Nederman Holding Aktie

Welcome to the Nederman Holding Q1 2026 Report Presentation, [Operator Instructions] Now I will hand the conference over to speakers CEO, Sven Kristensson; and CFO, Matthew Cusick. Please go ahead.

Good morning, ladies and gentlemen, and welcome to this presentation of Q1 for Nederman. Our headline has been resilient in a volatile market because it's been an eventual quarter again. And what we can see is that we are still strengthening our position in the world although it remains very turbulent.

The first quarter, we continued to advance a position in a very volatile market. There is high activity across all divisions that all having good pipelines, less good order intake. Because we had lower orders received, although the activity picked up at the latter part of Q1 and continuing here in in April, we'll see what that means. We are strengthening our presence in a structurally growing industry. And by that, we mean that we are entering new fields like Food, Pharma and Life Science related, et cetera, and resulting in a lower sales and EBIT or profit margin.

If I move on to some of the key financials then, if we go on to -- on orders received, as Sven mentioned, for the quarter as a whole, orders received were weaker than a very strong Q1 last year. It must be mentioned 3 of 4 divisions in Q1 last year -- I'll leave it at 2 or 4 divisions in Q1 last year had their record quarters for order intake. I don't want to get into a debate on currency rates. But like Sven mentioned, order activity clearly picked up, particularly during the second half of March, negative currency impact. That's something that you analysts listening will have heard and we'll be hearing from lots of companies. It's around 9% quarter-on-quarter for us in Q1 this year.

Orders ultimately were SEK 1.267 billion versus just over SEK 1.5 billion in Q1 last year. That's 6.7% down currency-neutral, 9.2% organic. The charts that we see on this slide for orders received, you can see that basically half of the drop in order intake is currency related.

On the next slide, sales lower than Q1 2025, I put a comment in there, in line with Q3 2025's order intake, which gives a little indication on the sort of lead times. It's not the same lead times across all 4 divisions. But SEK 1.257 billion was approximately in line with Q3. Again, currency impact, minus 9% also on sales. Currency-neutral order sales were down 2%, so less of a drop than on the order intake and it's purely looking comparative-wise, organically minus [ 5.5%].

Profitability, these lower sales volumes and are apparent -- we did have very strong gross profit margin. Something that's quite pleasing is the increased productivity in our factories. We had rather good utilization in the factories in the EFT division during Q1, which Sven can come back to [indiscernible] EBITDA is pure currency effects largely due to the U.S. dollar, which was down quarter-on-quarter, nearly 15% compared to Q1 last year.

Ultimately, what that meant was that the EBITDA for Q1 was SEK 117 million versus SEK 143 million last year. The EBITDA margin, 9.3% versus 10.1%. Earnings per share, SEK 1.31 versus SEK 1.69 in Q1 last year. Cash flow from operations, very slightly negative. It was a typical quarter 1, I would say, in the Nederman world. Typically, what we see in quarter 1 is that we've received some orders just before the year-end, and we've received down payments on those orders, and we start executing on those. So the working capital development is usually less favorable in the first quarter. We are still lacking some larger orders, which -- for which we received down payments, once those start coming in, that will boost the cash flow from operations rather well.

On the net debt front, very little movement, we could say since the year-end. Division by divisions, Sven, we start with EFT.

Yes. Extraction and Filtration Technology here, during the quarter, we had a bit low orders received and that was mainly due to very few larger orders in Americas, where we could see a new hesitation to sign. However, the base business, as we call it, the traditional small project, the ones that do not have to go to the boardroom, actually grew in the division. And there was a significant order intake growth for service as well. Since we have, over the last few years, put much effort in growing in especially European and the North American organization to have a strong service, which also prolong the relation with our customers.

Profit margins increased versus Q1 and that is due to operational efficiency. We have been talking about the investments we've been doing, not only in Helsingborg, we have a new factory setup for [indiscernible] Brand in Detroit area. We are continuously upgrading now, and we'll come back to that in [ Charlotte factory ] as well. And we had a decent capacity utilization in the factories, although there is plenty of room to grow that. But increased operational efficiency, maintain our margins.

And if we go to European market, we had an increase in order to receive. And again, it was strong base business, midsize, small, midsized solution orders. And then there were 3 major orders and that was to commercialize manufacturing Defense actually Naval area and wood products. So that's what we see.

If we look at the Americas, as you have noted, the orders received were significantly behind Q1, which in all [indiscernible] Was a record year, a record quarter, but we've seen the hesitancy in U.S. market to put the pen to the paper. One major order was, however, secured and that was winter manufacturing. Base business grew. And again, several small midsized orders. And again, service where we have focused over the last few years, as mentioned before, also in the U.S. market grew.

So currency neutral sales growth with strong service business. In Asia, lower orders received and [ sales base business ] also weaker, and it's a challenging market environment. Some cost cautiousness has been taking in some of the Asian part of it.

Key activities. We continue to launch new products. As you probably have seen last year, we spent almost 3% on R&D, and we see how that pays off. GoMax, I will not go into the details, but it was again we were again awarded a technological award and the reason of the -- how they formulate it was smart technology with an efficiency and sustainable design. Continued investment in operations in North America, we have started the further in-sourcing project in [ Charlotte ] for this division and that will further lead to efficiencies in our supply chain and in a further step also more or even less, even if it's very little that comes from outside U.S., 80%, 85% is local content in this division in U.S.

We have launched new versions of the partner web shops. So we continue also our digital journey when it comes to being up-to-date.

When it comes to financials for [indiscernible] , orders received SEK 578 million in the quarter is 8.6% down currency-neutral albeit from, like Sven mentioned, a record quarter at that time. Q2 actually exceeded that, but this was a record at the time. Sales, SEK 592 million. [indiscernible] Sales. So this is a little bit what we're talking about in terms of resilience. We've managed to keep the margin up. We actually increased the margin in this division to 12.2% from 11.6% in Q1 2025.

Moving on then to process technology Sven.

Yes, process technology. Here, we have significant larger orders and projects. And it's glad to say that we actually had order intake growth in the quarter. There were a few -- for several major orders secured. And again, a very strong aftermarket development with strong growth. And again, we see the result of a few years of focused activities.

So again, we got a order backlog that increased. And if you remember our acquisition of Euro-Equip, they are giving a positive contribution, both orders, sales and profitability. So we are very pleased with that addition.

The 3 parts, we start with Textile and Fiber. Here, we see the continuous overcapacity, but also a slight pick up. So maybe the Textile segment has bottomed out, but I will not promise that, but we'll see. But it's been couple of years with very low demand. Again, we have the energy saving as for textile plants orders have reached record levels. We passed 1,000 units here during the quarter. And again, we show the capability of technical leadership and new development and helping our customers to save energy in a world where energy prices are soaring.

Foundry and Smelters. We actually also here had organic growth in order intake. There was a very large order for copper recycling in U.S. We have, over the few years specialized in our technology to be and are the technology, commercial leading partner [indiscernible] Recycling of metals and materials. And again, positive impact from Euro-Equip, continued strong activity within the recycling. However, that is signed that they are a bit slow to take the decisions, but for a mid- to long-term recycling of metal will continue. The need of copper, the need of aluminum, we cannot have it on landfill, which is the case in U.S. and in Asia. In Europe, we are quite good, especially on aluminum, where we have 80% to 90% recycled material.

Customized Solutions, stable development, new order in U.S. pharmaceutical industry. We are sort of moving in, as mentioned, to a little bit new territory. We have been doing it before, but we are more focused now on finding pockets of growth in this environment. We secured 2 projects in India, and that is geographical expansion. We are using our strong footprint in India for the Textile and Fiber. And from that bridge head, we are now increasing our capabilities and also taking in other areas from the division.

Service business continued to grow. So again, key activities, sales of energy-efficient carbon bladed fans for textile plants exceeded 1,000 units, good milestone. We continue to invest in test center upgrades and ongoing improvement to existing product lines. Again, [indiscernible] , we renovation capability where you can save energy and make your choice. So again, we are far ahead of competition when it comes to technology and integration of digital solutions.

Financials for Process Technology. Order intake was SEK 346 million in the year, which was even at prevailing rates growth, currency-neutral nearly 14% up. Euro-Equip, part of this currency neutral growth, but even organically, like Sven mentioned, we've gone up there 2.9%. Sales very slightly down to -- or slightly down to SEK 321 million, but adjusted EBITDA is increasing SEK 29 million is 9.1%. You see there that the boost from the growing Service business, for example, which has stronger margins. So 9.1% on rather modest sales figures is what we see from Process Technology in Q1.

Duct and Filter Technology then Sven.

Yes. Duct and Filter. Here, we've seen, and it's very much based on the U.S. side, where the majority of the sales come from. Development in the quarter, we had a bit of a decrease versus the record Q1. So the year started very slowly, but it picked up later in the quarter. And again, of course, based on this, there is very limited backlog, the sales decrease versus Q1 2025. But we do deliver solid profitability with very good factory efficiency.

As you remember, we have now invested in the 2 parts of -- and fulfill 2 parts of the manufacturing in Thomasville. We have automated. We have invested in in new technology in both standard sizes and also now inaugurated the XT, which is larger dimensions. And we see how that, despite the fact that the volumes, are a little bit slow can maintain good gross margins. Again, of course, massive negative currency effect since most of the business is in U.S. dollars.

Nordfab, which is deducting we saw increased activity in March, and that was actually giving us organic growth for the quarter as a whole. Project wind battery manufacturing made significant contribution to the order intake. And that was very much so that EV battery factory are now converted into battery factories for storage, et cetera. So we say maybe some of that business is rebouncing and coming back.

EMEA orders resales increased slightly compared to last year's Q1. Menardi, which is filter banks had a very slow order intake, but saw a slight recovery in March. EMEA performed well, but it's a much smaller portion of that subdivision.

Launch of BIM Toolbar, US and Europe, launch of HygiDuct Australia, Thailand. Solar panel installation Thomasville is providing significant reduced environmental impact and also cost impact. The sun is shining in North Carolina, a significantly more than here in Helsingborg.

Continued investment in tools and equipment to enhance product quality and streamlined manufacturing. And as you've seen, we are seeing positive effect of the automation and the significant investments we have made in manufacturing and logistics. It's not only the manufacturing, it's also the setup with Nordfab now, which is giving us capability of balance and have more efficient manufacturing.

We have started the project where we have subs, where we have possibility to have shorter lead times. So we have started opening in Texas, Dallas warehouse. We are only shipping the emergence in part directly, the rest we take from a warehouse. And again, we have been able to have 100% delivery accuracy despite the hike in orders in late March, very positive for the market, and we are getting new distributors who want to work with us.

Financials for Duct and Filter Technology. External order intake was SEK 180 million in the quarter, down from the record Q1 last year, SEK 224 million that's 7.4% currency neutral. Obviously, as Sven mentioned, the currency impact on this division is very high sales. [ SEK 194 million ], down from SEK 241 million. Adjusted EBIT of SEK 37 million is 18.9%. And we think, again, this is showing resilience. Last year, Q1 was 22.1%, which is the highest quarter for this division in all of history. But 18.9% still rather pleasing on somewhat more modest volume levels.

If we then move on to final division, Sven Monitoring and Control Technology.

Yes. Monitoring and Control. Here for the quarter, we had real decrease in orders. Revenue was also decreasing, but there were very big variations between the different business units. And of course, the low sales volume, the profitability was reduced.

If we look at NEO Monitors, the total order intake was slightly reduced there, and that was due to Asia. That hold a little bit in the quarter. We have seen growth in the U.S. and we have over years have seen significant growth for NEO Monitors in the U.S. market where we were a very small player a few years ago. But by the investment in [indiscernible] Sales office and service organization, which is now consisting of up to, if I remember correctly, 12 persons have given us direct access to the petrochemical industry in in the area.

And we also see that it leads to major orders, and we are deepening our cooperation with the large one since we now are located with a strong service team in the neighborhood. The European orders and sales grew organically and they had a stable demand. We have significantly increased the production efficiency, all of the real manufacturing going on in Oslo, and we have restructured from a small almost, call it, startup manufacturing [indiscernible] And electronic assembly site that is much more efficient much more quality and that work is continuing.

Gasmet, the order intake reduced and it was partly on a nonrepeat major order, but it's also punishing the the large dependence on public sectors like customs, police, universities that is a base business and that has impacted, especially in U.S. and Asia, where there has been reduced spending in these sectors. But we have also received new orders from new customers in Singapore and South Africa.

Auburn, based in outside Boston in Beverly, saw organic order intake growth. We could definitely see that the order intake picked up in March. What that means going forward, we don't know. We had slightly -- sales slightly behind this very strong Q1 last year, but the orders are coming back.

We have reviewed and updated the product portfolio, and that continues, and we are hereby getting the permits, the , et cetera, and strengthening our platform for expansion in India, China, but we're also having other activities to go outside the U.S. market that is dominant for Auburn's product. We have added a product like PM Laser to upgrade, and that has given a new boosting interest on the U.S. market, where we have a very strong position, but we want to also grow that in Asia and in Europe.

Our activities in Asia were halted, but we are restarting them. They were halted due to the difficulty to sell from U.S. to China with 100% custom tariffs which was the case in a period. But we are now restarting those activities.

Again, key activities, launch of PM Laser, new technology from new application particle monitoring. We have established sales offices in Korea and Singapore. We have continuous improvement to existing product. We are also increasing the integration between Insight and Olicem, also here an increased awareness with customers, and we are linking these products together.

Ongoing new product certifications and that's partly what's needed to bring in larger volumes of our Auburn products to Europe. We also doing preparation for capacity and efficiency investment in Gasmet facility in Finland. And that is linked to and is similar to what we've been doing in Auburn and in [ Neo ].

Financials for Monitoring Control Technology. Orders received SEK 163 million in the quarter, down from the record SEK 249 million in Q1 last year. Remember in Q1 last year, we had 2 orders in this division that alone combined almost reached SEK 50 million, but nevertheless, 28.5% down currency neutral.

Sales, SEK 168 million versus SEK 198 million. That's down 8.2%. And we see the impact of the margin -- on the margin of the volume drop on this division. Adjusted EBIT to SEK 20 million is 12.1% versus 18% last year.

If we move on then, Sven, to the outlook.

Yes. Demand remains subdued in many sectors, but the growing service segment and a very strong vehicle offering means that we are performing very well in the current uncertain market. Following a very weak start, activity picked up towards the end of the first quarter, which, if continues, will bode well for performance in the quarters ahead of the year. The pipelines are strong, but the order intake is low.

At the same time, there is considerable uncertainty in the market, very difficult to forecast broader recovery in demand. However, when that gains momentum, we are extremely well placed to improve our profitability. With a strong balance sheet, we continue to invest in operational efficiency and in continuously improving our offering. That means that we will be able to continue to strengthen our position, regardless of the market situation. But in a world where awareness of damage that poor air quality does to people is growing. Nederman, with its leading offering in industrial air filtration has an important role to play and a good opportunity to continue to grow.

Briefly on the financial calendar. Then we've got our Annual General Meeting next Tuesday, at 4:00 p.m. The interim report for Q2 is released on the 16th of July and the Q3 is released on the 21st of October. The year-end report will be released on the 12th of February next year.

And with that, I think we can open up for any questions that people listening may have for us.

[Operator Instructions] The next question comes from August Flyning from Handelsbanken.

Two questions from my side, please. To start off with, you mentioned that activity picked up towards the end of Q1. Could you give us some more color on what drove that improvement in the final weeks of March and whether it was broad-based or more concentrated in terms of both divisions and regions.

I can say across the divisions, it was rather widespread. Process Technology is more volatile, as you know, August their large orders come in when the Board decision happens, the large projects come in. But we did see in Monitoring and Control Technology, in E&FT and in Duct and Filter, we definitely saw a pickup in it. So it was rather the broad range.

Regional-wise, not so much -- there's no reason it picks out one way or the other in that. APAC is still slower, and we think that is likely to do with what's going on -- it can have something to do what's going on in the Middle East right now.

That's very clear. And on tariffs then, I know you guided to approximately SEK 5 million in quarterly tariff costs going forward. Could you perhaps elaborate a little bit more on kind of products or shipments that primarily relates to now given the fact we have an updated here Section 232 on steel-based products.

Yes, that may benefit us. We are also -- and we're not doing this in order to -- so that personal that will likely benefit us somewhat assuming we don't change anything in our production flows. On the other hand, we're also investing in the production in the U.S. in Charlotte, which will mean that slightly less then transatlantic, but this is still rather a small impact for us, is not -- we're not changing anything strategically down to based on the tariff. And we will not do in the foreseeable future ever.

The next question comes from Anna Widstrom from DNB Carnegie.

So firstly, I just wanted to ask because I know that the number of employees is down -- so could you maybe elaborate a bit on basis relating to cost savings or any effect from something else?

Number of employees is largely related to production sites. It's not -- there are that we have made some cost savings in APAC, but that's relatively small relative to the number of relative to the number of reduction. There are -- we do have some temporary employees that that fluctuate over time. And at the moment, obviously, with less with less volume, we are able to adjust the production capacity accordingly. But it's not something a major restructuring that you're seeing there or a major focused reduction.

And we also have the fact that with the automization in the different factories, you have here and there, you have 2 less needed because you have it automated with -- as you have 2 less are and so on. So that's an ongoing process. It's not we have not seen the need for a larger restructuring.

Okay. Perfect. My second question is on how if you maybe could give some details on how we should view the ductile filtration technology margin, just given that we probably have a lot of FX effect. So maybe some sort of guidance on how that specific margin would look if we didn't have the U.S. dollar.

Yes, the margin in itself in percentage terms isn't massively effective for that division because the vast majority of the -- so there's not an awful lot that's going transatlantically -- the Swedish krona is -- when we translate is the main issue with that division. -- we are margin-wise on that division, like I mentioned, we're rather pleased with the 18.9% they do. And that does show that, for example, the where we've introduced these AGVs into the factories and a little more automation. We have seen a reduction in the direct labor percentages for that division, which is making even on modest volumes, we quite -- we got we've got rather good margins. So some volume increase or to give even more leverage in that division.

Okay. Perfect. Then also a specific question for gas mix. Just thinking now when public spending seems to go down quite a lot, are there any specific customer segments that you sort of try to increase your sales efforts towards.

Yes. They have a handful but it's mainly to start more having broader geographical base for the existing gross something ongoing. They have a growing cooperation with Olin and hereby also increase the after marketing capabilities in that area. So it's energy and it's APAC that we need to further grow. But it's also a problem. We don't know what will happen in the U.S. spending because that is a significant part of it that has been universities, other school been customs authorities police. And so when their spending has gone down dramatically over the last 6 months, I would say.

But I think we will I can't give you a promise that it will be boom within the couple of weeks, but we are working very strongly to find, as we have been doing in other ads. If you look at the EFT for instance, when we acquired -- when we acquired Gabon, 85% of our sales were out related. And the downturn in that market would have given us a significant downturn of the sales. But by using the knowledge in using these applications in food-related, other areas we have now been able to maintain the volumes there, although both you and I would have liked it to be icing on the cake that we grew it and still had a significant auto part but -- now we see that maybe the auto industry is starting to reinvest again. We see that there's a lot of service orders coming in, and that's the first time that they are reopening their lines.

Okay. Perfect. Just 2 more from my side. So firstly, looking on the product mix that you have in the order intake. Is there something that we should be aware of in terms of like margin impact for the quarter that.

Not really, you could say, if I take process technology, they're still doing very well on service, so that we expect there rather good margins will continue to be solid. EFT a little bit growing in the service business as well. So that also helps. -- monitoring and control technology. One of the issues we have there why we were a bit lower, some of this public spending is on these portals these portable units, which do have extremely good margins. So that is less solid -- but I would say, process technology in EFT have got healthier margin backlogs than they had 12 months ago. albeit lower in our.

But if you could also Dutton filter has also very -- since we, as mentioned, we had very low portion of personnel cost. It's extremely low, and that is several percentage units down since we made the investment over the last 2 years. So that means that an increase in volume or recovery in volumes will have also in that division, very strong impact.

Even a modest increase across the group in volumes will -- should increase the margin quite significantly weak.

Perfect. Just a final one, if you could tell us a bit on if you've noted any impact yet from the Middle Eastern complex in either costs rose perhaps activity from the oil and gas customer. I mean you mentioned 1 order, but that doesn't sort of related to this.

The impact is very hard because the biggest impact is the hesitation and what we've seen, the hesitation to sign larger contracts. And it's the same as when we had what they call liberation date. It's not a tariff, it's such it's more the unsecurity among our customers, and that means that they are some sort of holding back on doing the large investment. And part of the problems in -- or the overcapacity in Textile Fibers related to the uncertainty also how can you ship things over the ocean. And what is happening? And where should you invest? Should you invest in Carolinas Guatemala or should you continue to do in India and so on. So more the uncertainty that has an impact. Then there is, of course, potentially an issue as we had during Coiperiod on shipment capacity and so on. If we get vessels stack around in home ostra/orin Sesowherever. So.

I try and pull out 1 positive out of the Iran conflict might be, but we have -- and like you said, we haven't seen this at all yet, and you may be hinting at this -- if this drives investments in oil and gas.

Petrochemicals or anything around the new investments if countries decide themselves, they need to invest themselves more that could mean a macro boost for those sort of industries, which would be good for example for Neo Monitor, Gasmet, in particular. We've not seen it yet. But that would be -- if I'm going to put 1 positive out of it, there are -- like at the moment, this hesitation is the key issue for us though as you say, a it's the spent hesitation.

Okay. So you've yet to see sort of actual cost increases for you that you need to sort of offset to what customers as...

There has been -- there is some, of course, that will come on plastics and so on and polymer steel has gone up a little bit due to the energy cost and so on, and they are seeing some increase. But that is -- that is so straightforward, so that you can handle and you can make a sort of -- this is -- if you can go on a plane, you will see on your ticket. We have added a surplus for energy costs and so on. And that's not a big issue to handle. It's more the uncertainty and the lack of volumes that is problematic.

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Thank you for taking time listening to us and we will have the annual AGM meeting on Tuesday, and we will have a short comments from that as well next week. And after that, we will be back for the second quarter in July. Thank you for taking the time.

Good morning, and welcome to this conference call regarding Nederman Group Q4 2025. It's been an interesting year. And what we can conclude in Q4 is that we had higher orders received and a stronger business.

We have, during this challenging period, continued to strengthen our leading position and we are working with market leadership, technical leadership, commercial leadership and operational leadership. That's our focus during this period.

If you look at Q4, we had good organic growth if you consider it on a currency-neutral basis. We also had a currency-neutral growth in sales and we believe that is very positive given the market conditions.

We have delivered good cash flow and we have continued invest in operations and also in R&D. And these investments have provided a very solid basis for the future. We will have higher margins and better efficiency when we regain some momentum in the market.

If I look at some of the key financials now, orders received grew currency-neutral in both Q4 and the full year. It's very hard -- some of you who've listened to a number of these hearings already in this year-end season might be tired of hearing about currency-neutral and currency effects, but it's really very important to take this into account when analyzing the numbers. Sales as orders received for Q4, SEK 1.38 billion versus SEK 1.4 -- slightly over SEK 1.4 billion last year.

So on the face of it, that looks like a decrease. However, organic growth was 4.7% in the quarter, currency-neutral, including some of the couple of acquisitions from Euro-Equip that we acquired back in March of 2025 and some from Duroair last year. That leaves us at 7.3%.

Unfortunately, currency effect on orders received and actually on sales in the quarter was over 9%. For the full year, SEK 5.55 billion was the full order intake. That's growth, currency-neutral of 1.5%, slightly negative organically, minus 1.3% and still, obviously, for the full year, a clear currency impact.

On the sales side, again, currency-neutral growth for both Q4 and the full year, just over SEK 1.4 billion in sales in the fourth quarter versus a very strong Q4 of 2024. It must be pointed out, SEK 1.62 billion was very high for the Nederman Group.

Currency-neutral, that's 1.3% up in the year -- in the quarter -- sorry. For the full year, SEK 5.78 billion versus SEK 5.9 billion last year -- 2024. 3.5% up currency-neutral. So we see in these -- with these market conditions and the current investment appetite that 3.5% currency-neutral growth is rather strong.

Profit-wise, like Sven mentioned, these investments that we've done in our operations have improved underlying profitability. The releases of new products has boosted sales in, for example, Process Technology's aftermarket.

Adjusted EBITA for the quarter SEK 459 million versus SEK 185 million for quarter 4 2024. That's a drop of SEK 26 million, SEK 22 million currency effect in the quarter. Please take that into account when analyzing this.

The SEK 159 million leaves a margin of 10.6%. Earnings per share is SEK 1.86, therefore, versus SEK 2.49 in Q4 last year.

Full year adjusted EBITA SEK 627 million versus SEK 708 million. EBITA margin, 10.8% versus 12% and earnings per share SEK 7.8 versus SEK 9.83. When looking at the full year results, we had a currency impact on EBITA of approximately slightly under SEK 70 million.

U.S. tariffs were approaching SEK 15 million for the group as a whole. And then we did have a couple of one-offs, you remember in 2024 related to a property sale and the company sale in China. The sum of those is just under SEK 100 million. So when comparing SEK 708 million to SEK 627 million for the full year, please take that into account.

Cash flow, good cash flow in the fourth quarter, very good cash flow actually in Q4 of 2025, not quite as good as the cash flow in the -- I think that was an all-time high for 1 quarter cash flow in the Nederman Group in Q4 2024.

For the full year, SEK 382 million, again, rather strong. This is important that we maintain a good cash flow. This has funded a lot of the investments that we've been making in our operations.

We can see that on the second -- on the right-hand side of this slide, the net debt has decreased over the past 2 quarters, although it is higher than it was 12 months ago. We've made significant investments in our operations. We've also acquired a new company and paid out a dividend during the year, of course.

If we go right through and break things down on how the business is going division by division, then Sven, and start with Extraction & Filtration Technology.

Yes. Extraction & Filtration Technology Q4, we had more large orders, both Americas and EMEA and that gave an increased order intake versus last year. We grew sales in Q4, currency-neutral.

We definitely improved operational efficiency and that was driving profitability. And the full year EBITA was up SEK 10 million. And if you would consider it currency-neutral close to SEK 50 million, which is a strong performance in a very challenging market.

For the regions, EMEA, we had increased order received. We had major solutions orders and we are growing our aftermarket business, which has been on the strategic agenda for several years.

We had 2 very big orders in Belgium for welding and one in Sweden operating nuclear industry. In Americas, we had actually double digit growth in order and sales. There were several larger orders.

Several of them came from defense and aerospace industry, where we have good solutions and our concept of clean air optimized with energy savings, logarithm, et cetera, has given us some success here.

Then we have the orphan APAC. One major order was secured to aerospace, a strategic and prestige order. But overall, we are not doing a very strong performance in Asia. Both orders and sales dropped.

Key activities during period has been preparation to modernize the facility in Charlotte. It will further strengthen U.S. supply chain and operational capacity. It will shorten lead times, which is one of the biggest advantage, but it will also take away over time, some tariffs and other challenges.

Continued investment in the new innovation center in Helsingborg is ongoing and we have a fully booked innovation center for the full year 2026. And we will also see order -- new products and solutions coming out of that. Testing and validation of current and next-generation products in the innovation center is ahead of new launches in that.

When we look at the financials for E&FT division, orders received for the quarter, slightly irritating, SEK 0.5 million below the same quarter last year, even at prevailing rates, currency-neutral growth, 7.9% which is purely organic in the case of this division.

Sales, SEK 686 million, left an adjusted EBITA of SEK 96.4 million, which is 14.1%. It's ahead of Q4 2024 in both -- in both SEK and in percentages. For the full year, EBITA up to SEK 362 million from SEK 352 million, as Sven mentioned, currency-neutral, that's SEK 48 million up. The margin increasing up to 13.7%. So more efficiency in the operations investments, for example, in the site in Helsingborg and in [ Markaryd ] have contributed to that.

If we move on to Process Technology then, Sven.

Yes. Process Technology, more dependent on larger projects and have had a challenging period, but the activity picked up towards the end of last quarter. We had a currency-neutral order growth of 15%.

We also had some sales increase versus Q4 '24. We have had some positive contribution from Euro-Equip that we acquired end of first quarter last year and they are integrated and doing a very good job working with the rest of the Nederman team.

The service business continued to perform strong. Customers are focused on maintaining compliance and ensuring the efficiency of existing installations. And this is, of course, a result of the lower willingness to take decision on larger investments.

If we look at textile and fiber, there's still a very low investment appetite and that goes for the global market as such. There is still overcapacity globally in spinning mills and also in weaving mills and that has a negative impact on our sales here.

However, we are growing the service content. The order intake did, however, increase slightly in Q4, meaning that we are taking market share, especially in India, where we have a very strong organization and some neighboring countries that we supply from there.

When going to foundry and smelters, Euro-Equip supported an increased order intake. It's a very good addition to Spanish-speaking area.

We had one large aluminum order in Australia and some local production in India have enabled deliveries to several smaller foundry projects there. That is something we have tried out to get inside the tariff barriers and also shorten lead times by using our strong capacity and capability in India and increase their scope by doing -- under the supervision of our German expert team, doing FS filter, which, of course, is technical mumbo-jumbo for you, but it's configurated large for hot air application like foundries and smelters.

This is something we will continue to further develop for the region to take a position in APAC.

Customized solutions, orders received increased. It was boosted by large orders in U.S. from pharmaceutical industry. And again, our service and aftermarket is developing well.

Key activities has been the investments in upgrading test centers, upgrading buildings in Germany, including solar panels and efficient heating. We have continued positive trend for service and aftermarket business and that includes our digital offerings, our continued strong demand for energy-efficient fan for textile.

This, again, the very large energy saving that you get from our newly developed high-tech fans for spinning, weaving industry. And we are soon selling our thousandth new replacement fan for that.

Financials then for Process Technology. Orders received SEK 384 million is an increase from an albeit modest SEK 368 million in Q4 last year, but nevertheless, currency-neutral growth, 15%. Sales, a stronger sales quarter for the division than the earlier quarters of the year, SEK 456 million, resulted in an EBITA of SEK 44 million, 9.6%, which is quite good for this division.

It's below a very strong Q4 last year, 11.1%. That included some -- concluding some varied -- for this division, high-margin projects then. But 9.6% is pleasing. The mix with higher service -- higher levels of service business helps that. For the full year, adjusted EBITA of SEK 144.7 million is 8.8%. It's down from 182% -- SEK 182 million, which was 11%.

We move on to Duct & Filter Technology.

Yes. Duct & Filter, the development during the quarter, we had a declining order intake. There were significantly fewer major projects, particularly in the U.S. and that has been very much linked to EV batteries, large investments that has flattened out.

We have also seen that there has been the same problem as PT for large investments -- larger investments in smelters, foundries, et cetera. And we are dependent on getting those wood industries, et cetera.

Order activity, however, increased in EMEA. Sales was impacted negatively by lower order intake early in Q3. But despite the low volumes, profit margins remained solid. If you look at Nordfab isolated, both orders received and sales decreased in the U.S., and that is a market that stands for almost 80% of division sales.

Work continued on 2 large projects in EV battery manufacturing, which generate further follow-up orders. But as mentioned earlier, it's drying up a little bit with the EV battery market in U.S.

Nordfab now is contributing to a higher efficiency and profitability with delivery reliability of 99.9% during the quarter. So we are the leading and first choice when they want to have secure deliveries, quick deliveries. And we have also now, which I will mention later, started with our hub in Texas in order to further strengthen our reach in the U.S. market.

If we go to Menardi, orders received in the U.S. increased in Q4 and that was boosted by new major orders to U.S. steel manufacturers that are facing a revival due to the tariff protection.

In EMEA, the trend remains stable. So again, the key activities have been new production warehouse facility in Thomasville is completed and it's taken into operation. Thailand and Australia have launched new stainless steel product for the food industry and Nordfab EMEA launched improved high vacuum bends and branch for easier installation.

Warehouse center established in Dallas, Texas, to strengthen Nordfab Now and Nordfab Now is our concept of being able to have next-day deliveries.

Amazon has spoiled people with very quick deliveries and we are now following that trend and we see good success in this new way of handling it. As mentioned, almost 100% delivery certainty. Nordfab EU obtained EPD certification for galvanized and stainless steel product families.

Briefly on the financials for Duct & Filter Technology. Orders received did drop 11% currency-neutral as did sales. Sales at SEK 179 million versus SEK 229 million last year. EBITA 17.4%, up from 16.5% last year.

Okay, it's down in absolute terms, but this is -- we see the efficiency from these investments we've made in the operations units around this division. So able to maintain good levels of profitability. For the full year, 19.3% is the EBITA. That's slightly down from 19.6% on obviously lower sales volumes.

Monitoring & Control Technology then, Sven.

Yes. Monitor & Control, the development during the quarter was that we had an increase in orders received and that was fueled by very strong performance by NEO Monitors in Asia. It's a division that has most success in the Asian market.

However, the weak orders received in Q3 led to slightly lower sales in Q4. We are focusing on the service business and we continue to perform well in growing that part of the business. We are also here linking our Olicem, the reporting system to our -- especially Gasmet projects and seen success when we can package these things.

Some segments, hydrogen and defense are developing well. Geographically-wise, we look at EMEA. It was boringly straight. It was same basically as Q4. First portal analysis to defense customer in Germany and Switzerland has been delivered.

And we have also the certification process of Auburn's product line ongoing for European market, which when that will be finalized, will give us access using also our Boston manufactured products for especially particle emission measurement available for the European market.

In Asia, NEO Monitors saw strong order intake. We have also come in the situation, we have more direct sales to customers. We are in more direct discussions with customers that strengthen our position.

We have also increased the presence in APAC with small offices, both in Korea and in Singapore. In the Americas was the development rather weak. Fuel orders to public sectors that is customs duty and it's emergency service, educational institution where Gasmet has had a very strong market with affordable units. However, with the financial restrictions in the public sector, we've seen a decline here.

The exception is that the steel industry as also has been seen in Menardi is continuing to upgrade the old facilities, which has led to some new opportunities and orders. The key activities has been the launch of LG III ICL.

That's a very prosaic name, only an engineer or a Ph.D. in engineering can come up with that very market-friendly name, but it's there and it's an advanced laser gas analyzer for industrial application.

The extension of Auburn's facility in Boston is completed. It was inaugurated January 21, but it was taken into use slightly earlier than that. What it means is that we have strengthened the product and logistic flow.

So we have now a test base and a more efficient operationally working in that factory as well. We have also preparations underway to improve efficiency and increase production capacity at Gasmet Finland. And we have attended some of the important shows in Asia to prove our willingness to be there and grow our market.

Financials for Monitoring & Control. SEK 189 million in order intake was an increase of 10% currency-neutral. Sales, SEK 205 million is below what was a very, very strong Q4 of 2024, SEK 241 million. Currency-neutral, that's actually down 8%.

Adjusted EBITA is SEK 37 million, which is 18%. That's an improvement in margin versus the full year average. So we see -- we think -- or we are seeing some efficiency in the operations, these investments in NEO Monitors in Auburn starting to have an effect right away.

For the full year, currency-neutral growth was 1% positive, sales, 1% negative currency-neutral. And then adjusted EBITA, SEK 129 million versus SEK 144 million in 2024. That leaves a full year margin of 16.7%.

So Sven, our outlook?

Yes. And as for the last few years and especially this year, the outlook is interesting, but the demand remains dampened in many industries. There are some areas that are better than others. We have a growing service business and a very strong digital range enable us to assert ourselves well in the current turbulent market.

Following higher activity in September, orders received continued to pick up in Q4, which if it continues, would be very positive for development in the first half of 2026. At the same time, the market is dominated by considerable uncertainty, making it difficult to forecast the broader recovery in demand.

But if it gains momentum, we are in a very good position to increase our margins. With a strong balance sheet, we are continuing to invest in operational efficiency, ongoing improvements to our offering, allowing us to continue to advance our position irrespective of the market condition.

In the world with growing insight into the damage that poor air does to people, Nederman with its leading industrial air filtration offering has a key role to play and good possibility for continued growth.

Financial calendar annual report will be released on the 17th of March this year. The interim report exactly a month later on the 17th of April for the Q1. Annual General Meeting on the 21st of April, where we expect the AGM to approve the proposed dividend of SEK 4 per share. That's unchanged versus 2024 level. Q2 report will be released on the 16th of July and the Q3 report on the 21st of October this year.

And with that, we can open up, I think, for any questions that people listening may have for us.

[Operator Instructions] The next question comes from Anna Widstrom from DNB Carnegie.

So firstly, I just want to dive into price and volume in the order book. Given that there are some tariff effects, how should we think about volume versus price in the organic growth that we see in the orders?

Let me think. That's a very good question. The currency -- the tariff -- if you think in relation to tariffs, the tariffs are not making a huge effect. The tariffs affect our costs by around SEK 5 million per quarter on approximately current -- give or take on current volume.

So on sales prices, they don't affect things massively. Then when it comes to price, we're not seeing massive price movement in the market. There's not -- it's not -- we're very careful not to get dragged into a race to the bottom.

However, we're not increasing prices significantly. So I think when you're looking at this -- or when you look at this organic or currency-neutral growth, it is growth that you're looking at there is the simple answer.

Okay. Perfect. And just to continue there on the tariffs. Have you experienced any shift in customers' willingness to pay these new set of prices? Have they sort of been more keen on evaluating local opportunities? Or have they just sort of caused investment decisions? What's your sense in your view?

This is, of course, not something that you can empirically prove. But the biggest effect during this year is that the uncertainty that has been generated is that a lot of American large project has been postponed. We are talking about several hundred million PT project that has been postponed both in U.S. and some also in Asia due to the uncertainty of what are the rules here. When it comes to other effects...

I could answer that maybe, Sven.

Yes.

When it comes to tariffs, we don't import an awful lot into the U.S. And what we do -- of course, what we do has been impacted by certain parts of what we do is being impacted by this. But in the U.S., you have seen inflation, for example, in steel prices internally anyway.

So it's not that our costs are significantly different to any competitor. And I mean, in fact, we source approaching 90% of everything we sell in the U.S. is sourced U.S. anyway. But we don't think that we're at a competitive disadvantage related to these tariffs. And like you say, the investment appetite is...

Yes. And then you have some awkward sort of more emotional feeling that some Canadian customers refuse to take the product from our U.S. factory. So we are now shipping directly from Europe and manufacturing in Europe is that it has more to do with an emotional side of it than -- and that is things that going on.

So it's more that you have an uncertain world and animosity towards some. But we also have to -- EFT has more than 80%, 85% local made in U.S. Where we have some import is on MCT when it comes from our Norwegian and Helsinki. But that's where we see that. Otherwise, we have basically in all regions manufacturing for the local market.

Okay. That's very clear. So then I just want to go into the margin development in EFT. So first, I'm a bit curious on the improvement that we can see here. How much of this is an effect from the improvements made in, for example, the Helsingborg site?

There are clear improvements made. If we talk operational improvements, then, we were talking around SEK 20 million, I think we were talking. We believe we've made operations improvements of around SEK 20 million in total in the EFT division through -- and then it's very -- it's not exactly the same volumes that are going through, but we've definitely made clear operations improvements.

We've also seen a part of the profitability boost is that we are -- we have seen good growth in product sales or a higher portion of product sales, which means we're filling our factory up even more with less. So there's more Nederman content in everything we sell. But operations clearly helping and 20 million is the -- what we believe is the full year effect for 2025.

And we will continue to see effects of that. And we are now also investing further in order to show, as mentioned, in the Charlotte factory, in-sourcing more. We will take less from our Polish factory.

But the biggest advantage here will be that we are more competitive because we have -- we are shortening the lead time. This is actions we are going to use in other areas as well.

And we are also looking at how can we utilize our capabilities in, for instance, Thailand because there are free trade agreements between Thailand, India and some other areas. So we -- you have to play this game as well.

But generally speaking -- and when you mention EFT, we'll also say that the NEO Monitors efficiency program where we have rebuilt and reorganized from a more prototype version of manufacturing to a more -- when we now have got some volumes, we have also there significant improvements, then we need some further volume.

We had also for NEO and Gasmet set up in Suzhou in China where we now can service locally the equipment rather than shipping them across the globe to Norway and so on. So that is also not saving so much of the cost saving. It's more attractiveness for the customers that we locally can handle their issues.

It was a long answer. It was slightly outside of the -- I hope that it was okay.

And just a follow-up on sort of the short-term expectations because I think you wrote something about the orders having quite a lot of solutions and service in the order book for the division. Is that then perhaps a bit more of a negative effect for margins in Q1 if we just think short term?

I -- probably not. I think that -- our assessment is the service increase will continue to -- or the service proportion will continue to be high and that will counter any shift between the products and solutions there. That's -- but also remember, we are doing very well in our solutions with our -- now I'm almost bragging, but our superior, we get better paid for our solution because this clean air optimize would include the energy save system, it includes digital surveillance. It includes the good filters locally made. We have an attractive offer.

And the reason why we get larger orders and the special orders to defense and so on is that we have proven concept. We do not have to guess that it will work. We have done it. We've been there. We've done it. We got the winners T-shirts before. So we -- and that we see especially in sensitive areas like aerospace, defense, where we have good strong performance.

Great. That's a perfect segue into my next question because for several quarters, we've noted that you mentioned large orders from defense. Do you have any sort of guesstimate on how much of the order book or sales that currently is towards the defense industry?

Matthew?

We don't have a completely accurate figure on that. So I would rather not say -- I could do some -- I will do some research on that. We will try to -- I think we will note this because it's not the first -- you're not the first person we've heard this question from.

I think in the Q1 report, we will try to have some level of estimation there. So we don't -- it's -- what we -- we should say about this defense is not in one particular region that we see. This is both Europe and the U.S., is less so in APAC.

Europe and U.S. is where we're seeing it and it's different countries. Some of the same suppliers -- customers, sorry, BAE, we followed -- we've seen them in Europe, U.S. -- and the U.S.

Northrop Grumman here, the big -- and it's very much -- you can say that it's the same. It's aerospace, which we've been a long-term supplier to Airbus, et cetera, that now also goes into military aircraft.

You have vehicles where, for instance, our RoboVent company in Detroit has been utterly dependent on the local regional automotive market, which has declined significantly, but we have exchanged that by using their American-favored technology in defense for welding applications, but also in food and other areas.

So we have exchanged somewhat the customer base. And you understand that what did they say for the company, they had SEK 130 billion in losses last year because they write off. Their investment appetite is not enormous. So we have the customer base.

Great. I have a follow-up question on this. If you've -- you're sort of answering it. But if you noted that you have sort of gained market share within this segment or having a sort of preferred supplier position? Or is the growth that you're noting is mainly from the growing of the defense industry in general?

I think the preferred supplier one, you can say something. When you -- with these customers, once you're in, you are kind of -- you are in -- it's not to say there's no competition whatsoever, but the likelihood of getting repeat orders is there. And we have seen that where like I mentioned with BAE, for example, so it is happening in more than one country or more than one project. So this signals that -- hopefully that there is some stickiness on this business going forwards.

Great. And then on the [ GST ] division, it stands out a bit on the organic order intake. Is this mainly from it having larger U.S. exposure? Or what's your view of this?

They do have a large U.S. exposure. It's around 80%, I think, U.S. And then they have -- on top of that, they have a couple of -- they were very strong in EV battery investments, which were happening late last year and actually Q1 -- sorry, late 2024 and actually in Q1 of 2025, we were receiving orders there.

The other part of the market, they do have quite a large chunk of exposure to the wood industry still, which -- a lot of which is construction-related, which isn't super hot right now, but it's obviously a very, very important industry and will continue to be so. So what we've seen in Duct & Filter like we mentioned is the efficiency in the factory is clearly, clearly better, but they are lacking volume. It cannot be denied.

As you said, the margin is positive and you mentioned that improved production and warehousing process in U.S. and Europe is a positive. Is this also a benefit from having a lower ratio of very large orders? Or should this scale from current levels very well and also that activity of significant large order comes back?

We have invested also in some more -- in the production of the -- for the larger ducting as well so that you ought not to see a decline. If we were to get more large orders, you ought not to see a decline. And in fact, with more volume, we'll have more absorption of overheads as well. So we don't -- we think this improvement is here to stay.

Yes. The improvement is definitely there to stay. The thing is, of course, we need to utilize the equipment and so on. But what you see is that we have been heavily impacted with EV batteries when we had magnificent success over a year's period when that market grew.

Now we have to do the same as we did with [indiscernible]. We need to find new attractive areas where we can supply. And we have to remember, what we are doing is that we have in -- we are efficient and we are mostly used in combustible dust environment because that is -- this is a specialty.

It is very clean interior in the duct work and that is the importance here. So that's where we have. So it's typically combustible dust in food. It is in EV batteries. It is in aluminum, wood, et cetera.

Great. Just 2 more questions from my side. The first one is on the Monitoring & Control Technology division that you mentioned and you mentioned that, I think, in the last quarter as well, that the conversion to new technologies amongst customers is taking a bit longer than expected and connecting this also to the political uncertainty.

Could you maybe expand a bit on this? And is it a type of customers that has found this trend more clearly or regions like the U.S. or something else?

Yes, it's difficult. What we see -- the main thing here and what has been talked is the decline in the public sectors. That has had a strong impact.

What we then have to do is, of course, focus a little bit more on other customers, again, like EFT has been doing and so on. If our current customer base are reluctant to do the investments, we need to work harder with some other areas.

And I think we've seen -- we are launching new products in U.S. in Auburn, where we are cooperating between NEO and Auburn and the combination here, we can do better. We are working now with the Gasmet Olicem on service and quick reporting response been quite successful in this incineration business where reporting is a very important portion of it.

So we are building out sort of packaging it to be even more attractive going slightly outside our current customer base in a controlled way.

Perfect. And then my final question is on capital expenditures, which is down year-over-year. While you mentioned some initiatives in the report and so what level of CapEx are you planning for during 2026? And is there differences in tangibles and intangibles?

For 2026, I think the rate of product development, which is the vast chunk of our intangibles, that will continue. We're not going to ease off on product development, digital or actually filters -- new filters, et cetera.

When it comes to fixed assets, what we can say on that, 2024 and 2025 were quite high years for fixed asset expenditure with a lot sort of longer-term investments in buildings in Helsingborg, the one in RoboVent, the Nordfab ducting one in the USA as well.

2026, what are we doing on that front? We're going to invest in the Charlotte plant to some extent. But I think you can expect a drop in tangible fixed asset investments, although it will still be on a -- historically, if you go back 5 years on a rather high level.

As things are now, we would expect this to drop in 2027 a little more because we don't -- we believe we've got -- we will have a footprint that is there to and can incorporate a manufacturing footprint that can handle significant growth without major further CapEx.

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

We thank you for taking your time listening on this Thursday morning and we'll be back for the Q1 report later in the year. So thank you very much, everyone.

Good morning, everyone, and welcome to Nederman Interim Report Q3 2025. If we start with some short summaries, we can say that we had good profitability, and we continue to invest in our business. We say that we had a solid performance in a very turbulent market environment. Some of the key things during Q3 is that the order intake declined, and it's mainly delays as we've been talking about for the last few quarters when it comes to larger and major investments, especially we had a very slow summer whereas it came back, the business after a long summer holiday, it seems the business came back in September in a strong mode and has continued so a little bit so far.

The stronger 2 quarter before bode well for the currency-neutral sales growth that we had, and it's been the most profitable quarter of this year despite significant negative currency and tariff effects. We have conducted further investments in product development and launched a few, and we have also focused a lot on operational efficiency. We have strengthened our leading position in industrial air filtration. And now, Matthew, some of the financials.

Exactly. If we start with orders received, as Sven mentioned, orders received did decline. These continued delays on the major investments was the main issue there. The base business was relatively strong, particularly at the end of the quarter. For the quarter 3, total order intake was SEK 1.25 billion versus SEK 1.43 -- SEK 1.44 billion, sorry, last -- same quarter last year. Currency neutral, that's a decline of 7.1%. The currency actually in itself has a 6% negative impact. It is, of course, the weakening of the U.S. dollar, particularly versus the Swedish krona that's the major impact there.

Year-to-date, orders are SEK 4.18 billion, down from SEK 4.38 billion, very nearly flat on a currency-neutral basis, minus 0.3% organically minus 3.2%. So we have got some positive impact from the newly acquired companies or the companies that we acquired since Q3 last year, that's Ollem in Denmark and Euro-Equip down in Spain.

Moving on to the sales. Currency-neutral sales and -- sales growth and organic sales growth, both in the quarter and for the year-to-date. So we're very pleased with that. Sales currency neutral, up 7.5%. The currency very much -- effect very much in line with orders around 6% negative. Organic growth, 2.2% in the quarter as well. Year-to-date, currency-neutral growth is still at 4.3%. And organically, we've grown 0.5% despite this very challenging market with the reduced -- or the longer decision times on these major capital investments.

You can see on the bar charts at the bottom, there is a clear SEK 184 million of the sales reduction is purely down to currency movements, which is significant. It has less of an effect on profitability, of course, but it's still not an insignificant effect on profitability, which if I move on, one more slide on to Slide 7 here.

Good profitability despite negative currency effects. The adjusted EBITDA in the quarter, quarter 3 was SEK 166 million. That's up SEK 5 million versus the same quarter last year. The negative currency effects were SEK 19 million in the quarter as well. So this is extremely strong.

If we look at the margin, the margin in the quarter, 11.6%, up from 11.4%. We would have been clearly over 12% had we not seen this impact from the dollar. It's a lot of this and the dollar is how it is, of course, but it's important to have that in context, particularly when you're looking at comparative periods. Earnings per share, SEK 2.27. That's up from exactly SEK 2 for the same period last year.

For the year-to-date, adjusted EBITDA SEK 468 million, margin down somewhat 10.9% now versus 12.2%. Earnings per share well behind following the weaker start to the year in terms of total profitability. Solid cash flow performance in the quarter was a clear positive. This stable cash flows despite the negative impact that we do have. When we take these larger -- particularly in Process Technology division, the larger investment projects, the larger projects within the net -- from a net amount perspective, they very often come with large down payments, and we can -- we are very often cash neutral throughout these projects or even cash positive throughout these projects. There has been a lack of those, and that does impact cash flow somewhat negatively.

So -- but despite that, we've got a good steady inflow of cash flow from operations and a clear positive free cash flow for the quarter despite our continued expenditure and investments in R&D and in our operations around the world. Cash flow from operations, SEK 123 million in quarter 3 versus SEK 181 million, which is extremely strong in quarter 3 last year. Year-to-date, SEK 198 million, so it's picking up now.

Net debt position, we have following -- in Q2, we saw an increase in net debt due to dividend payments, and we acquired Euro-Equip back at the very start of Q -- or the very end of Q1. That has come down somewhat we are nevertheless higher than we were 12 months ago. But we can see, excluding IFRS 16, the debt is reducing right now despite significant investments. If we move on and take a little look division by division, so we can start with Extraction & Filtration Technology.

Yes. Extraction & Filtration Technology and a little bit of the highlights during the quarter. As you've seen in the figures, the orders received declined after 2 very strong quarters in the beginning of the year. And it was especially during the summer months. It picked up, as mentioned before, in September, and we hope that, that will continue. Strong order intake in Q2 led to a sales increase. So we had good sales in the quarter. And we had a profitability improvement with the higher sales and also with the operational efficiency we have been talking about earlier.

If you go to EMEA, there has been a bit base -- weaker base business. And contradictory to that, a number of major orders that has been discussed earlier, they came in, in September and especially a large defense order in the region of Spain. Americas had order intake slowing down. It's been mainly in U.S., which is obviously the biggest market. It picked up again in the latter part of the quarter.

APAC, slow base business. Some of the distributor channels saw some growth and Australia, where we are investing in new personnel and new structure, we've seen a continued stable development.

Some of the key activities was participation in SCHWEISSEN & SCHNEIDEN. It's a world-leading trade for cutting coating technologies. We also participated in the AWFS trade in Las Vegas, and we were showcasing especially the Nederman Save. It's our digital system saving energy. And it's an innovation that has given us some rewards, not only rewards from different trade -- what you call it, competitions, but it's also selling very well. We have continued to invest in the innovation center at the new facility here in Helsingborg, and it's fully booked for the coming 6 months. So we've had to increase the number of employees there. And we have also continued our development product and investment in new product development, which has been launched, and there will be further launches later in this year and during the first half of next year.

Some financials for Extraction & Filtration Technology. Then order intake, as Sven mentioned, did decrease in the quarter. It picked up in September, but nevertheless, it's currency neutral down 12% versus what was a very strong quarter 3 last year. It must be pointed out. Sales -- even at prevailing rates, we actually increased sales by over SEK 20 million to SEK 655 million. Currency-neutral growth is actually 9%, which is very good. And EBITA increased to SEK 91 million versus SEK 78 million there.

This is the division that's impacted most in absolute terms by the currency impact. There's, of course, the translation effect of currencies that impact every division. But in E&FT, we actually produce and some of what we produce in Europe is sold in America. It's not a major part of our American sourcing that comes from particularly Sweden, but it does impact negatively. They were down to the tune of around SEK 7 million in the quarter, just purely on currency.

Despite that, the margins increased to 13.9% versus 12.4% last year. We see more efficiency in our operations. We've invested in our factories in Poland in -- here in Helsingborg, Robbervent in the U.S. as well. And we're definitely seeing margin improvements due to that. So overall, a very, very strong quarter for the division.

If you look year-to-date, the EBITDA has even increased there that we're up SEK 266 million versus SEK 260 million at the same point 12 months ago, again, despite significant negative currency effects. Margin is still in line and clearly, right now better for the last 3 months than it was 12 months ago. Moving on, Sven on to Process Technology division.

Yes, Process Technology, for the first, we had a few large orders. As we've said, there's a hesitancy to book the larger project, but we have had a solid base of small, midsized orders. And what's also very pleasing, we continue to have double-digit growth in our service business, and that also secures that we have a good relation with our customers. But it's a known pattern. If you're not doing your major large investment, you have to keep your existing factories up and running, and we are doing very well here. And you can see some of these things that are happening is that we -- old steel mills in the U.S. are refurbished, et cetera. So some things happening from tariff.

Orders and sales and profit were very positively impacted by Euro-Equip. It seems to be good integration in the business and where we have strengthened our position, especially in the Americas and also a little bit in South America on this recycling and also other parts of this hot air application that they are working with, and they have been a partner for Nederman for a long time and get their supply mainly from our German factory.

If we look at textile and fiber, there is definitely an overcapacity currently in spinning mill, and we see that we are taking market share. There are some of our competitors that are declining rapidly, and that is due to our new, more modern systems. So the order intake grew but from a low level.

Foundry and smelters, activity in areas such as scrap metal smelting and battery recycling are improving. All types of recycling business is interesting for the moment. And here, we have technologies, and we've had it for decades. We are using that. So the long-term outlook for metal recycling is positive. But again, we don't know when they will do the larger investment. But it's more likely that they will come with the interest in the circular economy.

Evaluation of relocation of sourcing and manufacturing of some product lines in certain markets is ongoing, and that means that we will maybe manufacture more in Asia for the Asian market. In customized solutions, there has been a slight increase in orders received, and we have executed on a major green steel order that we got in Q2.

And it's been getting attention in the market with our new more modern solution to this, and it might lead to more orders in the future or we believe it will so. The key activities, we have increased production rate for our energy-efficient [indiscernible] textile plants and amid continued order growth. And it's been an enormous interest of this little engineering success where we save a lot of energy for these big spinning mills, weaving mills, et cetera.

We have a continued development of the service business and including the digital product range, and we've seen significant success here as well, where they see possibilities to modernize the also their existing, not only on the new greenfields.

When it comes to finances for Process Technology, orders received increased currency neutral by 3.4%, a 4.6% organic growth decline. So Euro-Equip, the acquired company contributed positively there. Sales, 11.5% up versus the same period last year, currency neutral, again, Euro-Equip contributing there. Adjusted EBITDA slightly lower than the same period last year. There is some currency impact even for this division, SEK 43 million versus SEK 46 million last year is 10.2%, which is behind 11.4%, which it must be pointed out is extremely good -- was an extremely good quarter last year.

In Q3 last year, we did close out a number of projects at very good margins -- that boosted margin. 10.2% for the quarter is still clearly higher than the average than for the year-to-date. So it's heading in the right direction there. 8.5% for the year-to-date.

And you can see for the past 12 months, we're still at 9.3% EBITA margin, which is very good for this division. One of the main things that boost this is the good strong service business sales, which continue to grow. If we move on once more to Duct & Filter Technologies, Sven.

Yes. For Duct & Filter, the highlights of development, we had a decline versus last year Q3 in order intake, but it was an increase from a weaker Q2 this year. So it moves in the right direction. It was, of course, negatively impacted by overall activity and the weakening U.S. dollar. Customers' appetite to commit major investment project remains dampened. And we see that the small, midsized business is running, but we are lacking some of the large projects we have had over the last few years.

If we look at Nordfab, U.S. orders received and sales increased. We had some new orders secured for EV battery manufacturers. And in EMEA, orders received were behind. again 2024, but exceeded last quarter. So it's moving a little bit in the right direction.

And as we've said for the other division, activities increased in the last month of the quarter. APAC saw lower total orders in Q3, though Australia developed positively, and we are now moving in the right direction in Australia. Menardi's orders received in U.S. started to grow again, and we had a large framework order received as well as large orders from the steel industry. I mentioned that before that it is a bit contradictory. Old steel mills in U.S. are due to the tariffs being more profitable to upgrade and keep going here. So if it's good for the world economy, I doubt, but it's good for our business here.

We got some significant order. Key activities, the new production and warehouse facility in Thomasville is now ready for use. It will increase the capacity for large diameter pipe. It will definitely increase efficiency, and we have ordered the new 420 megawatts solar panel facility, and that will be installed on the roof of the new building. And that means that we will, when fully installed, have a facility that is nearly carbon neutral. Preparations are underway for the establishment of a central warehouse for Nordfab in Texas.

And this is a project that is based on the Nordfab now where we then can service our customers in Texas or not only Texas and the southern region significantly better than we can do. And we expect that this is up running. We will have very short lead times also in the southern region, and that will bode well for further growth in our orders.

Financials for Duct & Filter then orders received, as we mentioned, it declined versus the same period last year, but increased versus the previous quarter, 6.2% currency-neutral growth, net is negative in the quarter.

Sales, very nearly 0.6% down currency neutral. There is a currency impact with a large chunk of the sales in this division being in North America. The adjusted EBITDA of SEK 37.4 million versus SEK 44.9 million in the same quarter last year. There's, again, a negative currency effect of -- that's not insignificant. It's around -- it's around SEK 4 million on this division, too. So approximately half of the reduction is currency related.

The margin is still at 18.6%, which is -- it must be said historically speaking, rather strong albeit behind what we've seen in the most recent quarters is largely volume related. We have got good efficiency in the factory and operations here. But nevertheless, 18.6% and then 19.8% for the year-to-date. On to the fourth division, Sven, Monitoring & Control Technology.

Yes. And again, the highlight development during the quarters. The orders received declined a bit, and that's burdened primarily by the development in Americas. It very much so that some of the technology change and the new products, they are working and are received very well, but we are still lacking some larger orders here as well. We have also seen the difficulties between Canada, U.S. and also the closed down since Gasmet has a lot of public customers, universities, customs officers, police, et cetera. And their ability or willingness to invest has been difficult during the quarter.

We've seen strong sales growth in -- especially in APAC for NEO Monitors. We have also started work to strengthen business model through reviewing supply chains and optimizing production setup, and that is a work that continues.

In EMEA, we had good order intake driven by Gasmet winning a number of major orders. We have also enhanced production efficiency at NEO Monitors, and we've seen that it gives good results. It improves our margins, and it improves our supply capability, which also helps the sales when we have is -- not so long supply times, especially to Asia. Again, in November, acquired Olicem received large software orders. In APAC, we had good growth, as mentioned before, for NEO Monitors, and we have also the technology hub in Shanghai that we started a few months ago or almost the year now.

It continues to attract strong customer interest. Here, we can do service. We can do special shows. We can again show our capabilities, and that has shown good results in the market. In Americas, orders received did decline. The process of ordering and certifying Auburn's product line continue, and it will give an improved platform for Auburn's expansion in APAC and EMEA. Currently, we have halted some of the plans that was to further strengthen our position in China.

But as you have probably heard, seen more than you like that with 100%, 125% tariffs on American stuff going to China. It's been a bit difficult to grow the business currently. But we are planning for that, and we are also setting up capabilities in South Korea to expand in the region.

Key activities, the launch of Auburn PM Pulse portable test unit, launch of the Olicem data hub and final phase of expansion of Auburn's Boston facility with more streamlined manufacturing and also higher capacity and new product line.

Financials then for Monitoring & Control Technology. Order intake down versus the same quarter last year, SEK 177 million versus SEK 208 million. This division did see a pickup in the same way as E&ST. This division saw a big pickup in September versus very slow July and August. So again, the question is, will that continue? And if it does, we can be quite confident that, that will impact profitability positively.

Sales currency neutral grew by 1.3% in absolute terms down to SEK 182 million from SEK 190 million. And EBITDA, SEK 29 million versus SEK 30 million last year. It's currencies that do make a slight impact there. Margin maintained at 15.8% despite a drop in sales is quite pleasing. That's the result, not least of, for example, these improvements we've made in the production efficiency in NEO Monitors.

For the year-to-date now, the division is at 16.3% EBITDA, and that's versus 16.6% for the same period last year. So if we just take a minute or 2 on the outlook then, Sven, going forward.

Yes, the demand has been and remains dampened and the backlog is slightly lower than 12 months ago. Our base business, growing service business, strong digital range enable us to assert ourselves well in the current turbulent market. We are gaining market share.

Orders received picked up significantly in September. And if that trend continues, that would lead to positive result for development in Q4. We continue to invest in our operational efficiency and development of our product range. But again, in a world with growing insight into the damage that poor cause, Nederman has a key role to play and a strong potential for continued growth.

We've released some dates for next year. We will release the year-end report on the 12th of February 2026. The other dates there, I will not read out -- I will not bore you by reading out, but they're available for everybody. They're published in the report and also in this presentation.

But with that said, then I think we can open up if there are any listeners who have questions they would like, please go ahead.

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

Then thank you. And apparently, it's been crystal clear or crystal clear as copper sulfur as my old chemistry feature said. So thank you for taking the time listening to us, and we'll be in touch again after next quarter. Thank you.

Good morning, and welcome to Nederman Group's Q2 2025 report. We start with some headlines, and we can say that we have continued good orders received. We have growth and strengthened market leadership in a number of areas. Q2 in short, we have a very uncertain world. We all know that. We continue to advance our positions. We have shown organic and currency-neutral growth in orders received and sales. Particularly strong has the development been in Extraction & Filtration Technology division. We have a focused investment in innovation and in operational efficiency, and we have also strengthened the position as a leading player in industrial air filtration. Over to some key financials.

Exactly. So if we look at the orders received for the quarter, as Sven mentioned, currency-neutral growth, organic growth as well in orders received in the quarter. Currency neutral 8.4%, of which 3.7% was organically. That took us to SEK 1.425 billion in orders received for the quarter. The chart at the bottom of the slide that you can see right now do demonstrate there is obviously a significant negative currency impact -- that's almost exclusively down to the depreciation in the value of the U.S. dollar. Nevertheless, the growth that we've generated ourselves via acquisitions and organically did compensate for that on an orders received perspective.

On to sales for the quarter, particularly strong development, the largest division, Extraction & Filtration Technology had the best development of the 4 divisions in the quarter. We were -- for the group as a whole, we were at SEK 1.439 billion. That is slightly behind the SEK 1.467 billion that we saw in quarter 2 last year that is in its entirety, that reduction isn't down to currency. Currency-neutral growth, we were 5.3% up and organically 0.7% up not much more to say on sales. It is particularly pleasing with Extraction & Filtration Technology, which we'll come back to there. Profitability. Adjusted EBITA was SEK 159 million. That was down from an extremely high at SEK 188 million in the same quarter last year. That gave us a margin of 11% for the quarter this year, 12.8% last year. There are a couple of items that we need to highlight when trying to help you analyze that decrease.

If those of you who were following us last year will remember, we actually made a profit on the sale of a premises down in Germany of between SEK 6 million and SEK 7 million. That was reported and included in the profit of SEK 188 million for Q2 last year.

The second factor is the rapid depreciation in the value of the U.S. dollar has impacted us negatively by SEK 18 million on an EBITDA level in the quarter. That is rather extreme, particularly considering our flows into the U.S. from abroad are relatively limited. Profit after tax was SEK 69 million SEK 97 million last year, and that means earnings per share SEK 1.97 versus SEK 2.77 last year. Adjusted EBITA up a little bit from quarter 1, as you can see in the chart at the bottom there.

Moving on to the cash flow and net debt. We had a good cash flow from operations in the quarter. Q1 was relatively slow from a cash flow perspective. When looking at cash flow, you must always remember, it depends on where the starting point is your cash flow in any year is based on the working capital position at the end of the previous year. So on a rolling 4 basis, we're still over SEK 500 million in cash flow -- positive cash flow from operations. The quarter was SEK 59 million positive. When we're looking at net debt, it looks like we can see there's quite an increase there, SEK 1.589 billion was where we were at the end of Q2 last year. Now we're over SEK 2 billion. The acquisition of Euro-Equip, obviously, that was approximately SEK 135 million, and we paid a dividend of SEK 140 million plus in the quarter as well.

Then the final element of the increase in net debt is our favorite international financial reporting standard, IFRS 16 relating to leasing, which the growth in the turquoise bar on the part of the bar on the bottom right of this slide, that's versus quarter 2 last year. That's related to the new lease for the premises here in Helsingborg, where we are now sitting. But nevertheless, net debt has increased somewhat. We'll come back to some of the investments that we have been making that obviously are connected to that debt. If you go division by division, Sven, then Extraction & Filtration Technology.

Yes. Extraction & Filtration Technology, we have some short comments on the development during the quarter. It's the second consecutive quarter with record order intake, which is quite pleasing. We are taking a good position in the market. We had strong base business. There were some larger orders roughly in line with Q2 last year. There has been a significant growth of midsized solutions orders and increased sales has, of course, followed by the good order intake in the first quarter of the year. We have had good EBITA despite the very negative currency effect we've seen. We have also seen growing order backlog and that support the sales for the coming quarter here. We start with the different regions. In Europe, EMEA, we saw orders received and sales grow higher orders mainly from a solid base business, it's not a lot of large orders. There was one in Holland, a major European defense order.

Americas saw record high orders received. There was a number of major orders booked and a strong base business continue. What is interesting here is that we have been able to direct some of our sales forces and our activities to call it new industries. It's not completely new. It's the same technology, it's the same, but we have entered more into food-related, energy, et cetera, with the same technology as we have thereby compensated for the very slow demand, for instance, in the automotive industry, welding, et cetera.

In Asia, we had a slight decrease, but Australia continues to develop well with orders secured in, for example, defense. But also here, we go outside the normal part there welding, wood, et cetera, and been able to use our knowledge as the clean air company. The key activities has been Partner Royal event in Helsingborg. We are now using the facility here, showing the innovation center, showing the experience center. We had 90 global partners present here in Helsingborg in our own premises. And I would say it was a very good event, boding well for the future and the enthusiasm that we could beat up with these some new but very many traditional old partners for us.

We also launched the Fume Eliminator GoMax. It's a new highly effective welding fume extractor and we also presented the flow of new products that are in the pipeline. Common for all of these is that there is a focus not only on efficiency, et cetera, it is very much better energy usage, which is important in these days. We have also launched a streamlined modular hood system for containment capture weld fumes and dust. We also participated in the Ligna trade fair in Hanover. We had a full range of dust collection systems and energy saving technology and especially the digital system that Nederman [ say there ] got appreciation and headlines for our ability to save energy in our systems.

So financials for Extraction & Filtration Technology. Orders received up to SEK 706 million from SEK 673 million Q2 last year. That's currency-neutral growth of 12%. The division are 11.3% positive currency neutral for the year-to-date as well. So SEK 1.39 billion versus SEK 1.29 billion is very pleasing. Sales for the quarter, SEK 673 million versus SEK 652 million last year. That's up 9.8%, and that gave us an EBITA of SEK 101 million, 15% adjusted EBITA margin. And that is like Sven mentioned, despite some negative currency effects, this division is the one division that has right now the biggest individual exposure to U.S. dollar. Year-to-date, division up to SEK 175 million now which is 13.4%. Obviously, now with this good order intake for 2 quarters in a row, the backlog has increased and like you mentioned, Sven, that bodes well for the upcoming quarter's sales figures. Moving on then to Process Technology.

Yes. For Process Technology, we have short comments on the development during the quarter. There is a continued hesitancy in customers committing to major capital investments. And for this division, we are very much linked to larger investment where we are a significantly smaller portion of the investment compared to the rest of furnaces, et cetera, in a foundry or a smelter or whatever. Orders and sales positively impacted by the acquisition of Euro-Equip and we continue to get new orders in the South America where they're active and mainly on the [ Iberian ] Peninsula. We had one major order in green steel. New steel has been an important part before, but there was a new technology here. Strong service business and good efficiency in project implementation gave a solid EBITA exceeding 8%, which is in this type of project business okay.

If we go to the different parts of the division, textile and fibers orders to sales growth was negative there. The textile segment is still characterized by continued overcapacity in spinning mills, and we do not see a quick turn here. However, positive is that we are selling a lot of upgrades. We have sold close to 1,000 fans, the special fan that reduce the energy use in these mills. So we continue to develop the aftermarket waiting for the large new orders to come, keeping a good relation with our customers with new innovation and helping them be more efficient.

If we look into foundry and smelters, orders received increased during the quarter. Acquisition of Euro-Equip boosted this growth. Green steel orders secured and strong underlying recycling trend is positive. We have one more major aluminum recycling order booked. There's a large pipeline. But again, as we've said, there are turbulence in the market questioning so when they will be signed that we don't know, but we have a very strong pipeline. In customised solutions, we had growth in both orders received and sales, and we will continue. The key activities for the division has been, of course, the integration of Euro-Equip and it goes according to plan. We have also increased focus on R&D and sales of new energy-efficient solutions.

Financials for Process Technology then, SEK 388 million in order intake for the quarter was 18.4% growth versus the same quarter last year. Year-to-date, still 9.5% lower currency neutral. Sales for the quarter, just over the SEK 400 million mark, SEK 401 million versus SEK 410 million last year, growth again, 4.7% currency neutral. EBITA, SEK 33.5 million versus SEK 54.4 million last quarter -- same quarter last year, 8.4% EBITA margin for this quarter, which Sven mentioned, was actually reasonably pleasing. They must be pointed out that you're comparing to an extreme quarter last year for profitability. There was SEK 6.5 million of -- you could say, free profit from the sale of the building down in Germany. The margin after that was actually 11%. And there were some projects finished with -- in the same quarter last year, we concluded a couple of projects with very favorable margins there. But 8.4% is where they end up for the quarter, 7.6% year-to-date, SEK 57.6 million is below where we were last year, and it's largely down to this top line, the sales figures.

And as you mentioned, with this hesitancy on committing to -- customers committing to large capital investments. The chart you see on the top right side of the slide here, it does demonstrate the backlog for the division. And those of you who've got your Excel files, you've probably seen this work this out already, but the backlog is -- the order backlog is approximately in line with where we were 12 months ago despite this rather turbulent macroeconomic environment.

Duct & Filter Technology then.

Yes. For Duct & Filter, we have some short comments on the development during the quarter. There was negative -- we have reduced the orders received in all 3 regions. Unfortunately, that has been an increased market uncertainty with fewer large orders received across various industries, and that has been the negative impact. The normal base business have been conducted in a more normal way. It's a lack of large investment orders. We have got new orders in the EV battery production, but fewer than previous quarters. And as mentioned here later, we have not been able to compensate that with other larger installation for foundries, smelters, large textile, et cetera. So we will continue to work on that. Again, we have won in Nordfab'’s EV batteries orders, although lower level. Few large orders, base business, very solid problems, cross-border sales to Canada from U.S. diminished due to tariffs and also to Mexico but that has been a smaller market.

U.S. production efficiency is boosting profitability. We have fully automated warehouse. We have Nordfab Now. We have the [ ADVs ] in full operation. So we have a very efficient manufacturing.

EMEA orders and sales declined after a strong Q1. Nordfab, Denmark and U.K. coordination continue to give positive profitability impact. New Thai reseller made a positive contribution to orders while sales in Australia remained at the improved level.

Mena orders -- orders received decreased in U.S. but 2 new orders were received from steel manufacturers that are coming back and investing in U.S. probably because of the tariffs making more profitable in U.S. Sales increased in EMEA, mainly due to operation only comprising service and aftermarket with customers in noncyclical segments. What key activities have we had in this division? Well, we have launched the laser-welded ducting system in Australia from plant in Thailand.

We are adding the 2,500 square meters of production and warehouse space of Nordfab U.S., and that will be completed in Q4. And this is to be able to also conduct the Nordfab Now concept for larger sized duct works. We have continued to roll out the BIM Object at trade fairs and then part of training sessions, they have what they call lunch and learn where they invite users for lunch and they train them to use this everything to do easier to do business with Nederman and Nordfab here. And we see a large interest in continuing developing the relation with us. We are now just waiting for the large project to come.

Financials for Duct & Filter, external orders received SEK 166 million in the quarter versus SEK 205 million. Currency neutral, we're down 10% there. Year-to-date, it must be pointed out, still 3.8% positive currency-neutral/organic growth. Sales, SEK 205 million in the quarter versus SEK 236 million last year. There is a currency impact there, but currency neutral, it is, however, still down 4.3%. Year-to-date, positive 4.3% still -- adjusted EBITA SEK 37.4 million, down from SEK 49.4 million. The margin 18.2%. It might be lower than 20.9% in the quarter last year, but we're still above -- we're at 20.3% for the year-to-date, and that is very strong historically for this division still.

Moving on to Monitoring & Control Technology, Sven.

Yes. Monitoring & Control development during the quarters. Orders received slowed with the exception of Americas. Profitability negatively affected by lower sales volumes and unfavorable product mix. Increased market uncertainty led to some delays on large investment decision. If we go to the European scene, Nederman's had particularly strong sales. Gasmet saw a reduction in order intake. Olicem that we acquired in November is collaborating with Gasmet to build up a pipeline of potential projects in emission analysis. If you remember the acquisition of Olicem or part of the Olicem is to make a more complete statement of the clean air company. We are now helping customers doing analyzing of the emissions that they are creating, both internal R&D, but also for reporting to legislative authorities.

In Americas, NEO Monitors had very good growth in orders. Energy sector was particularly strong with NEO Monitors booking 2 large orders. The higher tariffs at the start of Q2 between U.S. and China essentially resulted in sales to China coming to a complete halt. It has a negative effect for the division.

In APAC, Gasmet saw order intake growth in the quarter, while NEO Monitors had a slight decline. Focus on leveraging the technology center in Shanghai and Singapore sales office is going on. What we have is the key activities. We continued investments and activities to strengthen production capacity and above all efficiency in the NEO Monitors Norwegian hub. Continued development of and preparation for the launch of the next generation of Insight products. Auburn FilterSense have been rebranded to Auburn or we have shortened it, making it easier, and that is the original name. The expansion of Auburn's production has commenced, and it's not only the capabilities, it's also a matter of efficiency. They've been extremely crowded, which is not generating enough efficiency in the small factory.

So orders received for Monitoring & Control were SEK 165 million in the quarter versus SEK 185 million in Q2 last year, that's 3% negative. For the year-to-date, they are still plus 2.4% currency neutral despite this lacking of larger orders that you referred to, Sven. Sales for the quarter, SEK 190 million versus SEK 206 million last year. There were a couple of delays on customers just delayed the deliveries over the quarter end, which impacted negatively. It's up to SEK 10 million that was lost in sales. That does then have an impact in the EBITA in any individual quarter. So SEK 28.3 million EBITA is 14.9%. That's not as high as we would like to be, SEK 38.9 million was last year, 18.9%. For the year-to-date now, the EBITA is SEK 64 million versus SEK 67 million at the same point last year, 16.5% EBITA, slightly down from the 17% for the year-to-date 2024.

Talk a little bit about the outlook, Sven.

Yes. Demand continues to be slightly slower, but our solid base business, growing service business and strong digital range enable us to assert ourselves well in the current market. Our performance is largely positive, though there is a risk that the very uncertain market environment will continue to impact customers' investment decisions in the quarters ahead. Our orders received are healthy. Our order backlog remains solid, and we are investing continuously improving our range all of which means that we will be able to continue advancing our positions even in this challenging macro environment. In a world with growing insight into the damage that poor does to people, Nederman with its leading industrial air filtration rate has a key role to play and good possibilities for continued growth.

Just a quick look at the financial calendar, then interim report for quarter 3 will be released on the 23rd of October this year and then the year-end report for 2025 will be released on the 12th of February 2026.

And with that, I think we can open up for any questions that listeners might have.

[Operator Instructions] The next question comes from Hanna Grimborg from Handelsbanken.

Hanna here. So I have 2 questions. To start with on M&A. Maybe you can tell us a bit more about how the M&A market has been impacted by the increased uncertainty. I mean is it only processes becoming longer or has something changed when it comes to price expectations and so on? So I can start there.

Okay. Let's say there's a flood of people running for the door at the moment. So there is a long list of potential M&A candidates. However, I think there is still a discrepancy between what is a reasonable multiple for a number of them considering the capabilities going forward. Having said that, we are continuously analyzing all the time here. But as you have seen, we have tried to be quite picky when we go in and not spend shareholders' money on something that we do not believe that we can turn into meeting our profitability goals within a 3-year period.

I think you could say as well, Sven, that compared to 12 months ago, the price expectations are a little bit more realistic. We will still not be paying more than the companies are worth, of course, but it is looking slightly more favorable from a buyer perspective than 12 months ago.

That's a fair comment.

All right. All right. And then just -- I think maybe you mentioned this a bit, but then maybe you can repeat it. But if you look at the different divisions, did you notice any shift in demand during the quarter for any of them, either positive or negative towards the end of the quarter?

I think most of them were doing better in the latter part of -- I would say that June was better than April and May in all divisions. So what that means in reality, it's hard to say. And what we've seen is a number of issues like we mentioned, especially MCT has been hit by the fact that you cannot sell from U.S. to China or to Canada for that sake, which has been -- so the mining industry and that has hampered some of the sales. And we have also had some other issues and that very much related to the hesitancy that not lost any large project, but they are postponed week by week, and we don't know when they will come. But we have a very healthy pipeline. We see that we have a strong position in the market at the moment.

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

Thank you for having taken your time listening to our presentation. We can summarize that we have an interesting and challenging environment where we see that we have moved forward and we are reasonably confident that the coming quarters will have more positive signs since we see that there are some clearance in some of the macroeconomic issues going forward. So looking forward to the coming quarters, and thank you for once again for having taken the time. Have a good summer vacation for those who are into that.