Welcome. Welcome to our Q1 interim report. Before we get going, I want to share the usual one-pager with some disclaimers. We'll be making some references to the future, and as we can all understand, the future always comes with certain levels of uncertainty. You have your usual hosts, so Tiina-Liisa Liukkonen and myself, Patrik, here with you today. The first quarter of the year is always a busy period. It's a period of preparing for summer, but also a period when we compile the results of the previous year and share these with the market. I bring this up because last week we hosted our AGM in Iisalmi, and there was a particular note that I wanted to make as it pertains to our annual report. That's the sustainability statement. We have published this now for the first time, and it is, of course, in compliance with the new directive. I invite you all to visit it and have a read. It is a good read, a comprehensive read, and it is a quite important piece of documentation. I also wanted to take this opportunity to thank our team, really, for the great, tremendous work that they have done in terms of compiling the report, but beyond that, for the way in which they lead the way in sustainable business growth. Why do I say that we lead the way? We are quite proud to actually have proof of that. We were recognized by Time Magazine as one of the world's best companies when it comes to leading sustainable growth. With that, I hope that my words of thanks to the team are not only polite, but also factual, and that U.S. Investors find this as great evidence of the fact that the things that we're doing are actually being recognized and are taking us in the right direction. A bit further detail on Q1. As I mentioned, it's a busy period. It's also a period of preparation for summer. We're building our stock so that we can service our customers during summer and make sure that we deliver on our promise of bringing moments of enjoyment to our consumers across the markets. I'm glad to share that during Q1, and also as we speak these days, we're bringing novelties to shelf. We're bringing some 90, that's nine-zero, new products to the shelves across our markets. That's a combined number. As we look at the numbers of Q1 and compare them with Q1 of 2024, there are a few important things to bear in mind. The first one is the timing of Easter. Easter coincided in Q1 last year as it was in April this year. On the other hand, we've seen some increases in excise duties, particularly in the Baltics. We've had a strike in Finland. All of these have impacted volumes delivered to market and also the consumer demand. Beyond that, we have also invested more than previous years in marketing and G&A to make sure that we're ready to capitalize on the new products launched and really drive our performance across functions. Regardless of the weak demand, we're very proud of our portfolio and the strength of it. There's been intense competition in the market, which has been persistent for some time now, but we're holding our ground. We haven't lost market share. Rather, the opposite. We've even been able to grow our share in some categories. It's great to see that these initiatives are working in the chosen areas. We have been communicated previously that we want to grow in non-alcoholics and in the HoReCa channel. Much in line with our strategy, we see growth coming from these two spaces. Finally, as we look at the future, I want to mention the high- bay warehouse, one of the major investments of this year that we're doing in Finland. It's up and running. We have already put in some 8,000 pallets of products in storage ahead of season to make sure that our service levels this summer will be in good stead. As a whole, how did Q1 look like through the numbers? I'd like to say that in general, to the greatest extent, this was more or less in line with our expectations. No major surprises. We're still seeing that softness in demand that I mentioned and some of the other impacts there in terms of the market dynamics. We should really remember that we're overlapping a quarter where all our initiatives were not yet in play. We had not done some of our portfolio choices in Denmark and Finland at this time last year. We had also not been able to improve our mix to the extent that we were looking to do, nor had we fully been able to materialize on some of the efficiency-driving initiatives in our own operations. This really impacts the delta between volume evolution on one hand and then the profit evolution, and particularly as we look at Denmark and Finland. Denmark impacting, of course, then the Baltic region. With those words, I wanted to hand over to Tiina-Liisa, who will talk us through the segments in a bit further detail and some of the economics as well. Thank you. Thank you, Patrik. Let's move to the segment performance for quarter one 2025. Let's start with Finland. First, I want to emphasize that our profitability improved almost 20%. This is especially due to improved production efficiency and the higher average sales price due to the comparison period. We have to remember that last year we were able to make the improvements that offset the high inflation from quarter two onwards. Our volumes decreased 5.7%. As mentioned earlier, there was a one-week strike in March in Finland, and that affected our delivery capacity and decreased the delivered volumes. To note, industry delivered volumes decreased even more than Olvi volumes did. Also, there is an Easter sales impact so that this year Easter is in quarter two. Despite the lower volumes, our strong market shares remained. For example, our beer market share in Finland is more than 50% despite the changes we made to the product portfolio in 2024. The sales of waters and hard seltzers continue to grow. In the Baltic Sea region in general, in Baltic countries, consumer purchasing power remained at a weak level, and the price competition continued to intensify. Also, increases in excise duties imposed on beverages early in the year harmed the demand in Estonia and in Latvia. We maintained market shares in Baltic countries despite these facts. The biggest decline both in volumes and profits came from Denmark, where we made changes to the portfolio, as you remember, discontinuing some unprofitable products last year. The volume base is now lower. EBIT decreased 40%. That is because the cost for preparing the summer also affected the profitability. At the same time, we have invested to the novelties and especially in Denmark to Jolly soft drink brand. It seems that Danes have an increased interest in domestic brands instead of the American ones. We have to note that the total EUR 1.1 million effect in EBIT is the decrease. We believe that that is not the kind of obstacle to perform well in the future or this year. In Belarus, volumes and net sales continued to increase with the overall market growth. The consumer demand has also been strong. We have to note that Belarus market conditions are different from the other markets, especially for this purchasing power. Sales volume increased, especially in non-alcoholic product categories like water, energy drinks, and soft drinks, and growth was achieved in all sales channels. We have all noticed that the geopolitical situation continues to be very volatile. The same thing is for us that no changes in all the situation what comes to the exit from the market. There is no permit to sell the shares, and the dividend distribution restrictions are still valid under the year-end. Some KPI summaries from the quarter one. First, equity ratio has remained very strong despite, for example, that we withdraw this EUR 15 million green loan for the new brewhouse and financing that. Investment in general are EUR 11 million for the first three months. From that, EUR 8 million was related to Finland. There is this high- bay warehouse that Patrik was mentioning that we are already taking in use now for the summer season, and the brewhouse construction is ongoing. Those projects are progressing in schedule. There were some minor investments, about EUR 2 million in the Baltic Sea region. The cash flow in this time of year is always negative. It is when we are preparing for the summer season. Especially this year, we have been stocking quite a lot of products. That is affecting the negative operating cash flow. I think those are the main points from the financials. Yeah. Thank you, Tiina-Liisa. A few more slides, and we can get to the questions. As it relates to our near-term outlook, we're making no changes, so we're holding our guidance for this year and expect our profit to land somewhere between EUR 82 million and EUR 90 million. Really briefly on strategy and choices. Some of you might recall that we called out a few themes during 2024 that we believe would be impacting the year. We see many of these, actually all of them, continuing throughout 2025 as well. We've touched on households and the purchasing power being impacted by increasing prices on one hand, and the weak demand is also subject to uncertainties and concerns there more broadly. Competition is intense and so forth. You can see them there on the chart. We believe in our strategy. We believe 2024 demonstrated we're on the right path. Also, the first quarter coming in broadly along with our expectations gives us confidence to continue to implement this strategy in a systematic way, both on a group level and then also on a local level. Of course, as always, we're guided by our values, and we believe in strong partnership, positivity, and collaboration. With those words and plans, we have every reason to believe that we can deliver in line with expectations throughout the year 2025 and beyond. This is us in a nutshell summarizing the first quarter, and now we're opening up for any questions in the room or online. Thank you. Hi, Sanna Perälä from Nordea. I have a few questions. Firstly, in Q1, your tax rate was quite high at 25%, at least compared to the Q1 last year. Could you elaborate this a bit, or is this the normal level going forward? Maybe you want to take that. Yes, thank you for the question. Yes, I think that the comparison period taxes were exceptionally low, so this tax amount or tax rate is more affecting or reflecting the reality where the effective tax rate is currently. Right, thanks. You mentioned the timing of Easter and also the one-week strike here in Finland that impacted your volumes negatively. Could you quantify these impacts a little bit more? Thank you. Maybe I'll take that one. Good question. I anticipated the question, and unfortunately, it's difficult to give you a numeric and precise answer. Now that we get April complete, then we'll see how the timing of Easter has impacted on the first four months. When we come to report on Q2, then I'll have more specific answers for you. A second question related to the strikes. Whilst I don't have an absolute number to give, I point to the message Tiina-Liisa shared earlier that whilst the total market came down in terms of deliveries to trade, Olvi performed better than that on a competitive level. There was an impact for sure, but we believe that will kind of stabilize over time because the shelves were not empty, consumers were not limited in terms of access to our products. Thank you for your question. Thanks. Then the last one. The investments in Q1 were some EUR 11 million. How should we look at the level of this in full year 2025? What's the level of investments looking at the total year? You want to comment? Yes. We have been communicating earlier that these big investments what we are doing in Finland is in total about EUR 45 million. We started last year building the high- bay warehouse, and this is the most kind of busiest year for the investments. The major part of the investments will happen during 2025. All right, thanks a lot. Okay. Yes, a few follow-up questions on the volume drop in Finland and Baltics, roughly about 5%. Could you quantify how much of this was portfolio changes? Again, difficult to give you an exact number because we have to take into account the Easter effect. Across the Baltics, we have to consider the excise duties that were increased, which had an impact on demand. We have to look at things in the context of the total market. Finland and Denmark specifically, these are two countries where we have walked away from some unsustainable volume. Therefore, Denmark is perhaps the more significantly impacting aspect of the Baltic Sea region. Talking about Denmark, you commented that most of the Baltic Sea region profitability drop was associated with Denmark. Is this more of a one-off, or is this that you're seeing that the turnaround that you are currently carrying out in Denmark will take more time and we should expect the profitability to be under pressure longer time in Denmark? I'm not sure if we articulated as specifically as you just voiced in terms of the impact of Denmark. For sure, we have invested in Denmark in terms of marketing, extra marketing spend behind Jolly, and that's really carrying dividends. We're getting a tremendous consumer pool. We have a lot of interest from trade. We're expanding our distribution. We're getting new listings. There is a lot of positive momentum. The impact of that has been small in the first quarter. We expect more in the second quarter. There we have walked away from some unhealthy volumes that impact the total volume. Your question was more around the source of the profitability loss. In that, we should look at the total market coming down and some G&A spend. What am I still missing that drives the majority of that change? Yeah, I think the Baltic Sea region in general, what lowered the profitability is those reasons that Patrik mentioned, but also that we were preparing more the season. We have been investing this year more in marketing and launching the novelties already in quarter one. It is burdening with these costs more than last year. Yes, there is the kind of the change going on in Denmark. We have been taking away or the volumes have been lowering now in Denmark, and we are shifting to the new phase. I think this is the kind of the changing time for that one. Yes, we are looking forward to more forward for the sustainable growth in profitability in Denmark. For example, this Jolly demand is now looking very promising if we are looking for, for example, this year. Maybe coming back to your question still, if you think about Finland, yes, portfolio choices have brought our volume down, but let's remember that our volumes are down less than the total market. In that sense, it suggests that we've done the right choices. I wanted to touch upon the Belarus that you have this ban on the dividends for until the end of this year. Do you think, I mean, the money that you are generating today that you can eventually pay it out, or is there an anticipation that government somehow will impose a new tariff in order to take basically the profitability out of your subsidiary? No. In this marketplace, there are certain uncertainties that are ongoing, and it's an ever-changing environment. We're tracking it closely. We still have control of our asset there, and it's our people running the business, so we're very much in charge. As you stated, the dividend limitation is in force for 2024 and 2025. With that going away, we expect to return to normality. We haven't heard or received any signals to the contrary on that part. That's all yet. Okay, thank you. Maybe one question because anyway you are in the weather business, let's say, early Q2. We have had nice weather at least in Finland. Taking into account that last year, start of Q2 was, let's say, still winter in Helsinki region at least. How, if you can give any comments on how the Q2 has started with this kind of, let's say, that good weather environment and also the Easter is now in Q2? Just to get a little bit feeling of current trading. Yeah. I think it's dangerous to give too much specificity on the quarter and the run rate of this month as such. I do appreciate the humor in your turn of phrase there as being in the weather business, where I just want to emphasize we're not, we're in the beverage business, and whilst it would be always easy to refer to the weather impact, we're trying to refrain from doing so. Of course, recognizing that we're coming into the season, and there is seasonality in our business. The majority of our sales will be done during Q2 and Q3, as we all very well know. The weather always helps. The first rays of sunshine up in these latitudes where we're coming out of a long period of darkness and cold always helps and creates excitement. I think for April specifically, the Easter effect is the more important one, being kind of the first moment of celebration in the kind of the annual calendar when it comes to this time of year. Of course, we have to remember that the Easter is the first kind of spring seasonal sales spike that we will have. Now when it is the quarter two, it has an impact as you saw for the quarter one. The weathers are kind of changing from summer to summer. Last year, for example, in May, we had the great weathers, then in June, not that good. It differs a lot how it goes this year, and it's very hard to predict. Of course, we are hoping for sunshine and warm weather. Maybe one question related to possible M&A actions. Your balance sheet is strong. How do you view the current environment? Let's say that at least it seems that maybe valuation levels have maybe come down a bit. Do you see any opportunities on the M&A side? Yeah. I think we came out with that in our capital markets day review at the end of 2023, and we stated our intentions clearly, which is to look at not only organic but also inorganic growth within the region of Europe. This is work that's ongoing, and we will communicate those details in due time. Okay, thanks. Maria Wikström from SEB. One more question on the raw material outlook. I mean, we've seen malt barley prices come down year over year. Of course, we have no idea of the upcoming harvest, but if you could discuss a bit on your raw material outlook and the different categories, malted barley, aluminum, glass, what you are seeing now. Sure, thank you. I'll keep it quite top line because we haven't opened up our hedging and policies before. What you're stating is correct on the barley price there, but it's also something that's weather-bound. Season to season, it can change quite drastically. What we've seen most recently is aluminum prices coming down from historic highs. We have to bear in mind the perspective here. If we were to go back to the times before COVID, we're still on aluminum roughly 20% higher than we were back then. It is not cheap, but it has come down from some historic highs. For how long, we don't know. Also on aluminum, it's just one ingredient that goes into a can. The can price is affected by other things, and there's a shortness of supply. That doesn't necessarily mean that the can pricing per se is coming down. Perhaps staying flat or even going up a bit is foreseeable. It is a mixed bag. The good news, I suppose, is that things are more stable. We have come away from those years of intensive price increases and huge inflation on all our raw materials. Things have subsided, but we are still on a much higher level than where we were before COVID. Of course, this geopolitical situation is affecting the raw material and packaging material prices also. All these customs tariffs do not have a direct effect on us, but it is creating uncertainty and volatility in the market. As Patrik said, we are at a much higher level in the costs now than, for example, before the COVID times. It seems that we have been there now a few years. How does it look for the future? We do not know. I think that the point is that, of course, we are then doing some hedging and try to make sure that our supply is at a sustainable level in the market conditions. One question, I think in the report you mentioned a few times a competition in the retail. If you could a little bit open up, I mean, the competition, that is this price competition, and do you see, how do you see price mix developing from here across different markets? Good question, thank you. Yeah, indeed, our reference was particularly to grocery retail, so to the places where you shop your day-to-day food items. Competition is intense, and in practice, it means that the volume sold on deal is higher now than it used to be in the past. As I mentioned, competition is always intense in these environments, both between the suppliers and also between the retail chains and operators. Everyone's fighting for the available spend that the households have. We're part of this. This is something that, of course, we've become accustomed to, and we're reacting on a local level with the types of campaigns that serve us well, that protect our profitability, but also importantly, our share and our volumes. When you speak about mix, we have opportunities in mix. We've been talking about that before, that we have great growth potential in the non-alcoholic space, a category that's foreseen to grow for the long term. We're already strong in beers. We've been able to sustain our strong shares within beers. On the alcoholic side, there's also growth to be seen, for instance, in hard seltzers and some other categories. Did that answer your question on the mixing? Yes, thank you. Finally, I think it is this week when the government is discussing the potential change in the Finnish alcohol law and allowing wines in the grocery stores. What is your anticipation, and what will be your action if wines will be allowed to the grocery stores? I think it's difficult for us to comment on political evolutions. We saw the initial report, I believe, last week, which suggested that there's alternatives with which to move forward. Now it's up for the government to decide how they move or not. What we will do is live according to our values, which is to remain agile and prepared for any eventuality. We believe that the circumstances will always change. It's just a question of being ready and able to adapt when that happens. As a great example, I can mention what we did last summer in 2024, when the alcohol law changed, allowing up to 8% products with up to 8% ABV on shelf in supermarkets in Finland. We had taken a conscious risk and prepared ourselves a few weeks ahead. When the news came on Friday that it's allowed to put the products on shelf on Monday, we did. We were ready for it. We're trying to be prepared for all kinds of eventualities. What will happen, we shall see when they make the decisions. Thank you. Okay, we have gotten a few questions through the chat. I think most of them we have already discussed through the questions in the room, but a couple of ones, maybe first we can start with Belarus. Even though that was already discussed and that there's an exit plan, is the exit plan still standing? Does it mean that if the situation would change and the war would end, is there still a plan to sell the Belarus business? Yeah, thank you for the question. It's a question we tend to get quite often, and there's no change to the statement we made in March of 2022. We've shared the evolution, the journey we've been on over the last couple of years with initiating the sales process, then being faced by local legislation that prohibits a sale. Things have evolved since. Yet today, you need a permit to sell, a permit we don't have. This is an ever-changing and evolving situation that we're tracking on a daily and weekly basis, and we'll report as and when there are relevant changes to report on. Thank you. Another one also about Belarus regarding the payment of dividends. Can you advise how much of the EUR 35 million cash balance is from Belarus and how much is outside? We have not specified the cash balance by country or by segment in the quarter report. Last time, the cash separated by segments you can find from the financial statements 2024. Thank you. Final question is, can you specify the guidance by segments in any way? Are all the business segments expected to improve full year EBIT? I think this guidance is something that we started practicing last year. We gave a guidance for the first time in terms of a numeric range. For now, it stays as a total number with a range. If there are needs to change the range, we will do so. I do not foresee us this year coming in to comment around segment-specific expectations. Yeah, we had some specific comments when we released this year's outlook, financial outlook, and you can find that from the quarter four report. There was some specification related to segments and the expectations what we had for this year. Thank you. That was all from the chat. All right. Any final questions from the room? Otherwise, we thank you for your activity. Thank you for joining us also online. Happy with the amount of questions, and we shall see you again after we have the Q2 results. Thank you. Thanks.