Ladies and gentlemen, welcome to Uponor's Q1 2023 results briefing. My name is Franciska Janzon. I'm from Uponor's Investor Relations. Today, we will start with a presentation from our President and CEO, Michael Rauterkus, on the group's overall development and strategy execution. This will be followed by a review from our CFO, Markus Melkko, on the financials. After this, we will hear from our Board Member, Hans Sohlström, who is Chairman of the subcommittee that has led the board's assessment of Aliaxis's non-binding intention. The presentations will be followed by our Q&A session via the teleconference line. With this, I hand it over to Michael. Good afternoon, everybody. Good afternoon from sunny Helsinki. I'm here in the studio with my colleagues, with Markus Melkko and Franciska, and I'm very happy to report about our great results from Q1. Transformation is on track with strong margin. That's the title for today's session. Before we go to our numbers, as always, as we have the people- first agenda, let me first talk about really what matters in terms of safety. You see here, as we have always done, we focus really very much on the LTIF measure, and I'm really happy to report Q1 shows a great improvement versus last year. This is due to a very intense program we have started last year, mainly also focused from our technology side. As you know, we have a new technology leader, and with a great new program. We made really progress in almost all our sites across the world. I mean, I'm really proud of this. This is again, another demonstration of people are capable of really making a fast improvement on a measure we really focus on. That's really very good. Moving from people to business results, the transformation is on track. We announced in February the transformation program. It is on track, and the result is really a strong margin. Net sales is EUR 329.4 million. It's down -5.8%, but half of this gap versus last year is coming from the Russia being in the baseline and the closure of the Middelfart factory. The comparable operating profit was EUR 45.5 million, very strong, just down 3.7%. Again, it would be on last year's level without these two effects. What I'm most proud of is really the comparable operating margin with 13.8% is high. It is at the highest level since four quarters in a seasonal, weak quarter, and that's really a great achievement. A strong comparable operating margin in tougher market conditions. Margin resilience visible in all the divisions. Transformation program on track. As you know, we started this basically already October and November last year, but then we had to work three months on the cyber event, and then we went back to the transformation program and achieved these results. The Russian market exit is completed. Was a painful administrative process, but now tick in a box, that's gone and out of the base. We also made a disinvestment of the energy business from the Infra site because it's non-core. As you know, this strategy is also Maximize the Core, which also means what's not core gets sold if possible, this is what we have done on the Infra site. On the transformation, one of the big events was the closure of the factory in Ehingen. We move all this production to Poland, which also gives us an improvement of our profitability. Last but not least, again, another innovation piece here. Uponor is the first company in our industry with the SBTi validation for net- zero target, I come to this then later. As always, these are the group results, EUR 329 million of net sales. If you really compare this to EUR 350 million, as I said, mainly half is coming through some the effects which are not yet in the baseline again. You see nicely how the operating profit has really evolved. We ended up with EUR 45.5 to be exactly, 30.8%. After 13.5%, 12.7%, 12.3%, and of course Q4, as you all know, was the exception. Starting in the year with 13.8% operating profit is really good because, as you all know, in this industry, catch up doesn't really work. If you want to reach your targets in a year, you have to have a good start. Coming to Europe, while it's the top line is a bit soft, the comparable operating profit is really, really good with 12.6%, almost on last year's level. Of course, they have been impacted by this Russia baseline effect. When you compare the EUR 150 million, of course it's higher than Q4, of course it's higher than Q3. It is really in the right range. The team is there doing an absolute fantastic job because clearly the market is tough out there and we have managed the operating margin through strong pricing discipline, cost management, and running this transformation program step by step, both on the commercial side, but also in our factories. This shows really how flexible, fast, and agile this company is now. North America, EUR 125 million of net sales. In line with last year's number, in line with Q2 number, it would be too early to say it's signals of stabilization because there's a lot of discussion on the U.S. market. The U.S. in this tough market condition have delivered again a great result. Also, where the comparable operating profits with 18.4% is pretty strong. They had a bit of a benefit to be open and transparent from Q4 where we couldn't ship all the orders we gained through the cyber incident. They had a bit of a stronger order book, but they continue to get orders on a really good level, and that's the most important thing. Here again, pricing in, on track, transformation program on track as well. Infra, no surprise, they have a bit of a different seasonality like every year. The difference here again is they kept the profitability. If you would add Middle East back on, the profitability would be exactly on a, on the same absolute level than last year with lower sales. That's again a great achievement because probably for them it's toughest to hold the, to hold the line, I always say. To hold the line on pricing. They have done a great job to hold the line on pricing and you see this in a gross margin, but you see this also in, on the bottom result. That's Infra. Now let me talk about... We picked one, in the interest of time, we picked one again proof of innovation power of this company. Uponor is, as you know, a great global brand with a lot of innovation power. We have set ourselves the vision to become the leader in sustainability when it comes to water solutions. I just put in here the three events over the last months. I mean, the first PEX pipe based on renewable raw materials, first in the industry. An old problem we solved because what do we do with the production waste? First circular PEX pipe produced from own PEX production waste. Again, being first in the market. Then last, just after the Q1 closure, we got the message we are first now in the industry to receive net- zero target approved by SBTi. First in the industry. This is what I think is leadership. We take the lead in this industry when it comes to this product segment, and this is why our customers and our stakeholders love us. They love this brand because there's always something new, we always strive for better solutions, and we move on leading the way when it comes to sustainability. The strategy works. We announced last year in March the strategy. Again, Maximize the Core. We have a lot of opportunities in existing markets selling existing products at higher price more often. We also have a new innovation pipeline. We hired one of the best R&D leaders in this industry, and I've worked for him, with him a lot of times and soon we will announce a number of innovation for this marketplace. We also will look into how we set up R&D in the future because at the end of the day, what the people like to hear from Uponor is more innovation because the market really needs this, the underlying trend, the mega trends are intact, and this is what why people choose Uponor versus others. Sustainability is really close to our hearts. It's a Finnish heritage to always be at the forefront of sustainability, we lead the place. Last but not least, people first. You saw even in this presentation where we talk about Q1 results, we start with our people. The way how we do the transformation program, it's not just a cost cut, we do a transformation which really deepens and improves the processes to make this company even more resilient. That's really important. We enhance and harmonize the business processes and systems. That's so important. This company in this environment will be more resilient than ever. This is why we announced last time a transformation program to strengthen the resilience. We improve the adaptability to a changing environment because of course we can't predict what's happening tomorrow. We always say, "When, when is the new normal?" We just don't know, and this is why we prepare the company to face even more challenges. It really works, and we deliver this with superior margin. This is why we have set up this program, and the planned outcome is to have at least EUR 30 million cost savings by end of 2024. Now I will introduce you to Markus, and he will report how we are doing on the transformation program. Thank you very much. See you later. Thank you, Michael. Good afternoon, ladies and gentlemen. My name is Markus Melkko. I'm the CFO of Uponor Group. Like Michael said, I'd like to start by showing you a bit of the achievement that our team has already achieved with the transformation program. Like Michael said, it's more about transformation in the ways we work, how do we get more lean and resilient, but it also then. Has the benefit of delivering, cost benefits as well. On the left-hand side, you can see that we announced the program in the February webcast. During the first part of the year, I mean, the first couple of months, we've already delivered and executed on actions that are delivering EUR 14 million annualized savings, and first of those benefits are already visible in the Q1 numbers. As part of the transformation program, it unfortunately leads to also a bit of, say, reduction in our headcount. But you can see that actually with the actions that we've taken there, we're already -8% with the transformation actions, sale of District Energy business, reduction, and then the other changes there being our ability to also manage through normal attrition, for example, the headcount. If there's a person who has left, then we have reshuffled the activities and not necessarily backfilled. The transformation program is well on track. Like we said when we announced the whole program, we will report out quarter after quarter on our progress. The targeted savings are EUR 30 million, and we confirm that we estimate that the cost for the program would be within the EUR 25 million range announced in February. Just to indicate a kind of a tick in the box, coming back to our communication from Q3 2022, we said that we will focus, already in the back half of last year, we started our focus on margin management as well as cost and capacity management. And with this, I'm happy to report out that as part of the transformation program and in addition to the other productivity or activities that we've done, we are well, making progress, especially on the margin management side, as you already saw from Michael's presentation. I will talk about the gross profit margin in a minute also. Just wanted to highlight that we're making good progress with the margin as well as then the cost management. Q1 net sales as well as then operating profit development. Like Michael already said, the net sales were down some EUR 20 million. Roughly half of that is actually related to the exit from Russia as well as then closure of the Middelfart factory. Approximately EUR 4 million of the Russia exit is in the BSE number as well as then roughly EUR 4 million in the Uponor infra number on the Middelfart exits or Middelfart closures. That, you know, gives you hopefully an indication of the magnitude of those actions that we've taken to manage the baseline. There was a bit of lower market activity, and that's visible then as the delta in the net sales. On the comparable operating profit margin, it's a very healthy 45.5 million EUR. It's a slight decrease, it's mainly coming from the comparable gross profit, which is driven then by the volumes, what I just explained to you. From a margin management perspective, a strong start to the year. Moving on to the gross profit margin, this is something that I've discussed in all of the quarterly calls. If we take out the Q4 2024, which is an outlier because of the cyber incident, the rolling four-quarter gross profit margin is showing the trend upwards. That's something that we've followed up on the long- term. Especially, I would like to draw your attention to the Q1 gross profit margin. Comparable gross profit margin was 40.1%, then the reported gross profit, 39.5%. Also there we see a bit of impact from the transformation program. Part of the items affecting comparability were actually costs in the affecting the gross profit as well. All in all, 40% gross profit margin is a strong start to the year, and we will stay focused on margin management also going forward. The reasons for the improved gross profit is, like Michael already pointed out to, they're related to our focus on productivity and efficiency gains in our production, but then also our discipline with pricing as well. Managing margin will stay a focus also for the coming quarters. Moving forward to cash flow, which was at a healthy EUR 23 million level this year. A year ago, it was a bit of an exception, because typical to the industry, we saw the last year, the material prices go up and also the inventory levels. During Q1 2023, the positive cash flow amounted to EUR 23 million, mainly because of the more normalized and lower change in net working capital. Typical to our business is that the cash flow profile is a bit of a bell curve over the year, that's then expected also during the course of this year as well, meaning that the Q2 and Q3 cash flows will then be even stronger positive ones. Investments, in the cash flow chart there on the left-hand side, do include the gain, from the sale of the District Energy business and then as well then the financing cash flow, like, typical to our quarter ones, includes the first dividend payment, as decided by the AGM on the 17th of March, which amounted to EUR 24.8 million. That leads me to the balance sheet discussion. For that purpose, I would just like to highlight that the balance sheet is really strong. We are in a strong financial position. The gearing at the end of the quarter was 7%, and the rolling four-quarter gearing was at 10.3%, both very strong and well below our financial targets. The net interest-bearing debt continued to decrease and obviously supported by the good cash flow development. From financing position, meaning the external financing, no change versus the Q1 last year or the end of the year position either. All in all, the balance sheet is strong, and it supports us while we continue to pursue our strategy and stay the course with our strategy. With that, I'm moving forward to the financial targets. These are the financial targets we communicated in our CMD March last year. We purposely did that in two phases. The first phase from 2022 to 2024 has an organic growth target of 4% and an OP margin target of 12%. We made the commitment that our ambition is to accelerate the growth rate from 2025 onwards and also to drive for higher OP margins from 2025 onwards. These are driven by the activities that we are now taking. We are Maximizing the Core, we're building on the innovation pipeline, and as well now we're going through the transformation program to build a leaner and more agile organization, helping to drive the margins going forward. There in the light gray, the Q1 actuals for these ones. The organic growth number you see there is, in a way, just a reported growth number. We haven't cleared it out from the Russia exit or the District Energy business sale. The market was a bit slower in Q1. The comparable operating profit margin, strong and well above the target. Then the gearing target we discussed already. With this, I would like to hand over back to Michael for the outlook for the rest of the year. You talk about the outlook for 2023. As you know, and this is most important, the long-term trend is really intact. This is what, you know, all the numbers we have access to really say. There are just not enough homes, if this is in Europe or in the U.S. This is why we think this crisis you can't compare to the financial crisis 10 years ago. It's this is a total different situation. At the moment what you see is the current market situation is, I would say, almost balanced between the tailwinds and the headwinds because we are in a really good industry. There is demand for safe water supply, there is demand for more energy systems, and there is growth in selected segments. It's up on us to be in the right markets and to address them with the right innovations, and this is really our chance. As I've shown, the company is really very agile to really make sure we are playing in the right sector. At the same time, the volatility is still high, and there are some headwinds. Uncertainties, as you know, interest rates rising. However, it looks like now this might stabilize a bit. Of course, like any other company, there's some general cost inflation. There's one thing really important. Number one, it's a strong brand. A strong brand drives, A, premium, we can hold prices, and we can actually in tough situations, and this is what's really qualifying a brand, taking share. We can manage this crisis better than competitors, and that's really important. While we have to manage this volatility, the outlook remains unchanged. We expect net sales to be between EUR 1.3 billion and EUR 1.4 billion this year, and we also stick to the operating margin north of 10% despite all these investments we have made. With this statement, I would like to hand over to Hans Sohlström. Thank you very much. Thank you, Michael. Good afternoon, ladies and gentlemen. I'm Hans Sohlström, member of Uponor's Board of Directors and chairman of the subcommittee that has led the board's assessment of Aliaxis' non-binding and conditional intention to make an offer for Uponor with a price of EUR 25 per share. I would like to briefly comment on Aliaxis' non-binding intention and the board's work supported by our advisors. We have assessed the non-binding intention and whether it is in the best interest of Uponor's shareholders. We have taken into account, among others, Uponor's market and competitive position, balance sheet, and long-term prospects, recent performance, and execution of its strategic transformation program. We have also taken into account possible consolidation opportunities in the industry in light of Uponor's market position. Uponor announced this morning that its Board of Directors has unanimously decided to reject Aliaxis' non-binding intention. In the board's opinion, the indicative offer price of EUR 25 in cash per share does not reflect Uponor's value and long-term prospects, and it is therefore not in the best interest of its shareholders. The Chair of Uponor's board and CEO of Oras Invest, Annika Paasikivi, recused herself from the decision. Oras Invest, the company's largest shareholder, holding approximately 25.7% of all shares, has decided not to accept the potential offer by Aliaxis. As previously disclosed, Uponor's board has engaged with Aliaxis already in 2022. The board terminated discussions with Aliaxis towards the end of last year. I would like to shed some further light on the board's decision to reject Aliaxis' conditional and non-binding indication and mention some of the factors that the board believes favorably support the company's long-term prospects. Uponor is successfully executing its new transformation strategy, focusing on growth and margin expansion. Uponor aims to become the leader in sustainable water solutions in the industry. The company's profitable growth strategy centers around driving organic growth by maximizing the opportunities in its core business, a step change in innovation, a people-first agenda to drive an engaged performance-based culture, and leading the construction industry towards net zero emissions while at the same time improving the resiliency of the company. A strong balance sheet also allows Uponor to pursue inorganic growth through M&A in line with its strategy. Uponor is well-positioned to seize opportunities created by the growing demand for energy- efficient heating and cooling systems, as well as for sustainable solutions for safe- and- clean water. Further, Uponor has a strong brand and long-term customer relationships. The company has a unique footprint and market position. There are only a few global brands in this industry, and Uponor is one of them. Uponor operates under its own well-recognized brand in 80 countries with a strong business in North America and Europe. Uponor is an expert in its field with a legacy of industry firsts in pioneering sustainable innovations and unique capabilities that enable Uponor to fulfill its customers' needs and lead the change in sustainable water solutions. Uponor is not a building materials company, it is a water technology innovator. Uponor currently enjoys strong performance and business outlook under its highly capable new management team with experienced members that know the industry and have managed global brands within the industry and that have proven track tracks in driving commercial, technology, productivity, and margin enhancements. Uponor reported solid financial performance last year as well as in the first quarter of this year with margin resilience visible in all divisions' performance. The group's comparable operating profit margin is at its highest level since four quarters back, and the comparable gross profit margin is also improving. The execution of the transformation program with half of the expected savings of the program already underway is proof of the agility of the team and strong strategy execution. In conclusion, the Board of Directors welcomes Aliaxis as a shareholder of Uponor and will evaluate any further proposals made by Aliaxis or any proposals made by another party in accordance with the best interest of all Uponor shareholders. The Board remains focused on pursuing Uponor's strategy. The company enjoys strong performance under its new management team and has a strong position and opportunities for future profitable growth. Thank you. Now over to you, Franciska. Thank you, Hans, Michael, and Markus for your presentations. Now it is time to open up for Q&A. All our speakers are available for questions. With this, I hand it over to our teleconference line operator to welcome the first question. Thank you. On your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Anssi Raussi from SEB. Please go ahead. Thank you, hello, everyone. My first question goes to Hans, if I may. How far into the future you are looking when you assessed this non-binding offer, like what kind of time horizon you had in your assessment? Yeah, thank you for the question. Of course, we are, as I mentioned, one of the reasoning for our very clear unanimous decision is the fact that we have insight into the strategy, the transformation strategy of Uponor, as well as also the strong execution which the management has performed since last year. Of course, we are looking into, you know, the coming years. I don't want to give an exact, you know, time horizon. We are convinced about the value of this company in light of the strategy and opportunities out there for the company. Okay. Thank you. Then I have a couple of questions about the business and Q1 and Q2. Firstly, about your EBIT margin in Q1. You mentioned the pricing discipline and efficiency, but was there anything like really special behind the 13.8% comparable, like, EBIT margin? Like, did you hold back some costs which will come back later or something like that? Or is this just so-called, normal level right now? Whatever normal level is, Anssi. I think what the difference is really, I always was talking about, let's make sure we run the right mix here. We focus on core, we focus on margin. I must admit, really, I hoped for, but I wasn't quite sure because remember, we were fighting against cyber for three months and then starting really this transformation point. I was hoping we would see the first impact already in the first quarter. I'm really proud of the team because they delivered. Many of these transformation goals, you go through big projects and then you see nine, 12 months nothing. Here shows a bit the agility of the company, right? They could really switch on. To be fair also, we had this... We had some of the elements already in our pocket back in October, November, but we couldn't execute them. As soon as the cyber crisis was over, we could, you know, push the button and move on with the strategy. You saw already a bit of this already in the baseline, of course, and this effect will stay. Yeah. Agreed. Difficult to say what is normal in this market. Exactly. Thanks. What is normal? If you could answer this question, yeah. No, this is the. I think in the context, I think we need to see this in the context, and this is why I think this margin management, clearly this stays. Also, you know, to reset the cost base is not just a haircut, it's a true transformation. Not only, you know, Markus has shown, you know, the headcount development, but also, we also invest in some parts, and especially on those which are really important for the future. What you have seen from Markus is the net effect. Yeah. Yes. Clear. Yeah. Then about the Q1, like, how would you describe month-on-month development during the quarter? Like, trying to figure out the starting point for Q2 and if Q1 numbers actually describe the current market conditions or if it's going to be worse in Q2. I mean, it is, you know, it is really hard to say. I must say what we see is on a week-by-week, sometimes even day-by-day, more volatility when it comes to our order book. This is also a bit of an effect which is also healthy because you see some of the wholesalers which have been cautious in the past, where we have seen they've reduced the inventory. Now every order, of course, is sell-through. This also means for us managing these orders gets a bit more stress because, you know, our wholesalers are more cautious. We haven't seen a certain pattern here. Of course, there is. Of course, the one number we always focus on is really the order intake and the top line. Clearly with all the. Even the best transformation program in the world, you need a certain top line to manage the business. Yeah. Okay. Thanks. Actually one more for Hans. Have you heard from Aliaxis after you came out with your assessment results or your publication? I have a contact with Eric Olsen, the CEO of Aliaxis. Yes. Have you agreed that you continue your discussions in the coming days, or can you comment on this? Actually, we have a meeting later on this afternoon. As you saw from the board statement, it was very clear that the current indication doesn't give any reason to continue a process or a dialogue. We are open for of course, for other proposals from Aliaxis as well as also other actors in the market. Yeah. one more, like. I think I know the answer, but, do you have many other proposals on the table? Yeah, we cannot comment on that. You knew the answer. That's what I thought. Thank you. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. We thank you very much for your attention today. Thank you Anssi for that question. We will be back with our Q2 report in the summer. Thank you. Thank you very much also from my side. thanks for the question, Anssi, and see you next time at the Q2 release. Thank you. Thank you. Thank you. Dear Uponorians, welcome to Uponor's Q1 2023 results and strategy briefing. Here's our agenda of the day. We will start, as usual, with our safety update. Michael will walk us through the latest steps we have taken. Followed by an overview of how we have done on group level and also our divisional reviews. Markus Melkko will then follow with our financial review and what has happened there. We had good numbers showing today, so that will be interesting. This will be followed with a review of our strategy execution and how far we have come in the transformation program. Michael will also comment on Aliaxis' non-binding intention. This will be followed by a Q&A which will be moderated by me. Then we will end, as usual, with the CEO's closing remarks. With this, I hand it over to Michael. Thank you very much, Franciska. Hey, welcome, everybody. We have, again, a busy agenda. I think this time, let's really keep enough time for the question and answers at the end. With that, some of you have probably taken the external webcast. We just, there we had 150 investors dialing in, and in this session also we had Hans Sohlström, a board member. He's actually leading the Ad Hoc Committee, and he was here with us the last half an hour also to answer any questions from our investors. As always, safety first, really good progress. Ladies and gentlemen, LTIF is down at 4.6. That's a massive improvement. Really this shows if we are focusing on one thing, and of course we are focused on this quite some time, we can really make progress. The explanation for this is really, I think now everybody has taken this a bit more seriously. We have better programs in place. Just one number to underpin this a bit, I think the number of near misses went up four or five times versus same time last year. We get more visibility, and this, of course, helps us to improve. Congratulations everybody, who really participated in this. This is really here by details. We have the LTIF, but also we have here monitor just the number of accidents. Let's go down to the lower block here on the global number 26 in 19 17 20 14 8. I mean, this shows really the progress we have made, you know, on a quarter-by-quarter basis because it's important, because it's always wintertime and people slip on ice and then break their legs, whatever. Thank you very much for this. Let's also this is the near misses, and then let's talk about the business. Transformation on Track with Strong Margin is the title for this call. Net sales is down a bit, 5.8%. Half is the non-like-for-like because this is still including Russia. Last time we had Russia, and this time not, and the same with Middle East. This equals roughly to EUR 9-10 million of sales. Comparable operating profit, EUR 45.5 million. Really strong on a relatively slower quarter due to seasonality. If you would add up the profit from these two events I mentioned, it would be EUR 47. Now the highlight really of this quarter is the comparable OP, which is 13.8%, which is the strongest since four quarters. Why is that? Margin resilience in all the divisions. Transformation program already kicked in a bit, and we explain a bit later what it really mean. The Russian market exit has been completed, so it's out of the base. The non-core District Energy business is being sold because we always said Max the Core, but also Max the Core means what's non-core, ideally, gets being sold, divested, and this is what we have done. We also will move the factory work from Ehingen, which was an assembly part plant, to Poland. A highlight clearly is the SBTi validation for net -zero target because it's first in our industry. This is what we have already reported out. I just want to strengthen this. This is again, a big milestone on our agenda to become the leader in sustainable water solutions in our industry. Numbers look good in the context, and the highlight again is margin. We lost a bit, EUR 20 million. Half is in a non-like-for-like. Of course, there are tough market conditions, but in the context of the market it is a good result. EUR 350 million last year, EUR 329 million this year. However, a EUR 400 million quarter is ahead of us. The key theme for everybody here in this call, and I will mention this now 10 times and Markus will emphasize the message, we need to now grow the top line and we need the volume. Let's go into Europe. Also, you know, despite a really tough market and they had really a great December. We were all a bit afraid how Q1 would look like. In the context of this, EUR 150 million is really good after EUR 162 million last year. Also, I mean, compare the numbers to Q3, it's EUR 9 million higher. Would you say signs of stabilization? Absolutely not. We see this clearly how the order intake is developing. We now need to fight for every single order. This is what we need to now to really focus on. The comparable OP, 12.6%, is on last year's level, which is good. Holding the line on pricing is really important and continue to drive the transformation program. I must say, Gerrit and Thomas and their teams doing a really great job to get the business in Europe stabilized. Gerrit and your teams and your market leaders, thank you very much. North America, I must say from my point of view is really the highlight here for Q1. Also given the market context. I mean, stable business in Q1. They had a little bit of tailwind from a strong order book from December, but really a strong start throughout the year, also when you compare this to competition in the North Americas. Comparable OP is at 18.4%. Again, this is driven by a quick start on the transformation program. Markus will later give a little bit more flavor on the U.S. contribution because they could. They were prepared. I mean, we had a fast start from Infra, but, you know, when cyber was over, Anders really pushed the button and thanks God to this, we saw here a solid EUR 23 million OP from North Americas. Infra had a bit of a slower start, partly seasonality, partly of course is a non-like- for- like comparison. It says comparable, but it's not fully comparable. Like- for- like, the profitability would be on last year's level, but still the market, to be fair, is a bit slow. We see stable project business, but the wholesaler business is a bit struggling at the moment. Of course, Infra, a relatively good start and of course they really need to get a solid Q2 now, to start the business for the year. This shows again, and I showed this I think last time, shows a little bit the seasonality and what's ahead of us, in this year, April, May, June. The next quarter is the most important quarter in the history of the company before the next quarter comes, but this one is really a benchmark. Not only it was, I think, the highest quarter ever, we also had a EUR 50 million OP last time. To be honest, after Q1 with 13.8% OP and almost little profit from Infra, why couldn't we match EUR 45 plus again? At the moment, as you all know, the order book doesn't look very, very good. This is why I ask everybody, focus on the execution and sales, get the OTIF up and get the orders out. With this, a little bit more detail because it's always a pleasure if the CFO has really to report great numbers, and I think Markus will share them with pleasure. Over to you, Markus. Thank you, Michael. Thank you. Dear colleagues, good afternoon, good morning. Happy to be here. Like Michael said, I think we can all be grateful for the good start to the year. Michael already alluded to the fact that it's not an easy ride ahead of us, but let's look at a bit the actions and the achievements that we've done over the Q1. This picture is something that we discussed last autumn. It was beginning of November when we were presenting the Q3 results for 2022. Obviously we, as Uponorians, we already knew back then that the order intake was clearly slowing down. Then we wanted to share with you, dear Uponorians, the decisions that we took back then in the leadership team, group leadership team, that, okay, let's focus on margin management and let's focus on cost and capacity management. The tick marks there show that big thanks to you, we have taken actions on all of these, and they are helping our profitability when we look at the Q1 numbers. Especially on the margin management, I think we can all be proud of what we've done as a team, and big thanks goes to everybody. I mean, regardless of whether you work in sales or in procurement or in operations or in R&D, I think we've done a great job in managing the margins. A bit more view into the financials of Q1. Like Michael said already, the net sales number for last year Q1, the EUR 349 million there, included still Russia and included still the Middelfart factory. The Russia exit impacts the BLD Europe number roughly EUR 4 million for the first quarter. From the EUR 13 million drop, actually EUR 4 million is related to the fact that we don't have Russia in. Then the Middelfart closure, similarly for the Infra businesses, EUR 3-EUR 4 million out of the drop is actually related to the Middelfart closure. All in all, that explains partly the net sales drop. The underlying demand is getting softer and softer. Like Michael said, I think we need every order we can take, and let's make sure we take it with a decent margin. Because what we need to bear in mind, now that we are amongst ourselves and we don't have the investors dialing into this call, what we look at here is obviously the euros, the net sales or the dollars. That includes obviously all the price increases that we've done during the course of last year. From a volume perspective, the numbers are actually down even further than what we see in the monies. I'm super proud of all of your work. Big thanks to everybody on the profitability in the beginning of the year. Last year, we had a good start to the year, and I'm happy that we have a good start, also this year. The comparable operating profit of EUR 45.5 million gives us a good start, and especially the comparable operating profit margin, improving to 13.8% from already healthy 13.5% last year is a good start to the year. On the lower part of the slide, you see there the change in comparable gross profit margin is actually more or less volume related. As I will now explain on the actual gross profit side, this is the work that shows the or the outcome of the work that is really showing the work that we've done and to improve productivity, efficiency, but also being disciplined with our pricing. Big thanks for being disciplined with that because that's obviously the key for managing our margins. The comparable gross profit margin, which basically tells us that how much, in a way, we get for each dollar or euro sold to cover then our sort of fixed cost or general costs climbed over the 40% threshold during Q1. It's a great achievement, and I think we should now aim to keep it there. That will help us also in the upcoming months to manage our overall profitability. Finally on the financials, my point with this slide is that first of all, we are almost debt-free. The bars there that you can see that go from 86 to 36 end of this quarter tell how much of net debt do we have as a company. That shows that we generate cash, we continue to strengthen our balance sheet. The orange line tells us that what's the share or the ratio between debt and our own shareholders' equity in our balance sheet. For the gearing part, we've set the target that we should be between 40% and 80%, and at the end of Q1, we were actually at 7%. That's a great result because the strong balance sheet will help us through any crisis. I've said that in the quarterly calls also last year, but I think it is even more important as the world is quite volatile, especially from the order intake perspective today. Strong cash flow development and strong financial balance sheet and financial position will help us to continue to deliver on our strategy. Looking ahead, Michael already said that we need every order. Even though, I mean, there might be some headwinds, but I'd like to highlight to us all, I mean, there's a lot of tailwind as well. We've discussed this slide in the previous quarterly calls as well, but I think it gives us the backbone for all the work that we do. I mean, the world needs clean water, hygienic water. We need more houses in Europe and in U.S., and the houses need more energy efficiency. That doesn't go away. Even if in this cyclical industry, there might be some ups and downs in the short to mid-term. We know that we still have pockets of growth as part of our Max the Core strategy that we can continue to pursue even if there would be sort of softness overall in the market. The headwinds are there. I mean, I'm not gonna discuss the geopolitical uncertainties. I'm not an expert on that. We, as well as all the other companies, we still see in a way on historical perspective, quite a dramatic cost inflation. Hasn't unfortunately all leveled out yet. Hopefully, it will soon. The key element for our demand is actually relating to the rising interest rates. Like we discussed earlier, the trouble is that as we don't know how long and how quickly will the interest rates continue to climb, that will unfortunately create uncertainty in the markets and create demand volatility to us. We had a good start to the year and we stick to our financial guidance for the full year. This is what we also communicated with the investors an hour ago, that we keep our net sales guidance between EUR 1.3 billion and EUR 1.4 billion, and then we are aiming to achieve an operating profit margin above and over and above 10%. The good start to Q1 helps us to do that. With this, I would like to hand over back to Michael and discuss a bit more on the strategy execution as well as then the transformation program. All right. Thanks, Markus. As always, we make reference here to how we execute on our strategy. The good part is really the strategy remains because it's a good strategy, and it has all the elements, and I always repeat, Maximize the Core, driving innovation, sustainability, and of course, people first. This one I'm particularly proud of because it really shows just Uponor's sustainability work. We have really a legacy of industry first, and this is what we even need to drive harder because this is our asset. Our customers want innovation. Just here on a timeline, I mean, last year we had the first PEX pipe based on renewable raw materials. We start to solve a very old industry problem to recycle our own PEX production waste, and this is a big tick in the box. Now it's again, this month we announced we are first in the industry to receive the SBTi net- zero target approved. That's a big thing. I mean, it takes months really to get this. It's super high levels. It is not actually something you can pay for. It's not a stamp. This is a painful process. This is also why, you know, not many companies in the world have this, but we are the first in the industry, and I think that's really important and shows the leadership. Congratulations, everybody who has been working on this. That's a big milestone for us. We continue really call it the house of strategy, the 4Cs, the innovation, sustainability, people first, but now supported by a transformation program, which gives us a better open operating model, the way how we do business. We now take this phase of a bit slower demand to create lean and a lean and resilient organization. It's so important. We always, you know, expect the new normal coming back. To be honest, when I joined, I thought, you know, the company is growing. Yes, I was aware a bit of the FCCA case of Infra, which was there hanging out six or seven years. Hey, look at all the challenges we had to face. If it was raw material prices, then the Ukraine crisis, then the cyber crisis and then interest rates. We have made really great progress on the transformation program and to become a resilient program, and we come to this a bit in detail. Why do we do this? Really, we want to improve the adaptability to a changing environment. We don't know what's coming next. Improve customer centricity, but at the same time, increase focus on innovation and R&D. We are not giving up on this one. Actually, we will invest more on what's important for us to drive future growth. We, of course, maintain the people first mindset. To be very clear, when we talk about reducing headcounts, that's not something anybody of management is enjoying at all, to be absolutely clear. I hire myself. I like to hire more people. This is what I like to do. In this, in this time, it also goes the other way around because you need to protect the company. I think everybody gets this, but I just wanted, from a personal point of view, also share with you, this doesn't go without pain, and it should be painful for management, and we also need to feel like this. What we have announced here is really that we want to change EUR 30 million by the end of 2024, and we are really on a good track here. Out of the EUR 30 million, already EUR 14.4 million are annualized savings. We see already we can put them in a bottom line. We see them being executed in the next months. About EUR 30 million is identified overall, but we see almost half already kicking into the P&L, and a small part of the so EUR 3.3 million already helped in the first quarter. What is great about this? I think the best achievement is really how fast the company reacted because we are just, to be fair, coming out of this cyber management where everybody was exhausted and delivering a quarter later such a result is absolutely fantastic. A big congratulations to everybody and also to every senior manager who already was prepared because some of the plans were already being developed. I mention here especially Sebastian, who acted already in October, November, and then Andres was ready to rock. Then we had to postpone a few programs until first of January. Then in the new year, he could start it right away and out of this EUR 14.4 million, a significant portion of the savings coming from the United States. Of course, in all the discussion we have on the importance of the U.S. business, I just want to really reinforce it is so important that the U.S. really keeps the pace. You see on the right side, overall the headcount, and we share this in all transparency. By the way, it's no new news. You can If somebody reads the Q1 report, it's all there. We have split it a bit here where these numbers are come from. The starting point was actually Q3 last year, roughly 4,200 people. 160 are already reduced through transformation. Remember the 400 we targeted? Roughly half is already done, which is, I think, very good. We had another 60 coming from the disinvestment of the business, another 110 is already because we didn't refill positions. This is also very significant. Overall, it's a reduction already of 8% of the headcount because, as you know, this is the biggest driver really of the cost base. No transformation program will really happen without, you know, adjusting this. This makes us really strong because at the moment the order's ticking back and you have adjusted your cost base, the profitability will go through the roof. Congratulations everybody participating on this. We are well on track to continue to execute this. I promise we do this as fast as possible because I know any transformation program creates uncertainty, and that's, of course, poison to any business. This is why we push the pedal. We will provide clarity as much as we can, as fast as we can. Again, this is a transformation program and not a haircut. We want to make the right decisions, and we want to make them that it really lasts. Some of the organizations, and talking to the European colleagues, are really tired of transformation programs, but they haven't been really substantial in a way that they really sticked. This is why we had to do this again, but this time we will get this right. All right. Let's talk about to the topic where probably many of you have questions on, and that's really interesting that you now feel that we are a public listed company. Who of you had really interest in the past on our shareholder base other than probably Oras Invest, where you knew, okay, they own a bit more of 25%, but who of you knows the number two, three, four, five investor? Hopefully, you all invested, but who of you is really taking care of or thinks about our investment? Hey, the first thing is really you shouldn't worry about this so much because our, you know, this is a public listed company, and shares get traded every month, every week, every day, every hour, every second, almost. This is one message. The other message is really, I'm actually not surprised somebody's coming up and say, "I want to buy this company." When I started, I did my first impression presentation to the Board, and I said the company has a lot of potential, but it's totally undervalued. Remember how often we were talking the share price is too low, it needs to be there. You can put this from all sides. We did a lot of analysis. We have somebody who, and he hasn't made an offer, and I explain this in a second, but he has a non-binding intention. They say, "Okay, 25 EUR." What does this mean? In this moment, a new price is set in the marketplace. For those of you who have Uponor shares, overnight, your shares are 50% more value. The trouble now is, tja, what is the real value? This is really what our board is figuring out. They believe the value is much higher, and management agrees. In a nutshell, of course, there are hundreds of different methods how you come to valuation of companies. They are not entertaining this discussion at the moment, especially Oras Invest said no, not interested in, but they are very happy for a different, a different offer. This is currently going on. But also the, in all transparency, what has happened, they have now, the EUR 25 is out. This means when an investor, a new investor takes over 5%, he needs to flag this. Any new, I mean, it could be a pension fund or whoever, if you personally buy 5% of this company, then you need to flag this. At the next 5%, so 10%, you need to flag this again. By the way, this is every time they exceed 5%, there is flagging. This is a highly regulated environment, which is very good because it's public listed. Because the whole thing about this is our board needs to act in the favor of all shareholders. Also of you, if you are shareholder. That's really important. This is why this process is so important, regulated, and they need to form an opinion and say, "Okay, this is the right, you know, valuation." Then, of course, the process starts, and the process could have many, many different routes. Aliaxis could buy more shares. Company could get sold. Another party could, you know, also get in there. Usually when nothing is really on the market, all of a sudden somebody like Aliaxis says 25 EUR, then everybody who ever thought about buying Uponor has a wake-up call because you can only buy this company once, at least for the next, you know, 10 years or so. This is actually going on. I can tell you we are really in good hands. Number one, we have, our largest shareholder, Oras Invest, they have an opinion, and they have a very clear opinion. They are industry experts, and they understand the value of this company. They are also investors, and investors look at, okay, can I really get, you know, some cash right now, or do I believe in the long-term future and strategy of this company? They have clearly made up their mind and said, "We believe in the strategic plan. We think there's more value in there." This is why they said, "Okay, we are not entertaining this." The board also needs to form their opinion, and this is the process, which is going on. You saw the announcement this morning, the board has rejected. So very clear. They haven't said, "Oh, you need to come to this price," or whatever. They just said, "Hey, it's too low." By the way, that's a very fair process. If you want to buy a high luxury car, let's say you want to buy a sports car, okay, and there's a price ticket. I mean, you can't just, you know, knock on the door. I mean, you can say, make an offer, but they haven't even made an offer. They just say, "I have an intention probably," but it's not the price ticket there, and by the way, the price ticket was never visible. This is the moment, this is the situation we are in. For your daily business, what's the really the impact? Let's be very clear, zero. It absolutely has no impact on your business. This is, because I mean, have you ever worried about the shareholding before? No. Of course, this is a different situation because all of a sudden we have with 10.56%, probably today 11, I don't know, as the second biggest shareholder. Of course, they have an interest, and maybe one day they have a board seat. I don't know. This is not something which is unusual for public listed companies. Okay? You need to know this. We have really a board which has all the expertise. We had today Hans Sohlström, he is the head of the Ad Hoc Committee, so he coordinates with Annika Paasikivi and Markus Lengauer, this whole process, and the whole board gets involved. We have Markus Lengauer, who understands the industry in and out. We have a representative from KONE, so from an HR side, expertise. From OP Bank, we have a banker there, and the bankers know every KPI in and out, have all the expertise. What I want to say here, we are really in good hands for this process and this process while, of course, management is involved and clearly, well if there's any impact, it's probably most Markus to start with, Franciska, myself, but everybody else of you should, you know, just focus on this business. We just took here 35 minutes because other than last time we had just had, I think, five minutes for Q&A, there must be a lot of Q and questions from your side, and we just wanted to reserve enough time for you to come up with your questions. All right? Markus, Franciska, back on stage, and Markus, have I explained this finance stuff good enough? Did you understand? Yes. Yes. I feel comfortable now. You feel comfortable? Yeah. Okay. All right. Okay. Good. Dear colleagues, there are 766 of you now watching this recording live, and, there are no questions from you at the moment. Maybe someone has something that you're curious about. While we're waiting for the questions... Yeah I could just add on the, on that Aliaxis thing. I think to me it's just a sign that, okay, we're a great company. Yeah. There's somebody outside, coming from the outside. Okay, I can put the money on the table, and then our largest shareholder says that, "No. Yeah. I don't want to sell. There was actually this morning, Eric Olsen, he used the opportunity, of course they make a lot of meetings now in Helsinki because the other shareholders, a lot of other shareholders are Finnish based. He was this morning interview and he was talking about Uponor and it was why he wants us to buy Uponor, et cetera. He said, and it reminded me so much of what Sebastian said, "This is a fantastic company." I don't know Sebastian, if you have talked to him, but he would agree it's a fantastic company. This is also important, really. Great companies get a potential offer. Poor companies don't. I mean, that's a bit the trouble, right? Good. Mm-hmm. Franciska. Okay, we have one question from Bill. Thank you very much. He asks, "Is it possible for U.S. employees to purchase Uponor stock? It's To be honest, I don't have a perfect answer to this. I know that there are some complications, but it can be done. There is certain limitations between European Union and then U.S., and typically it is so that U.S. investors need to go through a bit more, say, paperwork before can access, actually then, access the European stock, and that's not Uponor specific, but it's European Union stock in general, and then you would need to open up a sort of a what's the word? It's kind of like an account on an European Union bank to maintain those shares. Yes, it can be done, but it requires a bit more action. Probably your local bank can help you to figure out the details. It's possible. It is possible indeed. Yeah. Okay. Thank you very much, colleagues. Here are questions. Second one comes from Uponorian: "How would a change of board ownership affect the different sites of Uponor? The change of board ownership? Of board slash ownership, mm-hmm. I mean, you never, I mean, you never know. Again, I don't want to talk just about Aliaxis because there could be so many different options. There could be the option that they really don't get to a level where they could influence, and they would be shareholders, they would get dividends. There could be a certain level, let's say it will be interesting for them if they exceed 30 or later 50%, then they could really start to influence the company. If this is Aliaxis, then of course the question is really they are thinking and talking a lot about the sales synergies, then we would need to look into this, but it's, you know, by far too early to talk about this. The only thing I could say, I mean regarding Aliaxis, is really our products and technology, despite we are in the same markets, is a bit different to what they do. Therefore, you know, what looks easy on paper is not so easy to execute. When people think, oh, yeah, I know they have X factories in the U.S. and we have X factories in the U.S., it is not so easy to say, "Okay, now we need, you know, half of the factories." I mean, to be very direct, as long as we have very distinct products with USP and different technology, I think in this case, a lot of opportunities for us. Don't forget, they want to buy something they don't have and we have. Number one, it's a global brand. Many companies want a global brand, only a few have a global brand. We are really expert, especially on PEX-a. Many want to have this quality of PEX-a, also Aliaxis. They have been in this PEX business. They closed it many years ago. If you wanna have it back, you need to buy something you wanna have, you don't have at the moment. Let's think about that. Thank you, Michael. Next questions come from Hitesh. How do we plan to realize our growth targets in a weakening market situation during the next months? I think, number one, focus. Focus on customer contacts, focus on getting out in the market, focus on the ideas you have on the table. I was actually visiting the markets with Gerrit in Europe, so we visited five or six markets, I must say, the general managers of the markets, they all came with a list of opportunities of double-digit EUR million to execute, but they needed help. I think this really ring my alarm bell here because, this is really good, all the general managers are very optimistic and say, "Michael, we need to do this. Why don't we focus on this? I can sell this." Give you an example. In France, a third of the market is copper, a third is multilayer pipes, a third is PEX-a. What do you think is our market share in France, the second biggest market in Europe? What is our market share in France? Write down the number. Here is my tip, 0.01%. In PEX. A huge opportunity in PEX. They are really great on MLCs, but PEX never really aggressively really attacked. These are the examples we need to focus on fast. I mean, how can we have half empty factories and at the same time a market as a PEX leader where we have 0.01% share? I really don't get this. This is why I want the ExCom being absolutely focusing on these opportunities, and the markets should demand the solution because you are closer to the customer, and you have your ideal list, so everything of this magnitude needs to be on the table of our ExCom. Thank you. Next question comes from Brian. Some interesting news today with Viessmann acquiring Carrier HVAC. Mm-hmm. What are Uponor's ambitions in M&A, and what categories do you believe to be most important and aligned with Uponor's strategy? This U.S. company took a, I think, a great step to move into Europe. I mean, a giant board, Viessmann. We could did quickly the calculation, if any acquirer would buy for the same price Uponor, the share price would be much higher, to be very clear. They paid a really a relatively high price on this. Of course, we are looking, and that's a really good question. We look at the M&A ourselves. We have done some of the acquisitions in the past, but always either on a smaller scale in Europe, EUR 20 million, EUR 30 million sales like Capricorn. In U.S., we haven't done anything, and in Infra, we have a bit in and out. We have some expertise, but not the expertise where we really would run a process. At the moment, Markus and myself, we look basically every week at one or two targets where we say, "Okay, want to look at this? No, or maybe we look into this. Mm. We have a lot of work on this, but not somebody where we really say, "hey, we are going out there." We have mandated a company to look at this and helping us on mid-size acquisitions. At the same time, you can be assured our board is also in the light of the Aliaxis activities, looking at other potential solutions, alternatives. Like always in life, stress is caused by missing opportunities. We need to create more opportunities, and everybody's working on this very hard. Thank you. This was a connected question by Jarno. Does this specific market situation with softening market conditions open up more possibilities for Uponor to make acquisitions? Yes. Yeah. Because the market is right. Yeah ... yeah. Exactly. We have a strong balance sheet. Yeah. For years and years, the acquisition front has been dominated typically by private equity type of players. They, those guys, I mean, the private equity guys, they're hit hard by the interest rate hikes that we see right now. What I hear from the, from the bankers, and obviously they want to, you know, lend money, that's their business. What I hear from the bankers is that right now industrial buyers like us looking into opportunities are in relative terms in better shape than two, three, even five years ago. Obviously, I mean, we're, we are looking into the opportunities. Having said this, the acquisitions are typically in a way a bit, I don't know, uncertain processes. I mean, sometimes it can go quickly or... Sometimes it takes years. It just requires a diligent process, and we will continue to follow up on these opportunities. The market conditions in general, when overall markets are doing really well, the opportunities are overpriced all the time. Mm. To be honest, this is also why Uponor the last two, three years was a little bit silent on this because the premiums you pay for this are really outrageous. When the times are a bit tougher, then you have two set of companies. The ones with a strong balance sheet who can afford to do something, the ones who have bought at the wrong time and now have high interest rate and a little bit struggling with the situation. We are in the first category. Thank you. We have a question from Maria. Can you clarify if positions pending to be refilled at this moment are part of FTE's reduction targeted in transformation program? No, to be very clear. What we do is we define then a target organization, look at this. Let's say where in the areas where we are clear to refill a position because it will be also in the future organization we will refill this position. No, that's very clear. Yeah. Very good. Thank you, Michael. Yeah. Another question comes from Greg. Is Uponor vulnerable to a possible hostile takeover, and do we have a plan in place to stop a possible hostile takeover of Uponor? I mean, first of all, you need to define a bit what hostile is. Maybe Markus, you're the expert. What is hostile? Well, I mean. Yeah ... to be honest, this is a market where everybody can buy the shares. Of course, let's say somebody can make an offer. Would I call this hostile? Hostile is a bit more of a style thing. Yeah. Mm. Let's say it is a bit like this. You know, Oras Invest, but also many other institutional investors can every day decide if they want to buy or want to sell. Mm ... their shares. This is of course, you know, related to something you can every minute look into your, on the internet, which is the price. I'm sure every investor has in his mind something which he would call fair. Mm. I would a bit forget about what is this hostile and not hostile, et cetera. Of course, there are different ways to get into this, but let's put it this way. If you go to, let's say, an industry investor and put something on the table which is not even reasonable, and you turn this down, maybe you find then another way, call it hostile, I mean, it doesn't matter so much. At the end of the day, what's important for us is really what actually happens really on the investment side. Who is then the owner, and what is then, let's say, the intention, and is this a support for the current strategy or new strategy? You know what? I wouldn't, I mean, don't worry about this because at the moment it's all fiction. Yeah. Mm. The key point there is, I think there was a second part to Greg's question as well. I mean, like Michael said, we're in good hands. I mean, this is something that the board, it's part of the board's duties to develop plans on this. I can just concur to what you said a couple of minutes ago that I think we're in good hands. I think it's, we have a super professional board. Yeah They are dealing with the situation as needed. Thank you. A question from Andreas. Do you see investments for R&D to be postponed due to the soft market development? No. That was quick. Good. We can take next question. As leaders in solutions for water in buildings, is it part of the strategy to invest in the development of smart solutions connected to the cloud? Question by Israel. I think we have... I mean, I'm not an R&D expert here, but I think it's quite specific question, and if I'm understood it correctly, I think we have something like this in our portfolio already. I think it's part of the R&D team's work to consider what's the future way forward there. We have, and I know R&D is looking into this. Mm. It's this very simple. If there's a good business case, and we are making good money, which means good margin, of course we are looking into this. As I know now the, how the process will look, R&D will come up with a lot of not only ideas, but really business proposals. Management needs to challenge these business proposals. There will be some who will not make it on the top list. Probably half a year or one year later we need to look at this again. I think we need to come into a situation. The teams are working really strong and where we almost don't have the CapEx to really execute all these ideas. We are missing this big, you know, step change ideas for our future growth. This is what we are currently working on. If this is smart solutions? Maybe, absolutely. I think clearly. I mean, I would like to have a leading position in this sector. Okay. I think those were all the questions we have for now. Thank you very much for these, and that means that we give the floor for Michael's final comments. Yeah. Closing remarks. Okay. What do you think is the main message of this call? Oops. You- You spoiled it. I spoiled it. Yeah. I don't have any problems with that. It is really, I mean, I know for some it's tougher than for others, really, you know, with all the news. Look, we have been in the news now every quarter for different reasons. In one quarter was cyber, now is the Aliaxis attempt. I understand sometimes it's tough when you get calls, et cetera, et cetera. The best thing you can really do is focusing on the business, this is why I have a very, very, very simple message. Just sell more. That's really what we need to focus on. We have a really tough quarter ahead of us. Let's continue the good work. I must say clearly, the Q1 for me personally, was the proof of what this company is capable of after such an exhausting Q4 last year. I think this is what you should be really proud of. Don't think we can't do it. I can tell you, I tell you a secret. Secret. Don't tell anyone. When we looked at the first bottom-up forecast in January, we ask everybody, "How will this quarter end?" It's very different. Much, much lower. We ended really on a high. Let's really continue this spirit. I'm really proud of you because you have demonstrated that under difficult environment you can really deliver. Thank you very much. See you at the Q2, which is then in July, right? Yes. Yes. Thank you. Thank you. Bye-bye. Bye-bye. Thank you.