Good morning and welcome to Cavotec's first quarter presentation. I'm David Pagels. I'm the CEO of Cavotec, and together with me today, I have, as usual, Joakim Wahlquist, Cavotec's CFO. Let me, as usual, start with a short introduction of Cavotec. This year, we are celebrating our 50-year anniversary. I think that the key takeaway from our long history is our ability to innovate and to adapt to changing market conditions. Not least in these times when we are living in an uncertain world with many rumors, speculations, and changes, and unclear messages is an important ability. Cavotec is specialized in developing, designing, and delivering electrification and automation solutions to different industrial applications. With our offering, we target a number of industries, and over the past years, the port and maritime sector has developed our strongest customer segment. We contribute to reducing emissions in and among other places, ports, while our solutions also help to lower noise levels. As you know, we report to business segments. Our service offering is reported into those two business segments: ports and maritime, as well as industry. Ports and maritime provides world-leading solutions for ports, ships, and other marine applications. We have a unique system, for example, automated mooring, shore power, crane electrification, and connection, as well as charging systems. All these solutions contribute significantly to improved environmental and efficiency in ports worldwide. Our customers include ship owners and operators, ports and terminals, port equipment manufacturers, as well as shipyards. Ports and maritime is our largest segment and represents the majority of our group's sales in EBITA. However, we also have the industry segment with its unique selling points and its ability to drive productivity and contribute to the customer's operational efficiency, electrification, as well as occupational health and safety. The product on the industrial segment includes motorized cable reels, hose reels, radio remote controls, power connectors, and spring-driven cable reels. We have customers in a wide variety of industry sectors such as cranes, energy processing, and transportation, surface and underground mining, and tunneling. It's a big growth potential in this huge segment, as you all can understand. Services, as mentioned before, is already an integrated part of our business segment. We have service engineers across the globe. They work either from our service centers or are based at our customers' premises. The service offering encompasses system integration, maintenance, sale of spare parts, inspections, refurbishment, as well as round-the-clock service agreements. As also mentioned before, we have agreements with customers where we operate our delivered machines on their behalf 24/7. The mega trends that drive our market are the urgent need to reduce greenhouse gases and also noise in critical infrastructure such as ports, container terminals, and onboard vessels. Noise, as an environmental problem, is maybe not in everyone's focus, but it's actually a growing area of interest as many cruise terminals are located very central in cities and therefore an issue that needs to be taken care of. Research shows that noise has a negative impact on health, and it's therefore becoming more and more of a driver to our business since our solutions are silent and also reduce the noise in different industrial applications as well as heavy-duty vehicles. A key driver for our business is the fact that these mega trends are supported by international local regulations that enforce operators or ports, terminals, and vessels in other industrial operations to reduce emissions and noise. We operate within market segments that are critical to society and where our solutions are needed to lower emissions and to create a better environment. Cavotec plays a significant role here with our solutions and leading technologies that are proven, reliable, efficient, and safe, and therefore perfectly suited to meet our customers' requirements. Regarding who is in power in certain countries in a certain mandate period, the long-term trend is clear. Everyone wants to be seen and needs to be as green as possible going forward. Our business is characterized by long-term customer relationships, and over our 50 years, we have built a large installed base worldwide, which is also growing year by year. This large installed base gives us a good opportunity to grow our service business going forward. In the service segment, we have a broad offering covering everything from service installation, maintenance, and system integration, as well as, I mentioned before, even operating our machines for our customers. Service is, of course, increasingly important. If customers should be more hesitant with the investment, should we see that? We know that the demand for service like spare parts, maintenance, will have a balancing effect. This quarter reflects, it's a typical first quarter for Cavotec, but it really reflects that we have a product-driven business where the revenue and earnings may fluctuate between the quarters depending on which product we invoice and when. As you may recall, we began 2025 by announcing several large European shore power orders signed at the end of 2024. These orders have a total value of EUR 7.5 million and include deliveries to ports in the Mediterranean and global shipping companies. When evaluating the order intake in the first quarter, I think it's fair to view the strong order intake that we also had in Q4 last year. The revenue development is related to port and maritime in the same quarter in 2024 recorded significant revenue from deliveries to offshore power systems, which we do not really see at the same time in this quarter. It is, of course, encouraging to see that the cash flow development and the strengthening of our financial position. We had a strong focus throughout the organization on cash flow and working capital, which is now showing clearly in the numbers. Joakim will give you more details about the financials in a few minutes, but I want to mention a couple of others first. Before handing it over to Joakim, I would like to say a few words about our new product that we launched in the quarter. They were both launched at the big trade fair, industry fair Bauma in Munich early in April, and I'm thrilled to see the interest that the customers showed during this event. First of all, a new generation of radio remotes in a modular housing, which makes it easy to customize in a flexible way to adapt into customer-specific needs. This will also come in an Explosion EX version, Explosion Safe version, very soon. This is really something that was well received in the market during the exhibition. In addition to that one, we also have the MCS manual dispenser for up to 4.5 MW, also shown at the Bauma in Munich. This dispenser, with included cooling units, because it needs to be cooled cables and connectors due to the power, will serve customers for both ports and maritime as well as within the industry segment. Now over to a little bit of what's going on in the world right now and our situation versus potential trade tariffs. We operate across the world, and last year, about 50% of our revenue was generated by European customers and 40% from the Asia-Pacific region. Approximately 10% of our revenue is generated in North America, of which the majority is in the U.S. Less than 10% of our revenue is generated by business in the U.S. However, most of those revenues relate to service offering, which is local offering provided by a local guy in a local service organization. As I mentioned before, we have people operating the machines on the behalf of our customers, and of course, there are local guys in the U.S. who are doing that. Our exposure to potential trade tariffs in the U.S. versus Europe is quite low. Since we run in an operation where we assemble our products, we can quickly and relatively easily start production in the U.S. of volumes if needed. As you know, we have started production in India last year, which was a quick and cost-efficient action, and therefore I see no problem if we should repeat the same thing also for the U.S. I hand over to Joakim to comment on the financials a little bit more in detail. Thank you, David. We start with the order intake, and David has already said a few words about it. When looking at the order intake, we need to have in mind that we really are in a project-oriented business. Also, which David mentioned shortly, we had a very hectic Q4. We announced early 2025 that we late in 2024 closed shore power orders worth EUR 17.5 million for a number of Mediterranean ports and a global shipping company. Also, in addition to that, we signed late in 2024 and announced early 2025 an order for an automated mooring system for Port of Dublin and an order for Quello for 1,000 spring cable reels for electric vehicle charging stations across Europe. That was orders amounting to almost EUR 5 million. We had a very hectic Q4, and when it comes now to order intake in Q1, that's a little bit slower because some of the orders shifted between the quarters. We continue to have, though, a very solid backlog of EUR 116 million as of now, and we also feel very comfortable with the profitability that we have control of the profitability in that order backlog. We continue to revenue. Revenue decreased with 9.8% in the quarter versus last year, and this decrease in revenue relates mostly to ports and maritime as we are comparing with the quarter in 2024 where we had some significant deliveries of shore power solutions. We still feel, though, that the business here is fundamentally strong and there's a solid demand, and the development is merely reflecting how the business is project-driven and fluctuates between the quarters. Let's go to EBIT. As a consequence then of the lower revenues in ports and maritime in the quarter, we also saw a decrease in the EBIT. On a positive note, though, the industry contributed positively to the development thanks to the margin-enhancing measures we implemented all during last year, and that's very nice to see. In the previous quarter, also, we started to adjust for the non-recurring costs related to the investigation of a potential relocation of the registered office from Switzerland to Sweden. We move over to net profit. It's, of course, not satisfying to see how our nice and smooth development was a bit broken this quarter. Having said that, we still had a positive net profit in the quarter for the seventh quarter in a row, and we continue to strengthen our financial position. I just want to stress again that this really does reflect the character of our business. As you understand, I'm much happier to show you this graph. We had a strong operating cash flow in the quarter, EUR 5.4 million, which is significantly better than the same quarter last year, but also can be compared to the operating cash flow for the full year of 2024, which was EUR 6.2 million. Very good development or very good start of the year cash flow-wise. This is really a result of the increased focus on cash flow and working capital throughout the organization. Consequently, also, our financial position has been further strengthened, and we continue to reduce the net debt in the quarter and also improve the leverage ratio. Moving over to ports and maritime. The ports and maritime segment had a slow quarter, especially compared to Q1 last year. We have said it a couple of times now already, but with the risk of repeating myself, ports and maritime especially has an especially project-driven business, and we have an installed capacity also for a higher volume. This impacts the profitability in a low quarter like this. We still have a fundamentally strong business here with a solid demand, and the customers are still very active in the ports and maritime segment. Niklas Wedin and his team, they're still very busy catering to the requests from customers. Moving over to industry. I'm also pleased to show you this graph. We have been talking about the efforts we've been putting into industry now for some time. Last year, we had a number of profitability enhancing or margin-enhancing measures that we implemented during the year. It is now really satisfying to see that these measures are starting to take effect. I feel that Jonathan Eriksson and his team in the industry segment here is having a very good momentum. Very nice to see the development in the industry. This is an area also that, as David said earlier on here, there is a lot of potential in the industry segment for Cavotec. Industry also has a more stable revenue development, which is reflecting the character of this business with a bit smaller and more recurring orders. With those few words, I want to continue to hand back to David to sum up a bit our presentation before we take the Q&A. Thank you very much, Joakim, for that. Let me just quickly summarize some key points before we open up for questions. First of all, we target markets which are driven by the need to electrify the society and to reduce noise levels in environments such as ports. This is also reinforced by the fact that our customers are facing regulations that require them to reduce their emissions and to electrify their applications. For us, this creates a good opportunity since we're offering leading technology and have built a strong market reputation and position over our 50 years as a key supplier to our customers. Another important business driver is, of course, the large installed base worldwide, which continues to grow, and it provides us with an untapped potential for service offering. Secondly, we have an attractive offering, and we are further strengthening. We're putting more effort into new product launches. We have done that last year. We continue this year. We have recently launched the next generation of the radio remotes as well as the MCS manual dispenser, as I showed you earlier. We have more products in the pipeline to be launched during 2025. Finally, in January, we appointed the new heads for ports and maritime, industry, and also product development. By this, we have now a new organization in place, which makes us more agile and makes it easier for us to find synergies and an efficient way of driving our business. When I meet with colleagues in the organization, I'm thrilled by the energy and enthusiasm along with the strong customer focus and goal and mindset of exceeding our expectations and goals. By this, we have come to the end of our presentation, and we open up for questions over the phone or by mail through the webcast. 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. The next question comes from Lara Mohtadi from ABG Sundal Collier. Please go ahead. Hi, Lara here from ABG. Just a couple of questions from my end. My first one is a little on the ports and maritime segment, which reported lower than expected results. Beyond the project timing, which you just stressed in your presentation, would you say that there are any shifts in the underlying market demand or competitive pressures impacting this segment? Good morning, first of all. The long-term trends, we do not see any change in demands, and it is a very active market at the moment. Our sales guys in the ports and maritime segment are having their hands full with handling our customer requests. Of course, it is a bit of a turbulence in the markets now, so some investment decisions might take a little bit longer time. That on top of the fact that we are a project-driven business is something that we are seeing a result of here in Q1. Very clear. Thank you. You obviously touched a little bit on the order intake in the presentation, but if you could just elaborate a little more on the trends you're seeing in the pipeline for the rest of the year for both ports and maritime and industry. Yeah. We have not revised any of our projections for the year, so we are still looking forward in a positive manner. Of course, we need to keep an eye on the economic development in general. All in all, we're looking forward to 2025 with a positive view on the order intake. Great. It was promising to see that the industry segment showed some improved results in both in terms of revenue and margins. Could you just please elaborate a little on the specific margin-enhancing measures that have been implemented and their expected continued impacts throughout the year? Leave that one to David. I can say, I think if you look historically on Cavotec, we've been quite a lot of ports and maritime, and then before we divested the airport business, it was airports and industry. Now, when the airport business is successfully out from Cavotec, we have more focus on the industry segment, and we have a lot of a big wide range of products inside the industry sector, which we have really, really optimistic opinions about where we can grow the market. It's a huge market with a wide range of products, etc. I am very, very optimistic about what we can achieve there. Especially Bauma, as I mentioned two weeks ago, it was a massive exhibition, and there's so much potential everywhere and so much interest there. Definitely, I'm optimistic there. What we've done on the industry segment is, of course, as a result on focus on bringing down the cost of our equipment to make our equipment more cost-effective, to make them more competitive, at the same time also working in cooperation with the customers to see what to early discuss what are their needs in order to really achieve a win-win-win for us, win for them, and win for their end customers. That is now what we see starting to generate results. Especially if you look at the radio that I just mentioned that we launched, that was pre-launched and was pre-discussed with customers. We have some 3D-printed versions earlier to discuss with customers in order to get their feedback and inputs in what do they need, what are the features that they would like to see in our equipment. We use that so we have more or less worked and developed that together with the customers. That is really the way I see Cavotec being even to make even more going forward because it is really when we are creating something for the future together with our customers, then we will create this successful win-win-win as we all want to have, of course. It is a long list of various activities that leads to that we are able to improve the margins across the industry segment in general. Now, we have also during the year and continued in this year further strengthened the sales organization, which I think is also a success factor in the industry segment. Great. Very clear. Thank you. You just talked about your next generation radio remote controls. What would you say your initial customer feedback has been, and what is the expected timeline for these new products to materially contribute to your earnings and revenue? You also mentioned that you're going to launch additional products in 2025. How do you foresee these contributing to your demand? We'll come first to the radio there. First of all, very positive feedback from customers. We have had one of our more sophisticated radio remotes with the joystick solutions that have been with customers for many, many years. This new version is built in a modular way, meaning we can easily adapt it and customize it to the customer needs, meaning for certain customers, we'll be branded with their logos on it in addition to our own logo, and therefore also with their needs, what do they want to see in their screens and so on and so forth on the radio remotes. Again, built up in a modular way, so it's with the standard housing, and then you can easily adapt the layout of whatever buttons and joysticks and screens that you want to have there. Very well received by customers. As I said, discuss with customers what do they want to see. Of course, it's not a big surprise to them when all of a sudden they see in reality what they have asked for, and that could be shown there. Very positive, very optimistic there. Again, it will also be then in an EX version later this year, which is exposure safe for those environments, which is also something that is a strong demand in the market. In addition to that, now we are also launching more products, as you indicate there, for the ports and maritime sector. They will be launched throughout the year. Even with those, we have done in a similar way. We have listened to the customer. We work together with the customer in order to see their needs and build in their requirements into what we are offering here. Of course, when we launch a product, it's going to take a few some time before we have them up and running, but so far well received, and I'm sure they will play a big portion of our future business and revenue going forward. When the timing between launching something and actually turns up in revenue, of course, it's a lead time and getting it launched and it needs to be sold to the customer. It is a natural lead time there, of course. We will see effects of that throughout the beginning of toward the end of 2025, sure. Okay. Very clear. That was all from my side. Thank you. Thank you, Lara. Okay. Standard, if you wish to ask a question, please dial pound key five on your telephone keypad. Okay. We have some questions here in the chat. We start with the first one here. Can you please give us some color on the trends in the business in Cavotec in Q2? I can start with that. We, for both ports and maritime and industry, we're not going to do a projection here for a specific quarter in this call, but what we can say, which we repeat what I said here during our earlier questions from Lara, is that we have not changed our outlook for the full year of 2025. We have a next one here also that, how is the service business developing in Europe, Asia, and U.S. respectively? David, maybe you can take that one. I can say there that the service business is developing well. It's developing well, and it's a little bit of a boring answer, maybe. Say that it's growing equally well in all regions. There is more potential. We have our installed base, which is growing in all regions. I could maybe then say there when it comes to the service business in the U.S., which is also growing, but in the U.S., it's growing more that we have our guys, our people, our field service technicians on the ground working there. It's more of a labor concept rather than actually exporting in things to them. That takes away a little bit of the concern rather than the trading terms potential, what's going to happen there. Apart from that, I think the service offering in Europe is growing. The service offering in APAC is also growing. We have also been working, as I mentioned before, on our ports and maritime applications. We have equipment for new vessels, but we also have equipment that is installed on already existing vessels where we are installing our equipment on existing ships and upgrading them to the shore power solutions as well. It is more complex. Sometimes we can do it while sailing, and sometimes we do them during dry dock. It is a big fleet of vessels in the market, which needs upgrading to these shore power solutions. That is, of course, a very interesting and attractive market for us. Okay. We move on to the next question here. The new remote control and the new MCS manual dispenser, what do you feel the market size are for these products, and when will you be able to start to log sales in these two new products? I think start logging sales on the radio remote with GoQuicker. It's not such a it's an easy product because it replaces something that we have or adds something in addition to what we have already offered. The manual dispenser is a little bit more of a it's a new market with whole electrifications with a level three charging is new for everyone. There's a strong interest from a lot of the mining companies, from a lot of the mining equipment manufacturers. Of course, the whole electrification takes some time, and it goes it's quite it takes some time before we actually see bigger volumes of that. That is natural, that the whole electrification in this area, since it is very high power charging levels, it takes some time before we have the equipment. They don't really want to buy manual dispensers before they even have electric trucks. It goes a little bit hand in hand with the overall market trend development. There is a clear interest and a strong interest in these markets. Okay. Good. We have another question here. The financial position continues to improve. How does that affect your financing costs and your ability to invest in growth initiatives as new products? And maybe this is a question for both David and I here. Starting with the financial position and how that affects our financing costs, we have, as you can see, during 2024, reduced our financing costs significantly versus the year before as our financial position has improved. We continue to see that trend also in 2025. Of course, like David said also, this gives us an opportunity to invest more in our R&D. We had a number of new product launches and improvement of old products during 2024, and we have a very hectic schedule of new product launches this year. It is very exciting, very exciting times for Cavotec when it comes to launching new and exciting products with good market potential. Okay. We have also another question here. I think that the cash flow was very strong. Why was that? And do we expect continued improvement in cash flow? You shouldn't extrapolate any one quarter in Cavotec when it comes to cash flow because we are a project-driven business. Big deals closed with big prepayments or part of projects finished where we get big payments for a specific percentage of completion invoice can affect one quarter up or down. The same thing with our if we are prepping for a specific big project with big equipment, we can have built up a bit of inventory short term. We feel that we have a good control over our cash flow. We feel positive about the cash flow development. We're working really hard on improving inventory turnover ratios, our accounts receivable position. We have done big improvements there and also working towards our suppliers on the accounts payable side. Of course, towards our customers also with payment terms. We're doing a lot of work on all fronts when it comes to our cash flow and feel comfortable about the development and also feel comfortable that the work that has been done internally with educating our personnel regarding working capital and the balance sheet and cash flow has started to really pay off. Okay. We have one more. The industry segment was strong. No, you have another one, for sure. Okay. You have appointed a partly new management team. Could you elaborate on these appointments and what you hope to achieve with the new management team? Yeah. I can do that because I'm really pleased with what we have in place right now. We have, as you know before, we had the operations under the two divisions. That was lifted out and is now managed by an operations team led by Jurgen Olsson and his team there, focusing on making sure that they improve efficiency, productivity, inventory turn ratio, and so on and so forth. Purely whatever we need, they are able to produce, and they do with the mindset of whatever they do today, they need to do it better and more efficient tomorrow as they should work. At the next step, what we've done now, we still had the engineering and product management under the division. That is now also lifted out and is led by Patrick Marris, who's been with the company for many years and a big experience here. He's driving that in order to make sure that we're in a similar way as Operations. We will drive engineering and we'll drive new product development and product management in a similar way, serving the other two divisions and, of course, the service business. That was a natural step to lift them out. By doing that, we have now two remaining segments on the ports and maritime under Niklas Wedin and with the industry sector under Jonathan Eriksson, purely focusing on customers, selling things, working on retro-supplications, visiting customers with a strong focus to have more face time in front of customers and really be as efficient there without having to think about the engineering or having to think about operations. It's a natural step to do, and I think I'm really pleased. And I'm not only think. I know and I feel I'm really pleased with how that momentum is now built up there. As you mentioned before, we already see now a much more focused, at the same time also a thinner or leaner organizational structure where we are closer to the customers. We have also reduced the steps in the organization there, which I'm absolutely convinced will pay off in a positive way. Now we have another question here that is, the industry segment was strong. Is this an effect of the strategy to improve profitability? I can say it's a good question, and I could agree that it is an effect. At the same time, it's also effect of what I mentioned earlier that we had before, three years ago, we had the airport and industry. Now when airport is gone, it's much more focused on the industry, and the industry segment itself is massive. The potential is huge. By being more focused on that segment without being distracted by some other business there, we have more focus on it, and we see clearly the potential. Therefore also, I see, as I mentioned earlier, the radio business is also something where we definitely see a potential because it's more visible now. It's a more important portion of industry where they're there. Therefore, the job that Jonathan and his team is doing in cooperation with Jurgen Olsson and his team on the sites and also on the sourcing side is now with deal results. I think the next question somehow ties into that question. We got a question regarding the industry segment again here. Which industry sectors are going to be the most active the next one to two years? Are there any specific products you see specifically contributing to future sales? Yeah. I think, again, without putting all the efforts into that industry is the only growing sector. Both of them are very interesting. Both of them are very growing and with a big potential. Electrification is needed regardless if you go into the ports and maritime sector or if you go into the industry sector. I think we have probably had a little bit less focus on the industry sector in the past, and therefore we see maybe a little bit more of rapid opportunity grow up there. However, there is a solid and robust pipeline also in the ports and maritime sector. We should see that as growing. I do not really want to compare the two between each other because I see a great focus, a great potential in both, and we are going to continue to grow both with full attention and full speed from our side. I'm not comparing those two. I see we're having a good opportunity on both, and we're going to have full focus on both. Within the specific products within the industry sector, that is, I see a big potential on the radio business, as mentioned before. I also see a big potential on the motor cable reels for open mine applications as well as underground applications. It was a clear trend during the exhibition in Bauma two weeks ago that there is nothing going to stop the electrification trend. It's there. It's there, and it's growing, and it's the future for sure. I'm optimistic about both, I must admit. Do we have any more questions here? Yeah. We have an interesting comment on noise in, for example, ports as a market driver. Do you see this as a good growth opportunity? Yes, I do. I see both noise and as well as reducing the fossil fuel for emission reasons as well as for emissions if you're an underground mine. That's clear. That's how we started, really. I see noise more and more as a factor that is playing a more and more significant role. Again, if you look at those cruise terminals, which are located in very nice, close to the city center ports, we have them in the Port of Miami. We have them also around the Italian coast. You don't really want you want to have the tourist. You want to have the possibility to show the cities for tourists coming there. At the same time, you don't really want a big cruising ship to lie there, even if it's for one or two days with the engines on, polluting and creating a big noise. It's a requirement from the cities in order to have the attractive customers to have the visitors to come there. Of course, they also want to have the ships as silent as possible and as environmentally friendly as possible. It's a clear request from the market and probably a growing request. I think that that concluded the question part. We have no further questions here as of now. Okay. If there are no further questions. If no further questions, we close here. Again, we're repeating ourselves here like a broken record. We are in the product business. Quarter one is normally a little bit of a lower quarter for us. We are optimistic for what we have set as targets for 2025 as a year. We are not as vulnerable or exposed to the trade tariffs, even if, of course, the trade tariffs could lead to a little bit of an overall economic wet blanket here. I think we are in an industry which the underlying business is there, and it's there, and it's solid, and we are not really worried about that. What we are working on is, of course, to capture as much as possible of that business. We are confident. We are eager, and we are in a good mood. Yep. Okay. Thanks to all the listeners. I think that concludes the call.