Thank you, Natalia. Welcome everyone to our Q1 results presentation. I'm very happy to, again, present good development to you. We had overall a good start to the year, that's something I'm very happy about, particularly given following from a very strong performance during a difficult period or difficult environment last year, where we performed very strongly, that we continued again. I'll start with some of the highlights, as Natalia mentioned, both financial business highlights. Also what I'll talk about now in connection with Q1 results is that how do we see in more granular way how the markets developed last year and market share and so forth, as we usually do in connection with our Q1 result. Some other business highlights for the first quarter. I talk about market development, hand over to Ilkka for financials, and wrap up, as was mentioned, with the outlook. Q1, we had good growth in our sales and our earnings. Both grew at a very nice level. Again, one of the highlights was our cash flow continued to be very strong. Last year we had an all-time record by actually quite some margin, cash flow, and we continued a very strong development in Q1. What is positive is that we are seeing clear signs of recovery in market activity. We're seeing that confidence is improving and customer activity is increasing as people are seeing that we are returning, and we are returning back to offices. Although we have to remember that the situation remains very different. Everything from China, which is at above pre-pandemic levels, to of course a very challenging situation still in India, which is very concerning, and of course everything in between. We'll talk about that a little bit more today, how we see that recovery happening and how we've been able to capture opportunities in this market. Q1. Orders received following actually a high comparison last year when we actually grew in Q1 last year, was now EUR 2.75 billion, our orders received, a growth of 1.3% in comparable currencies. Also our order book is at a very solid level. If you think about the type of year we had last year, after that it's at EUR 8.2 billion, down 1.9%. A solid and good order book. Our sales grew at 9.1% to EUR 2.3 billion. A very good start to the year here. Our operating income, our EBIT, grew by 26.7% to EUR 250 million. A strong increase. We're comparing now more adjusted EBIT to last year. There's no difference between our EBIT and our adjusted EBIT because, as we had talked, the Accelerate program ended. There's no cost in between here. If you look at adjusted EBIT, that also improved by almost 22%, from EUR 206 million to EUR 250 million. A margin from 9.4% to 10.7%. Good profitable growth. As I mentioned, very strong cash flow at EUR 425 million compared to an EBIT of EUR 250 million. Incredibly strong cash conversion. Of course earnings per share also up, and up at 26.7%. Here I usually mention the key reason for why we've done well. That's of course the great work by all of KONE's employees. I think we've shown that we know how to navigate this environment. We continue to be able to deliver on our promises to our customers, and that shows in this result. Despite a difficult environment, we have operated in a very good way and in very normalized way in many parts or most parts of the world, in fact. Overall, good start to the year. Some of the business highlights. As you remember, in January we launched our new strategy phase, as we always do every third or every fourth year. We talked about the couple of big shifts that we are driving. One, of course, the rate in sustainability. The other one, how we scale and grow our value-added solutions. What are we trying to do with this? Is really to differentiate further through adaptability and sustainability. We are seeing that when we are getting out of this pandemic, I'm quite convinced that we will return to offices quite soon. It will not be exactly the same as in the past. It will be more mixed mode of working. But we see how important offices are for innovation, for sense of belonging, for apprenticeship, for learning, and health and wellbeing. And those will be key things for offices in the future. And building owners, when we talk to them, they also see that they have to adapt. They need new services. They need new ways of operating to be able to meet the needs of today's tenants and users of buildings. With the connectivity that we are delivering, we can bring now an array of solutions to bring this adaptability to our customers. That's really what we are focused on, when we have connectivity and our APIs to bring both our own and third-party solutions. We have now rolled out our DX Class elevators, in Asia-Pacific, Europe, Middle East, and Africa. America is still to come. We can see that the sales of our 24/7 Connected Services has actually accelerated. We had a really good first quarter in how accelerated these sales, and here we can see that pricing of these services remains good. I think it's clear that we have a differentiated offering for 24/7 given the pricing we are able to command for that, and that really shows you that's value to our customers. Last year we made many commitments to sustainability. In the first quarter, we made another pledge which was around diversity and inclusion. We think this is critical to attracting the best people to KONE, but also inclusion to actually make sure that everyone can contribute, can get their voice heard, and making KONE just constantly a better place to work, a more innovative place to work. As part of this focus around diversity and inclusion, of course, we have a lot of training programs for our leaders here, but also we made one specific pledge, which is to increase the share of women at director level from 19% last year to 35% by 2030. Further pledges that we made here. Also today, we have released our sustainability report for last year. Our overall reduction in our own carbon footprint down 8.9%, clearly better than the 3% target that we have had. Now we clearly increased that target. COVID helped us. We also made some fundamental progress here. We can see that we're going in the right direction. Of course, last year we committed to Science-Based Targets for significant reduction in greenhouse gas emissions, not only through our own operations, but also the life cycle of our products and solutions. Very significant pledges here. We have, again, got many external recognitions for the work we are doing here, which is important. Also we could see last year that safety improved significantly, again, and our industry injury frequency rate, which is how we measure it, is at 1.2, which is quite a good benchmark to other companies. Of course, we have a way to zero. We can always improve here as well. Overall, good improvement in this front as well. Now, as I promised, we dive a little bit deeper into how markets developed in 2020 overall and what happened to our market position. I know it's already a quarter ago, now we have more granular data here. If you look at the total elevator and escalator market globally last year, in monetary value across businesses, it declined at about 3%. We can see that this is a very resilient business that we are in. It's clear that there were very big differences market to market, overall, that was the level. If we look at the new equip market, the new equip market was close to 1 million unit in total last year, it declined just over a percent. Actually quite stable. KONE, we grew our units that we sold last year by 4%. In total, we sold 180,000 elevators and escalators last year, and that means that we increased our market share by about a percentage point. We continued to improve our market share. When we look at the increase in number of units sold last year, I don't think anyone did more than we did last year. A good improvement in our market position and shows the competitiveness that we have. Of course, China was the strongest market. Central and North Europe, okay-ish, but then significant declines in North America and rest of Asia-Pacific. When we then look at the total installed base in the world, total maintenance base, that's over 18 million units. Here we count both units in service and units in first service. This market grew at over 5% last year, so continued good development. KONE, we continued to be, again, the fastest growing of the major players in the industry. We grew our service base by 4.5% to over 1.4 million units. These 1.4 million units, that is what we have in our service base. Plus then we have more than 10% of that additional in first service, which is, of course, as you know, comes as part of new equipment sales. We have 1.4 million+ what we have in first service. And with that, we are close to 10% market share and, again, had market-leading growth in this area again last year. Overall, we could see that our market position has improved and competitiveness remains very strong. Let's look at this year then, and market development. This is what's happening in the external markets. Let's start again, as we have looked now a few quarters on the usage of elevators and escalators. We've now shown this data throughout the crisis, and we can see that we are going in a better direction. As mentioned before, we have about 100,000 connected units behind this data. In all countries, we can still see that the number of starts per elevator is still clearly below where it was pre-pandemic. If you look at the numbers to the right, here we compare where we are today compared to beginning of the year. We can see that in most countries, we have returned to buildings, more movement around, U.S. up 21%. We can see that as economies are opening up because of successful vaccination programs, that we are returning and going in the right direction. I would expect U.K. to now, when many companies are returning to offices, to also go sharply up in the coming weeks. Why are we looking at this data? Well, this is a good predictor of discretionary activity and maintenance on repairs, spare parts, but also call-outs and service needs and so forth. That's why we track this data, and we can see that we're going in a better direction, and we think that that also bodes well for the maintenance markets to recover, or the discretionary activity in maintenance markets to start recovering. In Q1, if we start with new equipment markets, North America, the markets compared to Q1 last year declined significantly. Markets were strong Q1 last year, but then of course declined throughout last year. We're starting to see signs of improved activity, but Q1 was clearly significantly below where it was a year ago. Europe, Middle East, and Africa, slightly below where it was a year ago. Central and North Europe, at a better level, declined slightly. Clearly a more challenging situation in South Europe, and actually Middle East, pretty stable. I would say that EMEA markets were very strong last year. Actually, they have held up quite well. Big differences within EMEA. Asia-Pacific, okay, again, China started to recover already in Q2 last year. Very strong recovery in Q3, recovery in Q4, continued recovery now, and strong growth year-over-year. Whereas the rest of Asia-Pacific actually declined clearly. Big differences market to market. In services, North America, stable, both maintenance and modernization market. Modernization market actually is remarkably strong and we're seeing a similar pattern to what we saw after the financial crisis. Actually, the modernization market recovers faster than a new equipment market. Maintenance market also stable. Europe, Middle East, and Africa, stable maintenance markets, but clearly down modernization market. Here I would highlight that much of this is residential, which is a very big market in Europe where a lot of decisions have been postponed. I think when we start to have a more normalized situation, we believe that this will also start recovering. Asia-Pacific, good development in maintenance, particularly China, and modernization also. Good development in China, weaker other parts of Asia-Pacific. Let's dive a little bit deeper into China for Q1. We know it's a very important market to us, and there we saw a significant growth in the market year-over-year. Very strong recovery. Competition is tough there, intense competition overall in the market, but it is recovering. From economic perspective, we all could see the very strong growth in the Chinese economy in Q1. We can see very healthy activity in the real estate markets. The demand for apartments continues to be strong. That is really what is driving activity in construction, of course, in our business because there continues to be a lot of restrictions for financing for developers, but also mortgages and purchase terms for consumers. The demand is definitely there despite these restrictions. When we look at some of the statistics, we thought let's not only compare to 2020, but also 2019 because we know that Q1 last year was actually very severe lockdowns in China and therefore clear we have strong growth. Real estate investment up 26% year-over-year. If you compare to 2019, compound rate of 7.6%. The point is that we are back in construction activity clearly above pre-pandemic levels. Residential sales volumes up also a lot over last year, but also 12% compound over 2019. New starts compared to 2019, slightly below, but as we know, that fluctuates quite a lot. Prices continues to go up somewhat in a healthy way. Overall, the way we see the Chinese market also for the rest of the year is that we see a robust solid market there. That about the external environment. I'll now hand over to Ilkka to dive a little bit deeper into our financial development. Thank you, Henrik, and also warm welcome on my behalf to this first quarter result announcement webcast. I'll go through financials in more detail and as for the last quarters I've been using this overview, I'll start there. A few highlights on how we developed in the first quarter. First, I would raise China, across all businesses as well as in orders and sales, we saw very strong performance there. China clearly has and continues to recover in a very healthy way. Secondly, I would raise also the fact that as we've talked about in the last quarters, that the decision-making in the modernization business is slow and impacting our orders received development. That is having an impact to our sales development in the modernization business, which is down as a result. At the same time, as talked about, even though the restrictions have had an impact in first quarter, we do see that new equipment sales continue to be growing also outside of China. Let's look at the numbers in more detail, and I'll start with orders received. For the first quarter, the orders received were EUR 2.076 billion. On a reported basis, down 1.6%, but growing on a comparable basis 1.3%. As seen on the previous page, clearly one of the drivers for this development was the performance in Asia-Pacific and particular in China. Where our orders received grew both in units as well as in monetary value significantly. Prices were stable in the quarter, and mix had a slight negative impact in China. To me, that's a very strong performance because actually if you look at our performance in the previous year, in 2020 first quarter, we grew then despite the market being down due to COVID. The comparison point was also a tough one. If you look at the overall margin of orders received in the quarter, it declined slightly. Despite prices being stable, we did see raw materials going sharply up in the quarter and causing the margins to be slightly down. Let's move to sales. Our sales for the first quarter were EUR 2,326,000,000. Growth of 5.8% on a reported basis, and on a comparable basis, a strong growth of 9.1%. From a business perspective, new equipment grew 17.9%. Our maintenance grew 3.2%, and as already said, modernization was down 4.2%. Geographically, EMEA grew 1%, whereas Americas declined 2.6%. Asia Pacific grew strongly, 26.8%. Again there the strong deliveries in the new equipment business in China was driving this performance. We saw over 30% growth in our sales in China. To adjusted EBIT. There are a few highlights from these results I would call out adjusted EBIT as one. We grew 21.5% our profit to EUR 250 million. Also our adjusted EBIT margin grew, reached 10.7% up from 9.4% previous year. If you look at the comparison point last year, obviously been impacted by COVID. If you look at the previous year, 2019 first quarter, we were also up against that 30 basis points. In my mind, good development from a profitability perspective. The key drivers for that growth contributing positively. Also, the fact that our pricing in the orders previously received has a positive impact. Productivity developed positively, as well as we continue to see lower discretionary spend having a positive impact. Good performance from a adjusted EBIT perspective. As Henrik already highlighted, there no longer is a difference due to Accelerate program between adjusted EBIT and EBIT, but we continue to see the tail end of the savings materializing in our results, and we're progressing well there. Lastly, to cash flow. Obviously, one quarter is a short time to look at cash flow development. It does fluctuate on a quarterly basis. We continue to see in the first quarter very strong, exceptionally strong performance in our cash flow at EUR 425 million. Operating income having a positive impact, but also net working capital being further negative and having a positive impact to cash flow, both from an accounts receivable perspective as well as advance invoices in our businesses contributing positively. Very happy to see cash flow developing this strongly because as always said, it's one of the best proxies of the health of the business overall. With that, I'll stop and hand over back to Henrik for market and business outlook. Henrik. Thank you, Ilkka. Let's wrap up with how the rest of the year looks. Let's start from overall markets. As I mentioned, new equipment, Chinese markets expected to grow slightly. We expect the markets for the rest of the year to be solid there. Rest of the world, we expect markets to gradually recover. As I mentioned several times that we've seen a good increase in activity in many places. Maintenance markets are expected to be resilient. Of course, the impact we've seen from lockdown measures on discretionary activity has had an impact. We think also that will start to improve over the year. In modernization, it is expected to gradually recover as we're seeing improving confidence in the markets overall. To our business outlook, we now expect our sales to be in the range of 2%-6%, previously 0%-6% in comparable currencies. We expect our adjusted EBIT margin to be in the range of 12.4%-13.2%, previously the range of 12.4%-13.4%. Of course, this assumes that exchange rates remained at the April level. We have many things supporting our performance. We have a solid order book, a maintenance base that we've seen. Also we are continuing to see the benefits of the improved margin of orders received that we had during last year, now the orders that we are delivering. We actually have had a very positive development continuously in our quality and productivity. These two, of course, always go hand in hand. There's been good development there, and that's of course much behind the result today. There are a number of things burdening our result. Increased material and logistics costs. In the beginning of the year, we expected that to be about the EUR 50 million headwind. Now that's around EUR 100 million headwind. We could see, as Ilkka already mentioned, that significant increases in steel prices from the beginning of the year, and that is clearly having an impact on our business. Also what is more of a positive thing is that we continue to invest significantly in our capability to sell, develop, and deliver digital services and solutions. Overall, that's the outlook, and in summary, good start to the year. Very good performance following very strong performance in 2020. We continued that into Q1, very consistent, I would say. Of course, we're very focused now on offsetting the cost increases that we see with productivity, differentiated offering, and so forth. All the good things that we've done for many years. I feel that we are in a very good position competition-wise to benefit from a market recovery. Of course, we're very focused on capturing the opportunities from a growing market. Overall, with this start, I think we can have a good continuation of the year. With that we are now ready for questions. Yes, we can go straight to the lines for questions. Operator, please. We'll now take our first question from Andre Kukhnin of Credit Suisse. Please go ahead. Yes, good afternoon. Thank you very much for taking my questions. I'll just go one at a time and maybe begin with the obvious one on raw materials. Could you firstly help us understand the step up from the 50 to 100? It seems to be slightly disproportionate versus the spot prices move that we've seen since you reported Q4s. Secondly, is this triggering any additional actions from your side to compensate for it? Are there any signs in the industry of maybe looking to even price that up to customers, given that we've had a period of now, I guess, nearly a couple of years of stable pricing? Why don't you start, Ikka? I can then I'll start. If I look at what's driving the development from this 50 that we talked about up to 100 now. Its main drivers for that is steel in different formats as well as copper. If we look at the, it depends a bit market by market, but the prices have been coming up 15%-20%, even up to 25%-30% in some markets since the beginning of the year. In that sense, that's really the key driver. Logistics costs are part of that as well. There we have seen first quarter logistics costs being on quite a high level, coming down somewhat, but still continuing to be on a higher than normal level. If you look at pricing, as you know, Andre, we don't talk about how we price going forward. I think it's clear that everyone would like to compensate this with pricing. That we have to see how it goes. I think one of the key actions, of course, always when this is, as we have done year-over-year, continuously work on an offering to make sure that it's more and more competitive, that we continue to do productivity. As I said, that's developing in a good way, and of course, continue to do that and pricing. All of the things are, of course, in the toolbox, and we continue to use them. Of course, the challenge is now a little bit higher than we had expected it to be beginning of the year. You put a little bit more effort into it. That's what I would say about it. If you look at our guidance as well, we are expecting that there's a good chance of us being able to fight some of this headwind to have improved profitability for the year. That's one way to think about it as well. Thank you. That's very clear. Just a couple of questions on China and I'll wrap up. One is on modernization. Could you just update us on how you're positioned there and how big has this segment become for you as part of your China business? The second question on China is on the potential regulatory change. There's been a trial of replacing physical visits with remote monitoring in some cities that's been going on now for, I think, nearly a year. Is there an update from that? Is there an update to your thinking on how soon we may see that regulatory change coming through in that country? Modernization has been growing at a very good rate. I feel that we have a good position in China, but it's still quite a small percentage of our overall sales. It's growing, and we see a big potential there. I see a little bit analogous to when we started to grow our new equipment business. Started from low level, but very strong compounding, and then quite shortly it becomes a large business. Overall, I think we have a good position in that and a lot of focus on growing that business. There are a lot of trials going on in China on maintenance to go to condition-based maintenance to be able to replace some of the visits through connected solutions. That has not yet driven changes in regulation. Those trials are expanded but there's no really big update yet. My understanding is that the experiences overall are positive, so I think it's going in right direction, but nothing significant yet. Wonderful. Thank you very much to both of you. Thank you. Yeah. Ladies and gentlemen, if you find that your question has been answered, you may remove yourself from the queue by pressing star two. As a reminder, to get in the queue, it is star one. We'll now take our next question from Lucie Carrier of Morgan Stanley. Please go ahead. Good afternoon, gentlemen, and thanks for taking my question. I wanted to come back on the raw material situation and also what you mentioned around the margin in the order received. I was hoping to understand a little bit how you expect that raw material impact you face, because it seems that in Q1 you almost had nothing out of the EUR 100. Just wanted you to double-check that for the rest of the year. Ilkka, you were mentioning that obviously you were benefiting from better pricing in order received that you got last year. How long until those orders are executed and, as a result, how long before we are seeing now the slightly lower margin order being executed? That was my first question on the profitability dynamics. Thanks, Lucie. If I start, I'll try to piecemeal the answer to the question. First, looking at the first quarter and the development from a raw material perspective, we actually were able to see a better than expected performance there. We were able to push forward some of the increases better than we expected. Yes, there was some impact from increased material prices and logistics costs in first quarter, but definitely we expect that to be more of a headwind in the coming quarters. That's from a timing perspective. We have a pretty good visibility for raw materials covering next few quarters. Always when it's volatile, we tend to have a bit less locked in as a result. I would say the fourth quarter, there is still some contracts and also obviously deliveries on the product side that will influence the outcome for the year. Your second question, remind me now, what was it? Kind of when these orders. It was around the margin. So the lead time- Lead time, yeah. Exactly. Sorry. Lead time depends a bit market by market, but if you think about China being a largest new equipment market there, we do have a lead time of, say, nine months on average right now for the deliveries. The orders that we deliver this year, some of them have been received in the first quarter. We start to see the impact from the decrease in margins of orders received that we've seen in the first quarter be visible in the result sometime end of this year, early next year, depending on market by market. Yeah. The good thing, of course, there is still time to take action. That's of course we're working on productivity and how we can offset some of that. Understood. Just maybe to come back a little bit on China, you're now guiding for market to be slightly up. From what I understand, the first quarter was still quite strong. Is it an indication that you kind of expect the rest of the year to be, let's say, around zero, possibly slightly negative to kind of come to your slight increase? Are you seeing indication for that, or it's just more being conservative from your side? I would say, as I mentioned already, that we actually see the markets in China for the rest of the year to be very solid. We have to remember that in Q2, particularly Q3 and Q4, we saw very sharp recovery last year. We have a much higher comparison point. Q1 was of course a low comparison point to last year. Overall, we think the markets will remain solid and robust and let's see at the end of the year what the growth was. The message here is that we continue to see good markets. Thank you. Lastly, if I may, a question on the Americas. I see that in the quarter, your order receipts in modernization are up quite a lot. Maintenance, for some reason, is a bit weaker. I know it can change from one quarter to the other. Generally speaking, in the Americas, I know you are a bit more skewed towards commercial. Can you comment in terms of the market environment you are seeing, not specifically on the quarter, but the discussion you have with your customer, are they ready to kind of act and resume new construction quite quickly or modernization quite quickly, or are you seeing that there's still quite a lot of uncertainty on the commercial side? I would say that when particularly we look at North America, we clearly are seeing more optimism there and more activity. Things that were put on hold last year, back on the drawing board and people talking about them. Clearly more activity because I think most developers, building owners, tenants, and others are seeing that, hey, we will be back in offices. Offices will be critical to companies' competitiveness and how they develop and how they develop their people and how they attract the best employees. You need to have an office that actually is attractive, and therefore, are investing accordingly. I think it'll be interesting to see if we have a similar trend to what we saw back in 2010, 2011 in the U.S., where actually modernization market, I still remember this very well, that the modernization market recovered much faster new equipment market. When building owners looked at, "Hey, I need to be now focused on the upturn and attract new tenants." If you want to attract new tenants, you need to have an office that is fit for purpose, and then you need to modernize it, all these aspects. Usually elevators are then part of it. That is therefore short the lead time, and that comes quicker. I think we're starting to see some of that. Overall, we had a good quarter in modernization in North America. Let's always remember that one quarter is a short period of time overall, and there can be a lot of fluctuation from quarter to quarter. Overall, I think there is more optimism in the market. From a modernization perspective, Americas, we saw growth in both volume as well as major projects. That's possibly a good sign for the future. Thank you very much. It's good for you. Thank you. Thank you. We'll now take our next question from Klas Bergelind of Citi. Please go ahead. Thank you. Hi, Henrik and Ilkka. Klas at Citi. If I think about the cost backdrop versus the last inflation cycle, it's different in the sense that in the U.S. it's now also a significant inflation, particularly on steel this time around, as it's not only China seeing inflation. I'm also keen to understand what you see on the U.S. side, Henrik, as well, and what you're doing to prices in the U.S., not only in China. I will start here. I would say that of course we see it across the world. As you know, in the U.S. material cost is a smaller proportion of the overall price of an elevator or escalator. Labor cost and installation cost there are higher than other parts of the world. It has an impact, but proportionately a lower impact. I would say the difference we have now compared to previously is that then, when that happened, markets overall came down. Now we see we're going into what looks like a recovering market. I think that is also slightly different than what we saw last time around. I would add too also. Yeah, no. From a pricing perspective that at least in the First Quarter, the pricing was much more stable than last time we had a cost coming up and prices coming down, and that's not what we saw in the First Quarter. Yeah. No, that makes perfect sense. Yeah, no, I agree. The raw material content is obviously bigger in China. The second one I had was on modernization, and I get the comment for EMEA is linked to residential projects being pushed to the right link to COVID. I'm interested to hear if you've seen any improvement, Henrik, on the commercial side when you think about quotations. We heard today of others with exposure to non-res talking about improved commercial activity in Europe. We are starting to see more optimism there. I would say reason we highlighted residential is that's such a big part of the modernization market in Europe, and there it's clear, during the pandemic and people have been at home much more, so all types of building renovations have, larger ones have probably been postponed and housing associations haven't met to be able to make decisions, and there'll be many reasons for postponements there. In many markets you have had a slightly better development on commercial side or until now, but you're also seeing more optimism there. Very good. My very final one is on the raised growth guide at the lower end. Your China backlog is quickest to convert out of all regions. Am I right to assume that better China was the sole reason for your raised outlook for growth at the lower end of the range? Is there anything else that you see that I might have missed? I would say actually if I look at our sales and I look at our result, we actually had a good performance across the board. Of course a 9.1% growth in Q1 overall. I wouldn't say there's one specific reason. Of course, China was an important reason, but not the only one. Thank you. Thank you. Thank you. We'll now take our next question from Guillermo Pena. Please go ahead. I wanted to ask about the growth outlook in China across the different tiers, if I may. I think you may find that the overall outlook is probably better in high-tier cities versus low-tier cities. I wanted to get your color about the potential growth prospects from that particular angle, if I may. Thank you. Growth is really concentrated in, I would say, the three main mega city cluster hubs. Beijing-Tianjin-Hebei area, I would say we look at around Shanghai and the Great Bay Area, all the satellite cities around there. Not necessarily the biggest cities themselves, but the satellites around them, public transport to them, you have also some other slightly smaller mega hubs. It's around those where we see most of the growth, that's where you have best job opportunities for health and education, all of that's of course drawing people. They of course trying not to have all of the people in the biggest cities, but in the satellites around them is more what's happening right now. Thank you. Could you comment a little bit maybe on, you elaborated already, but I want you to comment on the different pricing outlook. Where do you find the most competition as we speak within China? Probably if you can extend the comment to overall aftermarket, maybe in EMEA, in Europe. What do you see there in terms of competing trends for China, I guess equipment and obviously EMEA aftermarket? Thank you. Our pricing in China has actually been pretty stable. You have had some higher input costs now. Usually you have more challenging situations in markets that are more challenged. Of course, you have some Southeast Asian, some Southern European markets. It really varies market to market. I would say on the maintenance side, actually quite a stable situation overall. Thank you. Thanks. We'll now take our next question from Maddy Singh of Bank of America. Please go ahead. Yes. Hi, thanks for taking my questions. My first question is on your existing contracts, whether there are any provisions to pass on raw material price increases at all or is there any specific, let's say, trigger level beyond which you can pass on or there is no scope whatsoever to pass on in the existing contracts? Existing contracts are at fixed prices, almost all of them. If input costs go up, that's something for us to manage and vice versa. I think that's normal in most industries. We have usually a lead time of less than a year. And- on order books. I think that's something that is manageable. That's particularly then a comment on new equipment and modernization. Yeah in maintenance. The prices, we have escalation clauses for those depending on the market a bit different, but they do follow inflation over time. Yep. Good addition. Okay. In terms of your contracts with your suppliers, typically I understand they are three to nine-month long contracts typically. Correct me if I'm wrong there. How quickly, if I were to look at your existing mix, what percentage of those supplier contracts have already been renegotiated, and how much further still yet to be negotiated? I would say that we have to remember, it's not that you negotiate some part of the year and then it's fixed. This is an ongoing rolling process. Then we work with our suppliers to lock prices for raw materials and so forth. This is a constantly rolling process. I don't think I have any other answer to that question. I wanted to clarify something. If we talk about raw material impact, and we try to provide an estimate of the impact of the raw material prices that are changing in the market, then we, based on that, have negotiation with our suppliers. Those negotiations look at a bit of the past and also then where we are. Both going up and down, there's a lag in the impact in our prices. We buy actually fairly little raw materials, so it's more the components that their prices are impacted by raw material prices. It's not a one-to-one link. Therefore, also the comment we make tries to estimate the impact that we see. Depending on our capability to negotiate and also do redesigns, the net impact can be different. Normally, we've been actually quite good at seeing improvements compared to the just pure raw material price change. Thank you. One question around outlook for commercial market and on the residential side. It feels like you are seeing better trends there as well. Is that something which is a global trend you're seeing now, or it is still limited to markets such as U.S. for now? Well, U.S. is the one we highlighted because it's such an important segment. If you remember that, again, that Europe and much of Asia, really by far the biggest segment is residential, which have actually been more robust throughout the crisis. We see same trend in many of the markets where confidence is improving, and we can start to see coming out of this crisis, then that's usually a theme. Of course, in North America, it's a bigger impact than it is in the rest of the world. My final point, and it's a bit more subjective. Beyond the raw material prices, what would be your biggest concerns in the next couple of years or this year as well, if you want to? Well, I would say, of course, we constantly have a lot of things we look at and see that we have to continue to improve. I don't think that that's any different to the past. Of course, we look at market development very closely as we do all the time. That's why as we've done year over year, constantly look forward, constant improvements at KONE. That's how we operate. Want to find how do we find the changes we see in the market as opportunities, and how do we capture them and that's what we continue to be focused on. Of course, always there are uncertainties and so forth, but then we deal with them. Okay. Thank you very much. Thank you. Thank you. We'll now take our next question from Joel Spungin of Berenberg. Please go ahead. Hi, good afternoon. I just had a couple, actually. I was just wondering, I could start by asking, with regards to your orders received, just to help me understand a little bit more, and obviously 1.3% in the quarter. If I look at your chart on slide 13, obviously you were only red in one area in terms of new equipment, which was Americas. Given the relative size of Americas versus China, was there something unusual in the comp in Americas that explains why it was so weak in Q1, or is that not what's sort of underpinning this? Well, maybe I'll start with clarification. When I talk about orders received, where you started with your question of 1.3% growth, we calculate into that number orders in new equipment as well as in modernization and the repair orders for our maintenance business as well. It's a totality. Out of that, new equipment is a large part of that, but it's all of the three. Yeah. Then in the new equipment in Americas, I think we performed there quite well. Obviously last year the comparison point is quite high as it was a quarter largely not impacted by COVID-19 yet. North America market monetary value is clearly more meaningful than it's in units, so it does have an impact. Okay. Thank for the clarification. Then maybe just moving on. I was also wondering if I could ask, in terms of your comments around, obviously, you talked a lot about the margin on new orders received. I think in the statement you talk about it on a sort of year-on-year basis, but sequentially, has there been any significant change compared to Q4? I'm just trying to sort of get a sense of what the trend was. The reason I'm asking, obviously, is Otis commented on Monday that they'd seen some easing in pricing Q1 versus Q4 2020. Just trying to reconcile whether that's also what you've seen or not. My comment on margin was on purpose year-on-year comment because if you look at quarter-on-quarter, seasonality plays a role there. Particularly in pricing environment, we did say that pricing was overall rather stable year-on-year, I would say that quarter-on-quarter, that's also true. The clear difference driving the commentary on the margin of orders received is really the raw materials going up during the first quarter. Okay. That's very helpful. Thank you. Maybe just one quick final one. I'm just wondering if you could just remind us, during 2020, did you offer any rebates to maintenance customers? If so, have those all now been fully reversed out? I would say it was never meaningful. It was in some situations last year that there were either suspensions of payments or temporary rebates. I would say that is at a very low level today. There are some places where it is still some resorts and hotels, but it is not a meaningful number. It does not really impact the numbers overall anymore. Okay, great. Thank you very much. Thank you. No further questions at this time. I would like to turn the conference back over to the speakers for any additional or closing remarks. Well, thank you all for participating here today. I think we had some good questions. Now, Natalia, for closing. Yes. Thanks on my behalf as well to both Henrik and Ilkka, to everyone who joined online. Good participation, great questions. If you do have any follow-ups, please don't hesitate to reach out. We're here for you. Yeah, with that, I'm wishing you a great rest of the week. Thank you, everyone. Thank you.