Good morning, and welcome to the TI Fluid Systems Q1 call. I will hand over to Hans Dieltjens, TI's CEO and President. Please go ahead. Well, good morning, everyone, and thank you for joining us today for the TI Fluid Systems first quarter conference call. I'm Hans Dieltjens. I'm the CEO and President, and I'm here with Alexander De Bock, our CFO. I will start with a short overview of the key highlights of the quarter, and Alexander will go through some of the financial aspects. Afterwards, we will take your questions as usual. Well, in summary, TI Fluid Systems had a good start to 2024, and we are on track. Our first quarter performance was driven by two factors. First, capitalizing on our propulsion agnostic portfolio as we saw continued mixed changes in global light vehicle production, and secondly, our strong focus on operational execution. Our balanced portfolio, serving all powertrains, is an important differentiator in the current environment. The industry has seen a slowdown in EV growth, but for TIFS, this has been offset by strong demand for our conventional products for hybrids and ICE, and this particularly in Europe and in the Americas. Secondly, our productivity and efficiency initiatives are on track and making significant progress. In particular, our new regional structure is accelerating the implementation of our improved programs. Alexander will talk further about this in a few moments. Moving now to revenue. In Q1, we saw group revenue slightly lower year-on-year, down 0.4% at constant currency. This includes a small contribution from the Cascade Engineering acquisition and the planned exit of an unprofitable product line in the U.S. Excluding both of these, group revenue growth was slightly positive at constant currency. This was despite a 0.8% decline in the market volumes, especially in Europe and partially in Asia Pacific, excluding China. So this is our first trading update under our regional structure, which came into effect on January 1st. So looking at the three regions, we had great Q1 in Europe. Revenue increased 4.3% at constant currency in a declining market. This as we capitalized on our agnostic portfolio, but also our new launches. Underlying performance was also strong in the Americas. Adjusted for the planned exit of an unprofitable powertrain product line, constant currency growth was around 3% in a flat market. Our performance in Europe and the Americas demonstrates the power of our propulsion agnostic portfolio. EV demand for thermal products was lower, particularly in Europe, but in both regions, demand was higher for our conventional products for ICE and hybrids. This includes plug-in hybrids, where we typically have higher content. So as we expected, in Asia Pacific, the same trends as we saw in H2 of 2023 continued. Revenue was 5.3% lower at constant currency, mainly driven by China. The rest of the region grew well, particularly in India. But in China, the mix effects discussed back in March has continued, with local OEMs growing around 15%, while global OEMs declined by around 10% in Q1. We launched a further 23 programs, over half with local OEMs, and we expect almost 80 launches for 2024 as a whole. And finally, a few words on bookings. Total bookings increased 6% year-on-year to EUR 685 million. These were broadly, broadly even split between ICE and EVs, which are BEVs and hybrids. ICE and hybrid bookings were strong, offsetting a slower BEV booking market. BEVs accounted for around one quarter of total bookings. I will hand over now to you, Alexander. Thank you, Hans, and good morning, everyone. During the first three months of 2024, revenues were in line with our expectations at EUR 847 million. This is 0.4% lower year-on-year at constant currency. The reported revenue was 2.6% lower as a result of currency headwinds from the stronger euro against the Chinese renminbi, the U.S. dollar, and Korean won. As usual, our trading update is focused on revenue, but I can share some color on profitability as well. As we said in March, TIFS entered 2024 with a clear focus on productivity. I'm pleased with our progress overall, and in particular, with the successful execution of productivity and efficiency initiatives to offset inflation. In Q1, we continued to benefit from our best cost footprint and restructuring undertaken in 2023, and our teams are working on the plant closures and the downsizing plans for 2024. Our purchasing plans are progressing, and I expect these to deliver increasing cost benefits as the year progresses. Finally, our fixed cost reductions are delivering the expected savings. This includes the synergies from our new regional structure and our fixed cost headcount reductions, which are now largely complete. We, of course, also benefited from recovery agreements concluded last year and a number of new agreements reached in Q1. As a result, we remain confident in the guidance shared mid-March. We continue to expect flat to low-single digit revenue growth at constant currency and further expansion of our adjusted EBIT margin above the 7.4% delivered in 2023. We also continue to expect adjusted free cash flow conversion to be around 30% of adjusted EBITA, with the usual seasonal weighting to the second half of the year. So to conclude, we are continuing with our disciplined execution across all financial metrics. We have made further progress during Q1, and we are on track to achieve our full year guidance. 2024 should therefore be another year of strong value creation. With that, I will hand the call back to Hans. Yeah. Thank you, Alexander. Can I please ask the operators to open the line for questions now, please? Thank you. If you would like to ask a question today, you can do so now by pressing star, followed by the number one on your telephone keypad. If you change your mind and would like to be removed from the queue, that is star followed by two. We ask that you please limit yourself to one question and one follow-up. Our first question today comes from the line of Vanessa Jeffriess with Jefferies. Please go ahead. Your line is open. Good morning, guys. Well done on a great quarter. Just a question about the regional financial information that you provided. I found it really interesting, the gap between the regions. When we think about you moving towards the 10%, do you think about those gaps between the regions being the same, or where is the most opportunity there? Well, I can take that question, Vanessa. So I think first of all, the split between the regions, I think we've been hinting towards the higher profitability in the Asia Pacific region and the lower end of the profitability in the Americas region. We are not giving specific guidance or a midterm target for each of the regions, but we do believe there are opportunities across the three regions to further improve the profitability, and we're actually using the same recipes of recovery as well as productivity actions across the three regions. Okay, thank you. You mentioned that you've reached a number of additional recovery agreements in the first quarter. Do you expect to keep doing that throughout the year, or is that mostly done now? Yeah. Our recovery agreements, as you, as you might recall, we have done quite a lot of, work back in 2023 on recovery, so that is carried forward in 2024 as we speak. So the remaining, parts of that, we estimate that the most of them, will be closed within H1, of this year, with a very minor part continuing in, H2. But we are progressing well, when it comes to the recovery, inflationary recovery elements. Great. Thank you. The next question comes from Harry Philips with Peel Hunt. Please go ahead, Harry. Good morning, everyone. Just, a couple, first being, just any thoughts on the potential impact on you, plus or minus, in terms of obviously EV being a bit slower, particularly in Europe, and how that sort of works through you? And then I have another question after that, if I may. Okay. Yeah, thank you, thank you, Harry. First is to say that the EV slowdown, just to give you a sense of it, if you look at mid-2023, and you look at the forecast that's now in our system, there's gonna be about 1 million, maybe up to 1.5 million less BEV cars to be built than what was predicted mid of last year. So that's overall what we see also in the market. As you correctly stipulated, this is mainly in Europe, or the vast majority of that is in Europe, with partially then also in Americas. Now, the good thing for TI Fluid Systems is that we do have a product-agnostic portfolio, and we saw that the impact of the BEV slowdown, and remember, it's a slowdown of the increase, but we saw that the slowdown of the increase was more than offset by our product lines in ICE and in hybrid electrical vehicles, where we saw increases in our mainly in our tank, in our pump, fuel pump and module business, but also in our brake line business, and fuel business, for the quarter one. And we expect that to continue through the year. Thank you. And just in that context, is with the sort of slightly greater ICE momentum, are margins just structurally higher there because of more mature product lines and what have you, and therefore that gives you a sort of momentary boost, if you like? And then, so the second question, just on sort of productivity and restructuring, I was just looking at the charts from September last year as to the margin targets and what have you, and sort of restructuring is always gonna be a sort of what you call typical at that point in time. Are we still in sort of typical restructuring territory? And then on the broader productivity, are there any sort of? You know, that was last September. Are there sort of 10 months on, eight months on, sort of any new themes coming through in that context? Yeah. Thank you, Harry. I will take the question on the restructuring and then ask Alexander to comment on the boost from an eventual ICE momentum now. Well, our productivity plan consists out of basically strong efforts on our purchasing, on our operational productivity and that additionally topped up with the restructuring efforts that we announced historically. On the restructuring efforts, we have foreseen to close three facilities, and to assure that another five facilities, we have some restructuring efforts in order to set our costs appropriately in these. These activities were initiated back in 2023, so we are now seeing already in Q1 the necessary effects of that, and we will continue according our plans to move forward within the year. We don't see any, necessarily, any differences in our plans or any changes that we need to make, strong changes that we need to make in our plans, as we are continuing to implement these activities going forward. So with that, maybe hand it over to Alexander now to talk a little bit about the potential momentum in ICE and how this is impacting our profitability profile. So, Harry, you're absolutely correct that historically or in recent history, the FTDS margins have been above the level of the ones of FCS. But for 2023, we were talking about a margin differential of 250 basis points. Now, if you take that delta and you apply that on a relatively modest global shift, I would say on between propulsions, I don't believe it has a material impact to the profitability, but you're absolutely right, it gives us a little bit of tailwind. But the impact is rather small. And the- Yeah. Still, globally, we have an increase in EV business, of course, and the global shift is relatively small, so. Fantastic. Thank you very much indeed. The next question comes from Akshat Kacker with JP Morgan. Please go ahead. Thank you. Good morning. A couple of questions to you. The first one on inflation, and specifically gross inflation. As you look at the different elements, it looks like raw materials and energy should be a tailwind in 2024, offset by a large headwind from labor. So could you just quantify or talk about those three buckets as a cross number in 2024? That would be super helpful. And linked to that, could you also talk about the contribution of pricing in that revenue figure reported in Q1? And the second question is on the China underperformance. Pretty much, as you said, in line with expectations, you're performing in line with the market ex the locals. When I look at your overall order intake over the last three years, it has been super strong in China and as well as with the local Chinese OEM. When do you expect this underperformance to start reversing, please? Thank you. Yeah. Well, on China underperformance, as you could see in Q1, there has roughly been two effects, is that, first is the continuous growth of the local OEMs, about maybe 14%, 15% of growth, and then a decrease of the global OEMs with about 10%. So if you look at our numbers, we can see that we are still outperforming the global OEMs section of the China performance. So we're doing really well, but we are obviously, as initiated previously, catching up on the local OEMs, as we're launching new programs continuously. So in within quarter one, we have launched another 23 programs, and total for China, we foresee to launch this year about 80 programs. So, talk about H2, what we see in China is we expect a relatively volume-wise stronger H1 and a weaker H2 when it comes to a year-over-year perspective. And with that, together with the launches that we discussed before, we do expect that H2 for us in China is getting closer to a stable situation when it comes to following the market in that region. When you talk about inflation, well, we do see some improvements when it comes to raw materials we expect some raw materials, as we typically buy things like polyethylene or high-density polyethylene that follow a little bit more the oil prices. So we do see there some differences. We do see some improvements when it comes to energy, steel costs and other elements. Now, this is more than offset by headwinds in labor that we are experiencing, but altogether, we are packaging this within the recovery efforts. Within the recovery efforts, we estimate to still recover a great deal of that, and then through the performance improvements that we have set in motion already last year, offsetting the remaining parts of any inflationary increases that we're facing this year. Got it. Thank you so much. As a reminder, if you would like to ask a question today, please do so now by pressing star, followed by the number one on your telephone keypads. We have no further questions, so I'll turn the call back to Hans for closing comments. Okay, well, thank you very much. So to conclude, I think it is obvious to say that we are on track. And while it's early in the year, I think we had a good start to 2024, and that makes us confident in our full year guidance. Our Taking the Turn strategy is delivering, and we expect 2024 to be another year of progress towards our midterm targets. So thank you for joining today, and I wish you all a very, very good day. Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.