Bergman & Beving AB (publ) (BLRB.F) Q3 FY2026 Earnings Call Transcript & Summary

Welcome to the Bergman & Beving Q3 2025 Report Presentation. [Operator Instructions]. Now I will hand the conference over to speakers, CEO, Magnus Söderlind; and CFO, Peter Schön. Please go ahead.

Good morning, everyone, and welcome to the financial report of the Bergman & Beving third quarter 2025. We were actually sorry for this delay. We actually thought we were live, and I was talking for 5 minutes, but we have now restarted, and I will start from the beginning. And hopefully, now everyone can hear what we are saying. And I also have Peter Schön here with me today.

Hello, everyone.

Yes. And we will run this as normal. We will start with the presentation, and then we will have a Q&A. So let's start with the highlights of the third quarter and the market. The market uncertainty continued during the third quarter. We saw some positive outlook in the turn of the year, especially around the increased investment activity in the Nordic construction sector.  However, beginning in January, we had some geopolitical incidents that created risk, created some uncertainties. So there are still scenarios, macro scenarios that could dampen the pickup. But hopefully, we have a turning point here now, but I think it's too early to count that going forward, but let's see what happen around that. Despite this uncertainty, we continue to increase earnings, improve margins, improve returns and also improved earnings per share in the quarter. The turnover is quite flat, but positively is that we had an organic growth with 4% during the quarter, and that was the first quarter in many quarters that we have a positive organic growth, top line growth. However, as you know, we have been actively phasing out low-margin businesses along the way. So that is one of the reasons why we, by purpose, have had an organic negative top line growth, something that you can see in the improved gross margin we've had along the way in combination with improved profit margin that we also, in this quarter, had an increase. We're now at 10.7% in EBITA margin, steadily above 10%, and that's a little bit more than 1% unit increase since last quarter. And the EBITA increased profit by 12%, and we now have 24 consecutive quarters with improved profits. Also, our profitability, profit/working capital increased 5% units, and we're now at 35%. And all in all, this resulted in an earnings per share growth rolling 12 to SEK 8.7... sorry, SEK 8.5 compared with SEK 7.55 comparable quarter last year. So overall, we are going in the right direction, but there are still things to do going forward. We also continue to build a better Bergman & Beving long-term by taking some structural initiatives. We implemented four divisions during this quarter, moving from three divisions, with the aim to enable us to continue to grow through acquisition, but also enhanced organically in the companies that we have across the group. So we now have four new divisions with divisions head in place and I'm very much looking forward to see the development we can have in the group with strength in the management on the division level. We also made two acquisitions during the period with a combined annual sales of SEK 75 million. And on Monday this week, we also announced the latest acquisition, A1S in the U.K. with an annual sales of SEK 110 million. So we continue to acquire. And in this year, we have made eight acquisitions this fiscal year so far. So that is an all-time high in terms of numbers, but also in terms of revenue and profit that we acquired during my tenure. We also divested our internal logistics company, Logistikpartner i Ulricehamn, in January 13, and we did that because we don't see that we are a good long-term owner to a logistic company. It doesn't have the characteristic of niche and profit levels that we would like to have within Bergman & Beving, and we don't see the need to have an internal logistic company within the group going forward. We believe that this logistic company will have a better development in terms of service level and price points being part of a professional logistics company, and that is actually the new owner of Logistikpartner i Ulricehamn, it's named Boxflow. If we look more specifically into the acquisition, I mentioned we made eight acquisitions so far this year. And as you can see on this slide, there has been a lot of acquisitions in the U.K. That is not by purpose, I would say. It's the result of I think that the acquisition market as such has been favorable in the U.K. and also that we have been increased our activities in the U.K. market, resulting in good high-quality acquisitions opportunities that then has materialized in acquisitions. So in annual revenue, we acquired now SEK 520 million in turnover, and that is above the acquisition target if you then recalculate that in profit since all of them have margins above 15% and some are well above the 15% profit margin. So we are now above the acquisition target of acquiring SEK 50 million to SEK 80 million EBITA annually. So we are very satisfied with the acquisitions pace we have so far. As I said earlier, we have now 24 consecutive quarters with increased EBITA, and that is a good traction, and we have the ambition to continue this positive development going forward as well, including also increasing the EBITA margin. I mentioned initially that we now, in this quarter, had an organic growth of 4%. The currency affected negatively on the top line with 4% and the acquisitions and divestment all in all made a minus 1% effect, all in all, resulting in a top line decline of minus 1%. But once again, it's... we're very glad and happy that we had an organic growth this quarter, and that's actually the first time since 14 quarters that we had an organic top line development. We continue to enhance the gross margin. We have a very good trend in the gross margin also this quarter, and that is the result of divestments that we made along the way that typically is low gross margin businesses in combination with acquiring high-margin businesses. I earlier communicated that you shouldn't, if you look at the quarters from starting in 2021 up until Q1 '24-'25, we had a very steady improvement in the gross margin. That is mainly due to the phase out activities we made of low-margin businesses. We have communicated earlier that the acquisition by definition will not increase the gross margin as such. So yes, we can have some continued improvement in gross margin, but you shouldn't expect a steady growth even if we make high-margin businesses acquisitions going forward. But we work very closely with the gross margin to protect and enhance that, of course, across all our companies in the group. And as you can see, we had a target to have 75% own product, but we're now at 79%. And I don't see that is kind of an end game as such. So the aim is to continue to improve the own product as a part of the total going forward as well. So this is a picture that actually shows the three key KPIs we are following, the profit/working capital, the EBIT in absolute terms, and the EBIT margin. And on all of those three, you see a positive development even if we would like to see a more steep growth in the EBIT and the EBIT margin as such. As communicated earlier, the EBIT is affected that we actually sold businesses that represent roughly SEK 45 million in earnings that we have compensated through organic profit growth as well as acquisition. But the improvement path has kind of dampened a little bit, but we will see that will pick up aiming for the SEK 500 million in the coming quarters. And also, the EBIT margin is now at 8.2%, and we have some 1.8% units to get to the 10%, and we are still aiming for that, but that will have... we will need some additional quarters to reach that level as well. And the profit/working capital target of SEK 45 million in this fiscal year is still in play. With that said, I will leave, hand over to Peter talking about the earnings per share development.

Thank you, Magnus. And when it comes to earnings per share, it continues to improve, steady progress. And as you can see on the red line here, it's rolling 12. It's steadily increasing after a period where we had a decrease in earnings per share due to the interest rates. But now it has picked up and the rolling 12 figure is SEK 8.5. So steady... slow and steady progress. If we move on to the inventory levels, also here, as we stated the last two quarters as well, we have a slower reduction pace. We have done a lot of the low-hanging fruit, so to say, when it comes to inventory reductions. And even though the inventory reduced also to SEK 125 million, the organic reduction was SEK 55 million. So also here a slow and steady progress. The inventory turnover leveled out. So even here, you can see a bit slower progress. And we still work with the reductions, and we still have a potential, but it takes more time now to slim our assortments and get the final release of cash from that. And if we go to the cash flow from operating activities was, yes, in the quarter according to plan. Of course, the slower inventory reduction also we can see here after a period with very high cash flows, we're now more on a level playing. Also, the effect of the seasonality. This quarter was, if we go back a few years, a very strong quarter with a lot of release actually from accounts receivables with our company selling through resellers in the Nordics. We now have a more even seasonality, but still, yes, the cash flow was according to plan. And if we look at the net debt, we increased the operational net debt to SEK 1.5 billion compared to SEK 1.2 billion last year, and it's driven by acquisitions. As Magnus said, during the year, we acquired SEK 500 million in turnover. So that has increased the debt. And also, the last quarter, we repurchased shares to cover our incentive programs. So that was SEK 64 million. So good, but the acquisition target remains intact. And after the quarter, we also did, like Magnus said, the A1S acquisition in the U.K. So we feel quite comfortable with a net debt to EBITDA level of 2.6. So we still are on an acquisition path going forward.

As said earlier in this call, to strengthen the group's long-term conditions for profitable growth and create more opportunities for acquisition-driven expansion, we have established a fourth division. At the same time, we have transferred some companies between the divisions to strengthen our strategic focus and operational efficiency. So the group is now divided into four divisions: Core Solutions; Safety Technology; Machinery & Equipment; and PPE & Utilities. And I will not go through all the companies, but generally speaking, you could say that the PPE & Utilities include companies in personal protective equipment and consumables, including the wholesale company, Luna. And these companies primarily conduct sales through construction, industrial resellers in the Nordic region, i.e., more the original type of B&B businesses that we had after the spin-off of Momentum Group 2017. Whereas the Core Solution, and Safety Technology, and Machinery & Equipment is more recently acquired company if you exclude the ESSVE company, that is a company close to SEK 1 billion in turnover that is part of the Core Solutions division. We have also communicated... when we communicated the new divisions, released a pro forma that state the historical development of those divisions in the new setup and structure. But if we look at the Core Solutions then, the construction sector, they are facing... have been stable, even if there are some varieties across the different sub-segments. But ESSVE, for example, see some early signs here of recovery, even if you don't... that hasn't materialized yet in the order intake or the invoicing. But still, this company... this division increased revenue with 15%, but even more impressive is that the EBITA increased more than 100% up to SEK 53 million, and the EBITA margin is all-time high at 14% now. And you can see the slides in the bottom here that we have a steady improvement in the rolling 12 EBITA development and the margin is picking up again now, and the revenue is also picking up partly organically, but mainly through acquisitions. If we look at then the Safety Technology division, also here, we have a mixed demand, but overall somewhat stronger. Here, we have a revenue increase of 26% and EBITA increase of 50% to SEK 51 million. And here, we have even a higher EBITA margin at 16.1%, and it's a significant increase compared with previous year. It's close to 2.5% or even a little bit around 2.5% unit increase. And this division has been the most active in the acquisitions during the last... this fiscal year. And here, we acquired Modus Gauges in October 1 in the Q3 quarter and as well as DataLase in November. And also, the A1S we acquired this Monday is part of this division. So this division have made several acquisitions that we expect to see the effect of going forward. And here, we have a very good, I think, margin, but there are some improvement opportunities even here and also a steady improvement of the EBITA rolling 12 going forward based both on organic development as well as the result of made acquisitions. If we then move into Machinery & Equipment division, they also have different demands. Here, we have some machinery companies and the investment, especially within construction sector, is still very weak. So those companies are still struggling with the demand. If we look at the pro forma, this division performed much better, as you can see on the curves here with an EBITA above 12% up until Q2 this fiscal year. And this is something... this is very, I would say, disappointing, the development of this division. And I expect these divisions to kind of improve going forward, getting back to the historical level. It's very difficult to say when this will happen in time. But going forward, I would expect to see some improvement quarter-on-quarter. This is now an EBITA of SEK 10 million, that's compared with SEK 25 million last fiscal year. And also here, we have a decline in the EBITA margin down to 7.5% compared with 19% last fiscal year. We have assigned a new division head here starting January, Johan Cederstrand, who has been returning to the Bergman & Beving Group after having a division role in a peer to Bergman & Beving. But before that, he has more than 20 years working experience within the group. So this is very good, I think, culture-wise, and he knows how we operate and this decentralized way of working. So I think with Johan, we have some great opportunities to seeing a good development within this division going forward. And lastly then, we have the PPE & Utilities division, mainly consisting of companies selling through industrial and construction resellers in the Nordics. As you can see on the curves here, the revenue has gone down over time. This is mainly due to the phase out activities we've done in the Luna, the wholesaling company within this group that we also see the effect of the increased gross margin. When I joined the group, this was well above SEK 1 billion in turnover within Luna, and now we are a couple of millions below SEK 1 billion in turnover, but still have improved profits. So we are still working with the Luna Group to kind of improve the performance of that company. But I'm not dissatisfied with the revenue development in this division since this has been mainly driven by activities initiated by us. You can see here on the slides that the EBITA margin has been quite flat, and the EBITA level has come down a little bit. This is partly due to that we have divested some businesses as such. But I expect this division as well to improve the kind of performance over time. If we look at the revenue development, it looks a little bit worse than it actually is underlying since we sold off two businesses in this. The Skydda contributed roughly SEK 100 million in the comparable period, and we also sold off the business in Baltics, the Luna business in Baltic, and that's around SEK 130 million. So that is kind of part of the decline in revenue that we have initiated, I would say. So the EBITA was SEK 32 million here compared to SEK 44 million, and the EBITA margin was roughly in line with last quarter at 7.5%. We've also chosen to staff up this division with someone who has been with the group for many years, Jan Lundmark. He used to be the CEO of Guide company that is part of this division now going forward, and he has been working with the group for many, many years as well. So he's well acquainted with the way of how we operate. So all in all, we continue to aim for the 500/TEN/45, even if we are some quarters of delay here, partly due to the divestments we've done and the profit of... the loss we've done in profit earnings based on those. But overall, if you look at underlying market, we had a very good outlook in the end of 2025. We hope that will continue, but that is not... I don't feel 100% certain of that. Let's see what happen in the next coming quarters. But we will continue to do what we always be doing to prioritize profit expansion over revenue growth. We'll continue to allocate capital according to our capital allocation model called focus model. We'll continue to give our company support through our toolbox. And as Peter was saying, we will continue to acquire highly profitable B2B companies with leading position in growing niche markets. And with that said, we have some current group themes. Peter was showing the debt level that we have and the debt ratio. That is a priority to work that down over time, and that is addressing the working capital, and that is... inventory is part of that and also to continue to improve profit both organically and through acquisitions as such. I showed a slide about the gross margin development. It's not, per definition, maintained on that level. So we really push and facilitate our companies to maintain a good pricing discipline as well as at the purchase discipline to make sure we nurture the gross margin going forward as well. The activities we have done, we have done in a way that we shouldn't hamper the pickup in the underlying market.  So really looking forward to have both our engine working at the same time, i.e., the acquisition engine that I think has been working very well during the last years, I would say. But we had some problems with the organic engine. And hopefully, we get some help of the underlying market now going forward to get that engine into full speed. So with that said, we open up for Q&A.

[Operator Instructions] The next question comes from Zino Engdalen Ricciuti from Handelsbanken.

I'd like to start off in Core Solutions, which, as you highlighted, a very impressive margin. Could you just further give any more color if there is any extraordinary performance in the companies when we're thinking about how we should extrapolate the strong performance in this quarter?

As mentioned earlier, ESSVE is a big company in this division. It represents roughly SEK 1 billion in turnover. So the ESSVE performance will, by definition, have an impact on the Core Solutions division performance. And ESSVE is improving profits despite that the top line is not growing in a big way, and that is due to a lot of efficiency activities ESSVE has been running during the last quarters. That in combination with quite a lot of acquisitions during last fiscal year is building up this improvement in the Core divisions solutions... sorry, the Core Solutions division.

Clear. And just looking at the next quarter, if I remember correctly, there was a big takeback in ESSVE. I assume that it will go back to normal.

Yes. That effect is already taken. So you don't see that effect in this quarter, in the Q3 quarter. So now we have a more normal kind of run rate in ESSVE.

Very clear.

It's just the volume has to pick up yet.

Yes. And on the Machinery & Equipment side, you hinted that we should expect some kind of improvement in the coming quarter. Are you looking at the demand side or the cost side and if we should expect any restructuring costs or similar in that segment?

You shouldn't expect any restructuring cost going forward in that segment. The improvement in this division will not only be dependent on the underlying market picking up. So we have some things we need to do this, that will not generate restructuring costs that is on the level that you need to kind of consider it. But there are some activities that is in-house oriented sort of.

And just in general, how would you say that... it of course varies by companies, but how the pricing environment is? Do you feel that you can keep them at solid levels, especially when you also relate that we've seen organic growth, how much is mix from companies with different pricing models?

I mean, of course, when the inflation is on the level that is currently, it's much more difficult to kind of make price adjustments, especially if it's upwards. But we have a big focus on that, both on the pricing and to be a little bit more sophisticated around that in combination, as I said earlier, also on the purchasing side with the aim to maintain, and over time, even increase the gross margin.

The next question comes from Markus Almerud from DNB Carnegie.

Markus Almerud here from DNB Carnegie. I have a couple. My first question is on acquisitions. You made eight acquisitions so far this year, of which six has been in the U.K. And you said that was kind of a coincidence and also there has been a good environment for acquisitions. Can you talk a little bit about what.... I mean, what that environment is and why it's better than it is in the Nordics, for instance, right now?

Yes. I think we have increased our activities as well in the Great Britain area, and that is also part of this result that we have acquired quite a lot of companies in the U.K. But overall, I think there seems to be, at least what we have seen, is that there are more niche, high-quality profitable companies that has maintained a good profit level during the last years in the U.K. compared what we have seen in the Nordics during the last quarters as such. And what the reason is for that, I don't have a good answer actually.

And in terms of pricing, is it the similar kind of prices for the targets? I mean, of course, when the profitability is different, then you will also have a different kind of denominator. But in terms of like if you look over time, some kind of normalized levels, the price level is the same?

You shouldn't see that the number of acquisitions in the U.K. is a result that there is a lot of good cases in the Nordic that we haven't been acquiring due to the prices has been too high. That is not the fact. I would say that the number of opportunities in the Nordic has been significantly lower for us during the last quarters than it has been historically.

And if you look at your pipeline, is that reflecting the pipeline as well so that there are more maybe opportunities in the near future as well in the U.K., then you never know what will materialize or not, but just looking at the pipeline.

It's very difficult as to say where we will end. We have discussions with companies across the Nordics as well as the Great Britain area. So I don't want to make a forecast what you should expect on what companies we acquire going in the next coming quarters.

Fair enough.

It's not by definition only in Great Britain.

Yes. And then maybe a final one on the acquisitions. Looking at the companies outside of the Nordics, are they in general larger in size because the U.K. is a larger market than Sweden, for instance? Or is that not the case? Is it...

No, I will not say. If you look at the size of the companies we acquire, they are typically in the range that we acquire in the Nordic as well. So I mean, we really look for niche companies. And per definition, a niche doesn't need to be bigger in the U.K. than in Nordic as such.

Yes. Okay. Okay. And then my next question is on the profitability, the profit/working capital, which is improving clearly, up 5 points in the quarter. Looking forward, you talked about working capital, the low-hanging fruit in inventories, in particular, is done, right? So to get you from 35% to 45%, I would assume that that's mainly going to have to add-ons to come, so to speak, to get you to close that gap. Is that the right interpretation?

I mean the profit/working capital ratio that we have in our report is rolling 12 figures. There is a delay in the kind of the performance in that KPI. So if we look at the rolling 3 figures, it's even higher than the 35%. So per definition, only by time, this will increase. I mean the aim is to reach the 45% with the work we are doing in the current portfolios in combination with acquisition, as we have presented that all of them are above the 45%. And that will, of course, also add to the improvement of profit/working capital ratio over time.

So in the figures you're showing, the rolling 12, then I would assume that the divestments that you've done is still impacting those ratios a bit, that it's not adjusted for the divestments that you've made.

Yes, it's adjusted for the divestments.

It is adjusted.

Yes, it is. Yes.

The next question comes from Emanuel Jansson from Danske Bank.

I hope you can hear me. Just a few follow-up questions from my side. And I noticed very strong gross margin development, as you mentioned in the presentation. Could you maybe please elaborate a little bit more behind the drivers on this expansion? Is it primarily mix effect or FX... some FX tailwinds or price increases? Or how should we view it?

It's a combination of a lot of things. As said earlier, we are phasing out, continue to phase out low-margin businesses across the group in all companies, and that had some positive effect on the margin as such. We are much more now sophisticated in terms of pricing that will have some positive effect as well organically. And generally speaking, if we acquire companies, many of those are also adding on to the gross margin improvement as such. So it's a kind of broad range of activities that help us to kind of enhance the gross margin.

And would you say also it's a result of organic growth being back as well regarding the top line?

No, I wouldn't say that we have seen that effect yet. I mean, we have 4% organic top line growth this quarter. But if we look on a group level, we don't... we haven't seen any kind of pickup in the top line in a way that that is reflected in the gross margin currently. There will be a positive effect when... over time, hopefully, when the market picks up.

And on that topic, could you maybe then also comment a bit on the scalability on your current cost base? I mean if the market turns positive now and demand increases, to what extent can you grow sales then without meaningfully expanding in OpEx going forward?

Yes. We have, during the last quarters, made some efficiency improvement across the group, taking out a couple of hundred million SEK in cost. And as communicated earlier, I don't see a need to rebuild that cost when the market pickups. Those reductions is mainly... has made our company more efficient. So I don't expect no big... major cost increase when the volume picks up. So I think we are in a very good position with a lower cost base and in combination with a higher gross margin when the revenue picks up.

Sounds exciting indeed. And last question from my side, given the new divisional structure with now four divisions, which one do you perceive having the most significant untapped potential for the EBITA margin expansion in the near term and also for the long-term period?

I think... I mean, if we look pro forma-wise, historically, the Core Solutions, the Safety Technology division as well as the Machinery & Equipment division have very healthy margins and good profit/working capital ratios. So I see all of those divisions having a good potential to maintain that and even improve that over time. As mentioned earlier, if we look at the more short-term perspective, the Safety Technology division has made a lot of acquisitions that I expect to contribute both to the margin expansion as well as the profit increase in the coming quarters as such. I think also, as mentioned earlier, the Machinery & Equipment division, I expect those to be kind of all-time low level now in terms of margins and see a steady improvement over time in that development in that division. I think the most challenging division is the PPE & Utilities division, where we have some companies with some structural challenges. You saw on the previous slides that they have been quite steady on the EBITA margin, and I expect them to improve over time, but that is more like a long game in that division.

And I think you also mentioned in the report that Luna saw quite, I don't know, pretty much... quite weak top line performance in this quarter. I mean, how much is this hampering the segment at the moment?

I mean Luna is not performing on the level that I would expect. So we continue to do some kind of structural activities in Luna, and my expectation is that those activities in combination with some other things we have been doing should have some positive effect on the Luna development, but they are still coming from a too low level. So yes, it's still a big part of that division in terms of turnover. So the development of Luna will have an impact on the division performance as such. It's very important that Luna kind of develop in a positive way.

The next question comes from Linus Alentun from Nordea. Please go ahead.

Just a quick couple of questions here for me. Starting in Machinery & Equipment, especially the margin decline here. I noted that the order book is full for A.T.E. And I'm just wondering how we can think about the margin going forward. Will this... when you execute on the order book here, will we see some recovery here in the margin and what would a normalized level be?

Yes. I mean we... in this division, we have A.T.E., and we also have Polartherm that is a company that historically have performed very, very strong. And I expect A.T.E. to perform better going forward. They have, as you said, a very strong order backlog that hasn't been delivered yet and is up for delivery now in combination with Polartherm that have also some expected deliveries to go out here in the coming months. So those two together will enhance the margin in this division going forward.

And when do you think you will start to execute on that order book? Is it like instantly now for next quarter or...

That is the likely scenario. Polartherm is delivering a lot to the U.S. and they're also delivering to the U.S. Air Force. Those defense product is not having any tariffs, at least according to what they have communicated. But there is a long delay in the process of delivering to the defense in the U.S. due to the more stricter control of the tariffs and the deliveries as such. Polartherm have, for example, a lot of products ready to be delivered to the U.S. Air Force based in the U.S. The products are already there, but they just wait to get some delivery sign-offs, and we expected that to happen already in December. It hasn't happened yet. So it's a lot of things that is out of our and our company's control. So it's very uncertain, but my expectation is that we will see some positive impact on deliveries in this quarter.

Okay. Just one other question here. You had a positive SEK 9 million impact here from remeasurements from the contingent consideration, and you also had a bit larger post in Q2, if I remember right. So I'm just wondering what we can expect here. Are the projections, I mean, aggressive in regards to where we are in the market? Or how can we think about that forward?

Just to comment on that. As you said, we had a positive SEK 9 million effect based on the earn-out, but we also had, in this quarter, SEK 8 million costs in terms of [indiscernible] acquisitions. So those more or less level out. I mean some of our companies are facing a tougher market than expected, and that is partly effect then that we have resolved some of the earn-outs that haven't materialized. Then it's very difficult also to forecast what we could expect going forward. That's dependent on a lot of different things. So I'm not ready to make a forecast of the future earn-out kind of payouts.

[Operator Instructions] There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments.

Okay, everyone. We have a couple of written questions. The first one is, do you know how high the EBITA growth would have been without the divestments? And yes, of course, we know, but we don't communicate the organic EBITA development. So sorry for that. The next question is related to the Nordic market. And please, can you elaborate on your comment around seeing increased investment activity in the Nordic construction sector by country, by end market, and residential versus commercial new building and repairs, et cetera? And are you seeing more hiring in the Nordics?

If we look at the investment within the construction sector, I mean, the new housing has been very dampened across, I would say, all the Nordic countries. Sweden is our biggest market on a group level, followed by Norway. If we look at the forecast for new house gross investment 2026, it's close to 20% in Sweden, it's 16% in Norway and 15% in Finland. Those are quite big numbers. All of them, we are now starting from a very low level, but there are investments increase in housing in the construction sector. If we look at the same parameters in new business premises, the forecast for Sweden is 4% and Norway is 14% and Finland is 9% in 2026. So we also see there are an increase in gross investment in the Nordic across the business premises segment as such. So there are solid data that indicates that there is an increase. We also had an increase in 2025 in both Sweden, Norway and Finland in the new housing, even if they are a little bit lower than the forecast for 2026. So we see also already in '25, there was an increase in investment. But as noted in the quarterly report, it takes some quarters before our companies get the orders after the investment has taken place in the construction sector. So there are proof that the investments have increased 2025, and there are strong indication that the increase will be even bigger in 2026.

Yes, I think that was all the questions. So thank you for this teleconference and all your questions. And we'll meet again soon, hopefully, with a positive report once again.

Thank you very much.

Thank you. Bye.