HMS Networks AB (publ) (HMS) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.439 Still, it's a bit down compared to the trend we've been seeing in Q4 and Q1. 00:00:05.439 -- 00:00:09.444 And the main reason we see here is that those big product orders that we have received 00:00:09.444 -- 00:00:14.592 over Q4 and Q1 that has been very strong, we don't see the same 00:00:14.592 -- 00:00:19.419 pace of that in Q2. One reason could probably be the tariffs. 00:00:19.419 -- 00:00:26.103 And then we believe that we've received a lot of those orders also in the previous quarters. 00:00:26.103 -- 00:00:31.292 So I think maybe that clarifies a little bit on the positive side we can see that 00:00:31.292 -- 00:00:36.761 Europe is improving it comes from fairly low levels but we see a continued improvement 00:00:36.761 -- 00:00:41.969 in the pace in Europe and I mean that's a significant market for 00:00:41.969 -- 00:00:46.237 us so that's very important that we see this development I'll come back to it when we 00:00:46.237 -- 00:00:50.842 look in the int numbers it's even more clear 00:00:50.842 -- 00:00:56.452 We can also note that APEC and especially China is developing extremely well, and 00:00:56.452 -- 00:01:01.681 we're more than 30% up in this region, and China for INT 00:01:01.681 -- 00:01:06.729 is becoming a really strong market. It's a bit surprising that it's going so 00:01:06.729 -- 00:01:09.927 well, but we're happy to see that. 00:01:09.927 -- 00:01:15.133 And if we then move over to sales, we don't see exactly the same 00:01:15.133 -- 00:01:19.898 situation. We see a more steady curve on the sales development. 00:01:19.898 -- 00:01:25.184 We reach 843 million, which is pretty much flat in relationship to 00:01:25.184 -- 00:01:27.106 the previous year. 00:01:27.106 -- 00:01:32.212 Organically, we're minus ...