Coor Service Management Holding AB (COOR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Our long-term efforts to improve the management and governance of the operations are continuing. There is a focus on strengthening leadership skills and creating a clear division of responsibilities within the operations. And after summer here, Peter Hasbach will take over as CEO of the Danish operations and will be a valuable addition to this ongoing work. In Norway, we see organic growth of 23%, and that comes from unusually high variable volumes related to maintenance stops in the energy sector. While maintenance stops occur annually, the scope and timing in the year varies from year to year. Around half of the organic growth we see in this quarter comes from above normal levels. Adjusted EBITDA for the quarter amounted to 37 million and margin was 5.4%. The strong improvement compared to both previous quarter and last year is driven by the high variable volumes. And last among the countries, Finland. Organic growth of negative 1% in the quarter from a couple of smaller contracts that was ended. Adjusted EBITDA and margins are in line with last year. Moving on to cash flow and balance sheet. During last year, we saw an increase of working capital as a result of changes in the contract portfolio. We also had year-end balance sheet effects and to a certain extent due to inefficiencies in ways of working. A number of measures have been taken to reduce the level of working capital in 2025. And in the first six months, working capital has been reduced by 113 million compared with a build-up of working capital of 142 million in the same period last year. With that, our net working capital position has been restored to a negative 7.5% as a percentage of LTM net sales. As a result of improved networking capital, our key metric LTM cash conversion also improves in the quar...