Aktieselskabet Schouw & Co. (CPH:SCHO)

CMD 2026 presentation

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Oct 8, 2026

Summary

Expand 2030 targets 5%–7% annual organic growth and DKK 4.5bn EBITDA by 2030. Spectre and GPV outlined growth plans, while BioMar IPO proceeds strengthened financial flexibility and portfolio transparency.

Good morning, everybody, and welcome to Schouw & Co.'s Capital Markets Day. We are extremely delighted to see so many here in the room. It's a pleasure. It's been 4 years since we last had a Capital Markets Day, and we are looking very much forward to this day. I have the pleasure of keeping track of time and being the moderator in this. I will also talk a little bit during the presentation. We have 6 interesting speakers lined up for today. Jens, the CEO of Schouw & Co. for more than 25 years, will do a bit of talking. I am responsible for investments and investor relations. Thomas Hansen, our CFO, joined 2 years ago, will talk a little bit when it comes to capital allocation and the consequences of how we spent our money. Then we have 3 of our CEOs from 3 of the most interesting companies in our portfolio, GPV, HydraSpecma, and Spectre. These 3 CEOs will give a presentation of each of their businesses. We have a very interesting program, and I can honestly say that it will not be an issue of coming up with good points or keeping the energy in the room, but we might have an issue of keeping time. We will do what we can to stick to the agenda. We will speak for the first hour about Schouw & Co., then we'll have a short break, and then we will have the 3 businesses on the stage. We will talk about 3 things today, mainly. After the IPO of BioMar, which we believe was very successful, we will give a little bit of reflection on the conglomerate model that has created or led to the IPO, how that has worked in the past, and how it will continue to work in the future. We will talk about how we will invest the money, how we will look into CapEx, to investments, to acquisitions. When it comes to the 3 businesses, they will look into the outlook, the growth, the margin, and how they see the future. Lastly, or we will not wait until the end, but we will also give a little bit of insight in how our ambitions for the medium term or long term until 2030 will play out. Before we start, I will just try to take a step back and look at what we said when we had the last Capital Markets Day in 2022. When we reflected over the program, we had 7 points that was the consequences or the result of the Capital Markets Day. We introduced our purpose, that Schouw & Co. is all about enabling growth through transformation, so a lot about how this transformation agenda is underpinning everything we do. We were on the back of COVID, had a presentation of how the conglomerate was risk minimizing, diversified, and the non-cyclicality in our businesses. We introduced ESG as a strategic priorities. We had a rather ambitious presentation of Carlos Diaz, the CEO of BioMar. I at least see some in the room here said that it was maybe even bold and very, very ambitious. Nonetheless, Carlos Diaz talked about the future for BioMar. GPV has just finalized an acquisition of Enics and stood in a position of a consolidator in the EMS industry. Then we had, at that time, some long-term targets. DKK 35 billion in sales in last year and DKK 3 billion in EBITDA. We confirmed also our leverage and dividend policy. To try to look into what then happened, I think the transformation that the IPO of BioMar has led to is by far the most fundamental thing we could imagine in Schouw & Co. Schouw has been transformed, BioMar has been transformed, and the purpose that we live after is really transformation of businesses. We have also not expected wars to continue, raw material volatility, and price uncertainty, blocking of the Strait of Hormuz and so on. But I think our businesses have definitely shown strong pricing power and very strong resilience. So, I think the message we sent in 2022 was indeed confirmed. We have lowered our CO2 emissions. ESG is now a part of everything we do. BioMar did actually manage to deliver on the ambitious plan. BioMar doubled its EBIT from 2021 to 2025. So, despite some of you, not mentioning any names here in this room, of course, but some of you said this was close to crazy. This was actually how BioMar succeeded and what we saw. GPV has very successfully integrated Enics, but we will talk about that. We did, however, have one near miss in this list, and that is our financial ambitions. We were damn close to it, but we did miss with DKK 500 million or DKK 600 million on the sales and around DKK 70 million on our EBITDA. But I think it is fair to say that we almost managed it. Leverage has, in the entire time, been stable within our band, and dividends have increased 13%. So with that, we have a strong history. Now it is up to make sure that we also will have a strong future. With that, I will hand over to Jens, who will tell a little bit about how Schouw & Co. is today and what the future might look like. Jens? Thank you very much, Kasper. Let us hope that what we are presenting also later this day, we can, when we look back in four years, have the same momentum as we have had. So, I have really also been looking very much forward to this Capital Market Day. Welcome to everybody. Nice to see that so many of you will spend a few hours together with us. As Kasper also mentioned, a lot has happened since the last Capital Market Day. In fact, I would say the world has been volatile or even kind of crazy, but we have worked our way through it. Today, I will say, we do not think new normal. We think this is normal. This is the environment we need to conduct our businesses in. Also say that do not expect a big revolution today. We are Schouw, and we continue to be Schouw, but we'll present ambitious growth plans. I think also when you see and listen to our three exciting companies we have brought here, you'll obviously there's a lot of momentum within Schouw. I think a lot of good things will materialize over the coming hours here. I will just spend a little time on elaborating on who we are, what we do, how we do our business, and so on. Looking down here, I know some of you have been following us for many, many years, so you more or less know our structure and things out and in, but also new faces. I think it's also in its place to just elaborate a little bit on who we are. Let me just start with this one, just to setting the scene, Schouw at a glance. We are what we call industrial conglomerates. We have seven very relevant businesses in our portfolio, and these seven businesses, they have around 80 factories around the globe, so a truly global industrial company. We have operations in 35 countries, and we have 20,000 employees working every day to create value for shareholders and for Schouw & Co. These seven leading companies, they make a turnover of around DKK 35 billion to DKK 37 billion, strong operational profits. I think we are, as we speak, in a very good position. I haven't seen the share price starting up this morning, but otherwise, I would say we are standing on a position of all-time high share price, all-time high operating profit, solid balance sheet, and then a very relevant and attractive portfolio of industrials, business-to-business companies within Schouw & Co. As Kasper also mentioned, we are transformers. We continue to try to build and transform on our companies. Let me also just mention that in the Schouw ecosystem as well, we have one main shareholder, Givesco. It's a family foundation. They have been with us for 40 years, not rocking the boat. We call them the invisible hand. They're sitting there. They have been supporting the way we have developed Schouw & Co. over many, many years. Never sold a share, of course. Hopefully been very satisfied with their shareholding, having dividends over the last 40 years. I think part of the way Schouw thinks, part of the way we operate also is coming from having such a longevity with our main shareholder. I think it's very important for us also, and I think it's a super good thing to have. Let me just give a small look into how do we do business. We are standing on a, or not standing, we can't stand on that, but we call it the circle, the strategic circle. Five leaders, believers, it's our modus operandi, and most important thing is we are Schouw, we are a diversified portfolio. We have a diversified portfolio of companies, and that's the way we think, that's the way we act. We have today, as I said, seven diverse, very diverse companies within our portfolio, but still they are standing on the same platform. They are all business-to-business. They are all suppliers to big global companies. There's a lot of similarities in the portfolio we're having. Then, we also, it's important for Schouw & Co. that we ensure that we have a strong capital allocation, capital in place to support our companies. Most important maybe, and most fundamental within Schouw & Co. is that we are active owners. We practice active ownership, and I'll elaborate a little bit on that later on. How do we really do our active ownership? Then, also very important, and I think Kasper alluded a little bit on that, operating responsible businesses. Last Capital Market Day, we introduced our ESG strategy, the way we want to work, being responsible, being trustworthy. It's super interesting if I discuss with some of the old guys back in time on how have Schouw & Co. done business, they always say, "Is there anything new in that?" We always try to do our business in a responsible way, being trustworthy and so on. But now, it's more into a frame. Then, last but not least, securing financial versatility, as meaning that we have freedom to operate and take right decisions at right time. I think that's very, very important nowadays. Several banks in this room here, but we are very, very careful of not being too dependent on our financing and capabilities and so. So we want the freedom to operate, and also therefore, we have a very clear band on our financial targets. Then, just a glance into also what I call our organizational ecosystem, standing on three pillars. We have, of course, the board of Schouw & Co. Won't elaborate too much on that. Then we have the Schouw & Co. management. We call it GET, Group Executive Team. Kasper already introduced us, but let me just take us through. We have Thomas, our CFO, still very, very young in Schouw & Co., a lot to learn. When you've only been two years with the company, then you are young, if you look at how long time Kasper and I have been all together. But a seasoned management team that has been along for quite a long time. Then we have our seven CEOs, fundamental for creating value and driving the businesses in Schouw & Co. And we really put them on also because they are running the businesses, and also a very precise strategy on that. We always say, "Management hold the key," and it's a mantra, and it's fundamental for Schouw & Co. Then together, the GET team from Schouw and the seven CEOs, we form what we call ExCo, our executive committee, meeting occasionally or with a high frequency, painting the bigger picture together, discussing, exchanging things, inspiring each other, et cetera, and also all of them standing on a common platform. So there's a lot of inspiration to gather from each other within the company. So it's a very strong and very well-proven organizational structure we have, and we feel really confident on that. And I think you can see everyone has been around for quite a long time. Of course, Lars, he'll present later on, he's the new kid in town. In fact, we haven't seen the first monthly report yet from Spectre, that new it is, so I'm really looking forward after the meeting here to see what has been happening in Spectre the last month. Good. Then, just a few words on the group, the headquarter where Kasper, Thomas, and I reside, and where we have our daily workplace. What do we do there? What is the purpose of having a group function? We have, within Schouw, really built Schouw and our companies on this lean philosophy. We are business to business. Every cent count. You need to be lean, you need to be efficient in the way you run your businesses, and that also starts with Schouw & Co. We are 20 employees running the group, only doing things that we think create value. Active ownership, as I said, very, very important for us. We are allocating capital to our companies, participating in setting the strategic direction, meaning target setting for each of our company. All M&A activities driven out of Schouw & Co. I think now we see the CEOs here. They think, of course, M&A is very, very interesting and want to go into it. Of course, we do it in cooperation with the companies, but we have a long experience in working on the M&A side, with a lot of facilities and things we can put into that. We have one common platform, and that's funding and treasury. It's made from Filtenborg, from the house here. So we have a common treasury and financing. Everything comes out of there, and that has really created significant value for Schouw & Co. over the years. Something, I think, 10 years ago, 15 years ago, we started to do. Otherwise, we don't really do anything, IT, HR, and things together, because it doesn't make sense. We have a saying, "Only intelligence, value-creating activities will be conducted out of Filtenborg." Also very important, we do all the reporting to our shareholders, to the stock market, and we always say we are very fond on It's very important for us to have an open and transparent reporting to our shareholders and to the market. I think we always think we are saying what we see, and that's very important for us always. Really, okay, we're seeing this, and we are saying and telling it to the market. Then, just a little bit into how do we actually own, what are the principles for owning companies? I think Kasper was also into that. We transform, we own to transform and unlock value. That's part of the strategy, having this small holding company and then finding attractive companies and taking them into the Schouw & Co. model. So, the model we are working on, you can see up here, is we, I think very important today is we understand how to own and navigate independent large companies, because it really takes something when you have given the keys to management, when it's large, independent companies. You have to approach them in a very delicate way because they are running the business. But our ownership model really builds on, we buy to hold. Everyone frequently, or I'm frequently asked, "Why don't you sell more? Why don't you exit?" Because we buy to hold and transform, and Schouw is Schouw. That's our model. We transform, we empower management, as I said, and then, of course, also always facilitating, participating if consolidations is going on in the market. So, long-term value creation always in focus with Schouw & Co. Of course, we need to report to the market every quarter, but it's always with the longer view in mind that we do and run our business. Think also we could say that we bring stability into our operating companies. Hopefully, some of the CEOs will elaborate a little bit on that later. But just standing there, having a solid owner, then on a rainy day, we are there, we can support them. That means a lot, of course. Also, we have what we call a best owner philosophy. What does that really mean? It means that a company have to create value, have to be able to transform itself, deliver, and we also have to be in a position where we can allocate sufficient resources and capital to the company so it can continue to grow. If that stops, then we are not the best owner any longer. You can see up there on the screen, what I call the ownership wheel. We acquire a company and then it gets into the wheel. We develop, we transform, we grow, and then we are spinning the wheel and continue to spin it as long as it can grow and transform and so on. It's a strong company within Schouw & Co. Of course, things can happen, so we can participate or will participate in structural changes, mergers, or whatever. I'll also allow myself just to raise the question, has our strategy over the last years created value? Looking back, 25 years back, we have been growing year by year. We have continuously developed our portfolio and companies. We have had five very important focus areas, and that's to deliver operational growth, it's to deliver shareholder return over a period, also develop and have a relevant portfolio of companies. You'll see up there that we have really been active on especially bolt-on acquisitions. People think, "Do you not sell and exit and do things?" But we have been very, very active on acquiring strong bolt-on companies for each of our portfolio companies. Then also very strong focus on having a solid balance sheet and then running a responsible business. That's the new kid in town, that we're much more focused on being responsible. We are a global player today. Factories, as I said, in 80 countries, meaning also there are some countries, some areas where you really need to have strong focus on ESG and responsibility. Other areas where it's not as important today, but I'm 100% sure that it's something that has come to stay. Then also just showing that since we created this diversification strategy, building industrial conglomerate back in 1989, we have only, I'm doing like this, had 13 companies within our holding. Six of them, they are not with us any longer, and then we have the strong platform of seven very, very relevant and interesting companies. I think also we can be proud from Schouw & Co. that we have participated in developing what I call really world-class companies. We've been with the wind turbine since 1993 and participated in mergers, et cetera, was the biggest shareholder in Vestas, and then we delivered Vestas to the markets. Now, number one global wind turbine company, really with Schouw & Co. as one of the key facilitators in that. Then also looking at another company, Kramp, up there. Maybe it's not a household name here, but it came out of our first acquisition, Grene, in the western part of Jutland, was a small company doing spare parts for agriculture. We merged and did a lot of things, and today, Kramp is the number one in the global agro aftermarket and really, really solid, strong company. Dot spaced. We had a shareholder of 90% after mergers, consolidations, and then we sold it out. Two very, very strong companies coming out of the Schouw operating model, you could say. Of course, also all of you know Schouw. We have been in Schouw. A lot of things, won't go into that. Just to tell, that is the way we work with companies. If things should happen, if consolidation is going, if it is necessary, then we are there, and we are positive to facilitate and work on that. Then also a little bit, I will take one of the companies out here just to show our transformation strategy. As I say, we do buy companies to transform, to grow. Looking to BioMar, I think a company we are very proud of, have it being part of, I call it a transformation showcase. We came into BioMar in 2005, and then we have done a lot of bold moves over the last 20 years. Entered into Latin America, entered into a new species, into Asia, done a lot of things, and now we IPO'd BioMar and prepared it for the next level journey they are on. We have unlocked value, also to show to our shareholders that there is a lot of value within Schouw, and we unlocked value of DKK 2.6 billion in the recent IPO. Looking at, I have to say a little bit, I like the box down there, looking on the numbers and the figures from BioMar. Together with dividends and the actual IPO, we have unlocked DKK 7.3 billion from BioMar. So it is a really super example or showcase on how do we work and transform company. We could have done the same with Vestas and so on, so it is big part of the DNA within Schouw & Co. Of course, also, it is not always everything really goes after the plan. We make mistakes, even I do not believe it, but we do. Of course we do. When we acquire companies, of course, we always acquire a company because we have a strong belief in that it is a good fit for Schouw & Co, we can transform it, and we can do. What happens then if it does not play out the way as expected? Then, of course, we need to start up our active ownership strategy, and just an example, Borg Automotive, acquired back in 2017, had all fundamentals in place, circular economy, reman, sustainability, European-based production facilities in low-cost countries, and so on. Super good. Still a good company, but a lot of things played out the wrong way. We had to close down our big Russian market, withdraw from that. We had the COVID coming up. We have strong pressure from products coming in from China. Something needed to be done. New management team in place came up with a plan, we call it Refine for Future. It is at work now. A lot of footprint decisions taken, closing down factories, et cetera, et cetera. I can say that the plan is working. They are regaining momentum. Of course, a long way to go. It is a three-year plan we are working on. But what we need here is to get this company back at the return on invested capital target we have, and then we will see what are we going to do with that company, if it's part of consolidations or things like that. But really, get it back in place, and we have a strong belief in that. So, with that in mind, then let me just hand over to Thomas, who will also tell a little bit about our capital discipline. I know it's something Claus has been looking very much forward to. Unfortunately, not too much on working capital today, Claus, but let's see what Thomas is coming up with. So welcome, Thomas, on stage here. Thank you, Jens. Thank you for calling me young. It's not every day I hear that anymore, unfortunately. It's very nice to see a lot of familiar faces, also a couple of new ones, and I'm really pleased to meet you all today. Before we talk capital allocation, I just want to touch on one thing that is actually making this topic even more important for Schouw, and that's of course the IPO of BioMar. Jens just showed that we unlocked DKK 2.6 billion in proceeds from that transaction, and that's of course really, really important to Schouw. But to be completely honest, that is not the sole reason why we did the IPO. We did the IPO for multiple reasons. The first reason was actually to make sure that we were able to show That's mine, Jens. No, we did it to put spotlight on what's actually the value of BioMar within Schouw, and that's actually what we believe we have managed, and also part of the reason why we're seeing what we're seeing today. We also believe that it's extremely important in a conglomerate to have a balanced portfolio, and with the IPO, we are getting a slightly more balanced, even though very much skewed to BioMar still, but a more balanced portfolio, which we also believe is extremely important. We still retain full control. We're still able to fully consolidate. I'll get back to that a little bit on what it actually means to the financials of having BioMar listed. But we're still able to retain control of the company, fully capitalize on their revenue and EBITDA into our numbers, so that's not a bad thing. And of course, the proceeds then give us enough power to execute on the growth strategy that we have for Schouw & Co. So all in all, it's not just the money, but a lot of aspects that this IPO is contributing with for Schouw & Co. And with that, we of course know that capital allocation is key in our company. We believe we have a very clear prioritization when it comes to capital allocation. As you can see here on the slide to the left, the future capital allocation priorities are listed here. The first three one is around protecting the current businesses that we have today. We have named the first one, keeping the business running, and that basically means with 80 factories around the globe, there is a need to make sure that our machinery is fully up-to-date in order for us to be relevant and competitive to our customers. That is extremely important, and you can also see, we've tried to look at the last five-plus years, what have we actually spent in this area? That is where we are spending the most of our money, and that is to make sure that all the factories, then you'll hear some of the CEOs talk to that as well, they have up-to-date machinery to be competitive, to make sure we don't have breakdowns, because in a fairly low-margin company, breakdown is crucial to profitability. That cannot happen. The second one of our priorities is expansion CapEx in our current businesses. The reason for that is that we want to make sure that our assets, besides the machinery, sweat as much as possible. It is still cheaper to do expansion, if possible, in current factories than it is to build bolt-ons or new investments. That's the second priority. The third one on our existing business, that is to bolt-on acquisitions. We have done that quite a lot as well. We have done it in GPV, we've done it in HydraSpecma, we've done it in BioMar over the last five years, and we now have what we believe sufficient capacity within our existing factories and footprint in order to cater for the growth trajectory we are on. Finally, at top of the line here, you can see stable increasing dividends to shareholders. That's because, as Kasper mentions, we have maintained and kept our dividend policy, and that is to have either stable or increasing dividend. The reason for that is that we want to award the long-term investors that we have, and we believe by having that dividend policy, that's the best way of doing that. That's a lot of money we're spending on top of the line, and of course, if we have more, and currently we have, we also believe that share buyback is a very good way of providing value for our shareholders. We have spent DKK 2.3 billion on that within the last five years, or sorry, on dividend, plus DKK 1 billion on share buyback. So more than DKK 3.5 billion has been paid back to our investors over the five years. Within just the last year, we have paid approximately DKK 800 million in dividends, and with the recent or the latest share buyback we have for this year, that totals up to DKK 800 million. So a significant amount of money is going back in that way. New platform acquisitions, we actually haven't had any in these five years because this is up to Q2. What we're trying to show here is what are we then paying for new platform for this? For Spectre, we have then paid around DKK 900 million for the 75% that we have acquired. Jens always say, "If we can't find somewhere to put this in, if we can't find good expansions, good bolt-ons, new platforms, then of course it has to be paid out to the shareholders in the long end." That's not where we are right now. I think it is for us really, really clear how we prioritize it. Then finally, I just want to touch on, as I mentioned before, what is actually the financial impact of doing the IPO on Schouw. We have had some comments on how does it actually, what does Schouw look like? How does it actually impact your financials? It is not like it is a big thing, but from a financial perspective, it is not like a lot is actually changing. As I mentioned before, revenue and EBITDA, there is no change. There is fully consolidated into our numbers. What the revenue and EBITDA was from BioMar going into Schouw before the IPO is still the same after the IPO. There will be a non-controlling or minority interest in the balance sheet that will increase, and that is of course because now 26% is owned by somebody else. That is what we have to account for. Then the biggest change is actually on the net interest-bearing debt, where we prior to the IPO had around DKK 5 billion net on the entire group level, and now we are down to DKK 2.6 billion here end of Q2 due to the proceeds coming in. It is a little bit different, you can say, "Well, then now you do not own DKK 2.6 billion," but we are splitting it differently because BioMar has their own funding, their own leverage targets, and so forth. When we listed the company, that was with a leverage of 2.0, and that means that BioMar needs to have around DKK 3 billion of debt in their balance sheet. That also means that in the rest of the company, as we total have DKK 2.6 billion, we have a net cash position. The individual company still, no changes to that, so they have a debt of DKK 4.9 billion, and that basically leaves the residual cash in the parent company of DKK 5.6 billion. That, of course, we are placing wherever it makes sense. That is kind of what it actually means to our financials. Not that many changes in reality. Kasper will now talk a little bit about what it then means to the share price or the share value. Sure. As Thomas Hansen said, one of the reasons of doing the IPO was to increase the transparency. With the listing of BioMar, then at least it is very easy to see what is the value of the 74% of BioMar that Schouw & Co. really holds today. We have the market cap, and on the chart on the left here, we can see that the value of our BioMar shares have, in the period since the IPO in May, been fluctuating between DKK 8 billion and DKK 10 billion. That is something we can read in the newspaper or in the Bloomberg Terminal. In that context, the other businesses, and now I am trying to be very simple here, the other businesses are still a little bit more of a black box. Some would say Schouw was a black box before. Now we have taken half of it not being a black box. But if we take a very simple approach saying if we want to do something similar to looking up in the newspaper what is the market cap of BioMar, try to figure out what is the net asset value or the equity value or the modeled market cap for the six other businesses, then these six businesses combined have an EBITDA of around DKK 1.5 billion. In these six businesses, there is a net debt of around DKK 4.9 billion. And if we just make a simple assumption saying that they have an enterprise to EBITDA multiple of 8 times, that means that there is a net asset value in the six remaining businesses of around DKK 7.5 billion. Then, as Thomas said, given the treasury structure we have, given that we are both owners of our businesses and also bank for our businesses, we have a capital structure which on a group consolidated level is a net debt position. But in the parent company right now, there is around DKK 5.6 billion in cash. So to make this transparency model work, then it is to say we have the value of the BioMar shares, we have the value of the other businesses, we have the cash we have in the parent company, and on the chart here on the right is then trying to say this is then the sum of it. And in this highly illustrative model, that means that the market cap or the net asset value of Schouw & Co is DKK 22 billion. And this morning, I think we were trading, if you subtract these 11% treasury shares that we have, that the market cap is around DKK 18 billion. Of course, it is not our purpose here today to say that this is right or wrong or if this reflects the outlook, but at least I think Jens will now talk a little bit about what is then the outlook for the businesses. Then it is, I guess, up to the market to try to put a value on it. So Jens, please. Please go ahead and talk about the way to 2030. Thank you very much, Kasper. I think after all this very technical stuff, it is good for me just to free ride a little bit on strategy and so on, because there you can only speak about future, but you cannot promise that future will materialize the way it does. But I think quite interesting also very good, I think the capital allocation prioritizations as Thomas came up, we have been working a lot on that over the last year. I will just show to you our new strategy plan. We call it Expand 2030. I think the words even say something that we intend to continue to grow and expand our business. It will build on our actual strategy, but also, I think we will, or not think, we will definitely be more prudent and stringent on capital allocation. Think also we will start pushing our non-performing companies a little bit more, showing also before on Borg how to really work when things does not run the way we expected. We will continue to have the longer view. We still think it is the most important thing for us is to really take the longer view, but push hard on daily operations. Then, of course, very important also in the period to secure a relevant and what I call best in class portfolio. I think that is very important for all of us. We just want to fine-tune the model, continue to operate on a daily basis. I always say to everyone, as long as we do things a little bit better every day, then it is 365 times better every year. There is a lot of things to work on in these kind of companies we have. Let me just show what we are standing on. That is our portfolio. Kasper mentioned that we will have a presentation today of three very of the most interesting companies. I have to say we have seven very interesting companies within our portfolio. A lot of things happened since you saw that, and you can see from your side, yeah, from here on the left side, BioMar being listed, so a new life within Schouw & Co. Then on the right side, Spectre, the new kid in the portfolio. We have not acquired a new company since 2017. So it is the first time we acquired a new company into our company. Of course, a lot of expectations to that, not to put pressure on Lars sitting down there. He will come up later on, so then you can challenge him a little bit. Two very important changes to this platform in 2026. I will not make a deep dive into any of these companies. We will have the three CEOs coming, and then just a very, very fast flip through the four other companies. I think if the CEOs of the four other companies knew that I am going to speak one minute about each, they would be very insulted. But we have to do that because of time. BioMar, still very strong position in our portfolio. We own BioMar to hold and participate in the long-term development of that company. We really see BioMar challenging the position as being number two global fish feed producer within this we call high value, feed for high value species, being very innovative, having full focus on innovation, and have been driving that for quite a long time. Also, accelerating into technology for farming and things like that. So a lot of things is going on with BioMar. I will not go into it because there has been a very transparent process with the IPO, 220 pages prospectus and so on. So I think everyone knows quite a lot about BioMar. But it is in our portfolio, and we intend to keep it there. Then we have Borg just elaborated on it earlier, Refine for Future plan is there to deliver a strong profitability uplift, footprint decisions made, closed down in U.K., reduced number of FTEs, innovation platform. A lot of things is going on, and I am pretty sure, I am not pretty, I am very sure that the momentum is there and will be back on the expected return on invested capital, and then we will see how we deploy strategy after that. Then Fibertex Personal Care, a company that has been with us for a very long time, since 2002, being a strong cash provider to Schouw. We never came with any capital to Fibertex. They have financed their own investment, their own journey. They are challenged in Asia for the time being. We have overcapacity out there, came out after Corona. A lot of things, a lot of competitors also installed new capacity because the market was booming. As we speak, 12 million babies less born in China on a yearly basis. That's really something that means a lot for a company like that. We're pushing hard on innovation. We think that innovation is the key to unlock more volume into Fibertex Personal Care. Of course, we also think that a consolidation will continue and maybe at a larger speed in this business, and we need to be there if things are happening around that company. Last, Fibertex Nonwovens, also since 2002, and the company, we split Fibertex into Fibertex Personal Care and Fibertex Nonwovens. We are transforming Fibertex Nonwovens now. They have been through a tough period, and we have also, to be honest, we invested too early on the back of very, very strong volume and things during the Corona period. But we have a strong plan in place. Momentum is really strong, delivering as we expect, and I also really expect a strong uplift from that company. See it as a future growth case within Schouw & Co. And they have capacity in place, they have innovation in place to secure next level and this return on invested capital uplift. A lot of things is going on in that company. Won't spend more time on that. Then just looking into each of our company, because they are the platform for our 2030 strategy. We have clear targets here. We show you the targets on the operational profitability as the EBITDA levels. I won't go into each, but you can see there's a clear target for each of them, and that's what we expect our companies to deliver on. If they don't deliver, we need to see plans and actions to secure that we can deliver on this. Of course, there are other targets than just a simple EBITDA target, but that's what we are measuring the companies after. We have a lot of firing power in place. They are all, and I really have to say, they are all very well-invested. Newest equipment, lot of capacity. They are running very solid commercial excellence plans. Think also very importantly that all our company solution providers, stickiness with global customers, been with our customers for a long time. We see now scale effect from our big footprint decisions and so on, and all of them really run and operate a very clear strategy. Standing on these seven strong, relevant companies, then let's just show you our one-pager on our Expand 2030 strategy. As I say, it's an expand, it's an offensive growth strategy we are having. The model is not changed at all. We are squeezing in on some things, but we expect at organic to grow 5%-7% year by year. All of you, or most of you also know, turnover within Schouw & Co. can be quite difficult because we are operating a big raw material platform, and raw materials fluctuates up and down, proteins for BioMar or polypropylene or whatever. Still, 5%-7% organic growth expected. This 5%-7% organic growth is expected to deliver a DKK 4.5 billion EBITDA in 2030, around 10% EBITDA margin. We will continue to drive and develop our portfolio. We had a structure. This plan was developed in January this year, where we said we think one to two structural changes will happen within our portfolio. We also expect to see one to two new platform investments. One is already made, Spectre. One structural change already made, BioMar IPO. Also just to tell you, we know that the portfolio is dynamic. A lot of things is happening, and we need to be open on that. We will keep our actual capital structure, 1.0 to 2.5 as leverage. We call it our comfort zone. We like to be in that comfort zone, and still we have a lot of room there. Won't go much more into the rest, but also, of course, focus on generating strong free cash flow. Maybe the reader that can read what is small down there in the notes, that return on invested capital, we have moved our return on invested capital target from a return on invested capital exclusive goodwill into a return on invested capital including goodwill, 15%. We keep the 15% level, but change the goodwill way there. So, I think that's important message also that we are going to push even harder into our portfolio companies, that we want a return on invested capital, including goodwill, to be delivered at the level of 15%. Okay, is that just something we have pulled out of the sky, or how do we really intend to deliver these DKK 4.5 billion? I showed you the requirements we have on each of our portfolio companies, and then try to bridge it here. This year, we expect DKK 3.1 billion to DKK 3.3 billion in EBITDA, and then how are we then expecting to come down to the DKK 4.5 billion? BioMar is going to deliver other businesses, and then Spectre in as the new company. Key levers, as I already elaborated a little bit on, we have capacity in place. Don't need many investments to do this. We have a very, very strong customer portfolio. I can't remember we have had an order backlog, long-term order backlog as strong as we have for the time being. Also meaning that global customers really want to work together with Schouw & Co. We are solid, we are responsible, and also I think our solution provider strategy is super good. Building on innovation, and then of course also strong leverage from our scale and footprint decisions. So, with that, just finishing off saying that the Expand 2030 EBITDA target, DKK 4.5 billion, is based on organic growth on the present platform. No acquisitions, nothing in that plan. Do you then intend to do acquisitions? Yes, we do, but we can of course not say if it materializes because we are not committing ourself to acquisitions that are not margin-enhancing or value-creating. Two types of investments you will see, one platform acquisition. I said maybe one new platform acquisitions in the span. Don't know if it will materialize. Very, very clear criterias for how are we going to do that, which we are going to acquire a new company, and then bolt-on acquisitions. We are very eager on bolt-on acquisitions because that we can put into a company we know. It is well-proven, so good way to do that. Also a clear focus on how do we do that. All in all, we have a lot like that, or we have sufficient firing power within also our capital allocation priority strategy to continue to be acquisitive and to be in the market. I say we are merchants, and we are ready to take an opportunity if it shows up. Of course, it has to create value always with that in mind. I think also, Thomas Hansen introduced our new capital allocation priorities, and we are going to stick to them and to be very loyal to that. Finishing off saying we are proud owners of leading business-to-business companies, and I think there is a safe and strong home within Schouw & Co for companies like that to create value for shareholders also in the coming years. On that note, I think we will hand over to Kasper. Yes, and we will now open up for questions. We will have questions in four sets. There will be the opportunity to ask questions to what has just been said now, and then also after each of the three CEOs, we will have a short Q&A session. The good news is, we are on time, so there is around 10 minutes now for questions. If you have questions, please state your name and where you are from before asking the question. Claus. Claus Almer from Nordea. The first question goes to the CapEx. You said you are very disciplined, and you also had this long list of things you want to do, but there was no numbers. In the past, you had some return criteria for CapEx. Have you skipped that, or what is actually your disciplined approach to M&A and organic CapEx? Thomas, maybe you can elaborate a little bit on that first. Yeah. So, of course, it is difficult to say exactly what is the exact target, because the targets are different from the companies to the companies. The overall targets we have up here is what we believe we should be. As Jens mentioned, whenever we invest, we believe we should have at least 15% ROIC on our investments. Now, including goodwill, which basically elaborates to 17%, where it was previously 15%. So we have increased that with approximately 2%. The individual bolt-ons or the individual CapEx expansions, whatever we do, will be dependent on in what company it is and within what segment or within what product type it is. So it is a little bit difficult to say it is just one number. But the individual companies have their own strategy plans with their own targets, so for the next four years, they will have their own. Yeah, you could say also, Thomas, maybe we will get a little bit into it later on, but of course, every investment, CapEx, M&A, whatever, especially CapEx investments, et cetera, will of course be based on very solid business plans, and they need to deliver on the return on invested capital. We also know, and you know also, Claus, that big CapEx investments, like in a staircase, you cannot fill up the volume immediately, so you need to step the stairs before you are full up, and then you will deliver the return on invested capital. But to be honest, and that is very dangerous to say now, but I do not see very big CapEx investments in this Expand 2030 period. Of course, if something very attractive, interesting coming up, we look into it. But we are prudent on payback times and so on. Yeah. That was actually my next question. Given significant CapEx over the last five years, you must have ample available capacity and up-to-date production lines across the portfolio. So CapEx must be limited up till 2030 from what we can see today. You are right. I would say where we have ample capacity mostly, Fibertex Personal Care Asia, Fibertex Nonwovens, we had in U.S., we are starting to fill it up really. We are setting a new line in work late 2026 in the Czech Republic. As I also said, we have, I think, the strongest order backlog we ever seen across the board. So, of course, we have capacity, but if we look at the other companies, I think, HydraSpecma will tell a little bit about they are also running at full steam, GPV the same. Spectre just built a new factory. They opened a new factory, number four. I won't take the glory from Lars. He will tell on that. But we have, of course, capacity. I don't expect big capacity investments in the period. Thanks. Other questions? Anders Nørskov, Danish Shareholders. Your target for capital gearing, net interest-bearing debt over EBITDA, is between one and 2.5. That seems to have been the same target for years. What is the reason you are immune to the movements of the interest market? So whether we had negative interest levels or we had positive interest levels, it is still the same gearing you have. And interest levels are coming up fairly quickly. They are. But as we speak, yes, it is the same level, and I think it is very healthy to have that level. We call it our comfort zone also because then you can't just go out in very, very big investments and leverage yourself too much. We have tried that many years back, and I think we have lessons learned. But also, as I say, one of the key issues in our ownership wheel is that we can allocate capital whenever needed and to who needs it. Of course, it needs to be right, good priorities for business capital, but we need to be able to allocate capital, and that is why we have that band. I don't know, on interest rates and so on, Thomas, how that- Well, you can also say on the range we have, it is a wider range from one to 2.5. That is quite a lot of big amounts in that spread. For a couple of years, we have been closer to the 2.5 than the one, which has made it a little bit impossible to do the big add-ons, right? Now we are luckily and hopefully in a good position to be able to go up. I think it is a fairly broad span, and it gives us the possibility to be, if we want to be in the lower range or in the upper range, depending on the interest, I would say. Honestly, for the time being, we are below the level, and sometimes we will be in top, of course. When we are below the level, that was also why we started our share buyback thing. Yeah, goes hand in hand. Yeah. Being long-term means that you have something that holds for many years. Emil also has a question. Thank you. Emil Haargaard from DNB Carnegie. On the organic revenue growth target of 5%-10% on average towards 2030, can you elaborate a bit on how much of this target is based on the underlying end market growth across the portfolio companies versus your expectations for market share gains? Yeah. Just to somebody listening, it is 5%-7%. Yeah, sorry if I- No, no. Of course, market share gains is difficult to say. We are on a good journey with all companies and working also for more share for wallet in a lot of the big companies where we are. We can, not easy, but sometimes easier to go in and could we have a larger share of wallet with you and so on. As I said, order backlog, very strong. Borg will also elaborate on that from GPV. Sometimes we are looking 2, 3 years ahead. So, it is based on not actual order, but on requests from customers and things. So, we are not taking a lot of market share, to be honest. We are building on the customers we are having, but also looking into new, and there is a lot of new customers also wanting to work with us. Yeah. The three companies coming to present later will elaborate on exactly this. Yeah. Ulrik. Ulrik Bak, Danske Bank. Also a question on your revenue growth of the 5%-7%. What assumptions have you made in terms of pricing? Because as you said, there is a lot of pass-through in some of these companies. This is with a steady world we know now. So, if raw materials goes up, like in BioMar, then it will hike. If there will be allocation in GPV, then it will increase. So, this is how we the world we know now is the foundation for that. It is much more based on also volume. The world we know and then volume. As I said, we expect volume to grow, but it is difficult sometimes to really put it into turnover figures. You will also see with GPV, 2 years back, they had DKK 10.4 billion turnover, and that was based on pass-through pricing and things like that. So, it is a little bit difficult within Schouw & Co. to get a specific number, but volume will grow. Thank you. Then another one on the EBITDA margins that you showed on the slide. If I use the 5%-7% revenue growth and the EBITDA margins per portfolio company, I get to an EBITDA closer to DKK 5 billion versus the DKK 4.5 billion. Is there anything I am missing in my math? Because I also saw that the EBITDA margin targets, it did not say a specific year. So, is it that beyond 2030, or how should we look at it? Ulrik, I think that's your calculation. You also know how we calculate, so maybe we have two different calculators. But I feel very comfortable on that number. Yes. Yeah. Sindre. Yes. Sindre Sætre from Arctic in Oslo. Without alluding too much into near-term developments, your answer now said that these revenue targets were on current conditions. But isn't it so that, if you go from 2026 to 2027 under current circumstances, you will have a large gain in the top line from pricing? Because everything, what happens in the fish feed industry and also in GPV's market with all this tightness on PCBs and semiconductor and components. I guess I'm just taking the current prices at last year's turnover, you would have actually maybe 10%-15% kind of artificial uplift. Yeah. Is it based on, let's say, last year's prices or Current price level as it is, yeah. Okay, we will have some windfall. Of course, not in margins, but You know also a lot about proteins and things like that, how it fluctuates. We have an El Niño for the time being, really going, some proteins going crazy, but then you need to substitute and so on. Honestly, of course, revenue is very important, but it is something where we say we cannot be too firm on that. We can be firm on volume and development and business growing on volume, and then let us see what happens on. Okay, so 5% to 7% is mainly volume? It's volume, yeah. Yeah, okay. Fine. On the platform investments and the evaluation of the platforms, you mentioned Borg, but a couple of your other businesses haven't really, let's say, performed that well over time. You specifically mentioned FPC, that you thought consolidation would come. Should we think of you as the consolidator or the seller? That's a very precise question. I said we are always willing and open to participate or drive consolidation if it makes sense and create value. We'll be there if something happens. Okay, yeah. Secondly, wanted to platform investments, but this is a first one in close to 10 years with Spectre. Should we expect you to, let's say, integrate Spectre successfully and see what happens there before we could expect you to spend even more of the BioMar revenues on another platform near term? It's also a good question. I think I said also, we are merchants. If a great opportunity comes, then we will consider it, and then we will see what to do. We are not locked in a governance box. We need also to see what creates most value for us and for our shareholders, so we are open-minded on that. We are not, to be honest, not actually pursuing a new platform investment for the time being. Now we first need to see what happens with the one we have. Things happen. The world is moving fast for the time being. Thank you. Okay. Thank you. The last question for this session. I'm the timekeeper, so Yiwei, please go ahead. Yiwei from SEB. Thank you for taking my question. Also on CapEx, could you maybe talk about your current manufacturing setup in terms of automation? I'm a bit surprised that you mentioned that you indicate the big CapEx is behind you. The largest competitor now to Europe, China. We see a lot of Chinese companies now entering to the next phase of manufacturing. A lot of digital platform, a lot of smart manufacturing. What status on your portfolio companies? Maybe I can just overall say, you also, CapEx, we see that as capacity expand, as a big capacity extension. We also saw that Thomas showed it was at DKK 2.8 billion or something we spent to run the company on a yearly basis. I think our maintenance, and maintenance is just screw and bolts and so on, so of course also digitalization and a lot of that, close to DKK 1 billion. So, we continuously invest in automation, in digitalization, use of AI, et cetera. Maybe also the three companies coming will elaborate a little bit on that. You are right, but we are also on the ball on that. Yeah. I think we will stop for questions now. There will be plenty of opportunities for further questions later. We will have a 10 minutes break. Opportunity to get more coffee. Also, use the break to see the exhibitions from our businesses. We have a selection of what the three businesses here are doing, and should be fairly easy to look for yourself, but also feel free to ask any of us from Schouw & Co. and for the businesses. Let us meet again at 10:45. Now, we will hand the word over to one of our CFOs, actually the newest kid in town. Lars, just in from Spectre, from our newest acquisition. Lars, fairly new CEO in Spectre, fairly new in Schouw & Co., so a lot of expectation. Lars, please go ahead. Thank you. Thank you very much, and thank you for allowing me this opportunity to present Spectre today. Actually, I have a question first. How do I change the slides? This one. Thank you. Before I get really into the case, let me tell you a bit about what Spectre actually does. So, we are developers and manufacturers of technical outdoor garments for the active lifestyle. What we do is, just a couple of examples here. We work with your base layer, we work with the mid layer, and we work with the outer layer. We are especially good in the mid layer and the outer layers. Examples here of the products. This is an example of a highly technical GORE-TEX jacket that we create. You will find when you look through it that there are many, many details in this. Actually, we use 17 different machines and 96 people to create a product like this. In the other end, also actually an outer layer, but for very different purpose, for trail running, for really elite runners, you have something like this here. Also a very technical product. If you feel it in the break, you will see there is You can hardly feel the fabric. It is so light, and you can imagine sitting in a production trying to put this together. This is actually taken just this week from our newest factory in Vietnam, where you can see the team working on this style. It takes a lot of craftsmanship, it takes a lot of skills to be able to put this together in a very nice way. Lots of technical skills in the back. Might be difficult to see from a distance, but we have laser-cutted the brand logo in the back of the shirt here. If you wear a white T-shirt under, it will stand out. You find many, many details in the products and maybe many capabilities needed to do the products. To tell you a bit about why we believe that we have an interesting future ahead of us in Spectre, we have an interesting market we operate in. We are building our business on long-term partnerships, and we have built basically the platform to deliver on our 2030 targets. Today I will tell you more about why we have been chosen by the brands, how we have grown towards 2030, and what we prioritize to get there. If you have questions along the way, you can ask questions in the end, but you are also allowed to just break in, just raise your hand if there are questions. Then I will answer to the best of my abilities. Spectre at a glance. We are actually a company with quite a long legacy, almost 80 years old, established in Ikast in Denmark, where we are still headquartered. I have a fantastic team around me in Ikast. It is a rather small team. We are 40 people only in Ikast, where we focus on sales, customer relations. We have senior management, and we have supply chain capabilities, which is very important in our industry, very important for how we interact with our customers. We have 5,500 colleagues in Vietnam. We operate four factories. With the new ownership in Schouw, we are changing our fiscal year from something April, March to the calendar year. When we look then at the 2026 calendar year, we expect to do DKK 1 billion revenue with this EBITDA margin of 15%-17%. Introducing our market. If you look at the total global apparel market, it is huge. Within that market, there is a niche of functional apparel, and within that niche, there is a function of premium outdoor apparel, and that is where we mostly operate. We see that our niche has a growth rate that has been stronger than the general apparel market, and we also believe that that trend is going to continue because we have seen surveys that more and more people engage in outdoor activities, and we also see that more and more people identify themselves with this active lifestyle and wearing sportswear also in many other settings than on the mountains. I think many of our GORE-TEX jackets will never make it to the top of Mount Everest, but then they might make it to a metro in Tokyo. Our segments. We serve four segments, and when I say four segments, it is with a very heavy weight on the outdoor and mountain segment. This is our core. This is where we are coming from. This is where we are really strong and have by far the most of our business. One of our fantastic brand partners here is Arc'teryx. Then we have high-intensity sport is really growing for us. We see a lot of trail running, a lot of running around the world growing, with focus on intensity and performance. So this segment is growing quite significantly for us, and we also see ASICS as a real winner in this market. Hunting and fishing is a smaller niche with smaller players, but we see more and more people wanting to have dedicated apparels for exactly their sports. Then we have something very small in workwear, and it is not a big part of our 2030 strategy, but it is just to show one of the examples of where we could perhaps also grow longer term because there is a lot of similarities in something like workwear to what we actually do in this high-performance outdoor clothing. Our place in the value chain, you will find in one side of us, you have the people doing the fibers and doing the textiles, and the other side of Spectre, you will have the brands, the ones being passionate about creating the product and designing these fantastic products for the outdoor people. Those are our customers, of course, and they engage with someone like us. We do a lot of co-development with the brands, so that means that basically you can imagine that a brand comes with a product and say, "I have this idea of this fantastic product that we have to bring to the outdoor," and they have a design for it, and they have some technicalities specified for it, and then they use someone like us to co-develop the product, turn it into an actual product, finding out how do we make it, where should we sew, and where should we glue, and how should we put the product together. Once it is done, we take care of the manufacturing. We have a long legacy with our partners, 13 years of average cooperation with our partners, more than 20 years with our longest-standing partners, because we built these close corporations where we get to know each other and we improve together how we work on the products. We are largely protected from material cost deviations because a big part of the materials is the fabric. So, for example, this one here is a GORE-TEX fabric that is made of, and that fabric will then be nominated by our customer, and that means we still handle it. We still sell the full product as an FOB price for the full product, but the pricing of the fabric is done by the brand, so that largely passes through. We have a long planning horizon. This is a little busy slide, I am sorry, but this is basically just to tell you that it is not about that someone just comes and say, "Hey, I have this product. Can you sew that tomorrow?" Then 5 days later, I pick it up and thank you, that's my product. No, no. When we have a new product that we start with, then we have this. This is actually an example, and you see on the table, this is a tech pack. This is 70 pages of technicalities that the brand has done, and this is the product they want. But coming from this to this, there is a way. We translate this into something that can be actually sewn. We do a prototype. We will often have workshops with our partners. They will come and visit us in Vietnam, and we go through the prototype, we take corrections, then we make another round, we do samples perhaps. That means that from we start a product until we are actually delivering the bulk production, it will often be 1 and a half year. That gives us a fairly long run-in, but it also gives us a good visibility on what we do. Then on top of that, we have something that the fashion industry doesn't have because we have 60%-70% of what we do is carryover styles. A lot of the styles we do, they carry on season after season, and we can optimize it together with the brand, and that creates this stickiness in the relations that we very much like and value. Looking more towards the actual business, and I will show you some numbers also in a minute. The reasons why customers choose to work with Spectre, we do believe that there is something about us being close to the brands. Most of our brand partners, they are Western companies, and we are headquartered here in Denmark, right? We also have a facility in Germany and in Latvia. Our main competitors, they are all Asian companies, and of course, they are good at what they do, and of course, there's a strong competition and so, but we have something about being close in mind and culture and geography to the brands. There's something where we can build relations and we can work closely together there. We are known for very high quality and very strong technical capabilities that together with this co-development also kind of lock in the brands that if you want to do new complex styles, then we are definitely a preferred partner. Then we are frontrunner on responsibility. Responsibility has been a core part of Spectre. Spectre used to be family-owned, right? It has been part of the family's DNA for so many years that we want to do things in the right way, and also in this industry, we want to be the ones who change how and improve how apparel is made. I will come a bit back to that later, because we do believe that that gives us a specific edge. This recipe has improved the business quite well over the past years. Strong growth, even if you go 10 or 20 years back in time, and here is just the most recent years. We have seen a big COVID peak and then a market-wide decline afterwards. But in general, we see 22% annual revenue growth, and with this EBITDA margin, 15%-16% is where we are able to perform. In the past year, we have made the foundation for our future growth from this new base. We have implemented a new ERP system, so we now believe that we have the state-of-the-art ERP system for our type of business. We have a D365 FO implemented, so we have that platform in place. Then we built a new, large, our most modern and largest factory in Vietnam, and that means that we have the capacity also to deliver on our 2030 ambition. We secured this wonderful new long-term owner, and I am extremely happy to be here today with the link to Schouw & Co. We see a great cultural fit in this relation, and that gives us both strategic advice, gives us someone to talk to about our thoughts about how we want to grow the company, and it gives us some more muscle also to target new opportunities and perhaps even bolder opportunities when we move ahead. Our four factories that we have today, the first factory in Vietnam was from 2016. That is our headquarter in Vietnam today. Also, and that is where we have our development team. I did not mention that, but actually, this team developing the clothes here, it is 100 white collars just involved in pre-production, as we call development that we have here, very specialized people. Then we have another factory that came online in 2021, and actually this year, we extended that factory to double size. That is the only factory that we do not own ourself. This is a rented factory. But that was extended, so we have opportunities to grow there. We have a large factory in the south of Vietnam, and then we have this new factory that came online in July. The pictures before of the nice colleagues making this was from this new factory here. It is scaled for 3,000 employees. We opened it in July. We opened the first line, and last week when I was there, we have 500 colleagues now working there. So, I think that that is a scaling that we could not do many places in the world. The ambition towards 2030, I said, this year, we expect DKK 1 billion, and then we are looking into something in the direction of doubling towards 2030. We say 1.7-2.0, that is kind of our target range we are shooting at. And of course, how to get there, driving growth is very important, and I will tell you in a minute a bit more about where that growth is going to come from. Still, increasing competitiveness is very high on our agenda, and we look more and more towards digitalization, but also automation in the factories. This new factory that we built will be kind of our flagship factory to showcase what we can do step by step in automation. Then building team and culture and keeping our lead in responsibility. Looking at where the growth will come from. We have most of our growth, and the most important part of our growth is from these longstanding partnerships. We think that there's a really good base in that. We believe that 60% of our growth towards 2030 will come from partners that we've worked with for many years, and we know each other very well. With several of them, we have these kind of joint business plan, we call them, but we try together with the brand and envision, see where will the brand be in 2030? How will we be a part of getting to that point? Then doing a joint forecast. Of course, there's some dependency on that the brand actually performs, but it gives us a very, very good planning horizon. In recent years, we have onboarded eight new brands, and they are now in this ramp-up phase that you saw before. We believe 25% of the growth is going to come from these brands, and then only 15% of the growth is going to come from all new brands that we don't serve today. That's not so big a part, but we have a funnel here to work with these brands and try to get in the next right brands. It's a very important task for us in terms of securing the growth also after 2030, because that's where these ones should be the one kicking in and come over here. With our new ownership, top of that, we will also be curious on M&A opportunities. We don't have to do M&As. We do have a lot of organic growth opportunities, but we do see some interesting opportunities that could be interesting to explore further on the M&A base. When talking about growth, it's very important for us also to remain focusing on what we call responsible growth. That actually means that we also have some demands on the partners that we onboard, because we truly believe that standing out as a responsible company in our industry means something. We would like that the companies we work with, they also share this ambition of being responsible. I'll not take you through all of this, but we work across people, environment, and then really trying to be the ones leading the change in the industry. We use renewable electricity. We have LEED Gold certified factories. We reuse our waste. When it comes to people, then there's something about paying living wages, not a minimum wage, but paying living wages. We are 93% that gets a living wage. Of course, we want it to be 100. The trick is when we onboard so many new people to get them ramped up, but the industry standard, that is 30. Our factories are Fair Trade certified, and that means that a lot of the revenue we do also accumulate a certain bonus amount that we then allocate for societies, for our colleagues, and for their family societies, and do events, where we kind of pay back to the communities that we work in. We would like that the brand we work with also want to take part, if not in all of it, then at least some of it. They can really benefit from working with us in terms of building their own credibility and their story to tell how they are going to make sure that the ones going in the outdoors enjoying nature is also supporting nature with the products that they buy. Looking at risk, we are focused on the customer risk. We only serve 20 brands today, and for us, that is a wonderful way of keeping complexity at a reasonable level, so we can really focus working closely with our partners. Of course, there is some kind of risk then, as I said, to the brand's performance, and we mitigate that by integrating very deeply with the brands. Then, of course, we have this growth strategy that we would like to add more significant brands in the years to come. We also have just one production country, that is Vietnam. We try to mitigate that by making sure that we have global shipments. In terms of geopolitical risk, we ship to so many countries that we are not too exposed to one country. We have around 20% shipments to U.S., so there is a limit to how much we can be hurt by specific countries' initiatives. Our factories are spread across north and south Vietnam, so that also gives us some range there. Ideally, in time, we would love to have more geographies added. Paying attention to scaling the organization and never fail as we grow is a core focus as well. In summary, we believe in Spectre that we operate in an attractive niche. You can see we have a 1% to 2% market share, we believe. So, we have a lot of white space. We have a lot of opportunities around us. We believe that we are in the right place of the value chain, where we have the brands on one end and the textiles on the other end, and we work with some of the most technical products that you will find there. That is where we see you can also do the best business in this area because it is highly technical. Then we believe that we have the platform to support it with the right partners and with this full-service model, our own very new factories. Remember, our oldest factory is 10 years old, so it is very new factories that we operate, and you will see that if you ever visit them. We are frontrunner on responsible business, and we are building on this good revenue development, and we have also with that a good visibility for the years to come. Thank you. Yeah, I think we will open up for questions to Lars. Again, state your name and where you come from. Yiwei. Yiwei from SEB. Two questions from my side. Firstly, could you talk about if you have lost any customers in the past? Yes. We have lost very, very few customers. We have off-boarded a few customers that we onboarded that we thought was then too small or the fit was not right, so that can be a natural part of that. I think we lost one customer during the COVID time, during this extremely high boom that was there, where probably it was hard to satisfy everyone in the right way, but that's basically what we have seen. So, in general, we do not tend to lose customers. Okay. How often does the brand partners shifting their partners like you? Good question. What is the motivation for them to do? I guess it is a very competitive market, you mentioned, and I guess the cost of changing partners is quite expensive. Exactly. It is a good question. It is both good and bad, actually, because the brands tend to be very, very loyal to the ones they work with. They actually also, many of them, reporting on not changing partners because they also feel that there is some loyalty in working with the same partners and improving like that. So, we find brands like Patagonia and many other brands, strategically, they do not seek to change partners. So, in that way, it is very, very stable. What we normally see is that when we have the opportunity then to onboard someone new, because that can be hard, right? Because people are not looking for new partners. Then it is especially with the brands that is growing or expect a lot of growth that needs new partners. That is where we have the best opportunity to come in. It is an important part of our task, it is to choose the right partners, because there are winners and losers on the brand side. Yeah. Yeah. Claus. Claus Almer from Nordea. As you said, it's difficult to attract and lose clients, but you also mentioned one of the slides that you want to grow the share of wallet. I guess that's equally difficult to do that, as these volumes are being produced by one of your competitors. Yeah, but that's less difficult, at least. That's less difficult, at least, because they have plenty of new styles that they come out with every year. As long as you can attract your fair share of those, then you have a good opportunity. Then we have also seen, and probably still seeing, an out of China movement that also helped the industry very much in Vietnam and also helped Spectre, and there's also still some momentum in that. With now four factories, wouldn't it be smarter to have one big, and then you could automate, or automation is not really your thing, it's too complicated? You must remember that these factories, the new one here is 3,000 people. When you see these areas in Vietnam where we would like to attract people, then it's not in the middle of a big city. Actually, finding 3,000 people that is in a fairly good commuting distance, that's kind of a limitation. They come in on scooters every morning. We have these huge bike sheds for 3,000 scooters. If we club everything together and say, "Okay, we want 10,000 people in one location," we would have to attract from such a big range that it wouldn't be optimal. So that also means you can't automate, reducing the number of employees being involved in production? Not like 50% or something like that. But what we can do and what we are looking a lot on now is on the whole warehousing side, having automated warehousing systems with auto-placing roles and picking roles and transport through the factories. Those are the things we are looking at now. You can consider many kinds of various transportation of garments and pieces of garments, cut panels we call them. But to automate a big chunk of the sewing, that's hard. We have it, and you will see on some of the products over here, you will have auto-sewing for some operations, you have auto-quilting, but we are still at a level where that's maybe 5% of the sewing activity. That will not jump to 50 like that. Jumping to a level where you can just say one big factory, that's too early. I think then we would need humanoids in the factories. Okay, just last one. Shipment, that's on the cost of your customers, hopefully? Yes, we deliver FOB. Good. Thanks. Ulrik. Ulrik Bak, Danske Bank. Just a question on the customer concentration. The top five customers, how much of revenue do they make, and what is the duration of these customer contracts? Top five, I am not sure that I have the exact number in my head, but it is at least more than 50% coming from the top five. The duration of the contracts, the contracts is actually a partnership. Basically, if a brand would want to off-board us very, very fast, then legally, they could do so. But with the volumes that we do and with the complexity of styles we do for those brands, it will also take a long time then to take it somewhere else, right? We strive to base this on partnership. There is a lot of trust in partnerships in this, and that is more how the whole industry operates than what you will see in many other industries, where you see much, much more legal contracts about and who is then obliged to what. We really work as partners where we talk about things, and it has worked very well. Yeah, perhaps on that, the customer contracts, are they exclusive for the entire product portfolio of these customers? No. Is it product-specific? The companies, they will probably normally use 5 to 15 producers for their portfolio. They have several, and some are good for some things, some are good for other things, and they also de-risk with that, and they use multiple countries and so for that. Depending on the size of the company. We have some smaller size customers where we are doing almost everything that they have, and we have wonderful collaborations on that. Then we have others that are very big, where we do maybe 5% of what they do. Yeah. Yes. Sindre from Arctic. It would be interesting to hear little thoughts about, let's say, what's the capital intensity in your business, the reinvestment needs. My main question is more about, you have expanded into, or you are in Vietnam, you have just made a probably big investment in a new factory. Whereas when we look forward, Optimus is coming, robotization, real wages are likely growing faster in Vietnam than, let's say, at least in Western countries. You have, well, when they are fully employed, close to 10,000 employees. How should we expect you to, let's say, keep ahead of competition as reassuring tariff wars, even though Vietnam is not specifically much hit yet? It is kind of maybe a more difficult landscape to navigate in the future than it has been for the last 20 years. Yeah. I think you are right. There was multiple questions in that. I will try to answer as good as I can. When you talk about capital intensity, we are around 25% net working capital of revenue. We do have some inventories, of course, that we have to fund. When you look at the investments in the factories, I think we have an advantage that the factories, they are not that expensive, at least maybe not as you would expect. A factory like this that is 25,000 square meters and is set up for 3,000 people, that is around a DKK 200 million Danish investment, including machines, in the first go. Then, okay, in time, if we want to add more sophisticated warehousing solutions and so, that will add more. But it is not like it is a DKK 1 billion investment to build a factory like this. In terms of competition, I think that is why I said also that we focus a lot on increasing competitiveness. That is, of course, a demand. We are basically OEM producers also, right? So, we have to really stay on top of our game. We have to look into what can we automize or change? How can we use digital solutions with our new ERP system? Can we get more into some also automated AI solutions in how we operate? We have 500 white collars with a computer in Vietnam, so that is also a lot. Even though many of them are sitting very close to production and maybe registrating things, it is still a lot of white collars that potentially we could look at how can we make more efficient as we grow. We are lucky that we have the growth, so we can support this in a good way. But I think in terms of when we look at the countries, we still see that Vietnam is the right country to be in. We do not see salaries growing out of bounds right now in Vietnam, and it is a very efficient production country. The efficiency of the lines and the factories is very good. Other questions? That's my answer, yeah. Otherwise, then I would be so happy that we are right on time. Perfect. Thank you, Lars. Thank you. Next up is GPV. GPV has, in our ownership, undergone an extreme transformation. We acquired GPV in 2016. at that time, the revenue was around DKK 850 million for the year. Now, it is around DKK 850 million per month. Bo has been with the company the entire time, and been heading GPV through this tremendous growth. Bo will talk a little bit about GPV. Go ahead. Thank you, Kasper. Hello, everyone. It's nice to be back, and I'm happy to give you an update on GPV. My name is Bo Lybæk, and I'm the CEO of GPV, and I've been that since 2008. When we participated in the Capital Markets Day four years ago, in 2022, GPV was entering a new, very exciting period. Since then, we had completed a significant transformation of GPV and built a much stronger platform. GPV is the second-largest European headquartered EMS company, and we have a global strong position in industrial EMS. Today, I would like to explain to you where GPV stands, how we have developed, and why we believe that there is a strong value creation ahead of us. There are three main messages that I would like you to take away from today. First, we have a strong foundation in place after successful integration of CCS Group and Enics. Second, we have a balanced customer portfolio, well-positioned to capture market share in attractive segments and geographies. Third, we are prepared to take part in the consolidation in the EMS industry. I firmly believe that together, these elements provide a big and good basis for future profitable growth for GPV. Let me briefly introduce GPV and put it in perspective. In 2025, we reported sales or revenue of DKK 8.7 billion. We are around 7,500 people working around the globe to serve our customers. We are having sites across Europe, in Asia, and in China, and in Americas. We are selling or delivering products to our customers into 62 countries. We are producing and we are delivering around 39 million products to our customers every year. We are known in the market for having a very good service offering, and that includes, and I'm on the top left part here, electronics, cable harness, mechanics, test development, product application design, and after-sale service. Often, box build products, meaning semi-finished or fully finished products. Our core focus, and I'm on the bottom left, is high-mix manufacturing of EMS products, and quite often mission-critical applications. We typically manufacture complex products with demanding requirements to quality, to reliability, and to flexibility. We are also recognized by our customers. Earlier this year, we were awarded Supplier of the Year 2025 by Grundfos. A few weeks ago, we, from Schneider Electric, got the Sustainability Excellence Award 2026. I'm very happy about also these recognitions from our customers. In short, GPV has a scale, and we are strong and specialized with industrial capabilities. At the Market Capital Day back in 2022, we presented a set of priorities. We wanted to develop, and I'm here on the left-hand side, we wanted to develop global key accounts, growth with attractive customers, further standardize our business platform, optimize our operational footprint, and drive operational excellence. Overall, we have delivered on the main elements in this plan, although the journey has not been entirely straightforward. In the market, we have been affected by stop for new business and reduction in demand from a few larger accounts related to the Enics performance before the merger. This has affected our reported growth. At the same time, we have won significant new business, as well as gained new sweet spot customers, what we earlier typically named hidden champions. These customers, they have a size, they have a business potential, they have a segment profile, and a geography requirements fitting well to what we are good at, our footprint and our capabilities. Internally, the Enics integration has been completed in line with the merger plan. We have created a new organization. We have streamlined the footprint. We have strengthened efficiency and productivity, and we have initiated a one ERP journey. On ESG, we have exceeded the original target we set for reducing greenhouse gas intensity, and we have a world-class LTI, or lost time injury rate, below our target when we're talking workplace safety. On the financial side, top line has more or less been in line with the ambition. However, profitability and return on invested capital has not yet reached the full ambition level, partly because of the stop for new business that I just mentioned, and also because we have had some underperforming selected sites. But targeted actions have been put in place, and we are progressing in the right direction. If we zoom further in on the key finances and look at a longer perspective, also here, the development have been quite significant. Since Schouw & Co became an owner of GPV, actually it's 10 years ago, it was in 2016, we have completed two transformative acquisitions. The CCS integration progressed relatively smoothly and showed also good tracking on the financial development. The Enics integration was more demanding. The merger happened at the same time as the global supply chain crisis was at its peak, and we were under pressure to deliver Enics past due orders. Following the merger, we reported, I think Jens also mentioned it, in 2023, a record high sales of DKK 10.4 billion. But in that nice figure, that was also included a significant amount of extraordinary material cost, which was passed through to our customers, and of course, also the delivery of the past due orders from the Enics. That is the DKK 1.4 billion at the top. So ordinary activities, they were lower, and as these effects normalized, our reported revenue was declining. But despite these challenges, the combined business today is standing much stronger than before, and we have a super market position. For 2026, we expect on revenue between DKK 8.6 billion and DKK 9.1 billion in sales, and on EBITDA between DKK 710 million and DKK 550 million. That means in EBITDA ratio or margin around 8.3%, and return on invested capital around 12%, and it is excluding goodwill. It is a nice uplift compared to the last couple of years. During 2024 and 2025, we have used time to carry out significant structural changes in GPV, and these changes are now paying off. We have adjusted our footprint, and I will come back to that on the next page. We have simplified and optimized our organization. That means we have reduced white collar in group function and in selective sites. As examples, we have closed offices across Europe, and we have also closed the de facto Enics headquarter, so it is no longer there. In total, these effects have made our business more efficient, more profitable, and the financial performance is moving back in the area what you could actually expect and where GPV have its potential to deliver. Coming back to the footprint, as I promised, we have a stronger footprint with higher efficiency and higher capacity, even though that we have consolidated from 19 to 14 sites. We have consolidated primarily in high-cost Europe, and we have expanded in low-cost and best-cost areas. Our productivity is significantly better today than it was, and we have a total higher capacity. This means that we have a stronger, more efficient, and better invested setup, and we have a better balance between proximity, read it high cost, and best cost manufacturing. If I should sum this up, we have a one GPV with one operating model across the entire company. We have a stronger footprint. It is optimized, and it is in good balance. We have a balanced customer base, and I will come back to that here in the next couple of slides. We have a strong organization, which is future-ready, and we have also been working a lot with resilience, so our supply chain robustness has also increased. And we have a special task force in place also to handle the challenges situation that we have currently on supply chain. So our approach to both the CCS and the Enics integration was to move fast on the customer side. Maybe some can remember I have said prompt merger in the market, and then to, afterwards, work with operational integration step by step. This has given us a proven integration model that we can also use going forward for new opportunities. Let us now turn from the internal to the market. The overall EMS market is expected to grow. The segments where GPV is operating in is expected to grow with approximately 5% per year. Within the market, there are also segments, opportunities which are very interesting. It is, for instance, clean tech, it is data centers, it is semiconductors, and it is defense. These areas are structural growth areas, and they grow maybe a little bit below, maybe a little bit above 10% per year. It is also segments where there are typically high demands and requirements for reliability and durability on the electronic products produced and delivered. If we look at our organic strategy, we have focused that in three dimensions. It is our customers, it is our segment, and it is our geographies. That is where we play. We want to win new sweet spot customers. I already mentioned this with sweet spot, so that is where size, business potential, and segment fit fits to our capabilities and our footprint. But most importantly, we also want to increase our share of wallet with existing fantastic, nice customers, because we want to keep our very strong position in industrial EMS. We also want to give additional focus to segments where there is high growth potential, and it is in particular clean tech, data centers, semiconductor, and defense, as I mentioned also earlier. We are operating in these areas already, but let me give a couple of examples on that. Within data centers, we deliver to several of our large accounts different products, which is then at the end going into data centers. This year, we have won our biggest order ever in GPV in data centers, and it has the potential of more than DKK 500 million. The actual ramp up and mass production is time-wise not fully clear. In semicon, we have five longstanding customers, and we have seen bookings for 2027 being double the level as what we in average have seen in the last three to four years. So there is also a lot of things happening there. When it comes to the geography, we will follow our customers where they grow, whether it is in the main markets or in regions. We will expand when our customer pipeline and the business opportunities deem it necessary. We have a well-balanced and very diversified customer group, and we are serving around 350 customers. No customer is above 7% of our annual revenue, and top 10 is right now around 40% of our annual revenue. If I look a little bit back to this with the top 10 customers, then we have reduced that from more than 44% down to this 40% level, and that is also fully in line with what we communicated in the Enics merger plan. This customer mix reduced the dependency and gives us a healthy mix of customers across different customers and different segments. In addition to the existing portfolio, we also have a strong pipeline. Right now, the pipeline is at 107% compared to our target, and we have 1,500 active cases, nearly always around that level, and we have around 100 must-win cases. We are driving that very structured. It is run by one of our Swiss guys, so maybe you have heard about Swiss watches and being on time. That is what he is like to be. I would also like to say, in our industry, when you have a win, it takes some time for ramp up and for mass production. Typically, it takes somewhere between 18 to 24 months before we are really in mass production. With the current supply chain challenges, this time might even be a little bit longer. It means that when we have a win, it does not turn into revenue the day after. Our revenue have been flat in the recent years, despite that we have been winning new business across our customer portfolio and have a sound underlying growth actually above market rate. I mentioned earlier that due to the Enics performance before the merger, four global accounts had actually announced stop for new business. We have been able to lift this, and of course, we are happy about that, and we can restart growth with these customers. A few large accounts has also reduced significantly. Two had decided to reduce demand before the Enics merger. We have then had to live with it. One has decided to outsource due to internal free capacity, and one has substituted our China site with a local Chinese EMS player. It's not so that we have lost any of these customers, but they have just reduced the business, which has been hard enough. Looking ahead towards 2030, we expect to continue to grow above market rate as we've been underlying during the last years. This ambition is supported by the recent wins that we've had, the potential that we have with our existing customers, the fact that these global accounts are now back on stream and we can start to work with them, and the opportunities that we have in our pipeline. During 2026, we have also communicated about our strong book-to-bill, and today we have a total backlog of DKK 14.1 billion. If we successfully also execute on our M&A strategy on top on the organic growth, we have a potential to reach DKK 15 billion in 2030. If you now go to the right-hand side to EBITDA margin was in 2024 at 7%, and we are expecting in 2026 the 8.3% level that I mentioned, an uplift of 17%, which I'm actually happy to see. But I'm even more happy to see that our EBITDA margin has increased nearly 2 percentage point during the last five quarters. That is really encouraging. This improvement reflect the structural changes that we have been executing, and it also means that the gap or the distance to our ultimate ambition has been reduced significantly. As revenue growth will materialize, we see a higher capacity utilization, and we see that being reflected in a higher EBITDA level and margin, which will bring us back to the 10% level, which is our ambition. The future growth that we are talking about here will not require that we rebuild our platform. Of course, the M&A is something separate. Our platform, key employees, square meters, is already there, and the higher capacity utilization will help us to generate a higher profitability. We are carefully managing our inventories and will work, and we do work with the entire supply chain. This discipline remains a core priority. Due to the current challenges in the supply chain, I however expect that we will see interim inventories increase to a certain extent. Our longer term target for 2030, that is an ambition of 25% of annual revenue. CapEx has fluctuated as we have invested in expansion, et cetera. The long-term average CapEx we are seeing at 1.6% of annual sales, and should be sufficient to fund both maintaining activities and expansion activities or investments. Return on invested capital is today expected to be, at the end of the year, around 12%, and we are sticking to the 2030 target to be above 15%. So far, I have been focusing on the organic growth case. We know from the CCS and the Enics integration that GPV has the ability to act as an integrator, as I already mentioned. We continue to look for strong cases where we can add onto our organic growth with bolt-on acquisition, selective bolt-on acquisition, and also customer site takeovers. Every opportunity we evaluate against a clear value creation requirement, and I can also tell you that in the last two years, we have been looking at several cases within segments like defense and med tech, but also cases where we've seen potential to strengthen our core further. We have remained focused on our long-term requirements, but the cases have, at the end, not lived up to our expectations for value creation. That does not mean that we are not continuing to be looking around for good cases, and if the right opportunities remain, we are also ready to go for it. We will remain selective and also disciplined. Let me conclude and come back to the three messages I gave at the beginning. First, we have a strong foundation in place. We have an optimized footprint, and we have one operating model across all of GPV. Second, we are well-positioned for growth. We have a balanced customer portfolio. We have a good position to increase share of wallet with our customers, and we have good traction on winning new business. Third, GPV is future-ready to take part in the consolidation of the EMS market. Thank you very much. Strong message, Borg, and we will now open up for questions, if any. Claus is always faster than everybody else, apparently. Hi, Borg. Hello. First question regarding you taking market share. You are also not that well-positioned in the defense and the data center area. Taking market share, growing faster than the overall market, is that because you are going for the white spots, or are you going to really dig into these higher growth segments? That will be the first one. Thank you for the questions. I think I will start slightly different, say, our market share is very low. But of course, if you win something, then you win market share. But it is actually the actual wins which are super important for us. We have decided to put more focus on these four segments that I mentioned, and also the two that you are mentioning, data centers and defense. I do not agree with you that we do not have a position in data centers, because we are actually delivering to many of our big customers different products going into data centers. Defense, you know, GPV's legacy. When I entered into GPV, we had a lot more defense than we have today, so we are building back. So actually, in Finland and in Denmark, we are doing quite well. In the rest of Europe, because defense force is a European game, the rest of Europe, there we are still searching for our way in. You growing faster than market is because you are tapping into the faster-growing segments, or is it all of the above? It's everything together. It's also the traditional core focus on our business, where we have been growing above market rate. Then just a final one on the 2030 target, DKK 15 billion, including M&A. Is that important for your margin target, or why is it so important to have it in your target? I'm not sure I understand your question. The question is, you put in DKK 15 billion, which is quite a specific number on revenue. Yeah. Then you have this bucket, M&A. Yes. When will M&A happen? What are you going to buy? I am just curious why you put that into your target. Yeah. DKK 15 billion is, of course, a figure. You could say if we reach DKK 14 billion, 900 and something, then we are not achieving the target. It is maybe not so important that it is exactly DKK 15 billion, but it is super important that we get back on a growth track, and M&A will come when it come. Okay, thanks. Other questions? Ulrik. Yeah. Hi, Ulrik Bak, Danske Bank. Also to the revenue growth. If you exclude the M&A part, what is the organic growth that you are looking at? That is an organic growth above market rate. 6% or 7? Above the 5% that I have shown. All right. But also in terms of this M&A that you put into your target, I guess your ROIC will be affected what you pay for a potential acquisition. So, how many thoughts have you put into the case, what kind of target you will be looking at, in what segments? Because I know in defense, they are probably high multiples and so on. Just some thoughts around that. Yeah. First of all, when we are talking M&A, it will be bolt-ons and not transformative M&As as we have been doing now two times. So that makes it a little bit easier for the return on invested capital. But we are also looking at cases where we see a good fit with us, so that we are not starting with a restructuring, if I should go to that wording. So we have tried to take into our calculations, when we have been doing this, that there is a certain decline in the return on invested capital due to an M&A. But I guess you can also see that the wording I used around the 15% mark is maybe slightly conservative. Then final question. You mentioned the site underperformance during the last strategy period. Could you just provide an update on that site underperformance? Is it over, and do you have anything else built in? We have still some challenges. We made a three-year plan, and some of it we have also communicated about in Sweden, for instance. Probably you have seen that. We are executing on that, and we are executing according to plan. Wayne. Wayne from ICP. Just one question. How do you view the Chinese competition on your business or maybe on your customers? I know you are probably more resilient in confronting the Chinese competitors. Yeah. In China, we have actually, I think we are using the term refined our Chinese setup, because China today is for us very much about China for China. It has moved dramatically in the last four or five years. A lot of things has also moved out of China. I think we all know that. I think it is encouraging that we have a little bit of luck. We have added business development in China for our Chinese operations. This year, we have, I think I just looked it up the other day, we have won three significant cases with Chinese companies. We are also able to win business. But the main, and that is also fair to say, the main business that, absolutely the main business we have in China is for Western, either European or American companies, for their products that they are selling in China. Are you seeing any Chinese competitors moving out to other markets? Yes. In your We are following it, but we do not have a lot of direct competition yet on that account. Okay. But of course, we see some are moving outside of China because they have to for other tariff reasons, et cetera. But we do not see a lot yet. Okay. Thank you. Emil. Emil from DNB Carnegie. Just following up on the previous question on the site underperformance, then looking at your 10% EBITDA margin target. Can you speak to the potential earnings uplift once these sites operate on a, we say, more normal profitability or back to normal? Yeah. I think first of all, if I should go back, then we have kind of closed half of the gap to the 10% with the uplift that we have done, and that is based on the structural changes that we have done. It is clear that the better we execute on the underperforming sites, the better that will contribute to our EBITDA. But the main effect, that is actually high capacity utilization. In our business, there is a certain economy of scale. So, if we have a good capacity load, then we also do have an uplift, a significant uplift in profitability. So, you can read out of what I am saying that we have right now spare capacity, maybe not in the exact SMT line or if I go down to details, but in the overall setup on square meters, we have capacity available. Following up, the company or the segments you mentioned that as potential bolt-on targets, are these segments operating with margins above the 10% target? So, value-accretive on margins, or where do you see these companies currently operating? Some are, some aren't. I think it is a mixed picture, but there are a few above the 10% mark, and there are mostly a little bit under, but not as low. I also can say we are not looking at bolt-ons with such a low margin as what Enics had when they were entering into our portfolio. Any more questions to Borg, or is the EMS industry fully clear, central? Just one here. Can you confirm that headwind from the lost business, from the business that was reduced from large customers, is that completely behind you and visible on a 12-month basis in the figures, so there is not kind of a new negative impact to come from there? What I can say is that the business where they have decided to do something else, that is done. What I can also say is that the restriction to give us new business has been lifted by all of this, so we are fully back on trim. But of course, we have to start winning new business before we see that growing again. That's clear. Yeah, sure, but on a year-over-year basis, it Say again? On a year-over-year basis, it will not be a negative impact going forward? That is not my expectation. Okay. Thank you. Thank you, Borg. We will take a short break again. I can see a lot of people here who probably need a technical bio break, so we will take 15 minutes. Then we will come back, then Morten will tell about HydraSpecma. Jens will finish off, and then there will be lunch. So, 10 past 12, we will be here again. Latest. Next up is GPV. GPV has, in our ownership, undergone an extreme transformation. We acquired GPV in 2016. At that time, the revenue was around DKK 850 million for the year. Now, it is around DKK 850 million per month. Bo has been with the company the entire time, and been heading GPV through this tremendous growth. Bo will talk a little bit about GPV. Go ahead. Thank you, Kasper. Hello, everyone. It is nice to be back, and I am happy to give you an update on GPV. My name is Bo Lybæk, and I am the CEO of GPV, and I have been that since 2008. When we participated in the Capital Markets Day four years ago, in 2022, sorry, GPV was entering a new, very exciting period. Since then, we had completed a significant transformation of GPV and built a much stronger platform. GPV is the second-largest European headquartered EMS company, and we have a global strong position in industrial EMS. Today, I would like to explain to you where GPV stands, how we have developed, and why we believe that there is a strong value creation ahead of us. There are three main messages that I would like you to take away from today. First, we have a strong foundation in place after successful integration of CCS Group and Enics. Second, we have a balanced customer portfolio, well-positioned to capture market share in attractive segments and geographies. Third, we are prepared to take part in the consolidation in the EMS industry. I firmly believe that together, these elements provide a big and good basis for future profitable growth for GPV. Let me briefly introduce GPV and put it in perspective. In 2025, we reported sales or revenue of DKK 8.7 billion. We are around 7,500 people working around the globe to serve our customers. We are having sites across Europe, in Asia, and in China, and in Americas. We are selling or delivering products to our customers into 62 countries. We are producing and we are delivering around 39 million products to our customers every year. We are known in the market for having a very good service offering, and that includes, and I am on the top left part here, electronics, cable harness, mechanics, test development, product application design, and after-sale service. Often, box build products, meaning semi-finished or fully finished products. Our core focus, and I am on the bottom left, is high-mix manufacturing of EMS products, and quite often mission-critical applications. So we typically manufacture complex products with demanding requirements to quality, to reliability, and to flexibility. We are also recognized by our customers. Earlier this year, we were awarded Supplier of the Year 2025 by Grundfos. A few weeks ago, we, from Schneider Electric, got the Sustainability Excellence Award 2026. I am very happy about also these recognitions from our customers. In short, GPV has a scale, and we are strong and specialized with industrial capabilities. At the Market Capital Day back in 2022, we presented a set of priorities. We wanted to develop, and I am here on the left-hand side, we wanted to develop global key accounts, growth with attractive customers, further standardize our business platform, optimize our operational footprint, and drive operational excellence. Overall, we have delivered on the main elements in this plan, although the journey has not been entirely straightforward. In the market, we have been affected by stop for new business and reduction in demand from a few larger accounts related to the Enics performance before the merger. This has affected our reported growth. At the same time, we have won significant new business, as well as gained new sweet spot customers, what we earlier typically named hidden champions. These customers, they have a size, they have a business potential, they have a segment profile, and a geography requirements fitting well to what we are good at, our footprint and our capabilities. Internally, the Enics integration has been completed in line with the merger plan. We have created a new organization. We have streamlined the footprint. We have strengthened efficiency and productivity, and we have initiated a one ERP journey. On ESG, we have exceeded the original target we set for reducing greenhouse gas intensity, and we have a world-class LTI, or lost time injury rate, below our target when we are talking workplace safety. On the financial side, top line has more or less been in line with the ambition. However, profitability and return on invested capital has not yet reached the full ambition level, partly because of the stop for new business that I just mentioned, and also because we have had some underperforming selected sites. But targeted actions have been put in place, and we are progressing in the right direction. If we zoom further in on the key finances and look at a longer perspective, also here, the development have been quite significant. Since Schouw & Co became an owner of GPV, actually it's 10 years ago, it was in 2016, we have completed two transformative acquisitions. The CCS integration progressed relatively smoothly and showed also good tracking on the financial development. The Enics integration was more demanding. The merger happened at the same time as the global supply chain crisis was at its peak, and we were under pressure to deliver Enics' past due orders. Following the merger, we reported, I think Jens also mentioned it, in 2023, a record high sales of DKK 10.4 billion. But in that nice figure, that was also included a significant amount of extraordinary material cost, which was passed through to our customers, and of course, also the delivery of the past due orders from the Enics. That is the DKK 1.4 billion at the top. Ordinary activities, they were lower, and as these FX normalized, our reported revenue was declining. But despite these challenges, the combined business today is standing much stronger than before, and we have a super market position. For 2026, we expect on revenue between DKK 8.6 billion and DKK 9.1 billion in sales, and on EBITDA between DKK 710 million and DKK 550 million. That means in EBITDA ratio or margin around 8.3% and return on invested capital around 12%, and it's excluding goodwill. It's a nice uplift compared to the last couple of years. During 2024 and 2025, we have used time to carry out significant structural changes in GPV, and these changes are now paying off. We have adjusted our footprint, and I'll come back to that on the next page. We have simplified and optimized our organization. That means we have reduced white collar in group function and in selective sites. As examples, we have closed offices across Europe, and we have also closed the de facto Enics headquarter, so it is no longer there. In total, these effects have made our business more efficient, more profitable, and the financial performance is moving back in the area what you could actually expect and where GPV have its potential to deliver. Coming back to the footprint, as I promised, we have a stronger footprint with higher efficiency and higher capacity, even though that we have consolidated from 19 to 14 sites. We have consolidated primarily in high-cost Europe, and we have expanded in low-cost and best-cost areas. Our productivity is significantly better today than it was, and we have a total higher capacity. This means that we have a stronger, more efficient, and better invested setup, and we have a better balance between proximity, read it high cost, and best cost manufacturing. If I should sum this up, we have a one GPV with one operating model across the entire company. We have a stronger footprint. It's optimized, and it's in good balance. We have a balanced customer base, and I'll come back to that here in the next couple of slides. We have a strong organization which is future-ready, and we have also been working a lot with resilience, so our supply chain robustness has also increased. We have a special task force in place also to handle the challenges situation that we have currently on supply chain. Our approach to both the CCS and the Enics integrations was to move fast on the customer side. Maybe some can remember I have said prompt merger in the market, and then to afterwards work with operational integration step by step. This has given us a proven integration model that we can also use going forward for new opportunities. Let's now turn from the internal to the market. The overall EMS market is expected to grow. The segments where GPV is operating in is expected to grow with approximately 5% per year. Within the market, there are also segments, opportunities which are very interesting. It's, for instance, clean tech, it's data centers, it's semiconductors, and it's defense. These areas are structural growth areas, and they grow maybe a little bit below, maybe a little bit above 10% per year. It's also segments where there are typically high demands and requirements for reliability and durability on the electronic products produced and delivered. If we look at our organic strategy, we have focused that in three dimensions. It's our customers, it's our segment, and it's our geographies. That is where we play. We want to win new sweet spot customers. I already mentioned this with sweet spot, so that's where size, business potential, and segment fit fits to our capabilities and our footprint. But most importantly, we also want to increase our share of wallet with existing fantastic, nice customers, because we want to keep our very strong position in industrial EMS. But we also want to give additional focus to segments where there's high growth potential. It is in particular clean tech, data centers, semiconductor, and defense, as I mentioned also earlier. We are operating in these areas already, but let me give a couple of examples on that. Within data centers, we deliver to several of our large accounts different products, which is then at the end going into data centers. This year, we have won our biggest order ever in GPV in data centers, and it has the potential of more than DKK 500 million. The actual ramp up and mass production is time-wise not fully clear. In semicon, we have five longstanding customers, and we have seen bookings for 2027 being double the level as what we in average have seen in the last three to four years. So there's also a lot of things happening there. When it comes to the geography, we will follow our customers where they grow, whether it is in the main markets or in regions. We will expand when our customer pipeline and the business opportunities deem it necessary. We have a well-balanced and very diversified customer group, and we are serving around 350 customers. No customer is above 7% of our annual revenue, and top 10 is right now around 40% of our annual revenue. If I look a little bit back to this with the top 10 customers, then we have reduced that from more than 44% down to this 40% level. That is also fully in line with what we communicated in the Enics merger plan. This customer mix reduced the dependency and gives us a healthy mix of customers across different customers and different segments. In addition to the existing portfolio, we also have a strong pipeline. Right now, the pipeline is at 107% compared to our target, and we have 1,500 active cases, nearly always around that level, and we have around 100 must-win cases. We are driving that very structured. It is run by one of our Swiss guys, so maybe you have heard about Swiss watches and being on time. That is what he is like to be. I would also like to say, in our industry, when you have a win, it takes some time for ramp up and for mass production. Typically, it takes somewhere between 18 to 24 months before we are really in mass production. With the current supply chain challenges, this time might even be a little bit longer. It means that when we have a win, it does not turn into revenue the day after. Our revenue have been flat in the recent years, despite that we have been winning new business across our customer portfolio and have a sound underlying growth actually above market rate. I mentioned earlier that due to the Enics performance before the merger, four global accounts had actually announced stop for new business. We have been able to lift this, and of course, we are happy about that, and we can restart growth to these customers. A few large accounts has also reduced significantly. Two had decided to reduce demand before the Enics merger. We have then had to live with it. One has decided to outsource due to internal free capacity, and one has substituted our China site with a local Chinese EMS player. It is not so that we have lost any of these customers, but they have just reduced the business, which has been hard enough. Looking ahead towards 2030, we expect to continue to grow above market rate as we have been underlying during the last years. This ambition is supported by the recent wins that we have had, the potential that we have with our existing customers, the fact that these global accounts are now back on stream and we can start to work with them, and the opportunities that we have in our pipeline. During 2026, we have also communicated about our strong book-to-bill. Today, we have a total backlog of 14.1 billion DKK. If we successfully also execute on our M&A strategy on top on the organic growth, we have a potential to reach 15 billion DKK in 2030. If you now go to the right-hand side to EBITDA margin was in 2024 at 7%, and we are expecting in 2026 the 8.3% level that I mentioned, an uplift of 17%, which I am actually happy to see. But I am even more happy to see that our EBITDA margin has increased nearly 2 percentage points during the last five quarters. That is really encouraging. This improvement reflect the structural changes that we have been executing, and it also means that the gap or the distance to our ultimate ambition has been reduced significantly. As revenue growth will materialize, we see a higher capacity utilization, and we see that being reflected in a higher EBITDA level and margin, which will bring us back to the 10% level, which is our ambition. The future growth that we are talking about here will not require that we rebuild our platform. Of course, the M&A is something separate. Our platform, key employees, square meters is already there, and the higher capacity utilization will help us to generate a higher profitability. We are carefully managing our inventories and will work, and we do work with the entire supply chain. This discipline remains a core priority. Due to the current challenges in the supply chain, I, however, expect that we will see interim inventories increase to a certain extent. But our longer term target for 2030, that is an ambition of 25% of annual revenue. CapEx has fluctuated as we have invested in expansion, et cetera. The long-term average CapEx we are seeing at 1.6% of annual sales, and should be sufficient to fund both maintaining activities and expansion activities or investments. Return on invested capital is today expected to be, at the end of the year, around 12%, and we are sticking to the 2030 target to be above 15%. So far, I have been focusing on the organic growth case. We know from the CCS and the Enics integration that GPV has the ability to act as an integrator, as I already mentioned. We continue to look for strong cases where we can add onto our organic growth with bolt-on acquisition, selective bolt-on acquisition, and also customer site takeovers. Every opportunity we evaluate against a clear value creation requirement, and I can also tell you that in the last two years, we have been looking at several cases within segments like defense and med tech, but also cases where we have seen potential to strengthen our core further. We have remained focused on our long-term requirements, but the cases have, at the end, not lived up to our expectations for value creation. That does not mean that we are not continuing to be looking around for good cases, and if the right opportunities remain, we are also ready to go for it. But we will remain selective and also disciplined. Let me conclude and come back to the three messages I gave at the beginning. First, we have a strong foundation in place. We have an optimized footprint, and we have one operating model across all of GPV. Second, we are well-positioned for growth. We have a balanced customer portfolio. We have a good position to increase share of wallet with our customers, and we have good traction on winning new business. And third, GPV is future-ready to take part in the consolidation of the EMS market. Thank you very much. Strong message, Borg, and we will now open up for questions, if any. Claus is always faster than everybody else, apparently. Hi, Bo. Hello. First question regarding you taking market share. You are also not that well-positioned in the defense and the data center area. So, taking market share, growing faster than the overall market, is that because you are going for the white spots, or are you going to really dig into these higher growth segments? That will be the first one. Thank you for the questions. I think I will start a slightly different say. Our market share is very low, but of course, if you win something, then you win market share. But it is actually the actual wins which are super important for us. And we have decided to put more focus on these four segments that I mentioned, and also the two that you are mentioning, data centers and defense. I do not agree with you that we do not have a position in data centers, because we are actually delivering to many of our big customers different products going into data centers. Defense, you know, GPV's legacy. When I entered into GPV, we had a lot more defense than we have today, so we are building back. So actually, in Finland and in Denmark, we are doing quite well. In the rest of Europe, because defense force is a European game, the rest of Europe, there we are still searching for our way in. Are you growing faster than market because you are tapping into the faster-growing segments, or is it all of the above? It's everything together. It's also the traditional core focus on our business, where we have been growing above market rate. Then just a final one on the 2030 target, DKK 15 billion, including M&A. Is that important for your margin target, or why is it so important to have it in your target? I am not sure I understand your question. The question is, you put in DKK 15 billion, which is quite a specific number on revenue. Yeah. Then you have this bucket, M&A. Yes. When will M&A happen? What are you going to buy? I am just curious why you put that into your target. Yeah. And DKK 15 billion is, of course, a figure. You could say if we reach the DKK 14 billion, 990-something, then we are not achieving the target. It is maybe not so important that it is exactly the DKK 15 billion, but it is super important that we get back on a growth track, and M&A will come when it come. Okay, thanks. Other questions? Ulrik. Yeah. Hi, Borg. Ulrik Bak, Danske Bank. Also to the revenue growth. If you exclude the M&A part, what is the organic growth that you are looking at? That is an organic growth above market rate. 6% or 7? Above the 5% that I have shown. All right. But also in terms of this M&A that you put into your target, I guess your ROIC will be affected what you pay for a potential acquisition. How many thoughts have you put into the case, what kind of target you will be looking at, and what segments? Because I know in defense, they are probably high multiples and so on. Just some thoughts around that. Yeah. First of all, when we are talking M&A, it will be bolt-ons and not transformative M&As as we have been doing now two times. That makes it a little bit easier for the return on invested capital. We are also looking at cases where we see a good fit with us so that we are not starting with a restructuring, if I should go to that wording. We have tried to take into our calculations, when we have been doing this, that there is a certain decline in the return on invested capital due to an M&A. I guess you can also see that the wording I used around the 15% mark is maybe slightly conservative. Then final question. You mentioned the site underperformance during the last strategy period, so could you just provide an update on that site underperformance? Is it over, and do you have anything else built in? We have still some challenges. We made a three-year plan, and some of it we have also communicated about in Sweden, for instance. Probably you have seen that. We are executing on that, and we are executing according to plan. Wayne. Wayne from SEB. Just one question. How do you view the Chinese competition on your business, or maybe on your customers? I know you are probably more resilient in confronting the Chinese competitors. Yeah. In China, we have actually, I think we are using the term refined our Chinese setup, because China today is for us very much about China for China. It has moved dramatically in the last four or five years. A lot of things has also moved out of China. I think we all know that. I think it is encouraging that we have a little bit of luck. We have added business development in China for our Chinese operations. This year, I think I just looked it up the other day, we have won three significant cases with Chinese companies. We are also able to win business. But the main, and that is also fair to say, the main business that, absolutely the main business we have in China is for Western, either European or American companies, for their products that they are selling in China. Okay. Are you seeing any Chinese competitors moving out to other markets? Yes. In your Yeah. We are following it, but we do not have a lot of direct competition yet on that account. Okay. But of course, we see some are moving outside of China because they have to for other tariff reasons, et cetera. But we do not see a lot yet. Okay. Thank you. Emil. Emil Haargaard from DNB Carnegie. Just following up on the previous question on the site underperformance, then looking at your 10% EBITDA margin target. Can you speak to the potential earnings uplift once these sites operate on a, we say, more normal profitability or back to normal? Yeah, I think first of all, if I should go back, then we have kind of closed half of the gap to the 10% with the uplift that we have done, and that is based on the structural changes that we have done. And it's clear that the better we execute on the underperforming sites, the better that will contribute to our EBITDA. But the main effect, that is actually high capacity utilization. In our business, there is a certain economy of scale. So if we have a good capacity load, then we also do have a significant uplift in profitability. So you can read out of what I'm saying that we have right now spare capacity, maybe not in the exact SMT line or if I go down to details, but in the overall setup on square meters, we have capacity available. Following up, the company or the segments you mentioned that has potential bolt-on targets, are these segments operating with margins above the 10% target? So value-creative on margins, or where do you see these companies currently operating? Some are, some aren't. I think it is a mixed picture, but there are a few above the 10% mark, and there are mostly a little bit under, but not as low. I also can say we are not looking at bolt-ons with such a low margin as what Enics had when they were entering into our portfolio. Any more questions to Borg, or is the EMS industry fully clear, Sindre? Just one here. Can you confirm that headwind from the lost business, from the business that was reduced from large customers, is that completely behind you and visible on a 12-month basis in the figures, so there is not kind of a new negative impact to come from there? What I can say is that the business where they have decided to do something else, that is done. What I can also say is that the restriction to give us new business has been lifted by all of this, so we are fully back on train. But of course, we have to start winning new business before we see that growing again. That is clear. Yeah, sure, but on a year-over-year basis, it- Say again? On a year-over-year basis, it will not be a negative impact going forward? That is not my expectation. Okay, thank you. Okay. Thank you, Bo. We will take a short break again. I can see a lot of people here who probably need a technical bio break, so we will take 15 minutes. Then we will come back, then Morten will tell about HydraSpecma. Jens will finish off, and then there will be lunch. So, 10 past 12, we will be here again. Next up is GPV. GPV has, in our ownership, undergone an extreme transformation. We acquired GPV in 2016. At that time, the revenue was around DKK 850 million for the year. Now, it is around DKK 850 million per month. Bo has been with the company the entire time, and been heading GPV through this tremendous growth. Bo will talk a little bit about GPV. Go ahead. Thank you, Kasper. Hello, everyone. It is nice to be back, and I am happy to give you an update on GPV. My name is Bo Lybæk, and I am the CEO of GPV, and I have been that since 2008. When we participated in the Capital Markets Day four years ago, in 2022, GPV was entering a new, very exciting period. Since then, we had completed a significant transformation of GPV and built a much stronger platform. GPV is the second-largest European headquartered EMS company, and we have a global strong position in industrial EMS. Today, I would like to explain to you where GPV stands, how we have developed, and why we believe that there is a strong value creation ahead of us. There are three main messages that I would like you to take away from today. First, we have a strong foundation in place after successful integration of CCS Group and Enics. Second, we have a balanced customer portfolio, well-positioned to capture market share in attractive segments and geographies. Third, we are prepared to take part in the consolidation in the EMS industry. I firmly believe that together, these elements provide a thick and good basis for future profitable growth for GPV. Let me briefly introduce GPV and put it in perspective. In 2025, we reported sales or revenue of DKK 8.7 billion. We are around 7,500 people working around the globe to serve our customers. We are having sites across Europe, in Asia, and in China, and in Americas. We are selling or delivering products to our customers into 62 countries. We are producing and we are delivering around 39 million products to our customers every year. We are known in the market for having a very good service offering, and that includes, and I am on the top left part here, electronics, cable harness, mechanics, test development, product application design, and after-sale service. Often, box-built products, meaning semi-finished or fully finished products. Our core focus, and I am on the bottom left, is high-mix manufacturing of EMS products, and quite often mission-critical applications. So we typically manufacture complex products with demanding requirements to quality, to reliability, and to flexibility. We are also recognized by our customers. Earlier this year, we were awarded Supplier of the Year 2025 by Grundfos. A few weeks ago, we, from Schneider Electric, got the Sustainability Excellence Award 2026. I am very happy about also these recognitions from our customers. In short, GPV has a scale, and we are strong and specialized with industrial capabilities. At the Market Capital Day back in 2022, we presented a set of priorities. We wanted to develop, and I am here on the left-hand side, we wanted to develop global key accounts, growth with attractive customers, further standardize our business platform, optimize our operational footprint, and drive operational excellence. Overall, we have delivered on the main elements in this plan, although the journey has not been entirely straightforward. In the market, we have been affected by stop for new business and reduction in demand from a few larger accounts related to the Enics performance before the merger. This has affected our reported growth. At the same time, we have won significant new business, as well as gained new sweet spot customers, what we earlier typically named hidden champions. These customers, they have a size, they have a business potential, they have a segment profile, and the geography requirements fitting well to what we are good at, our footprint and our capabilities. Internally, the Enics integration has been completed in line with the merger plan. We have created a new organization. We have streamlined the footprint. We have strengthened efficiency and productivity, and we have initiated a one ERP journey. On ESG, we have exceeded the original target we set for reducing greenhouse gas intensity, and we have a world-class LTI, or lost time injury rate, below our target when we are talking workplace safety. On the financial side, top line has more or less been in line with the ambition. However, profitability and return on invested capital has not yet reached the full ambition level, partly because of the stop for new business that I just mentioned, and also because we have had some underperforming selected sites. Targeted actions have been put in place, and we are progressing in the right direction. If we zoom further in on the key finances and look at a longer perspective, also here, the development have been quite significant. Since Schouw & Co became an owner of GPV, actually it is 10 years ago, it was in 2016, we have completed two transformative acquisitions. The CCS integration progressed relatively smoothly and showed also good tracking on the financial development. The Enics integration was more demanding. The merger happened at the same time as the global supply chain crisis was at its peak, and we were under pressure to deliver Enics' past due orders. Following the merger, we reported, I think Jens also mentioned it, in 2023, a record high sales of DKK 10.4 billion. But in that nice figure, that was also included a significant amount of extraordinary material cost, which was passed through to our customers, and of course, also the delivery of the past due orders from the Enics. That is the DKK 1.4 billion at the top. Ordinary activities, they were lower, and as these FX normalized, our reported revenue was declining. Despite these challenges, the combined business today is standing much stronger than before, and we have a super market position. For 2026, we expect on revenue between DKK 8.6 billion and DKK 9.1 billion in sales, and on EBITDA between DKK 710 million and DKK 550 million. That means in EBITDA ratio or margin around 8.3%, and return on invested capital around 12%, and it is excluding goodwill. It is a nice uplift compared to the last couple of years. During 2024 and 2025, we have used time to carry out significant structural changes in GPV, and these changes are now paying off. We have adjusted our footprint, and I will come back to that on the next page. We have simplified and optimized our organization. That means we have a reduced white collar in group function and in selective sites. As examples, we have closed offices across Europe, and we have also closed the de facto Enics headquarter, so it is no longer there. In total, these effects have made our business more efficient, more profitable, and the financial performance is moving back in the area what you could actually expect and where GPV have its potential to deliver. Coming back to the footprint, as I promised, we have a stronger footprint with higher efficiency and higher capacity, even though that we have consolidated from 19 to 14 sites. We have consolidated primarily in high-cost Europe, and we have expanded in low-cost and best-cost areas. Our productivity is significantly better today than it was, and we have a total higher capacity. This means that we have a stronger, more efficient, and better invested setup, and we have a better balance between proximity, read it high cost, and best cost manufacturing. If I should sum this up, we have a one GPV with one operating model across the entire company. We have a stronger footprint. It is optimized, and it is in good balance. We have a balanced customer base, and I will come back to that here in the next couple of slides. We have a strong organization, which is future-ready, and we have also been working a lot with resilience, so our supply chain robustness has also increased. We have a special task force in place also to handle the challenging situation that we have currently on supply chain. Our approach to both the CCS and the Enics integration was to move fast on the customer side. Maybe some can remember I have said prompt merger in the market, and then to afterwards work with operational integration step by step. This has given us a proven integration model that we can also use going forward for new opportunities. Let's now turn from the internal to the market. The overall EMS market is expected to grow. The segments where GPV is operating in is expected to grow with approximately 5% per year. Within the market, there are also segments, opportunities which are very interesting. It's, for instance, clean tech, it's data centers, it's semiconductors, and it's defense. These areas are structural growth areas, and they grow maybe a little bit below, maybe a little bit above 10% per year. It's also segments where there are typically high demands and requirements for reliability and durability on the electronic products produced and delivered. If we look at our organic strategy, we have focused that in three dimensions. It's our customers, it's our segment, and it's our geographies. That is where we play. We want to win new sweet spot customers. I already mentioned this with sweet spot, so that's where size, business potential, and segment fit fits to our capabilities and our footprint. Most importantly, we also want to increase our share of wallet with existing fantastic nice customers, because we want to keep our very strong position in industrial EMS. We also want to give additional focus to segments where there's high growth potential, and it is in particular clean tech, data centers, semiconductor, and defense, as I mentioned also earlier. We are operating in these areas already, but let me give a couple of examples on that. Within data centers, we deliver to several of our larger accounts different products, which is then at the end going into data centers. This year, we have won our biggest order ever in GPV in data centers, and it has the potential of more than DKK 500 million. The actual ramp up and mass production is time-wise not fully clear. In semicon, we have five longstanding customers, and we have seen bookings for 2027 being double the level as what we in average have seen in the last three to four years. There's also a lot of things happening there. When it comes to the geography, we will follow our customers where they grow, whether it is in the main markets or in regions. We will expand when our customer pipeline and the business opportunities deem it necessary. We have a well-balanced and very diversified customer group, and we are serving around 350 customers. No customer is above 7% of our annual revenue, and top 10 is right now around 40% of our annual revenue. If I look a little bit back to this with the top 10 customers, then we have reduced that from more than 44% down to this 40% level. That is also fully in line with what we communicated in the Enics merger plan. This customer mix reduced the dependency and gives us a healthy mix of customers across different customers and different segments. In addition to the existing portfolio, we also have a strong pipeline. Right now, the pipeline is at 107% compared to our target, and we have 1,500 active cases, nearly always around that level, and we have around 100 must-win cases. We are driving that very structured. It is run by one of our Swiss guys, so maybe you have heard about Swiss watches and being on time. That is what he is like to be. I would also like to say, in our industry, when you have a win, it takes some time for ramp-up and for mass production. Typically, it takes somewhere between 18 to 24 months before we are really in mass production. With the current supply chain challenges, this time might even be a little bit longer. It means that when we have a win, it does not turn into revenue the day after. Our revenue have been flat in the recent years, despite that we have been winning new business across our customer portfolio and have a sound underlying growth actually above market rate. I mentioned earlier that due to the Enics performance before the merger, four global accounts had actually announced stop for new business. We have been able to lift this, and of course, we are happy about that, and we can restart growth to these customers. A few large accounts has also reduced significantly. Two had decided to reduce demand before the Enics merger. We have then had to live with it. One has decided to outsource due to internal free capacity, and one has substituted our China site with a local Chinese EMS player. It is not so that we have lost any of these customers, but they have just reduced the business, which has been hard enough. Looking ahead towards 2030, we expect to continue to grow above market rate as we have been underlying during the last years. This ambition is supported by the recent wins that we have had, the potential that we have with our existing customers, the fact that these global accounts are now back on stream and we can start to work with them, and the opportunities that we have in our pipeline. During 2026, we have also communicated about our strong book-to-bill, and today, we have a total backlog of DKK 14.1 billion. If we successfully also execute on our M&A strategy on top on the organic growth, we have a potential to reach DKK 15 billion in 2030. If we now go to the right-hand side to EBITDA margin was in 2024 at 7%, and we are expecting in 2026 the 8.3% level that I mentioned, an uplift of 17%, which I am actually happy to see. But I am even more happy to see that our EBITDA margin has increased nearly 2 percentage point during the last five quarters. That is really encouraging. This improvement reflect the structural changes that we have been executing, and it also means that the gap or the distance to our ultimate ambition has been reduced significantly. As revenue growth will materialize, we see a higher capacity utilization, and we see that being reflected in a higher EBITDA level and margin, which will bring us back to the 10% level, which is our ambition. The future growth that we are talking about here will not require that we rebuild our platform. Of course, the M&A is something separate. Our platform, key employees, square meters, is already there, and the higher capacity utilization will help us to generate a higher profitability. We are carefully managing our inventories and will work, and we do work with the entire supply chain. This discipline remains a core priority. Due to the current challenges in the supply chain, I, however, expect that we will see interim inventories increase to a certain extent. But our longer-term target for 2030, that is an ambition of 25% of annual revenue. CapEx has fluctuated as we have invested in expansion, et cetera. The long-term average CapEx we are seeing at 1.6% of annual sales, and should be sufficient to fund both maintaining activities and expansion activities or investments. Return on invested capital is today expected to be, at the end of the year, around 12%, and we are sticking to the 2030 target to be above the 15%. So far, I have been focusing on the organic growth case. We know from the CCS and the Enics integration that GPV has the ability to act as an integrator, as I already mentioned. We continue to look for strong cases where we can add on to our organic growth with bolt-on acquisition, selective bolt-on acquisition, and also customer site takeovers. Every opportunity we evaluate against a clear value creation requirement. I can also tell you that in the last two years, we have been looking at several cases within segments like defense and med tech, but also cases where we have seen potential to strengthen our core further. We have remained focused on our long-term requirements, but the cases have, at the end, not lived up to our expectations for value creation. That does not mean that we are not continuing to be looking around for good cases, and if the right opportunities remain, we are also ready to go for it. But we will remain selective and also disciplined. Let me conclude and come back to the three messages I gave at the beginning. First, we have a strong foundation in place. We have an optimized footprint, and we have one operating model across all of GPV. Second, we are well-positioned for growth. We have a balanced customer portfolio. We have a good position to increase share of wallet with our customers, and we have good traction on winning new business. And third, GPV is future-ready to take part in the consolidation of the EMS market. Thank you very much. Strong message, Borg, and we will now open up for questions, if any. Claus is always faster than everybody else, apparently. Hi, Bo. Hello. First question regarding you taking market share. You are also not that well-positioned in the defense and the data center area. So, taking market share, growing faster than the overall market, is that because you are going for the white spots, or are you going to really dig into these higher growth segments? That would be the first one. Thank you for the questions. I think I will start a slightly different say. Our market share is very low, but of course, if you win something, then you win market share. But it is actually the actual wins which are super important for us. We have decided to put more focus on these four segments that I mentioned, and also the two that you are mentioning, data centers and defense. I do not agree with you that we do not have a position in data centers, because we are actually delivering to many of our big customers different products going into data centers. Defense, you know GPV's legacy. When I entered into GPV, we had a lot more defense than we have today, so we are building back. So actually, in Finland and in Denmark, we are doing quite well. In the rest of Europe, because defense force is a European game, the rest of Europe, there we are still searching for our way in. Are you growing faster than market because you are tapping into the faster-growing segments, or is it all of the above? It's everything together. It's also the traditional core focus on our business, where we have been growing above market rate. Then just a final one on the 2030 target, DKK 15 billion, including M&A. Is that important for your margin target, or why is it so important to have it in your target? I'm not sure I understand your question. The question is, you put in DKK 15 billion, which is quite a specific number on revenue. Yeah. Then you have this bucket, M&A. Yes. When will M&A happen? What are you going to buy? I'm just curious why you put that into your target. Yeah, and 15 billion DKK is, of course, a figure. So you could say if we reach the 14 billion, 990-something, then we are not achieving the target. It is maybe not so important that it is exactly the 15 billion DKK, but it is super important that we get back on a growth track, and M&A will come when it come. Okay, thanks. Other questions? Ulrik. Yeah. Hi, Borg. Ulrik Bak, Danske Bank. Also to the revenue growth. If you exclude the M&A part, what is the organic growth that you are looking at? That is an organic growth above market rate. So 6% or 7? Above the 5% that I have shown. All right. But also in terms of this M&A that you put into your target, I guess your ROIC will be affected what you pay for a potential acquisition. So, how many thoughts have you put into the case, what kind of target you will be looking at, and what segments? Because I know in defense, they are probably high multiples and so on. Just some thoughts around that. Yeah. First of all, when we are talking M&A, it will be bolt-ons and not transformative M&A as we have been doing now two times. That makes it a little bit easier for the return on invested capital. We are also looking at cases where we see a good fit with us so that we are not starting with a restructuring, if I should go to that wording. We have tried to take into our calculations, when we have been doing this, that there is a certain decline in the return on invested capital due to an M&A. I guess you can also see that the wording I used around the 15% mark is maybe slightly conservative. Then final question. You mentioned the underperformance during the last strategy period, so could you just provide an update on that underperformance? Is it over, and do you have anything else built in? We have still some challenges. We made a three-year plan, and some of it we have also communicated about in Sweden, for instance. Probably you have seen that. We are executing on that, and we are executing according to plan. Wayne. Wayne from SEB. Just one question. How do you view the Chinese competition on your business, or maybe on your customers? I know you are probably more resilient in confronting the Chinese competitors. Yeah. In China, we have actually, I think we are using the term refined our Chinese setup, because China today is for us very much about China for China. It has moved dramatically in the last four or five years. A lot of things has also moved out of China. I think we all know that. I think it is encouraging that we have a little bit of luck. We have added business development in China for our Chinese operations. This year, we have, I think I just looked it up the other day, we have won three significant cases with Chinese companies. So, we are also able to win business. But the main, and that is also fair to say, the main business that, absolutely main business we have in China is for Western, either European or American companies, for their products that they are selling in China. Okay. Are you seeing any Chinese competitors moving out to other markets? Yes. In your- Yeah. We are following it, but we do not have a lot of direct competition yet on that account. Okay. But of course, we see some are moving outside of China because they have to for other tariff reasons, et cetera. But we do not see a lot yet. Okay. Thank you. Emil. Emil Haargaard from DNB Carnegie. Just following up on the previous question on the site underperformance, and then looking at your 10% EBITDA margin target. Can you speak to the potential earnings uplift once these sites operate on a, we say, more normal profitability or back to normal? Yeah. I think first of all, if I should go back, then we have kind of closed half of the gap to the 10% with the uplift that we have done, and that is based on the structural changes that we have done. And it's clear that the better we execute on the underperforming sites, the better that will contribute to our EBITDA. But the main effect, that is actually high capacity utilization. In our business, there is a certain economy of scale. So, if we have a good capacity load, then we also do have an uplift, a significant uplift in profitability. So, you can read out of what I'm saying that we have right now spare capacity, maybe not in the exact SMT line or if I go down to details, but in the overall setup on square meters, we have capacity available. Following up, the company or the segments you mentioned that as potential bolt-on targets, are these segments operating with margins above the 10% target, so value accretive on margins, or where do you see these companies currently operating? Some are, some aren't. I think it is a mixed picture. But there are a few above the 10% mark, and they are mostly a little bit under, but not as low. I also can say we are not looking at bolt-ons with such a low margin as what Enics had when they were entering into our portfolio. Any more questions to Borg, or is the EMS industry fully clear, central? Just one here. Can you confirm that headwind from the lost business, from the business that was reduced from large customers, is that completely behind you and visible on a 12-month basis in the figures, so there is not kind of a new negative impact to come from there? What I can say is that the business where they have decided to do something else, that is done. What I can also say is that the restriction to give us new business has been lifted by all of these, so we are fully back on track. But of course, we have to start winning new business before we see that growing again. That's clear. Yeah, sure. But on a year-over-year basis, it- Say again? On a year-over-year basis, it will not be a negative impact going forward? That is not my expectation. Okay. Thank you. Okay. Thank you, Borg. We will take a short break again. I can see a lot of people here who probably need a technical bio break, so we will take 15 minutes. Then we will come back. Then Morten will tell about HydraSpecma. Jens will finish off, and then there will be lunch. So, 12:10 P.M., we will be here again.

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