Good morning, everybody, and welcome to this news conference on Caverion's first quarter results. My name is Milena Hæggström. I'm the Head of IR here at Caverion. Today we are hosting live in Helsinki with a live audience. Welcome and nice to see you again. I would also like to remind you of our upcoming Capital Markets Day in Helsinki on the 10th of May. Most welcome to join that virtual meeting. Today we are presenting live, and the presentation will be held by our CEO, Jacob Götzsche, and our Interim CFO, Riitta Palomäki. After the presentations, you will have the opportunity to ask questions also through conference call and a live webcast. Now please welcome Jacob. Thank you very much, Milena. Good morning also on my behalf. I'll share this morning presentation with our Interim CFO, Riitta, and it will take about 30 minutes. Here we have the agenda for the presentation. We have four topics. First, we will talk about the market update, then we will continue with the group development during the period, including our financials, our order backlog. I'll talk about a little bit about the sickness and the impact on the business, what the customer says about us, and our continued execution of acquisitions to expand our business platform. Riitta will cover the third topic on the agenda with profitability, cash flow, financing in more details, and then go through our strong liquidity position. Finally, I will wrap up by our guidance for the remainder of this year. Before going into the details of the presentation, I would like to start to highlight three points of the quarter that I would like to emphasize. Our business continued to be resilient also in these very turmoil times with corona, high sickness rates, and uncertainty in the market due to the war in Ukraine. Our order backlog grew strongly in the quarter. It's up by 20% from the end of March 2021. The growth came both from service and projects. The second thing is our improved order backlog also realized in organic revenue growth, which was 2.4% during the first quarter. This we are pleased about in these special market conditions. I'm also satisfied with our profitability improvement. Our adjusted EBIT was up by 6.3%, so it continued to improve. All this supports our sustainable, profitable growth strategy going forward. Let's look at how did we succeed to perform within our operating environment and the market development during the first quarter. In Q1, the corona pandemic continued to impact our operation with people in isolation and with very high sickness levels compared to what we normally see. The market was also impacted by increases in material prices, some delays in supply chain, and to some extent in decision-making and due to the uncertainty in the business environment. We have proactively taken various measures to optimize the supply chain and to manage the pricing. We have continued a very good partnership with our customers and suppliers to smoothen out the potential impact. The recent changes in the geopolitical environment are expected to impact also Caverion. We divested our Russian subsidiary by the end of 2021, and we have no operations in Ukraine or Belarus. Therefore, the impact of the conflict on Caverion is currently indirect. Despite these challenges in the operating environment and resulting cost inflation, our performance during Q1 was solid. As you can see in this picture, we had further growth in services. Our service share increased to 66.5%, and the project share dropped to 33.5%. This is fully in line with our strategic ambitions. Let's have a look at the economic environment. That's where we are operating in. On this slide, you can see that the sentiment and the construction confidence indicator issued by the European Commission in March 2022. After we have seen an uplift for many months, we saw a drop in the indicators in our main operating countries in March 2022 due to the recent Ukraine crisis. However, we still expect the underlying demand to be overall positive in services and projects during 2022. This is supported by healthy order backlogs and our expectation to the stimulus packages. We are pleased, as we have said before, that there are significant amounts of economic stimulus packages that has been discussed at the European level. We of course hope that sooner or later they will also support our business, especially in the energy optimization and reduction of fossil fuel consumption. This will support the sustainable investments enabling smart building and cities. As you know, this is the area where we have our strategic focus, and that's also where we expect to have benefit from in the future. Now I'll talk a little bit about the Group's development. Here is a summary of the first quarter of this year. Our order backlog, as I said, was up 20% from the end of March last year. This was driven both by service and project with a growth of 20.5% and 19.2% respectively. Our growth in revenue in Q1 was EUR 528.1 million in turnover, up by 2.5% from the corresponding period in the previous year. We had an organic growth of 2.4% for the quarter. We are pleased about the service growth, which is up by 4.3%. Service also accounted for 66.5%, as I said before, of the Group's revenue. We continue to improve our profitability, reaching adjusted EBITA of EUR 17.4 million, up by 6.3%, and this gave an adjusted EBIT margin of 3.3%. Our cash flow before financials and tax items decreased to EUR 39.1 million in Q1. It has to be noted that it was negatively impacted by a payment of EUR 8.8 million for several claims relating to the German antitrust matter some years ago. The respective cost was reported in 2021 in items affecting comparability, but the payment was in Q1. Our cash conversion, which is showing our ability to turn our earnings into cash, was at 89.6%. Again, I would like to note that it was of course impacted by the significant payment of the EUR 8.8 million I just mentioned. We have a solid financial position in Caverion. Our liquidity position continues to be very strong, and we had a low leverage of 1x net debt to EBITDA. Also worth to mention other events that happened in Caverion. We closed one bolt-on acquisition in Q1 in Sweden with Frödéns Ventilation. Furthermore, we did a business platform-enhancing acquisition with a bigger deal in Denmark with a Danish company called DI-Teknik, which brings additional competencies and capabilities within automation and especially within industrial segment. The acquisition was closed on the first of April. As I alluded to before, it's also important to note that we divested our Russian subsidiary at the end of 2021, after which we no longer operate in the country. The divestment was a part of our strategy to focus on our core business in our main markets and to improve our financial performance. This slide was a high-level summary of Q1 in Caverion. Let's have a look at our people in Caverion on the next slide. At the end of March, we employed slightly over 14,000 people. The drop in employees is impacted by the divestment of Russia with more than 421 former colleagues. Due to Omicron and other sicknesses like flu, our sick leave levels increased significantly compared to previous years. It was nearly double up in many countries. We have taken many actions to protect our employees due to the corona situation, and in Caverion, safety always comes first. Our accident frequency rate was 4.5, a little bit up compared to last year, and it is mainly due to a very strong and long winter in many countries, resulting in slippery and icy surfaces, which unfortunately had a negative impact on our rate. Let's have a closer look at our order backlog. As you know, our order backlog grew strongly both in service and projects compared to last year. It provides a solid foundation for sustainable growth. Our order backlog, as I said before, grew 20% year-on-year to EUR 1.6 billion. Compared to year-end last year, it grew nearly 5% or 4.7% with EUR 88 million, which is also very positive. The order backlog increased by 20.5% in service and 19.2% in projects compared to last year in March. In our financial statement last year for 2021, we said that our order backlog was split approximately 50% within the following year and 50% in the years to come. This is still a good proxy of our order backlog split in general. Now let's have a closer look at the revenue for the period. Our revenue amounted to EUR 521.8 million, up by 2.5%. Revenue was negatively impacted by currency fluctuations, but only had a minor impact of EUR 0.8 million or 0.1%. It was mainly changes in the Swedish krona and in Norwegian krona that all in all gave this negative impact of EUR 0.8 million. The organic growth was 2.4% for Q1. The service growth, organic growth was 4.4%, while the organic growth for projects was 1.4%. The revenue in service increased and was EUR 351.5 million, up by 4.3%, and in projects it was EUR 176.7 million in Q1, down by 1%. Project business revenue was affected by our continued selective approach. In the graph, you can see in Q1, a lot of our division increased the revenue in Q1. It was Austria, Denmark, Germany, Industry, and Sweden, as well as the Baltic countries. For the Baltic countries, we have to take out the impact of Russia, which was divested last year with nearly EUR 14 million in total. Let's have a look at our customers. Again, this time we will present you three customers that we are proud of serving every day. Customers and customers' experience are our top priority to ensure that we deliver on our purpose with our great employees. We are pleased to share these three examples of recent contracts that we are starting up. These contracts are showing our capabilities in smart and sustainable solutions for our customers. The first one is a very good example of our capabilities in building EV charging infrastructure. We put a lot of focus in sustainability and smart technology, and a developed charging infrastructure is an important part of a sustainable smart city. Here it's our customer in Norway, IKEA, together with the charge point operator, Recharge. We will provide over 300 new charging points at IKEA stores. We'll do all the installation during 2022 and 2023. The deal increased the share of environmentally friendly traffic and supports IKEA's sustainability agenda by helping IKEA Norway to meet its zero-emission target. In the second case, Fortum, a European energy group headquartered in Finland, continues its operation and maintenance cooperation with our Industry team at 13 hydropower plants in Finland. These plants play an important role in the production of renewable and domestic electricity in Finland. Hydropower is used as a reserve capacity. It balance other forms of energy production and fills the production gaps, if any. Our partnership started already in 2013. Last but not least, we are taking the responsibility for property management, maintenance of cooling, refrigeration equipment, and remote management of nearly 400 Shell and St1 petrol stations in Finland. The aim of our cooperation is to develop St1's maintenance operation and to improve efficiency within energy through timely investments. We have been responsible for maintaining the cooling and the refrigeration equipment at St1's distribution stations for many years. With this deal, we deepen our cooperation, we will extend the partnership to include property management, 24/7 help desk, various advisory services, as well as remote management. In Caverion, customers have our top priority, and we are really proud of these customers. It's therefore also important to have the voice of the customer. Let's have a look at what the customer says about us and about Caverion. As you see on this page, here we have a little bit about what the customer really says about us, and this is based on our most recent customer feedback study. Our Net Promoter Score, or NPS, improved significantly in all divisions. This is really great news because it shows we are able to support our customers with their purpose, with their needs, also in a very tough pandemic years with difficult environments, new ways of working, and trying to get through this. We are very happy that we have also been scored that we can help our customers during such a difficult period. As you can see on the slide, we have performed at a high level, good service attitude, respectfulness, which are very important parts of our core values, high level of competencies. We are easy to get in touch with, work safety, as I said before, and we listen to the customer. What you see on the left side is that we scored at a high level, above 90% in our overall satisfaction and loyalty. Also what the customer says, we are easy to do business with. We want to continue to grow our competencies and be even more relevant to our customers, and have therefore continued to invest in our business platform and in Smart Tech via some acquisitions. Here you see two acquisitions we did in Q1. The first one is a bigger one. As I said before, it was in Denmark, DI-Teknik, which is one of Denmark's largest industrial automation companies. This acquisition will bring new expertise and capabilities in industrial automation to us, and it will also help us to cross-sell to existing customers and the new customers. The deal was closed at 1st of April, and we acquired 80% of the shares, and we will acquire the remaining 20% in April 2026. The second one is a smaller bolt-on, old bolt-on acquisition for Frödéns Ventilation in Sweden. It offers maintenance, inspection, energy optimization, smaller projects of ventilation, and it mainly operates in the Jönköping area in Sweden. We continue to invest in additional capabilities and competencies to fuel our ability to serve our customers and grow with them, and we are working with a healthy pipeline within the M&A field. I will now hand over to Riitta, who will take us through our financial before I close up with our guidance. Thank you, Jacob, and good morning also on my behalf. Before going to our profitability, let me also comment very shortly on the market development in the first quarter 2022. In services, the market demand and general investment activity remain positive. As highlighted also by Jacob, through the customer cases, we have continued to see a general increasing interest for services supporting sustainability, such as energy management and advisory services, driven by the regulation and the expected governmental and EU stimulus packages supporting investments in green growth. In projects, the market demand remained stable during Q1. The market was impacted by increases in material prices, delays in decision-making and supply chain, as well as uncertainty in the business environment. Like, Jacob already commented, what is notable here is that our order backlog was clearly higher than. Both in services and projects compared to a year earlier or the year-end 2021. All this supports a solid start for Caverion towards this year. Let us then take a look back at our profitability development in Q1. Our adjusted Q1 adjusted EBITDA improved to EUR 17.4 million, an improvement of about 6.3%, and the respective margin was 3.3%, and 3.2% last year. In services, the performance continued overall in a good level, while in projects, profitability improvement continued. Our Q1 EBITA was EUR 15 million, and 2.88% of revenues, and it was impacted by one-offs, including EUR 1.1 million of restructuring costs. Other items of EUR 0.4 million, which is related to civil claims related to the German antitrust matter. Transaction costs related to acquisitions and the divestments, and they were EUR 1 million altogether. Looking forward, we expect the underlying demand to be overall positive in services and projects during 2022. We strongly believe in our purpose to enable building performance and people's well-being in smart and sustainable built environments. The digitalization and sustainability mega-trends are in many ways favorable to Caverion and we believe to increase demand for our offerings in the future. Let's then turn to our cash flow development. We had again a strong cash flow in Q1, and our cash conversion came to 89.6%. Our financial target level is a bit higher, that 100%, so we were close to that target. Our operating cash flow was EUR 39 million in Q1, and the cash flow was negatively impacted by a payment of EUR 8.8 million for civil claims relating to the German antitrust matter, and which Jacob also mentioned earlier. The respective cost for this EUR 8.8 million payment was reported in items affecting comparability already in 2021. The change in working capital was EUR 14 million, and gross capital expenditure on non-current assets, including acquisitions totaled EUR 4.7 million in January, March, which is 0.9% of revenue. The investment in information and technology totaled EUR 2.3 million. Other investments, including acquisitions, amounted to EUR 2.4 million. Like Jacob already mentioned, we did two acquisitions in Q1. The smaller one, Frödéns in Sweden, was closed in January, and it is included in our Q1 figures. The bigger one, DI-Teknik in Denmark, was closed on April 1st and will be included in our figures as from the second quarter of 2022. Going forward, we are actively looking for the acquisitions in 2022. We have stated many times an important contributor to our cash flow generation has been that we have been able to decrease our working capital in recent years. At the end of March this year, our working capital amounted to -EUR 158 million. Looking at the picture, you can see that, as in all construction industry, we have typically quarterly swings in the level of working capital. Last year you can see on the graph. Looking at the overall picture, we have completed significant and successful actions since 2018 to improve the level of our working capital, and we are happy with the current level of -7% of revenue at the end of first quarter. A few words about the financing. On this slide, you can see our debt maturity structure at the end of the quarter. Overall, as Jacob also mentioned, our financing situation is very stable. We issued a new EUR 75 million five-year senior unsecured bond in February this year, and this bond carries a fixed annual interest of 2.75%. We also did a tender offer for our earlier EUR 75 million bond maturing March 2023, resulting in a 71.5% acceptance level. These transactions, of course, extended our debt maturity. Our credit facility is reviewed, renewed in December 2021, consists of EUR 100 million revolving credit facility and a EUR 50 million term loan. They both mature in January 2025, with two one-year extension options. Our EUR 35 million hybrid bond has the first call date in May 2023, and it is treated as equity in our IFRS financial statements. Our Q1 net debt, including lease liabilities, amounted to EUR 126 million, and excluding lease liabilities, and I mean that by IFRS 16 lease liabilities, only minus EUR 12 million. To summarize the financial position at the end of March, our liquidity position is strong and our leverage is at a low level. The financial covenant is based on the ratio of the Group's net debt to EBITDA, and it shall not exceed the level of 3.5x. Our net debt per EBITDA ratio was 1.0 x at the end of Q1. Please keep in mind that the confirmed calculation principles include the effects of IFRS 16, while contain also certain other adjustments like in the EBITDA. In the corresponding figures for all the previous quarters before Q4 2021, shown in the upper graph, the impact of IFRS 16 was still excluded. Our cash and cash equivalents were EUR 149 million at the end of March, so very nice amount as such. To summarize, our strong liquidity position and our low level, leverage level will give us firing power for structure suitable acquisitions in 2022. Overall, the high level of our Q1 order backlog provide us a solid foundation for this year. I will conclude my presentation here and hand it over back to Jacob, who will continue to summarize the guidance for this year. Thank you, Riitta. Yes, if we go to the next slide. We published our guidance on the 10th of February, and it remains valid. In 2022, Caverion's Group revenue and adjusted EBIT will grow compared to 2021. There has been a lot of uncertainty due to corona pandemic, and now the most significant new factor creating uncertainty in our operating environment is the war in Ukraine. The expected impact and risk of the crisis on our business during Q1 have been described in more detail in our Q1 report. The annual general meeting held on the 28th of March 2022 decided that a dividend of EUR 0.17 per share was paid for the year 2021. The payment was done at the 6th of April 2022. This concludes our presentation, and we are now ready to take the first questions. I will hand over to you, Milena, who will run us through the Q&A. Thank you, Jacob. Let's open up for questions, and let's see if we have any live questions here in the room? Hi, Mika Karppinen from Danske Bank. Your order backlog was clearly up compared to previous years. How have you taken into account the fact that the input costs have been clearly increasing? Do you have possibility to adjust the pricing if needed? Or how have you secured the sort of the margins for- Can you say it again? I couldn't hear. Sorry, because of the mic. Can you please? Yeah. Hi, Mika Karppinen from Danske Bank. Concerning the sort of order backlog, it was clearly up compared to previous years. How have you secured your margins in those projects? Do you have capability to adjust the pricing if needed, and then how have you secured the availability of raw materials to those projects? Could you open up this a bit? Generally, what have you done to mitigate the impact from the input cost increases? Yeah. Thank you for the question. It's a very valid question. During corona we had nearly a crisis team looking at corona all the time with sending people home, in quarantine, et cetera. With this new uncertainty, we are very alert in many aspects in our business about how do we take care of inflation, price increases on material, delay in supply chain. So there's many areas in our company. First of all, it's in the bid phase where we look at how do we ensure that the contract we sign up to is also covering the cost we want them to cover. There we have, as I have said before, a quite rigid process, especially for the big pro-projects where we go through a tender audit. With the existing contracts we have of course reviewed and gone through it and we believe that our results also in Q1 showed that we are able to cope with the price increases. I will also have to say thank you to both our employees that has really done a stunning job in very difficult environment, but also our customers and suppliers that we are working quite close with because it's not only Caverion, it's everybody who has this problem, and maybe you want to order a new car and you can't get it. It's everywhere in the society. I think the openness and the understanding in the society and business environment in general is quite good. Okay, good. Thanks. The other question, you were talking a lot about the stimulus packages. When do you think that the sort of those stimulus packages will start to be visible in your order intake? I would say we are working very seriously with it, and we have some people internally that are looking at it and we have also had small contributions. It takes time, and you know, it's a governmental, local governmental issues even though that EU have put a lot of big funds. Of course, the areas where we are operating, we show the EV charging at IKEA. Of course, a lot of the electrification of the grid and with the infrastructure, high voltage, et cetera, all of these things will of course support our offering. At some stage there's huge funds, they will come into play, and we know with the climate changes that they want to reduce with 55%. You know, there is more than 35 million buildings that has to be renovated. It will come into play, but I agree with you, we are still waiting to see the big move, but it will come, and I'm sure about that. It will support the digital solution around buildings because people have to demonstrate. It will help with the green solutions to buildings because we have to get the CO2 down, and all the building owners also have to support that with green funding, et cetera, et cetera. Thank you. We are now ready to move to the conference call questions and let's open up the line. Please over to the operator. Thank you. Just as a reminder, if you do wish to ask a question, please press zero one on your telephone keypad. We have a question from the line of Svante Krokfors from Nordea. Please go ahead. Yes. Good morning. Svante Krokfors from Nordea. I have a couple of questions. First one is regarding your margin improvement from Q1 3.2% to 3.3%. Are you happy with that? I guess there's a lot of headwinds like sick leaves and others which also have impacted that? Yes. As I started to say, I think our business have shown resilience in these very difficult times. I would have to say that, as I also alluded to before, with up to 20% sickness and double up in some areas, I'm quite impressed about our people that we have been able to deliver organic growth with these high sickness rates and corona and whatever have you. Then on top of that, we have also come into a situation, unlucky situation in Europe where there's not peace anymore, and it has impacted the prices and the supply chain. I'm pretty proud of our people and that also the cooperation with our customers that we have been able to deliver these results. We always go for more, so you should never be overly happy because we can always improve. Overall, I'm really pleased that we are not overnight seeing a deep drop in the market. Okay. Thank you. Regarding your guidance, you keep it unchanged. Do you see any difference in EBITDA seasonality in 2022 compared to 2021? We are not guiding about the EBITDA per quarter. As I also said before, you know, it is a little bit difficult right now to predict about what will happen in Europe with peace and how it will impact. Of course, we have a big hope that the spring will help with the corona and the sickness, because it's not only corona, but in many countries, because we have not been out in the society, there's a pandemic of flu and other stuff that hits our people and we need to be even more careful about all our customers and stakeholders that people don't go to work if they're sick. Spring will come. Look out of the window, the sun is shining, and therefore it will help. It's not something I have invented, but we saw it last year that corona will go down, and in many countries it is coming down. I think that will help. Secondly, I hope and cross my fingers for peace in Europe for humanity, but also, of course, having an effect of that everything settles down and there's more easy to do business. Thank you. On, have you seen any changes in competitive landscape or how about keeping your employees and attracting new employees? How is that looking currently? We have not seen it and I'm emphasizing also to our employees that, as Riitta was alluding to, we are luckily in a very good position with our liquidity. It's the most important for employees that they know they are employed by a company that can pay the salary and also treat people well. We have got very positive feedback from our employees, and we also have our spirit survey, et cetera, that people feel well treated in Caverion. I would say we have a very good spirit and culture in Caverion, and I hope that will also help us to attract new people, because we don't want to stay with nearly 14,300 employees. We want to have even more people because we want to grow. As more people we get, as more we grow, as more services and projects we can deliver to our customers. Of course, as always, we are very much focusing on keeping our people, attracting new one, and develop them in our company. Thank you, Jacob. Perhaps a question to Riitta regarding working capital. Do you see any possibilities to improve that further or are you happy with the level where you are now? As I stated in my presentation, if you look at the development a bit back to the history, there has been done a lot of work in the company to kind of improve the figures, and we are in a quite nice levels. I think that at the moment, when the environment is so uncertain and turbulent in a way, I think that one thing we need to be very careful in the company is to follow up our accounts receivable, that we are invoicing as soon as possible and we are getting the money back to the company as soon as possible. I think that is probably the focus area during the coming quarters, and that is due to the fact that the environment is uncertain. Okay. Thank you, Riitta, and thank you, Jacob. That's all from me. Thank you. We have one more question from the line of Robin Nyberg from Carnegie. Please go ahead. Hello. Robin here from Carnegie. Couple of questions. The Finnish market has apparently been weak this year. Could you comment what's going on in the Finnish market? We don't go into to details about the individual countries, but I would say we had had a lot of sickness in the Finnish market this year. We have had a strong winter, and it has been long. I don't know if that has an impact. Also the corona has increased a little bit because you lifted up the restrictions. We have seen a little bit of increase in the number of corona, and I have seen that in Denmark as well, and then it will go down. You can say without knowing the political situation in Europe. Finland has also been a little bit more hit by the war in Ukraine because everybody's talking about it's a long borderline, et cetera. Overall, I can say our Finnish operation is doing very well. Okay. Thanks. Have you seen the competitors taking projects this year with lower prices now that the market is more uncertain? Not that it's something we will highlight, but it happens every day that somebody wants to take a project from us with a lower price. Then we, as a good sport and competitor say, "Wish them good luck." We are not going into projects where we will lose an arm and a leg. We stick to our calculation methods. We stick to our tender audit. Yes, could we have more organic growth if we took all projects? That's correct, but we will not do that. We have been there. We will build it stone by stone and deliver sustainable organic growth, but also profitable growth. If we lose a project because of price, that's fair enough, then we need to be even more sharp. We need to have more efficiency. We need to be more sharp internally, but we are not dumping the price. All right, fair enough. Moving on to the project business and the cost inflation, it would be helpful if you could give some indication of what part of the project business is based on fixed price projects? And do you think you can improve the margin in the project business this year despite the quite rapid cost inflation? We are not giving you information about the number of fixed contracts, et cetera. What we can say is that we have improved both in service and in project this year. With our guidance to be even better than last year, with one-third in projects, it requires that we both improve in service and in projects, and we will continue to optimize, make efficiency, and be even better within both service and projects. We don't. Unfortunately, we don't give the number of how much of our turnover is indexed contracts. I would, however, say that in Q1, I think we coped very well with it despite price increases, supply chain, et cetera. All right. Thanks. That's all from me. Have a nice week. Thank you very much, Robin. There are no further audio questions. Thank you. Let's move over to the webcast questions. The first one is coming from Olli Koponen at Inderes. I take it in two parts. Do you think growth will pick up later this year? And did you see any delays or postponements in projects during the quarter? In respect of further growth this year, I'll stick to our guidance where we have said that we will grow our turnover compared to last year. On the second thing on postponement, you know, we would always like our order backlog to come into play faster. Of course, there is customer thinking twice now with the situation, et cetera. But it's always difficult for us to say, "Would it take six weeks? Would it take six months for our order to come into play?" Of course, there has been uncertainty in the market, and that has also impacted how fast do we execute on the orders we have in our backlog. We can't say that we have seen a huge amount of orders being postponed. Of course, people are more cautious, which is also natural, and we are also more cautious. May I. Yes Add, Jacob, also comment on the ongoing projects, because we are usually just one supplier in a bigger project, and there are also a lot of other players on the same side and these kind of delays might be also coming from, not from us, but from the other players in the same project. Yeah. That's also something that we need to consider and need to kind of mitigate that, what are we doing then if that should happen. That is also kind of a thing that we are now looking when we don't know that where this uncertainty is going. Thank you. Then moving on, a question about profitability. How much would you say you can improve your operations to be more profitable, and how much would you say that the market uncertainties will slow your turnaround in profitability? For this year, again, we have guided that we will deliver more than last year. Our strategic target is that we will deliver adjusted EBIT above 5.5%. How much the uncertainty in Europe right now will hit us, I don't know. The only thing I know is that we are very alert, as I said before. We are focusing on materials. We have a procurement organization, an operational operation that is very much alert of what is going on. As Riitta said before, also all ongoing if there's postponement, et cetera, et cetera. I would say it's continuing closely working with our suppliers, our customers, and then as always, look at efficiency, productivity, how can we improve. We want to deliver on our strategic target of more than 5.5% organic adjusted EBIT percent, but it will not be this year. This year, we will deliver more than we promised last year. Thank you. Moving on to question from Anssi Raussi at SEB. Caverion's competitors have been saying that the price competition has tightened, especially in Sweden. Have you seen this? First of all, we are not talking about specific countries. I think, of course, in uncertainty, there's always somebody who has a more difficult life than we have, and there's always cowboys in the market who goes in with a low price. We can see, of course, that it's uncertainty, as I said before, but not specific incidents. It's tough in Sweden, but it's also tough in all other markets. Thank you. Moving on, a question from Markku Moilanen at OP. Order backlog growth was very strong in 2021. When will this be realized in a stronger revenue growth? I think we already showed that in Q1 with an organic growth of 2.4%, so I hope that will continue to show that we are able to grow. If I may add to that? We publish our order backlog also at the year-end. With the year-end figures, we publish also the timing of the first 12 months and the next 12 months. I would say that even if we don't publish that during the quarters, it's kind of going to the typical trend what we are getting in the orders. Nothing changing there. Oh. Thank you. Continuing with a question from Markku Moilanen. Did the increased sick leave rates have any effect on revenue or profitability in Q1? Riitta? Yeah. Thank you. Yeah, actually, it did have impact, of course. When, as you know, our service business is mainly guys and ladies probably in the field kind of serving our customers and, if they are not able to do that means that we will be not able to invoice the customer and so on and so forth. That has impacted and also kind of. Then again, I have to remind you that if you look at our figures, we have been quite resilient, and we have been able to kind of cover that and be able to do nice things. It's not a drastic impact. Certainly, if we have double sick leave numbers, it impacts the business, not only on service, also in projects. Thank you. Final question from Markku Moilanen. Which of your operating countries do you think this negative geopolitical environment and worsened market sentiment will affect the most? That's a tough question. That's a good question, and if I had the answer, I would be happy. I don't know what happens in the future, unfortunately. What we are doing is that we are focusing on each country, and we have a country operation. We have a division head who is local, who is focusing on what is happening in the market. As I said before, we are more alert. Unfortunately, we don't know what is happening. We have a wish that corona comes down and sickness because we had double up, and that will of course help on our efficiency. There's a lot of opinions about peace in Europe and the war in Ukraine. I don't have an opinion. I can only say it's a disaster, and I really hope for humanity that we get peace. Where will it impact most? I don't know. Thank you. It looks like we have no more questions from the webcast either, so this will conclude our webcast for today. Thank you all for participation. Thank you, Milena. Yeah.