Thank you. This is Kai Öistämö. I'm the president and CEO of Vaisala. As the operator said, I'm joined here with our chairman of the board, Ville Voipio, our CFO, Kaarina Muurinen, and our Head of IR, Paula Liimatta. As usual, I'll make some prepared comments and then we'll open up the line for Q&A. Before I go into the numbers, maybe worth noting what market environment during the Q1, which proved to be very surprising and somewhat disappointing in terms of the war breaking out in the middle of Europe. The Ukraine war and other events around the world like the COVID in China were obviously not foreseen and surprising events, especially the war in Ukraine, very disappointing and shocking event. We here at Vaisala very much immediately once the news broke out assessed the situation and decided that we were not comfortable to continue the business in Russia nor in Belarus. We suspended that part of the business immediately. It's worth to reiterate that side of the business traditionally has not been that sizable for Vaisala. If I take past five years, the net sales from that region all in all has been between one-two percentage points on an annual level. Not very meaningful in terms of the size to overall in at Vaisala. Despite all that, we did have an excellent start of the year. Excellent in terms of a net sales growth, very strong in both business areas. Excellent in terms of an operating results which doubled, more than doubled compared to the year before. The order book ended up at EUR 169 million, which is all-time high for us. The orders received also grew very nicely on both business areas. Before diving into the numbers, I would like to highlight a few points that happened here on strategy execution and at Vaisala. Two points on renewing our offer according to our plans. Firstly, I would like to highlight the automotive weather service deal that we made with Volkswagen. Volkswagen, as you know, is the second largest automotive company in the world. What we provide for Volkswagen just as much as many of the other car partnerships that we have is hyperlocal weather service and forecasts, precipitation information and weather warnings shown on the infotainment screen on the car. This deal just strengthens our very strong leading position in the automotive weather service. We do see this growing in the years to come. On the other side of the business, we renewed our and expanded our product offering intended for the data center customers. Data centers, as you know, is a big increasing business and we have been having a very solid business and offering in that segment. We have enjoyed a good market growth in that side. Now, we completed our offering so that we can serve as a one-stop shop, so to say, for in our in with our offering to these very important customers. Sustainability is at the heart of our strategy. Two important events during the quarter I would like to highlight. First thing is that we announced that we commit to the Science Based Targets initiative to reduce our emissions. We will do the assessment on all our emissions, direct and indirect, during this year and make a concrete plan and then work to reduce those according to the Science Based Targets initiative by 2030. We also got a very nice recognition from Financial Times. Financial Times creates this global Climate Leaders list annually. In this year's list, we ranked as number five on that list. All the companies are in terms of how much they have been able to reduce greenhouse gas emissions between 2016 and the present day. Very proud of what we have been able to do and I think it's a great highlight also on our strategy execution on this part. Moving into the actual numbers during the Q1. If I look at the orders received increased by 18%, very happy with that. The orders received came strongly from both business areas. If I look at the market segments, which I would like to highlight, would be renewable energy, aviation, industrial measurements, and life science market segments. Those were the strongest contributors, but there was a growth in many other market segments as well. Going into the order book, it increased by 8% when compared to the Q1 of 2021. The increase came from largely the same market segments in industrial measurements and life science market segment in industrial measurement side and aviation and renewable energy in the weather and environment side. Worth to reiterate that we ended with the order book, we ended up with the all-time high size of order book at the end of the Q1. When we move on to net sales, net sales grew 29%, year-on-year. Very strong growth on both business areas. Again, if I look at the market segment side, renewable energy, meteorology, industrial instruments, and life sciences market segments were the strongest contributors to the growth. It's worth noting also that this time around, the strengthening dollar helped a bit or the comparables. If I look at in constant currencies, the growth would have been 25%. Very strong number that as well. Diving into the two business areas, starting with Industrial Measurements, excellent performance in all aspects. Orders received increased very strongly, and when we look at the order book compared to last year, we ended up. Ended 41% higher in terms of orders received during the quarter, 19% increase compared to last year. Looking at net sales, net sales growth of 34%, which then increased the operating result to excellent 27.5% of net sales. Also, gross margin improved to 64.3%. During the quarter, there was additional material costs from purchases on the spot market. The component challenges continued during the first quarter as we anticipated. Although in this quarter, the impact on gross margin was less than the quarter before, and this is really caused by fluctuation between the specific components on the market changes and the component in shortage changes as well as the suppliers who have a shortage changes kind of dynamically from quarter to quarter. It's also worth noting when we look at the gross margin that year before, there were no spot purchases in the comparable number in Q1 of 2021. In Weather and Environment side, orders received were at an excellent level. It was driven by, especially by renewable energy and aviation market segments. We ended with an order book of EUR 133.5 million, which is good growth from last year. In terms of orders received increase of 17% when we compare to the Q1 of 2021. In terms of operating result in Weather and Environment, it increased to 4.4% of net sales. You may recall that due to seasonality and other things, typically the Q1 is difficult for Weather and Environment. In many past years, we have been at breakeven or even below breakeven in terms of operating results. Having an operating result of 4.4% of net sales is. It makes me very happy, and I think it's a very good performance by the business area. The net sales growth was driven by renewable energy, meteorology market segments, as well as ground transportation. Gross margin was on a very healthy level, and here also there were additional material costs related to components purchases, but on a lower level than during Q4, as they materialized. When I look at the entire company on how we fared as a company during the Q1, the operating result, again, an excellent level, 14.8% of net sales. Net sales growth of 29%. If I make the comparison on constant currencies, it would have been 25%. Gross margin was at the previous year's level, slight increase there. Here I want to maybe emphasize again the spot purchases. We actually did make a significant commitments into spot purchases also during this quarter, even if then the actual impact on the numbers during the quarter was clearly less than what the commitments in this quarter were. This is really due to the fact, as I said earlier, that the components in question, the vendors in question, they fluctuate from quarter to quarter, and even the shortages which come and go at a relatively rapid motion, kind of change from quarter to quarter or even month to month. Then if we turn the result into EPS during the quarter, it translates into EUR 0.38 compared to EUR 0.17 the year before. In terms of cash flow from operating activities, it decreased somewhat due to the negative impact on net working capital. This really was kind of a The biggest impact on this was the change in the accounts receivable, and this was due to the fact that the business grew significantly compared to last year. When we compare to the comparable period last year, actually that we just emerged out of the COVID-19 slump, I would call it, during 2020. The way I would read the changes in the cash flow is related really to the strong growth in terms of our business. If we look at our financial position, I would characterize it as continues to be very strong. Maybe I'll go into more interesting, which is then the market development and the business outlook for the year. Here, I'll go back to maybe the how I opened the session in terms of what happened in the quarter. The war broke out in Ukraine, the COVID-19 lockdowns in China, many things happening in the world, which makes the unpredictability in the world to be on a very high level and transparency on the markets overall to be quite challenging. Uncertainty for the rest of the year in terms of I would say second order and third order impacts in terms of what does the impact on inflation to real economy mean? What does the increase in energy prices, especially in Europe, mean? What is the impact on the lockdowns in China for both the real economy in China as well as then consequential potential impacts into logistics which are already strained and so on? All the uncertainties significantly grew during the quarter. That all being said, we did not change our outlook and our view on market development. We continue to see that high-end instruments, life sciences, power industry, liquid measurements, and renewable energy clearly are growth segments. The aviation very much supported by the numbers also during the first quarter is in a recovery mode towards pre-COVID-19 levels. It's still kind of a way to go there, but clearly a recovery is seen in the marketplace. On the other hand, meteorology and ground transportation we see to be stable market segments. In terms of a number, this translates into no changes in our business outlook. We see that our net sales for the full year are in the range of EUR 465 million-EUR 495 million, and the operating result between EUR 55 million-EUR 70 million. Just to summarize and conclude my prepared remarks, excellent start of the year in a dynamic market situation. Strong net sales growth throughout the company. Very good operating result and very strong order book. Good start of the year despite the fact that the world around us is experiencing all kinds of uncertainties and shocks. That concludes my prepared remarks. Operator, if you would open up the line for any questions? Yeah, thank you. If you have question for the speakers, please press zero-one on your telephone keypad. Please hold until we have the first question. We have the first question from Pauli Lohi from Inderes. Please go ahead. Thank you, and thank you Kai for your presentation. I have two questions. First I would like to ask about the strong sales development in the Weather and Environment business area. Do you see any particular reason why it was so strong in Q1, and do you believe it could continue also in the following quarters? Very good question, Pauli. I would note two things. First thing is that Weather Environment business is less prone to some of the same kind of a seasonality than some other businesses have during the year. The quarters to some extent go up and down depending on what orders came in at what time, both in terms of orders received and in terms of the net sales. There is a kind of a part of this is within the kind of a natural fluctuation between the quarters. That being said, we are very happy with the Renewable Energy both net sales and the orders received. That obviously is a market segment which we do believe that also when we look at longer term and probably, you know, it's going to grow and probably now with the war in Ukraine, the consequential investments especially in Europe to alternative energy sources is going to strengthen that trend longer term. That probably is going to turn into kind of actual investments, probably not this year, but in the years to come. Nevertheless, I think it's a good foundation for a longer term growth also. Okay. Thank you. My second question is related to the component shortage and the additional costs related to spot market purchases. Do you actually see that there will be some extra costs in the following quarters or is that just a risk that we need to take into account but it's uncertain if that materializes? I do think that there are going to be costs when we do need to act on the spot market as we have been acting on the spot market. Like I said, the actual what materializes in a given quarter kind of fluctuates as we have seen if you look at this quarter compared to, for example, the previous couple of quarters. The market situation has not changed. If I would say anything, some of the uncertainties that I raised at least raise a question on what kind of an impact they may have longer term in the component availability side. Then maybe the second notion I would say that the spot market itself, obviously the longer this lasts, more difficult it is to act on it and the market is getting smaller from where to pull from as the situation continues. Okay. Thank you very much. We have another question from Matti Riikonen from Carnegie. Please go ahead. Hi, it's Matti Riikonen, Carnegie. Couple of questions. I will take them one by one. First of all, the gross margin resilience that you now enjoyed in Q1, less than 1% impact compared to the 3% impact, if I recall correctly, in Q4. Is there any way to kind of have the range of potential outcomes when it comes to this gross margin impact? Because it's pretty big, and of course 3% sounds big, but my question is that could it be perhaps even bigger in a particular quarter? Then again, if we look at the positive side, is it possible that in some quarters it actually might be zero? I understand that it depends on the component mix and selection, and naturally depends on the market prices. Do you yourself have any kind of idea where the gross margin volatility, where it could be kind of what are the positives and negatives at the extreme sides and, where we kind of are in that respect? Thanks Matti for a very difficult question to be kind of specific on. As I said, the changes on the component supply side change relatively rapidly and if anything, it's probably more rapid now than from a component perspective and an individual per-vendor perspective. They tend to kind of go from good to bad in relatively rapid motion. How long will that continue also? It's hard to say. Probably depends a bit on the individual vendor itself. And part of it is also from our sales mix. What happens to be kind of what customers want to pull and buy. On the other hand, what happens to be the supply situation for those specific products on that specific quarter. As you can see now from a kind of present quarter and the previous quarters, you know, this tends to kind of fluctuate and giving you kind of an exact range on kind of between what kind of numbers this is, I don't feel confident enough to give you an exact guidance other than maybe give you the actual result. Obviously the one thing to add upon what I just said in terms of what impacts the actual results obviously. Well, how much can we move also the cost to our prices and therefore kind of mitigate the impact on the gross margin. Okay. Thank you. I guess we just need to kind of look and see what happens. Thanks for the explanation. I remember that you mentioned something about redesign of some components perhaps earlier. Mm-hmm If I don't totally misremember. How is that going forward? At what stage of the year do you think that you would've addressed the issues with most critical components that you have already kind of anticipated? Good question. Here again, I have to emphasize the dynamic nature of the market, of the supply situation. We are constantly like on a daily and weekly basis looking at what's the supply situation, what's the outlook for the coming months, where can we actually mitigate the potential shortages by changing the components, where can we change it by negotiating with the customers or suppliers, where can we change it by changing potentially our offering in terms of complementary or other products, so changing the demand from one product if that may have a shortage of component to something which is similar or close to it within our offering. It's both directing the demand, it's changing the components and then acting on the shortages by negotiating with the vendors and then fourthly, the spot market purchases. It's really. We are actively pulling. It's not a one-time thing. This is an active ongoing process and ongoing activities that we do every day. We do this, changing the components. There's multiple of those have been ongoing, some completed and other ones ongoing as need. Okay. Have you been able to deliver all orders that you were supposed to deliver in Q1? Has the component shortage affected your ability in that respect? I would say that there is no impact on the net sales of that we kind of lost sales, you know, from not being able to deliver during the Q1. Okay. Good. To another matter, the Volkswagen partnership. Mm-hmm. Does that include kind of all new models that go out of production, or does that also include some kind of older models that are already in traffic and is it possible to just change the software in the way that it would be possible to utilize your weather systems or weather information there? How does it work in practice? Are you kind of in all new Volkswagen models from this moment on? It's new cars and then it's up to. I would say it this way that it's then Volkswagen Group's decision on where they have, you know, slight kind of facelift, where they might have still an old software, for example, and it might be too cumbersome or costly or whatever to update their infotainment system. I would say, explain this way that it will eventually, I think ambition at least is that it will come in all new cars at a certain point, but their rollout starts now. Okay. Thank you. Final question, of course, related to the guidance. If we think about the headwinds that you embed in the guidance when you basically keep it intact, are they mostly known risks or known headwinds that you already see that will happen? Or is it more estimated headwinds that you see that might have an impact on the rest of the year? What kind of composition in the guidance? What does it consist of? Obviously, there's both. Obviously the known headwinds are kind of taken into account when we kind of like guide the range. It gives the upper boundary and the lower boundary. That being said, what I tried to communicate as well that now there's a whole host of unknown headwinds which we need to estimate when we look at the guidance due to the fact that from multiple different levels. I would say the market is really in a difficult to predict and difficult to make forecasts, especially towards the end of the year due to all the things that I mentioned during my prepared remarks, China, the U.K., Ukraine war, energy prices, inflation, what happens with the Fed in their interest rate increases and tightening the monetary policy in the U.S. and so on. There's multiple different things that just need to be also estimated. Okay. The reason for asking is that I think we had a similar situation last year where there was a lot of uncertainties in the beginning of the year, and you started with the fairly conservative guidance in the beginning of the year, and then you ended up raising that quite many times. I'm just thinking about why- No, I understand, Matti, but. Yeah. I understand, Matti, but I think it's fair to say that the uncertainty in the marketplace is on an exceptionally high level at the moment. Sure. Totally agree. Thanks for the answers. That was all from my side. We have another question from Paul Dettieri from Ark Investment. Please go ahead. Hi. Good afternoon, Kai. Congratulations on the consolidated results. Can I just pick up on something you mentioned recently concerning component supply, where you said that although you took a hit to the gross margin in Q4, you'd actually managed to pick up some new customers. Has that continued into Q1? I assume just by an answer to the previous question that you haven't lost any customers as a result of your inability to supply or component issues. Have you continued to take any market share? Yeah. Thanks, Paula, for the question. To answer the second part of the question, no, I don't know, have we lost any customers? It's kind of implied that we have been able to. We did not lose any net sales due to capability or not having a capability to deliver, so the answer would be easy no. On keeping, have we been able to continue to increase market share, especially on the Industrial Measurements side, I would say yes. Here a big part of this is really our capability to deliver, which is superior to our competitors, has been at least. Okay. Thank you. Then, just going back to the automotive agreement with Volkswagen, could you just expand a little bit more on how the agreement works? Are the agreements similar to, I gather you're working with, you're already working with BMW, Hyundai, and Mercedes. Could you just expand a little bit on that, please? Without going into the kind of deal structure itself, it's a similar kind. I mean, think about it's a similar kind of agreement than what we have with what we have announced earlier, for example, with BMW. It's the same kind of functionality and same kind of capabilities that Volkswagen acquires through this partnership. Great. That's great. Many thanks. That's all for now. Thank you. We have no further question. Ladies and gentlemen, I remind you that if you wish to ask a question, please dial zero and one on your telephone keypad. If no further questions, thank you for the audience for the interest. I wanna remind also that if any further questions, Paula is the right contact, and we would be very happy to have further discussions with any of you. Thank you.