group target financially with this 8% to 12% and 20% EBITDA. Thank you for your attention. Looking forward to your questions. And now I give the stage to Matilda.

Great. Thank you, Jose Maria. So well, when I'm not hosting our Capital Markets Day, I actually have a day work, and that is working with M&A and strategy. So I thought I would take a couple of minutes to present a little bit more around the M&A work that we do. I would like to start off with showing our M&A process, and this is fairly standard. I think most companies have a process similar to this. But I would just like to highlight a couple of things here. As you see, we start with the group and division strategy. So it's really all M&A that we do. It links back to the strategy and the strategy that we have. And it's also based on those that we get our prioritized M&A areas as well as the funnel with the target long list. And as you heard from my colleagues today, we do see a lot of M&A opportunities in all divisions, and you can see that that's clearly linked to the growth strategy that we have. And in the end of the process here, we have the integration, and that is the most important step for us when the company has become integrated into us. So what are then the key success factors when it comes to M&A? Well, common for all M&A we do is that it builds on the same principles. First, we do it ourselves. We create our own target lists, and we priority them -- prioritize them based on our own criteria. In the beginning, we look at things like the market position, the strategic fit with us and also the financial performance. And this is something we do get a lot of questions on what are your sweet spots? What are you looking for when it comes to the financials for targets? And the target should be of a decent size for us, not too small to spend our time on, but also something that we can swallow. And on the EBITDA level, we have quite high requirements. We would like it to contribute to the group margins or be at the margin today where we quite quickly can lift it to the group level. So that's a quite tough criteria that we have. Further when it comes to doing it ourselves. We are the experts in our own industries. That means that we drive the commercial and operational due diligence ourselves. For some of the due diligence process, we might need local advisers, but then we always make sure that we own the process and we take all the key decisions, that's always up to us. Second here is our focus on people and culture. As mentioned today, people is the most important asset in the group, and that is certainly also true when it comes to M&A. Therefore, we believe in being transparent early on being clear with our plans for the acquired company. But also, we make sure to assess the culture fit along the process, along the discussions with the target to really make sure that we could fit well together. And lastly, the ownership of the plants. Here, we make sure that we get the right stakeholders in from the start into the process and that they help to create their plans. This creates commitments, both from the buying and the selling team and is also a key success factor in our integration work. But it also means that we can drive multiple M&As at the same time. Because it will be different people from different divisions and different geographies that are involved in the processes. It's not only up to me and the small team sitting in Stockholm that to do everything. So now we talk a little bit more about the traditional M&A. But in the last couple of years, we have also done a couple of strategic partnerships that we have invested both time and money in. Jens mentioned all the good benefits that we get from the partnership with service protocol. And that is a company that we acquired a 45% share of in 2022. And since then, they have actually become 4x bigger. And that is not only due to us rolling out to our own service technicians because we think it's such a great tool. But actually 70% of the revenues come from external parties. So they are also driving growth on themselves. Then another partnership that's been mentioned was Herve that mentioned our partnership with Skyline Robotics. It's a bit newer. We formed it about a year ago. And there, we also did a minority investment. And partnerships like this is something that we hope to be able to do more in the future to really stay at the front and be leading technology. And that was all for me on M&A, and then I would like to welcome up Rafael, Herve, Jose Maria and Ole again for a second Q&A.

Good. So let's start to see if we have any questions in the room.

How happy you are with the current business structure, 5 divisions? And of course, I understand that there are some synergies, R&D synergies between the certain divisions. But I must ask that, that why you have a safety division because it just makes your group more complex, and it is very hard to see that how it kind of creates the shareholder value if it's just to increase the complexity. So can you please give me one reason why you don't divest it tomorrow?

Why don't divest -- HSPS. But I think all these divisions actually function into more or less the same market. We are involved in the same thing. And if there is one division, which actually have entanglement with all others, it's HSPS. But the go-to-market for HSPS is not direct like you see for most of the other divisions. It ends up with the same end user, but the go-to-market is more typically driven by distribution channel and partners. So that's why it has a benefit of driving it separate as a division and not sitting or split it up into the other divisions. So I think it has a clear value long term. And I think also some of the things that we see going forward in the strategy that we can actually become even closer to customers with these type of solutions. We might, over time, move more direct and get more into the service. This Interlift acquisition we did, I find to be actually very interesting. Not because it's a great company, but for what it is. It is actually a local distributor in Sweden, focusing on lifting and handling. So -- and it's been a distributor of HSPS, but also multiple other brands. But also what they do quite a lot is integrate. They have lifting knowledge and capability, and they work with different integrators or companies to provide lifting solutions. So it has a very, very -- I think, interesting perspective going forward, which will also take you closer to the other businesses. So for us, it has a natural home here. And I think it also has a very natural structure today, these 5 divisions, the way we operate to ensure focus and not try to mix it too much. I hope that...

Okay. Let's take an online question, and we see if we get more. So here we have a question. Would you be willing to exceed your leverage targets when you make acquisitions?

Well, in principle, the short answer is no because we have a leverage target for a reason. And that's something we should stay within. But it's also said by -- when we made this by the Board and the agreement is that for strategic purposes, we might be able to overshoot it like we did with the Tractel acquisition we had. So there is a possibility for the Board to act on it if -- or to overshoot if something like that would be needed. But the plan and the ambition is absolutely not that, it's to stay within.

A question. You said something about the North American margin within Facade Access being higher than the group. Maybe how much that is legacy Alimak Facade Access? And how much did you get some margin accretion from the Tractel synergies for the Facade Access division? Or how -- maybe some comments on that yes, what you see?

I will not provide a straightforward answer. I will not give you the numbers. But it's clearly -- I think if you compare especially North America business, the thing that I know, I will say that we are coming back to the principle of the discipline and execution. And this is what I believe Tractel brings to the table is discipline in execution because everything that I explained today was, yes, the strategy where we want to move forward and what we want to achieve. But it's representing, what, 10% but 90% will be the execution. So this is what we bring to the table at that time when Tractel has been acquired.

Yes. And just a follow-up on that. Of course, you have seen maybe a larger increase within the service part for Facade Access also over the years. Is there a ceiling of that part or -- is it as you said, focused on all different...

No, no. It's a group value. We are challenging the limits. So I don't see any ceiling. My point is we are -- the situation is very different between countries. For example, one question was about the penetration of the service. I'm not looking at the penetration at the division level. The penetration in a few countries in Europe or in Asia or in North America is completely different. It's based on how we operate in the past. If we are present in the country, how competitors -- how many competitors we have in the region. But in terms of ceiling, the fact that we are progressing and continue to progress the fact that we are putting a dedicated team as well for the aftermarket. This is, for sure, a complete -- a driver also for the growth for the future.

Yes. And also sort of how you review projects today compared to previously, what was sort of the main issue where you got these legacy projects, which lower margins? Was it...

Yes, I will tell you. I believe that legacy Facade Access Alimak was product-driven. And here, we are in the project business, totally different world. And when I was talking about tender reviews, contingencies, my background is project manager. I was starting as a project manager. So contingencies, the mitigation -- risk mitigation, how we want to deliver the value to our customers and how we want to pilot our project. That's what we are doing today, and this is what we started 3 years ago.

And if I also add to that again and also this HSPS question and so forth, to -- it's not only about the product or that you actually -- but you need to understand how you should go to market and how the business works and how to set yourself up to be in the most effective way, and in a competitive position. So understanding that this business is a project business and running it like the project business, versus that you try to define it to be a product and sell it as a product. Then you are lost. So that happened there basically. And the same with HSPS or it's not the same history, but HSPS to really understand that, that is a distribution business and handle it like that and work with it in that sense and be set up, then you have other parameters that drive success. So this is a fundamental piece in why we have the division structure. They have different not only products and customers, but also different go-to-market with different critical processes and we need to be set up and handling that in the right way.

Yes. So a question within the Wind division. And given the initiative within innovation, et cetera, how do you view the competitive landscape within your division in particular?

Yes. We are now growing in R&D resources, and we are mainly having both base for R&D technological center. We have one in Spain and another one in China. So they are because markets Western and Asian markets are quite different. So we need to have our own R&D in China for the Chinese market and also the European one for the most of the Western OEMs and utilities, and we are growing. And very happy to see that the advancements and the new products that we are launching to the market but they are really covering the customer expectations.

Okay. So -- but would you say that the competitors are also looking at this type of innovative -- I mean, is it an advantage for you? Or would you say that this is just a necessary development within your division?

We are not looking at the competition. We are more looking to the customer needs and the market demands. So in this case, the service role is not coming from the competition. It's coming from discussion with the customer. And okay, you are paying a lot of money for some platforms that maybe you could avoid if we could put this service in our system, then you could avoid to put all these metals and then it's more cost efficient for you and sustainable. Also, we are working with a lot of AI new products for the next years to come. We know that some competitors are also doing that, but we are focused on our own knowledge, the knowledge of the experience of the market that we have and also to be very close to the customers in order to really understand what are they need? How can we make their lives better and how they can pay for this value that we are adding to our products. So this is where we are focused.

And it works.

That's great. I'll take one more related to your M&A, and it seems like you see a lot of potential in all the divisions. But do you see any more like stronger potential or more like low-hanging fruits in any specific division in your view that could add value in the near term?

I think all divisions have a lot of potential in their own way. And then they have a little bit different maturity level also in that sense. So I will sum up a little bit also about each division. So I think I will come back to it a little bit in my sum up. But all are today absolutely equally important, and we see great potential in all of them. As I think you have seen today and yes. But still, they do have -- they are in different places. They serve different markets and it's yes, different things on the agenda. But again, it's the logic behind these divisions. So that you don't bake a cake out of everything.

Yes. And I can just add as well as -- as we mentioned, we have M&A opportunities in all divisions, and we have active pipelines that we are working on. But then it's -- of course, also a timing question sometimes that the right target should come up for sale at the right time. So it's not that we have prioritized one division above someone else. It's more sort of coming down to the right target and finishing that process. Good. We have a question at the back.

Could you talk a little bit about what sizes of acquisitions you're looking at? Would you, for example, mainly be doing bolt-ons. So would you do consider larger acquisitions as well? And also if you could delve into sort of return criteria or multiples that you wish to pay?

Yes. First of all, I think it's bolt-ons. It's -- we don't have anything in pipe or any plan that we would do Tractel again. And it's not because we don't want more French people on board or anything like that. It's -- it was a fantastic acquisition that we did with Tractel. We got so much competence and great diversification -- all these aspects that we have gotten into the group. So -- but it's a big one. And it requires a lot of time and effort and so forth, which you would like more to be able to keep speed in all parts of the business. And then acquisitions could also be this catalyst that helps keep the things moving faster forward. So I more believe long term that it's better to do smaller and in more places in the group. So that's more the -- let's say, the strategy and sweet spot, but our type of size of divisions, maybe from some tens of millions, SEK 30, 40, 50 million up to some hundreds but not -- but it could also -- yes. But as I said, it's nothing in pipe or nothing that points towards today that it will be something like the one we did. Multiple-wise, you talk about the pricing and so forth. Typically, then you buy or you're into acquisitions, which is maybe more privately held or localized in a certain way. So then typically, you have quite favorable multiples. So as it's very well known, we paid a 10x multiple on Tractel but I don't see at all that we would need to be back in that type of level with the acquisitions we are working on or seeing in pipe today, that would be well below, which I think is market standard also more. So pricing is -- shouldn't be a big issue, but also is this thing, you need to be pragmatic. If it's not within the range that you're willing to pay, then we don't do it.

Good. Then we have some questions online as well. So we have an M&A question to Jose Maria. Can you explain more about the acquisition targets in HSPS division, as you say, it's very fragmented? Is it more that are similar like Interlift or is it other segments as well that you're looking at?

No. What I mean about the market itself is not related to Interlift is that in the high safety and productivity solutions, the quantity of product solutions, there are -- is very huge. So we are taking part in some of them. And there are other adjacent niches that we are not touching. For example, these kind of things for breathing in a confined space, some things like that. So there are many of these activities. Additionally, for the range that we are developing and commercializing and servicing. There are many, many actors because it is very much regionalized by the local actors with the local standards. Therefore, the potential for consolidation there is huge. So we can be strong with some range of products in some regions of the world and consolidate with others in others. And then what is about Interlift is different is in the downstream, is to be able to get the full value chain and then to have direct customers that are relevant when the energy and so on. So it's a little bit different. Hopefully, that answers.

Good. And then we have a question here for you, Rafa. So you had an impressive improvement of the profitability in the Wind division. I mean, some of it was also driven by Jose Maria, so you could take some credit. But do you expect to be able to remain at that level?

Of course, this is our target. We want to grow according to the group targets, and we want to -- and we will keep the profitability levels that we are providing today. We'll be growing in new equipment, but we will also be developing, as I explained before, new services about inspection -- 10 years inspection and lifetime programs that will keep our profit high. So why not yes? That's our ambition.

Great. And that was all questions online. If we don't have any more questions from the audience in the room, I would like to hand over to Ole for some concluding remarks. Thank you.

Yes. I think I'll start here. So first of all, very nice to have been hosting this event today, and I will try to summarize a little bit what you have heard, started off with a group strategy, trying to give you, again, I've said this many times, but we think it's so essential to how we operate and who we are and why this group is now very different and is on some -- a nice journey going forward. So to really understand how we work, why we are set up the way we are and also -- how we can also continue to drive forward in a strong way and now accelerate into stronger growth and even more profitability. Hopefully, you also get some confidence that we actually do what we say. So we deliver, that's the fundamental piece of the attitude and the way we run the company. It's an important piece, of course, you could all say in this room, it's -- yes, of course, it's granted, but it's not like that everywhere, but this is something we really, really focus on. And that's also why we put targets relatively close to our heart. That it's not 5 years or 7 years out. So you need to think about it in 2 or 3 years. These are targets that we wake up tomorrow morning. And we need to drive them and we need to or we are already doing that. So that's a fundamental piece that you also understand how we drive metrics. And it's a reason why we show you ROCE on the division slides. It's not because we want to bribe about it because maybe in one division, you can bribe about it. But for the rest, it is what it is and you have a lot of potential. So the point is just that we want to show you the way we run the business. For each division, ROCE is important. For each division, capital allocation to the question, is important. So it's driven in each piece, and it's driven at group level. But again, it's a symbol of how we are decentralizing and giving responsibility and activating everyone in the organization throughout fundamental. And then about each division, if we sum them up a little bit, what we have seen today and where we are? Industrial division, starting off there because it's a little bit the performance-wise currently best-in-class. But it hasn't come from there. It's been really this work that we have done over these last 5 years, putting up a separate focus on it, getting people in and giving them the autonomy and nowhere to hide. You can't sell a bunch of construction hoists and be happy and meet your targets. You actually need to drive industrial projects which is fundamentally different. And driving this globally, adding people and going forward, that has led to that we have been growing very fast and we will continue to grow fast. And we have also lifted margins fantastically talking about this penetration rate of service of things like this, that's a language that is now part of the daily business, but it wasn't before if you are not into it as an example. Facade Access, the way that has been lifted and where we are versus where we were 5 years ago and driven both from the legacy fixing that, but also what the acquisition of Tractel meant, getting capable people on board, getting a process that actually is working. Getting this successfully together and driving it forward. So it's also there, we have done -- I think, as a team, a great job, but we are not finished. But we are onto that. We will fix that. We know how to do. So it's just to continue to do it, but it takes time. So -- but when you are long term, you have also that time and you -- and it's not that we work slow for that purpose, but it's just that we work in the right way, I would say. If you take construction, also the legacy business of the group, where we have a fantastic base to bring forward the name, the presence, the leading thing all around the world wherever you go, you see this orange machines. We all have dressed up well that for today also. And unique position with -- but the core product. They have also lost it a little bit that lighter machinery and really for working from a product or a customer perspective was not fully there. So it was more focused on the product. But when you turn it around, you start to see all these opportunities. You pay attention to what David was saying. We are diving into industrial temporary opportunities. We are taking control of our old future destiny. Not sitting here waiting for a rental company to order hoists from us. But we go after segments and business and really now we have a good competence. And with our market presence, we can do more. And that's what's happening there. And then on top, the market has been very, very unfortunate or not good for us, and that will also support it going forward. For wind, fantastic turnaround that has been done with that business when we really started to become focused on the customer, understanding what these few customers wanted understanding that this was some sort of automotive type of business and driving it that way. That turned profit that turned the confidence from the customer side into us into something completely different. So we win, but it doesn't come by the -- easily, and it doesn't come that it is hard work every day committed to always drive forward that keeps that business in the way it is. And then HSPS, I think a fantastic base that has so many things with integration possibilities and markets and so forth with the rest. So it will be so easy to also break it up or do things and try to bake a little bit of cake again. But it has uniqueness to it. You need to keep it separate and to get that type of thing. And then slowly and steadily, like Rafa was talking about, we see now, and they are driving between Wind and HSPS. So clear cut synergies on the product and the market side. So these things, I think, also clearly will come but we don't enforce it. It needs to be found a little bit by the business themselves. So there is greatness, I think, to all of these divisions. And then we share a very thin layer on top, supporting. And technology is basically the only thing and we have this nice way of working. One example, I didn't bring up when I started, but ERP, the way we work, I guess when groups talk about ERP implementation, it's something that wakes investors up and analysts because normally, that means a lot of cost. It means a lot of complexity. It means a lot of issues. And history, historically, I think it was the most common denominator for CEO's being kicked out. So -- but we have been doing ERP now for 2 years. But we're not talking about it. And why? Because we are doing it. It's not a cost that you see below the line or that we try to address or we are doing it day by day. So we are implementing unit by unit, but it's driven by the divisions and we own the whole thing. Yes, we use some consultants, but it's just -- so we basically learn. But we are also doing it in a smart way. We don't do it because we think that an ERP needs to be fitting to us. We do it because we need an ERP to be able to do our daily business. So that's the opposite thing. So that will be an Excel thinking. If you need a spreadsheet, would you think about starting to adopt or change Excel before you enter your figures No, you wouldn't. You would end your figures and utilize Excel. And that's the thinking we also have with ERP. We have found Microsoft's ERP, very simple, but more than enough for us, and we implement it and we adopt to that, simple as that. So I think small basic things like this is the way we try to do things. And it's the decentralized when people own it, and they are seeing the consequences of decisions themselves that you get effects like that. So I hope that you have seen that we are true to our strategy that we have a lot in each division. And as a group, it's -- hopefully, it should be a good investment. It's this -- I've talked a lot about this number too. So I will talk about this before I close up, is that it is a proven business model that we are showing you now. We clearly believe. We have this fortunate thing that we are supported by megatrends. So it's a business which actually will live for a long time. So it's not something that will die. And as long as we keep moving forward, we will we will also be the winners in this sector. We have a great foundation in the fact that we actually do sell bigger machines with the service need. And so we can really be part of a bigger loop and we are that to the full context, which gives resilience and all that -- also from a geographical perspective and also from a divisional or customer perspective, as you saw from [ Sylvain ] and we have a good financial model. We don't -- we are not overcapitalized. We run healthy in that respect with whole lot of -- the right metrics. So that means that we are able to invest and take care of our own destiny also in that respect going forward. So that's the status now, and now we are moving into 2.0 with a new hike in our financial targets, which we are committed to deliver like we have been with the ones that we have had so far. So with that, I would like to start my thank you. I would first thank the team that has organized this from our end today. Matilda, Jane, it's Tobias. It's Daniel. It's several people here that has worked intense with it for a long time, of course. I want to thank [indiscernible] for organizing everything here. It's worked very nicely and that's important. So you feel that you are taking care of. Of course, all the 3,100 in the groups that are delivering results every day and drive the group forward, the speakers that have been on stage today. It's not something we do every day. So of course, it's a nervous exercise and so forth. But really, I hope you see the genuineness and the way we are into our business, all of us and how we drive things. And also, of course, thank you to all of you supporting listening in, being here today and online. So thank you until next time.