Inwido (Stockholm:INWI) Q3 2026 Earnings Call

0:00 Hello and welcome to today's webcast where InVido will present its financial results for the third quarter of 2026. Joining us today are President and CEO Fredrik Müller as well as CFO and Deputy CEO Peter Wellin. At the end of the call we will have a Q&A so you are welcome to submit questions using the form located to the right of the webcast and if you are calling in and want to ask a question please press star 9 to raise your hand and star 6 to omit line when you have been handed a word. With that said, I will hand over to you, Fredrik and Peter. Please go ahead.

0:32 Thank you very much. Good morning, everyone, and a warm welcome to this webcast covering InVido's third quarter of 2026. My name is Fredrik Muller. I'm the president and CEO of InVido. And next to me here in Stockholm today is Peter Wellin, our group CFO and deputy CEO. We will follow the schedule in today's call, starting off with key group messages, followed by a deep dive into the business areas and our financials. And then, as usual, towards the end, we will wrap up with an outlook and a Q&A session. As usual, the presentation material is also available on our website invido.com. The strength and market conditions that we saw already in Q2 largely followed suit also in the months of July through September. There are signs of light on the horizon, best exemplified by the Scandinavian market and the project segment.

1:27 Recovery is so far not fast, but it is happening. Also, at last, the Green Deal is starting to be implemented across the EU, offering some tailwind to the energy efficiency theme and order intake. It's of course no surprise to anyone that the Middle East conflict has continued to put a wet blanket on the supply chain in particular and on demand in general. which is also now driving some fears about inflation and interest rates going forward. Looking at M&A, the M&A market has been impacted as well. Valuations are a bit trickier at the moment, as many year-to-date figures are softer for many of the targets that we're looking at, while at the same time, sellers' expectations on valuation can still be quite high.

2:15 As for Imbido, well, we continue to improve our performance, growing organically in both order intake and in sales, and we reached our highest operating EBITDA to date for a single quarter. I think it's a sign of strength also to record organic growth in the order intake, as well as a higher operating EBITDA margin across all four of our business areas. Three of them also grew sales organically in the quarter. We have stuck to a recipe of profitability before growth, where the key ingredients are volume, pricing, operational efficiency and cost control. And if you think that sounds simple, it's everything but because the competition out there still remains razor sharp.

3:00 Last but not least, our cash flow was strong once again, reducing our gearing and meaning in turn that we can be proactive and opportunistic when acquisition opportunities do arise. We've had reasons for some extra celebrations this past quarter. I'm very proud over these milestone achievements in three dimensions across the entire value chain, actually. First, InVido had one of the highest upgrades in Nordea's ESG rating to a single A. Second, SPA Vindua AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB Now it's time to look at our four business areas.

4:00 So I'll go through them one by one. We have one slide on each and in order of size, meaning that we will start with Scandinavia. This was again a strong quarter by Mats and his team building on the momentum from Q2 and growing top line organically while also seeing a healthy race to the bottom line. I think it's great to see that the operating EBITDA margin is now close to 17%. Sentiment is improving in Denmark and Sweden, and so far mostly within the project segment. Norway is also doing a bit better. We did get some tailwind from something called Villa effekten in Sweden, which is a newly launched government incentive program for energy efficiency renovation, where some 300 million SEK has been allocated per annum up until 2030. And I think this is a concrete positive example of the much needed EPBD directive now beginning to be rolled out in all of the EU member states.

5:04 Moving on to BA West, as you can see, Jonna's business is growing rapidly. Integration of our newly acquired entities is proceeding nicely, including Sovereign Group that we took on in Q2. Profit climbed higher in both absolute and relative terms, driven by Ireland and Scotland in particular. In England, the consumer segment remains tough with both consolidation and price pressure prevailing still. Worth noting, though, is that both energy awareness and renovation of social housing is on the rise. And I think the new Labour government looks rather promising, actually. Antti and his team keep fighting the fierce headwind blowing across BA East, primarily in Finland, where everyone is lacking volume, possibly with the exception of the project segment. Order intake, profit and margin were all up, and we saw a nice contribution coming from our recent acquisitions. Market-wise, Poland and Croatia are quite strong, with Slovenia a bit softish from the recent government change.

6:10 And to conclude this BA run through, let's turn our focus on BA e-commerce. I know I'm beginning to sound like an old vinyl record, but Bo and his team keep pushing, raising profitability in yet another quarter, reaching 10% in Q3 and almost 11% on the latest 12-month basis, and with a strong organic top-line growth as well. And here we're seeing a successful mix of volume, pricing, efficiencies, and cost management. And now, for more flavor on INVIDO's consolidated Q3 financials, I'm handing over to you, Peter. Please.

6:45 Thank you so much, Fredrik. We start with this page, the income statement. To the left, you can see the development in the third quarter. In the middle, you can see the year-to-date. And to the right, later 12 months, as well as full year for last year. Starting with the quarter, sales is plus 22%. Organically, it's plus 5%. We have a negative net impact from increased material prices in the quarter and this has then been offset by improved volume and improved operational efficiency and thereby the gross margin is more or less on the same level as last year. The operating EBITDA margin has been improved from 12% to 12.3% and then we have also then efficiency when it comes to expenses and thereby an improved operating EBITDA margins. The operating beta has been improved by 25%, from 268 million last year to 334 million this year, a record so far for a quarter.

7:46 Looking further down the income statements, we can see that profit after tax is plus 36% compared to last year, and the earnings per share is plus 32% compared to last year, 265 to 349. Looking at the year to date, January to September, sales is plus 15%, organically is plus 2%, so we have now growth, organic growth in the year after slow start in Q1. The operating EBTA margin is above last year, and the operating EBITDA margin is on the same level as last year, 9.8%. However, in SEC, we have an improvement by 15%, or more or less 100 million Swedish crowns compared to last year.

8:32 In the income statement, we can see the profit of the tax is plus 21% compared to last year, and the earnings per share has been improved by 1.07, from 6 kronor to 7.07. For the latest 12 months, we are just below 10 billion Swedish kronor, or 9.968 billion. We have an operating beta margin of 10.4, and the earnings per share is just below 10.996 kronor. On this page, we can see the development in the third quarter from Q3 last year to Q3 this year. To the left, you can see the development on sales, then divided between the different business areas. And to the right, we can see the development in operating in beta.

9:23 All business areas have improved in a quarter, both when it comes to results, both in SEC as well as in margins. All business has growth in a quarter, but not organic growth. Indido East has a negative organic growth in a quarter. And for the group in total, we have then reached the highest operating EBITDA so far in a single quarter with an operating EBITDA result of 334 million. This graph is showing the sales as well as operating in beta margin in the third quarter from 2020 until 2026.

10:12 The results in the third quarter was in SEK. We have the highest operating in beta ever in SEK, but not the highest margin ever. However, the margin has been improved compared to last year. 12.3% this year compared to 12% last year. We have made acquisitions and we have six acquisitions this year in the third quarter, which we didn't own in Q3 last year. All acquisitions, they have developed well and had good contributions to the profits. However, the combined profitability is below the rest of the group and thereby they have diluted the operating EBITDA margin in the quarter when comparing to last year. So excluding acquisitions, we have a higher operating beta margins than the 12.3.

11:02 On this page, we are showing the cash flow before financial activities, excluding financial assets and acquisitions. And to the right, you can see the development when it comes to our capex. We have an improved cash flow in the quarter. We have a higher contribution from operating activities and improved results and also lower tax payments in the quarter this year compared to last year. Working capital has increased more this year compared to last year, and we have somewhat higher capex this year compared to last year. But in total, we have improved cash flow of 56 million this year compared to Q3 last year. And the improved cash flow, it means then we have then reduced the net debt.

11:49 This page is showing the net debt and the net debt in relation to operating EBITDA from Q3 2023 until Q3 2026. We can see that we have a good leverage. The leverage remains healthy and we still have headroom when it comes to M&A. Net debt in relation to operating EBITDA is 1.9, excluding RFR 16. And if we then calculate on a pro forma basis from the latest acquisitions in this year and last year, we are 1.8. When it comes to net debt, including RFR 16, we are 2.1. So still good headroom compared to the covenants and also good headroom compared to the target of maximum 2.5.

12:43 Return on operating capital has also been improved. This page is showing the return on operating capital development from Q3 2022 until Q3 2026. We have improved return on operating capital during the last two quarters from 11.7 in Q1 to 12% in Q3. We can see an increased operating capital and the increase is related to acquisitions during the last 12 months. Looking at the order intake, the total order intake has been improved in the quarter. The organic order intake of the group is plus 7% and we have growth in all business areas. Scandinavia plus 7%, East plus 4%, West plus 10% and e-commerce plus 6%.

13:40 The growth is mainly within product markets, but the consumer segment has also slightly growth of 1% in the quarter. And thanks to the improved order intake and acquisitions, we have then reached the highest order backlog ever with the order backlog of close to 3.5 billion Swedish crowns end of September this year. If we then divide the order intake a little bit differently, and this page is then showing the order intake for each market, so not bisher, so markets. And this is then showing the organic order intake for the consumer markets. The highest, largest sales consumer markets of InVido is Denmark, stands for 40% of the consumer sales, followed by Sweden with 24%, so in total they are two 64%.

14:32 And this graph is showing the organic oil intake development compared to previous years from Q3 2025 until Q3 2026. And as you can see, we still have a growth. We have a growth in Denmark and we have a growth in Sweden in a quarter. Sweden is then followed by UK. UK stands for 50% of consumer market and then Finland 7% of the consumer market and combined those two have 22% of our consumer sales in the latest 12 months. And here we have the continued decline. So the consumer market in UK and consumer markets in Finland is still a challenging market. And as you can see, the percentage is actually more declined in Q3 compared to Q2. So still a challenging market for UK and Finland. And then the rest is also slightly growth.

15:26 The rest stands for 14%. And the rest, that is Norway, Ireland, Germany, Poland, Slovenia and Croatia. If we then look at the same thing for the product markets, and then I must say the product market is much more volatile compared to the consumer markets. On the previous page, when I showed the consumer market, the scale of the graph was up to 20%. Here is a scale up to 300%, just indicating that there's a higher volatility in the product market when it comes to order intake, not when it comes to sales. This is when it relates to order intake. Finland is the largest product market of NVIDIA, stands for 30%, or second largest, 30%. UK, together with Ireland, is the largest market.

16:13 Finland has a slightly growth in the quarter and we have the highest growth in Ireland in percentage. In total a growth of 18% for the product market in the quarter compared to last year.

16:32 Now handing over back to Fredrik. Thank you very much, Peter. It's time to run things off. So let me reiterate today's key messages. Green is good, as you know, and here we listed several green tick marks for Q3 that I'm really, really proud of. We do see a stronger performance at both group and BA level. We see it across both the top and bottom lines of our P&L, and we also see a better cash flow and a healthy balance sheet. Markets sentiment is gradually improving starting with Scandinavia and with the product segment that Peter just talked about. Yes, recovery will take time, but the Ferrari that we've built is picking up speed, which is kind of exciting.

17:18 So if we look ahead, then there is now light at the end of the tunnel. We don't think it's an oncoming train this time around. So we're cautiously optimistic about our near to medium term prospects. We do stick to our clear game plan with priorities, including once again, first of all, managing the Middle East situation. i.e. securing the supply chain together with disciplined pricing and cost containment and then pursuing selective M&A. And as shown so far this year, we are ready for whatever scenario the market has in store for us. So with that said, Peter and I would now be delighted to answer any of the questions that you may have. Please go ahead. Thank you for the presentation. We will now open up for a Q&A session.

18:07 And as stated before, you're welcome to submit questions using the form located to the right of the webcast. And if you're calling in and want to ask a question, please press store 9 to raise your hand and store 6 to unmute your line when you have been handed the word. The first caller is Albin Nordmark from SBF. The word is yours. Go ahead, please. Albin Nordmark from SB1. The word is yours. Please unmute your line. Press star six to unmute your line, please.

18:55 Can you hear me now? Hello, Albin. Yes, we can hear you.

19:00 Okay, perfect. Some technical issues here. Good morning. Nice to see a solid report. I actually have one question on Eastern Europe. Maybe you mentioned this, I didn't hear all of the call, but Eastern Europe gross margin down as it has been tough markets, but then you managed to hold a bit of margin stable year over year. So maybe if you can dive into this and give us the reason behind it.

19:31 Well, generally speaking, yes, it's tough. We have continued to look at the cost base, to prune it even further. Our largest entity in Finland is, given the circumstances, still doing quite okay. They have also raised prices a bit, of course, primarily linked to the situation in the Middle East. So it's a combination of those factors, really. And where we have seen volume coming into the factories, again, we get the efficiency upside. So that's, I think, really well managed by them. And they keep fighting. The outlook is, I mean, it's still challenging. We don't see any near-term, at least, improvements on the horizon for

20:27 for finland in particular and then we also somewhat diluted when it comes across margins from the acquisitions we have made acquisitions in slovenia and croatia and looking at the just across margins there are some delusions there when compared to last year all right and then you mentioned something about the underlying the organic with the margin was better than reported so what has

20:57 Is there any of the acquired units that maybe didn't go as planned or is that just a normal dilution?

21:05 It's more normal dilutions. I think most of them have gone just around plan or very close to the plan from the acquisitions. But the margins on the acquired companies combined are lower compared to the rest of the group when it comes to the third quarters. Then, of course, some acquisitions have higher margins and some have lower, but the combined margin is lower compared to the rest of the group. So we are somewhat diluted for the group, but also when it comes to some specific areas as well. And then looking at the cross-margin development for East, there is a dilution from the acquisitions.

21:47 Okay, and then if we just, maybe the final one on Eastern Europe here, or the final one from my side, so order intake positive mostly projects case split is in the countries is this mainly Finland or are the order intake positive in Finland and also the order intake in this project how much like if in a year or can you give us some sense of how long that order book is for that order intake that you have

22:19 The order intake is positive, the organic order intake is positive, meaning we have an excluded order intake for the latest acquisitions. So Slovenia and Croatia is not included in organic order intake. Poland, there is more the same, a little bit higher order intake compared to the Finland. So the order intake improvements for East is mainly then related to Finland and then mainly then related to the product market where consumer market is still challenging. The orders we are taking now in Q3 will be some will be delivered end of this year, but it's more or less than going into 2027.

23:00 Maybe just to add something on the acquisitions that we made over the last year. I think the starting point for all of them is a little bit different. In some cases, of course, they have not been used to even producing a monthly report and have perhaps not been used to quite the extraordinary market conditions linked to the Middle East conflict. So I think they're all following plan more or less. Long term, they are for sure the right deals that we've done at the right multiples as well. And it already goes to show that we're up there when it comes to helping them with primarily sourcing, you know, the purchasing side of things, plus operational efficiency and the financial controlling. It just takes a while to get the full upside potential pursued here. So we're not there yet, but it looks good.

24:05 Okay, nice for them to be under the in-video umbrella now with many times. But that's all for me. Thanks. Thanks so much. Thank you for those questions. We will now move on to the next caller, which is Linus Allentun from Nordea. The word is yours. Please press star nine to unmute your line. Linus Allentun from Nordea. The word is yours.

24:50 Good morning. Hi, can you hear me?

24:54 Yes, good morning.

24:56 Good morning. Sorry, a bit of technical issues here on my end as well as Albin. Just starting off here on e-commerce, you've had a pretty nice margin development during the last quarters. And I'm just wondering here, where is the ceiling on R12 rolling basis? You're at almost 11%, right?

25:20 The sky's the limit, Linus. No, but it's a relevant question. I think what we have created here is a different animal compared to where we were just a year a year and a half ago and that bodes really well also for the future because we must not forget that the volumes that they are seeing are far from normalized yet but well when they do get the volumes in and as you know they have three factories in Estonia, Poland and Romania then they see the margins improving. And on top of that, they have managed their, what we refer to as SMAD costs, you know, sales, marketing, and admin and development costs really, really well. And those are, so the figures that we see today are actually linked to actions that they took, again, a year, a year and a half ago, where they also embrace a lot of the new exciting technology in, for example, marketing.

26:22 And on top of that, last but not least, they have been really, really good at working with value-based pricing. So, of course, it's something we're looking at so far so good. I think they have quite a bright future. They're doing a really good job. We're actually also looking at bolt-on acquisitions in this field. It's something we haven't done for quite some time, but that could be exciting, entering in some new territory. Let's not forget that we are the only If you look at, for example, one of our larger Danish competitors, they made a loss of 3.7 million euros in 2025.

27:09 And here we are at 10% in the quarter, almost 11% on the last 12-month basis. Now we keep pushing. We haven't set a specific target for them, but it's obvious, of course, that when they get the volumes in, they make more money. So hopefully they can continue.

27:30 All right, so hopefully more to come then with recovering volumes done. Another question, just to follow up on Albin's question here on the margin and perhaps underlying margin being a bit stronger than reported. Do you have a number on how much the acquisitions diluted the margin?

27:55 So we are slightly above this 12.3. So we are not on the levels that we were two or three years ago, but we are above the level of the 12.3%.

28:10 All right. I'm just negative.

28:16 You're saying underlying margin compared to reported. The acquisitions are included now, so the underlying and reported is the same thing. So it's no extraordinary items, something like that, in this statement. It's just stating that when we acquire companies, and this has always been in the past, when we acquire companies, we are short-term diluted because the margins of the acquisitions AB AB AB AB AB So this is normal for the business. So it's nothing unusual.

29:07 There's no extraordinary things here. So it's just stating that when we acquire companies, the margin of acquisitions are lower compared to the rest of the group.

29:20 Yeah, got it. And a question here on M&A and the pipeline forward. You mentioned solar shading companies in the report as well. Could you perhaps elaborate on that and perhaps the size of some of the targets in the pipe?

29:42 Yeah, sure. As I said, I think I stated it already in our Q2 report that it's proven a little bit trickier the last few months to get to a handshake on valuation. It's not for lack of targets. And we have quite a few interesting discussions ongoing. And that makes me cautiously optimistic about the next three to six months where we can hopefully announce a signing or two. But it is tricky because many of the targets that we're looking at have had a so-so year-to-date performance. And at the same time, they point towards a fantastic hockey stick going forward. and meaning that their valuation expectations are on the high side as well.

30:31 We have been, particularly over the last few weeks, flooded by teasers, i.e. prospective cases from all around, but primarily from the UK. But it's on the same theme as before, i.e. many of them are in financial difficulties and then not something for us. The targets, the discussions that we are having are covering both existing and new markets. Again, the sweet spot for us these days is somewhere turnover-wise between 30 and 60 million euros, and that's where these targets are. On solar shading, as I've said before, the companies that we would be looking at for some kind of entry into that segment are typically a little bit bigger.

31:21 But we would still be looking for a majority stake, but they can be in the vicinity of 100 to 200 million euros in in size. But, of course, also typically more profitable than the invito average. Some of them are in the. 15 to 20% plus EBITDA margin category. So we're working on that. And again, I think it looks quite promising. I think it also goes to show that the InVido model is very attractive. So quite a few are knocking on our door and want to involve us in various processes. But we are, for many reasons, selective and cautious.

32:06 All right. Got it. That's clear and exciting also. And just a question here ahead of Q4. I mean, as you stated, organic water intake was positive across the board. How do you reason when it comes to Q4 and perhaps price-cost effects also?

32:31 There's a billion dollar questions in that sense. Yes, the order intake is plus in a quarter, plus 7%. However, the increase is mainly related to the product markets and there's plus 18%, whereas consumer markets is plus 1%. So there is, in that sense, a negative mixed impact. When it comes to material inflation, that is a big question, how material prices will develop. We can see one challenging thing for indido is of course the gas prices. Gas prices continue to go up and it's not on a second highest level and that has a negative impact, especially on the glass prices. So that's, of course, a question mark in that sense.

33:18 We have also somewhat interest rate is going up. And that was a question how that will impact the markets. Last year, we had a route and that was a change in the route of Sweden. And that impacted Scandinavia with a little bit higher sales in Q4 to utilize the full route. And then it was changed from the beginning of January. And then, of course, we have all the worries of what happens right now in Europe. And then the biggest question, how will the total impact be in Q4? It's a little hard to say right now.

33:56 There's a lot of psychology involved in a lot of the markets and so we work with scenarios. One scenario is of course that households, particularly if you look at Scandinavia as a market, still believe that they have AB AB AB AB AB is a crazy place, but at the same time, life must go on. So yeah, it's always going to be a bumpy ride, but we do see light at the end of the tunnel.

34:44 The recovery of the market will take time, but it is moving in the right direction. Maybe just one comment on glass prices to what Peter said. So far, we have benefited from the fact that there is an excess supply of glass across Europe. AB AB AB AB buyer and an important customer for these suppliers. So I'm not overly concerned about it. But so far, the Middle East conflict has been more hampering us in the areas of of aluminium, PVC, energy and transportation.

35:37 And then when that is said, we also managed to show that we are flexible within this group and we are able to adjust to the market situations. And also then considering that the market is still very, very low. And when comparing the markets in Scandinavia now compared to 2019 pre-COVID and the Swedish market is in volume down by about 30% and in Finland and Norway it's more than 20% down and Denmark is just a little bit less than 20% down so we are still on a very low market and we see potential on the markets but then for a question just related to Q4 it's of course a bit tricky yeah

36:26 I got that. Thank you very much for taking my questions. Thank you for those questions. And the next caller, I guess the word is Johnny Yin from SEB. The word is yours. Please press star six.

36:46 Thank you, operator. Good morning, Fredrik and Peter. I have a couple of questions as well. I want to start with the organic growth here which looks very good at 5% here but looking at the currency and FX impact was a bit less positive than I had anticipated. And given the strengthening of the currency throughout Q3 here, my question is, did the sales momentum cool off throughout the quarter, would you say? Because I know that August and September, they are important months for you. So is that an element or did you see other reasons why the FX had no positive impact in the quarter?

37:27 Hi Johnny, good morning. First of all, if I start, I think in terms of the months and the momentum throughout the three months of the third quarter, I think we sort of gained momentum. July, August, you always need to look at in combination. It's a bit like january february but september was not worse in any way so i think momentum was actually quite solid all across the three months and almost with a peak in september other than that currency wise yeah i don't know i don't think we have any real comments no that's one thing we can't impact

38:18 Yeah, okay, understood. I just want to make it clear that there's no effect that we should keep in consideration. Good. Then just moving to gross margin a little bit. I know there have been questions already about this, but I think last time you said that gross margin one, that is selling price for minus material, I suppose, was down, but compensated by higher efficiency. Is this the case as well in Q3, or did you manage to compensate for higher material prices with price effect as well, given that gross margin looks good, but you have this negative mixed effect? So could elaborate there a little bit.

38:54 Now, if you take our sales prices and material prices, then we have a negative net impact from material prices. And this then has been offset by improved efficiency in our factories, as well as higher volumes in our factories. So same situation in Q3 as it was in Q2.

39:15 Maybe just maybe if I can just add to that I think what we and if you remember in Q2 we had not seen perhaps the full impact of the cost increases and the inflation on the input categories. At the same time, we had not seen the full impact of our corrective measures on the pricing side. And some of that has continued in Q3. So if you take, yeah, if you take one of the larger entities in Sweden, for example, again, already in April, they had their annual price adjustment of let's say three, three and a half percent. On top of that, they were because of the Middle East crisis fairly early in Q3 with another price increase where that was possible of another three to five percent and then in September and some of them have been out in October as well we've tried to pursue even a third price increase where possible but that gets trickier and trickier because we are with the larger customers as you understand in contracts where we cannot RAISE PRICES BY MAYBE MORE THAN ONE OR TWO TIMES PER RANDOM BUT SO IT HAS BEEN A LITTLE BIT OF A FLOATING MATERIA ALSO IN THIS QUARTER WHAT HAS HAPPENED ON THE IF WE START WITH THE SUPPLY SIDE In some cases, we were already in Q2 given surcharges or at least heads up notices

40:46 about surcharges. And then when we did sit down with each of these accounts, it turned out that we could take maybe that plus 10% down to plus five or in some cases even down to zero. because we are professional in purchasing and because we are large. We can leverage the economies of scale and we are important customers for these suppliers. And then the parallel activity has then been the value-based pricing where in some cases and I'm not saying this is has been common across the board but in some cases a business unit may have ended up actually being able to raise prices by more than what they have been affected on the cost side so it's been a net positive impact for them a bit similar to what we saw during the pandemic I guess in the early days of the pandemic but it varies quite a lot from from entity to entity and from market to market so it's It's really a battle and some arm wrestling between these two forces, and I foresee that continuing also in Q4.

41:50 Understood. I know it's a lot of moving parts, but what would you estimate the price impact were in this quarter on organic growth? And how should we read the price effect? It should be more visible in Q4 or...

42:05 So we have a total organic growth of 5% and we have a volume growth in the quarter as well. So if the noise is 50-50, now it's a little more volume increase compared to a price increase in the quarter when compared to last year, in general.

42:23 Okay, Anders Ulf. Just one final from my side. I think looking in west delivery looks good. I just want to question here. Have you started the delivery of the large Scottish or did you press it earlier this year or is it still ahead of us?

42:41 That's a very good question, Johnny. Thanks for bringing that up. We have actually not started that. That will commence in November. And it's not due to our fault. It's because of documentation etc. on the buyer side, this Falkirk Council as you may recall. So there are no volumes linked to that one included in the third quarter figures that will come or start to come from November and onwards. I think worth mentioning on the order intake side, we have actually taken yet another quite large project for social housing in Scotland and linked to our society solutions group, 10 million pounds.

43:29 And that's included in the Q3 order intake figures. Thanks a lot Jonny! Thank you, Johnny. For those questions, we will now move on to the next caller, which is the person with a number that ends with 002. The word is yours. Please press star six to unmute your line. Hello, Igor from D&B Carnegie.

44:20 I have just a couple of follow-up questions. If we start with the M&A, Given that you mentioned that it's hard to negotiate with their counterpart and they believe that the valuation is much higher, are you considering any share buybacks in a scenario where the M&A activity slows down?

44:48 Good morning, Igor. Good question, of course. No, that's not been on the table at all, I should say. And I guess we don't really have the mandate for it either.