Good afternoon and welcome to Ahlstrom's earnings call for the first quarter of 2025. My name is Johan and I'm responsible for investor relations. As before, we will start with the presentation from our CEO, Helen Mets, and our CFO, Niklas Beyes. After the presentation, questions can be asked either via the chat box or in person in the conference call. Let's make a start and over to you, Helen. Thank you, Johan. Good morning, good afternoon, and good evening to you all. Very much looking forward to giving you an update on how the first quarter of 2025 has gone. Let me start with the good news, because that is that we had a record first quarter, both in terms of comparable EBITDA, but also strong performance across many areas. We grew our revenue by 5% on a comparable basis, and we actually saw customer activity was either up or on par with Q1 of last year. If you remember, everyone, Q1 of last year was a strong first quarter, so it's a good comparable. We also had record strong MOVC per tonne. I want to say here that I continue to be really happy with how we're driving our procurement, our pricing, and our cost management in the business, which consistently and continually results in our MOVC performance. We delivered solid operating cash flow. A good start to 2025. What is also exciting to announce is that we also took two important strategic steps in the quarter. The first was through the announcement of the acquisition of Stevens Point. This is really, it's a significant strengthening for our Food and Consumer Packaging division, but also as a company overall. I'll talk about it in a little bit of detail in a moment. The second thing that we announced in parallel was the creation of our Performance Materials cluster. What we've done there is we've pulled together our Release Liner, our Beverage & Casing, Abrasives, and Precision Coating. This will allow us to actually focus these business units, I would say more specifically around operational excellence, but at the same time, it allows us to be more laser-focused on our resource allocation. Equally important, the three divisions are two specialty materials businesses with high growth opportunity and really good strong EBITDA margins. What we will do is we will start reporting in that format at the end of Q2. We will be bringing the financials to you in that format in the next quarter. Let me spend a little bit of time, first of all, then on Stevens Point. Stevens Point, a high-end solution provider in food packaging, label, and e-commerce segments based in North America. Highly complementary, as I said, to our Food and Consumer Packaging division. What it does, it brings us access to a broader product offering in food, including some additional capabilities, particularly in coating, so in-line coating capabilities. What does that mean? It means that we will have a broader offering to our customers who are looking at solutions for sustainable packaging. So highly complementary. Now, it also brings state-of-the-art operations. They are great assets. It is a really strong team, and it is a very competitive cost position because of their relatively new equipment, but also because of the in-line capabilities. A good strengthening of the portfolio, as well as a strong cost position. Now then, of course, this plant based in the U.S. also strengthens our footprint in the local U.S. market, which we see anyway as beneficial, but of course, at this moment in time, extremely beneficial. It is a sizable acquisition, $320 million of revenues. We'll bring more of the financials, of course, as we've closed the deal, because as we say right now, we've announced the intention of the acquisition. What I also want to say is it is a relatively standalone business. It's well maintained, so we expect a pretty straightforward integration process. We've also identified some good synergies, I would say, including some pretty straightforward synergies like procurement. We see it as a strong accretive acquisition, extremely good from a strategic standpoint, both from the short term and the long term growth for FCP and for Ahlstrom. Now, if we also take a look, I mentioned the footprint that Stevens Point brings, but let me also call it out in the context of, of course, the situation that we've got with tariffs. What the acquisition does, it increases our exposure in the U.S. to 47%. I think if you look at the footprint of Ahlstrom, really strong global footprint, 40% North America, 32% Europe, 12% Asia-Pacific, 7% in South America. Our business model is almost predominantly local for local manufacturing and supply. Now, that's been our philosophy. You've seen it in our large investment that we did just over a year ago in the glass fiber tissue line in the U.S. What this does, of course, it gives us the flexibility of being local. It also, of course, gives us the flexibility to move portfolios around, but it also right now gives us the limited exposure to tariffs. I also want to add to this conversation, we do have the leadership position, so number one or number two positions in most of the segments that we're operating in. That also brings us strong ability to price through. You know that we've got strong pricing capabilities. Right now, the message for us is direct impact of tariffs is not material and it's manageable. Just one more point around the strategic messaging that we gave on the cluster. I think if we can go to the next slide, what is nice to see is actually how this looks. Again, we'll bring the actual financials as we close Q2, so we'll start reporting in this way. You can see here, we pulled the Release Liner s, Precision Coating, Beverage & Casing, and Abrasives into Performance Materials cluster. The goal here is we'll be laser-focused on operational excellence in these segments. It allows us to really be specific about our resource allocation, which, of course, as Ahlstrom is, is one of our agenda topics, is making sure in terms of our CapEx investment is well- placed. I would say, as importantly, Filtration and Life Science, Food and Consumer Packaging, and Protective Materials, three extremely strong divisions that are focused on specialty materials with very strong EBITDA quality aligned to strong external growth trends. We feel very good about the structure that we've put in place here. Now, finally, before I hand over to Niklas, he'll give a little bit more context on the financials. I always like to bring the innovation and product launches into the quarter. It was hard to choose this quarter which ones to bring, but a couple of them from the different segments. LamiBak, a new portfolio for us in Food and Consumer Packaging packaging. It's actually one of the best-in-class base papers in terms of being able to drive improved efficiency on lamination for our customers in their applications. A very good product launch, very well received in the food industry. The second one is our absorbent glass mat battery separator. Now, this message is that we've actually entered into the glass mat battery separation portfolio. It's not a new technology. However, what it means is we are becoming, for the first time, a one-stop shop in battery separating solutions. We've got the glass, we've got the pasting, we've got the hybrid pasting papers. Really a one-stop shop for this high-growth segment. Finally, a really nice piece of news was we actually were listed, we got our FDA Class 1 for the medical devices in the U.S. for our collection cards. That is a great positioning for us. It confirms the safety, the reliability of our collection cards, which, of course, are extremely important when you're talking to healthcare professionals, forensic experts. As you know, innovation at the heart of our growth strategy. Some really nice launches in the first quarter. Now, I'd like to hand over to Niklas, who will give some more context on the financials of Q1. Over to you, Niklas. Thank you, Helen. Welcome also from my side to today's call for Q1 2025. I would like to start my presentation on the first page with four messages having financial impact. The first thing, like Helen already mentioned, record strong first quarter, comparable EBITDA, also reported EBITDA, I come to this, driven by an increasingly strong MOVC per tonne. Second, solid operating cash flow supported by improved profitability and lower IAC. CapEx continues to be at a sustainable lower level. Third thing we have, as Helen already explained, formed a Performance Materials cluster right now to optimize resource allocation and enhance cost competitiveness since these businesses are playing in highly competitive markets with lower margins. Fourth, last but not least, to finance the planned Stevens Point acquisition, we also went out to our banks basically who committed basically a senior secured financing package of $600 million. I will come back to this at the end of my presentation. Let's deep dive into the details, starting with the top line on the next page. After a deteriorating second half of 2024 with decreasing sales, our net sales in Q1 2025 increased based on higher customer activity. It's not only increasing from EUR 735 million, like you see here, to EUR 739 million. It's more than that due to the fact that we divested Aspa, as you might recall, in September last year, basically. If you take the EUR 33 million of sales of Aspa out of the EUR 735 million, you get to a 5% growth, sales growth, basically, quarter last year to quarter 2025. Of course, the major growth basically took place in almost all business units and almost all divisions, filtration, lab, life science, protective material with nice growth. In Food and Consumer Packaging, we had a nice growth in food, a little bit, let's say, decrease on the Release Liner side. All in all, basically, all business units are on the right track. If you look on the right side, then on the breakdown of sales, still, of course, including this Performance Materials cluster, not carved out here, basically the same percentages, if you want to say, and going forward, you will see the Food and Consumer Packaging, of course, with a closed acquisition, of course, to increase the sales. On the other hand, also Release Liner and Beverage & Casing would go out of this, let's say, division into the Performance Materials cluster. The same on the Protective Materials side, Precision Coating and Abrasives will also go out there going forward. We will, as Helen also mentioned, basically show the new reporting format with a separated Performance Materials cluster in the next earnings call in July, and then also with restated figures for the full first half of the year 2025. How does this, let's say, 5% sales growth reflect into our profitability on the next page? You see, starting again on the left side, very clearly, you see the development EUR 735 million to EUR 739 million. If you take Aspa out, which is the last column before the EUR 739 million, you see the EUR 33 million out, but price and mix, of course, overcompensated for it. We have overall a sales increase of 5% like for like. The sales price per tonne was up more than EUR 100 per tonne, basically passing on also higher inflation, of course, we were confronted with in Q1. If you move then into the middle of this page, the comparable EBITDA increased by EUR 10 million, Q1 2024 to Q1 2025, or 10%. The margin also made a significant step upwards from 13.4% to 14.6%. As you see in the in between, so to say, majorly coming from the margin on variable cost. This is, of course, due to our strong selling price resilience together with further transformational savings, procurement, cost discipline, which are leading to this record high MOVC, which I will show also on the next page. On the other side, we have if you had cost increases, clear fixed costs only slightly increased, only slightly above last year. Of course, with the ramp-up of the Madisonville GFT production, so to say, we incurred also more, let's say, production direct and indirect cost. Therefore, we had also an increasing cost column here. Last but not least, I would like to have on this page also look into the reported EBITDA, not only comparable EBITDA. In between, there are these, let's say, items affecting comparability. We improved there also. Last year, we talked about EUR 14 million items affecting comparability between, let's say, comparable and reported EBITDA. This year, only EUR 8 million. That is also the path to go. You might remember last year, we incurred in 2024, EUR 120 million of, let's say, items affecting comparability. Thereof, EUR 80 million was a loan due to restructuring, Bousbecque closure, let's say, going from five to three divisions, etc. We had the energy hedges from 2022 in there with EUR 25 million alone. Out of this EUR 120 million, EUR 80 million had really a one-time effect, which will not come up anymore in 2025. Therefore, you can expect also going forward in the quarters Q2, Q4, that we will be significantly lower in terms of IACs, which brings our reported EBITDA much more up, if you want to say, and helps and also our cash flow, like we will look at it in a moment later. Let's have a deeper look right now into the main profitability driver, the MOVC on the next page. As I always say, we passed the first milestone, the EUR 900 per tonne in 2022 Q2, if you want to say, which gives us usually over EUR 900, a very good healthy margin for Ahlstrom. Now we passed the EUR 1,000 per tonne in Q4 2024 already. We basically topped it in Q1 2025 with EUR 1,127 per tonne as a margin on variable cost per tonne, so to say, which is offsetting, of course, the inflation and much more, so to say. This is due to really disciplined pricing, transformational cost improvement projects, and improved mix, so to say, which continues. This shows the resilience of Ahlstrom's business, so to say, even in volatile times. That is really the strength, basically, of Ahlstrom, which is shown on this graph here. These transformational savings, of course, do not stop, as we see on the next page. We basically reconcile from comparable EBITDA to adjusted EBITDA. Always on an LTM basis, last 12-month basis here, you see we are starting with EUR 461 million. Those are EUR 10 million more, basically, we basically achieved compared to Q1 2024. We should be seeing the comparable EBITDA starting point. We have defined activities here driven by internalized capabilities and capacity, so to say. Ongoing process of new ideas, initiatives, opportunities, basically. We will harvest the proceeds from this within the next 12 to 15 months, if you want to say, like you see here. We have another EUR 69 million savings potential, which if you add this up to the EUR 461 million, you'll end at EUR 529 million of adjusted EBITDA LTM, which is EUR 50 million more compared to end of 2024. This even does not include basically any on-top volume components. If really the market significantly comes back, we have our, let's say, implemented capacities with much more efficient also supply chains, so to say, so it gives us even more leverage, basically, going forward. Yeah, let's look at cash now on the next page. How does it all convert into cash in Q1? Solid cash flow from operating activities in Q1. Starting point, the EUR 108 million comparable EBITDA, the IAC asset under control, very much on a lower level with minus EUR 8 million, so it's a higher starting point with reported EBITDA. The change in networking capital is basically driven by lower payables and higher receivables, which is really a timing issue. At the end of Q1, this will also change again, basically into the positive side. We paid interest according to our, let's say, financing contracts, as always, and ending up with a net cash from operating activities at EUR 41 million. Also, the CapEx then is continuous at a normalized run rate, as seen over the last year already, where we ended up with EUR 160 million. I will show more on the next page. You see it also on the right side that we are continuously, let's say, delivering, let's say, solid operating cash flow each quarter based also on an active working capital management, which we have in place. If you go more deep into the CapEx and networking capital, let's say details on the next page, as mentioned, capital expenditures on a sustainable level, no major growth investment at the moment, so to say. We are also therefore flexible also in times of potential downturns, basically to reduce it pretty quick. That gives us, I think, a real also strength there that contributes very nicely to our overall cash flow. On the right side, the working capital asset, due to some timing issues, higher, let's say, receivables and lower payables. On the receivable side, 72% basically covered in terms of factoring and cash financing programs, if you want to say. There we are also very much on the same level and trying to leverage or to use as much as possible, so to say. Therefore, very much here also under control. That leads me to the last slide, basically looking at net debt and leverage before the acquisition of potential acquisition or, let's say, planned acquisition of Stevens Point. You see on the left side, the adjusted net indebtedness came down by around about EUR 34 million, more or less due to FX changes here and a little bit lower, let's say, commercial papers, if you want to say. On the other side, on the right side, you see that therefore also due to this, let's say, lower adjusted net indebtedness and due to the fact that what I showed you earlier, the higher adjusted EBITDA, also our leverage ratio came down from 3.6 to 3.5. We know with the acquisition of Stevens Point, of course, which will be financed through a $600 million senior secured finance package, as already mentioned to you. Of course, our performance at leverage, including this planned Stevens Point acquisition, would be or is estimated at 4.1 times, if you want to say. Therefore, of course, it becomes obvious that the leveraging over the next quarters becomes even more a priority for us, basically going forward. Of course, as you might know, we continuously assess also the market condition for beneficial opportunities to raise capital, to refinance, let's say, our existing debt and finance our business activities. Therefore, in the near future, we might choose also to raise financing depending on the market conditions and other circumstances. With this, I'd like to hand over back to Helen for the conclusions. Thank you, Niklas. Let me conclude before we get into Q&A. Record strong first quarter EBITDA. As Niklas has just said, solid cash flow in the quarter. We started the year with good activity on the business, on the customer front. Maybe good for me just also to mention, as we go into Q2, although we don't give any outlook, we don't see weaknesses so far. Of course, the dynamics that we are living in give increased uncertainty. I think that that's how I would say it. We are extremely well positioned, both from our portfolio, but also, as I've shown, on our footprint. For us, the situation regarding tariffs, not material. The strategic steps that we've announced and that we're taking will continue to ensure that we're well positioned. We are very much looking forward to closing Stevens Point in the next quarter, bringing some more details to you, and actually also reorganizing, finalizing the reorganization of the materials cluster to ensure that we continue to drive disciplined execution in the core business. Back to you, Johan. Thank you, Helen. Thank you, Niklas. Now it's time for your questions. Let's start with the telephone conference operator. Do we have any questions on the lines? If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. There are no more questions at this time. All right, let's move over then to the chat box, and there are quite a few questions. Let's start with the first one here concerning the enterprise value of Stevens Point. Niklas, would you like to comment on that and profitability of the planned acquisition? Yeah, I mean, you know, I've talked about how we finance it in terms of, let's say, finance package, basically. Therefore, you can imagine where this, let's say, enterprise value roundabout lies, if you want to say, with the $600 million I was talking about. The profitability of the target is some EUR 70 million, north of EUR 70 million, basically, per year before any synergies which are significantly there. I would say that's the cornerstones, if you want to say, of the target. The next question concerns the rating agencies and what can we expect from the rating agencies concerning this acquisition? Yeah, we have just concluded discussions with all three rating agencies ahead of their rating committees. They expect to publish the update, of course, shortly. We are also waiting for this. They haven't taken place right now, the committee session, so to say, but will be done the next days. The next question concerns the forecast for one-off costs for the full year. Can you please comment on that? Yeah, I mean, you have seen the items affecting comparability of EUR 8 million in Q1, so to say. This is basically the run rate we are targeting throughout the year, roundabout. What about the financials for the planned acquisition of Stevens Point? Maybe I can answer that because, as we said, we will bring the financials to the next quarter results because we are assuming that we have closed the transaction in Q2. We will bring all of the financial details, including some of the info on the synergies, in our Q2 results. On the timing of the financing and the transaction, any comments to that? I mean, we are right now, as you all know, going through the regulatory approval process, which is very normal, so to say. The earliest anticipated closing is in early June for us, so to say. Of course, also the financing payouts, etc., are coming into place with the closing. All right. About the first quarter earnings drivers, can you please split the 5% like-for-like revenue growth between volume and price? Yeah, like mentioned also by Helen, the Q1 2024 was a strong quarter last year, so to say. It is more driven by pricing than volume. Yeah. About the cluster, the new cluster, performance cluster, how does that actually relate to Stevens Point acquisition? Yeah. The Stevens Point acquisition fits fairly and squarely into our Food and Consumer Packaging division. It is a highly complementary business for Food and Consumer Packaging. Upon closing, that will be hung into our FCP division. Of course, it brings, as I said, it is complementary on food. It also brings a couple of new application segments in labels and e-commerce. Continuing on the $600 million committed financing, was that all for the planned acquisition? And is it a bridge financing? Of course, I mean, it covers, of course, the purchase price itself, but also, of course, all the transaction costs around it, if you want to say. Of course, we are monitoring the market and evaluating potential, let's say, going to market, if you want to say, for refinancing, which should be taking place basically in due course. On the tariffs and the trade conflict, what kind of an impact can we expect from that, Helen? Yeah, you know, I answer in a couple of ways. You know, as I said in my presentation, there's limited direct impact of tariffs on the business because, as Ahlstrom set up, we are very much local for local in terms of operations and supply. That's, I think, really good news. Also, strong positioning in the segments, strong pricing discipline. Our pricing control rooms are very active there. We do not see tariffs being material in terms of the direct impact and us being able to manage it. Now, of course, what I said as I closed there, we still see strong activity in our order book in our pipeline, but the indirect consequences of what we are seeing on tariffs and all of the conversations and dialogues do create uncertainty in the market. Although we are not seeing it now, the conversations that we have with our customers, with the industry, there is for sure a heightened level of uncertainty in terms of what does it all mean. There is a question concerning the market dynamics during the first quarter. Could you provide some color around the different divisional developments and dynamics? Yeah, I think just Niklas mentioned it a little bit, but let me give a bit of context. If I look at the Filtration and Life Science business, I think all of the segments within Filtration and Life Science showed good activity either at or above the Q1 of the prior year, which, as I said, was a strong quarter. The Food and Consumer Packaging division, we saw the Release Liner business was probably one of the more challenged. Still good performance, but more challenged than the other business units. In our Protective Materials overall, solid performance, our GFT, our glass fiber tissue business, as you know, we've got the asset, which is up and running. We're taking share in segments there. Strong performance. Our technical materials, so driven by electrical technical papers, extremely strong. I would say tape may be the weaker, but still a good performance. Across the board, solid performance in Q1. Release Liner s, the one that had, I would say, the, let's say, a bit of a slower start. Very good. Then coming back to the financials in Stevens Point, any comments to that? North of 70%. That's what we could comment for the moment. We will come up with the data then at the latest with the closing as well. Yeah, maybe what I can say, because why we're not giving out all of the financials in this quarter, we want to, of course, get the transaction closed and then we'll bring it in its full form in terms of the communications. The quality of the portfolio, both in terms of the product portfolio and in terms of the assets, is strong. Strategically for us in FCP, great quality assets and a really good portfolio of products. An acquitive deal for us. There is also a question concerning the development in net sales and surge in selling prices in the first quarter. Of course, what are the main drivers there? I mean, we talked about inflation. We had inflation, of course, which we are commodities. On the other side, of course, also I mentioned briefly a mix thing. I mean, we have with our GFT ramp-up, basically Madisonville, of course, our mix also changes to the positive side. Filtration, let's say, grows very nicely, as Helen also mentioned. Same with protective material, most of the business units there, which are high margin. Therefore, those are the main reasons for the selling price increases. All right. Thank you. All right. I think we covered all the questions now in the chat box. Over to the operator. Do we have any questions on the lines? The next question comes from Dorabella Maskovich-Thomas from Onex Credit Partners. Please go ahead. Dorabella Maskovich-Thomas, Onex Credit Partners, your line is now unmuted. Please go ahead. Hello. Thank you for the call. I was just wondering if you could give some more color around the Food and Consumer Packaging business units and why it's perhaps more challenged than the others. Thanks very much. Hi, Dorabella. Maybe I can answer that one because it's actually one segment within the Food and Consumer Packaging division, and that is the Release Liner business. I would say it was against, again, a strong backdrop in Q1 of last year. We are always looking at the relative comparison of Q1. That business unit for us, it's a good business. It's a strong business, but it's highly competitive. We saw demand there, and one of the customers was down in that segment. That is the reason, very specific on Release Liner s. One of the business units within Food and Consumer Packaging. We actually saw food in general. The food segment was good. Actually, in Europe, it was strong. We have got a good pipeline both in Food Europe and in Food U.S. Hopefully that gives a little bit of context. Very good. I think we have covered all the questions now both in the chat box and over the lines in the telephone conference. Over to you, Helen, for final remarks. Yeah, thanks, Johan. Thanks all for a lot of questions and a lot of activity, which is always great to see. I would wrap up by saying we're extremely, I would say, proud and happy with the way that we've come into 2025, both in terms of the order book, but also in terms of the execution of the business. Two very strategic points that we've taken, one in terms of the announcement of the acquisition. Very much looking forward to closing that in this quarter and bringing more details to you, but also in terms of the formation of the performance material cluster, which allows us, I think, the next step on driving resource allocation and execution. Looking forward to see how Q2 materializes. It's an important quarter for us with the strategic announcements that we've made. Look forward to speaking to you all. Thanks. Thank you. Thank you. Bye-bye. Bye-bye.