Hello, good morning. A warm welcome to our Q1 2022 interim report. This is Martin Kunz. I'm the CEO of Concentric, and I'm here with Marcus Whitehouse, our CFO, reporting our first quarter results out of Stockholm. This is our agenda for today. We will provide you with a summary of our Q1 2022 business performance. Marcus will walk you through with the financial results. And we have a look at the outlook for the next quarter, Q2 2022, and then happy to take your questions at the end of the session. Let's start with a summary for the first quarter, 2022 with the net sales. Concentric reported very strong sales, the highest sales in the history of the company. Our Q1 sales were up 116% year-over-year from SEK 432 million to SEK 934 million this year. This was driven mainly by three factors. First of all, the acquisition of EMP, which contributed for the full quarter for the first time, 74%. Our organic growth in underlying constant currency, 24%, and a strong foreign exchange contribution of +18%. Both of our divisions have shown year-over-year growth. The Engine division was up 14% and the Hydraulics division up 33%, both on underlying constant currency basis. The sales order book remains strong, and our book-to-bill ratio remains above 100%. Let's move on to earnings. Our operating income for the first quarter was at a record high of 166 million SEK compared to 95 million SEK the year before, and the operating margin was at 17.8% compared to 21.9%. Our margins remained strong in spite of the dilution effect from the acquisition of EMP, a business that came in through the acquisition with lower margin and increased inflationary pressure from our global supply base. We continue to see supply chain disruptions and increased cost pressure carrying over into the second quarter, and these are being managed by our efforts by the teams and the plants, but also passing on cost increases up the value chain. At our annual shareholder meeting, it was resolved that a dividend of 3.75 SEK per share will be paid. In the graph, you see the underlying operating income and margins. If we look at our end markets and the regions, you see that, in the first quarter, we basically had growth, across, all our end markets for both the Engine as well as the Hydraulics division. If we look at the full year, this is the number that we are getting from research organizations such as Power Systems or [Ferra] Research or the Industrial Truck Association of Lift Trucks, show that growth is flattening for the full year 2022. However, our markets in North America continue to be strong and growing, while Europe is most likely becoming flat. We have announced early in the week that we are going to change our reporting structure. Previously, Concentric has reported out by geographical regions. We had the Americas region and Europe and Rest of the World region. Following the acquisition and the internal organization and reporting reviews, the board has decided that the business will now report out by technology segments. That means Engine and Hydraulics rather than geographical regions. This is consistent also with how the business will be managed and reported internally. The Engine division includes all Concentric, Licos, and EMP-branded engine products, including the royalty and net income from our joint venture, Alfdex. The Hydraulics division will now include Concentric and [Delight-branded] hydraulics product. I also would like to refer to our recent press releases on new development contracts. Those confirm our successful progress in the electrification of the business. We recently won with a global OEM a high voltage electric coolant pump for a fuel cell application, and with another global OEM a high voltage electric coolant pump in a battery electric mining machine. Those wins confirm that Concentric, with the acquisition of EMP, continues to be very well-positioned for our electrification journey. With that, I hand over to Marcus, who will walk us through the Q1 financials, Q1 2022. Please, Marcus. Great. Thank you, Martin. Good morning, everybody. Right. We'll just reiterate the numbers that we've got. This is a record quarter. Sales we have reported are SEK 934, up 116%, mainly driven by inorganic growth through the acquisition of EMP with 74%. We do have underlying organic growth within these numbers as well, which is actually 24%. FX, and most notably most of the major currencies, but predominantly the dollar, has had a big impact on the group and has increased our sales by 18% quarter-over-quarter. Operating income before items affecting comparability, we're reporting at SEK 166. Again, a record quarter. Despite the dilutive effect of bringing in EMP, we have a very, very respectable margin of 17.8%, down 4.1% from the quarter last time, but still a very strong margin to report for this particular quarter. I thought I'd add one slide into the deck, really just to walk us through from quarter four sales last year through to the first quarter of this year. Those that follow us will remember we've reported SEK 695 million as our sales in the fourth quarter, which only included two months of EMP sales and sales in both November and December that were affected by either local holidays or the Christmas festive season. As we walk through from quarter four to quarter one, we can see there's three core blocks that have made up that step change. The first is EMP, which has added SEK 126 million to our sales with a full trading quarter and better working days. We've got organic growth, sales growth across our engines and hydraulics divisions, which was SEK 48 million, and again, we've got the FX of SEK 65 million quarter over quarter. Again, SEK 934, a great result for this first quarter's results. Cash flow and gearing. I'll start with net debt. As we know, we took on debt to make the acquisition with EMP, and this is the second quarter that we're reporting a significant net debt position. It has reduced, and it's reduced by SEK 176 million quarter-over-quarter, down to just over SEK 1 billion. Two drivers for that reduction. The first is good cash generation on actual trading operations, which is cash flow from operating activities of SEK 89 million, and also pension remeasurements predominantly driven by changing discount rates on our future liabilities have again reduced our net debt liability by SEK 105 million. Gearing at the end of Q4 2021 was 82%. We are now reporting 59% for Q1. We've got some segmental, and again, this is where we would normally be talking Americas, Europe, and rest of world, but we'll now be talking engines and hydraulics. First thing that I'll say just before we get into each of these divisions is we still have some of the pandemic effect that's causing some of the comparisons year-on-year to skew. The reason for that is our Engine division was hit primarily first in the second quarter of 2022 and recovered in quarters three and quarters four. Whereas our Hydraulics division, the pandemic hit in quarters three, and it was recovering in quarters four and quarter one of 2021. With that in mind, let's go to each of these two businesses. The Engine division is actually up underlying, excluding FX and the acquisition by 14% year-on-year. Good growth. Our book-to-bill ratio is 105% above the 100% and still at a good healthy position going into the second quarter. Our operating income for the Engine division is now reported at 17.9%. In the first quarter of 2021, we were at 30.8, and that movement is notable for a comment, an explanation. The reason, if you look at the graph, the bottom graph and the orange line chart, you will see that the four quarters prior to the acquisition of EMP were all above the 30%, and that was because we've got the Engine division as products that we sell through Concentric branded products but also includes the income, the net income that we get from Alfdex, our joint venture with Alfa Laval, which has income but no sales and therefore lifts the overall margin. You can see in quarter four with the acquisition of EMP, it has two dilutive effects. One is the dilutive effect on the division by EMP that operates on a lower operating margin, but also a larger division that then dilutes the effect of only bringing in the net income of Alfdex. You can see for this new Engine division that the profits with EMP for the last two quarters have been circa 18%, and that the profitability across the two divisions is now very similar. Hydraulics. A really good performance in hydraulics. Sales were up 33% year-on-year. Again, some of that is to do with the market coming back in this year and the recovery that we were seeing in the first quarter of last. The book-to-bill ratio is exactly the same as engines at 105%, and well-placed to take us into the second quarter. Operating margin 17.7%, up from 13.8% last year, and again driven by very strong sales performance and the profit drop-through that we've enjoyed upon it. Last slide that I'll talk about, and it's more to do with the working capital and cash generation. Top slide first, this is cash flow and working capital as a percentage of sales. Our cash flow that we've generated in this first quarter is SEK 89, a conversion ratio of profit to cash of 63%, better than our fourth quarter last year, but still has a little bit of a drag on it from inventories, and inventories that we are having to hold to mitigate some of this continued supply disruption that we are experiencing and will probably continue to experience for the balance of 2022. Still good cash generation in that first quarter. We've already touched on net debt, and as we know, it's reduced by SEK 176 in the quarter, down to just over SEK 1 billion. Major factor we've got in there, the pension liabilities and the change in discount rates. The one thing I do just wanna draw attention to again is the cash and cash equivalents that we hold on the balance sheet. They are at SEK 448 at the end of the first quarter, and certainly significantly sufficient to cover both our operational needs in the near term. We're also able to support a small acquisition if one were to present itself over the balance of this year. Overall, great results for the first quarter in what has been quite a turbulent marketplace, again, caused by the disruption in the supply chain. Record sales, record profits that we are reporting. I will now hand back to Martin to talk about the outlook for quarter two. Yeah, thanks, Marcus. Thanks for the details on the financials. Let's have a look into the second quarter. The availability of raw materials and components will remain critical, and a potential sales constraint, and it might influence our 2022 sales. The market indices right now suggest that the overall market will be up by 3% for the full year, which indicates a slowing of our sales growth. The inflationary pressure from metal prices, energy, freight, and other economic increases that our supply chain, let me say, is providing. We'll expect to continue and put pressure on our margins. We will have to pass on those cost increases up the value chain. The war in Ukraine is having an impact also on the macroeconomic indicators, but it remains too early for us to predict how this will impact our customers and end markets. What we can say is that Concentric has minimal sales into these specific territories and no purchases from these regions. That doesn't mean that there might not be indirect impacts that we cannot predict at this moment in time. The level of orders that we have received in the first quarter indicates that the sales in the second quarter will be broadly similar to the reported sales for the first quarter this year. In general, Concentric remains well positioned, both financially and operationally, to fully leverage our market opportunities. I think with that, we are coming to the questions. We will now begin the question and answer session. Anyone with a question may press star and one at this time. The first question comes from Erik Golrang from SEB. Please go ahead. Yes. Thank you. Thanks for the presentation. I have three questions to start with. The first one on the outperformance relative to the end market in hydraulics in the first quarter. What's driving that? The second quarter, you say you expect to deliver on the backlog for the remainder of 2022. Is there an obvious risk that I mean, clearly, we don't know where the overall economy will be and an absolute end market volume. Because of that, is there a risk that you underperform the end market quite a bit in 2023, as you don't have that excess backlog any longer? Yeah. The third one, if you could say something about the underlying margins in EMP in the quarter and sort of the pace of improvement there as you expect for the rest of the year and into next year, given you've been pretty upbeat on the room possibility to raise EMP margins? Yeah. Thanks, Erik, for these questions. Happy to take them. Marcus has already explained on the Hydraulics that obviously, the two businesses have had similar recovery performance from the pandemic, and, that's also the reason why we see in Hydraulics, a larger growth in this quarter than, we have seen in Engine because of the difference. Marcus, you wanna add some more information to that? Yeah. Hi, Erik. Yeah, look, we don't see we're taking market share within Hydraulics. What we have seen is an awful lot of noise within the market indices. If we went back to quarter one, 2021 and look what we reported, the market was up 18%, and we were flat. This quarter, we're reporting the market's up 17%, and we're up 24%. There's an awful lot of noise within the market indices that we have, both quarter-on-quarter and being affected by the pandemic. Our overall performance is more the recovery that we're seeing within the market within Hydraulics. Hydraulics has still got a significant backlog within there caused by supply chain issues. We're hoping to supply that out over the balance of this year. It certainly won't be satisfied by the second quarter, but it will be a longer process now as this supply backlog continues for the balance of the year. The second question, Erik, if I understood correctly, is referring to the risk we have in the supply chain for the second quarter and the balance of the year. There is a risk, but as our teams have managed very well this risk with suppliers and also from, as you have seen from the working capital, in particular inventory, we are holding higher inventory levels to mitigate that potential risk and be able to supply, let me say, according to the orders we have received. The last question on EMP, obviously, EMP, you know, the configuration of the business, it's predominantly a North American business. If we look at the market growth for the rest of the year and the market indices we have shown in the introduction, we're expecting EMP to continue to grow also for the second quarter and according to the market for the rest of the year because the market in North America continues to be strong. I think your question as well, Erik, was around the underlying margin improvements that we're likely to see from SEB. Yes, please. Yeah, there will be some improvements within the margin as we go through this year. Nothing that I think is gonna sort of swing the group margins, you know, as we will report them over the balance of this year. Again, it's got some pressures. More of its business is on electrification. We're seeing a huge amount of inflationary pressure on electrical components and motors that we'll be dealing with. That's gonna give us a little bit of a headwind, but we will make some progress on it, but nothing that I think will skew the overall group margin numbers. Very good. Thank you. As a reminder, if you wish to register for a question, please press star followed by one. The next question comes from Mats Liss from Kepler Cheuvreux. Please go ahead, sir. Yeah. Hi, thank you. Congrats on the strong quarter. Just had a question regarding you've mentioned that sales is expected to be about unchanged in the second quarter. Have you seen any sort of? I mean, given the price increases you have implemented, have you seen any sort of pre-buy impact from customers? Also, regarding the impact of higher costs, have you been able to pass those on to full extent or are there sort of dilution of the margin due to the higher costs? Yeah. Okay. Yeah. Thanks, Mats. I think we are passing on the cost increases up the value chain. That is not always an easy undertaking, in particular with larger customers, but I think the teams have been pretty successful in doing so and will continue to be successful. Our increases are in line with the increases of other suppliers in our markets. We're here, let me say, in line with the market. Whether we have to, let me say, further increase sales prices to customers, that's a question of how strong the inflationary pressure will be for the balance of the year. At this moment in time, it's not easy to predict that. Yeah. Great. The follow-up there on Erik's question of the order backlog. Well, you mentioned that this will be delivered to a large extent during this year. Is that to some extent affecting your ability to grow going forward? Yeah. Hi, Mats. It's Marc. Yeah. Which it is. It is the lag that we've got on the business. Now, it's not just our business, it's across the market. Getting hold of materials, whether it be electrical components, whether it be some of our more mundane castings and steels that we have or bearings. Everything has got a bit of a problem to it at the moment. Just getting that flow through the factories and out to end customers is the lag. As I say, we've got backlogs both on engines and hydraulics, but more on hydraulics. We will and we aim to service and clear those backlogs over the balance of this year. Okay. Yeah. Thank you very much. That's all for me. Thanks, Mats. Talk soon. Thank you. The next question comes from Björn Enarson from Danske Bank. Please go ahead. Yes. Hi. Got a question on if you can quantify the headwinds in terms of inflationary pressure in the quarter or if you can give a and in relation to the compensation. What I'm getting at is what kind of dilutive impact do you have from inflation on the EBITDA margin in the quarter? Yeah. Hey, Björn. The different jobs. Look, it's Marc. Hi. Hi. The headwinds are always difficult to quantify, but what we're looking at is what are the margins of our underlying businesses quarter-over-quarter. Most aren't getting margins that are necessarily eroding, perhaps one or two. They have got implementation plans on pricing that will come in the second quarter. A small amount is probably what we're talking about in the first quarter with a little bit of recovery in the second. Again, nothing that's significant for the overall group numbers. We're not conditioning the market that we've got a big headwind or there's gonna be a big swing up in quarters two or three as we put pricing recovery through. Overall, I'd probably argue broadly neutral for the group, but with some local pressures on certain businesses within our group. Looking at the drop-through in the two divisions, are you happy with that given the circumstances? I guess there are some productivity issues with the, I guess, pretty volatile sourcing situation. Yeah. Well, look, I mean, the drop-through, we're reasonably pleased on both of the divisions. It's a little more complex to see within Engines, but we certainly are within Hydraulics. So, yes, again, when we're looking at our individual businesses, most are looking to have good drop-through year-on-year. One or two have just got some lags on price increases that we're pushing through in the second quarter. Overall, reasonably pleased with the performance that we've got to date. Yeah. Björn, this is Martin. Hi. Let me add one. Hi One comment here. We have permanent dialogues with our key customers and what we experience also in talking to the customers that it's not only about you know passing on the cost increase. There's also a strong let me say will and desire from the customers to ensure supply from our side. Many of our customers have actually really been satisfied with the way we handled supplies in these critical days. Yeah. I think that's, you know, really strong performance there from your side. And then also coming back to this with order intake and delivering out of your backlog. I mean, I guess you have some. It's early on, but I guess you have some discussions with the OEMs, and OEMs have been out also talking a little bit about next year. I guess some kind of common view is that they are the OEMs are not able to really fulfill end customers' demand this year. Maybe talking a little bit about a longer positive cycle although it's very early on, and a lot can change, of course. I guess you're expecting to see some order intake during the later part of the year. I mean, we won't comment too much in terms of what our forecast sales or positions would be beyond the quarter that we conditioned for, Björn. Yet, you know, as a comment on a general market trend, we too are seeing OEMs talking about a positive 2023. We're still actively working with the OEMs for clearing backlogs and programs of recovery as we work through this year. It could be a slightly longer cycle that we can sit and enjoy. As you say, we'll see. It's an unusual market at the moment. Yeah. We have been approached by several key customers earlier than they would normally do to secure basically a forecasted supply into the new year. That is mainly because of the overall situation. Lead times have been extended by suppliers, you know, shortages here and there. I think there is a strong trend also. There are learnings from the last 1.5 Years that customers are going through securing their material much more in advance than they used to do it in the past. That obviously helps us to have a better let me say forecasting capability and better visibility on demands in particular from larger customers. Interesting. I got a detailed question, but maybe we can take that late. It's on the FX contribution in the quarter. A little bit ahead of my own expectation. Are there any? It is a really high number. Yeah. Well, I'll give you Just looking at the normal characteristics. I'll give you a call after this, Björn, and I'll talk to you about the FX. Yeah. We can take that. Okay. Thank you. Thanks, Björn. You're welcome. We have a follow-up question from Mats Liss, Kepler Cheuvreux. Please go ahead, sir. Yeah. Hi. Thank you. Just coming back to the orders you mentioned on high voltage pumps to fuel cell application. I was just wondering what kind of competition do you see in those areas, including the mining machines as well? Mats, thank you for the question. It's obviously a broad question that we are seeing differently across the different market segments. What we see is obviously there is a stronger demand for high voltage applications simply for performance reasons. With the acquisition of EMP, we're really well positioned to satisfy those. However, some market segments are more advanced, others are a little bit behind. In general, without providing any further details here, we are seeing a pretty strong increase of inquiries for high voltage applications across different segments. The EMP acquisition really does support us. They have great test facilities on high voltage applications, and they've already got further advancements. The acquisition really has helped our positioning within that high voltage segment, and supporting the inquiries that we're getting from customers. Oh, sounds good. Just a follow-up question there about, I mean, this change over to electrification is sort of an ongoing process. Will that sort of, to any extent, impact your CapEx need in the next couple of years or you're sort of doing it the way you have done it historically? Well, we With quite limited. Yeah. I think we're already sort of on record saying there are going to be some needs for CapEx that we will have as we start to put new lines in to support electrification growth. I think again we're on record for saying it will probably push our CapEx nearer to, if you like, one-for-one for depreciation levels, maybe a little more, and certainly not the rate that we've been spending historically, which is sort of half depreciation levels. It'll probably take us back to a more balanced CapEx. We don't foresee at this moment that we're gonna have to lay down new facilities and factories. Again, we're just conditioning that we're not having to put big facilities in, but what we will have to do is put production lines in within the facilities that we have to support that growth. Certainly for the near term, the next year or two, we'd see a slight rise in our capital expenditure, but nothing beyond what we see as probably, you know, depreciation rates for the business. Yeah, Mats, this is Martin. Let me add one data point here, which is also interesting to understand when we look at our electrification journey. It doesn't happen at the same time everywhere. That means if we look at our end markets segment that we serve currently, they are basically being electrified in different steps. That helps us also with our let me say, capital deployment to support the electrification journey. Okay. Great. Thank you. Thanks, Mats. Gentlemen, so far there are no further questions. Okay. Okay. Very good. I would like to thank all of you for attending our Q1 interim report. Thanks also for a lot of good and constructive questions and speak to you or see you for the Q2 report. Yeah. Super. Thanks, everybody. Thanks. Talk soon. Bye. Bye-bye.