Prevas Aktie

Hello, and welcome to today's presentation with Prevas. With us presenting today, we have the CEO, Magnus Welen; and CFO, Helena Burstrom. [Operator Instructions] And with that said, please go ahead with your presentation.

Thank you very much. Hello, everybody. My name is Magnus Welen, and I am the CEO of Prevas, and I welcome you to the presentation of the Q1 results for Prevas. The agenda for this short meeting looks like this. We will start with this introduction, then we will have a review of our financial performance for the first quarter. We will have a market update and finalize this meeting with a Q&A session. And I hope that you will bring in some interesting questions for us after the presentation. So how did we perform in the first quarter of 2026? During the quarter, we saw a stable revenue performance in a continued cautious market environment. We had a negative growth of around minus 1% and organically minus 2.9%.

The positive part for this quarter is that we see a continued profitability trend that goes upwards. Adjusted for restructuring costs, we delivered an EBITA margin of 9.3% for this quarter. The reported EBITA margin was SEK 35.7 million, which is in line with last year and EBITA margin of 8.4%, also that in line with last year. Another positive part for this quarter is that we, for the sixth consecutive quarter in a row, saw a positive development in Finland, where we had an EBITA of SEK 2.4 million compared to last year of SEK 0.6 million. So that means that we continue the positive development we have seen in Finland for quite a time right now. Looking into the operative cash flow, we can see that it was SEK 10.8 million for the quarter compared to SEK 32.2 million last year, and this was impacted by working capital effects due to larger engagements. Helena will review this more in detail later on in the presentation.

Looking into the EPS, we can see a decrease from SEK 1.75 to SEK 1.57, and that was mainly due to negative currency effects on loans that we have in euros. And of course, the underlying reason is that the euro and the SEK ratio has changed during this quarter. So all in all, I believe that we and Prevas during the first quarter has taken positive steps in the right direction to improve profitability, even though we still are in a present very cautious market. And if we zoom out a little bit, we can see that Prevas is a company focused to grow with profit. You can see that on this graph, where you see the rolling 12 figures that we have a continued growth in the company, although we can see that we have been flattening out in this cautious market we have seen during '25 and also start of '26.

Looking into the EBITA and EBITA margins, we can see that we now for 3 quarters in a row has performed increased EBITA or the same level of EBITA as the year before. So now we are in a different trend compared to what we have seen in the -- for 2024. So that, I believe, is a good step forward as well.

So with this, I leave to Helena to review a little bit more in detail related to our cash flow and our financial position.

Thank you, Magnus. Cash flow from our operating activities amounted to SEK 11 million in Q1, representing a decrease of SEK 21 million compared with the same period last year. The decline was mainly driven by a change in working capital, reflecting a different project mix compared to last year. The overdraft facility of SEK 100 million remained fully unused end of Q1. Cash at the end of the quarter amounted to SEK 10 million. And net debt in relation to [ EBITDA ] rolling 12 was 0.89, and our financial goal is not to [ exceed ] 2x over time. Equity ratio amounted to 53.1%. We have a strong balance sheet, and we have a solid financial position.

And with that, Magnus, I hand over to you again.

Thank you very much, Helena. I would like to spend a few minutes related to the development in Finland. As I said, we have now 6 quarters of improved results in Finland. And for the first quarter, we grew from SEK 0.6 million to SEK 2.4 million in EBITA. And also that comes with 5% of organic growth. But in Finland, we now see that the short-term uncertainty has increased. We see that decisions for investments has been pushed forward, especially late in the first quarter, we see this effect that we believe has a connection to the uncertainties we see globally in the world as well with the recent terrible wars in Iran, for example. And that is influencing Finland more than the rest of Prevas as our Finnish operation is more focused on projects that goes for investments.

But with this said, we see also that the general demand remains solid for our niche offerings in Finland and also for projects where we are more niche offerings. So in that -- those parts of Finland, we continue to see a solid demand as well. And what we focus in Finland right now is, of course, very strong sales focus to meet this quite competitive market that we see in Finland, but also this increased short-term uncertainty. And our way to meet that is, of course, to focus on sales. But I'm very pleased to see the long-term development in Finland and the Finnish team are working extremely hard in order to reach the expected margins that we want to see in Finland over time. Then a little bit of market update.

Looking at the market, we see a continued cautious market with high variation between industries and also customers in terms of demand. What we also continue to see is a very strong demand from the defense area, but also in cybersecurity, which is positive for Prevas. In Denmark, we see a slow market. We believe that, that is connected to the issues that Novo Nordisk have with the big downsizing activities that they have taken, which influences the general engineering market in Denmark. We see delayed decision-makings. We see projects pushed forward. So in Denmark, it's quite a tough situation right now. On the other hand, we see a trend where we see improved utilization in many of Prevas units, I would say, in Sweden. This drives actually organic growth and increased EBITA versus last year in those units.

And in those units where we see demands, we are now recruiting in selected areas towards the demands that we see, although, of course, we are balancing this expansion also with the profitability and the risk. But anyhow, we are in the recruitment mode in many of the units in Prevas. So if we summarize the market, we see -- we continue to see a cautious market, but also we see areas in the market with strong demands like in defense. Then I'm very happy to announce that we have signed a record contract within Enterprise Asset Management.

It's in Norway with a huge customer. We have signed a contract of total SEK 80 million with the implementation of HxGN EAM in order to improve this customers' way of working with their assets, with their maintenance. So it's a very exciting project for us at Prevas. It's the largest one we have ever signed, and it's a long-term partnership. In this case, it's 12 years of contract, including a recurring revenue of around 25% because in this kind of business, we also have license sales, we have support and other areas, not only consultancy services as such. So I'm very proud to be able to announce this today. Looking into the defense area, the first quarter 2026, we saw that the sales in defense grew with 22% and rolling 12, we now are at SEK 275 million in turnover towards the defense sector. And that is equal to 70% of the total group sales. And last year, that was 14%.

So in the areas where we see potential, we are growing in Prevas. A few words about AI. It's on everybody's map right now, of course, but also in Prevas. We use AI tools daily across Prevas. We work with it internally with our internal processes within finance, within HR. That is one part. But the big part is that we work with AI tools and AI-supported efficiency increases when we deliver to customers. The main area we see right now is within AI-supported coding, where we see clear efficiency increases in several use cases for customers. So this is a positive drive in Prevas right now. Generally speaking, when we talk about AI and the effect of AI upon our business, we see that Prevas strong domain expertise and our long-term customer relationships, we have been working with customers -- some of our customers since 1985.

If you combine the domain expertise, the long-term customer relationships and our expertise in delivering very complex solutions, we actually see that when we combine this with these efficient AI tools that we strengthen our competitive positioning in the market. We also see something new lately is that these new technologies actually open up new customer demands and new opportunities because we in Prevas, we are very keen, of course, on adapting new technology. And one area where we see this very clearly is in with AI vision systems that we have been working with in Prevas that we are working with in Prevas. One example is we work with a manufacturer of wooden floors. And we have implemented a solution to have an automized quality control of floor manufacturing. And this is organic matter, and we need to measure it on different layers in order to be able to do this quality assurance in a proper way. This was not possible a year or 2 years ago.

But now with a modern technology based on AI, we have the ability to solve new problems. So all in all, from Prevas point of view, we work intensively to adapt to AI and to see this as a huge potential for Prevas moving into the future. Then I would like to spend a few words about our transformation we work with in order to reach our financial targets. We are in a very cautious market right now and have been for a certain period of time. And that means that we need to be extremely agile. During the first quarter, we have taken the decision to restructure our business in the southern parts of Sweden. We are moving from 3 business units to 2 focused business units. This means that we will exit nonprofitable unit in Malmö. In the quarter, we have also made downsizing in Denmark in order to meet the reduced demand we see in Denmark right now. So we are taking the necessary actions in order to improve so we can reach our financial targets even in a cautious market.

The restructuring costs for the first quarter was SEK 3.8 million that we have taken in our financial results for the first quarter. The full effect of these actions will be from H2 in 2026. And I would like to emphasize that we will continue always to work with our internal efficiency and to be agile and adapted to the changes in the market. That is very important for Prevas moving into the future. And then a summary of the first quarter of 2026. I believe that we have taken clear steps toward our long-term profitability targets. The underlying EBITA for the first quarter was 9.3% and the reported was 8.4%. So we are moving in the right direction in terms of profitability. We signed a record contract within Enterprise Asset Management with a total contract value of SEK 80 million, which I believe is fantastic. For the sixth consecutive quarter in a row, we had positive trend in Finland in terms of [ EBITA ], also very good.

And we continue to take the necessary action to improve performance in units that do not meet our targets. And this, we will, of course, continue with -- it's a never-ending story to work with improvement of performance in Prevas. That is important for us. During the quarter, we saw a strong growth in defense. We had plus 22% in turnover versus the first quarter of 2025. So this means also that the defense customers, they trust us in Prevas and they give us more and more and more business over time. All in all, as Helena was mentioning, we have a solid financial position. We have a good strong market position. So in my book, we are well positioned for the remainder of 2026. And this was the final slide of this presentation.

And now I hope that we can have a lot of interesting questions from all of you. So thank you very much for listening.

Thank you very much, Magnus and Helena, for that presentation. And now let's open up the Q&A.

[Operator Instructions] And we'll start with the first question here. Could you please further explain the restructuring costs related to Denmark and Skåne and what operational changes you have done more specifically?

Yes. This -- the cost in the quarter was SEK 3.8 million, and that is due to that we have restructured. We went from 3 units in Skane to 2 units. One unit is focusing on advanced test and measurement systems. And one unit is focusing on -- is a development house, OIM Sweden AB, a part of Prevas working with complete R&D development projects. So we have focused our offering to the customers with this change. So that is one part. And the other part we have done also is downsizing in Denmark as well to reduce the workforce actually in order to meet the lower demand and maintain our cost base versus the market. And as a consequence of this, the number of employees has decreased in the Southern unit, of course, because when we closed this unprofitable unit in Malmö.

And a follow-up question to that. Should we expect additional restructuring costs in Q2?

We will continue to work with restructuring also in Q2. So yes, we will have some costs related to restructuring in Q2 as well.

Thank you. What are the key growth drivers for Prevas in Q1 in 2026?

The key growth drivers. I would say that the key driver for growth in the first quarter has been in the defense industry as we grew with 22% within the defense area, that is absolutely the main growth driver for Prevas in the first quarter. And we -- for the defense industry, we have been working in both our main areas, production development when we help the customer to grow capacity in the defense area, but also working within R&D, product development and other areas where Prevas are a strong company. So I would say the main driver is the defense industry in the first quarter.

Could you give us more information about how past acquisitions performed and how full your pipeline is now?

Yes. We have made a number of acquisitions over the years. And generally speaking, I would say that they have performed well. Then, of course, we have some of our acquisitions that have performed less well and some that are really, really stars. So generally speaking, my view is that we have been very good in acquiring good companies with a good cultural fit into Prevas that add additional value to our customers. So generally speaking, my view is that our acquisitions have performed well, generally speaking, with some, of course, some stars and some less good, but that is the way it works, I would say. So yes, I think that was a summary.

Thank you. And with the Iran war, Greentech is looking a little more promising. What's Prevas' exposure here? And how are you able to grow if it really picks up?

We didn't -- could you repeat the question?

Of course, of course. With Iran war, [ Greentech ] is looking a little more promising. What's Prevas' exposure here? And how are you able to grow if it really picks up?

Yes. Thank you. That was a very good question because as you say, given the Iran war and the situation regarding oil supply in the world, that might actually restart the Greentech revolution. And I would say that Prevas is very well positioned in energy area, but also especially in Greentech. One example is that we're working within the steel industry and supporting the steel industry to increase the efficiency for heat treatment of steel using more environmental-friendly solutions. And that, of course, will sort of be even more interesting moving into the future. So I would say that we have a strong position in green tech in that sense in Prevas. So it's an opportunity for us. And I hope to be honest, that we will move into a more green change in the climate for the future because it's important for all of us.

Thank you, Magnus. And I believe you already answered this, but maybe you could add some more color. How do you view current geopolitical tensions, including the situation in the Middle East? And does it affect your business at all? And what's your risk exposure here?

It is affecting the world because the uncertainty in the world has increased given the geopolitical situation. And as I mentioned, in Finland, we see that the decisions for investments are pushed forward, especially at the end of the first quarter, we saw that effect. So I would say, yes, we have seen some impact on Prevas in the short term, but in the first quarter, very minor. Then, of course, moving into the future, who knows, but we are an agile company, and we are very close to our customers. So of course, we monitor the development very close in order to be agile when and if we see any changes in that sense. But for the first quarter, a very minor effect, and we monitor this very closely together with our customers.

Thank you. We take one final question here. How do you view the opportunities for acquisitions in today's market?

As we mentioned in the presentation, we have a strong balance sheet, and we have made a number of acquisitions historically. And we have a good pipeline of candidates for acquisitions right now as well. So I see a positive view on acquisitions moving into -- continuing into 2026, and we have candidates that we are working with in that sense. But I would like to emphasize as well, we will not make acquisitions that is not truly in line with our strategy, our culture, our targets. So it's more important for us that it's really, really good acquisitions with a perfect fit in [ Prevas ] just for the sake of it. Hope just to create growth in that sense. So we are working very hard in this area as well related to acquisitions. So a long answer to a short question, yes, we have a good pipeline and we continue to work with acquisitions, yes.

Thank you, Magnus. And that concludes today's Q&A here. Thank you very much both for presenting with us here today, and wish you all a great rest of the day. Thank you.

Thank you all for listening and good questions. Thank you. Bye-bye.

Hello, and welcome to today's webcast with Prevas. With us presenting today, we have the CEO, Magnus Welen; and CFO, Helena Burstrom. [Operator Instructions] And with that said, please go ahead with your presentation.

Thank you very much, and welcome all to this presentation of the Q4 results for Prevas. This meeting today will follow this agenda. We will start with a short introduction. We will review Prevas's financial performance. We will have a market update and finalize this meeting with a Q&A session.

Okay. Looking into Q4 of 2025, how did Prevas perform? We actually made a quite stable revenue performance. We had a negative organic growth of minus 1.7%, and we had a positive growth due to acquisitions of 1.8%. So the net sales were slightly above last year for the quarter. Looking into the profits, we can see that Prevas has increased the profit from 32.6% last year up to SEK 35.1 million in 2025. This equals to an EBITA margin of 8.1% compared to last year of 7.5%.

And what is the underlying reasons for this improvement? One big part is that we, for the fifth consecutive quarter, improved the EBITA in Finland from last year SEK 0.1 million up to SEK 3.3 million in 2025. This is one part of the reason for the improvement, but also, of course, it's a result of all the actions that we take in Prevas in order to increase the efficiency. We have made numerous actions in 2025.

What we also see in Q4 is that the operating cash flow continues to be strong in Prevas. We delivered a cash flow of SEK 40.6 million, which if you compare it to the EBIT of SEK 35.1 million, really shows that we have the ability to create a strong cash flow in Prevas.

The Board is proposing a dividend of SEK 4.0 for 2025. This equals to 73% of the profit after tax for 2025, which actually is higher than our financial target of 40% to 60% over time. So all in all, I believe that we take -- we have during Q4, taking a good step forward in the progress of Prevas.

And then if we look into the year 2025, we can see that Prevas has performed a revenue of SEK 1.6 billion. That equals a growth for the year of 2.5% and an EBITDA of 7.5%. We also see that we continue to have a strong cash flow. So the operative cash flow for the year has also increased up to SEK 144 million -- almost SEK 144 million.

In my book, this year shows that Prevas has the ability to navigate in a more difficult market. During this year, we have seen quite tough market conditions, and we have really taken a lot of action in order to mitigate and to adapt Prevas and find new opportunities to -- also to meet when we see reduced demand. So all in all, for the year, 2.5% growth and 7.5% of EBITDA.

If we zoom out a little bit, we can see on the sales side that Prevas is continuing to grow, even though at a slow rate in 2025 due to the conditions that we have been in. But if we zoom out a little bit more, in 5 years, Prevas has more than doubled the net sales from SEK 772 million in 2020 up to SEK 1,627 billion in 2025. It's more than double the size of Prevas in 5 years. And of course, our strategy moving forward is to continue to deliver profitable growth.

Looking into the EBITA and the EBITA margins, you can see that on the other side of this slide. We can see that during H2, Q3 and Q4, we have a positive trend. We are actually higher than last year Q3 and Q4, which, of course, is very positive. Looking into H2 as a total, we have grown the EBITA with 10.2% compared to last year. So all in all, I believe we are moving in the right way with Prevas.

And with this, I would like you, Helena, to talk a little bit more in detail related to the cash flow and our financial position in Prevas.

Thank you, Magnus. Cash flow from operating activities increased by SEK 7 million to SEK 144 million for the full year. Cash flow from operating activities in Q4 amounts to SEK 41 million. The differences in investment activities and financing activities compared with previous year are mainly explained by the acquisition in Finland 2024. Cash flow for the period increased both in Q4 and for the full year versus 2024.

The overdraft facility of SEK 100 million remained fully unused. Cash at the end of the quarter amounted to SEK 21 million compared to SEK 44 million last year. We do have a strong balance sheet and a solid financial position that will support our continued growth journey. And with that, I hand over to you again, Magnus.

Thank you, Helena. You were mentioning Finland. And I would like to give you all an update of the progress we have done in Finland in Q4 of 2025. This is, as I said, the fifth quarter in a row with a positive trend in Finland. For this quarter, we actually had 19% organic growth and increased EBITDA from SEK 0.1 million up to SEK 3.3 million. It's been a tremendous change in Finland. And this is, of course, a consequence of the actions that we have taken.

We have reorganized the organization in Finland. We have adapted our workforce slightly. We have also increased the sales focus quite dramatically in Finland. What we see now for the Q3 and Q4 in 2025 is that the mix of the business has also changed. We see a higher share of project business, which impacts EBITDA positively.

And looking into the future, we can also see that we have larger projects that we will deliver in Q1 and Q2. So I'm positive that we will continue to have a good development in Finland moving into 2026 as well. Looking into the market, it's still competitive. It's still a quite tough market in Finland, although we have some positive signals. But generally speaking, my view is that we still have a very competitive situation in Finland.

And then a little bit about the general market update. What we see -- what we saw in Q4 2025 was more or less a similar market as we have had for the complete year 2025. We have very strong demands in defense sector, in cybersecurity. And outside of that, it's very different because we have some customers with increasing demand, some customers with decreasing demand. So it's been a significant variation in customer-specific demands also in Q4.

During the quarter, we have also seen a slowdown in Denmark due to, I would say, mainly the effect of Novo Nordisk that has now reduced with 5,000 employees in Denmark, that is affecting the industry. The direct effect for Prevas is quite small, but indirect effect when it comes out, a lot of engineers in the market, of course, affect us one way or the other.

And what are we doing in order to meet this slowdown in Denmark? We have taken actions. We have now decided in Q4 to make a restructuring so that we will adapt our organization to the actual market needs in order to reach good healthy EBITDA levels as well. We have signed some orders for Q1. The market is not standing still, but it's still quite challenging in Denmark.

Looking into Stockholm area, we have seen slightly improved market actually, where we have seen that the utilization levels for our largest region, Stockholm has increased at the end of 2025. So that is a positive sign, I would say, that we see a progress in Stockholm.

Looking into the industry breakdown, I would like to spend a few seconds related to that as well. What we see here is that defense has increased from 11% up to 16%. Energy has increased from 10% up to 12%. So it's been -- in those 2 areas, we have seen quite good increases. But we also have areas within Prevas -- within the different segments where we have reduced the portion of our sales.

Looking into Automotive and Transport has gone from 8% down to 6%. Steel and Minerals has been decreasing as well. And for me, this shows Prevas's ability to be agile in the market because we have a good proportion of the different segments, and we have the ability to change from areas with low demand to areas with increased demand. So I think this is a very good view of the situation for Prevas.

Then I would also like to emphasize that we have a very strong customer retention in Prevas. What do I mean with customer retention is that we have been working with our customers for a long time. Some of our customers we have had and we have been working with since 1985. 28 of the top 30 customers we have in Prevas are recurring. This means that they come back -- we had them as a customer in '24, we have them as a customer in '25. And that is the normal way of doing business in Prevas to have a strong customer attention. We have customers that come back and buy from us year by year by year. And that is, of course, due to the trust and the relationship that we have built with these customers over time.

But that is one thing to keep the customers we have and to grow on present customers, but you also need to have the ability to actually acquire new customers. And in 2025, Prevas acquired over 100 new customers that we have not had relationships before. And they equals an invoicing of SEK 100 million for 2025. And this, for me, proves that we have the ability to be very agile, and it's a fantastic platform moving into 2026 with strong customer retention and also many new customers that we can continue to grow also when we move into 2026.

Then a few minutes related to the defense industry. In Q4, we actually grew organically with 31% towards the security and defense customers in Prevas. You can see on the graph that we went from more or less like SEK 65 million in turnover in 2020 up to SEK 260 million in 2025. So we have a tremendous growth in the security area.

And also with these customers, we have been working with them for many, many years, even when it wasn't so piped in that sense, when the demand was lower, we continue to have a strategic partnership with defense customers. And of course, we can benefit of that relationship now in a situation like this when our defense -- important defense industry is growing a lot.

And what is the major challenge that our defense customer face? It's to increase capacity and to handle the rapid technological development. It happens a lot in the defense industry. And what are we supplying to our customers? We support these customers with actually their major challenges. We are helping them to increase production capacity to invest in new equipment in test systems and increase the production machinery, et cetera, in order to increase capacity for the increased demand we see -- that they see in the market.

And we also have a very strong delivery to these customers within R&D, where the technological expertise that Prevas has within vision systems, with embedded systems, with the software, et cetera, is a very good fit and support these customers in their journey as well. And we will continue to prioritize defense also in 2026.

One thing you might wonder is where are the reference cases. The thing is that I can't actually tell you more in detail what we do for this company because these customers, they have extremely high safety demands and regulatory demands for what they do. And so we can't tell in detail what we do for these customers.

Then a few reference cases. What are we actually doing in Prevas. Now I talked a lot about figures, about EBIT, but the thing is Prevas is actually about what we perform, the value we deliver to our customers. One customer is Foodhills. It's a company working with pea production. You know peas, yes. We have developed a production system for peas that take care of from sowing to harvest and also to production.

This system is actually integrated with [ SMHoi, ] and that means that we are gathering weather data from different databases in order to optimize the fields to optimize when to sow, when to harvest. So this is a fantastic system we have built together with Foodhills. And this old system is also handling the production planning, the order system for sorting, packaging and freezing. So this is an excellent case, I would say, that Prevas has been working with.

Another company we work for is CTC. They're working with heat pumps, and we have delivered a test and simulation system for them. We have delivered control and monitoring software, sensors and hardware for data collection. It's 2 climate chambers, a power control unit, extensive water circuit with tanks, valves, pumps, heat exchanger, et cetera.

With this system, the customer can actually simulate seasons, temperature, humidity and other environmental parameters to optimize their products. So once again, we use advanced technology to do good things. Bjorneborg Steel is another good example where we have built a scalable production control system, a MES system for steel manufacturing. We gather real-time data to support the customer to take the right decisions and improve efficiency in that company as well.

Last but not least, we're working with a customer called Haglunds. They are a Swedish-based company developing and delivering professional refrigerators. And we have been working with industrial design of their latest release. And we actually received together with this Haglund company, a Red Dot Award and also Grand Award of Design for the design work that Prevas has done for Haglunds.

So next time you go into a fancy restaurant, take a glance into the kitchen. When you see the brand Haglunds, you can think Prevas is inside once again. So these were a few reference cases of what we actually do in Prevas.

Summary of the fourth quarter of 2025. We managed to increase the EBITDA with 8% versus last year. This is the second quarter in a row when we are increasing the EBITDA compared to last year. So we have actually, so to say, turned the trend and now we are moving in a positive direction for Q3 and Q4.

I'm also very pleased to see the development in Finland, where we once again increased the EBITDA substantially from last year SEK 0.1 million to up to SEK 3.3 million. And also, we see a 19% organic growth in Finland. So the team in Finland are now on the right track. It's very, very pleasing for me to see this.

We also had a strong growth in defense, plus 31% versus Q4 of 2024. So we continue to grow in the defense area. We have a solid financial and market position moving into 2026, which means that we have the financial position to actually look into opportunities like within M&A, for example, which we continue to search for different prospects. And we have quite a good pipeline as well in that area as well into 2026.

So all in all, I would say that we made good progress in Q4 for Prevas. We are on the right track. We're moving in the right direction, but I'm not satisfied because we're not meeting the financial targets of Prevas. So we have a journey ahead of us, but we are taking the right steps moving forward into 2026.

And that was the actual short presentation of the Q4, and now we move into the Q&A session, which I hope that you all join in and have some nice questions as well. So thank you very much for listening to this presentation.

Thank you very much, Magnus and Helena for that presentation. And yes, let's open up the Q&A section here. [Operator Instructions] And we have a caller in from ABG. We have Dafina Shehu.

I have a few questions. First, on cost. Could you explain more in detail what actions you've taken and how you think about the cost base going forward?

Regarding cost base, the major cost we have in Prevas is actually personnel. It's the absolute majority of our cost. And what we have done in 2025 is that we have been adapting our workforce related to the actual demands. And the consequence of that is, of course, the reduced cost base. But you should also remember when the market is turning and we are growing, then we will add cost because we will employ more people as well. So -- but that is one thing we have been doing with the cost.

But we have also been very cost conscious during the year as well in order to keep the general cost, so to say, on a low level as well. We have been -- we have not taken the same kind of conferences that we have done in the past and reducing costs in all different manners in order to maintain and fight for the decent margins that we have performed.

Okay. And on pricing in Q4, have you seen any change in market behavior? Or is pricing pressure largely unchanged?

I would say that the situation is rather unchanged because the market has still been quite tough. But overall, we have been able to slowly, slowly increase prices in Prevas, although at a very low rate.

Yes. And lastly, on defense, which continues to grow and is an exciting segment for you. Could you say a few words about typical project sizes, contract lengths and how this segment differs from the rest of the business?

Actually, I would say in many different aspects, it's quite similar because one part is when we run projects, it could be the customer needs to increase the capacity in a plant, then we can support them with actual delivery of production equipment. We support them with a project in order to actually deliver physical equipment and solutions for the increasing capacity. So that is one part. It's more project-based. And that can be from quite small, a couple of millions up to maybe like SEK 20 million, SEK 30 million or something like that for one project. So that is one part of the business.

Another part of the business is more general consultancy. And in that sense, it's very similar to other parts of Prevas as well where we have time and material consultancy services on site. And in those, you have the contract length, it's normally like 3 months, 6 months. But generally speaking, for the defense industry, the assignments we have are very long. So when you actually get into the defense industry, you normally have a very long assignment.

And then also, we run development projects from in-house projects for defense. And in those areas, it's a service we deliver. So it's not a product or a machine or equipment, but it's general engineering services shaped as a project. And those can be quite big as well in terms of number of hours. So it can be like 5,000 hours, 10,000 hours. So it's quite many millions actually in those projects as well. So we actually have many different ways of delivering to the defense industry.

And now let's move on to the written questions that we have received. Starting with the first one. How do you view future growth and potential acquisitions?

The strategy of Prevas is to grow with profits. The profitability is our main priority. But of course, we need to grow and we want to grow the company as well. And we see -- in the strategy, we have organic growth, but also to grow through acquisitions. And we work actively with acquisitions as well. And we have a pipe of M&A candidates all the time because it's quite long processes as well to build this pipe of interested candidates for M&A. So we work actively with M&A in Prevas right now as well, yes.

We'll move on to the next question here. Your proposed dividend exceeds your previously communicated dividend policy. What's the reasoning behind this?

Yes. Actually, the Board is proposing 73% of the net profit of 2025. It's correct. It's above the financial targets we have of 40% to 60%. And the rationale for this is that we have a solid financial platform. We have a solid balance sheet. We have very good cash conversion, very strong cash flow in Prevas. And also the Board has a very high confidence in our ability over time to generate profit and growth in the future.

Thank you. And we'll take one final question here before wrapping up. What are your priorities moving forward?

Our priority is to work on the profitability of the company. I'm not satisfied with the profit levels we have right now. So our top priority is to increase profit in the company. When we are reaching more healthy EBITDA margins, of course, we will aim for growth as well.

And that concludes this Q&A. Thank you very much, Magnus and Helena for presenting with us here today, and I wish you all a great rest of the day. Thank you very much.

Thank you. Bye-bye.

[Audio Gap] CEO, Magnus Welén; and CFO, Helena Burström, will present the report for the third quarter of 2025. [Operator Instructions] And with that said, I hand over the word to you, Magnus.

Thank you very much. Hello, everybody, and welcome to the presentation of the Q2 -- Q3 results of Prevas. My name is Magnus Welén, and I'm the CEO of Prevas. And with me today, I have...

Helena Burström, CFO.

And this meeting, we have -- here, we have a brief agenda of this meeting. We will start with a short introduction. We will review the financial performance of Prevas for the third quarter. We will have a review of the market, and then we'll finalize this session with a Q&A session. So looking into the third quarter 2025. Prevas has performed a moderate growth for this quarter. We delivered a net sales of SEK 355.2 million compared to last year of SEK 351.9 million. That equals a growth of around 1%. Out of this, acquisitions is 2% positive growth, and then we have reduced organic growth with minus 1%. So more or less, in total, we are on 1% growth for the third quarter.

Looking into the profit, I'm very glad actually to see that we now are increasing profit and EPS compared to last year. We are delivering an EBITA of SEK 30.0 million compared to last year of SEK 26.5 million. That equals a growth of 13% of EBITA. And we're reaching an EBITA margin of 8.4%, which is better than last year's 7.5%. And the main reason that we see this kind of increase is it is a result of all the actions we have taken in order to adapt Prevas to the present market situation, all the efforts we have made in terms of focusing on sales. So a lot of actions now is giving results also in the profit, which, of course, is very, very positive.

The majority -- the largest part of the increase is actually due to improved margins and profits in Finland. I will come back more in detail to that on the slide later on in the presentation. The operating cash flow for the month was SEK 21.3 million compared to last year of minus SEK 6.7 million. That is also, of course, a positive part for the Q3 results. And most important, of course, is the EPS. And what we see is that the EPS, the earnings per share increased to SEK 1.34 compared to last year, SEK 0.75. That is actually an increase of 79%. So all in all, if we accumulate the year, Q1 to Q3, Prevas is performing a 3.5% net sales growth with a 7.2% of EBITA.

And I'm very pleased to see that we now see that the actions and the hard work we are doing actually also shows in the figures. And then if we go more into the details, we can see that the EBIT for Q3 was SEK 26.1 million compared to last year of SEK 17.9 million. That is an improvement of 46%. And the reason that we see a big deviation in EBIT compared to [ EBITA ], a better improvement is that last year, we had quite high costs related to the acquisition of Enmac. That is explaining the increase in [ EBITA ] that was stronger than the [ EBITDA ] result. We can also move forward then to see -- if we zoom out a little bit, we can see that the net sales of Prevas over time is increasing. Prevas are growing. I looked into the figures and looking into 2020, the net sales for Prevas was SEK 771 million.

And now rolling 12, we are more than double the size. So Prevas is more -- has grown more than -- we are double -- more than double the size we were in 2020, and we continue to grow. We have also grown in this quite challenging market climate that we have seen right now, and we see that for a period of time. Looking into the EBITA and EBITA margins, you can see in the other graph that we have had a quite tough time, and we've been working very hard in Prevas in order to take the necessary action to adapt to the market, to the quite challenging market that we have seen. And you also see in Q2 that we also took some extraordinary costs related to restructuring in order to increase the efficiency of Prevas to the present situation.

What we see in Q3 now, if you look into this graph is that actually Q3 was better than Q3 of 2024 and more or less in line with '23. And I think this is a very positive signal. And as you can see that the EBITA margin is also increasing. So with this, Helena, could you explain a little bit more about the financial position for Prevas?

Yes, absolutely, Magnus. And as mentioned previously, we have had an increase in operating activities with SEK 28 million compared to last year. And this is mainly driven by a stronger result. Working capital contributed positively, improving by approximately [ SEK 19 million ], primarily due to decreased accounts receivable, lower personnel-related liabilities and higher accounts payable compared to the same period last year. In previous year, cash flow was negatively impacted as well by a calendar effect. Cash flow from investment activities decreased by SEK 170 million compared to the same quarter last year. This quarter, the acquisition of OIM impacted cash flow by SEK 17 million, while last year figures reflect the acquisition in Finland.

Cash flow from financing activities decreased with SEK 121 million compared to last year, affecting cash flow negatively compared to corresponding period last year. And last year, a loan related to the acquisition of Enmac in Finland was recognized. The overdraft facility of SEK 100 million were unused at quarter end compared to last quarter -- last year, SEK 10 million, and the cash at quarter end was SEK 7 million. Prevas remains well below the financial target, maximum 2x EBITDA and net debt in relation to EBITDA is 1.06x. And equity ratio amounts to 50% in Q3 2025. In all, Prevas had a strong balance sheet and a solid financial situation. So back to you again, Magnus.

Okay. Thank you, Helena, for updating about the financial position of Prevas. Now I would like to spend some time explaining more what has happened in Finland. What we see in Finland is extremely positive development. And why is that? The reason is that we have been working very hard. Our great Finnish team has been working. They have taken action. We have reorganized the organization in Finland. We have worked with temporary layoffs. We have worked with cost reductions. We have also reduced the staff in some areas. All of this in order to increase the efficiency of the operation in Finland. But we have also, and that is more important, focused a lot on sales.

And what we see now is the effect of all of this hard work that this team has been working with in Finland, all the actions we have taken is now showing off also in the figures. This is actually the fourth quarter in a row where we see a positive development in terms of EBIT in the Finnish operation. Actually, for the third quarter of 2025, Finland delivers 8.9% of EBITA and a 34% of organic growth. That is impressive and a very good step forward. It is not according to our financial target of 12%, but it's a good step forward. And for me, it proves that the great team we have in Finland, they have the capability and the ability to deliver. That is extremely important. But why then, more concrete, why can we see this kind of increase?

We see now that we have a higher share of project business in Finland. Our team in Finland, they are very, very good in running larger projects where we work with engineering, where we work with design, we work -- we also buy the material, and we also do commissioning of different solutions in Finland. And what we see now is actually the effect that when we ramp up projects like that in the Finnish operation. We right now are running project, for example, for Syklo in Finland, Syklo Oy, where we have the responsibility. They are building a new plant, a new manufacturing line within the recycling business, and Prevas is responsible for designing the control system, installing control system for this new manufacturing line.

Very, very good. Another big project we run right now in Finland is for the defense industry. Of course, I can't tell you what it is. But it's a very, very interesting project for our engineers, also bring a very high value to this defense customer we're working with in Finland. What we have seen during a number of quarters as well is a positive development in terms of the order backlog. This is in a very competitive market, and the business climate in Prevas is not superb. It's still a tough market. But thanks to the efforts this team has been doing, we have slowly, slowly, gradually increasing the order backlog into a more normal situation for the Finnish operation.

So that is very positive. We also now recruit in some of the specific areas in Finland where we have orders, and we need to recruit more people in order to deliver that. But generally speaking, the market in Finland is still very tough. So this increase, I would say, is not thanks to a huge increase in the business climate. It's more a result and a consequence of the actions taken by our great team in Finland. Then a little bit of view on the market. What we see in the market today is a very strong demand in the defense area and in the energy area. And looking into defense, as you can see in the industry breakdown, defense now is 15% of the total turnover of Prevas. So that is an improvement compared to last year of 13%.

Actually, the growth in Q3 has been increasing, and we delivered a growth of 33% in net sales to the defense industry in the third quarter. So it's a quite strong growth in that area where we see the demands. We are also growing in the energy area and the portion of our sales today are 12% for Q1 to Q3 compared to last year, 10%. So also in energy, we are growing. What we see is generally a flat market with quite high uncertainty. And we also have a significant variation in customer-specific demand. Some customers are growing. Some customers are very reluctant. They're pushing decisions forward. So it's a very dynamic market in that sense. And I wouldn't say that I see a strong upturn, and I don't see a big downturn.

So it's a quite stable market in that sense. What we see is a slowdown in Denmark, and that is related to one company, I would say, mainly, it's Novo Nordisk. Novo Nordisk is not a huge customer for Prevas, but we see that the effects in the industry in Denmark is quite dependent on Novo Nordisk. Now when they are reducing, they are saving money and reducing staff in Denmark. That -- so what we see now in Denmark is a slowdown. I would say that's mainly driven by the reductions that are done by Novo Nordisk because in that area, it's a little bit more tough. Then we see some positive signals as well from the export industry, some of the export companies, not the automotive industry.

As you know, Volvo Cars has been reducing quite substantially. So in that area, we do not see positive signals. But from other companies working on the export markets from the Nordic, there we see some positive signals. We can look into -- wait, I forgot one thing actually. What we also see positive signals from is actually within the life science area. We have some customers we've been working with for many, many years. And what we see now in at least 2 of our main customers in life science is that they are increasing the spend in R&D. That is a good signal, and that affects Prevas in a positive way. And also, you can see in this slide that the 5 largest customers in Prevas, Saab, Ericsson, ABB, Hitachi and Sandvik, they are less than 25% of our total turnover.

And as I know that you all that listen to this presentation, you are also listening to other companies' presentation, all of these have delivered quite good Q3 report as well. So there are some positive signals, although it's not a big upturn in the business, but we see some positive signals. Generally speaking, the demand for complex solution where Prevas really comes to its best, that remains strong in the market as such. We also still see a quite high competition in some parts of the market, for example, within the software area and general IT, it's not a big part of Prevas, but we still see that there are high competition in those areas.

So all in all, a flat market development, but there are areas that are growing rapidly like in the defense area, and we work agile, and we are growing in the areas where we see the demands. Talking about growth, I would like to explain to you a little bit about EAM in Prevas. EAM is enterprise asset management. Prevas has a strategy to grow in unique niches where we are creating unique value for our customers. EAM is one of those areas in Prevas where we have a unique niche. In this area, we are talking about value-creating asset management. We are a partner with Hexagon. Hexagon is developing and selling, I would say, the best software for EAM in the world. And they are partnering up with us for the Nordic market, and we are actually a value-added reseller for Hexagon.

This means that we are not only delivering expert services for implementation, but we're also a reseller of licenses. And in order to facilitate this area and to grow more rapidly, we have now shaped a Nordic organization. That means that we have people from different regions in Prevas that we have gathered together into a strong Nordic organization in order to enable a faster growth in this very, very interesting area. Recently, we have received quite large orders in this niche area from Nscale. Nscale, for example, that is a company building data centers for AI, growing rapidly on a global basis. It's a U.K. company. We have received order from Green Cargo for working with EAM implementation and more efficient maintenance within the train industry.

Trafikverket is another big order we received together with Chas, it's a partner of ours. Sysav is another -- is the fourth company that we received orders from, and they are working within the recycling area in the south of Sweden. So all in all, we see a good order intake in this niche area, and we look forward to continued growth. And why is this important? Then you might wonder, this is an area with a higher margin than the regular part of -- the average of Prevas. That is one reason. Another reason is our unique niche competence and the strong strategic partnership we have with Hexagon. And also the third reason is that when we have these orders, they are on a 3-year basis or 5-year basis because we are implementing changes and the software and then we have the responsibility over quite a long time in order to partner up with the customers.

So it's long-term projects and also a part is recurring revenue. So a very interesting initiative that we are focusing right now moving into 2026. Then I would like to talk a little bit about AI. It's on -- everybody is talking about AI. What we do in AI in Prevas, we have a quite broad adoption. We are working with AI in support and increasing the productivity in software coding and test. We're working with agents, coding tools, et cetera, to increase the productivity. We also work with AI for our -- using the large language models for documentation, for analysis, review of legal agreements, et cetera. So quite broad use in Prevas. But that is one part. But when it really, really gets interesting is when we use AI to bring customer value to our customers.

And I would like to explain to you a little bit about a case for a company called SweTree Technologies. SweTree, they have developed a method for somatic embryogenesis. It's a technique in which embryos are grown from tree cells in automated bioreactors. We have developed a solution based on a platform called Prevas Intelligent Vision Platform to quickly identify the most viable embryos using AI and vision. In order to sort them, they are extremely small, I promise you that. So we use image treatment in order to sort which ones, then we have built an automation in order to actually do the physical picking. And actually, these plants are then cultivated into strong disease-resistant tree seedlings. It's fantastic. It's amazing.

And this case is so great because it combines everything that Prevas is about using advanced technology for doing good. We are combining the fantastic expertise of SweTree working with somatic embryos with AI, with advanced vision systems, with robotics and automation. It's magic. It's a very good case. We are working with a customer in power supply. It's a customer that has developed systems in the past for power supply. It's critical systems, and they need to run with a very, very high upturn. In this case, the customer has a legacy code, 35,000 lines of code actually in this case, and they needed to move into a modern platform with this code and also adding new functionality to the code.

And in this case, we have been working with code agents and code tools based on AI to do this work. And what we see now is that the models has improved so much. So actually, we are using these coding tools to increase productivity also in cases where we have very extremely high demands. And the reason that we can do that is that we have the domain knowledge in this area. And in this case, we see productivity increases of 50%. So it's a massive increase in productivity using AI, and we work with it all over Prevas right now. We also have internal initiatives to spread the knowledge and experience within Prevas to be better, so to say. And my view is that Prevas is very well positioned moving into the future, also utilizing the possibilities within AI.

We have the domain knowledge. We have worked with these customers since 1985 in some areas. So we are a trusted partner, and we have the senior expertise needed in order to utilize these kinds of tools for industrial purposes. So we look forward to grow in the AI area as well moving into the future. All right. And then a summary for the third quarter. I'm very pleased to see that we are increasing the EBITA, 13% better than last year as a direct consequence of the actions that we have taken of the sales focus that we have. And of course, thanks to all the fantastic customers that we are working with. I'm also very pleased to see the progress we make in Finland.

Now the Finnish team have proven that they can and they will deliver. For the third quarter, they delivered 8.9% of EBITA and grew 34% organically. That is impressive. I'm also proud to say that we are agile in Prevas. In this quarter, we actually increased our net sales to the defense industry with 33% versus last year. It's a good step forward. And it also proves that we are an agile company, and we are adapting and we are taking the actions needed in order to be strong also in a more difficult market climate. I'm glad to see that the integration of OIM Sweden now is up and running. We consolidated the company and the team into Prevas from July 1, and we have already made new business together. We're starting to learn each other and to find new possibilities together.

So the acquisition of OIM that we announced has now been consolidated and integrated into Prevas, and we're working together on new opportunities. And as Helena was mentioning, Prevas has a solid financial position. So we are ready to act on possibilities that pops up in a market situation like we have today. But all in all, I believe we made good progress in Q3. I'm not satisfied when we do not meet our financial targets, but we work hard, and we will continue to improve in Prevas for the future as well. So I look forward to the fourth quarter and also, of course, to 2026, which is very close right now. And with this, I would like to move into the Q&A session, and I hope that you have a lot of interesting questions for us. Thank you.

Thank you so much for the presentation there. And as you mentioned, we will now carry on with the Q&A session. [Operator Instructions] But with that said, we start off with some questions that has been sent to us. And the first one is, can you comment on how you're adapting your workforce and operational focus across segments, especially in those showing the strongest growth like defense and cybersecurity?

Yes, I can comment on that. What we are doing is actually that we are working across the regions we have in Prevas. So when we work, for example, with the defense industry, we have offices that is quite low from a geographic point of view to some of these customers. But in order to grow, we're utilizing the complete network of Prevas in order to be able to take in larger projects. So that is one way that we work in order to be agile and to grow in the areas where we see -- where we actually see the demands.

Finland delivered strong organic growth and a turnaround in margins. Could you explain on what drove this mix shift toward more project deliveries and whatever you expected the trend to continue?

Yes. I will start with answering that we do not give forecasts. So I can't actually give a forecast of the progress and how it will look in the future in Finland. But what I can say is that we have a very good trend in Finland and had that for 4 quarters. We have a fantastic team working very hard in order to adapt into the very -- quite tough market we see in Finland. So I'm -- in that sense, I'm very positive because we have a good team, and I'm very glad to see that for this quarter that they have now also delivered financially.

Have you noticed any shift in the market recently, for example, around demand pricing or customer willingness to initiate new projects?

I wish I could say yes. Now we have the turnaround. Now we have the high demands. Now it's happening. And I wouldn't say that we see that. It's not a bad market, but it's quite stable. As I said in the presentation, it's quite dynamic. Some customers are doing very well. Some customers are very reluctant. So my view is that I don't see any big trend shifts actually right now. But given the signals we see from the reports from the -- you can see the stock market development, there are -- and also [indiscernible] index, these indicator -- key indicators, they are showing actually a positive trend, but we still need to see it in the actual demands in a stronger way before I can say that we see a big upturn.

How has Prevas managed to increase its profitability despite relatively modest revenue growth during the third quarter of 2025?

That is a consequence of the work we have been doing before this quarter, I would say, because we have been working in optimizing our workforce to the actual demands. That is one part of it. And we have a very strong cost control in Prevas, very strong actually right now in order to really, really focus on operational efficiency in order to improve the margins. I would say that is the majority of the background that we see an increase this quarter.

In Q2, you mentioned you were optimizing with personnel away from low demand sectors. Is it a lot more to do when it comes to the right amount of people in the right segments right now?

I would say, put it like this. This is a normal part of our business to always be agile and always adapt. And we -- as I said, the market is quite dynamic. So I can't promise that we don't do any more changes because I can promise you that we will do more changes. That is a normal way of how we do business. And we will continue to optimize our operations all the time. But yes, so the answer is we will continue to work with improving our efficiency all the time.

Moving on to the last question here. What is the strategic significance of the acquisition of OIM Sweden and the partnership with Syklo for strengthening Prevas' future market position within the medtech, cleantech and sustainable industry?

Oh, that was a long question.

Yes, pretty long one.

But we can start with OIM. OIM is a great team working with product development. It's a development house working for medtech customers from idea through all the different industrial design, the mechanical engineering, the embedded systems, also compliance, and they have ISO 13485, which means that they have the ability to develop medtech products. And that is, from a strategic point of view, very important for Prevas to have this kind of capability. We have it in Prevas in the past, but we strengthened our position dramatically with the acquisition of this team, OIM. So that was one part of the question. And the other part, could you repeat that, please?

Yes, of course. The other part was, could you -- what is -- I can take it all once from top. What is the strategic significance of the acquisition of OIM and the partnership with Syklo for strengthening Prevas' future market position within medtech, cleantech and sustainable industry?

Yes. Take Syklo as an example. This is a company working within the recycling industry. And in that sense, we are strengthening our position as we are building reference cases in the industry. And that, of course, is positive for the future. So in that sense, working with customers like this, also this company in the south of Sweden, Sysav is also a recycling company that we will work with in the future. So we have a position. But as it works, you need to deliver, you need to build references and then you can continue to grow and strengthen your market position. So that is how at least we work in Prevas. And that's why I think it's so important with those cases like Syklo.

Thank you, Magnus. That was the last question we had. So thank you so much, Magnus and Helena, for presenting here today, and thank you all for tuning in. We wish you a pleasant weekend when it starts.

Thank you very much. Bye-bye, everybody.

Hello, and welcome to today's webcast with Prevas. With us presenting today, we have the CEO, Magnus Welen; and CFO, Helena Burstrom.

[Operator Instructions] And with that said, please go ahead with your presentation.

Thank you. My name is Magnus Welen, and I'm the CEO of Prevas. And together with me today, we have...

Helena Burstrom.

And the purpose for this meeting is, of course, to review the Q2 results of Prevas. The short agenda for this meeting is that we start with an introduction. We will have a review of our financial performance for the quarter. We will have a market update, and we will finalize with a Q&A session.

And looking into Q2 2025 for Prevas, we continue to grow. We grew with 3.3% during the quarter, and that was driven by acquisitions. Looking into profit, the profit for the second quarter was SEK 20.7 million. That was impacted by restructuring costs of SEK 6 million, by a calendar effect of SEK 5 million, and the lower utilization in this challenging market.

Looking into the broader picture, we can also see that the margins were improved in Finland for the third consecutive quarter in a row. Actually, Finland improved the margins during the second quarter of 2025. If we adjust the profitability, the EBITA for the restructuring costs and the negative calendar effect, the EBITA was SEK 31.7 million equal to 7.7%. If you look into the first half year of 2025, the accumulated figures, we had a 4.6% turnover growth and 6.7% of EBITA.

And as a summary, to be honest, we are not satisfied with margins like this. So we are taking actions in order to improve. I will come back later on in the presentation to be more clear about what we are doing in order to improve the profitability, because our aim, our target, and we are devoted to reach our financial targets, and we are below, and we will take actions for that. But before we come into that, I will ask you, Helena, to review the financial position of Prevas.

Thank you, Magnus. Cash flow from operating activities decreased with SEK 13 million or 21%. this is mainly driven by the lower result. Working capital contributed positively and improved with approximately SEK 7 million compared to last year, mainly driven by unearned revenue. Cash flow from financing activities increased with SEK 14 million, affecting cash flow negatively compared to corresponding period last year, and this is driven by the amortization of the loan connected with the acquisition of Prevas Finland.

The overdraft facility of SEK 100 million were unused at quarter end and cash at quarter end was SEK 17 million. Prevas remains well below the financial target of maximum 2x EBITDA. Net debt in relation to EBITDA is 1.04x. And Prevas' equity ratio amounted to 48.4% in Q2 2025. And finally, in all, Prevas has a strong balance sheet and a solid financial situation.

Thank you, Helena, for reviewing the financial situation for Prevas. So what measures are we taking to improve the margins within the company? We've been working with optimization of personnel in areas with low demand. As you are aware, we are in a market that is very diversified with some regions where we have high demand, some regions with low demand. And during this quarter, we have focused on optimization. This means that we have reduced personnel in areas where we see low demand. And the purpose for this is, of course, to adapt our organization to the present demand we see in the market. And the purpose is to increase the utilization and the performance of Prevas in order to reach higher profitability.

During the quarter, we had strong cost focus, continuous cost focus. During the quarter, we have also worked internally inside of Prevas with new leadership and restructuring. This means that we have a new leadership in our Eastern region in Sweden. We have several new business unit managers in place or coming in quite soon. And the reason for doing this is, of course, to improve our performance, injecting new leadership and new potential energy into the organization as such. We are also working with restructuring during this quarter.

In the region South, the Malmö region, we made a restructuring. We made the restructuring in the Stockholm region. We made restructuring inside the Finnish operation. All of these actions we are taking is, of course, with a purpose to improve performance, but we are taking a lot of different actions within the company to improve our performance. That is one thing. Another thing is, of course, to actually focus on sales, and we have a very strong sales focus within Prevas. And we continue to grow in the defense area and in the energy sector, where we see that the demands are increasing. And then you might wonder all of these actions that we talk about, do we see any results? Yes, we do. We see improved utilization towards the end of the quarter as a consequence of the measures and actions that we are taking in order to improve.

Then a short update about the situation in Finland. On the graph, you can see the situation, the trend for the EBITA in Finland. The third quarter 2024, we have a negative result. And since then, the last 3 quarters, we have improved the EBITA. So we have a nice positive EBITA trend that continued also in second quarter 2025. The team in Finland is an excellent team, and they're working very hard in order to improve the profitability in the region. One example, one thing we did during the second quarter that we merged 2 regions into one large region. And in this large region, we now have 2 different business units, one business unit focusing on projects, one business unit focusing on services. And that makes it more efficient. So we increased the efficiency in the operations in Finland, thanks to this merge. That's one of many examples of what we do in order to improve in Finland to reach the healthy EBITA that we are to get.

During this quarter, we have continued to have a good order intake. The first quarter was very strong in terms of order intake. Also the second quarter was strong. This means that we have a healthy order book moving into the second half of the year. And this is in a very competitive market, a challenging market in Finland as well. And I would say that the reason that we are able to get these orders is that we have a team that is focusing very hard on sales and on customers, and this gives results.

So where are we right now? What we see in Finland is that the projects, they are ramping up. We see that the utilization is increasing, and we now are recruiting, because we are in a situation in Finland where we now need to recruit in order to be able to deliver the orders that we have for the second half of the year. I am convinced that the Finnish team, the hard working Finnish team will reach healthy margins. And Q2 was a very good step forward in the right direction.

Then a little bit about the general market. How does it look? What we see is a continuous challenging market. We have a high uncertainty driven by the global political uncertainty we see right now and also the geopolitical situation in terms of the wars, et cetera. So it's a very challenging market, high uncertainty. We have also a situation with some regions where we have very high demands, of course, related normally to the defense sector, for example. We also have regions where we have low demands. So we need to be very agile in how we handle the market as such.

What we have seen during this quarter as well is that the customers tend to wait for decisions, not for the small decisions, but for larger decisions for investments, et cetera. In that area, we continue to see that the customers are waiting for the decisions, and that is affecting us, of course. We also still see high competition in different areas in terms of general consulting services. For example, in general IT and in the software area, we still see very high competition in that area as well.

Then I also would like to emphasize that in Sweden lately, during this quarter, we have seen reductions in the vehicle industry. When I'm talking about the vehicle industry, I'm talking about the car industry. I'm talking about, for example, Volvo in Gothenburg that made quite massive reductions during the second quarter of 2025. And that effect was actually 1,000 consultants are being reduced in Volvo in the Gothenburg area. It's quite a massive reduction. The direct effect on Prevas is extremely limited, because we have a strategy at Prevas not to be strong in the car industry.

In the industry breakdown, you can see that we have automotive, 6% automotive and transportation. And our focus in that area is within trucks, companies like Volvo, like Scania, but we are not large in the car industry, which, of course, in a situation like this makes the effect very, very limited for us when Volvo is doing these reductions. In the green energy sector, we have the very unfortunate bankruptcy of Northvolt. And that means that in Västerås -- Prevas is very strong in the Västerås area in Sweden. Actually, Northvolt is closing down the facility, laying off 800 employees, mainly engineers. And of course, that affects the market, a regional market in that sense. But once again, the direct effect on Prevas is very limited.

What we continue to see is growing demands from the defense sector and from the energy sectors. One example there you can see in the industry breakdown is that the defense portion of Prevas' turnover is, for the first half of 2025, 15%. Last year, it was 12%. In the energy area, now it's 12%. Last year, it was 9.5%. So we are actually growing in this area where we see the demand.

Generally speaking, the demand for complex solutions, I mean, I would say the core of Prevas, that remains strong.

Then I would like to talk a little bit about the Prevas' security and defense. We are an established partner to the Nordic security and defense customers. Since 15 or 20 years, we have been working with some of these customers. We have built long relationships. We have excellent references. We have a good position in the market. During the years, you can see in the graph there that from 2020, we have had a nice growth in the security and the defense area. The turnover in defense for this year will be around SEK 250 million, and we continue to see growth.

And what are we delivering to the security and defense customers? We are delivering technological expertise. I'll give you some examples to give you a flavor of what we actually do. We work with the defense customers related to image treatment. When we have a team in Kista, they are experts in developing electronic hardware and software for image treatment using AI algorithms for processing a lot of data very rapidly. That is one service we make for the security and defense customers.

We work with sensor technology. In that case, we work with -- one example is IMUs, it's inertial measurement units. It's a sensor that measures and reports a body's specific force, angular rate and the orientation of the body. We're talking very, very advanced sensor technology, and we have an expert team in Karlskoga working with this. And of course, working then with customers within this industry as well as other industries as well in that area.

We're working with simulators. We're developing simulators for these kinds of customers, software-based simulators for different products. We're working with test. And when I'm talking about test, it can be software test, it can be hardware test, but also developing complete test system for end-of-line test equipment for manufacturing purposes. And as you all are aware, these customers are in a position right now when they are booming in terms of the demand.

They need to increase the production rapidly, fast and secure. And Prevas is the right partner because we are strong in production development and product development. So we are helping these customers right now, as we speak, to grow the production in many, many different places. And we're working with automation. We're building production equipment. We're doing a lot of different things in order to increase the production capacity in these customers. We also work with cybersecurity for the defense customers as well.

Are we only working at the customer side? No, we are not. We are working as regular consultants on site, but we are also working with scope of works and with projects from our own offices. For example, within the test systems, we have quite large projects, a lot of engineers working from our premises in secure areas for developing these kinds of solutions to defense customers.

During the quarter, we also became a member of SOFF. SOFF is Säkerhets- och försvarsföretagen, an organization for the Swedish security and defense industry. And this 350 members and Prevas, we have decided to take a stronger position in the security and defense area. So this was one of the steps in that direction to be a member in this organization. And in this organization, we can see that many of our present customers, potential customers, present partners and potential partners are a part. So this membership is one step forward to build the positioning of Prevas within the security and defense area.

Then some highlights during the quarter. Syklo Oy in Finland in Oulu, they chose Prevas for design and automation services to build Finland's largest plastic recycling plant, which is very well aligned with the Prevas mission to do good with advanced technology. During the quarter, we also announced, together with Hexagon, an enhanced strategic partnership to accelerate the digital transformation in asset management for the Nordics. We are working with a part of Hexagon portfolio. Now we're looking into expanding that into other parts of the Hexagon portfolio and expanding into the Nordic market in the digital transformation area.

Examples within this -- for this quarter, we communicated that we got a major order from Green Cargo for implementation of HxGn EAM, but also from Norway from Nscale. Nscale is a data center company that are growing substantially in Norway, and they have chosen Prevas as their implementation partner for HxGn EAM. So these are examples that this strategic partnership with Hexagon is giving effect as well.

During the quarter, we also announced we got the approval for the acquisition of OIM Sweden, because we need approval from the authorities in order to make the acquisition. And that is now done, and the company are welcomed into Prevas from July 1. It's almost 40 experts in OIM Sweden working in advanced product development from industrial design to finalize product within the medtech and the cleantech area. So a warm welcome to OIM into Prevas during this quarter, actually on 1st of July.

And as a summary, we are not satisfied with the profitability of Prevas. The profit for this quarter was impacted by the restructuring costs we have had, the calendar effect and also lower utilization. We have taken several actions, and we will take action to strengthen profitability in order to be improved in the second half of '25 and for the time moving forward. Prevas is an excellent company with an excellent platform, and we will prevail in that sense, we will grow into the future as well.

We continue to focus in defense and energy. And as I showed in the presentation, we see continuous growth in these areas. And we are now focusing a lot on the defense and security area in order to accelerate the growth even further in that growing part of the business.

I'm very pleased to see that we have a continued positive EBITA trend in Finland for the second quarter as well. I'm very glad to see that the acquisition of OIM was approved. That team is now a part of Prevas. And we have a solid financial position in Prevas. We have a solid balance sheet, and we are ready to act on the possibilities we see in the market, even though it's in a challenging market, but we see opportunities.

And with this, I would thank you all for listening to this presentation. I also would like to wish you all a fantastic summer. I'm personally going on vacation tomorrow, although I'm already looking forward to coming back to explore the opportunities we see in the second half of 2025.

So with this, I welcome you all to the Q&A session. Thank you.

Thank you very much, Magnus and Helena, for that presentation. Let's dive into the Q&A session here. [Operator Instructions] We'll start with the first one here. Has Enmac received any orders from Valmet related to their large order in Brazil?

Yes, we have received orders from Valmet, not only related to the big order we were talking about previously, but also other orders as well. Yes.

Thank you, Magnus, for that answer. What is the strategic rationale behind the acquisition of OIM Sweden? And are additional acquisitions planned in the near future?

The strategic rationale behind the acquisition of OIM is that it's a team that fits very well into the strategy of Prevas. Our strategy is to work within product development, within production development, and this is a team of experts coming into the product development area. It's a team working from industrial design. They work through the whole engineering chain to an industrialized product, working within medtech and cleantech. So it's a very good fit in that sense. That is one part of the strategic rationale. The other part is that together, we combine the strengths of OIM and the team we have in the South in Malmö Lund, then we shape a very strong development hub in that region. And that is the other main part of the rationale.

And how do you plan to address the challenges in the software segment in certain regions? Are you reallocating resources or shifting strategic focus?

In that area as well as other areas, we tend to be extremely agile. So of course, we are moving resources and trying to adapt and find new markets. So one market where we actually are using software development as well is, of course, within defense. So we are reallocating resources in order to adapt to that rather tough market situation in that sector. That is one part. And another part is also that we have taken actions in terms of actually reducing personnel in areas where we have very, very hard in order to see that we are able to find the right assignments in that sense in order to safeguard profitability.

Thank you, Magnus, for clarifying that. What share of revenue currently comes from defense, cybersecurity and energy? And how fast are these segments growing?

Today, for the first 2 quarters of 2025, we had 15% of the turnover in defense, and it's growing. And we don't make forecast for the future. But if you look into the history, and I showed the graph in the presentation, we have seen that we have been growing in the defense area, and we look forward and working hard to continue that growth into the future as well. Looking to energy area, it's about 12% of our total turnover for the first 2 quarters. So also in that area we have seen growth, but not at the same pace that we see in the defense area, where the demand is booming quite a lot. We don't have a specific figure related to cybersecurity as a portion of the general turnover for Prevas, but we are growing in cybersecurity, definitely, yes.

Thank you, Magnus. When do we see a trend break for profitability?

We are taking, as I mentioned in the presentation, several measures and actions in order to be a more efficient company, and that will affect profitability. We have financial targets that we are not meeting, and I'm very convinced that we will meet them over time. So we work extremely hard to make the improvements in profitability for Prevas.

Okay. We'll take one final question here before wrapping up the Q&A session. What do you think about the market in Q3, but also in Q4?

I lost you there. Could you repeat the question?

Yes, I apologize. We'll take one final question here before wrapping up. What do you think about the market in Q3 and in Q4?

I believe that the challenging market will continue. I don't see a big upturn in Q3 and Q4. So more or less what we see is a flat development moving forward into the second half of 2025. So we need to be very agile and work hard in order to find the opportunities in the marketplace even in the third and the fourth quarter.

So yes. Okay. And that's a wrap of the Q&A session here. Thank you very much, Magnus and Helena, for presenting today and answering all of our questions, and I wish you all a great rest of the summer. Thank you very much.

Thank you, Martin. Thank you all for participating, and have a fantastic summer, all of you. Thank you. Bye-bye.