Reflections: Positive: - Sales: 40.2 M€ ( 19% & organic 17%) - continuation of the positive sales momentum turnaround - Back with the M&A transactions - two acquisitions during Q2 - 10 M€ convertible hybrid bond - leverage down to healthier (still high) 2.3x Negative: - 3.5 M€ increase in working capital - mainly due to increased sales at the end of Q2 - Operational EBIT %: 5.4% (7.0%) - increased fixed costs and a higher impact from earn-out provision releases IMO, $BOREO delivered a solid result with a third consecutive quarter of revenue growth after a rough operational period without acquisitions. Now the growth will be supported by recent acquisitions, including Elfa Distrelec in Finland and the Baltics, and Spetselektroodi AS in Estonia, which further diversify and strengthen the Group’s revenue base. Additionally, the successful issuance of a 10 M€ convertible hybrid bond has strengthened the balance sheet and improved leverage (from 3.1x to 2.3x – excluding hybrid bonds), positioning $BOREO for future acquisitions aligned with its strategic M&A criteria. Despite solid top-line momentum, operational profitability remains under pressure. Operational EBIT declined by 8% to 2.2 M€, primarily due to increased fixed costs and lower earn-out provision releases compared to the previous year. The gross margin remained stable at approximately 31%, indicating resilient core business operations. The order books have stayed stable since Q1 2025, without clear signs of accelerated growth. Working capital increased by 3.5 M€ organically due to higher receivables linked to strong sales late in the quarter. While $BOREO is still far from achieving its key financial targets of 15% annual operating EBIT growth and a minimum ROCE of 15%, the recent progress in revenue growth, financing, and operational improvements set a positive foundation for continued advancement. The current valuation of EV/EBIT 10.3 (LTM) is, IMO, providing an attractive price considering the current positive trend. However, it’s valuable to consider the current (lack of) quality of the business – ROCE 8.4%, which is far below quality peers, e.g., from Sweden which have ROCE / ROIC in the mid to high teens.