Okay, good morning and a warm welcome to this presentation of Anora's Q1 Results. My name is Milena Häggström. I'm the Head of Investor Relations here at Anora. Our presenters today are our new CEO, Kirsi Puntila, and our new CFO, Stein Eriksen. After their presentations, we will start with the Q&A session, and please be reminded that you can post questions through the chat even during the call. Please note that this presentation will be recorded and published later today on our website, anora.com. Now, Kirsi, please go ahead. Thank you. Thank you, Milena, and good morning to everyone. I'm very happy to be here seeing you all for the first time in this forum. There are a lot of first times for me now as a new CEO of Anora. The first Board Meetings, the first AGM, and now the first Quarterly Report. As you can imagine, it is all a bit daunting, but at the same time, hugely exciting and inspiring. If okay for you, I will start by a quick introduction to who I am, then illustrate shortly the industry landscape and Anora's position there, and then finally move on to the Q1 numbers. Yes, I am still new to the role, but I have been in the company for 11 years now and in different roles in the wines and spirit industry for 20 plus years. My professional background is in Brand Marketing, Innovation, and Product Development, and in several commercial roles, which I hope serves as a good background in leading a House of Nordic Brands. I also have extensive experience in International Business, having studied and worked in five countries and learned many lessons on the way. All in all, I think I have a pretty profound experience to put all the right levers for Anora's benefit moving forward. Before going to the Q1 Numbers, I thought I'd elaborate a little as to how I see the world from within the company. I got some questions after the nomination as to why did I want this job. I think with 10 plus years under my belt in this company, I have a little bit of a backbone to say that I wanted this job because I believe in Anora. I have worked in bigger companies and I have worked in more international companies, but what we have at Anora is something special. Our greatest asset is, of course, the brands. If I look at the beverage business in general, we have the strongest Nordic Portfolio at our hands. We have a good combination of wines and spirits and everything in between. We have Koskenkorva that keeps amazing me with its flexibility in stretching from the traditional viina and vodka basis to growing categories such as liqueurs and RTDs. We have Blossa, which is the envy for our competition, a glögg brand that has innovated and expanded from all kinds of different flavor profiles to non-alcoholic variants. We have Skagerrak Gin, which is a testament to our ability to innovate on our core strengths. We have a solid portfolio of other more local and regional wine and spirits brands that play in mainstream categories. I'm often asked if the overall alcohol consumption is declining at the pace that is eventually killing our business. I have calmed people down before, and I'll do the same now, saying that people will not stop enjoying good quality wines and spirits overnight, if ever. Although we do see shifts in consumption habits, Anora is in a great position to adjust to changing market conditions. Old Arcus and Altia combined, the current Anora, has been in the business for some 200 plus years, and we intend to stay here also for the next 200 years. In addition to the beverage business, we have well-functioning Industrial Operations. At Koskenkorva, we own the Vertical Process from Barley to Bottle, and we have succeeded in making the side products a decent business for us. We have a modern state-of-the-art bottling plant in Rajamäki, which, together with Koskenkorva, enables us to seize the Sustainability Efforts. We have the legacy of crafted agavits in Norway, and we have a great opportunity with the wine operations in Køge, with Near-Filling Possibilities and geographically ideal location for the biggest Nordic Wine Markets, Denmark and Sweden. I also see a company full of passionate and engaged individuals who want to win in the marketplace and who are determined to turn this company around. There is a whole new generation of young, hungry international talents who are bringing a whole new energy to the company. The world does not always look as gloomy inside of Anora as it sometimes does outside of the company. But having said that, we are also very sober about our past, and admittedly, many mistakes have been made. It has not been an easy ride with the Integration that, I guess, blew air out of many of us in the beginning. Furthermore, the macroeconomic environment has not exactly played for our benefit in the recent years. We have seen some volume declines in our key markets. Yes, it has been hard at times, but the learning curve has been very steep. We are finally seeing light in the tunnel on many fronts, especially when the rest of the SAP Integrations will be finished this year. I hope I speak on behalf of the 1,200 Anora people that we are in good spirits moving forward. Let's then put things into perspective looking at the Nordic Wine and Spirits market and how we play in this landscape. The Number One, Anora has seen the ups and downs and the twists and turns of the industry and is a resilient player in the Nordics. Number Two, since the booming pandemic, the combined Nordic Monopoly Data shows that our key channel has been through 15 consecutive negative quarters. It is important to note that the share of Monopolies was 47% of our net sales last year, which means that more than half of our net sales is already coming from other channels, such as groceries, Horeca, Travel, Retail, and Exports. Number three, although it has been a rough ride, the market is still above the pre-COVID levels, and the Køge Development in volumes is stable, if not slightly positive in wines. For Spirits, we have a pretty good toolbox to fight against the market trend with our innovations and strong brand portfolio. As you have witnessed in the past few quarters already, we have been on a positive Profitability Journey recently. Right. Let us move on to the topic of the day, which is the Q1 Results. I will start with a short description of our Group Development and then go through the Q1 Performance by Segments before handing over to Stein, who will drill a bit deeper into the numbers. As you know, this industry is often hit by Seasonality of the Business. For us, Anora, it is the Quarter Four that pretty much defines the whole year, I would say. We have the Christmas Parties and the New Year's Celebrations, which are making the quarter by far the biggest occasion for consumption. We have the extended Summer Months in Q2 and Q3, where usually most of the launches and events and campaigns take place. When it comes to the Q1, it is by far the smallest quarter. It is also defined by the timing of Easter. If the Easter is in March, we have a bigger Q1. If it falls on April, we have a smaller quarter. This is what happened this year as well. Easter took place in April, which means that the already small quarter became even smaller. The Easter Effect and overall monopoly development resulted in a 3.8% decline in net sales, primarily due to lower volumes in spirits and the Industrial Segment. I will soon zoom into the segments in more detail, but the big picture was that in wine, we maintained Market Leadership in Norway, Denmark, and Finland, including the Grocery Retail, which is still very strong thanks to the successful introduction of 8% Wines in Finland. In Q1, we also saw a turnaround of Market Shares in Sweden, which we hope to continue seeing moving forward. For the Spirits, all Nordic Markets unfortunately declined in Q1. As much as I hate excuses, the Easter Effect is even more prominent for Spirits as agavits in particular are very much a category that is consumed on Easter Tables. We did grow in International, but proportionally not enough to compensate the big Monopoly Markets. As far as the Industrial Segment is concerned, we experienced lower volumes and Side Product Sales. What pleases me to a great extent is our persistence in sticking with our plan to improve the Profitability. We have taken the Category Captainship in many areas and continued with other Revenue Management Actions, which enabled the Cross-Margin percentage to jump from 43.3% to 46% of Net Sales. We also continued with the strong performance of comparable EBITDA in the Spirits and Industrial Segments. The Wines dragged us down a little bit due to increased upfront investments in Marketing. The decision we consciously made to push for the Market Share, and that is something we want to continue gaining. We are fighting back to improve our Market Share Position in Sweden, and we have also continued to strengthen the Retail Channel in Finland. Both of these require Marketing Investments. As a result, we ended up with the comparable EBITDA being 9.6% down, amounting to EUR 8 million or 5.7% of Net Sales. Looking ahead, this will not change our Full Year Guidance for comparable EBITDA, which still is between EUR 70-75 million. Let's then have a bit closer look at the Segment Development, starting with wines. We have successfully maintained stable Sales Volume amidst an overall Market Decline. Although our Net Sales show a modest decline of 2.5% to EUR 65 million, this was primarily due to variations in the Channel and Product Mix, as well as, of course, the earlier mentioned timing of Easter. What defines this quarter the most is the fact that we focused on gaining Market Share in Denmark and Sweden in particular. This together with the success of the 8% ABV Wines in the Finnish Grocery Channel led to Market Share Growth in all these three markets. Our comparable EBITDA declined to EUR 0.2 million, which is 0.4% of Net Sales. The reasons I mentioned already, and it was mainly driven by changes in the Channel and Product Mix, the Easter and the increased Marketing Spend to support the Strategic Growth Initiatives in Sweden and the Retail in Finland. Our wine Cross-Margin was 29.6% of Net Sales and Gross Profit amounted to EUR 19.3 million. Moving on to the Spirits Highlights in Q1, Spirits Net Sales declined by 4.5% to EUR 44.9 million, explained mostly by the timing of Easter. All Nordic Markets declined during the First Quarter, which was only partially compensated by the growth from the rest of the markets, International in particular. Our International Markets Net Sales increased thanks to Koskenkorva Net Sales Growth, which already represents over 70% of the total Spirit Sales. Despite the lower volumes, our Cross-Margin improved to 45.5%, reflecting the impacts of the recent Price Increases. Our Spirits Comparable EBITDA also increased to EUR 7.2 million from EUR 6.8 million from last year due to lower Operating Expenses. The Comparable EBITDA Margin increased to 16% of the Net Sales. Finally, let's look at the Industrial Segment. In Q1, the Industrial Segment's Total Net Sales declined to EUR 50.6 million, while the External Net Sales declined by 5.3% to EUR 31.5 million. Net Sales Decrease was driven by lower volumes and Side Product Sales Prices. The Industrial Gross Profit increased by 10.3% to EUR 28.5 million in Q1. We reported a Gain on Sale of Certain Assets in Rajamäki Plant, which improved Gross Profit by EUR 1.8 million. The Industrial Segment's Comparable EBITDA increased significantly to EUR 3.1 million or 6.2% of Net Sales. On top of that, the Efficiency Improvement in Supply Chain successfully increased our Profitability. In the next slide, we picked a couple of Launch and Investment Actions from different segments. One thing that we are getting very excited about is the Market Share Development in Wines, where we grew Market Share in Finland, Sweden, and Denmark. We launched several novelties, and here is just a couple of examples with our flagship brand Chill Out. We had four new launches in Finland, which helped us gain over 9% Volume Market Share in the Finnish Grocery. We had two new launches in Sweden. In spirits, Koskenkorva keeps on giving. The Long-Waited Koskenkorva Longdrink saw daylight on the Grocery Shelves in March. We immediately gained coverage in more than 1,000 Retail Stores. The Longdrink launch is a major investment for us, but at the same time, it has already now helped us increase the Koskenkorva Ready-to-Drink Segment by 84% in Volume. Although the industrial segment has not been launching any new products, we are equally proud of the new Bioboiler Investment at the Koskenkorva Distillery. Because with the help of this investment, we can transition the distillery to Fossil Emissions-Free Fuels by the End of 2026 as planned and help achieve our Carbon Neutrality Targets. That is the start from me. I will give a word to our CFO, Stein Eriksen, and his Financial Review. Thank you, Kirsi. Good morning, everybody. Let us then have a look at the Financials for Q1 2025. Starting with these slides that show the development in some of our main KPIs in Q1. As already mentioned, our net sales in the First Quarter declined by 3.8% to EUR 141 million due to lower volumes in all segments. Part of the Sales Decline in Wine and Spirits was explained, like Kirsi already mentioned, by the timing of Easter. When it comes to the Gross Margin, we are happy with the continued underlying improvement in Gross Margin, up by 2.8 percentage points. It was driven once again by good Revenue and Mix Management, establishing of Input Costs. I would also like to highlight in this quarter good Operational Performance in our Industrial Segment. Comparable EBITDA ended at EUR 8 million, down by 9.6%. Spirits and Industrial Segment improved from last year, mainly due to both higher gross margin and lower OPEX, while Wine was partly down because of the higher AMP Spend already mentioned. Let's move then on and have a look at the composition of the Net Sales in Q1. As visible on this slide, I think it illustrates very well that Q1 is typically the smallest quarter for Anora, or even so more this year because of timing of Easter. If we start with Wine, although Net Sales had a modest decline of 2.5% down to EUR 65 million, this was primarily due to variation in the Channel and Product Mix, as well as timing of Easter. It is also worth mentioning in Q1, the Wine Segment successfully maintained Stable Volumes despite an overall Market Decline. We are also very happy to see that the Strategic Focus on increasing Market Share in Denmark and Sweden, alongside the sustained success of the 8% ABV Wines in the Finnish Grocery Channel, led to Market Share Growth in all of these areas. In Spirits, all Markets declined, which was only partially compensated by the growth from the rest of the markets, and once again, partly also explained by the timing of Easter. Industrial Net Sales Decrease was driven by lower volumes and Side Product Sales Prices. Let's continue to look at the Gross margin. Here we have on the right-hand side adjusted for so-called Items Affecting Comparability. Here you see the Underlying Development in Gross Margin. As I said, very happy to see that during the last quarters, Anora has significantly improved our Gross Margin, mainly due once again to good Revenue Management and Mix Management, Stabilization of Input Costs, as well as improved Efficiency in our Industrial Business. Also, as previously mentioned, we have a more active Hedging of Currency that we started with in the beginning of 2024, to avoid the strong Deviations in Gross Margins due to bigger changes in the currency. If we move over to the next slide and look at the Group Comparable EBITDA in Q1, like I said, down with 9.6% from the previous year, amounted to EUR 8 million. On the right, you see that the Comparable EBITDA increased in wine and Industrial Segment, whereas it declined in Wine. Wine declined due to Lower Net Sales, but also due to the increased Marketing Spend to then support the Strategic Growth Initiatives in Sweden and to strengthen the Retail Channel in Finland. Spirits improved due to Lower Operating Expenses, as well as Higher Gross Margin, and Industrial Efficiency Improvement in the Supply Chain successfully increased Profitability. Our Operating Expenses were fairly in line with last year, and we had some additional Group Level Expenses due to different Timing of Expenses. Let's move over to the Development in Cash Flow and Net Debt. Net Debt ended, as you can see on the right-hand side, to EUR 208 million at the End of Q1. I tried to go through then the Development from the Year End that you saw ended at EUR 122 million. In Q1, the Cash Flow from Operations totaled negative EUR 76 million compared to negative EUR 45 million last year. I just also wanted to highlight that the Operative Cash Flow in Q1 is normally weak due to Lower Sales, Inventory Buildup, as well as Payment of Excise Duties related to the high Seasonal Sales in the previous year. The Deviation in the Quarterly Net Cash Flow from Operations compared to last year was mainly explained by Reduced Sales of Receivables of EUR 27 million. Net Financial Expenses were EUR 4.3 million compared to EUR 4.5 million last year. Net Cash Flow from Investing Activities or CapEx was EUR 3 million, and the CapEx in Q1 was mainly related to Replacement Investments. If you then look at the Financial Position for the group, you see that the Liquidity Position remained strong throughout the period, and our Liquidity Reserves ended at EUR 267 million. The Liquidity Reserves comprised of an Overdraft Facility of EUR 20 million, as well as EUR 150 million in a Revolving Credit Facility. Cash and Cash Equivalents totaled EUR 97 million compared to EUR 167 million last year. Please bear in mind that we paid down EUR 50 million of the Term Loan last September, as well as the already mentioned Lower Sales of Receivables this year compared to last year. Net Debt amounted to EUR 208 million, and the Leverage Net Debt divided on EBITDA ended at 3.1. Just let's have a look at also the Development in Working Capital. As you can see, amounted to EUR 8.7 million compared to minus EUR 31.7 million last year. Throughout the period, and as also we have previously mentioned in the calls, is that we are happy to see that the Working Capital has improved during the last years, partly explained by the Increased Sales of Receivable Program, but also an Underlying Improvement in Reduced Inventory Levels. Talking about Inventory, amounted this quarter to EUR 158 million, more or less the same as last year. That being said, we still believe we have more potential in reducing the inventory level, especially related to the Tail of Our Product Portfolio. Moving over to the last slide before giving the floor back to Kirsi. Here are our Financial Targets until 2030 compared to our Recent Performance over the past three years on the right-hand side. Looking at the Balance Sheet and Leverage, we have reduced it from the levels back in 2022, and we are happy with that improvement. However, still have some work to do in order to improve the Operational Performance of the company. Our AGM decided to pay a dividend of EUR 0.22 per share for 2024, and the dividend was paid out the 28th of April this year. With that, Kirsi, handing the floor over to you. Thank you. Thank you, Stein. Let me then close with perhaps three key takeaways for our Q1. First, our Net Sales amounted to EUR 141.4 million, which is 4% down from last year. Second, our recent efforts in Pricing and Portfolio Management continued, showing strong Cross-Margin Development, ending at 46%, which is up 275 basis points. Thirdly, our Comparable EBITDA amounted to EUR 8 million. As a reminder, Q1 is in Anora typically a small quarter, and this year even smaller due to late Easter in 2025. On top of that, we are gaining Market Share in a very challenged environment. As far as the priorities for the next months are concerned, we remain committed to our Near-Term Priorities and Actions on improving the Profitability of the Beverage Business. This we do by Active Mix and Revenue Management, and of course, continue carefully managing the Cost Base, strengthening our Balance Sheet and investing in Profitable Growth. To finish off, the volumes in our key markets are still expected to be relatively flat compared to the 2024 levels, while in value terms, the markets are expected to grow slightly. Therefore, as to the Guidance for 2025, our Comparable EBITDA is still valid and expected to be between EUR 70 million-EUR 75 million. Thank you very much. With these words, I would like to hand over back to Milena for opening up the Q&A. Thank you, Kirsi and Stein. We already have some questions in the chat, but please do continue to send them through to us. In the meanwhile, please raise your hand if you would like to ask a question in person. The first question comes from Sanna Perälä. Please go ahead. Oh, sorry, I was muted. Can you hear me now? Yes. All right. I have quite a few questions. Firstly, perhaps regarding your Guidance for the Full Year and that you mentioned expecting stable market volumes. How do you see that now after the First Quarter? Could you also comment on your Expectation of your Volumes Increasing? I think we've said that in the Presentation already, that we expect the Volumes being stable, and that's what we keep in Guidance. Right. Right. Thanks. In the Wine Segment, you mentioned the three main reasons which are pressured earnings. The order of those was Channel and Product Mix, Easter, and Marketing. Is this the Order of Importance or Magnitude in Absolute terms as well? Good question. Not necessarily in that order, but as I said, we made a conscious decision that, I mean, now we've obviously seen that the Market Share Development has not been ideal for the Wines in the past few months and years even. I think we have consciously now started Reinvesting in Certain Actions. I think we're now starting to see the early days, so we do not want to overpromise that, but I think now it starts paying off. The sort of Total Marketing Spend for the whole year still remains at the same level. We just overinvested more now in Q1 as a Preempting Measure to gain the Market Shares. Right. If I read that correctly, the Marketing Expenses were the main reason behind the volume, sorry, Profitability drop in Q1. Sorry, Sanna. If I can just briefly comment, it is around 50-50. 50% Easter and 50% marketing spend. Yes. Right. Thanks a lot. You already answered my third question about the Marketing Expenses going forward. I am not sure if I remember you mentioning your Wine Sales in Finland in total. You mentioned that you gained Market Share, but did the overall Volumes increase in Q1? We only talked about the Market Share. What we are super happy with is still sort of the 8% wines, which are sort of giving us momentum on the wines and further improving that and bringing new novelties to the market. That's obviously the biggest driver for the Finnish success in wines. All right. You talked a lot about Easter. Looking at your Total Volumes, was the Easter Impact in line with your own expectations in Q1 this year? Yeah, I would say pretty much the impact is slightly bigger for Spirits. I said that especially in Sweden, Norway, and Denmark, where people are drinking more agavits, the impact is not equally huge for Wines. I mean, Wines is a more stable category, whereas you probably know that agavits are drunk four or five times a year mostly. That's the Biggest Impact. Obviously, there are different variations per market regarding the sort of fluctuation of that Easter Impact. All right. Thanks a lot. My last question is regarding the Anora Lithuania. What kind of expectations do you have for that this year and perhaps going forward as well? Yeah, we wanted to sort of open up Lithuania already in Q1, but I think it went slightly delayed to Q2. We will talk about that more in Q2 Reporting. We are super happy to see that now we were able to, for the first time in my life in Anora, we are opening up a new office, completely New Market. Lithuania is now up and running, and we have our own Operations there. All right. Thanks a lot. I will let others continue. Okay. Thank you, Sanna. If there are any more questions, please raise your hand to mark this. It seems that there is not. Maybe I will continue with the... Okay, there is Matti Kaurola. Please go ahead. Hello. Thank you for taking my question. This is Matti from OP Markets. Maybe about these Marketing Expenses. You said that you've been kind of so-called Overspending during Q1. What kind of Return on this Investment? You were speaking about Investment, not just spend. What kind of return are you expecting for these Marketing Investments? That's the first one. The second one, you said that the Input Costs are stabilizing. Apparently barley and other Raw Materials. What about the other one? Because barley is only one part of the formula. Thank you, Matti. Maybe I'll start with the Marketing and Stein, if you continue with the Barley and other Input Costs. I mean, yeah, that's the nature of the Marketing Investments that the payback is coming a little bit later on. I wouldn't call it Overinvestment. It's just the Phasing of the Investment rather than Overinvestment. We are set in line with the Total Marketing Spend Plan for this year. It is just, again, the Phasing of Exactly the Same Thing happened for the Spirits a year ago. Q1 ended up being more heavy in terms of Certain Campaigns and Certain Investments. The Payback is, of course, coming a little bit later. How much exactly, that remains to be seen. As I said, we already know, because especially how the Monopoly Mechanism works in Sweden, the Payback is actually quite quick. There you can sort of maneuver the sales quite well with the Monopoly. Therefore, we are already seeing the benefit of those Investments in Sweden. In the other Markets, the span is a little bit longer. The Investments that You Are Making in Marketing are coming a bit later in the day then. Then the input costs, Stein, do you want to? Yes, I can comment. I can comment briefly on the Input Costs. No, it's pretty boring to be honest with you, Matti. It's very flat, the Development, and not only Barley, but also other types of Input Costs. As I already mentioned, we are very happy, especially with the Industrial Segment that managed to improve their Efficiency both in the Logistic Part of the Business and also at the Factories. That's the main explanation for the Margin Improvement in Industrial, in addition to the Sale of Some Assets like Kirsi already mentioned in the Rajamäki Plant. Overall, very flat and boring Variation in Input Costs. To be honest with you, I like that it's boring. Thank you. That's good. Maybe one more that just crossed into my mind. You mentioned that you are starting your new SAP Integration. If I remember correctly, that's been one big headache for this Arcus-Altia Integration back in the days. What kind of Financial Impact are you expecting from that Integration? Especially if you're speaking about Fixed Cost Side, for example. I don't want to promise any number here, Matti, but what we can say, of course, like you said, this has been a headache for the whole Organization. Of course, when starting to get the one ERP System, then we will have Common processes, Common Master Data. We can start to have Common Payment Terms towards the same supplier that we're currently not having. This will be of very high importance for the company to get finally the one ERP. So far, we are going and moving according to our Internal Plan. That is a rollout at the end of 2025. All right. Thank you for the questions. Thank you. Are there any more questions? Please raise your hand to mark this. Maybe I will take one chat question here in between if there are any more questions in the meanwhile. This one is coming from Mika Rautiainen. Some of your bigger peers like Brown-Forman announced at the beginning of the year to cut 12% of their Global Workforce due to weaker than expected Alcohol Demand. Anora also has one of the weakest Operating Margins in listed Alcohol Companies. Why has Anora not reacted meaningfully while your Volumes and Revenue are decreasing Quarter After Quarter and your yearly EBITDA Margin is 600 basis points behind your local Long-Term Financial Targets? I can start. Thank you, Mika. You are right. Without obviously talking too much about our Competition or our Peer Companies, it's not only Brown-Forman. We calculated that there are close to 10 companies in the past 12 months in the Global Wines and Spirits Companies that have introduced some sort of Cost-Cutting Exercises. We are painfully aware of the Situation in the Global Wines and Spirits Environment. To your question, I would still say that we are Progressing Step by Step. All I can say right now is that we are highly committed to our Long-Term Strategy. In the meanwhile, we are doing what I think we've demonstrated we can do very well, which is improving the Marginality and sort of Progressing Step by Step in terms of improving our Overall Profitability. We are aiming and continue strengthening our Cash Position and Balance Sheet. Eventually we want to restore our Organic Revenue Growth. That is still the plan. Thank you, Kirsi. Are there any more questions, live questions? Please raise your hand to mark this. If not, there is one final question in the chat. That is also coming from Mika Rautiainen. You claim that Globus Wine is Market Leader in Wines in Denmark. How much value does Market Leadership bring if your Share of Profits is non-existent in that market? I do not know if Stein, you want to say more about it, but what I would say, what I will say anyway, that I like with our other Profitability Actions, the same applies to our Køge Operations. We are very committed to improve the Profitability of the Danish Wine Business and are progressing with these actions as well. I don't know if Stein, if you want to add anything to that. Yeah, I can add and just say that, of course, we were not happy with the Operations in Denmark last year. We initiated some actions in order to improve the Profitability. So far in Denmark, we have gained Market Share. We have Net Sales Growth. We have Gross Margin Improvement. We have a good EBITDA Improvement. We are moving according to plan, I would say, in order to improve the Profitability in Denmark. Very happy with the Danish Operations in the First Quarter. Thank you. It seems that we don't have any more questions in the chat. One last moment to ask a question live. Please raise your hand to mark this. It seems that we do not have any more questions. Thank you to the speakers and everyone online for joining our call today and for these good questions. Please also be reminded that our next scheduled event is the Q2 Report on 15th of August. Hope to see you then. Thank you.