Hi, good morning, everybody. My name is Aavo Kärmas. I am CEO of Enefit Green, and I'm really happy to see you joining us in our webinar where we introduce our Q1 results. I hope you can hear and see us well. Before we start, some practicalities. During the presentation, you are able to send your questions to a chat which is linked to this meeting. Of course, you're more than welcome to send your questions any time to an email, investor@enefitgreen.ee. I promise that of course, all the questions will be answered. Before we start, let me introduce ourselves. Once again, my name is Aavo Kärmas, CEO of Enefit Green, and here's also Mr. Veiko Räim, who is our Chief Financial Officer. We are presenting the results together. Before going into results, few highlights about Enefit Green. When Enefit Green became listed last autumn in Tallinn Stock Exchange, we said that our ambition is to grow our capacity, electrical capacity 2.4 x by 2025. Our ambition is to become fastest growing renewable company in all our home markets. Yeah, I can say that we actually were on track in Q1. We continued our growth. We delivered or made a final investment decision for our renewable projects. Of course, number of our employees also has increased compared to last year. It's mostly our people in our development team in all our home markets. It's written in the DNA of Enefit Green that it's all about delivering a growth in the future. If we move on, here we want to show you what has happened in less than one year. We have made a final investment decision for development projects in total capacity of 226 MW. It's in less than one year. Those investments consist of four wind parks, one in Finland, one in Estonia, and two in Lithuania, and two solar parks in Poland. Those projects are currently under construction. They are secured, or part of revenues are secured with long-term power purchase agreements. Then step by step, the projects will become operational beginning or at the end of this year, or mostly actually next year. Already in 2023, those projects will contribute to our results. Then total CapEx of those projects is around EUR 265 million. Just to remind that our total near-term pipeline in order to grow up to 1,100 MW, our total pipeline is 600 MW, and then the estimated CapEx is around EUR 600 million. We are nicely in a way we have promised, and all those projects which are currently under construction, they are going according to original when the delivery times or operational dates, so everything is going well. In addition to that, we also do have renewable projects, mostly onshore wind and solar, in Estonia, Lithuania, and in Poland, with total capacity of 378 MW. Those are the projects which are in really mature and final development phase, and we expect to make investment decision for those projects H2 of this year. There are two projects, Purtse Solar in Estonia and Kelmė onshore wind in Lithuania, with total capacity about up to 112 MW. As you can see, with those we expect to make investment decision Q2 this year. As we are already in the middle of Q2, there is one and a half months to go, where we expect to make also investment decision for those projects. This would allow us to grow our capacity even further. It is not all, of course. We do have, as Enefit Green is a growth-oriented company, so we are gradually or consistently developing our portfolio. As you can see that there is a long term portfolio for onshore wind and then solar, with total capacity up to 1,600 MW, with which we expect to make investment decision after 2023. That as our environment is really dynamic and we are ready to challenge and face those changes. We are consistently looking for new business opportunities, which can pop out even before 2023. We are ready to look into different investment opportunities. Just as a reminder, there is also one offshore wind park project in our portfolio called Hiiumaa, which is currently in the final phase of environmental impact assessment, and it's located in Estonia, and we expect to make investment decision for that project around 2028, 2029. Then there is another offshore wind project called Liivi, with capacity up to 1,000 MW, same size as Hiiumaa, which is currently owned by our parent. Environmental impact assessments are ongoing, and Liivi is the most, I would say, most advanced offshore project in the Baltic seawaters. As our parent has said that they expect it to be commissioned before 2030. All in all, as you can see, we still see that there is a long way to go in order to grow our capacity up to 4,800 MW in the long term. Before going into financials and the results, let me just briefly describe to you also the environment and then what has happened in the Q1. First, if we look at the power prices in Nord Pool and then the Polish area, as you can see, the prices have increased compared to Q1, 2021 quite substantially in all those markets. Maybe less in Finland and Sweden, but still it has been significant. If we especially look into the Baltics, we can see that the prices have increased more than 2x compared to Q1 last year. Especially when we talk about Estonia, in January, February and March, the prices have been highest in the whole history. The prices never have been so high before. Of course, the reasons are well-known to everybody, it's high CO2 prices, high gas prices, but last but not least, also lack of generation in all the countries. As you can see from the table on your left, this shows production and consumption in 2021. As you can see, most of the countries are actually lacking domestic production and mostly imported the power from different countries. This is a proof once again that's why we need cheap green capacity, production capacity in all our areas. I'm really happy to see that Enefit Green has moved towards developing its pipeline. The second highlight from Q1 is regulatory developments. Here are the main ones in all our home markets. If we go over it one by one. In Estonia, the law was adopted that allows also private consumers to pick to sign long-term fixed price electricity agreements. Secondly, the building code was amended in our parliament, so it sets new rules for denying building permits on the grounds of national defense reasons or to revoke already issued building permits and deny you permits for use. It's making probably a bit riskier to develop wind here. When I move on to Latvia has once again changed the cabinet regulations, which is about renewable energy support and which gives a possibility to recalculate also returns of a project which have made investments when previous regulations were in place. We certainly see that it contradicts with EU Renewable Energy Directive. What is positive is that Latvia has also set out its ambition to grow renewables in their country and have said that there is a option to build up onshore wind capacity up to 800 MW in coming years. They have already started the first steps in order to remove obstacles, especially which are related to planning activities and then make a planning procedure shorter. The same applies to Lithuania who has announced its intentions to shorten time for planning activities. Lithuania also has increased its. It started at 2030 target for renewables. It says that now it is 70% of total electricity consumption. Last but not least, Lithuania also has set out that in next year we want to announce the auction for 700 MW offshore wind in their country. Poland has amended its energy policy, which really has a clear focus on energy independence and similarly to Lithuania and then Latvia, Poland also is taking measures in order to push the growth of renewables in their country. Then last and also very important is also to see what were wind conditions in Estonia and Lithuania as wind is the largest part of our business. It's all about how wind actually blows. Then here we have brought out a comparison of 2020, 2021, and the Q1 of this year. As you can see, 2020, which was a really exceptional wind year, had the highest wind speed at that time. Then this year Q1 was just in between 2020 and 2021. That I would say the wind speeds we saw first quarter were quite way favorable for us in order to deliver results we did. Saying that, I will just stop here for a second and give it over to Veiko and see how it all figured out. Thank you all. Good morning. As Aavo mentioned already, wind speeds were beneficial, so this has translated also beneficial electricity production, which is our main product. Altogether, we produced 368 GWh of power in the Q1, which is 22% higher than in last year, Q1. Really the second factor is the price that we earn for our electricity portfolio, including all the subsidies, and that also was substantially higher compared to last year's EUR 127 per MWh or +47%. While heat was pretty stable, both in terms of production and slightly below the last year's price due to the regulation, then still the power side actually drove our results and actually allowed us to grow our revenues by 58% to EUR 66.7 million. Our EBITDA was at 5% higher than last year at EUR 45.6 million, and net profits 2.2 x higher at EUR 34.9 million. If we look a bit more into detail, the revenue growth mainly visible in our wind and CHP segments. Indeed, the power price in Estonia impacted both of these segments. The actual price on average 118 EUR per MWh for the portfolio, 148% higher than the last year. In addition, wind conditions one more time having a positive impact and also the increase in sales price of pellets, which helped the CHP segments. We'll tell a bit more about that as well. On the sort of front that what reduced our revenues, our subsidy periods are ending. Auvere is one of the largest wind farms in Estonia, had the subsidy period over in July 2021. This year in the Q1, that lacked in terms of subsidies, hence the subsidy growth was perhaps a bit less than it would have been otherwise. In terms of EBITDA, then still the revenue impact the largest, EUR 21.1 million on a positive side. You can see on the left-hand side of the graph that the biggest price indeed comes from the power price, EUR 15.5 million, but also the production levels and subsidies jointly adding up to EUR 4.5 million positive sales. Pellet sales, EUR 0.6 million extra for the EBITDA impact, and then EUR 1.2 million EBITDA growth also from other sales, including also the solar services, which has a small positive impact also on EBITDA. In terms of cost pressures, I think one of the most important questions being asked these days, then we have had some. Variable expenses have increased by EUR 1.8 million, mainly two factors. Biomass prices have increased. While our pellet prices are increasing, also the raw material input is going up, and that also impacts the small amount of heat we produce from biomass. This is one, and secondly, we use also power as input in some of our production facilities in pellets, essentially. Then there is also some electricity cost increase visible. We've also updated our accounting treatment of the Nord Pool intraday transaction. Previously, they were netted. Now they show up in sales and expenses both. EBITDA-wise, it's neutral, but there is increase in both revenues and expenses due to that. Finally, fixed expenses, also very important for us that we keep our costs in check, EUR 0.9 million higher than last year, mainly due to additional team members that we have hired to carry out our investment program into development side. Also the development costs themselves are higher than last year as more of the products or projects actually are reaching close to the investment decision. Altogether, quite a controlled increase, and we'll speak a bit more about that also in the wind and CHP side. If we look at the wind segment, the largest, then as mentioned already, the 22% or 23%, 29% increase in production in Estonia and Lithuania respectively. One more time, electricity sales price in Estonia affected by power price in the market, whereas in Lithuanian wind park's, the price has been pretty stable due to the feed-in tariff being a fixed regime, right? There, power price in the market doesn't have major impact. Altogether, higher production, higher prices, our revenues were 90% higher at EUR 41 million, and then our EBITDA also 92% higher at EUR 34.7 million. Altogether, wind responsible for 76% of the production portfolio, EBITDA's. One final thing I would like to note here is that, we also look at operating expenses per megawatt that we have installed. That has gone up slightly, but only slightly. That is also very good news that we can leave production expenses in the operating segments, or we can control the growth at least in a good way, and there hasn't been a large increase in here. If we go to CHPs or heat generation segment, production stable. Again, a small positive impact from the power price in Estonia. That has together with the other features increased their revenues to EUR 23.8 million, and the pellet increase, EUR 0.6 million, also visible on this chart on the left-hand side in the bottom. EBITDA, of course, growing less because the input prices on the fuel have also increased, or raw materials. Altogether EUR 3 million higher EBITDA in the recent quarter at EUR 12.3 million, and still responsible for 27% of our total result, which is good and reasonable level for the segment. Also here I would like to highlight that the fixed costs have been quite stable, so together with the excellent availability that we have achieved in this quarter, so these are very good results. The solar segment, we've had good production. Of course, the Q1 is quite slow in general for the solar. January and February production isn't very high, but March we had very good sun conditions. 5.4 GWh of production is 82% higher than last year. We have had some increase in sales price as well due to Estonian power price being higher, as well as the Polish prices being inflated and indexed. In terms of revenues, EUR 0.7 million of revenues coming from solar services this quarter. Still quite small impact to EBITDA but growing. As we have expanded to Poland and Latvia, then our product offering has already delivered some good results in the numbers as well. Altogether EUR 0.4 million of EBITDA this quarter, which is 1% of our result. As I say every three months, this is something that we want to grow in importance compared to our existing portfolio. Altogether net profits, financial expenses lower due to lower loan balances. Corporate income tax higher due to good results in Lithuania. These balance each other quite reasonably. Altogether still the main features of the net profit that were EUR 34.9 million is actually the growth in production volumes and high power prices that we have seen. In terms of cash flows, we are having a good cash conversion. Continue to have that. 100% of our EBITDA, even slightly above that, converted into operating cash flow. Investments were EUR 13.7 million in the quarter, mainly the four wind parks under construction that's the CapEx and also some CapEx into the Polish PV Parks. This is something that is increasing quarter by quarter as we go through these investment periods in the parks and as we embark on new ones. This is something that we need to fund, of course. Our capital structure is very strong at the end of this quarter. Essentially our EUR 108 million cash balance is pretty much the same size as our current loan portfolio. Net activity, our main financial policy target or variable is 0.1x currently. Again, it is a good basis to start our sizable investment program. We will probably keep investing in every quarter. That will also bring up the leverage, and this is something we have planned for. In terms of also news from this quarter, we already mentioned last time that we've signed a new loan agreement with Nordic Investment Bank for EUR 80 million, 12-year term. Also we have looked at the current interest rate environment and the inflation environment, assessed that you know whether the risk on the upside on the interest rate environment, and actually concluded as of today to all our investment loans or interest rate swaps, which essentially fix our interest rates for the duration of the loan for five years, seven years, 12 years respectively. These we have signed at the rates of 1.04%-1.12%. This is, we feel, an appropriate approach given the upside risk to the interest rates and given the expected increase of our loan portfolio and interest expenses. Finally, return metrics are strong. Our last 12 months return on invested capital has been 15.1% and return on equity 14.8%. These are all of course backed by the strong results. As we invest more capital then we of course keep an eye out on the returns that we're generating from the new projects also. Our portfolio overview, I won't spend a lot. You can see here how our operating and investment decisions made. The portfolio has been, you know, hedged with the PPAs and Feed-In Tariffs. Also Feed-In Premiums that are relevant for Estonian production. Here there haven't been many changes. There is one small PPA has been signed regarding the Polish developments, but other than that it's pretty unchanged. What we also see is there is continued interest from clients, the final clients, to go into long-term agreements. Also the price level is edging upwards, so. Yeah, if we do approach and do start new PPA discussions, then we expect these to be already higher levels compared to the average lock prices that we show here. Right. I think that was almost it in terms of slides, and I hand it back to Aavo to summarize. Yes. Yes. Thank you. Right, Veiko. To summarize, Q1 of this year, we as a management board, you know, we consider it really strong, as a result were really strong b ut in parallel, we're really happy to see that we've been able to move according to track we have set up for ourselves in order to grow our capacity more than 2x by 2025. As of today, our under construction portfolio capacity is 226 MW. Which allows us to grow our existing capacity by 50% by at the end of next year. Still, as we have a really massive near and long-term pipeline, we are working consistently with our projects in order to grow even faster. It's not only about us, it's all about the cooperation. As Veiko said, we're really happy to see that the Nordic Investment Bank was ready to invest in our renewable project. Also in Q1, we signed an agreement with Södra in Latvia, who is the largest private landowner in order to also develop onshore wind in Latvia. Last but not least, we still see that there is a willingness from our customers to sign long-term power purchase agreements going forward. Lastly, I would like to say great thanks to our team. I mean, both in operations and in development, and I'm happy to see the commitment and the professionality in order to deliver the results we have promised. The final slide here before we stop, on the 17th of May at 1:00 P.M. Estonian time, we gonna have our annual general meeting in Tallinn, in Noblessner Foundry. There is also opportunity, option to register your participation by 10th of May. The web form is linked to a current presentation and can be also found in our website, as well as a meeting agenda. We hope to see you in our general meeting, in almost less than two weeks. If you have any questions, you can also ask your questions in our shareholder meeting. Thanks very much for attention, and now we are ready to take the questions. Also, as I can see, we have a few already received, so it's Pasi from Nordea. I just read. The investment pipeline indicates FID of 266 MW in H2. Could some of these projects be postponed due to availability of devices? Okay. I assume that it's devices, you mean technology, turbines or solar panels? Yes, of course. I mean, the current unfortunate situation in Ukraine has also some impact on delivery channels or supply chain or increase in materials, but currently we do not see that they could be major game changers in order not to reach investment decision with projects in H2. Of course, we are very carefully, you know, considering every project separately. As Veiko said, we have set up for ourselves internal rules or internal targets for every single project return. This is something we always keep in mind. Yes, currently, there is no signs that we need to amend or our existing pipeline shown before. Another question from Pasi. What is unexpected construction cost increase for wind power per megawatt in 2022? Yes, it's difficult to give any indication here. Our nearest project is Kelmė. As I said, we expect to make investment decision latest by the end of June with this project. For Kelmė, the tender, the turbine tender is also ongoing. It's in a later phase. I cannot disclose current due to regulations or I cannot disclose the current status, but that there may be some increase, but not substantial in order to let us to make or make up our minds in order to not make investment decision or to postpone. Congrats for super results. Thank you. Could you shortly comment on availabilities of wind turbines? How much does it impact the production from quarter- to- quarter? Oh, that's a very good question. In the Q1 this year, availability of our wind parks was in a high level of 95.9%, which is one point less from last year. We saw higher availability in our Lithuanian wind parks. Also in Estonia, our newest wind parks remain on the same high level of 96%, if I'm not mistaken, from the top of my head. There was a slight decrease in our wind turbines as we are old-fashioned turbines and need more care as we are also fully responsible for operation and maintenance of those turbines. All in all, we are happy with the results as wind conditions as shown before are also quite high. No major outages or problems in our wind parks. We are happy with availability results. Okay. Okay, Pasi, just to cross-check, there are some changes coming to your subsidy systems in Iru CHP plant in coming years. In Iru we have the subsidy until 2025, so that's when 12 year period is completed, and before that we don't currently see changes. It's another three years left. I see also one question which is regarding the power price level or pricing drivers managed in the PPA markets currently. In the Baltics, indeed, as mentioned, there is interest for longer term power from clients. What drives it is really people's willingness to hedge their costs, right? In terms of pricing levels, of course, there is a very, very shallow financial market in the Baltics. In case you look at the Nasdaq futures for 2023, 2024, you can see this being traded maybe at EUR 140, EUR 110, EUR 115 for these respective years. The front end is very, very high. Of course that pulls the longer transactions also higher. I wouldn't again like to say exact numbers because we haven't signed anything recently, but from the indications we see that these are definitely over the EUR 50/60 per MWh that we've seen recently, or what we've signed in 2021. Okay, what is your long-term normalized average wind load factor? Oh, that's a good one. This depends on the which part of the portfolio we look at. In case we look at operating portfolio currently, then average normalized is 29% roughly on average wind year. Reasonable availability. Of course it changes with the wind years, good wind years, I think we've achieved 33%. Bad wind years, you probably reached to 26%. It's quite variable. In general, what we see in the newest investment decisions, the analysis analytics just tells us that the new parks are definitely higher than that, reaching around 40%, sometimes higher. Of course, you know, [new wind] is always out there, or jury is always out there, until that gets completed, the wind farm is operating as it should, but this is our view currently. Okay. Short-term pipeline looks good. If you would pick up one project from longer term pipeline, is there any major project you could mention which looks most promising for investment decision in 2023? Oh, yes. I mean, I wouldn't highlight any specific projects here at this moment of time, as we have our long-term pipeline bundled together. A s I said, it's really very dynamic. That there are projects. It mostly consists of onshore wind and solar in all our home markets. Of course, we're every day working with this long-term pipeline in order to bring projects forward. Easily it can happen that some of the projects can be realized even faster than expected, some can be postponed. Also, we are looking for new business opportunities or investment opportunities popping out. You know, we see that there are quite attractive projects around us. You know, I would just say that if there are some certain projects we really feel comfortable at, that we can say it out, we certainly will do so. Yes, it seems that no more questions. Once again, just as a reminder, you can always ask your questions any time you want, sending them to email investor@enefitgreen.ee. Then of course, we are happy to welcome you in our general meeting to elaborate more on our results. Thanks very much and wish you a nice day. Thank you.