Good day. Thank you for standing by. Welcome to the Concentric presentation of results for first quarter 2023 webcast and conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one one on your telephone keypad. You will hear an automatic message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to today’s speaker, Martin Kunz, CEO. Please go ahead. Yeah. Good morning, everybody. Very warm welcome to all of you here in the room in Stockholm, but also those of you who are out there on the phone. This is our Q1 2023 results report. I'm here with Marcus Whitehouse, our Chief Financial Officer, and we're happy to walk you through the Q1 results that we published this morning. Let's go to the bullet points of the quarter. Our net sales came in at 1.17 billion SEK, which is a record quarter, again, in the history of Concentric, and it represents exactly 21% of growth versus the same period last year. That's a good number, but I think the great news in here is 11% organic growth, plus 10% foreign exchange. We're very proud of this 11% organic growth in that quarter. With that, our operating income has reached SEK 181 million, is up 9% versus Q1 last year. We ended up at a strong operating margin at 16.1%. Cash flow was SEK 89 million with a profit to cash conversion ratio of 61%. The net sales for e-Products were in line with the last year and the last quarter at 17%. We have a book-to-bill ratio of 92%, which dropped a bit compared to Q4 last year. These are the key highlights of our quarter. All in all, a strong quarter, very strong quarter in an ongoing difficult market environment. With that, we move on to the markets. When we compare ourselves to the published market indices, there's always a difficult comparison. The takeaway for the first quarter is that the engine market was largely flat. We are seeing later on how we performed against that flat market. Whilst in hydraulics, we have seen a market contraction of roughly 7%. This is as usual against the plan of our end markets. If we talk about geographies, our main markets are North America and Europe, and they offer a completely mixed picture. Various sectors are growing, but we also see some smaller contractions by single digit percentages. India, a market that as you all know is gaining more and more importance for the, as a group, shows a similar picture. The outlook for 2023 in terms of market basically replicates a bit the first quarter. Flat demand for engine products whilst demand for hydraulics product is expected to be weaker. With that, a quick update on strategic initiatives as we usually do. However, I have to say, on the 23rd of May, we have our upcoming Capital Markets Day, so that's a great platform to share more information about where we're taking the company, strategic initiatives and also what we plan to do. There are, as usual, a few highlights that we wanna showcase here, that specific things that we are proud of having achieved in the quarter. EMP has now been officially integrated into the group. We are proud of having EMP part of the family, Concentric. We're now seeing the commercial and operational benefits of the acquisition, and EMP-branded products are contributing to sales growth and margin expansion at group level. Having said that, it's also a moment right now to announce that we're going to do major investments in the Escanaba facility, where we are basically investing in manufacturing equipment to support the ongoing growth with our customers for e-Products. That I think is also an important confirmation for the contribution that EMP is doing to Concentric as a group. Last but not least, and that's the thing, it's a topic that tends to get less attention in this environment of, still, you know, high inflation, supply chain shortages, and we'll talk about that later in when we talk about the sales. It's important that we have a strong operational and global sourcing backbone. That has really helped us. The newly created global sourcing organization has strongly contributed to basically de-bottlenecking supply chain problems that then helped us to come in with stronger sales and at the same time also support our strong margin performance. Let's talk for a moment about electrification. As you all remember, we have started last year to add additional KPIs. That help us to basically speak about the future development of our electric sales. The two KPIs that we have been using are the prototype orders we have received and also the amount of prototypes we have shipped to customers. The rule here is pretty simple. The more prototypes we have out in the field, the higher is the likelihood that we are nominated for programs, future programs with these customers. I'm very pleased to report out here that we had another good quarter in terms of growth, both in orders, prototype orders increased by 22%. Even when we look at the units shipped, those increased by 133%. If you look at the chart, you see clearly that it comes from the high voltage products we have launched last year, which are really enjoying a huge interest from our global customer base. This is for both fans as well as systems and also pumps. With that, I pause here for a moment and hand over to my colleague, Marcus, who will basically guide us through the finances. Super. Thanks, Martin. Right. Let's just expand a little more on the financial performance of our group in the first quarter, 2023. As usual, we start with sales. As we've just heard, sales were reported at 1,170 MSEK, up 21%. We do have underlying growth within the business at 11%, and we continue to enjoy a little bit of an FX tailwind of 10% year-over-year. The graph at the bottom though shows our two key divisions, engines and hydraulics, and how they contributed to that 11% underlying growth. As you can see, the engines division contributed the majority, 9% year-on-year, whilst hydraulics contributed just 2%, and of course, the FX of 10%. When we look within each of the individual reporting divisions, we see that engines grew year-on-year within its division of 14% and hydraulics grew just 5%, representing some of the challenges that we're seeing within hydraulics at the moment with ongoing supply issues, labor constraints that we've got within the U.S. and the hydraulics market itself. Operating income, however, was reported at 181 or 15 MSEK, and we've got an associated operating margin of 16.1%. Again, when you look at the two divisions, you can see that pretty much all of that is coming from engines, and hydraulics is actually a small drag on the overall year-on-year improvement down to 2 MSEK. Again, ties into some of the operational challenges that we're having with the hydraulics division that we're seeing. The important point as well within this is we're now seeing 4 quarters, 4 reporting quarters where our operating margin is around 16% during an unprecedented, and I will say, unprecedented period, within our history and the market in terms of supply disruption and cost pressures that we're seeing on the group. It's testament really to this business's ability to manage the margins, keeping them stable during what are very uncertain times. When we look within the 2 divisions themselves, and we'll start with the engines division, underlying sales is up 14% year-on-year. Book-to-bill ratio increased slightly quarter-on-quarter. It was 94%. Last quarter it was 96%. The operating income is up 15% in line with the increase in sales reported at MSEK 125. As we've seen now, operating margin has recovered from the dips that we saw in quarter two and quarter three and up to 16.6%. Hydraulics, however, we know has grown 5%, not as strong as engines, but still up 5% year-on-year. The book-to-bill ratio is in at 85, again, down from 94 that we reported in the last quarter. Again, there's a few things that we've got ongoing there. We've perhaps some softening within the actual market. We've also got some stock corrections within our customers. We've also got a comparability of a metric in that we're comparing order intake in the first quarter, which is typically our strongest quarter going into the second, and also with a sales performance that includes order backlog clearance from orders taken in previous. Whilst down, not exactly an alarming number, but one for us to watch as a business. Operating income, 56, as we know, down 2 MSEK year-on-year, but with operating margins still at 15% and one that's been influenced with some operating costs within this quarter to get that volume out from our businesses and again, predominantly in North America. Still a good performance from the hydraulics division overall in this quarter. Cash. We reported operating cash flow 89 MSEK, in line with our cyclicality that we see within this business at a conversion ratio of 61%. Slight increase in the working capital percentage up to 11.3%, certainly better than some of the quarters that we saw through the majority of last year. We know we've got a drag on working capital with stock, as many have, and we're anticipating to try and burn that stock off over the balance of this coming year as demand pulls through, supply chain settles, and we're able to move that excess stock through. Still overall, good performance on cash and working capital better than we've seen for the majority of last year. Group's net debt was reported at 865 MSEK, down from 1,016 MSEK. Contributing to a year of a good strong cash generation that we've seen from our operations and our ongoing paying down of debt. On our term loans that we took out to finance the EMP acquisition, which means our gearing ratio at the end of the first quarter is at 39%, down from 59 the same period this time last year. Slightly below our targets that we set ourselves in terms of gearing. Cash and cash equivalents still remain strong. 636 MSEK in the bank and available to us as a group, up from 448 MSEK last year. We still maintain a strong balance sheet and cash position to finance our operational needs going into the second quarter. A good solid performance all round. Record sales, solid margin, good cash generation and balance sheet continues to remain solid going into second quarter of this year. With that, I will hand you back to Martin to do the outlook for the coming quarter. Yeah. Thanks, Marcus. Sorry, that's wrong. Speak about the coming quarter, obviously we continue to operate in a market that remains uncertain. There are also, you know, positives and negatives on a daily basis when you look out there, what is published. We expect that to continue during the coming quarter but also for the balance of the year. We have seen that the demand for hydraulic products has weakened during Q1, and this is consistent with the published market indices. However, it's worth going a little bit into the details. What are the potential drivers of that? We have seen, in talking to customers there's some stock corrections going on. There is a weakening of demand, but we also have compared to previous year, if we take the pandemic out, which has been a period that for no means is comparable. We have seen also some seasonality in our order intake, which is probably explaining for some of that. When we look at the near-term demand, that means particular Q2, we are building on a strong foundation of execution that we have shown in Q1. That means our supply chain bottlenecks are well managed. We're seeing that supply chain situations are getting better. We have shown in the first quarter that we're able to execute our sales in that environment, and we expect that to continue in the second quarter. That means broadly, we expect sales for the second quarter to be at the level of what we have achieved in Q1. When we look out there, in particular on the cost side, inflation remains out there. If you just see the actions from the central banks across the world in terms of like, fighting inflation with interest rates, that continues to go on, and that has an impact on every business. We see inflation to a lesser extent compared to the last two quarters in the previous year, where it was basically all over the place, right? We will continue to maintain our strong trading margins with all the tool set we have in place from global sourcing to lean manufacturing to, you know, pricing excellence and whatever we're using to maintain that margin trajectory that we have been showing as a business. Last but not least, on the working capital side, as Marcus has already highlighted, we're carrying higher levels of inventory than what we would do in a normal environment, and this is absolutely in line with other industrial companies. We have an inventory reduction plan in place that together with the easing of some of the supply chain issues are expected to deliver inventory reductions in the coming quarters. I think with that, we're at the end of the presentation, and we're more than happy to take questions. Let's start as usual here in the room in Stockholm with the first questions, and then, obviously we'll go on to, whoever has questions on the phone out there. Julia, please. Thank you. Thank you. Julia Utbult with SEB. My first question is about the EBIT margin. Could you confirm whether the cost price balance improved sequentially? For example, you had a graph there bridging both engine and hydraulic. It looks to me that the EBIT contribution from engines was exactly the amount that you had in sales for the joint venture Alfdex, which was higher in Q4. If we adjust for both those, can you bridge the cost price balance there, please? We did get a little bit of recovery, underlying within our engines business, as we got some of the price increases through in the first quarter. We're not anticipating there to be any further price increases at this point in the second quarter. We've got through what I think we've got through now. We'll take a pause, yeah, pretty much year-on-year. Alfdex was pretty much the same, slightly down, I think, on what we had in the fourth quarter. I'm expecting that now to be the operating level that we'll see on the engines business, going into that second quarter. Like the Alfdex sales is ramping up, and now you also mentioned the legislation in China, which might boost the joint venture sale. Do you think we should extrapolate the strength in Alfdex, or how should we think about that going ahead? Well, that's a difficult one. That's a difficult one because it links to China. That's the thing that's going to drive the Alfdex sales. Europe, I think, Europe and North America, that's been pretty much consistent. Everything that we've seen in terms of the downturn that we saw last year is linked to China and the uptick that we'll see in the Alfdex performance will be linked to China. What we don't yet know is whether China is really gonna fire in the second half of the year and pull through those China 6 new engines because that links to one, the overall market and two, what is the level of China V engines that are still within that pipe. It will happen, but it's gonna be the timing question linked to both market and stock that will determine the timing of it. Difficult one for us to call or guide on. Just another additional information to that. When you look into what drove basically the demand reduction in China, it wasn't just the pandemic. The Chinese system has been overstocked also, basically at all tiers in the supply chain. The opening of the country after the pandemic plus that kind of like de-stocking, which probably is now not coming to an end, but there's lesser stock in the system will drive demand. As Marcus has said, it's right now really too early to predict. We have to see in another quarter how China is recovering, and that will also then determine the results for Alfdex. The rest of the Alfdex world is pretty much stable. There's not a lot of change in North America or Europe. Okay. Thank you. A few follow-ups on the EBIT margin then. Do you still have price agreements that you think will come through with your larger customers? Are you like considering decreasing prices, or how can we think about the volume price components? Happy to take that question. We are still in an inflationary environment, what we have seen from 2022 going into 2023 is that where the inflation happens has changed a bit. 2023 has been the largest labor increase in, I don't know for how many years that I can remember. Pricing excellence and pricing actions will be part of our agenda also during 2023. They are probably more related to labor than they are to materials, even in materials, there is a mixed bag. You know, some commodities are kind of flattening, others are going down, others remain high. We have to watch that very carefully. It's at this moment in time, not the right moment to speak about price reductions unless they are contractually agreed where, you know, we have material clauses in the contracts. Pricing excellence will remain on our agenda, for the balance of the year. One last one on the EBIT and EBIT margin? You had operational costs in the hydraulics business in Europe primarily, right? North America. North America. Okay. Should we expect this going forward as well, or was this just for this quarter? The cost that we're seeing in the first quarter, you wouldn't see them as being repeatable costs. They're more linked to operational issues that we have. A bit and again, then becomes what is the margin of hydraulics for the coming quarter? That's gonna be determined as well by near-term demand. Whilst we perhaps don't expect to see those costs necessarily reoccur, difficult to ultimately guide 'cause we'll be into what is demand and therefore if demand is weakening, what do we do in terms of cost actions to maintain it? We will do obviously something to maintain our margins 'cause that's what we do best. It's difficult to guide. I'm not expecting some of the costs that we've seen in North America to be repeatable or, you know, the new cost base that we've got within that operation. I just can remind here that the U.S. market, in our business as far as labor demand is concerned, continues to be hot. We're seeing that in our operational costs. It's not so easy still to fill open positions, and I think that will go on for a while. We have to see also the macroeconomic environment in the U.S. economy itself for the coming months and how is that going to turn out. Go to line. Yeah. Hello. Mm-hmm. Danske Bank. A question on pricing again. How much was pricing versus volume in Q1 roughly? Is it pricing 50/50 or? Probably near 50/50. It's always a difficult one. Yeah. to judge the complexity of the business we've got and the mix, but I'd probably argue 50/50. Some of that is carryover from last year or? Yes. Yes. Yeah. It's always a mix between carryover and new pricing actions, obviously, depending on when the price increase with the respective customer was cutting in. There are so many things going into determining that mix from basically the mix and the product lines and customers, et cetera, that we cannot give more than an estimation for that. I understand. Do you feel that you're in line with the inflation? Did you say that, or are you lagging a little bit or? No. No. I think we've- Maybe. No, no. I think in line. I think we've recovered the cost. It's taken probably a couple of quarters, as we saw, particularly with engines where it dipped in the second and third quarter, and then you saw in the fourth quarter and this first quarter where we've been able to get the margins, sort of back to where they need to be. Hydraulics, I think you saw pretty much was stable in terms of the margin up until the last couple of quarters where we've had some North American operational challenges. Overall, I think we've managed to recover the cost into that end market. As Martin said, we'll continue to have other cost challenges. My point earlier about would we be recovering any further indices? No, the indices that we've got for metals are probably leveling if not declining, that will give us a deflationary as and when we're ready to release it with contracts. Overall, pricing will remain a focus for the rest of this year. I think we've recovered most within the business. Coming back to North America and the labor market, most companies that I talked to describes it as a supplier-driven situation still that they have problems to get out product in line with the demand. I guess you also see that, yeah. I'm happy to take that question, Olof Larshammar. When you look at the sales performance in the first quarter, it has largely been good execution, but also a strong focus on those few supply chain bottlenecks that we had. Those are getting better, partially because of the increased availability of components, but also partially because we have been really on top of those issues to make sure that we can build our product and get it out to the customer. It's a mix between both. There's still material in the mix, but there's also labor in the mix. Typically good for pricing such markets, at least for the OEMs. I guess you can piggyback on that a little bit, yeah. Yeah. Is it the same situation in Europe? Maybe not. We haven't seen in particular, as you mentioned, hydraulics. Hydraulics had totally different supply chain dynamics to engines. In the engines business, with exception of, as you're well aware of, everything that has to do with electronics and, you know, microchips, has been a challenge. In hydraulics, we have seen bottlenecks that constrained the entire industry. Those have been getting better, but they are still not completely solved. On cash flow, and under working capital, how should we think about that going forward? I'm hoping that over the balance of the year we'll be at our typical level, which is one for one of cash conversion to profit conversion to cash. We're hoping that in that second quarter it'll get a little bit better. We're doing more working capital management, predominantly on stock, to get that ratio back up to where it is. There's nothing that will have changed in the business to being what it has been over a number of years, which is one-to-one cash conversion over the cycle. The last question on the investment that you mentioned now in North America, how big is that? Probably about $4 million-$5 million that we're putting. It's all going into plant two into Escanaba, which is our electronics plant. That's us giving or investing in capability to meet that demand from some of the charts that you're starting to see out there on particularly high voltage products. Yeah, it's an investment predominantly for electrification. Payback? I won't disclose payback 'cause that's a little bit too commercial. Yeah. Yeah. Yeah. Too bad. Yeah. Thank you. Okay. Good. Thank you. Julia again. A follow-up on the investment there in Escanaba, do you think it will make any changes to your current product portfolio? They're producing mostly e-Products, for example, that you may integrate with your previous or traditional product portfolio. What do you think will change, and will anything of the technology come over to Europe as well? Yeah, I mean, the three questions in one. Yeah, sorry. Let's slice and dice a little bit. First of all, this is existing product portfolio. Products we launched last year to the market. That's why it's so important that we highlight also the prototyping performance because that's indicating future demand. That investment is basically to cover that future demand, yeah. That facility in Escanaba. We have two facilities in Escanaba. One is mechanical conventional products, the other one is totally dedicated to electric products, and that investment is happening in that facility. When we speak about the business model, we're not doing there a customer-specific development. We have developed, based on our intellectual property, a range of products that can in theory go to a broad range of customers. We're preparing the organization for the future demands of those customers. Okay, thank you. You said $4 million-$5 million investment, right? Can you disclose the financing of that? Is it by cash flow or something else? Cash. Yeah. All by cash. Yeah. Perfect. Coming back to the prototypes, it's very helpful that you now disclose number of units. Could you also relate this to your 20% e-Product target and the sizes of the prototypes? I mean, the 20% e-Products target, we will speak more about that and our electrification strategy in the upcoming Capital Markets Day. Put a bit more meat on the bones, I would kindly ask you to keep your questions for the 23rd of May, where we will go into more details about growth and electrification and what potential future percentages of electric sales from total sales could be. Okay, thank you. That's all for me. Good. Any further questions here in the room? I would say let's open the floor for questions out on the phone. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad. Now we're going to take our first question. The first question comes from line of Hampus Engellau from Handelsbanken. Your line is open, please ask your question. Thank you very much. Three questions from me. Starting off, I mean, you touched upon the pricing and very helpful to give some flavor on the 11% organic growth. Would it be possible for you guys to maybe comment on pricing in Q1 compared to average prices last year? Just to get the feeling for if you don't make any changes in the prices for this year, what kind of a tailwind you would have from pricing, and then we can model the volumes ourselves given the end markets, et cetera. Yeah, I'll take them one by one. We should start with that. Okay. Yeah, it's a difficult question. Yeah. I would say, first of all, we shouldn't make the assumption that we're not taking any more pricing actions during the year. We will do, simply because we have seen in particular labor inflation across the board. So, it's a question that we usually cannot do that comparison. It's very difficult. The guidance we can give here is what we have said before, pricing excellence will remain on the agenda and will be executed as we did last year, probably more selectively, depending on the type of inflation customer that we're seeing. It's difficult to compare that quarter-over-quarter. Fair enough. I know that many of the OEMs tackled the rising energy costs last year by making one-time compensations. Those I think were most evident in Q3 and there were some in Q4. Can you confirm that you had any of these payments in last year, and if there's any of that type of payment for Q1? Yeah. We had these agreements as well. In energy, as it has been peaking and then going down again, there is a permanent revision of the energy, the contribution of energy cost to our cost base with those customers, and that's also one of the principles we have applied with big OEM customers. And- There aren't any big one-offs. Okay. Fair enough. No. No, no big one-offs. It was just the operational price per unit that we were paying at a quarterly rate. Fair enough. It's obviously a principle that you cannot apply to smaller customers because for smaller customers you have to go for a general price increase. Okay. Then a more general question on, if I look at the North American Class 8 market now, we're starting to see still pent-up demand. My thinking here is that from your perspective, it, the upcoming emission standard, what type of incremental sales would that mean for you guys in terms of adding components to that specification? What's your sense on the market development here? Some other sub-suppliers has indicated that they, we might see a pickup here also next year on the back of this. What's your sense there? Yeah, I guess that's two questions in one, sorry. It's relating to the truck market, is that? Yeah. Yeah. Yeah. Correct. Yeah. Can you repeat that first part of the question, please? Yeah. There's an emission standard change, the EPA '27 coming up, and already next year there's some talks that might trigger some pre-buy. That's my first question, what's your sense on that? There was some comments from other sub-suppliers. Second question related to that is when you specify your offer to that specification, what kind of extra add-ons or extra sales will that be for you guys? Yeah. I'd say first of all, when we speak about our, we call it the conventional base business, yeah, there's still a lot of innovation and customer demand for innovation happening, in particular to get emissions down. I can only say, you know, without going into more detailed specifics, is, we're continuing to support also our customers on internal combustion engines with innovations to be compliant to those standards. It's hard to quantify what kind of, like, contribution to the top line this may bring. I can only tell you there are projects going on with almost all our customers, to support them in getting more efficient. Right. Fair enough. Thank you very much. Thank you. Now we're going to take our next question. Just give us a moment. The next question comes from line of Mats Liss from Kepler Cheuvreux. Your line is open, please ask your question. Yeah. Hi. Thank you. Well, coming back to hydraulics, you mentioned the supply chain constraints, I just, well, wondering if you can give a indication about what the impact was during the quarter. Yeah. Thanks, Mats. We're missing you in the room here. Good morning. Good morning. Sorry about that. The impact is difficult to quantify during the quarter. What we have seen is, there were, as I said before, a couple of constraints in the hydraulics world at global level for certain product lines, and that had to do with an increased demand, but also some issues at suppliers. We're still seeing, let me say, some issues with, for example, valves, certain types of valves that have impacted our sales, but I cannot quantify them right now in terms of their contributions to the quarter. All in all, I can only say that the supply chain situation also has improved for hydraulics, and we expect it to further improve also during the second quarter. Okay, great. Then, about hydraulics again. You mentioned the supply, not, you mentioned the inventory corrections going on in the supply chain, I guess. I guess that also impacted the book-to-bill that you have of slightly below average. Will this sort of be... You also mentioned that your own inventory build was sort of being balanced during the coming few quarters. Is this the same timeline we should see in hydraulics, that it will continue to be a headwind in your book-to-bill and so on? Mats, not for a longer period of time. We can't quantify the impact from inventory corrections, basically on the demand. It is out there as an impact, but it will not go on forever. Will it take probably another quarter? It depends also where the customers are in their journey in managing their supply chain. The difficult question, it's out there as a contributor, but we don't see it as something that will take probably for one or two quarters. Probably just one quarter until everybody is back in managing their supply chains. We would have to go into the details, which we can't do here. Yeah, sure. Then about the then about the e-Product there, you have a good momentum of new prototype orders coming in. I guess you also mentioned the CapEx there. When these prototypes start to be commercial orders and delivered, will it sort of, well, increase CapEx then? Is this CapEx that you mentioned, $4 million-$5 million, sufficient for the well, future, so to speak? Will we see similar investment? Yeah. Investment next year as well. Yeah. I. Good question, Mats. I see CapEx going in. This is for the near term, to give us a level of capacity to react to near-term demand. We'll talk more at the Capital Markets Day as to what else we may need to do to support the growth that's gonna come through from electrification. I think we've already been on record saying capital spend within the business will be higher than what we've seen over the last few years. We've typically spent at half depreciation rates. I think we're likely to be at near depreciation rates as we go forward over the next few years. How that will be and what that will be, we'll be able to explain a little further in a couple of weeks time. Yeah, probably add one more point here. I forgot to respond to that part of your question, Julia, on the, on the European part of product from Escanaba going into Europe. Obviously, there are activities of cross-selling going on, and we will speak at the Capital Markets Day also what that might mean in terms of footprint investment for electric products in the European region. There's more to come on that point. Okay. Just the final one on e-Product there. You have the 17% part of sales and you have the target of 20%, 2035. Do you feel that you're ahead of that target or is it sort of a gradual improvement through the quarters now to be expected? I think we have to say we're ahead of the target, given that target was set pre-EMP. We know the EMP then kicked us on because of the level of e-Products that they already had within the business. We'd have to say that we're ahead of the target, and hence why Capital Markets Day will probably lead back to 23rd of May. We'll be able to then elaborate on what we think the new targets need to be going forward to help guide the market where growth from electric products is likely to be. Yes, ahead of expectations and potential new targets to be shared. Okay. Okay. Thank you very much. Super. Thanks, Mats. See you soon. Thanks, Mats. See you soon. Dear speakers, there are no further questions at this time. I would like now to hand the conference over to Martin Kunz for any closing remarks. Thank you very much. Good question. Thank you very much for your interest in the business as usual. With that, basically, unless there are any further questions in the room or out there on the phone, we would like to close off our Q1 earnings presentation. Thanks for your interest in Concentric. Thanks for your time. Thanks for joining and hope to see most of you or all of you at the upcoming Capital Markets Day on the 23rd of May, either in person here in Stockholm or on the video streaming that we're offering as a service for remote participants. Thank you very much and have a good day. Bye. That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day.