Greetings to you all, and nice to connect again as I welcome you to the presentation of our first quarter results. I'm Ann-Sofie Nordh, Head of Investor Relations, and next to me here is our CEO, Björn Rosengren, and our CFO, Timo Ihamuotila. They will take you through the presentation as per normal before we open up for the Q&A session. Before we begin, I should mention the information regarding safe harbor notices on our use of non-GAAP measures on Slide two of the presentation. Also, I should mention that this call will include forward-looking statements, which are based on the company's current expectations and certain assumptions and are therefore subject to risks and uncertainties. With that said, I hand over to you, Björn and Timo, for your quarterly comments before we do the Q&A. Thank you, Ann-Sofie, and a warm welcome from me as well. The first quarter was strong for us. Almost everything went our way, and we improved most of our KPIs. From a demand perspective, it was another good quarter. Despite the very high comparables, we grew comparable orders intake by 9%. Orders of $9.5 billion is record high quarterly level for the current setup of ABB. Just like in the previous quarter, the supply chain was smooth, and we could convert orders backlog into revenues. Despite the strong comparable, revenue growth of 22%, we had a book-to-bill of 1.2, meaning we had another quarter building order backlog. It was good to see the teams leveraging the higher revenues into earnings. We achieved an operational EBITDA margin of 16.3%, which is the highest ever for the first quarter. I'm also pleased about the pickup in cash flow. Cash from operating activities was $282 million, up by as much as $855 million from last year. This was supported by higher earnings and lower buildup of net working capital. That said, we still have a job to do in bringing down our working capital. The ratio to revenues is too high, and this will continue to be a focus area for us. With that said, we expect a good cash year. This supports our balance sheet. In early April, we launched a new buyback program of up to $1 billion. Today, we have also announced our plans to delist from the New York Stock Exchange and to deregister with the SEC. There is no change in our commitments to the U.S. market, you know that the market access has increased through multiple digital platforms. We simply do not believe it is necessary for us to be listed on as many as three different markets. This delisting will be another step towards further simplification and efficiency at ABB. Timo will talk more about that later on. Let's turn to page four for some more market comments. To tell a short story, the only segment which declined was residential constructions. However, it remained stable from Q4. This high customer activity resulted in order growth for three out of four business areas. Momentum was particularly strong in Process Automation. The BA saw broad and strong customer activity across the segments, as well as good timing of some project orders. I want to spend some time on Robotics & Discrete Automation as it was the only business area where orders dropped from last year. The order decline of 20% year-over-year looks bad, but it is worth noticing that RA's orders intake increased sequentially from Q4, and the order level of $1 billion is actually one of the highest levels ever for the BA, and the book-to-bill ratio was 1.1. Now let's turn to Slide five and look at the market pattern from a geographical perspective. Comparable orders increased in all three regions. Asia, Middle East, and Africa posted the highest growth of 11%. This is strong given that the largest market, China, declined by 3%, which is good given the very high comparable in last year and pretty much in line with our expectations. I want to mention a very strong progress in India. In Europe, comparable orders improved by 10%. This, however, included the impact of the order debooking last year. That aside, we saw a mid-single digit improvement in Europe. Comparable orders in the Americas were up by 5%. This was driven by strong growth in most countries. Although US, the largest market, dropped by 3% from the last year's very high comparable. Now let's turn to Slide six and our earnings outcome. In the chart, you see the strong improvement in both earnings and margins. We improved the operational EBITDA by 28%, and if we exclude the negative FX, the earnings were up by as much as 33%. The operational EBITDA margin improved by 200 basis points to 16.2%. This includes a negative margin impact of about 20 basis points from portfolio changes, primarily related to the spin-off of Accelleron. It's good to see how the strong revenue growth feeds into sharp improvements in the gross margin. Higher volumes improved cost absorptions in production, and pricing was up about 6%. In total, we improved the gross margin by 190 basis points to 34.6%. In total, this was one of ABB's strongest earnings and margin quarters ever. I would say we are on a good path. With that, I hand over to Timo. Thank you, Björn. Greetings to everyone also from my side. Before we will move to the business areas, I want to remind you all that this was the first quarter when we report the E-mobility business as a sub-segment of corporate and other, and not in business area Electrification. As noted on this slide, corporate and other amounted to total costs of $111 million, out of which $83 million relates to what I would refer to as real corporate and other. $28 million relates to the E-mobility business. This is somewhat lower than what you have seen recently in this fast-growing business in which we are now dealing with a bit of a growing pains. We are investing somewhat more to renew our offering in order to capture the full potential of this exciting and fast-growing market. Let's move to Electrification on slide seven. As just mentioned, this was the first quarter when we report Electrification numbers exclusive of E-mobility division. We have restated the chart you see on this slide accordingly. Data is available on the Investor Relations website. You see in the left-hand side chart that despite facing a very high base from the first quarter last year, Electrification managed to grow comparable orders by 5%, with total orders reaching $4.1 billion. Demand improved in most customer segments except for residential construction, where we saw a decline in all three regions. Very much a similar pattern to what we saw in the fourth quarter. This impacted primarily Smart Buildings and to some extent also Installation Products. Otherwise, the overall demand was strong. On the back of some banking turmoil, we have during the quarter received quite a few questions on the commercial construction. Let's see what happens going forward. For what we have seen so far, the demand in this segment has remained solid. Comparable revenues grew strongly by 16% from last year. The chart in the middle here also shows a nice positive sequential trend in absolute revenues with the quarter coming in at $3.6 billion, the highest level in many years. Volume continues to be supported by the solid market demand and order backlog execution. We had another quarter with strong pricing. You can also see that the book-to-bill ratio was clearly above one, resulting in another increase in the order backlog, which now sits at $7 billion and should continue to support revenue generation through 2023. I'm very pleased with the Electrification's operational EBITDA margin at 19%, up by 310 basis points year-on-year on the back of good operating leverage, lower than expected input costs, and strong pricing. The margin improvement was driven by all divisions except Smart Buildings, which was somewhat hampered by adverse mix due to the earlier mentioned weakness in residential construction. Looking ahead into the second quarter, we currently expect a double-digit revenue growth and somewhat improved sequential operational EBITDA margin. Let's move to slide eight and the Motion business area, which again showed a strong delivery. On a comparable order growth of 8%, total orders reached $2.3 billion, which is the highest level in several years. When looking into the details, one can see that there was a positive development in our drives business, the traction systems offering, as well as service, all of which benefit from the global energy efficiency mega-trends, and for all of which we have a strategic growth mandate. On the other hand, we saw some declines in low voltage motors with weakness in the HVAC segment due to softer construction demand. Regionally, orders increased in both AMEA as well as Europe, as declined in their largest markets, China and Germany, were offset by strength in other countries. Americas remained stable versus a tough comparable. Motion increased comparable revenues by as much as 29%, and you can see in the chart in the middle that it is partly driven by an easy comparable from last year when customer deliveries were still impacted by supply chains constraints. Nevertheless, it is good to see that strong order backlog execution and continued support from earlier implemented price increases have resulted in the highest revenue level since the formation of the Motion business area in 2019. On another positive note, the Operational EBITA margin reached so far uncharted territory coming in at 18.9%, which is up by 150 basis points from last year. This was driven by an efficient execution of the higher volumes and a strong price execution, which more than offset the negative impacts from higher input costs. Additionally, the margin was somewhat supported by a positive divisional mix due to the strong growth in the drives business. Looking ahead into the second quarter, we anticipate comparable revenues to grow at somewhat lower pace than what we saw in Q1, and Operational EBITA margin at a fairly similar sequential level. Turning to slide nine and Process Automation, where we saw very strong customer activity. Orders came in at a very high level of $2.1 billion on a comparable increase of 55%. Customer activity was high across the customer segments and supported a broad-based strength across divisions and regions. There was also a good support from timing of some larger projects, and admittedly some support to the growth rate also from the de-booking of approximately $190 million last year's comparable period. Particular strength was noted in the Energy Industries division. This was driven by the oil and gas segment, including LNG. High activity was, however, also noted in new energy sources such as hydrogen. This is coming still from a low base, though. I noted as I went through the numbers that PA's current order backlog of $6.9 billion is well above PA's total revenues in 2022. Comparable revenues grew by 15%, a bit faster than expected, and with a good mix. Looking at profitability, the operational EBITDA margin of 14.2% improved by 120 basis points year-on-year. This is particularly impressive as last year's margin included approximately 140 basis points contribution from the high-margin Accelleron business that we spun off in October 2022. Meaning that the underlying margin improvement was a high 260 basis points, driven by higher volumes, better project execution, and continued benefits from improved quality in the order backlog with higher gross margin. Operational EBITA margin increased in all divisions, except for a slight decline in Marine & Ports, which was hampered due to the lower share of Arctic marine propulsion business. It is very nice to see stronger than expected performance improvement in Measurement & Analytics. Looking at our expectations for the second quarter, we foresee double-digit comparable revenue growth and a slightly lower sequential Operational EBITA margin, depending on the revenue mix. On slide 10, we turn to Robotics & Discrete Automation, where comparable orders, as Björn discussed, declined 20% year-over-year. As you see in the left side order chart, the highest bar in the middle is the comparable from the last year, which benefited from pre-buys in a period of a strained supply chain. So order intake of $1 billion in this quarter is actually a historically good level, and even up significantly from Q4. Both divisions and all three regions declined at a double-digit rate. We continued to build backlog in RA with book-to-bill at 1.1. From a customer segment perspective, there was a favorable development in the auto segment. This was, however, more than offset by the adverse development elsewhere, including some inventory adjustment noted, particularly in China. With no real supply chain constraints, revenues continued to rebound and increased by 35% on a comparable basis. Both divisions also benefited from the solid pricing actions taken last year. Operational EBITDA was $140 million, with the margin coming in at 14.9%. This was an improvement of 820 basis points from the low point last year when component shortages prevented deliveries. Main contributors to the margin increase were the strong operating leverage on higher production output, as well as better pricing execution. It would have been really nice to hit that 15% mark already this quarter, We feel confident that the RA team is on a good path to get there in the near future. For the second quarter in 2023, we expect a somewhat sequentially lower growth rate for comparable revenues and the operational EBITDA margin to be similar to Q1. Moving on to slide 11, showing the group operational EBITDA bridge. The profile is very similar to the last couple of quarters, with the earnings improvement driven by strong operational performance. The impacts from our strong price execution and leverage on 22% comparable revenue growth more than offsetting the adverse effects from cost inflation. All in all, a 28% improvement in Operational EBITA with 200 basis points increase in margin. Job really well done by the whole ABB team. Now let's move to cash flow on slide 12, which, as Björn mentioned, was strong for first quarter. Cash flow from operating activities was $282 million, up by $855 million from last year. It was good to see that all business areas contributed on higher earnings. net working capital increased sequentially, mainly driven by higher receivables triggered by the strong revenue growth, as well as higher inventories on back of continued strong order intake. While the net working capital buildup was lower than last year, we will continue to focus on this area as we want to bring down the ratio to revenues from the current level of 13.9%. Q1 set us off to a good start to what we expect to be a solid cast year, clearly up from 2022. On slide 13, I want to shed some more color on our planned delisting in the U.S., which Björn also mentioned earlier. You know, we are listed on three exchanges, and there are several reasons as to why we take this step to reduce the number of listings. First, investors' capital market access has increased through trading on multiple platforms, providing new possibilities to investors. Secondly, the delisting and deregistration in the U.S. would be yet another step towards further simplification and efficiency at ABB. Last but not least, in my view, we have a strong balance sheet and a good capital markets access, which I believe will support our capital allocation priorities going forward. On this basis, it feels excessive to entertain three listings. From a timeline perspective, we plan to file the required Form 25 with the SEC on or around May 12, 2023. In connection with the delisting, we intend to establish a level 1 ADR program, which will allow investors to continue to hold and trade ADRs on the US over-the-counter market on ABB shares. Eventually, we intend to apply for deregistration with the SEC and for termination of our equity reporting obligations under the US Securities Exchange Act. This can only be done once we satisfy the US average de-traded daily volume condition. It goes without saying that we will remain committed to an open and frequent dialogue with U.S. investors and maintain the highest standards of corporate governance, including a transparent financial reporting. I also want to highlight that we will remain fully focused on serving our customers in the important U.S. market, ABB's top country by revenues. The United States is critical to our success as a market. As you can see on the right-hand side of this slide, we are currently accelerating our growth strategy in the United States by investing approximately $170 million into our operations to ensure that we support our customers in the best way forward a more energy-efficient future. With that, let me hand back to Björn to finalize the presentation. Thank you, Timo. On slide 14, I want to mention our first integrated report, which we published in February. This includes the 2022 sustainability report, where we show solid progress towards our 2030 sustainability goals. In the interest of time, if it was to mention just a couple of highlights from our first strategic pillar, it would be that we reduced our greenhouse gas emissions by 43%. This means we have re-reached a total reduction of our Scope one and Scope two emissions by 65% versus the 2019 baseline. We have also defined a new emission reduction target for our supply chain, covering suppliers that accounts for 70% of our procurement spend. The largest positive environmental impact we can make is through providing our customers with resource-efficient products. This is core of our purpose and part of everything we do. Let's finish off with the slide 15 and some outlook comments. Market activity and our operational performance in the first quarter was so much higher than we initially anticipated. We feel confident enough to raise our guidance for 2023. We now expect our comparable revenue growth to be at least 10%, we expect to improve our Operational EBITA margin year-over-year, meaning up from the 15.3% we reported for 2022. Looking at the second quarter, we anticipate a double-digit growth in comparable revenues and year-over-year improvement in the Operational EBITA margin, up from the 15.5% we reported last year. Ann-Sofie, now let's go for the Q&A. Yes, let's do so. For those of you who have dialed in on the phone, let me remind you to press star 14 to register to ask a question. To secure the sound quality, please remember to mute the webcast as your line is open for questions. For those of you who want to put through a question by using the online tool in the webcast, please type your question in the field in the bottom right corner of the screen, and I will put through the question here on your behalf. For the phone lines, we really want to be able to let through as many of you as possible. Kindly, I ask you to limit it to one question per person. With that said, we, I think we should just fire away with the first question, which we will take from the conference call. I think and hope, Seb, Sebastian from RBC, that your line is open. Can you hear us? Yes, I can hear you. Thanks for taking my question. My question is regarding the good progress in the gross margin. I was wondering to what extent the staff costs or, you know, operating cost increases are already included. Or to put it in a different way maybe, the price rise that you have for this year planned, are those compensating for the upcoming staff cost increases? Thank you very much. Okay, gross margin question, I guess. Okay. Thank you, Sebastian. First of all, on gross margin overall, before I go to the components, we're very, very happy with the 34.6% gross margin. I think it's up 190 basis points, and that's one of the focus area for us when we have been driving the quality of revenue at ABB. Important to note that now both in Process Automation and Robotics & Discrete Automation, the backlog gross margin, which we have been talking about, is actually coming through in the revenue gross margin. Gross margin went up in all of our four business areas. When we then look at pricing, yes, we have a very good coverage by price compared to the cost level. We had 6% price increase in Q1. Probably wouldn't expect that to continue quite on that level. When you look at the cost components, if we look at overall cost components in gross margin, if you go back couple of quarters, we had sort of almost $350 million increase. Now we had about $100 million. It really is growing down, and labor in gross margin increase of that was maybe about $40 million. Yes, we would expect to be able to cover that also going forward as we see the situation now. Thank you very much. Thank you, Seb. We'll take the next question from the conference call. Alessandro with Octavian, are you there? Yes, I'm here. Thank you for taking my question. Just a quick one on the E-mobility business. It's included in the corporates, the order intake was around $190 million. I was wondering if there is anything still included from others that is offsetting the number, or i.e., if that number is 100% E-mobility. We can say it's for all practical. There can be a million here and there, but yeah, it's for all practical purposes, all E-mobility. As you saw, we still had or we had positive book-to-bill and also about 50% revenue growth in that area. Of course it's sort of small-ish in the ABB overall context. Yes, the fact that it's below last year is no reason for any change of view in that segment? No. Last year we had a very, very large one-off order in E-mobility. I don't remember exactly what it was, but it was like hundred and... Millions. We had about $300 million orders, so it's like a very special situation last quarter. That comparable is not really a comparable one-on-one to the what we had now on that about $190 million. All right, thanks. Okay, thank you. We will take a question here from the online tool. We have a question from Gail, and he wants to know on the net working capital actually. He says there was once again some significant working capital build up this quarter. I wonder if that was in line with your internal expectations. Yeah. Yeah. Why don't you take it? Thanks, Gail. Yeah. Yes, that I think was very well in line with our internal expectations. It's fair to say that our order growth was actually a bit faster or bit higher than our expectations when going into the quarter. If we look at the net working capital dynamics during the quarter, actually inventory went up less than last year. However, in receivables, we tied a bit more than last year. Payables was also a bit of a positive driver. You can see it's actually, I call it moving closer to cash. We already saw inventory starting to decline at the latter part of the quarter in March. Also when we look at this inventory to backlog ratio, it actually started to go down. It went to 28% from 30 the previous quarter. I don't see any issues in the net working capital. Okay, we'll take one more question here from the net. It's regarding medium voltage. The question is, could you elaborate on the performance of the medium voltage segment within Electrification, and how do you judge the progress on the turnaround here? Yeah, maybe I can talk a little bit about the medium voltage. Where we see the medium voltage is in the DS, in Distribution Solutions. As you know, we have made some changes there in the division. We have moved some of that low voltage, switchgear over to Smart Power, which means that DS now it's more focused on the medium voltage. That is traditionally a very strong part of our portfolio, and I think we are market leaders in the most places. I think the good development in the medium voltage is related to infrastructure. There is a lot of electrification infrastructure being built, so it's a quite a good momentum there now. Maybe to throw in a number here. If you look at our divisions which are more exposed to medium voltage or the trends which Björn was talking about, ELDS, Drive Systems, Services, In Motion, Traction. These all grew last quarter, let's say average 20% when you take them. It is really, you could say quite a strong, at least at the moment, demand we are seeing in this medium voltage type of area. Mm. Okay. We take the next question from Alex at Bank of America Merrill Lynch. Your line should be open, Alex. Thanks, Antsy. Good morning, Björn. Good morning, Timo. Hello. Thanks for taking the question. I wondered if you could just dig a little bit more into the EL trends for us, actually. A strong decline. Excuse me. Strong decline described in the U.S., declines in Germany, and in China. I just wondered if you could just dig a little bit more into the vertical trends. You've obviously called out resi specifically, and the broader implications of that. I just. Alex? A strong decline you're talking to. Yeah. Alex, you cut out in the middle there. Yeah. We didn't really hear the ending of. Can you just repeat, please? Just- I can. Simply the dynamics in EL, trying to reconcile the, calling out the weakness in resi, but you've actually still got some reasonably good order numbers, actually. It's not as strong a decline as it looks, if that might. Yeah be the right way to ask the question. Yeah, Alex, maybe I'll comment on that a bit. First of all, when you look at Electrification, the whole buildings side of Electrification in our case is about, if I remember correctly, some 35%, and resi is maybe 12%, 13%. Resi is actually big for us in Germany, in particular with Busch-Jaeger, but also with ELIP in the U.S. and also in China. Proportionately, the resi from our mix is coming maybe a bit more through in those markets. As we discussed earlier, then we have some other areas of the business where we have really quite strong trends, as we were discussing on the medium voltage, on the energy security, energy transition, and so forth. Okay. We take one question here from the online tool. It's from White Oak, India. They would like to know, can you elaborate on detail what is driving order inflow growth in India? Maybe you, Björn? Maybe I can start there. First, I think the dynamic in India has been quite good during the last year. We know it's now it is the biggest market, the largest number of inhabitants than any other markets in the world, and we've seen a good dynamic in growth in that market. I think one of the factors is that the internal market is growing, but also I think also there is a certain amount of diversification from companies using India also as from supply chain opportunities. You see a double there. Good internal market, but also start seeing more on export from that market. If you look at India for us today, it's actually growth of 40%, so it's quite impressive at the moment. We have had this dynamic now for a year almost. Anything you want to add up there? Just that all business areas we're growing. Yeah. Strong. It's. Yeah it's. Broad-based good to see that market. Okay. We take a question from Andy at J.P. Morgan. Andy? Hi. Good morning, everyone. Thanks for taking the question. I wanted to ask, I guess it's a broad question really, around China. You made some comments or there's some comments in the release around, I guess, what looked like a very good start to the year, maybe some slowing around China New Year, and obviously appreciating the headline numbers are impacted by the Q1 comp from last year. Really just trying to get a sense on kind of what you really think you're seeing underlying in terms of China, both in terms of Q1 and then, I guess, any earlier indications in terms of outlook for the year. Yeah. First, if you look at the comparison numbers, it's like both in U.S., China, and Germany, they are negative. The first sight when you look at it that it would be such a weak, but it actually isn't. We have a very high comparable in China, both this quarter and also next quarter. If you look at from that perspective, you know, I think if you see last year, there was, ended up with quite weak from the COVID situation. We saw the market opening up first before the COVID, the New Year and then after the New Year. We've seen quite good. We don't see the growth in China that we saw in the Western world when after the COVID. Maybe it wasn't that expected. We are quite optimistic that we should see good growth in China, especially second half of the year. Anything you would like to add on there? I think it's. It may be from comparable, maybe not look super strong. I think it's quite good numbers in China. I think it's the third strongest market quarter. Yeah. Yeah. Yeah, positive book-to-bill we had Q1 in China, yeah. Yeah, that's also important to say that even though we saw good revenues there, we still have a positive book-to-bill, so building order book in China still. I hope that gave some clarity. It seems like it. He's quiet. We'll open up the line for Ben at Morgan Stanley. Ben, can you hear us? Oh, yes, I can. Good morning, everyone. Thank you for taking the question. Just on the margin bridge, Timo, the $703 million price, volume. Mm. If you like, about 9%, can you just tell us and give us some kind of indication on price versus volume? Within that, I guess as a general question for Björn, how are pricing conversations with customers? Are customers becoming more reluctant to take on these price increases? How is that going, particularly in Electrification, but in general? Sure. Why don't you start then, Timo? Yeah, sure. In the bridge, we still have a bit more price than volume, to use sort of semi-exact numbers, probably about $380 million is price, and about $320 million is volume, there is little bit of supply chain savings and that kind of stuff against that $100 million I spoke earlier, which was the cost increase in the call. When you look at the price, we have about 6% price, out of that, maybe about 5% is carryover, we still had also bit positive price actually in Q1. Yeah. Yeah. If we talk a little bit about pricing, as you know, we implemented our pricing strategy, departments in divisions before actually we saw the inflation coming, and now we had it in place, so it actually helped us good. I think the important thing with pricing is what we call value-based pricing. That is actually we deliver good value to our customers that we need to get paid for. I think that last year we saw a lot of driven by cost increases, price increases. I think going forward, it will be more looking at where do we deliver the right value, and we should get paid for that value. It will be much more different between different segments and different markets. When you see the price increases, you know, of the 6% in the first quarter, there's of course a lot of overflow from last year. You know, when we look at the cost structure, commodities, logistics and so on, that has of course gone down dramatically, so we don't see these cost increases as we did last year. The important thing is actually the gross margin, and we follow it, the divisions follow it, and I think that's the security for delivering good performance also in the future. You want to add anything? Well, yeah. As you opened the gross margin, so we have very good gross profit productivity. We have spoken about that measure earlier, so happy that that also is moving to the right direction. We actually didn't have that much headcount increase, and the gross profit has improved significantly. Thank you. We'll open up for another question from the conference call. We have Daniella on the line, I hope. Daniella, are you there? Yes. Hi. Yes, good morning, everyone. Good morning. Thanks for taking the question. Actually, it's following up on some of the last comments. I mean, when we look at sort of like margins at 16% ahead of your medium-term targets, clearly like gross margin in the near term and price cost mix very favorably, you've been clear about that. Can you talk about like is this more you see it sort of a more of a structural level, sort of if price is now 1% on orders, when the price cost normalizes, sort of what can we look up to as compensating for that and allowing to keep these high margin going forward? Do you still have many businesses under percentage of business under margin focus, like you used to give that figure? Maybe you can articulate how can we look up to this as a more sustainable beyond the pricing? Yeah. Yeah, I mean, we saw a lot of the divisions delivering good performance. You know, it's very simple in ABB. You add the divisions together, if the divisions are doing well, we also do good as a group. I think there is, in every division, a lot of work and, you know, the stability, profitability growth. Still we have around 30%, maybe a little bit 30%-30% of the divisions that have a margin improvement mandate, so driving profitability. Then you have about 10 driving growth. More and more divisions are moving over to that. We also saw some of the, you know, very high performers who have a growth mandate that also improved their margin. I think it's important, I think I said this already in 2020, ABB is a company that should be operating above 15%, and I think that is the part. Of course, we said that 15% is an intermediate target. We will of course continue to drive performance in the different businesses as well as more and more focus on really growth, and then we're talking organic as well as inorganic. Yeah, I think there is a good potentially in this company to grow. This of course varies also over business cycles, when we say over 15%, we mean over a business cycle. I think we're coming up to levels where this company should be, and, as you all know, this is very much in line with the best in class in the market. Okay. We'll take another question here from the online option. They are asking to elaborate a bit more on the $170 million-ish investments in the U.S. and if at all- Mm. They're linked to the. IRA IRA. Thank you. I lost it. Abi? I think we talked quite a lot about dynamics in growth opportunities in the market. U.S., as you've seen, has been very, very strong, and there have been numerous of incentive packages that have been electrifying America, the IRA Act, but also on the semiconductors, so it's a quite big dynamic in that part. At the same time, as a group, we have said that we want to be local, even if we are a global company, meaning that we want to be more and more self-sufficient in the different areas. China, we are around 95%. In Europe, it's more or less 100%, and in U.S., we were around 80%. We are building up our production capacities in that market also. Also to, you know, to be in line with what's requested in the IRA Act, you know, you need to produce, you need to source it from the local market also to qualify for the subsidies that are being planned too. It's a good market in U.S., and the divisions have felt that they need to strengthen up, and that's what's happening, and that's why we do the investment there. Anything you'd like to add on that, Timo? Well, maybe, just that of course, these mega trends, what Björn was talking about on energy security and energy transition and also automation in a way that people are, as Björn was discussing, India looking to diversify their sort of manufacturing bases. These are strong trends for us, and in that sense, we upped our revenue view for the full year now, and we would still, given these trends and taking everything into account, expect as at the moment we are standing here to have a positive book-to-bill also for the year. Maybe that to add because U.S. is, of course, a big part of that. Good. Okay, we have a follow-up question from Sebastian at RBC. Your line should be open, Sebastian. Yeah. Thanks for taking the follow-up. I have a question on the profitability of Robotics. You had these troubles in China in the production last year, and that, of course, helps now in the revenue recognition and in operating leverage. I was wondering if you also produced large amounts of components into your own inventory, so you couldn't deliver them, but you had them in your inventory, which would then potentially lead to better margin when you sell it out because you don't have certain costs associated with those inventory sell-throughs. My question is there some inventory de-stocking effect that would have supported the margin, or is the margin that we see a true margin in Robotics now? Mm. Thank you very much. I think thank you for the question. This lies very close to my heart, so I'll take this question. Very clearly here, I mean, we've been saying when it comes to the robotics, this should be a 15% market and growth 10% per year. That's what we think that this business should be. I think they've done a good job now in working up the margin from, of course, a very difficult last year because of supply chain issues and so on, but I think we are coming up to the levels where we need to go. We also see good demand in the market. I like to underline that even if it looks the first sight -20, it's still the second or third best robotic year quarter in order, so $1 billion is a good number. When look at the margin there, one of the thing we've been quite transparent with is that the gross margin in the robotics have continuously increased. We are seeing that gross margin now going through to the EBITDA margin. They've been able to keep their cost under control. That means that the gross margin will actually come down into that. There is nothing from releasing robotics, more than you can say, the 35% growth compared to last year, that is a very high number. But that is still a book-to-bill ratio, that meaning the $1 billion order is actually higher than what we put out in revenues. Last year we were hampered by not getting out the margin. Now, we are getting out the margin from what we are invoicing, and I think the levels we see in invoicing is what we should at least for a couple quarters also see. There was no special release. I think this is the level where they are at the moment. Little bit on robotic also. I mean, you look at the automotive, you look at general industry, you look at some of the other segments. You know the strategy which they have been implementing here during the last two years is to move away from low-margin automotive industry, especially from the systems side, and focus more on the general industry side, where you see a significantly higher margin. I think that is also coming through in the gross margin of the business. Overall, I think it's the performance is aligned with the expectations but also where they want to come. Okay. Thank you so much. Very helpful. Thank you. Thank you. We should have a question from James at Redburn. James, your line should be open. Thanks, Ann. Good morning, everyone, Björn, Timo. Sorry, I got cut off for a bit, so I hope I'm not covering old ground. A question on orders, if I could. Is the $9.45 billion a record quarter if you strip out grid, which I think is pretty remarkable to be up year-over-year when a year ago was the pre-buy quarter on raw materials, the supply chain collapsed. I guess now that the supply chain is easing and raw materials are lower, one could argue this is more of a normal quarter. I guess my question is really, is this a normalized number? Because it's 33% above the $7 billion you were doing in the two years pre-COVID. When you look at the kind of tender pipe and the customer conversations at the moment, do you think, we can be stable from here or grow from here or further normalize? Thank you for the question. Maybe I can take it. I think first, I must say that when we went into this quarter, we were a little bit cautious because we really didn't know where the market was going. We actually been seeing a strong market actually from January all the way to March. It's been very consistent, the strength during this quarter. You know, even though we're growing 22%, the book-to-bill is 1.2, so it is a very high one. I think it difficult to say if this is going to hold on in the future. The only thing we can say after two weeks, which is a very, very short time in Q2, that the market are still keeping up. I think it's a little bit too early. We do expect, even though we see in the full year, at least 10% growth, a book-to-bill ratio that is about one, which gives certain indication that we do expect markets to be reasonably good also in the coming quarters. You, have you want to add something? Maybe just on Q2 that we, of course have also very high comp on Q2. We had 20% order growth last year. This quarter we had also quite a few large orders. Of course, the 9% includes quite a bit of large orders. Even if you take those out, the so-called base order growth was 3% in Q1. Let's see where we land up in Q2. okay. Thanks. It's really helpful. Thanks, James. We have a question from Lars at Barclays. Your line should be open, Lars. Yeah, great. Thank you, Ann. Good morning, Björn, Timo. I was really just gonna follow up here on the commentary around industrial short cycle trends, particularly in RA. You called out some channel destocking in China, which I gather is primarily in your robotics business. Are we at the end of that, or do you see more, sort of channel reset there? I appreciate your earlier comment around sort of broader positive commentary in China, but keen as to where you see the channel inventory sit at this stage. Also on the automation side, B&R, you're not calling out pre-buy unwind. Are we now sort of more normalized? Yeah. Maybe if I can briefly just on the North American side, a bit more concerned there, I would say currently around the short cycle trends. Can you comment a bit about what you see as far as sort of even potential inventory destock and short cycle trends in the North American markets? Thank you. I think we mentioned in the previous quarter that we saw some destocking among some of our customers also in certain markets like China, but also in distributors in the Electrification. I mean, if you look at the orders that we have seen, we actually see growth in all three business areas except from Robotics, but that is of course exceptional comparable. Yes, I think that is probably normalizing somewhat from that. I think, you know, from our perspective, we were also a little bit surprised that the market kept up on this high level. When you look at Robotics and B&R, yes, I think, on the B&R side, we have of course a huge order book. I think they have, compared to any other businesses, the largest order book, and more or less everything that they are going to supply this year is already in the order book. Yes, I think there has been a lot of customers that pre-ordered, some of that, previous. Anything you'd like to add or anything? Yeah, maybe on the destocking question. That is naturally happening in the resi construction, and that is one of the reasons where we see a little bit of that. It's totally understandable that when the supply chain eases on the shorter cycle business, you see a bit of destocking. Of course, we have taken how we see this into account in what Björn said about the full year book-to-bill and all that. Okay. I think we finish this session off with a follow-up question from Ben at Morgan Stanley. You still with us, Ben? Oh, great. Thank you. I am. Thank you very much indeed for taking the follow-up. I really wanted to just go back, and apologies for being pedantic, but go back on, I think it was Andy's question just about China. I think the point you were making, Björn, was that there was a year-over-year comp effect, and also that the pickup, the improvement had not been as strong post-COVID in what we've seen in the West. When I look at the press release, it does say that customer activity slowed somewhat, and I believe after the new year. My question is, are you actually seeing post new year any sort of significant pickup in China? If we think about sequential demand in Electrification and the other businesses between March and April, is it fair for us to assume that China is getting better now? I think it's a good question. I mean, when we talked last time, I said that maybe we see an upside in China to get some of that really big increase that we saw in the Western world when COVID was out. We have not seen that big one. On the other hand, if you look at orders in the three different month, March was very strong. It picked up quite good in China there. Talking with our businesses and the general mood, we are quite optimistic about China going forward. Of course, we do not expect to see the same as we saw in U.S. and Europe, which was, you know, really a kickback in the market. It will be probably a good market, but maybe not so dramatic as you saw in the Western world. Something like that. I understand that. Yeah. Yep. Thank you very much for the clarification. Yeah. Okay, thank you. Good. Thanks a lot. With that, we've round up this session. Thank you. We will see you in the summer. Thank you very much for joining us. Thank you. Bye-bye. Thanks.