Fasadgruppen Group Ab · OMXSTO:FG
Fasadgruppen Group Ab — Investor Day (November 2024)
70 slides from Fasadgruppen Group Ab's investor day presentation, Nov 7, 2024
Slide 1: Capital Markets Day 2024
CAPITAL MARKETS DAY 2024 7 NOVEMBER 2024
Slide 2: Agenda
AGENDA CAPITAL MARKETS DAY ▪ CoB intro, Ulrika Dellby ▪ Strategic update, Martin Jacobsson ▪ Operational excellence, Johan Claesson & Adrian Westman Ulrika Dellby Martin Jacobsson Casper Tamm Chair of the Board Chief Executive Officer Chief Financial Officer ▪ Acquisition strategy, Daniél Bergman ▪
Slide 3: Key Messages
KEY MESSAGES CAPITAL MARKETS DAY 2024 ▪ The group has optimised its operations over the past year and is ready to capitalise on the market drivers ahead (macro recovery, energy performance, renovation needs) with a focus on increasing margins and cash flow in existing businesses ▪ With our strong ca
Slide 4: Strategic Update
STRATEGIC UPDATE A STRONGER FASADGRUPPEN
Slide 5: But First, A Lookback: Four Years Since IPO
BUT FIRST, A LOOKBACK FOUR YEARS SINCE IPO FY19 GOALS AVERAGE FY19-23 LTM SEPTEMBER 2024 CAGR Average net sales growth of at least Revenue (SEKm) 1 019 15% per year over a business cycle - 4 949 39,5% EBITA margin of at least 10% EBITA margin 12,7% per year over a business cycle 10,5% 6,5% - Cash co
Slide 6: A History of Growth
A HISTORY OF GROWTH WELL ABOVE TARGET OF 15% Revenues, MSEK 6 000 120% 5 000 100% 4 000 80% 3 000 60% 2 000 40% 1 000 20% 0 0% 2016 2017 2018 2019 2020 2021 2022 2023 Sep-2024 2024 LTM++CL LTM 9m CL pf FG (LHS) CL (LHS) Growth target (15%) Annual growth (RHS) 6
Slide 7: Profitability Development Over Time
PROFITABILITY DEVELOPMENT OVER TIME POISED FOR HIGHER MARGINS GOING FORWARD EBITA, MSEK 700 20,0% 11,1% 600 15,0% 500 12,7% 9,5% 11,1% 11,1% 11,2% 7,9% 400 8,5% 8,6% 10,0% 300 200 5,0% 100 0 0,0% 2016 2017 2018 2019 2020 2021 2022 2023 Sep-2024 2024 LTM LTM 9m + + CL CL pf FG (LHS) CL (LHS) Margin (
Slide 8: Diversification Strategy
DIVERSIFICATION STRATEGY AN INTERNATIONAL EXPANSION ▪ Swedish operations from 100% to less Revenue per geographic market than 50% of revenues in only 5 years 100% 1% 3% 2% 4% 12% 16% 4% 21% 19% 4% ▪ Diversification will continue 80% 12% 18% 17% 19% 60% 18% 100% 100% 100% 99% 93% 40% 72% 60% 58% 48%
Slide 9: Margin Distribution Between Companies
MARGIN DISTRIBUTION BETWEEN COMPANIES COMPARING AND CHALLENGING OUR COMPANIES TO IMPROVE Margin profiles of subsidiaries (compared to 2023) >20%: 4 (6) ▪ Focus on maintaining profitability while 15-20 5 (8) exploring organic growth opportunities 10-15%: 13 (12) ▪ Continuous cash flow improvements ▪
Slide 10: Margin-Improving Activities
MARGIN-IMPROVING ACTIVITIES PROJECT MANAGEMENT IS OFTEN KEY Subsidiary A (Sweden) Subsidiary B (Norway) 140 000 16% 300 000 16% 120 000 14% 14% 250 000 100 000 12% 12% 200 000 FG Entry 10% FG Entry 10% 80 000 8% 150 000 8% 60 000 6% 6% 100 000 40 000 4% 4% 20 000 50 000 2% 2% 0 0% 0 0% 2016 2017 201
Slide 11: Where To Now? The Road to 10-10
WHERE TO NOW? THE ROAD TO 10-10 ▪ In the summer of 2023, based on our financial Vision targets, we stated an aim to achieve SEK 10 billion in sales with at least 10% margin by 2028 Sustainable properties and good living environments for all. ▪ We will capitalise on the market drivers ahead with a fo
Slide 12: Four Strategic Focus Areas
FOUR STRATEGIC FOCUS AREAS FOUNDATION FOR PROFITABLE GROWTH People & network Operational excellence M&A Sustainability development ▪ Leadership development ▪ Connecting and elevating the ▪ Value-adding acquisitions ▪ Recruitment and onboarding businesses ▪ Organic start-ups ▪ Diversity and inclusion
Slide 13: Our Ingredients to Value Creation
OUR INGREDIENTS TO VALUE CREATION FASADGRUPPEN’S TRUE STRENGTH LIES WITHIN OUT PEOPLE AND CULTURE ▪ The ability to create lasting results ▪ Culture and leadership with clear accountability Defined profitable Leading position in Leading full-service Diversified customer Quality and craft niche and su
Slide 14: Several Market Disruptions in Past Years
SEVERAL MARKET DISRUPTIONS IN PAST YEARS INCREASED COMPETITION FOLLOWING SLOPE IN NEW BUILD Nordic total construction market (EURm) ▪ Inflation, rate hikes, high building costs and 180 000 10% general halt in new build have caused a 160 000 5% 6% 5% 5% 140 000 construction crisis in Sweden in partic
Slide 15: Organic Opportunities
ORGANIC OPPORTUNITIES SUBSIDIARIES’ SERVICE OFFERING A STRUCTURAL GROWTH STORY ▪ Based on company-specific conditions, the subsidiaries will drive organic initiatives ▪ With an increasing demand for energy renovations, the organic opportunities will be larger than in the past ▪ Historically, organic
Slide 16: Actions Taken to Be in Pole Position
ACTIONS TAKEN TO BE IN POLE POSITION ENSURING MAXIMUM VALUE CREATION Group level Subsidiary level ▪ New organisation with an Operations unit ▪ Adapting to local conditions, but not introduced in November 2023 participating in a race to the bottom ▪ Improvement of core processes; Identify ▪ Continuou
Slide 17: UK Market a New Growth Opportunity
UK MARKET A NEW GROWTH OPPORTUNITY FACADE FIRE REMDIATION IN ADDITION TO RENOVATION AND ENERGY EFFICIENCY ▪ Overall size of UK building envelope and facades market estimated at GBP 10.5bn, with an expected annual growth of 4.5% in the next few years ▪ For façade fire remediation, total market spend
Slide 18: Fasadgruppen Following Clear Line Acquisition
FASADGRUPPEN FOLLOWING CLEAR LINE ACQUISITION A STRONGER GROUP ▪ Combined order backlog of approximately SEK 3.9 billion (up from approx. SEK 2.8 billion) 15 ▪ Clear Line has approximately 20 ongoing projects with an average order value of GBP 7.3 million; Project length on average 9 months 14 ▪ Tot
Slide 19: Financial Targets Reiterated
FINANCIAL TARGETS REITERATED LONG-TERM VALUE CREATION ▪ Net sales growth: An average net sales growth of at least 15 percent per year over a business cycle. The growth should be achieved organically as well as through acquisitions. ▪ Profitability: EBITA margin of at least 10 percent per year over a
Slide 20: Priorities 2025-2028
PRIORITIES 2025-2028 FOCUSING ON PROFITABLE GROWTH ▪ Ensure continuous improvements in subsidiaries PROFITABILITY ▪ Focus on efficiency in operations ▪ Increase cooperation within the group Main priorities LEVERAGE ▪ Return to net debt/EBITDA below 2.5x ▪ Grasp organic opportunities GROWTH ▪ Continu
Slide 21: Operational Excellence
OPERATIONAL EXCELLENCE ENABLING BETTER BUSINESSES THROUGH EFFICIENCY
Slide 22: Fasadgruppen's Decentralised Business Model
FASADGRUPPEN’S DECENTRALISED BUSINESS MODEL ENSURING EFFICIENCY AND ACCOUNTABILITY COMMON VALUES COLLABORATION LOCAL OPERATIONAL CENTRAL VALUE COMMITMENT BUSINESSES SUPPORT FUNCTIONS CREATION CAPITAL ALLOCATION EXPERTISE INCREASING EFFICIENCY P&L AMONG RESPONSIBILITY LOCAL AND CUSTOMER BUSINESSES FO
Slide 23: Competitive Advantages With Our Model
COMPETITIVE ADVANTAGES WITH OUR MODEL BRINGING VALUE TO THE CUSTOMER ▪ Strong local market position and customer relationships remain the most important factors Local relationships for projects Reference projects ▪ Having a broad portfolio of reference projects composes a significant advantage Netwo
Slide 24: Introduction to the Operations Unit
INTRODUCTION TO THE OPERATIONS UNIT VALUE CREATION THROUGH OPERATIONAL EXCELLENCE Example of central functions where we see clear synergies between our subsidiaries: ▪ Procurement ✓ Central framework agreements The decentralised organisation ✓ Delivery terms requires a balance between ✓ Payment Term
Slide 25: Lessons Learned
LESSONS LEARNED THE MARKET CHALLENGES HAVE CREATED AN OPPORTUNITY TO REFINE THE MODEL Focus on goal and process driven development to ensure long-term success in a challenging market environment Strengthen our competitiveness, necessary structural changes are required Acquiring niche companies and d
Slide 26: Three Core Processes
THREE CORE PROCESSES ACHIEVING OPERATIONAL EXCELLENCE 1 IDENTIFY 2 CONNECT 3 ELEVATE Ensuring optimal acquisitions Ensuring optimal integrations Ensuring optimal development 26
Slide 27: Identifying Value-Add and Needs
IDENTIFYING VALUE-ADD AND NEEDS ACQUIRING THE RIGHT TARGETS 1 IDENTIFY ▪ Sourcing leads through our internal network ▪ Due diligence involvement from support functions ▪ Leadership supply ▪ Identification of development areas ▪ Diversification within a geography 27
Slide 28: Connecting Acquisitions With the Group
CONNECTING ACQUISITIONS WITH THE GROUP GETTING NEW SUBSIDIARIES UP TO SPEED 2 CONNECT ▪ Clear processes and structure without losing focus on business Fasadgruppens operating model Board meetings ▪ Based on due diligence; focus on At least 2 per year support where needed the most Monthly project fol
Slide 29: Elevating the Subsidiaries
ELEVATING THE SUBSIDIARIES ENABLING GOOD GOVERNANCE AND CONTINUOUS DEVELOPMENT 3 ELEVATE ▪ Right leadership for each business Four guiding principles to create a strong and ▪ Ambitious objectives and strategy plans consistent leadership culture that is aligned with our specific needs and objectives:
Slide 30: Sustainability Framework
SUSTAINABILITY FRAMEWORK AMBITION TO PROFESSIONALISE AND DRIVE SUSTAINABLE DEVELOPMENT IN THE INDUSTRY E S G Focus areas The industry’s most The industry’s The industry’s ambitious climate action best workplace most stable partner Reducing our own and our Providing a safe and stimulating Building an
Slide 31: Renovation Wave Still Ahead of Us in the Nordics
RENOVATION WAVE STILL AHEAD OF US IN THE NORDICS REGULATION AND FINANCE REQUIREMENTS WILL PUT PRESSURE ON PROPERTY OWNERS ▪ The EU Energy Performance of Buildings First EPBD implementation in Sweden indicates: Directive (EPBD) will increase the renovation rate in the Nordics, starting in 2025 ▪ 16%
Slide 32: Ready to Support in the Net Zero Transition
READY TO SUPPORT IN THE NET ZERO TRANSITION FASADGRUPPEN’S SERVICES ARE CORE FOR ENERGY EFFICIENCY Different energy performance measures1) 9 1. Façade insulation 20-25% 2. Attic insulation 8-15% 2 3. Window renovation 10-20% 8 7 4. Window replacement 20-25% 5 5. Balcony glazing 5-15% 6. New entrance
Slide 33: Conceptualising Energy Measures
CONCEPTUALISING ENERGY MEASURES HELPING THE CUSTOMERS TO TAKE ACTION Smart Energy Renovations Customer testimonials Good “We have reduced our energy costs by SEK ~20% energy savings 2.2 million and moved the property from an 22% CO2e savings energy class E to B” Climate investment Better with 5-6 ye
Slide 34: Co-operation Is Key to Drive Transition
CO-OPERATION IS KEY TO DRIVE TRANSITION PART OF PROFESSIONALISATION Some of the stakeholders that have an impact Fasadgruppen is also acting to improve our own where cooperation will be of benefit to both footprint and have committed to the Science customers and the parties involved: Based Targets i
Slide 35: Credit Facilities Converted Into SLLs
CREDIT FACILITIES CONVERTED INTO SLL’S DEMONSTRATING CONNECTION BETWEEN FINANCING AND STRATEGY ▪ When evaluating the most relevant KPI’s, KPI 1: Reduction of Long-Term Injury focus was on the ongoing work within the Frequency, measured as workplace 50% decrease between 2023-2030 areas of the Group’s
Slide 36: Summary
SUMMARY OPERATIONAL EXCELLENCE TO FUEL MARGINS AND CASH FLOW ▪ Goal-oriented governance ▪ Optimised for the future ▪ Act on new business opportunities ▪ Leadership development ▪ Leveraging internal knowledge and experience ▪ Positioning towards energy renovations and upgrades 36
Slide 37: Acquisition Strategy
ACQUISITION STRATEGY ADDING VALUE
Slide 38: M&A Philosophy
M&A PHILOSOPHY A SET-UP THAT ATTRACTS ENTREPRENEURS THAT STRIVE FOR MORE ▪ Decentralised model – the companies retain a high degree of autonomy ▪ Infinite ownership horizon – we buy companies to own them indefinitely ▪ Entrepreneurial context – exchange of best practice, ideas and relationships ▪ Wi
Slide 39: A History of M&A
A HISTORY OF M&A BUILDING THE GROUP ▪ From a merger of two Swedish companies to a 1251 northern European market-leading group 1181 ▪ Entrepreneurs/former owners are strong 968 ambassadors 909 ▪ Same management in more than 80% of all our companies 3 3 8 5 21 20 4 5 330 331 197 152 2017 2018 2019 202
Slide 40: Runway and Market Drivers
RUNWAY AND MARKET DRIVERS LARGE MARKET WITH PLENTY OF OPPORTUNITIES ▪ Fasadgruppen’s current addressable markets have a combined size of more than SEK 275 <2% of market billion with many growth drivers ahead SEK 275bn Technical debt Energy efficiency Cultural heritage Extreme weather Changing demogr
Slide 41: Growing Our Own Niche
GROWING OUR OWN NICHE BUILDING ENVELOPES AND BUILDING EXTERIORS Façade Roofing Windows Balconies Speciality ▪ Insulation ▪ Insulation ▪ Installation ▪ Assembly ▪ Deep-niche services ▪ Render ▪ Tinsmiths ▪ Renovation ▪ Installation ▪ Forging ▪ Masonry ▪ Bitumen roofing ▪ Renovation ▪ Steel structures
Slide 42: Value-Adding Acquisition Criteria
VALUE-ADDING ACQUISITION CRITERIA A CHECKLIST WHEN SOURCING TARGETS ✓ Clear niche ✓ Strong reputation ✓ Net sales of roughly SEK 50-500 million Company ✓ >10% EBITA margin over a business cycle ✓ Asset light ✓ Majority renovation ✓ Sustainable business model ✓ Entrepreneur led with solid management
Slide 43: Acquisitions in 2024
ACQUISITIONS IN 2024 ALIGNING WITH STRATEGIC AGENDA ▪ All acquisitions carried out in 2024 tick the boxes in terms of company, management and market criteria ✓ Clear niches and strong market positions ✓ Margins above 10% ✓ Majority of revenues from renovation ✓ Active in growing regions ✓ Commitment
Slide 44: Start-ups as a Complement to M&A
START-UPS AS A COMPLEMENT TO M&A LEVERAGING OUR KNOW-HOW AND IMPLEMENTING SIMILAR CRITERIA A mix of company, management and market criteria with an opportunistic approach ✓ Clear niche ✓ Entrepreneur led ✓ Cultural fit ✓ Growing market ✓ Complementing the existing businesses 44
Slide 45: Deal Sourcing With Organic Approach
DEAL SOURCING WITH ORGANIC APPROACH PIPELINE GROWS FOR EVERY ACQUISITION A majority of organic leads… References Management Inbound from network calls subsidiaries Industry Business Suppliers associations brokers Acquisition criteria …and every new acquisition …generates a adds more leads strong pip
Slide 46: The M&A Process
THE M&A PROCESS GETTING TO KNOW THE COMPANY AND THE ENTREPRENEUR BEHIND IT Internal review LOI Group management An LOI is Contract phase and CM discussion signed on the SPA (and where we build our agreed terms possibly SHA) investment thesis Identify Connect & elevate Relationship phase NBO DD Signi
Slide 47: Creating Structures to Perform
CREATING STRUCTURES TO PERFORM DEAL STRUCTURE CORE FOR VALUE CREATION Deal structure components ▪ Majority ownership - 51-100% acquisitions ▪ Earn-outs ▪ Put/call options ▪ Profit sharing through preference shares ▪ Re-investment in Fasadgruppen shares, either through own purchase or share issue 47
Slide 48: Summary
SUMMARY M&A IS A CLEAR DRIVER FOR PROFITABLE GROWTH ▪ Fasadgruppen offers an attractive model to entrepreneurs ▪ Large fragmented market with many growth drivers ▪ A continuous flow of new targets thanks to our size and network ▪ M&A is in our DNA 48
Slide 49: Clear Line
CLEAR LINE BUILDING ENVELOPE SOLUTIONS IN THE UK
Slide 50: History of Clear Line
HISTORY OF CLEAR LINE BUILDING A LEADING POSITION AS SPECIALIST PRINCIPAL CONTRACTOR 2009 2012 2017 2020 First highly complex First large project as Grenfell disaster Facade remediation landmark unitised principal contractor – and creation of of large public project – One New Queensgate Shopping the
Slide 51: The Clear Line Proposition
THE CLEAR LINE PROPOSITION UK’S LEADING SPECIALIST PRINCIPAL CONTRACTOR ▪ ‘Total solution’ from self-delivery construction model ▪ Design, delivered in-house, ▪ PCSA, gives client certainty and secures the project, ▪ Contract delivery and execution. ▪ Innovative approach to complex solutions ▪ Exper
Slide 52: Project Offering
PROJECT OFFERING COVERING THE ENTIRE BUILDING ENVELOPE Fire safety and cladding remediation Façade design, supply, installation, and ▪ Government Backed Building Safety Fund maintenance ▪ Private Developer Building Safety pledge ▪ Unitised and gridwork curtain walling, structural ▪ Government Backed
Slide 53: Project Offering
PROJECT OFFERING COVERING THE ENTIRE BUILDING ENVELOPE Atria and roof glazing Specialist minor works ▪ Glazed rooflight installation, remediation and ▪ Complex glazing replacement replacement ▪ Annual façade inspection ▪ From pitched roof structures to complex ▪ Façade surveys gridshell rooflight st
Slide 54: Personnel
PERSONNEL PERMANENT STAFF COMBINED WITH POOL OF SKILLED INDIVIDUALS ▪ 60 permanent staff ▪ Industry leading specialist in-house design team ▪ Project management ▪ Site management ▪ Estimation team ▪ Materials specialists ▪ Second tier management team ▪ Heads of design, QS, QA, recruitment, H&S & IT
Slide 55: Highly Successful Business Model
HIGHLY SUCCESFUL BUSINESS MODEL FOCUSING ON THE RIGHT PROJECTS ▪ Selective project acceptance strategy, ▪ Customer audit, we only work for the ‘right customer’, ▪ Project audit, we only work on the ‘right project’, ▪ Not involved in a ‘race to the bottom’ on price, ▪ Clear with Clients that our appr
Slide 56: Growth Opportunities
GROWTH OPPORTUNITIES LONG-TERM DRIVERS Fire remediation ▪ High-rise buildings (18m+) ▪ Medium-rise buildings (11-18m) Net zero ▪ Remediation of inefficient and out-dated building stock ▪ Minimum energy standards for commercial property The key factor for Clear Line to find new ownership was to reali
Slide 57: Cash Flow, Balance Sheet and Financial Capacity
CASH FLOW, BALANCE SHEET AND FINANCIAL CAPACITY MAXIMISING VALUE CREATION
Slide 58: Cash Flow
CASH FLOW STRONG OPERATING CASH FLOW ▪ Seasonal operating cash flow MSEK, quarter 250 200 ▪ Internal focus area to improve cash flow 150 management sharing best practice 100 50 o Central support 0 -50 o KPI 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 o Extended pa
Slide 59: Cash Flow: Cash Conversion
CASH FLOW CASH CONVERSION ▪ Cash conversion above target of 100% LTM 120% 100% 105% 104% 90% 80% 76% Financial ▪ Released capital through working capital target of 60% improvements ≥100% 30% ▪ Activities to improve cash flow continues 0% o Important focus for newly acquired 2020 2021 2022 2023 Q3 20
Slide 60: Balance Sheet
BALANCE SHEET ASSET LIGHT MODEL MSEK Assets 30 Sep 2024 ▪ Asset light operation in general 6 000 Intangible assets 3,546.7 Cash and cash Property, plant and 5 000 355.6 equivalents equipment ▪ Interest-bearing net debt includes lease 4 000 Other assets 1,204.4 Other assets liabilities 3 000 Cash and
Slide 61: Financial Capacity
FINANCIAL CAPACITY SEK 2 700 MILLION SENIOR FACILITIES AGREEMENT MSEK ▪ Financing agreement with SEB, Nordea and 3 000 SEK from August 2023 2 500 2 000 ▪ The agreement has a term of 3 years, with 1 500 option to extend for a further year on two 1 000 occasions, giving a maximum term of 5 years 500 ▪
Slide 62: Net Debt and Leverage
NET DEBT AND LEVERAGE SEASONALLY STRONG CASH FLOWS IN Q4 MSEK ▪ For Q3 2024 the covenant for the debt ratio was 1 800 4 just below the level of 3.5x on a pro forma basis 1 600 1 400 3 1 200 ▪ Based on historical seasonal patterns of cash 1 000 flow and net debt in the status quo, the debt 800 2 rati
Slide 63: Acquisition of Clear Line
ACQUISITION OF CLEAR LINE ESTIMATED IMPACT ON PRO FORMA
Slide 64: Balance Sheet | Estimated Pro Forma
BALANCE SHEET | ESTIMATED PRO FORMA CLEAR LINE ACQUISITION Fasadgruppen Estimated Pro Assets, MSEK 30 Sep 2024 forma FG+CL ▪ Purchase price appr. MGBP 120 (appr. SEK 1,65 billion) Intangible assets 3,546.7 5,040 o Cash consideration appr. MGBP 51 (appr. MSEK 700) Property, plant and 355.6 382 o New
Slide 65: Financial Capacity | Estimated Pro Forma
FINANCIAL CAPACITY | ESTIMATED PRO FORMA CLEAR LINE ACQUISITION ▪ Existing senior facilities agreement used for the MSEK 3 000 financing of the cash consideration of appr. MSEK 700 in GBP 2 500 2 000 ▪ Possible extension option of MSEK 500 in Available facilities (undrawn) 1 500 financing agreement
Slide 66: Net Debt and Leverage | Estimated Pro Forma
NET DEBT AND LEVERAGE | ESTIMATED PRO FORMA CLEAR LINE ACQUISITION MSEK MSEK 3 000 2500 4,0 2 500 2000 Cash and cash 3,0 Net debt 2 000 equivalents 1 500 Lease liabilities 1500 Net debt/adj. 2,0 EBITDA (LTM) 1 000 Interest-bearing 1000 debt Target (2.5x) 500 1,0 500 0 -500 0 0,0 Q3 2024 Est. Pro for
Slide 67: Summary
SUMMARY POSITIONED FOR STRONGER BALANCE SHEET WHILE PURSUING M&A STRATEGY ▪ Activities to improve cash flow continue ▪ Priority to return to net debt/EBITDA below 2.5x ▪ Extension option of SEK 500 million in combination with improved cash flow will enable continued M&A 67
Slide 68: Q&A Capital Markets Day 2024
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Slide 69: Closing Remarks
CLOSING REMARKS A STRONGER FASADGRUPPEN
Slide 70: Summary: A Stronger Fasadgruppen
SUMMARY A STRONGER FASADGRUPPEN ▪ The group has optimised its operations over the past year and is ready to capitalise on the market drivers ahead (macro recovery, energy performance, renovation needs) with a focus on increasing margins and cash flow in existing businesses ▪ With our strong cash flo