Good morning to you all. Welcome to Marel's first quarter results meeting, broadcast to you live from our headquarters in Iceland. Yes, in case you were wondering, we are only 45 minutes away from the small, yet magnificently beautiful and tourist-friendly volcanic eruption in Fagradalsfjall. Yeah, it's a tongue twister, and that would loosely translate as the Mountain of Beautiful Valleys. Moving on to a different mountain, the mountain of information we would like to share with you today. Let me first introduce the team. My name is Tinna Molphy, Investor Relations, and I will be acting as your moderator here today, in a session that should last no longer than an hour, including Q&A. I'm, of course, joined by CEO, Árni Oddur Þórðarson, and CFO, Linda Jónsdóttir, who will go over the first quarter of financial results and some key business highlights. We will then conclude with a Q&A. If you would like to ask a question, please do so via the conference call. The dial-in details can be found on our website as well as on our stock exchange announcement. If you experience any problems dialing in, you can, of course, email your question to ir@marel.com, and we will then read out your name, your company, and the question. With that for today, I would like to hand over to Árni Oddur Þórðarson. Yeah. Good morning, thank you for the introduction, Tinna. I actually went with my family on Sunday evening to see this beautiful small volcano. Even though it's 45 minutes away in driving, it's one and a half hour to walk up there, and great to go there with the family, and especially in the twilight zone in the evening. Enough about that. We are now focusing on first quarter 2021 in Marel. I have to say, it's a reflection for me as well to look back after the pandemic started February, March last year, because this quarter is like a mirror of the last one. We start last year with a blast in January, poultry and et cetera, and then we tap off in March. This year, we go gradually up. The pipeline is building up as well, quite significantly in this quarter. Many people are asking, what is the difference between pipeline and order intake? Pipeline we measure very strict, and we take it through gates, 20% likelihood, 40% likelihood, 60%, 80%, and then we turn into orders when we have prepaid and financially secured, usually with letter of credit, the remaining part. In U.S., we do it a little bit different with higher prepayment and a PO agreement. Anyhow, EUR 369 million in order intake in the quarter compared to a record last year of EUR 352 million. It's a good quarter, and we are standing a little bit different at this point in time, looking at what is ahead of us in second quarter, third quarter this year, although we finished on a good note fourth quarter last year. The dynamics are different. We are seeing QSR, quick service restaurants, coming in as well gradually. Home deliveries are still on a high scale all over the world. U.S., China, particular dynamic in that segment, and so on. You have to be really focused. The speed is increasing, especially in standard equipment spheres where people are adapting to the ever-changing need. Gross profit and maybe starting with EBIT. 11% EBIT in this quarter. We say colored by logistical mobility challenges and 37% gross. It's the same gross profit as we saw in recent quarters. Now the mix is pretty good. The volume is going up, and based on that, we should easily go above 39% gross profit. The logistical and mobility challenges in moving cross-borders within the countries were on greater magnitude in January and February than we have seen. We were under stringent lockdowns in many of our key locations in Northern Europe this time. Transportation cost between China and Europe 4x higher than one year ago, et cetera. The most important is, though, we are different than many others. We were delivering. We were delivering maybe not in January, February fully, but with a very good cooperation with our customers, we were moving that into March, et cetera. It's a partnership to go throughout, we managed to deliver. To give you a little bit insight into what we are dealing with, we are having key differentiator factors, our local teams and our digital solutions. We are maybe installing with a team of six to eight people. We have sometimes two fly-in/fly-out if we need the extra specialist. In this quarter, for a job of four to seven days, there was sometimes quarantine for five days plus five days. We are not going to charge our customers for 20 days for a seven days work. This is to give you insight on why we release some of those cost temporarily. We are not cascading it in the price. Sales and marketing cost is as well high compared to the past. We are here going ahead of the anticipated growth curve that we are foreseeing. We believe we are going on a new level in order intake. We are strengthening the consumer-ready product sales, the digital solution sales, and geographically with a high focus, for instance, on China, where we are doubling our sales and service units. That cost is higher than when the dynamic as such are so much, we are very occupied in advising our customers. However, we are as well tapping on experience from other, and we are having advisors as well here in Marel that we don't adjust for that cost where we are focusing on getting more agility, more speed, and especially spare part deliveries. This is an analysis cost in this quarter that will change later on into investment. Having mentioned all of this, the cash flow is robust and an excellent level, and the cash conversion and the net profit is as well on a fine level, at least increasing earnings per share between years. Order intake here, much better to see it on picture compared to the past. We believe we will see this line stepping further up. This quarter, base order standard equipment, spare part packages when you're reopening some sites or shifting SKUs for your customers, I'm talking about our customers, when they are shifting SKUs out in the dining places or retail and et cetera, they need different standard equipment, and we have been launching Magna, Accuro, and then we have TREIF on board and et cetera. We are very good position to deal with this demand at the moment. The primary processing is kicking in and pipeline building up, like I said, but conversion in this quarter was low in poultry and fish, while it was at record level in meat. Interesting to see how much the investment confidence is going up and how courage some of our customers are in moving forward. Frimesa in Brazil, it will be outstanding and one of the largest, if not largest one in Latin America, pork processing plant. Muyuan in China, where we are replicating nine different lines between multiple sites, where the customer is, like many of our customers in Europe, moving from the feed mill into the animal growing, into the processing. Here, main focus on the primary that hopefully we will see will move on forward in more consumer ready and so on. This is a long-term partnerships we are talking here about. Frimesa has been with us long time. Muyuan is new into processing as such in recent years, hopefully we will enjoy a fruitful and long-term partnership. Operational result, poultry 16%, of course, we are targeting this quarter to get Greenfields into it. Volume is sensitive in poultry, just to highlight that, as in all other industries. We are on average 40% maintenance business and higher in poultry, lower in fish. That is of course recurring theme. The standard equipment are increasing. We have been low in the large orders in fourth quarter and first quarter, but we believe that we will see a great quarter, second and third quarter. Timing is difficult. Meat, we are seeing around 8% EBIT. It's below our targets. That's pretty clear, and we are focusing on the project execution, aligning better how we do it in the poultry. We are seeing, though, with replicational lines and standardization or modularization, we will see some improvements. The team is getting stronger, I would say as well, and much more aligned in the way forward, how we should tackle it and so on. This is an industry under transformation. It has not been easy. African swine flu, in the past, volume fluctuation. Now the industry is catching up from the past, plus having the pandemic acceleration as the rest of the industry. I'm having confidence in that with replication of lines, we will see improved deliveries and improved deliveries in the bottom line. Fish, no new stories there. 5%, it's the volume. The gross profit is great in fish. Of course, there are news that we are teaming up with Stranda, buying 40%. We are increasing our share in Curio. The pipeline is good for Curio, where we are having outstanding primary processing solutions. In poultry, of course, the duck market was strengthened. I will tap on this better after Linda dives into the numbers. Over to you, Linda. Thank you, Árni. Good morning, everyone. Thanks for calling in. I'm going to take you through the highlights of Q1 2021. If I like, in very short terms, summarize the quarter, it is a quarter with strong order intake. Even though we are comparing it to a record quarter of Q1 2020. What we do see is that we see logistical and mobility challenges at a higher level than before that is impacting the gross profit in the quarter. At the same time, we do see, though, improvements in mix from last quarter, so that is balancing a bit on the gross profit line. In addition, OpEx is at a higher level than in the recent quarters, the reason for that is that we are stepping up in line with the growth that we are expecting looking at our pipeline. We do see a very strong pipeline. Outlook is good. Cash flow is robust in the quarter and the leverage at a low level. A few more highlights I want to mention before we dive into the slides. We have now Curio on board from beginning of this quarter. We also acquired PMJ and a 40% stake in Stranda in the quarter. Stranda is accounted for as investment in associates. On the order intake, which is at strong level, we do see the standard equipment and services are at good levels while the project business in fish and poultry at a low level while meat is strong. A bit of a mixed signals there, but pipeline is good. If I look at the revenues, they are at a level of EUR 334 million in the quarter, 10.7% increase from the same quarter last year. We do see both organic and acquired growth there. Aftermarket, 39%. Still impacted by challenges like logistical challenges of our people getting to customer site. Spare parts business is thriving with growth, which is 5% compared to the same quarter last year, also including growth from acquired companies. If I look at the gross profit, as I mentioned, we do see a higher cost than before. We are also stepping up on the OpEx front, when we are investing in the front, we are innovating more in digital. We are accelerating our improvement projects to reach our midterm targets for 2023. EBIT in the quarter at a level of 11.4%. We do, at the same time, see very strong cash flow, both operational cash flow at a level of EUR 60 million. We see free cash flow at a level of EUR 45 million. That is very much underpinning the future and will of course facilitate further investments in the future growth. Leverage at a level of 0.8x, which again underpins our ability to continue on our strategic journey. Let's jump into the slides. If I start with the quality of earnings, good quality of earnings. The mix here is very important for us, whether it's the industry mix, the geographical mix, or the business mix. If I dive a bit into the industries, here you see that meat is growing from 34% same quarter last year to 38% this year, while poultry is coming down from a level of 50% to a level of 48%. Slight change in mix there. Revenues by geographies. Here you can see that Americas is growing from 32% to 34%, and the Asia and Oceania from 12% to 15%. We have been highlighting that is a very important area for us where we also do expect to see growth and we are investing in that area, and we also see some very good orders coming in there in this quarter on the meat side. That should then lead to a further growth on the revenue side a bit later on. While you see Europe, Middle East and Africa going down from a level of 56% to 51%. Aftermarket, last year 41%, now 39%. Moving a bit into the operational performance, starting on the gross profit level, where I highlighted the impact from mobility and logistical challenges while the mix is improving. OpEx, we are stepping up in a number of areas where we are preparing and continue to prepare for the future and the growth ahead of us. You can see that SG&A is now at a level of 19.7%. That is higher than our midterm target. That's also in line with what we have been indicating that we will first go up before we reach the 18%. We need to prepare our business better to take on the growth that we are expecting. R&D now at a level of 6.2%, very much in line with our midterm targets of 6%. Here we are also stepping up, and you can see that we are stepping up in absolute terms on the R&D front, where we see a lot of opportunities to continue investing for the future in digital solutions, preparing our customers also for changes in the environment, et cetera. To underpin then the EBIT at a level of 11.4% in the quarter, also to underpin as well that we are not adjusting our result for anything else than PPA and acquisition-related cost. Order book at a healthy level, now at a level of EUR 455 million at the end of the quarter, including now the order book of Curio and PMJ, compared to EUR 416 million at the end of 2020, where we had included also the order book of TREIF. Book-to-bill at good levels, 1.11x in Q1. You can see that as before, we underpin that the order book is combined of financially secured orders. Earnings per share. To underpin here on the cash flow, very strong cash flow in the quarter, operational and free cash flow. We continue to be disciplined in our capital allocation. We are paying dividend now in Q2 for the operational year 2020. You can see that earnings per share, if I look at the comparison with last year, Q1 is at EUR 0.0282 and compared to EUR 0.0176 last year. Our target to grow earnings per share faster than revenues remains unchanged. Looking at the income statement, here are the revenues, as I highlighted, 11% growth approximately, also coming from acquired growth. Gross profit improving from Q1 2020, but we are comparing to a quarter that was very strong on order intake, but was impacted by the pandemics. Gross profit in Q1 2021, 37.2%. Selling and marketing cost is going up from the last few quarters, even though not so much from Q1 2020. Here we are stepping up in frontline, in line with our plans. We are improving our account coverage out there. We will continue on that journey. You can see that G&A cost is also increasing at a especially high level in the quarter, 7.7%. Here we are running a number of improvement projects. I can mention one, for example, in meat, where we are having consultants helping us accelerating the journey we are on, improving the profitability to reach our medium term targets. The end-to-end spare parts journey. There's a number of initiatives ongoing at the moment. R&D going up between years, now at the level of 6.2%. You can see that adjusted results are on EUR 38 million in the quarter compared to EUR 25 million same quarter last year. Non-IFRS adjustments are higher. Part of it in the quarter is EUR 1.1 million related to acquisition-related cost, and the rest is connected to the PPA, which is higher than last year because of the acquisition of TREIF. Net results at the level of EUR 21 million in the quarter compared to EUR 13 million last year. Mid-term targets, nothing changed there. We are heading for the 40% gross profit and all our steps are with that in mind and in that direction. SG&A at the level of 19.7%. There we need to go down as percentage of revenues as we continue growing the company and R&D at the medium term targets level at the moment already, 6%. Looking at the balance sheet, not so many things to really highlight here, but there are a number of line items that is impacted by the acquisition of PMJ and Curio. You can see more details on that in the business combination in note four in the financial statement. I'm not going to go into the details there. On the inventory side, we have been using our financial capabilities to step up on inventories during the pandemic. We did that as well now in the beginning of the year, but what we did then see in the end of the quarter was quite some good orders coming in, so that turned around quite quickly. We will continue on doing this, using our financial strengths to be ahead of the game on this front. Cash position especially high at the end of the quarter, and that's related to our dividend payment that was made in the beginning of April, so in beginning of Q2. On the equity and liability side, here underpinning the leverage at the level of 0.8x, well below our targeted capital structure, and this underpins our capacity. We have committed liquidity at the end of the quarter at the level of EUR 668 million. We have senior funding until 2025. We are in a good position to take the next steps. We had favorable development in working capital, especially connected to improvement in accounts payable. As highlighted, we are paying the EUR 40 million dividend in the beginning of Q1, so that's impacting our trade and other payables at the end of Q1. Robust cash flow, EUR 60 million from operating activities and EUR 45 million from free cash flow. We are paying taxes of EUR 4.7 million. We continue investing in our business. We also pay in the quarter investments for the PMJ and Curio and Stranda, sorry, at the level of EUR 21.7 million, and you can see that here combined in the picture. Very strong cash conversion. If you look at the operating cash flow compared to adjusted EBIT of EUR 38 million, it's clear that we have a very strong cash conversion. Here are the key performance metrics as we continue focusing on growing EPS faster than revenues, delivering robust cash flow as we have been doing and underpinning again here the net EBITDA, showing our financial strengths. Okay, I think I've highlighted all the main points about the financials, so I'll give the word back to Árni. Yes. Thank you, Linda, for the explicit overview, as always. Gross profit temporarily hampered due to logistical and mobility challenges, our operating cost, we are going a little bit ahead of the growth and the dynamic changes there on transformation that we are seeing. Operating cost high compared to revenues in first quarter, they are okay compared to order intake. Of course, this is forecast target and et cetera, first growth. We believe that the industry is growing a 4%-6% rate last 20 years, next 20 years, driven by modernization of shopping, following the strong secular trends of urbanization, now accelerated by the pandemic as well. The need for optimization, digital, seamless flow, safety. In recent weeks, I've never, ever seen as much requirement from customers to help them on their sustainability journey. We have together the data points throughout the processing steps. We are connecting, digitizing, remember, the first machine, standard machine in Marel was the scale that was collecting and selecting data. It's in our DNA, and this is a very important factor. We have made our commitment in TCFD, our customers, many of them have done it as well, consumers are getting more and more aware of it. Fascinating discussion and opportunities. In the end, if you're good in sustainability, then usually your operation improve as well. It's a very, very strong tool to passionate teams going forward. Reduce the waste, increase the yield, then we will introduce in next quarter as well, exciting new sensors and et cetera, and digital solution. Stay tuned there. Let's go back to the presentation. This frames it in. Some of you have seen this picture before, but it's a very good picture as a talking points. We are investing systematically in the infrastructure. We are flagging as well. From fourth quarter, first quarter, we will see maybe 100 basis points-150 basis points higher investments. We are going to take our spare part delivery on a totally different way. Everybody are now digital savvy, even grandma and grandpop. People want to have it online, see the delivery times, and know immediately when it will be delivered. It's a growing business. Many of our customers as well, focusing on making their best products and relying on Marel to be a one-stop shop. Just to give you insight where we are investing, and probably we will take it up by 100 basis points-150 basis points for a period of three years, but then automatically requesting higher growth. I said the growth 4%-6% underlying. The growth has been in recent five years, 2%-4%. Marel may be on the top of the curve. That means next five years, probably 6%-8% growth in the industry, and we on the top line of that growth curve. It doesn't mean that I believe that the overall growth for the next 20 years will necessarily be higher. If it's front-end loaded, it's so important that you take the market share, you stay with the customer at the forefront, you transform, because then you gradually take a bigger piece of the pie, grow the pie instead of splitting it together and be in partnership. M&A and strategic partnerships. Strategic partnership starts there. The Tomra partnership is going great, and it has been wonderful to see the teams of two companies working together in the pandemic situation, moving forward, encouraging each other, and taking it to the next level. We are already testing out in the market some of our fascinating vision technology. As I said, stay tuned there. M&A, some of you would say those are bolt-on M&A that we were taking this quarter. However, in the duck market, for instance, in China, even though it's small now, because it was 70% of the market there is because main consumption of duck went in the open market, buying a whole bird. The dynamics are changing. If you look at top 10 fast food in China, and home delivery going to be or is twice the U.S. market, then the top three are Western ones that we have been focusing on serving indirectly through our customers. You know those names, KFC, McDonald's, Burger King. In the next in line, seven are local cuisines. There you will see the duck, the poultry, the meat, and maybe the fish and sushi, and so on. It's a very important step to get the third pillar in the poultry alongside the turkey and the chicken. I'm really glad to have Stranda on board go in front of the processing into the farming as we are doing in poultry and move forward. Curio is going fine. We will deploy the capital. We are only 0.8x leverage. We are loaded as well with the long-term financing. This will be fascinating discussions with you going on. Some of you say, "I'm very glad to see the discipline, that when you are so loaded, having so strong financial that you don't go ahead, stick to the strategy." Others say, "When are you going to utilize the balance sheet better?" Et cetera. The thing I can say, there are outstanding targets out there. There are good discussions going on, and we will be stronger together, many of those companies, and the differentiators factors are crystallizing. The global reach and the digital solution are a differentiator factor in Marel. The innovation cost at 6.2% in this quarter. It might go a little bit up temporarily in absolute numbers, but hopefully the revenues will eat it then down to the 6% level. The ideas and our capabilities are such that there is a need to continue to transform the industry. I would be very surprised if we are below 6% this year. I've capped on this poultry, meat, and fish acquisition taking on in poultry and fish and so on moving forward, TREIF in Q4 as well. Fantastic FALCON evolution on the high end, and then the PUMA machines on the lower ticket end, and then Marel portioning in between. Now we take compost sales, now we take line sales in the meat segment, and we are seeing a real tipping point in order intake, in standard equipment in meat that will come into revenues in coming quarters. One thing is to improve project execution, but the real icing on the cake for our customers is to make better consumer products and for us as well to deliver more standard equipment. I take you to video, into Progress Point, Copenhagen. It's a virtual Progress Point here that we are showing exactly the same as we are having in Copenhagen. Welcome to Copenhagen. [Presentation] I hope you like this. This was Copenhagen. We are, of course, we like even more when we have physical trade shows in Copenhagen. It was a very brave investment 10 years ago, where we moved forward with Copenhagen Progress Point. It has played its role, and especially now in the pandemic, when we took it on a virtual reality platform. We had a great salmon show, to mention one, meat show, and last week, Innova ShowHow, where we are exchanging idea how we can take the industry forward. Virtual reality is more and more used to design the customer factories, and our installation crew is sometimes taken down by half the installation time because they have been in the factories before. You know yourself when you're ordering IKEA that you don't use the booklet, you use the YouTube, but virtual reality is next level after YouTube. We have told you that we are investing in mixed reality showrooms as well in Brazil and China. We are just now opening up in Brazil, and later on this year, we will open up in Shanghai. Now I want to say, it's a shorter video, but welcome to Campinas, Brazil. Yeah, thank you. I think you understand now a little bit, a bit higher sales and marketing cost. We are increasing the people. We are having the ergonomics and the look and feel and all the working conditions the same. Brazil, Copenhagen, China. This is a huge change from our Piracicaba location that we are moving now to Campinas, closer to the airport for spare part delivery and getting more intimacy with our customers. Here we are investing, but let's move over to China. We will show you, at least when we publish our first quarter result next year, our facilities in China. We just took a decision on that in addition with Beijing opening up in Shanghai. To recap, traveling time, Beijing, Shanghai is same as Reykjavik, Amsterdam. Very important to cover this dynamic market. We have 100% local team. It's not error where we say glocal structure with C instead of B. We are playing with the words. You have to think global and act local and vice versa. To use the economical scale, we have industry specialists mainly in Europe that are supporting the local teams. Now we can support with remote and move forward and exchange back and forth and divide the forces. The most important is to have people on the ground breathing in and out with the customers to understand the local needs, local cuisines, and how to move forward. Aftercare service, very important that we are targeting to increase that. Muyuan Group, moving forward, I touched on that earlier, replicating several lines, very important. The duck market important, wastewater important. We are here moving forward. I'm giving here your snapshot because order intake in China was strong in the quarter. We foresee it will continue. We are seeing the heat and the barometers going up in the U.S. as well at the moment. Usually U.S. is very quick to rebound when the economic outlook change to positive. We promised you Q&A, so let's go over to that. I confirm, of course, our midterm and long-term targets. If you have any questions regarding that, we can touch on that. Okay. Time for questions. Let's start with the online audience, and I'll hand over to the conference call operator. Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name has been announced, you can ask your question. If you find it answered before it's your turn to speak, you can dial zero two to cancel. Our first question comes from the line of Klas Bergelind of Citi. Please go ahead. Your line is open. Thank you. Hi, Árni and Linda. It's Klas at Citi. It's obviously very good to see the order improvement in March, and it's driven both by standard equipment and greenfields. That suggests that the backlog conversion should be a bit quicker, at least on the standard side, those orders that you're now particularly taking in March. Árni, how much of those will be invoiced this year relative to next year? That's my first question. It is a little bit blended. Service level agreements are as well picking a bit up that will be invoiced in a long term, but more steady recurring growing base. The standard equipment is picking up, but we even believe it will be more. What will really start to kick in as well is the poultry and fish large project in second quarter. We have to bear in mind as well, even though the standard equipment turn very quick, they came in many of them late March. Some of the effects we will see in third quarter rather than second quarter. We are not classifying yet fully what is for the revenues this year compared to the next year. The dynamics are not very much unlike in the past. 40% is recurring aftercare revenues, and then standard equipment gradually improving now, and especially in meat, finally, we are seeing the tipping point. Okay, thank you. Just linked to that, I think you said during the presentation that you feel confident that organic sales growth could be above 6% for the year. Did you say that? Just so I confirm. No. Sorry, Klas. What I said is that I believe the growth in the market for the next five years will be on the arena of 6%-8%, partly to compensate for the 2%-4% in recent five years, and then accelerated now by the pandemic. Maybe I'm too low compared to the data I'm seeing at the moment and the excitement for new solution. I said we will on average stay on top of that because we are investing more in innovation, we are investing more in global reach. Our competitive position is great. We are targeting higher organic growth on average for the next five years, and we don't fully want to time now how the revenue recognition will be in second vis-à-vis third quarter and et cetera. We are not giving guidance for this year. Okay. No, fine. I thought you said also that you made a comment for the year. Just looking at the trajectory, you're starting off at EUR 334 million in the first quarter, reflecting easier comparatives and the orders you're taking now. I mean, high single digit organic seems quite plausible, but I guess you don't want to guide on the year. Yeah, we are feeling quite optimistic. What do you say, Linda? Yeah, I think we underpinned quite clearly also in the press release that we are positive on the pipeline. It is very strong, so we are positive on the outlook, but it is just a bit too early to be very explicit on this point. I would say we are quite upbeat in the medium term, for sure. Okay. Fantastic. My second one is on S&M and G&A costs in the quarter. I totally get that these are good investments as they intend to capture the growth opportunities. How should we think about this for the year as well? Should they, Linda, should they stay over 19% combined, i.e., S&M and G&A? I guess G&A will drop off. If they stay over 19%, it will require quite a big gross margin step-up to meet current expectations in the market. I totally get that you should look at this versus orders because that's real demand. When we model the year, it's a good comment, Linda, versus revenues, at least for this year. Exactly. On the S&M front, there I would say we will stay around this level and even go a bit higher because we are continuing to invest in the frontline. We want that to become a less part of revenues. I would say it will be around this level now in the coming period. On G&A, it's more non-recurring related, even though compared to last year, we are increasing also on adding people because we have a number of improvement projects ongoing. There are non-recurring costs there that we are not adjusting for that should not come back. I would say this is especially high quarter on the G&A front. We are though very much focused on continuing improving the company and even though it means a slightly higher OpEx in the short term. That should fade out a bit throughout the year, but no major changes on the G&A front until we have actually finalized our improvement project and we start reaping benefits from a number of initiatives that are also connected to streamlining the back end, et cetera. Yeah, the gross margin will obviously go higher as volumes are accelerating and as logistics cost level off. Yes, absolutely. We are, of course, very focused on that part, getting that to a level of close to 40% as soon as possible. Yeah, it takes some time to get there, that's our priority at the moment. Very important sales and marketing cost is not only capital goods, it is service, digital solution, and et cetera, and we are seeing quite short payback on those initiatives. Many are surprised in-house when we start to engage even better with our customers that underlying demand is even greater, and we can meet that. Yeah. Very quick final one on underlying demand versus pre-ordering in March linked to supply chain issue. Do you sense, Árni, that the strong orders in March reflected underlying strength, or did you see any pre-ordering? It seems like underlying momentum, just a comment from you would be very helpful. The biggest part is underlying strengths, but maybe three buckets. It is the underlying strengths change in model that our customers focus on what they are doing best, and we are one-stop shop and et cetera, and we have the greatest install base that has been growing and so on. That is the main pillar out there. You know that some customers are as well focusing as we just in save stocks. That is a part of it. Maybe that is permanent as well, in the supply chain. Maybe it moves partly over to those customers and et cetera. Reopening, rebounding of quick service restaurants is as well, then you need more spare parts in that arena. It was earlier the retail and all those fluctuations. The SKUs are changing. You have seen the reports from some of those that are serving the commercial kitchens and et cetera, that it is changing. That means that the processing steps are changing. Overall underlying demand. There are many factors. We need to serve the customer needs. There is a pent-up demand in service, manpower service. We have been too much now in the remote in this. When we engage at the plant with the customer, we see things even better together that where we should advance and modernize more. Thank you. Yeah, thanks. Thank you. Our next question comes from the line of Akash Gupta at JP Morgan. Please go ahead. Your line is open. Good morning, Árni, Linda, and Tinna. My first question is on raw material and commodity prices. Maybe if you can tell us what are the key commodities that you are exposed to? Do you buy these metals directly, or the exposure is through intermediate products where your suppliers could be buying commodities like steel? What are the mechanism to pass it on these raw material price increases to you? Final one on that front is on your ability to pass this raw material inflation to customers. What is the success rate historically to pass this raw material increase to customers, and has that been an issue for margin expansion in the past? That's question number one. Yeah. Can I start just briefly on the raw material and, Árni, perhaps you comment then on the pricing. We have, for example, with one of our key raw materials, steel, there we are and have been fixing the price a bit ahead of time, so into the future, fixing the price with our suppliers. Of course, that period then ends, and we can see that the prices are increasing. That could impact and start impacting us more than it has done in the past. Our team in supply chain and procurement is doing an excellent job. They're looking at this holistically, trying to balance out against those other savings to try to keep it as neutral as possible. If trends continue as they are now, that could start impacting us more. Perhaps on the pricing, Árni. Thanks for the question. All in all, I think this value chain is having a great cooperation from suppliers into our customers, and we are following this very closely. We have not been affected, and the cooperation with the suppliers is great, and our team here is great. We can inflate it into the prices later on if this goes wide over. The components is, of course, bigger than the raw material prices. Until now, we have not seen it coming in higher prices. If it comes crossover, then of course we, with a good pricing power, need to inflate it. However, we are more worried about do we get the parts? We are still focusing on just in safe. Then the transportation cost 4x higher than China, Europe than last year. That is because the rebound is quicker than people expected, ramping down the supply last year, and then there is a faster rebound. All in all, quite many of those things are temporary, and we see endless of improvement potential here. We are a little bit reluctant to put it out in the price yet, but we follow it very closely. Maybe if I summarize my understanding of what you said, is that the likelihood of margin impact from raw material side is low, but I think you may have some other cost linked to items like transportation and then finding whether you can get components or not. Is that fair? Yes. That is having a real long-term effect. Those effects are much more real. All the other pricing effects, it would be a very temporary one or two quarters. In the end, that doesn't change the intrinsic value of Marel. The big forces where we can really get forward and get a real saving, we are seeing quite significant buckets there. Lowering the risk. Remember as well, we can make our standard equipment always in two sites now and et cetera. We are on same platforms and et cetera. It's a blended just in time, just to save that we are playing on, but you should not be utterly concerned about the raw material price. Can I add a bit on this one? I would say there are a number of examples through the last few quarters where we have been just very focused on delivering the equipment at the right quality, at the right time, not thinking about the exact cost behind it and how much the transportation cost. We follow it carefully, but our focus during the pandemic has been very customer-focused, making sure we deliver. Of course that has impacted our margins as we have been highlighting. Thank you. My follow-up question is on organic growth. If you can help us provide some numbers on exchange rate and acquisition impact on both orders and sales in the first quarter so we can see what was the underlying organic revenue and order growth was in Q1. Yeah, we don't state it clearly, but I can give you some flavor behind it. We have PMJ and Curio now on board. Their contribution to revenues in the quarter was around EUR 3 million. Of course, we have TREIF from Q4 and impacting the quarter. What we've said about TREIF is their full year revenues were around EUR 80 million. We had a seasonally strong Q4 2020. We have a seasonally weak Q1 2021. You can think a bit about the flavor there. We don't show it explicitly organic versus acquired growth, I think this should give a lot into the equation. On the currency impact, we are seeing impact on revenues by around 4%, in the end, also impacting our EBIT in the quarter. Thank you. Thank you. Our next question comes from Tijs Hollestelle of ING Bank. Please go ahead, your line is open. Thank you, operator. Good morning. Thank you for taking my questions. The first one is, why are you not providing the detailed split between organic growth and M&A growth for the divisions? I can answer that. That is just how we have done it in the past. We are so much focused on giving explicit how the companies look when we buy them. As we have discussed, we don't calculate as two companies. We start immediately blending in the sales teams out there and all the cost and the financials and et cetera. We really, really look at our portfolio, net debts today and future cash flow. I know you can get maybe underlying organic growth out of it, but we don't either take the headwind, tailwinds. This quarter we had quite massive headwind. Compared to last year, maybe it's a tailwind to next year, but we really, really focus on being naturally hedged and solve it. I strongly believe this is one of the reason why we have a good track record in value creation in M&A, that we immediately blend it together as one and stop calculating separately. That's the core reason. Okay. Yeah. Yeah, my initial first question was about. As an analyst, I fully understand the question. It's important internally to be a one team. It's very important. Yeah. Okay. Yeah, the first question is about the creditor position. I guess it's for Linda. It seems to me unusually high at EUR 285 million. It's a EUR 60 million move higher versus the end of the year. It does not really show up in the cash flow statement, and I know it includes also the contract liabilities, but there's not much volatility in there. Can you help me understanding what's going on there? Yeah. If I'm understanding your question correctly, we do have the dividend as well, like EUR 40 million impacting that number in the quarter. Then some working capital movements like connected to also a rising order intake, et cetera. The dividend has impact, and it's paid in the beginning of April. Then on other payables, you see that's also increasing between quarters and that's related to our obligation with respect to the Curio shares, the rest of the Curio shares. The remaining 50% of Curio. We didn't hear. Did you say anything? No? Yeah. There's nothing structurally going on with creditors being paid later. It just are all our items included in that balance sheet position. Yes. Yeah. There's nothing like that. Of course, there's also always some timing impact, like where it lands between quarters. There's no delay in paying creditors. Our financial position is very strong. We are not in that business. Yeah. Okay. That's good to hear. The second question, about the record high order intake in the first quarter. In my view, that is primarily coming from strong order intake in the meat division, and then in the other two divisions also by standard equipment. Have you in the past ever experienced, let's say, previously record high order intake basically based on one animal protein business? We have done that very often when poultry has been showing a blast and we have had turbulence in meat and fish, but usually it comes wider. The pipeline is building up as well in all the industry in first quarter, but meat is strong in this quarter. That is clear. Now we need to see our friends in the fish industry. The good thing is, we are finally seeing the pipe building up in the fish industry additionally. There is a need for consumer ready products in the fish industry on new scale. We have shown we can do this in Brim, for instance, Vísir and then salmon factories. We are moving forward with a pretty high innovation cost in the fish industry. The poultry industry, it's unusual to see two quarters so low in large greenfields, and we will see the tide turning. Okay. That's much appreciated. If I recall well, you already gave us a kind of soft guidance in the beginning of the year on these, let's say, big greenfield projects in China and Brazil. That turned out nice. You do have that visibility. That's indeed good to hear. Yeah. Yeah. Maybe one final question. It's maybe a bit of nitty-gritty, if I read the comments in the slide on the industry performance on the EBIT margin pressure, you say in the poultry division, it's due to lower volume of large projects. To me, that seems like it's anticipated by you. In the meat division, the comment says, "EBIT margin impact by lower than expected margins." Is it anything company specific or does that relate to the, let's say, COVID-19 related additional costs? Any color here would be much appreciated. Yeah. In this quarter, maybe the COVID-related cost is higher in meat, but we should be cautious in saying that. We just see when we compare the way of working in product execution in meat versus poultry, that we can do better in the meat there. Therefore, we talk about the mix. The margins out of the project. The volume effect we talk about in poultry, the reason is that we were gearing up for a bit higher volume in the quarter, and it matters a lot when you have the same fixed cost. We were not spending this slide on talking about everything we talked about in the previous slides about the logistical and mobility challenges, because that's crossover all the industries. That's the reason. The flavor difference is project execution can improve in meat, and we have assigned advisors there, and volume needs to pick up in poultry. That's why we give this flavor difference. Okay. That's quite helpful. Thank you. Those were my questions. Thank you very much. Yeah, thanks. Are there any more calls? Any questions from the conference call? Apologies there, I was on mute. Just reminding participants, as we're coming close to time, if you can limit yourself to one question or one question with a follow-up, just so the last few people in the queue can get a chance to ask their questions. The next question comes from Andre Mulder of Kepler Cheuvreux. Please go ahead. Your line is open. Good morning. A question on the development of the backlog. You said it started low and accelerated in March. Can you give us any indication of the momentum there? One related question on the pipeline. Can you give any indication of how large that pipeline is? Is it 2x the backlog or 3x? Just a bit more input there. Yeah. Just to recap about the pipeline first. That I said we measure pipeline from a lead where the customer shows very much interest, and then we start to measure it when it goes through the first two gates in 40% likelihood, 60% likelihood, and so on. The magnitude of the pipeline is greater than what you were asking about two times. I'm not going to classify that more, but that is always that way, but now it's escalating a bit higher than that. The opportunities are out there, and we need as well more teams out there to create even more leads and turn faster into the order book. I hope I answered that. The large greenfields we are closing here in the March, they were in the pipeline last year, coming in middle of last year, to be clear about that. Deal is not a deal until you close it, and we are closing that in March. The baseline orders, spare part packages and standard equipment came on much faster rate in March than in January and February. You can imagine as well that when the operation was seeing the same logistical challenges in January and February, the pandemic is not over. We are dealing with, of course, in Brazil, India and so on, but the magnitude in Northern Europe was at the highest scale in January and February. All in all, January, February, full focus then engaging with the customer and orders coming in in March. I hope it colors. Yeah. Thank you. Thanks. Thank you. Our next question comes from the line of Eric Wilmer of ABN AMRO. Please go ahead. Your line is open. Hi, good morning, everyone. A question on the deal you closed with the Muyuan Group in China, which your presentation specifically mentioned that it concerns primary processing equipment, I think only. I was wondering, is this because this is just the first part of the project or is this because equipment further down the line is supplied by other manufacturers? That's my first question. It's a good question. I have to be careful. We have agreed on what we are classifying here. It's natural when you're going from the feed mill into breeding, into processing, that when you grow in this direction, that you start in a primary processing. Hopefully, we will see this as a very fruitful, long-lasting partnership where we then add into the equation more consumer ready products. At least discussion now about how do we step up our spare part deliveries in China, how do we build up that now at a speed, and how can we be a real maintenance partner as we are seeing us in U.S. and Europe. To give you a flavor, this is our business model and the business model of Muyuan and many other customers are to increase the value capturing. Okay, understood. Very clear. Thanks. Secondly, your Q1 EBIT was impacted by a boost in your sales and services coverage, notably in Brazil and in China. I was wondering, what are your concrete plans in terms of further growing your global presence, let's say in the quarters ahead? By how much are you targeting to grow your FTE base? Yeah. In general, we are focusing more on prepared food and consumer ready and that across the globe. We are focusing more on aftercare services in sales and then delivering the sales digital solutions as well. Geographically, we have number of people on a quite good level in Latin America, U.S., Europe, except from those specific arenas that we are focusing on. There is a buildup in coverage in APAC, where the fastest buildup is in China at the moment, going from 60 to 120 people to give you a glance into that. Okay. Thank you. Okay. I believe we've run out of time for questions on the phone, so I'll hand back to speakers. I believe there was one question that's come via email. Correct. Many interesting questions raised here today. Our final one is from Tom Cosper at Bayberry Capital, and it reads, "Can you please provide an update on your Innova software offering? Can you provide some color with regard to the revenue and EBIT contribution of these offerings and the anticipated growth of Marel Innova solutions? It's a nice question. Most of it will be better answered in the second quarter because we have decided to have a focus on digital solution at that point in time. To give you plans, that we are having the process control, the digital platform, and are now on a speed connecting those out there and the customers feeling connected. The first digital products on top of where we are commercializing the digital products, we will see the fruits in this quarter really coming in. We have said today calculate self-standing revenues as low single-digit, and we will then really see that needle move from 2024 and onwards. You can follow us closely, and we will start to give you more insights into our digital journey from second quarter results. However, I challenge you all to go to Innova ShowHow. That was last week, where Hjalti, the VP of Innova, will explain this much better. Thanks for the meeting today, but it was a virtual ShowHow, you should go therein. If you as well contact Marel people and you go into the Progress Point, then you can click on and go deep into our machines and see what they are all about. We have this all on the web, and if you want to contact as well our people, those people will dive deeper in it. Due to the time, I will not go deeper into this, but it is already on the agenda in the second quarter, and I promise I will be tackling it upfront. Thanks for the meeting today. Thank you. Right. Like Árni said, marel.com is an ocean of information, and the IR team is of course available when you need us. I sincerely thank you all for your time, attention, and continued support for Marel. Stay safe, and I hope to see you back here in a couple of months for our second quarter results. Thank you and goodbye.