tGood morning, ladies and gentlemen, and welcome to the first quarter results presentation. My name is Tolle Grøterud, and I have the pleasure of guiding you through today's presentation. Our CEO, Pål Wibe, and our CFO, Stein Eriksen, will take you through the results and key drivers, followed then by a Q&A session. For media, there will be an opportunity to perform separate interviews after the presentation. Please direct your request to the press contact. Without further introductions, I turn the floor over to you, Pål. Thank you, Tolle. To try to summarize Q1 in a few words, I think that if you look upon Q1 in isolation, it was a challenging quarter, obviously. If you look a little bit broader on it, you might remember that Q4 was quite good with the favorable winter conditions. If you look at the winter as a total from end of October to early March, it was actually quite close in terms of sales to last year and above previous years. In Q1, in isolation, it was a challenging quarter, sales-wise. The good thing in times like that is that we are taking market share in all markets. That's very, very positive 'cause that's one of those things that we can influence ourselves. Even better, as you can see when you look outside, spring has come. Of course, we have plenty of bikes, and we are very well prepared for the spring season. That's on the positive side. I'll take you through the presentation, and Stein will go through the financials. I always ask the team to, you know, whenever we start a new season, we should always ask ourselves, "Are we better than we were 12 months ago?" Because if we are better in all we do than we were 12 months ago, then at some point, we will get, we will see it also in the results. Football, being one of my favorite sports, are one of those where we are better than we were 12 months ago. This is a picture from the training session we had I think last week, where we are introducing an extended sort of footwear assortment in 23 stores, and we did training together with our partners. That's also a category that is growing well, even after the pandemic. Another favorite of mine is the it's running section and the Fit Stations. As you might remember, we launched Fit Stations one and a half years ago, and we are continuously adding features to the fit station. If you go now to XXL.no and you go into My Page, you will actually see that if you had done a foot scan, that you can actually see your foot scan on your My Page. There will be more features so that you can to help you find the perfect running shoe. There are no excuses for not exercising and running. Then, of course, going into spring is all about bikes. Biking is a key category during spring/summer. This year we cannot blame it on the lack of bikes because definitely we have enough bikes to start the season. That's very positive, and the team is doing a fantastic effort in assembling those bikes and being prepared for the sort of start, kickoff of the spring/summer season. If you go back to Q1 and look at Q1 in isolation, it was challenging winter conditions in Q1. You remember winter was in December for the entire market. We gained market share in all markets, sales ending at NOK 2 billion, which is 8% below last year. Last year was the best Q1 in the history of XXL. Gross margins slightly down. One percentage point of that reduction was due to the increased freight cost, which is still hurting us and everyone else. EBITDA ended at NOK 75 million, which is, of course, down from last year in Q1. As I said, we are well-prepared for the spring and summer season. In terms of outlook, I would like to emphasize that if you look historically, XXL has been a winning concept, but in sort of troubled times. In times when there's a lot of uncertainty, and of course, there are a lot of uncertainty in the world right now with supply chain disruptions, Ukraine, prices going up and down or mostly up. There is of course a lot of macro uncertainty. In times like this, a concept like XXL usually stands out very well. This is the market share development in the three Nordic markets. We don't have Austrian figures. Norway and Sweden is at the end of February because we haven't got the March figures, but Finland is actually also including March. The very positive thing is that all markets will be gaining market share. Norway is very, very positive, but also Finland, that you might remember that we have been losing market share for quite a long time. Now, we have for 3 months been gaining market share every month. Very, very sort of positive that we have been able to turn the tide in Finland. Over time, we should always Our long-term ambition is that we should always gain market share. The market might go up and down, but in general, the sports market has been increasing by 3–4% per year historically. We should always gain market share. That's our long-term ambition. This is the figures. Revenue down 8.4%. Gross margin down. And then also the EBITDA obviously also being hurt by the reduction in sales and margin. E-commerce was 23.2% of revenue this year. Last year, it was a little bit artificially boosted by the fact that we had to close many stores in Norway and Austria, and of course, then e-com boomed. This year is more normalizing, and the store sales are increasing, of course. This was my perspective from the introduction. We said that, you know, the seasons are not following the quarters, they are following the seasons. The winter season is typically in our industry from sort of end of October to early March. If you look at that period, the fall/winter 2021-2022 was sort of close to the previous year and actually slightly above historic figures. It wasn't necessarily a bad winter season in sales sort of in total, but it was a bad winter season in Q1. Gross margins, as I said, 1 percentage point sort of can be explained by the fact that we had the increased freight costs. What we are doing, of course, is that XXL is all about having the lowest prices on everything always, and we follow and monitor that very, very closely on the many thousands of products, sort of every minute. As you can see from this graph, we have been following the prices of our relative position to the market price level has actually been slightly improved. We are following the market prices, but the market prices in this quarter has been going down and it's quite natural. When you have a lack of winter conditions in January, February, everyone needs to trim a little bit the inventory. Nothing dramatic last year, and nobody had any inventory to trim because it was a fantastic January, February. We're also comparing it with a period that had unusually low seasonal clearance. Now we have sort of more normal at normal plus, but nothing dramatic. This is the segments, as I said, all segments, of course, going down and then we have figures like this, but market share being positive in all markets, which is something that we can influence. We also talked about Austria. Austria has been something we've been talking about several times and we get a lot of questions. We have been losing quite a lot of money, almost more than NOK 300 million over the last since the introduction in Austria. We are also losing money in Q1. We have been asked by the board to conduct a strategic review to look at all options, look broadly at all options, and we will do that in Q2 and come back to we have completed the strategic review. With that, Stein, I think I'll give the word to you to give a bit more details on the financials and I'll come back on the outlook. Thank you, Pål. Yeah. Okay. Let me take you through the main financial items for the first quarter of 2021. No, sorry, 2022, of course. If we start with the P&L, EBITDA ended at NOK 75 million. Like Pål already mentioned, it's a decrease of NOK 131 million versus last year. The main drivers are two things. It's the negative revenue development, and it's weaker gross margins compared to a record high level last year. Revenue was down NOK 182 million, mainly then explained by the negative like-for-like growth of 8.5%. Although XXL gained market share in all markets, the sports industry, as Pål has already mentioned, had challenging winter conditions during the quarter. Also worth mentioning, e-com had a negative growth of 19%, then representing 23.2% of total revenue versus 25% last year. Of course, parts of the decline on e-com was partly explained then by the many store closures last year. Gross margin down with 2.4 percentage points impacted by both increased competitive pricing as well as increased freight cost. OpEx ended above last year, both in percent and NOK, and I will come back to that in the detail in one of the later slides. Net income ending at NOK 151 million in the first quarter versus -NOK 39 million last year. Moving over to the gross margin development, and Pål has already mentioned quite a bit. Worth mentioning is that first quarter is normally quite a seasonally dependent quarter, related to margins because we are very dependent on either a good winter season or we can experience worse, winter conditions. This year was a little bit more challenging, winter conditions in the first quarter. Obviously then more clearance activities all over the Nordics, negatively then impacting the gross margin. Also we had higher freight costs than previous quarters, that hampered the gross margin with around, one percentage point. As you can see, from this graph, all segments except Austria posted a decline in the gross margins. That being said, I still want to highlight that XXL still targets a long-term sustainable gross margin of about 39%, going forward. Group OpEx, we had an increase of 3.3 percentage points to 34.2% in Q1, explained mainly by the lower revenue negatively affecting scale and operations. In kroner, we had an increase of NOK 10 million, and that's everything of that increase is related to new store openings. In addition, I want to highlight that XXL experienced significant increase of sick leave in stores and central warehouse due to the spread of Omicron in the first quarter. We had 80% increase in sick leave hours versus last year. That was around NOK 15 million in increased costs for XXL in the first quarter. EBITDA ending at NOK 75 million with all segments posting negative development versus last year, except Austria. Austria had improved the results versus last year, but it was partly explained by a recognized income of EUR 0.8 million due to governmental contributions related to the pandemic. EBITDA margin ended at 3.8% versus 9.5% last year. Moving over to the net debt development from NOK 707 million in net debt by the end of 2021 to NOK 980 million by the end of Q1 2022. As you can see from the slide, the main drivers were first the positive EBITDA of NOK 75 million, counteracted by increased working capital, which is mainly related to build-up of inventory, especially front-loading of important volume products in order to secure goods in these uncertain times. I just want to highlight still that the inventory is still very healthy versus the previous years. CapEx was 42 million, where a bigger part of it was linked to the implementation of the ongoing as well as some maintenance investments. Payments recognized lease contracts were negative of NOK 154 million and interest payments then of NOK 29 million, then leading to net debt ending at NOK 980 million. Moving over to the financial position of the group. Liquidity reserves ending at NOK 800 million and net debt at NOK 1 billion. Leverage ratio ending up at 1.6, which gives significant headroom versus the covenants. To sum up the financials, EBITDA, as I said, ending at NOK 75 million, decline of NOK 131 million, mainly explained by the decrease in revenue and lower gross margin. Inventory continues to be healthy levels and age, and XXL has front-loaded volumes in order to secure deliveries under uncertain value chain condition. Net interest-bearing debt ending at NOK 1 billion and liquidity reserves at NOK 820 million. That was the financial thoughts. Pål- Thank you. Handing over to you. Okay. Thanks. Very good. Just to sort of sum up and give you a little bit on the outlook. Keep in mind in a quarter like this that we are on a transformational journey that we have just started on. Even though XXL has sort of made big strides forward over the last two, three years in many areas, we still fortunately have a lot to do in order to improve. In some areas, we have progressed far, and in other areas, we are still a lot ahead of us. Even though we say we are well-prepared for a great spring-summer season, the even better is that we have a long list of improvement ideas. Keeping in mind that this is actually the first season in at least my time at XXL that we can actually physically prepare for a season. We can meet physically, train, visit the stores, talk also in physical. Of course, we still have luckily a long list of things that we should do better, and that's really good. We are in this. I would sort of say if you look upon it as a summit climb. I would say that we are somewhere in between stage one and two. There are some guys catching up to the top and putting up a forward post. I don't know if any one of you has sort of seen that last week we launched the sale of used products. You can actually go down in the store at Alna and see that. We're doing a lot of circular sustainable services that we're launching these lately. Some people are up there at Camp Eight and sort of putting up the tent. The main focus is still sort of in the early phases of the journey. As I said, luckily, we have a lot to continue to improve. We believe that in times like this, what makes XXL unique is that we have this combination of great brands, great prices, great selection, expertise and accessibility, and the combination of it in one concept. That is what makes XXL quite unique. As I said before, historically, we have seen that in uncertain times, a concept like XXL stands out very well versus the competition on the alternative. We are sort of even if there are macro uncertainty, we feel very confident that we are well prepared for that uncertainty. The sort of overall targets and goals remains the same. We have said that the sports market might go up and down. In general, it has been increasing by 3-4 percentage points historically. We shall take market share over longer periods of time. That's the kind of priority number one. The other thing, as Stein mentioned, over time, we should have a sustainable gross margin above 39%. That's the second target. Then we want to continue to invest in operational efficiency so that over time, we decrease the cost ratio. Of course, in Q1, we didn't because sales was fluctuating quite widely. Over time, we will and shall improve operational efficiency and decrease the cost ratio. That's our targets that we are committed to as a company. As I said, this is good or bad. I think it's in general, it's quite good because if you compare with 12 months ago, we had far too few products going into a spring-summer season, especially on bikes. Here you can see the index inventory on important spring-summer categories versus last year. As I said, this spring-summer, it will not be a lack of products to sell. Of course, we will always be sold out of something, but we have more than enough of products to sell. Yes, there are the supply disruptions and some things are coming later than they ideally should, but we have a lot also on inventory we can sell. We believe that, and especially bikes, is maybe the one biggest sort of change versus the same period last year. As I said, the team is doing a fantastic effort these days to assemble all these bikes to be ready for the spring kickoff that is really every year hits us like a big bang in April. I'm very sort of satisfied with the preparations. We are peak ready. You know, our supply and replenishment systems and procedures are better than ever before. The assortment changes are on the positive side, and the stores and e-com are ready for the season. To close up, I will say that we are capturing market shares during challenging times. If you look at the Q1 in isolation, the winter as a total wasn't that bad, but Q1 was more challenging winter conditions. Sales at NOK 2 billion, gross margin at 38%, and then an EBITDA of NOK 75 million this year. We are well prepared for the spring-summer season. The focus is the same as we said last time. You know, retail is all about improving categories, strategies and seasonal execution. This is what we are spending most of our efforts on, to continuously improve the category offering. I gave you some highlights today, but that's a never-ending battle. We are working a lot on improving marketing and the campaign process. A sort of a big improvement potential for us. We are not there yet. E-commerce, we have gotten a lot of boosts over the last few years. We can still do a lot better, and we think that once the market now normalizes, that will be even more important. We have optimized the inventory, but we also need to optimize the cost base, and we are working on that too. With that, we believe that we are going to take market share also in uncertain times, that we have done historically. We have three new stores signed for 2022, one in Norway, that's Alta, and then two in Sweden, which is, I think I can say it's Borlänge, which is opening in a few months' time, and then Skellefteå, who's opening early next year. We have closed two stores, Töcksfors and Nordby, as outlet stores. We will, at any point in time, close stores that we are not getting profitable conditions. I mean, we cannot for over long periods of time operate stores where we don't see a basis for profitable operations. In Töcksfors and Nordby we didn't see that, so then we had to close it. Net-net, we still believe that there are white spots in the Nordics, and in all markets where we can grow. As I said, we have launched to initiate a strategic review of Austria to look broadly at all options, and we'll come back to that in the Q2 presentation. With that, I think we'll open up Stein and Tolle for questions. Perfect. We open up for questions and first from the audience present at Alnabru. Please wait for a microphone, and we ask you to kindly introduce yourself. Please go ahead. Shy audience today. A quiet audience. No questions at Alnabru. Unfortunately, we also have some technical issues with the conference callers now. We are not able to transfer into a Q&A session. A replay of this event will very soon be available on our corporate website. Also, please direct all your questions to the Investor Relations or the Communications department. We are ready to answer all your questions immediately and throughout the day. We apologize for the inconvenience. That ends our session. Thank you all, and have a good day. Thank you.