Welcome to the BHG Audiocast with Teleconference Q1 2022. This call is being recorded, and a replay of the conference will be available later today on our investor relations website. Together with me are Adam Schatz, President and CEO, and Jesper Flemme, Group CFO. Both will be available for Q&A later in today's call. With that said, I'll now turn the call over to the speakers. Thank you, operator, and good morning, everyone. Moving to slide 2, please. We further strengthened our position, growing considerably faster than the market and so continuing to gain market share during the quarter. Our model, combining organic initiatives with M&A and unlocking synergies, is a strength in all markets, and perhaps especially so in more challenging market conditions. Slide 3, please. I'll start this morning's presentation by reviewing the Q1 highlights and providing a business update. Jesper will then cover the financial section before I conclude, and we launch into the Q&A session. Slide 4, please. On to slide 5 for the Q1 highlights. Our markets have stabilized on a new and higher level than before the outbreak of the pandemic. Furthermore, our focus on price leadership throughout our portfolio from the value to the premium range puts us in good stead as consumers' disposable incomes are likely to be under pressure for some time to come and post-pandemic service consumption has normalized. In a temporarily contracting overall market, and despite tough comparative figures, net sales from the quarter reached SEK 3.1 billion, up 21%, corresponding to pro forma organic growth of 3% and organic growth of just under 1%. Adjusted EBIT amounted to SEK 134 million, corresponding to an adjusted EBIT margin of 4.3%, a delivery which should be viewed in light of the complicated supply situation and a temporarily weaker market in which consumer prices do not yet fully reflect cost increases. Nevertheless, profitability improved gradually during the quarter as a result of the measures we took to respond to the complications. Cash flow from operating activities at SEK 122 million was unusually strong for a first quarter as a result of improvements to working capital. Importantly, our product availability is good. We've secured the inventory we need to counteract the risks of continued supply chain disruptions as we've now entered the important outdoor season. Our performance in the quarter, as well as over the longer term, provides confirmation that we continue strengthening our competitive position and gaining market share. More on which shortly. Slide six, please. Zooming in on organic and pro forma organic growth, we did well in the quarter given our high comparative figures and the decline in the overall market. Note that we grew organically by 37% in the corresponding quarter last year. Against this base, organic growth amounted to 1% and like for like on the pro forma basis, our units grew by 3%. Slide seven, please. Taking a broader perspective on growth. To the left, the group's net sales has increased by 155% over the past three years, a period in which pro forma organic growth amounted to 22% per annum. Our three-year pure organic CAGR, i.e. fully normalizing for the pandemic, stands at 15%. Turning to the middle of the slide, the group's share of net sales from outside of the Nordics has increased by 11 percentage points since early 2019, and Germany cemented its position as our third-largest geography in the quarter. Over to the right, our growth in the quarter, just as our longer-term growth trajectory, confirms that we continue to strengthen our position. The total home improvement market is larger than in pre-pandemic times, although it did contract somewhat in the quarter from its pandemic peak of last year. However, the growth trajectory of our underlying markets remains intact. Slide 8, please, for a quick reminder on our total addressable market opportunity. Although pandemic effects have temporarily made year-over-year comparisons more difficult, the underlying pre-pandemic direction remains intact if not actually accentuated because of the pandemic's lasting impact on consumers' focus on their homes. We estimate the total Nordic market offline and online to be worth some SEK 300 billion per annum. A large market indeed, however, eclipsed by the orders of magnitude larger European one. This is the backdrop against which we revised our medium-term financial targets last year, including that we're going for SEK 20 billion in net sales on the next leg of our journey. A temporarily weaker market offers a leader like BHG opportunities to further extend our lead, including by continuing our still nascent foray into mainland Europe. Slide nine, please. Moving to the business update. Slide ten, please. Our recipe combines organic initiatives and M&A with the synergy possibilities created between the two. The organic strategy remains focused on our four cornerstones of assortment, scale and own brands, an unrivaled digital experience, and supporting infrastructure. In addition to benefiting from the secular trend of rising online penetration, we keep adding product categories, and we keep adding geographies. In the quarter, we continued to invest in our technology platform, both to further improve our ability to effortlessly maximize the breadth of our assortment through all our sales channels and to drive customer centricity. We also continued simplifying our tech footprint by leveraging the Bygghemma setup for additional group units. Further, customer satisfaction continued on its path to higher levels, and we took steps towards consolidating warehousing for key suppliers and also finalized the consolidation of a majority of our own DIY brands. Turning to the middle section of the slide. We're also further industrializing our approach to M&A. We've got the organizational capabilities, we have the proven track record and the deal flow, and our markets are still fragmented. In the quarter, we evaluated a large number of targets. We completed the bolt-on acquisition of Hemmy, and we initiated an in-depth mapping of the German M&A landscape, which will be completed shortly. Over to the right, we continue refining our post-merger integration playbook. In the quarter, we strengthened our integration team further and gathered it under our program management office. Our PMO organization works closely with our M&A organization even before an acquisition is completed in order to ensure a successful integration of the acquired operations. We took decisive steps to fully integrate Hemmy into our white goods unit digital expansion. Moving to slide 11, please. Deep diving into M&A and integration, a brief update on our premium home furnishings and furniture platform. Nordic Nest has now been part of BHG for 5 quarters and continues to develop well. The acquisition of the Nordic Nest platform in turn unlocked the bolt-on opportunity of Svenssons, which was acquired in late March of last year. The acquisition of Svenssons strengthened Nordic Nest's position as a destination with a complete premium range for a Scandinavian home. Equal parts of the success of Nordic Nest Group comes from a relentless focus on the customer experience, as well as ensuring scalable and efficient operating model. The full integration of Svenssons is in its final stage of completion, and for the premium platform as a whole, key next steps include, one, driving further profitable growth, including through geographic expansion. Nordic Nest today delivers to a host of geographies around the world, with Germany its second largest. The past quarter saw the launch of dedicated Polish and Japanese language web shops, and further geographic expansion efforts are underway. Two, unlocking additional efficiencies, including through consolidating the Svenssons warehouse into the Nordic Nest one to enable extensive assortment sharing and automating the Nordic Nest warehouse to provide for an even more scalable delivery apparatus. Turning to slide 12 for an update on ESG. The process of setting clear ESG targets for the group began in earnest last year. As a starting point, we used our own materiality analysis, pinpointing the ESG areas in which we could have the greatest impact, as well as the UN Sustainable Development Goals. By deconstructing our business model and matching this against the materiality and the UN SDGs, we arrived at a tightly defined set of targets. These fall under the broad areas of how we can maximize our climate impact, how we ensure that our supply and distribution chains are sustainable, and finally, how we best ensure that our financial performance and profitable growth is truly sustainable, meaning including from a societal point of view. We now have ambitious yardsticks in place, both relatively near-term ones out to 2025 and somewhat longer-term ones out to 2030. We have included a selection of targets in the far right-hand column on this slide, and they include CO₂ reductions and more actively promoting the most sustainable parts of our product offering, ensuring that we have the processes in place to work with our sourcing and logistics partners so that we can help push and develop our partners in a more sustainable direction, and securing a sound basis for driving profitable and cash-generating growth, including by being best in class in terms of data protection and consumer privacy. Turning to key customer metrics, slide 13, please. Traffic generation conditions resembled what we saw in the second half of last year and were more challenging than in the preceding period. Despite this, and despite meeting the demand peaks from the first year of the pandemic, we maintained our active customer base. As you can see to the left on this slide, our active customer base is 88% higher than where it stood after the first quarter of 2020, a time not yet significantly affected by the pandemic. On the top right-hand side, you can see that our key customer-related metrics remain healthy, with both orders per active customer and repeat orders somewhat higher than last year and a healthy marketing ROI, ensuring a continued sound first-order profitability. Investments into gaining further insights from customer-related data across the group continue. We have now launched our customer data platform in Finland, and three of our key Swedish businesses are slated for launches during the year. More generally, driving BHG towards a higher level of customer centricity remains the key focus area for us, and in addition to investing in technology to optimize our marketing and sales approaches, we continue to make progress throughout the group in terms of customer satisfaction levels. Slide 14, please, for a further flavor on our customer centricity and customer data platform investment. Our customer data platform mission statement is to put the customer first through personalized and data-driven communication, and so making our key brands the preferred customer choice, delivering cross-brand experiences and added value beyond price and assortment. Our investments are allowing us to invite customers to intelligent conversations, creating trust and a more personalized experience. They enable us to communicate proactively on the back of data insights, creating relevance across the whole customer journey. They will make our key brands the go-to place, creating brand loyalty. Through these investments, we're creating cross-brand customer journeys between our brands by leveraging data and insights. Turning to slide 15 for a snapshot of BHG today. This is BHG today at a glance. On the left-hand side, our CAGR since 2014 exceeds 40%. In this period, EBIT has grown by more than 100% per annum. Our EBIT margin on an LTM basis stands at 5.8% and is generated by our over 100 customer-facing web properties. Now moving over to the right-hand side, these web shops have been visited over 400 million times in the past twelve months, generating north of 5 million orders from customers in 24 countries. Finally, our leading product portfolio comprises some 1.7 million SKUs. Slide 16, please. Handing it over to Jesper, who will walk us through the financial update. Slide 17, please. Thank you, Adam. The first quarter of the year was characterized by growth, strong cash generation, and gradually improved, while still unsatisfactory profitability. Net sales increased 21% to reach SEK 3.1 billion. Pro forma organic growth reached 3%, and organic growth reached 0.6%. Organic growth for the group was impacted by high comparative figures and an overall market contracted during the quarter. Adjusted EBIT amounted to SEK 134 million, corresponding to an EBIT margin of 4.3%. The EBIT margin improved sequentially during the quarter as a result of the measures that were continually taken to respond to the complicated market situation. I will get back to the EBIT margin compared to last year in a while. Slide 18 and the segment view. Both our segments grew in the quarter despite the overall market declining. Net sales in the Do-It-Yourself segment grew by 20% to reach SEK 1.7 billion, while the home furnishing segment grew by 22.8% and net sales amounted to SEK 1.5 billion. Adjusted EBIT amounted to SEK 66 million in the Do-It-Yourself segment, corresponding to an EBIT margin of 4.0% and to SEK 80 million in the home furnishing segment, corresponding to an EBIT margin of 5.5%. Price increases completely compensated for high shipping and inventory costs in the home furnishing segment, while that was not the case within the Do-It-Yourself segment. However, the price scenario in the Do-It-Yourself market improved gradually during the quarter, a development that we believe will continue as a consequence of higher cost levels. Let's now turn to slide 19 and a closer look at our EBIT margin compared to last year. Comparing our EBIT margin in the quarter to last year, we can conclude that the Q1 2021 EBIT margin of 7.2% is a tough comparison as it was favorably affected by COVID-related market factors. As the last few quarters, the profitability this quarter was impacted by supply side disruptions, and despite significant price rises for large parts of the range, the EBIT margin was negatively impacted by higher shipping, product fulfillment, and traffic generation costs. Fulfillment costs are expected to decrease in the beginning of the second half of the year. The increase in organizational cost is partly explained by the date on which AH-Trading was consolidated as the company is focused on outdoor furniture and therefore highly seasonal, and partly by continued long-term investments to drive customer centricity as well as a higher share of own brands. Finally, increase in depreciation and amortization was primarily driven by continued tech investments. All in all, our EBIT margin amounted to 4.3% in the first quarter. Let us turn to cash flow, slide 20, please. Cash flow from operating activities amounted to SEK 122 million, mainly driven by the group's EBITDA, but also thanks to improved working capital. The right-hand graph showing the development in liquidity walks us through the starting period position of SEK 274 million, adding the cash flow from operations, deducting the impact of investing activities, the majority of which is M&A related, and finally, the financing activities which are primarily related to the utilization of our revolving credit facility, but also include amortization of leasing liabilities, bringing us to the period end, SEK 504 million of liquidity at hand. Slide 21, please. The group's net debt amounted to SEK 2.3 billion at the end of the quarter, and net debt in relation to LTM adjusted EBITDA ended at 2.6 times, just outside the medium-term financial target range. Our possibility to restore leverage within our target range are good, given the fact that our inventory position is fully secured for the outdoor season and the seasonally high business volumes we typically see in the current and coming quarters both speak to healthy near-term cash generation prospects. On top of our liquidity at hand, we had unutilized credit facilities at the end of the quarter of SEK 500 million. Handing it back over to you, Adam, to summarize and conclude. Thank you, Jesper. Turning to slide 23, please. As we've reviewed, our trajectory from pre-pandemic times to today has been strong. Although the environment in which we currently operate is complex, we continue to advance our position. Furthermore, our size and approach of combining organic initiatives with acquisitions and leveraging synergies provides us with a major advantage in prevailing markets. We don't hedge currencies. However, our ability to dynamically change pricing frequently and a high degree of natural currency matching as a result of our geographic expansion leave us less exposed to currency fluctuations than in the past. Our inventory is well supplied as we've now entered the outdoor season, with products procured at lower costs than those prevailing in the market today. Thanks to our focus on price leadership and the breadth of our range, we can always target our customers with relevant offers. We also have a lower fixed cost base than many of our competitors. Finally, thanks to our ability to continuously consolidate our markets through acquisitions, we can continue to strengthen our business under all market conditions. Turning to slide 24 to summarize and to conclude. Summarizing the quarter. On the back of combining organic initiatives with M&A, our growth journey continued and LTM net sales amounts to SEK 13.2 billion. While facing tough comparative figures, we continued to strengthen our Nordic position, and we took further steps on the European continent. Supply disruptions and demand complications were similar to what we saw in the second half of 2021. Although the environment will continue to be complicated in the short run, we see that our mitigating actions are having desired effects and believe that peak complications are behind us. The host of organic initiatives, which sort under the headings assortment, delivery and data/automation, are in advanced motion. 2021 was a record M&A year for us. We're currently focused on integrating the acquired businesses and stand ready to act on new relevant opportunities at attractive deal terms materialize. We updated our financial targets last year, and we're progressing well towards reaching these with LTM pro forma sales now exceeding SEK 14 billion. Finally, we continue on our quest to create the undisputed European online home improvement platform. Moving to slide 25. This concludes our presentation. Operator, we're now ready to take questions. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. Our first question comes from the line of Niklas Ekman from Carnegie. Please go ahead. Thank you. Yes, I have a couple of questions. Firstly, I'm curious when you talk about strengthening your market share, I assume you're talking about organic growth. I'm curious what markets are you comparing to? I think we've seen some fairly strong figures on the B2B side in DIY and then bulky building supplies. That seems to be a fairly strong market. Which are the most struggling markets that you see right now where you are seeing clear signs of gaining share? Good morning, Niklas. First, as you know, our almost exclusive focus today is on the B2C market. That's the first delineation. Secondly, as you also know, we have today established not only a strong position in the four Nordic countries, but we're also present in a number of geographies on the European continent. When we talk about market share, we primarily talk about online B2C in the markets that we are in today. As you probably also know, there isn't like one definitive market development figure out there or database that everyone can agree to represent the truth. From our very many data points, we estimate that our market, including online and offline to begin with, contracted by perhaps 4% versus the pandemic peak, from a year ago. We also saw some tendencies in this past quarter of online penetration actually not increasing, which of course is unusual and is to be seen against, you know, the backdrop of the comparison to the pandemic, the first year of the pandemic. We're absolutely convinced that the total market as well as the online market shrank in the quarter. We can debate, you know, exactly the order of magnitude of that contraction. That's the basis for our conclusions. Does that answer your question? Absolutely. Thank you. That's very clear. The second question is regarding consumer behavior. If you've seen any changes here since the war in Ukraine started? I assume that many consumers saw a lot of initial hesitation and then volumes have gradually come back. Where would you say that consumption is now compared to before? Are you worried about lower disposable income impacting demand going forward? Yeah. Basically the impact of Russia's invasion of Ukraine doesn't introduce any real new elements into the equation, but it does add fuel to some of the complications that were already in play, both on the supply side, which perhaps we can come back to, but also on the demand side. The demand side is affected both by the high comps still from the peak of the pandemic quarters, but also from consumers feeling less confident about what the future may hold for them. Definitely the general environment is less benign than it was in the past period. That was a swing, as you know, Niklas, also that we already saw moving into really the second half of 2021. Through 2021 and into now, you know, consumer spending is not as buoyant as it was in the preceding period. Now, the more direct impact of Russia's invasion in terms of on demand at least was felt in our Eastern European furniture business, where we have been on an extremely strong growth trajectory for a good while now. We saw a direct impact on growth, which, you know, came down to much lower levels really already in the days leading up to the actual invasion on the 24th of February. Our market data more generally across Europe shows that. This is not BHG. This is the market as a whole. That the Eastern European markets and actually also the UK seemingly have been the markets that have been the most affected. Generally, it's, I would say, more difficult than ever to have a strong view on where demand will go from here. Because I think on the other side of the scale, the lasting impact from the pandemic, we're convinced of consumers' focus on their homes, is a factor and will be a factor. Also the fact that online penetration has gone up over the past 18 months also means that there is less of a hesitation even in our categories to shop online moving forward. Thirdly, as I also mentioned briefly in my remarks, we feel good about our position in terms of the breadth of our portfolio, but also the fact that our focus has always been, even in the premium part of our range, to be very price competitive. With all that said, there is uncertainty as to where demand will go from here, and we're taking measures in terms of pricing and cost containment and online marketing strategies so that we can be effective, in any direction that the market develops from here. Thank you. That's a very clear question, I think, to a tough question. Can I ask about supply chain exposure to China? You mentioned here that you have very high inventory and you are stocked up here for the peak season, the peak outdoor season. But do you see any tangible risk of disruptions impacting you going forward? Or would you say that this is very well contained for you? Well, you know, ordinarily we wouldn't be so pleased with the inventory levels that we have today. In these markets, we think that it's not a bad thing. Much of the inventory positions that we have today is resulting from our active decision to allow higher inventory levels given what we believe is a scenario with continued supply side disruptions. I would be very surprised if we are materially affected by said disruptions in Q2 and Q3 given our inventory levels other than perhaps, you know, in very specific subcategories. The general supply side picture is also quite similar to what we saw through much of 2021, with still very elevated container freight rates, still longer lead times, and still a larger degree of uncertainty as to what those lead times will actually be. As we all have read recently, the renewed lockdowns in China of course mean that the gradual normalization that is underway will not happen in a smooth way. It will happen in fits and starts, but it will come. Thank you. Thank you very much for taking my questions. I'll pause here and might come back later. Thanks. Thanks, Niklas. The next question comes from the line of Daniel Schmidt from Danske Bank. Please go ahead. Yes, good morning, Adam and Jesper. A couple of questions from me. You touched upon it, when it came to that you were happy with the inventory levels although they're quite high, and that was an active decision. You also write that your inventory was procured at cost significantly below the cost prevailing in the market today. This will carry you through Q2 and Q3. How do you view sort of entering the autumn? What kind of price increases would you need then in the autumn to neutralize the input cost inflation that you're seeing in purchase prices as of now? We, you know, we've made significant price increases already, and as we write in the report, you know, more is very likely to come. We have, you know, a certain degree of pricing power within parts of the private label assortment. Where we've had the best effect so far, as I think is also quite clear in our numbers, is on the home furnishing side. Where one reason that we've been able to make these adjustments slightly more aggressively is that it's a somewhat less fragmented market than on the private label DIY side, where there are quite a lot of smaller competitors. I think the battle really stands around this outdoor season where competition for a lower level of demand is putting somewhat of a dampener on our ability to raise prices on that private label DIY assortment for now. I'm also convinced that our size is a key advantage because these smaller competitors will struggle to a much higher degree than we will in terms of restocking. I think competitive pressures going into the outdoor season of 2023 will be entirely different than they are today. That's not perhaps a perfectly direct answer to your question, but it touches on some of the aspects that you're asking about. It's fair to assume, given what you're writing down in terms of your current costs, given today's inventory, that will help you in sort of improving the profitability sequentially like you saw during the quarter. Is that a fair assumption that, given that you're writing it down, you saw sequentially improved margins in Q1 helped by the actions that you took to sort of neutralize input cost inflation? Is that carrying into Q2? On top of that, you're coming into the high season with significantly sort of lower cost for sourcing than what would have been the case today. Is that implicitly translating into that we should read into that margins will be higher sequentially in Q2 versus Q1? Our belief is that they should. We don't make forecasts, as you know, Daniel. I would say that the supply side of the equation is under control today. We have some elements that are affecting our cost base, which are to do with the relatively high inventory levels that we have today. We've also mentioned in the report, as we did in the Q4 report as well, that our fulfillment cost levels are higher than they are ordinarily because of our high inventory levels. Those will continue to be quite high through Q2 as we gradually reduce that inventory level. The supply side situation is, I would say like as much under control as it ever can be, through the outdoor season, and the uncertainties are on the demand side. That's, you know, we unfortunately we're not in possession of any perfect crystal balls and, I think that's the uncertainty. Having said that, as you know, Q2 and Q3 are our strongest quarters traditionally. With the business mix changes that we've seen that we've executed on in the past 18-24 months, Q4 is actually also typically nowadays a decent quarter for us. Q1 is still as historically our smallest quarter, both top line and bottom line from a seasonality point of view. Yeah. You also write that conditions for improved profitability are good, not as you allude to, not least during the second half of this year. My understanding of that sentence is that you're then referring to a year-on-year comparison when we look into the second half. Is that the sort of right way to interpret that sentence? Yes. With the addition, coming back to what I just mentioned with, you know, we're not happy with the fulfillment cost levels that we're at today, they should also be coming down a bit. Yeah. The sort of another big year sort of impacting factor has, of course, been cost per click or marketing costs. When do we see sort of that becoming sort of hitting full circle as we enter the autumn? Is that when you started to see marketing cost or cost per click coming up a lot from previous year? Yes. There are really three factors behind the levels that we're seeing today as we see things at least. You know, one is the normalization, compared to the unusually benign traffic generation conditions from the first year of the pandemic. You know, that was always expected. The second factor is a demand situation, as we just discussed, with a temporarily contracting market which has heightened competitive pressures, not least in the categories where competition is the most fragmented. Those two factors are there. I would say that the temporarily heightened competitive pressures, that's not a structural factor. That will also dissipate over time. The third one, which is quite difficult to quantify in any proper sense, is the indirect effect on us of the privacy changes that have been instituted by the likes of Google and in terms of the Apple iOS updates, et cetera, which, you know, have closed down avenues for some of our competitors on their old marketing practices, leveraging third-party cookies, et cetera, which, you know, is not a traditional avenue that we've pursued. That has forced some of these peers to also start competing on our arena basically. The long-term answer there is our investments into data and more specifically as we also had a slide on in the presentation on our customer centricity and customer data platform investments. Coming back also to demand, and I appreciate that it's very hard to predict where the market is gonna go. Since the sort of the lifting of restrictions in the Nordics and other parts of Europe where you're present by sort of mid-February, it's my impression that the shift back towards offline has been quite strong. Could you shed some light on that? How do you view that trend for you guys in the recent weeks? Well, again, there's not a perfect data source out there, but I would say that I agree with your assessment that there's been a certain measure of offline comeback in the quarter that just went by. It doesn't really change anything in terms of direction, that these markets will develop in, we are convinced. Yes, there's been a certain degree of offline comeback in the quarter that just went by. Okay. This final, the reassessment of the earn-out that you did in the quarter, could you tell us what acquisition that relates to? I would rather not comment on the specific acquisition. I think you will be able to see that a year from now in the annual report for the 2022 year. All right. Okay. Thank you, guys. Thanks, Daniel. The next question comes from the line of Magnus Raman from Kepler Cheuvreux. Please go ahead. Thank you, already there are a lot of good answers to questions here, but I'd like to follow up on the fulfillment cost reductions. You mentioned the upcoming integration of Bolia and Svenssons warehouses and also automation investments. Could you provide any lead here to what cost savings you budget from this? If not in an absolute figure, perhaps percentage-wise on cost per hundred unit also? We're never that granular in addressing where we see the future developing. The directional answer, you know, we're comfortable giving. Again, we don't provide forecasts and we'd be really loath to go down to that sort of detail. I would just reiterate that our current fulfillment cost levels are higher than the ordinary structural level that they have been at and will again resume towards. Right. Is it also fair to assume that over time you would be able to have lower fulfillment cost levels relative to sales, provided that you are now doing this integration and automation measures? Absolutely. Could you also perhaps provide any lead to if you mentioned this as an example, but is this a wide-ranging opportunity across sort of acquired businesses and so on, that there is a lot more to do on the back-end integration? Short answer is yes, definitely. We will be coming back to you analysts and the investor community sometime later this year. We are hoping that we will be arranging a capital markets day in which we will be shedding more light on some of those operational aspects. The general answer is yes, definitely over time, there is more opportunity to gain upsides from structural synergies. Great. In the presentation, you also mentioned that you have been examining several potential acquisition targets and putting that in light of your current debt levels. Is it fair to assume that, as you also write in the report, that you expect, you know, from this season's strong Q2 and Q3, a clear reduction in debt levels from the cash flow you generate? That sort of potential additional acquisitions would be possible already in the coming quarters. Is that a fair assumption? Yeah. Jesper, if you comment on the balance sheet, I can talk a bit about the M&A. The liquidity stands at roughly SEK 1 billion, consisting of equal parts of cash and unutilized facilities. As you say, we are moving into high season where it all happens from a cash flow perspective. As I said in the presentation, given that we have the inventory fully secured, we believe that we will see a strong cash flow going forward. From an M&A opportunity point of view, you know, we're a bit frustrated with sellers' expectations not having aligned with new realities as fast as, you know, in our view they should have, but they are getting there. From a deal volume or deal flow volume point of view, we are reviewing a very large number of opportunities every month. There are definitely, you know, relevant and interesting targets out there in terms of number of targets, the bolt-on types are of course more numerous, but there are also some larger ones that from a strategic point of view could make sense. We are always dead set on ensuring that we're disciplined and focused, and we will act when we see an alignment of the right targets from a strategic point of view at terms that we feel are sound and attractive. Great. Then just to take a detailed follow-up on the unutilized credit facilities that they were down from SEK 800 million year-end to SEK 500 million here exiting Q1. Is that, are you planning to add new credit facilities, or how should we think about that decline? I mean, the short answer right now is that we have the facilities that we have, and we're not planning to add any new. All right. Thank you. I think maybe I should let further questions on, but I will just end with one final here. I mean, there was quite a cold weather at the end of Q1, I believe, compared to last year, and perhaps you didn't get that spring start at the end of Q1. Of course, temperatures heated up in the Nordics quite substantially at the beginning of this month of April. Could you give any comment there? It was a good start of the spring season at the beginning of April. What would you say? It was actually unseasonably cold well into April. Speaking to our Finnish colleagues just last week, there was actually still snow on the ground in the outskirts of Helsinki. The start to the outdoor season has been later than what it was last year, which was much, much warmer than this year. Thank you very much. Thank you. The next question comes from the line of Gustav Hagéus from SEB. Please go ahead. Thank you, operator. Good morning, guys. A lot of questions on the fulfillment, and I have one, too. Deducting gross margin from product margin, the gap is about 12.5, 12.6 percentage points. If you can confirm that if there's anything else there than the fulfillment cost that we talk about. Secondly, at the IPO, where as far as I remember, I think we talked about the fulfillment cost to sales of about 11%, of which 9% was direct postal costs. Now, much has changed, obviously, in your structure since then, but could you give us an updated figure. If that is still a relevant number to keep in mind when thinking about the potential in the fulfillment to sales going forward. Jesper, do you want to cover that? If I start with the split, as you say, Gustav, and maybe first.