Good morning, everyone, and welcome to Adapteo's Q1 2021 business review. My name is Philip Isell Lind af Hageby. I am the President and CEO of Adapteo Group. With me today, I have my colleague, Erik Skånsberg, Group CFO. Good morning, everybody. Turning our views towards the highlights for the first quarter. We were successfully able to complete the acquisition of Stord Innkvartering that we announced in the fourth quarter of 2020. Stord Innkvartering is the leading player within worker accommodation in Norway, with the largest and the most modern building portfolio that you can find. With a business that is built on strong and long-lasting customer relations. Related to this, we were also able to secure our largest order ever, where we are to provide worker accommodation solutions to the Fehmarnbelt FLC Village in Denmark. We are also pleased to report on a preliminary conclusion from the tender peak season in the public sector that has started and proceeded very well. We have seen higher activities across more or less all the countries of ours. We have also seen some improving signs in the private customer segments. As for the financials, we were able to grow our net sales, our rental sales, and our comparable EBITDA in the quarter, both organically and, of course, through the contributions from our previous two acquisitions. We also grew our building portfolio to just more than 1.2 million sq m and increased our utilization in our building portfolio to just below 79%. All this at the same time as posting a good operating cash flow before new building CapEx at EUR 18 million. Giving some more color on the largest project in the history of Adapteo. We are to provide worker accommodation solutions, and more specifically, 1,300 beds across 30,000 sq m for the project as a whole. Not only that, we will also build and deliver a barbershop, fitness center, supermarket, canteen, common kitchen, and social areas. The delivery is to take place in the first phase in June this year. The next reference case is in the social infrastructure and the school, more specifically, in Östersund in the northern parts of Sweden. We are here going to deliver a fully fledged school with some 21 classrooms for close to 400 pupils and teachers across the 4,800 sq m as a whole. This is a rather complex school with high requirements in terms of accessibility, availability, as well as some additional deliveries like a professional kitchen, woodshop, and other amenities to make this a top-quality school as the customer is expecting and that we will deliver. The rental start is set to July this year. The third project that we are to deliver is in the Netherlands through the Dutch Cabin Group that we acquired in Q4 last year. Here we are also going to deliver worker accommodation solutions across four buildings and a 2,800 square meter size in total. Delivery in May this year. As we have previously been communicating, our focus is to become the undisputed leader within ESG in our industry. To guide us towards this ambition, we released our sustainability strategy in the fourth quarter of last year. That builds on three strategic pillars of climate-smart buildings, innovation for sustainability, and inclusive societies that all tie to the Sustainable Development Goals of the United Nations. We were very pleased to receive the AA rating from MSCI in the fourth quarter as well, which is a good token on our performance there and a good step towards our direction and our ambition towards AAA. For some highlights in the first quarter, we released our sustainability report for 2020. If you haven't read it, I urge you all to do so. It's very interesting reading, at least from our perspective. We also strengthen the supply chain process and the supplier diligence in order to ensure that our suppliers and our partners are complying with our code of conduct, our policies, and our expectations for how to behave. We also strengthen the environmental data framework and conducted a training for the key stakeholders in the organization in regards to sustainability and environmental data. Looking further into the financials, we grew our net sales by close to 40% to EUR 68 million, which we saw a contribution from all the three revenue lines of rental sales, assembly and other services, and the sales of new building units. Starting with the rental sales, we grew that by some 24% in the quarter or 20% in constant currencies. Looking into the old Adapteo and the organic performance, we posted a 5% organic rental sales growth. We saw the rental sales increasing in Sweden, in Denmark, in Norway, and in Germany. The other positive contributor is the assembly and other services that came in just below EUR 15 million with a growth of some 60%. The most positive takeaway here is the clear majority from assemblies, meaning that we had a net square meter outflow where more square meters were placed in the market than was coming back, which will be providing positive impacts on the rental sales in the periods to come. We also had a good growth in the performance of our business area Permanent Space for the top line that grew by more than 70%, of course, heavily contributed by the fine performance that we have seen in Dutch Cabin Group. This led to a comparable EBITDA growth of 27%, reaching EUR 26 million for the quarter, with a comparable EBITDA margin just north of 38%. As regards to the operating cash flow before new building CapEx, Erik will guide you through further onto our new definitions with our growth CapEx. Looking into our cash flow, we grew that significantly from EUR 12.3 million to EUR 18.2 million. Digging further into the building portfolio CapEx that constitutes the largest part of the gross CapEx, that came in on EUR 14.3 million. Out of those EUR 14.3 million, EUR 12.1 million was coming from new building CapEx and EUR 2.2 million from upgrade CapEx, summing up to these EUR 14.3 million. Drilling further into the new building CapEx, approximately 40% of that was coming from Stord and DCG and the remainder from old Adapteo, as we call it. With the upgrade CapEx, EUR 2 million from the old Adapteo and EUR 0.2 million from Stord and DCG. We are continuing our work to rejuvenate our building portfolio and enhancing our competitiveness, and we are on the right track. Moving on to the next picture and seeing some further detail with our comparable EBITDA margin. We are on a positive trend where we came in, as said, just above 38%. What is even more positive than just having a higher EBITDA margin than the previous quarters is the mix that we have behind the comparable EBITDA margin, where we have a very high share of assembly and other services that you all know is a very low-margin business on even close to zero. Having a high share of assembly and other services and still having such a high comparable EBITDA margin is something that we are pleased for. Taking into account a higher share of Permanent Space sales, which is a very good revenue stream, but with a lower comparable EBITDA margin profile. That into the 38% gives even stronger figure. Looking further into the utilization in our building portfolio, we are on a positive trend there as well, where we clearly see that the adverse utilization trend has been broken. We are in the beginning of a more positive trend where our new wins will be positively contributing to deliveries over the coming quarters to drive up the utilization and where we will soon break the 80% checkpoint onwards to our target of the 85%, where we should be. Bear in mind again that in our figures that we are posting with our utilization in our building portfolio, we are not including any utilizations when our buildings are being assembled, when they are disassembled, when they are transported, upgraded, or when they are in stock for some strategic purposes. This is the net utilizations that you see here. Moving on to the market that we are operating in. As said many times before, we are in a market that is characterized by long-term structural trends, such as growing population, growing birth rates, growing share of elders, and urbanization and other demographic changes. We also see an important driver from the rather extensive renovation debt, especially in the educational side of the societies, where a large share of the educational buildings in the Nordics were built in the '60s to the '80s and represent close to 50% of the entire educational building stock that are now subject to extensive renovations, both in the rental operations and the more permanent side of our business. We further see the constrained public finances as a good driver for us among the municipalities, as well as the ambitions within sustainability and ESG, both among municipalities and private companies. On top of all this, a strong penetration that is expected in the periods to come where the modular buildings are becoming increasingly demanded and popular among our customers. Looking further into our building portfolio, we have a very attractive age distribution where 50% of our entire building portfolio is younger than five years, some 66% being younger than 10 years or close to 80% being younger than 15 years. Comparing this with the useful life expectancy of some 30 years for our buildings. This leads to a very future-proof asset base in total, where 88% of our building portfolio already complies with the permanent building requirements or could be complying with only limited upgrade CapEx. That gives us a very strong and future-proof asset base. We see some higher building requirements coming in, as we have said before, we are welcoming that because with our strong asset base and our young age distribution and the high quality that we have in our building portfolio, we are very well positioned and relatively stronger position than most of our competitors in our market. That is something that we see as a positive contributor to our business. With that said, I'd like to hand over to Erik. Thanks very much, Philip. As you know, we're organized into two business areas, the largest of which is Rental Space. Looking at Rental Space year-on-year performance comparing to Q1 last year, we are looking at both organic and acquired growth adding to 25% growth in net sales year-on-year. Net sales growth organically in old Adapteo was 6%. Looking specifically at rental sales, we had an organic growth of 5%, posting organic growth in Germany, in Sweden, in Denmark, and in Norway. This is the first quarter now where the Dutch Cabin Group is included for a full quarter. It's also the first quarter where Stord is included. Stord Innkvartering would have contributed with an additional one and a half million in net sales had we also included January. We have tried to make that pretty clear in the business review. Combined, Dutch Cabin Group and Stord are contributing with just below 15% of the total net sales number of EUR 51.8 that we're looking at in Q1. As you see, we have significantly increasing revenue from assembly and disassembly and other services. Looking at our earnings comparable EBITDA, we had an organic year-on-year from the first quarter last year, a maintained earnings level in old Adapteo, where Dutch Cabin Group and Stord are contributing with the year-on-year 18% increase that we are looking at. Comparable EBITDA margin, as Philip touched on, is of course impacted by the now larger share of assembly and other services revenue. Adjusting for that, we are looking at a comparable EBITDA margin at historic 2020 levels. Reflected in the sales and earnings development, we have seen a good start to the peak tender season in all the markets, with the exception of Finland. Continuous very good market activities in Germany and the Netherlands. Markedly higher market activity now in Sweden and also very good activity levels in Denmark and Norway. Utilization is now at 78.7%. Of course, that is a bit lower than Q1 last year, as you have seen in the quarter-on-quarter development and that Philip just showed here. Then again, looking at the last quarter with old Adapteo only before the acquisition of Dutch Cabin Group and Stord, Q3 of last year, we were at 77.8%. Old Adapteo organically is still at 77%, so we are looking at a flattening and a starting increase of the utilization development. Going into the next business area, Permanent Space, we are looking at a net sales increase due to the inclusion now of Dutch Cabin Group. It's a first full quarter. It's especially relevant here, of course, as about three-quarters of the net sales of Dutch Cabin Group is in the permanent business. Internal sales are lower, of course, than Q1 last year as the Gråbo plant production was discontinued in the autumn of last year. That represented the internal sales you see here in Q1 last year. Looking at external sales, we have decreases in Sweden and Finland. We have an increase in the business in Dutch Cabin Group. Earnings-wise, we are now looking at an EBITDA margin of 7.7%. The operating margin in Dutch Cabin Group is higher than that. As historically throughout the quarters of last year, we are looking at the lower margin in Permanent Space, Sweden and Finland. In Finland, though, we saw higher earnings in the first quarter of this year than the corresponding period last year. Whereas in Sweden, we saw a bit lower sales, as well as production inefficiencies, giving a slight decrease in earnings. We want to move into the territory of novelty here, and that is a better classification of our CapEx. This is a better slide. On the left-hand side of the slide, I would like to highlight towards the bottom part of the slide where we have what we used to call maintenance CapEx. Maintenance CapEx was not very transparent, and we want to move away from that definition and to give better information to the market now. The name maintenance CapEx gave the impression that there was regular repair and maintenance costs in there, which there wasn't. All repair and maintenance costs are now and before taken in the P&L. maintenance CapEx was still a sum of all investments in new fleet, net of all disposals made, and including true upgrade CapEx in the building portfolio. Moving to the right instead with the new definition that we have of CapEx. We are instead starting from the bottom here, having new building CapEx, which is CapEx spent on truly new buildings, whether they go to increase the net building portfolio square meters or if they go to replace buildings or modules that we have sold. We have the building upgrade CapEx, and that is increasing the standards through upgrades of our building portfolio. Those two sum to the building portfolio CapEx. On the side of that, we have gross other CapEx that pretty well corresponds to what we used to call non-fleet CapEx. All this sums to gross CapEx, and then we are now being transparent with what is disposals and thus the net. That leads me to the next slide here, where we are looking to the right of a reconciliation of operating cash flow. If we look at the Q1 2021 numbers to the right here, then after the comparable EBITDA and the change in net working capital that I will come back to, you see here the true upgrade CapEx of EUR 2.2 million. Add to that a bit further down the new building CapEx of EUR 12.1 million. As Philip said, you then have the EUR 14.3 million of true CapEx into our building portfolio. You also see on other lines here, other CapEx going into machinery in the Anneberg plant into immaterial assets, et cetera. You also towards the bottom of the table, see a clear statement of the disposals. Worth mentioning here comparing new building CapEx of EUR 12.1 with upgrade CapEx of EUR 2.2, you see the distribution of how much we actually spend of total CapEx into new buildings, whether they go to net increases in the square meters in our building portfolio or if they go to replacing disposals made in the period, which in this period, Q1 now, have been quite low. Looking at the change in net working capital, it's negative by the same magnitude as it was positive in Q4 last year. We have tried to say before that it varies a bit quarter from quarter. This comes from accounts payable being down since the last of December. Looking at the absolute number of accounts payable now to the Q1 to Q3 average of last year, we are still a bit below that average. We expect that to continue to fluctuate a bit, and there is no drama in that. Moving to some other KPIs that are core in the management of our company here. To the left, we are looking at leverage. Our leverage is net debt compared to comparable EBITDA. The raw reported number of 5.7 is fairly meaningless or even misleading in the sense that this is a covenant in our bank agreements. The net debt captures the full balance sheet exposure we have now after the acquisition of first Dutch Cabin Group and then Stord Innkvartering. We should compare that, of course, to the pro forma 12-month earnings comparable EBITDA of also those entities. We are looking at a leverage of 4.8 times. Likewise, for return on operative capital employed, we are looking at pro forma 11.3%, and that is above our internal target of 10%. Our funding and liquidity situation is very satisfying with a high cash balance plus a totally unused revolving credit facility which form a solid platform for future growth. Looking at the additional financial targets that we have set for ourselves. One of them is double-digit comparable EBITDA growth. The sum here for the whole group of acquired and organic earnings in terms of comparable EBITDA growth was year-on-year 27%. Pro forma including Stord and DCG, we are looking at just short of 8%. Pro forma on return on operative capital employed, as we have said, 11.3%. As we saw in the previous slide, a leverage pro forma of 4.8 x, which compares quite favorable to our internally set ambition of the 3.5-4.5 range given the very recent acquisitions. Those acquisitions contributing to a cash flow throughout this year. We are looking at being significantly below the upper point, 4.5 here of leverage when we come to the end of this year. With that, I would like to hand over to Philip for a summary. Thank you for that, Erik. Looking into our geographies from the previous period and the market activities. As said in the beginning, we have seen very good market activities in the tender peak season of ours. Starting with Sweden. Sweden is the largest market and geography for us. There we have seen markedly higher activities than a year ago, 2020, but also higher than 2019. That clearly indicates a good bounce back of that market. We have also seen the same tendency in Norway with public tender volumes up both compared to 2020 and 2019, pleasing there as well. We have further seen strong markets as we have been reporting before also in the Netherlands and Germany with higher activities year-on-year. In Denmark, slight increase there as well, both compared to 2019 and lower if we look at the year-on-year growth in Finland. We expect going forward now that the high activity in the public sector is continuing. We still see opportunities falling into our business to calculate on and to deliver offers for, which is pleasing still being this late in the season. We are also expecting to see some bounce backs in the private markets and the private customer segments that we have also seen some positive signs from. We have further seen the price levels stabilize in the Nordic markets, which is pleasing. We expect that the activity all in all will be favorable going forward. Looking into some other aspects that we have been communicating before. For example, the dual listing that we are planning to take place on Nasdaq Helsinki no later than June this year. We are also about to release our sustainability targets. We have also said that that will be done in H1 this year. We are continuing with relentless focus on our Commercial Excellence Program initiatives such as optimizing our offering, pricing excellence, sales force effectiveness, sales academy execution, and sales-driven marketing. With that said, I'd like to wrap this up and open up for questions. Thank you. We have one question lined up so far. That's from the line of Anssi Kiviniemi of SEB. Please go ahead. Your line is open. Thank you. Hi, guys. Thanks for taking my questions. I have couple of them, so I will take them one by one. Starting with Q1 organic growth for old Adapteo growth. There has been an account change, so could you elaborate a bit on the true organic growth if we compare this year's Q1 against last year's Q1 in comparable accounting terms also? That's the first one. When you say comparable accounting terms, Anssi, I take it that you have picked up on us announcing that we are introducing a new service model where we are gradually introducing taking assembly and disassembly revenue, spreading those over the whole contract period instead of recognizing those at the discrete points of time. We have said, and we maintain, that for the full fiscal year 2021, that will reduce net sales by a bit more than EUR 20 million, and it will increase rental sales with somewhere around EUR 7 million and have a marginal impact on comparable EBITDA. In this quarter, we are looking at more or less zero impact on EBITDA and around EUR 1 million impact negative on net sales. The effect is so small because this is implemented for new agreements entered into after the 1st of February, and this far for old Adapteo only. It's a gradual introduction of this model, which still in Q1 has not given reason for any real adjustments in neither your nor our analysis. Comparable numbers are what we said here of net sales up by 6%, rental sales up by 5%, and comparable EBITDA up slightly organically. Okay. That's clear. Thanks for that. The second question is on the markets. As you highlighted, there is a pickup in activity in the public side. First question is how has the hit ratio been for you? Have you been taking market share, maintaining it, losing it? What's the situation there? On top of it, you highlighted that the private sector, you are seeing some kind of improvement in demand. Could you elaborate a little bit more where is it coming and where should it be visible, et cetera? That's the second set. Good questions. Good morning, Anssi. Philip here. Starting with the performance in the markets. As for the hit rate, we have been working hard with our commercial excellence initiatives, and we have seen them paying off now this year over this peak season. That's very pleasing. We have seen hit rates well above our market shares in Sweden, in Norway, in Denmark, Germany, and the Netherlands. Good performance there among our markets on the hit rate. That, of course, indicates that we take market shares as the market is still largely concentrated to the public sector. If you look at the private sector customer segments, we see some positive signs, as I said, and that builds on interactions that we have with our customers. We have been closing projects also in the private side, but still early on, so to speak. I'm sticking to what I have said before that for 2021, we will see very minor impacts in the private sector from these low levels. It's first next year that we expect that that will bounce back. You also asked how we see that, and we see certain geographies also within the countries where we see high activities. We see good activities in the north of Sweden, for example, and in other clusters in other regions. Pleasing to see that the demand dialogues start to be initiated also on the private side. Okay, thanks. Perhaps a question on pricing. You highlighted that it's stabilizing that kind of I read that comment that perhaps prices are not down. As you also highlight that the hit ratios are improving, you're taking market share. What's happening to the competition? Could you shed a little bit of light on what's the competition currently and what is happening there? Thanks. Yep. We don't see any material changes in the competitive pressure this quarter compared to the previous ones. Of course, there are more opportunities out there. That's the only difference. As we said, we have seen the prices stabilizing, which is promising, and we see that a part of the overcapacity is being absorbed now. We still have some more weeks here in the peak season, and we also have the second quarter coming up here. All in all, we see that with these good market activities that we see more or less all over the board, we see good reasons for quite some material parts of the overcapacity to start to be absorbed and where we will see the price development going in a favorable direction as a consequence of that. Okay, thanks for that. The last question, it's basically a housekeeping question. Now you give us the disposals effect in cash flow. My question is, looking, for example, last year, have there been any impact in P&L from the disposals, or are you basically disposing the modules at book value? Are there any kind of fluctuations? That's very relevant, and maybe we have not highlighted that well enough. There is typically a sales price when we sell old modules that is higher than the book value. When you see disposals going up, other things being equal, you should see a slight but still positive impact on the P&L, yes. Okay, thanks. If the full year disposals 2020, that was EUR 6.6 million, is it fair to assume, for example, EUR 1 million boost in EBITDA from that, or what's fair? It's fair to assume a positive impact, definitely. Anssi Kiviniemi, I am a bit vague on this because it depends so much on the mix of modules that we sell in one quarter after the other. I would rather not give a numerical, precise answer, because I cannot do that for something that will hold quarter after quarter. Okay. That's very understandable. Thanks for that, and that's all from me. Thank you. Thank you. Once again, if there are any further questions from the phones, please dial zero one on your telephone keypads now. We have received written questions. Good morning, Pauli with Nordea. Your first question was about private sector demand, and I think that Philip has addressed that. Your second question is if we have been able to ramp up rental sales in the Dutch Cabin Group, and if so, an indication of the effect of that. I'll take that one. As we have been communicating before, the clear strategy for Dutch Cabin Group is to convert, to a large extent, the business from this Permanent Space business to more of a Rental Space business, and to continue and develop that kind of journey that we have done in the Nordics, growing within the social infrastructure customer segments. That strategy is clear, and I think that the team is doing an extraordinary effort in shifting over the organization in this way towards more of a Rental Space business as we know it. We see good demand in the market as for Rental Space sales, which is promising. We have seen that before as well. As we have also said, the company has been somewhat constrained in investing in that building portfolio for the Rental Space operations. We are loosening that pressure a bit and allowing Dutch Cabin Group to invest, and they are doing that very well, and they are taking those projects and showing good progress there. It is so that the rental space business is a more resilient, a slower business, so it takes time to build up some material rental sales revenues. The impact in this quarter, of the first quarter, is limited. No further questions? So far, there are no further questions on the phones. We would like to thank everyone for listening in on this earnings call and wish you all a nice day. Thank you very much. Thank you.