Welcome to Gränges conference call for the first quarter of 2021. Here in Stockholm, it's me, Johan Menckel, Chief Executive Officer, and beside me I have our Chief Financial Officer, Oskar Hellström. As usual, we will start this presentation with an update of Gränges performance during the last quarter and highlight some important events. After that, Oskar will take you through the financial results, and then we will conclude the presentation with an outlook and a Q&A session. When summarizing the first quarter of 2021, it is clear that it is the best quarter so far for Gränges. We experienced strong market across all regions and end customer markets during the quarter. This contributed to an all-time high sales volume and operating profit. In total, sales volume reached 127,000 tons, which represent a 41% growth quarter on last year. Excluding the acquired sales volume from Gränges Konin, the first quarter sales volume was up 14% compared with the same period last year, and 16% compared to the sales volume in the fourth quarter of 2020. The adjusted operating profit increased by 63% to a new record level of SEK 342 million, largely driven by the higher sales volume, supported by a continued good cost performance. During the quarter, we have also continued to execute on our growth strategy. We have now finalized the upgrade of our Newport facility in North America, and we have taken a decision to expand our casting capacity in Huntingdon. This to keep up with increasing customer demand. I'm also happy to see that the integration of Gränges Konin progresses according to plan, despite the challenges imposed by COVID-19. I will come back and talk more about this shortly. As I've mentioned several times before, sustainability is a strong driver and enabler of our long-term competitiveness and value creation. In 2019, we launched a set of sustainability targets, and since then, good progress has been achieved towards many of these. To reflect the stronger than anticipated development in the sustainability performance, as well as the increased interest and expectations from customers and other stakeholders, we are now upgrading selected sustainability target. Gränges successful growth initiatives have resulted in a larger production footprint and a more diversified product portfolio, and we now see an opportunity to further increase efficiency and transparency by grouping the different business based on their respective characteristics. As a consequence of this, we have established two business areas. From now on, we will be presented separately in the external financial reporting, Gränges Eurasia and Gränges Americas. Oskar will come back and describe this in more detail shortly. In addition to the new business areas, we will also, as of quarter one this year, refine the reporting of our performance in our core and customer markets. Automotive representing 44% of our sales volume in quarter one, HVAC with 21%, specialty packaging with 15%, and other niches with 21% of our sales volume in quarter one. Short-term, sales to the automotive industry is primarily driven by the number of vehicle produced. Longer term, the increasing share of hybrid and electrical vehicles will have a further positive impact on demand for Gränges products. Sales to the HVAC industry is short-term driven by consumer confidence and the general activity within building and construction. Whereas increased requirements on energy efficiency of HVAC units is expected to have a further positive impact on the demand for Gränges products in the longer term. The demand for materials for specialty packaging is relatively stable in its nature and reduces some of the cyclicality and seasonality in the product portfolio. Sales to other niche applications are largely driven by the general economy activity. That said, in this product category, there are also several very interesting applications with very high growth potential that may be new core markets for Gränges in the future. Good examples of these are, for instance, our products for renewable energy, electrical vehicle batteries, and green transformers. As I mentioned earlier, all our key markets developed very positively in the first quarter. If we start by looking at the geographical dimension, we can see that demand for Gränges products increased the most in Asia. This is driven by that Asia, and in particular China, was the first to face COVID-19 already in January last year, and is consequently the first region to also recover. Year-over-year, the demand for our products increased by 39% in the Asian market. The European and the North and South American market show clear signs of recovery, growing by 12% and 8% respectively in the quarter. Demand for our automotive products increased by 22% globally compared with last year. This was driven by increased light vehicle production and continued restocking activities at customer level. For comparison, IHS estimate that the global light vehicle production increased by 14% in the first quarter. The semiconductor shortage currently experienced in the automotive industry did not have a material impact on our sales in the first quarter, but we expect it to impact the second quarter to a larger extent. Demand for HVAC product increased by 11% in the first quarter, driven by a continued increase in HVAC unit production and an increased market share for Gränges. Demand for specialty packaging material remained stable on the same level as in previous years, whereas demand for materials to other niche increased by 16% in the first quarter. Those of you who listened to our year-end presentation may recall that we, despite COVID-19, did a record year in Americas in 2020, and that quarter three was our best quarter so far for our American business. That record is now broken. In quarter one, we achieved an all-time high sales volume of 63,000 tons, a record operating profit of SEK 191 million, and the highest margin ever with an operating profit of SEK 3,000 per ton. We established ourselves with own production in North America market in 2016 through the acquisition of Noranda. On the chart to the right, you can see how we have managed to grow and improve the business since. Our Americas team has so far managed to grow the sales volume by 25% and double the margin since the time of the acquisition. This is quite an achievement, and we are highly determined to continue on this route. At the end of March, the upgrade of the third and final rolling mill in Newport was completed, and the first coil was successfully rolled on April 20. Commissioning of the mill will take place during the second quarter, and commercial volumes of thin gauge foil are expected to start ramp up as of the third quarter. This means that both the investments undertaken to increase the rolling capacity in Newport and Huntingdon have now been successfully completed. To meet the continuously increasing demand from North American customers, we have, during the first quarter, taken a decision to invest $33 million to expand our aluminum casting operations in Huntingdon. When completed within two years, this investment will enable us to increase the capacity utilization in our rolling and slitting operations even further. At the end of April, Gränges Konin will have been part of Gränges Group for six months. During these months, we have worked closely with our new Gränges colleagues in Poland to integrate Konin into Gränges. The integration work progresses according to plan despite the challenges and travel restrictions due to COVID-19, and I'm very pleased with the development I've seen so far. From a financial perspective, Gränges Konin delivers as expected in the first quarter with a sales volume of 24,000 tons and an adjusted operating profit of SEK 49 million. As you know, we are currently investing in a further expansion of the production capacity in Gränges Konin. The expansion project will further strengthen our capabilities and increase the annual capacity by 40% to 140,000 tons. The investment will enable growth within current niche market, such as automotive HEX, but also electric vehicle application, as well as specialty packaging. It will also add new capabilities for rolling and finishing of harder aluminum alloys used, for instance, in automotive structured products. The investment project is expected to be completed by the end of 2022. We expect a gradual ramp up of production capacity going into 2023. Aluminum has an important role to play in the transition towards the circular and sustainable economy. We work to leverage the unique properties of aluminum to develop sustainable products and solutions which aim to improve customers' and end users' sustainability performance. Our materials are, for example, used in lightweight vehicles, energy-efficient buildings, and resource-efficient packaging, which are all vital applications for the future. Gränges' strategic priority is to offer customers sustainable product and solution which have three important characteristics. One, our offerings should have a low climate impact and help to reduce climate impacts along the aluminum value chain, for example, in customers' manufacturing process or in the use of the end product. Two, our offerings should be designed to maximize the use of recycled material, as well as eliminate waste in our own operations. Third, our offerings should also be purchased, manufactured, and used in an ethical, responsible, and safe way. To enable the development of sustainable products and solutions, we work through a structured sustainability framework to integrate sustainability into our business and value chain. In the beginning of 2019, we launched sustainability targets to 2025. Since then, good progress have been achieved towards many of these. To reflect the strong performance and to meet the increased requirements from our stakeholders, we have now made upgrades to a few of these targets. We have raised the target for having third-party verified sustainability information available for our products from 80% to 100%. We have quantified the target for renewable energy from a directional target to a target of 20%. We have increased the target for sourced recycled aluminum from 20% to 30%. This confirms our focus on circularity and resource efficiency. We have also quantified the reduction target for carbon emission intensity from sourced metal inputs, Scope 3 versus baseline in 2017 to -30%. This target complements our existing climate target for own operations and purchase energy Scope 1 plus 2, which is a -25% target. Lastly, we have added a target to have all our sites certified in accordance with ASI sustainability standards. I'm very proud that we have achieved good progress on our sustainability priorities and that we have now further raised our ambition level. With that, I hand over to Oskar for the financials. Thank you, Johan. As Johan mentioned earlier, we have from the first quarter this year introduced two new business areas, Gränges Americas and Gränges Eurasia. The reason for doing this is that we have grown a lot in recent years, and we have now a much larger production footprint and a more diversified product portfolio. In order to improve transparency and increase the efficiency, we see that there is an opportunity to group our different businesses based on the production technology and end customer markets. If we start with Gränges Eurasia, it consists of the three rolling mills we have with direct chill casting and hot rolling technology in Finspång, Konin, and Shanghai. In addition to this, it also includes the newly established Gränges Powder Metallurgy business in Saint-Avold, France. The largest end customer market for Gränges Eurasia is heat exchanger material for the automotive industry, which represents 71% of the business area sales volume in the first quarter of this year. Continuing with Gränges Americas, it includes the three U.S. rolling mills in Huntingdon, Salisbury, and Newport with continuous casting technology. The largest end customer markets for Gränges Americas is heat exchanger material for the HVAC industry that represents 42%, and specialty packaging material, which represents 23% of the sales volume in the first quarter of 2021. Gränges Americas also serves as a distributor of heat exchanger material for the automotive industry from Gränges Eurasia on the North and South American market through the Gränges International business unit. Starting with the first quarter this year, we will provide breakdowns showing the financial performance of these two business areas. This replaces the earlier used and less precise split of the Gränges Group into automotive and HVAC and other businesses. That said, to a large extent, Gränges Eurasia matches the previous automotive business, whereas Gränges Americas is fairly similar to what we referred to as HVAC and other. Worth to point out, though, is that there is automotive business in Gränges Americas and non-automotive business in Gränges Eurasia. Since we have internal sales between the business areas, we have to make eliminations when consolidating the group. These are represented together with some unallocated group costs on the row called other and eliminations in our financial statements. If we look at the sales volume margin development, we can see a clear improvement on a year-over-year, as well as on a quarter-over-quarter basis in the first quarter. In terms of the margin, the Group's adjusted operating profit per ton increased from SEK 2,300 in Q1 2020 to SEK 2,700 in Q1 this year. If we look at the two business areas, the Eurasia margin, excluding Gränges Konin, increased from SEK 1,900 In 2020 to SEK 2,900 in 2021. The corresponding development for Americas is SEK 2,600-SEK 3,000. An important driver behind this improved margins is the improved capacity utilization that is approaching 90% for the Group in the quarter. This is true for both the Americas and the Eurasia businesses. In addition to the higher capacity utilization, the most important drivers behind the positive development are slightly higher average conversion price, improved metal management, and continued good cost performance. This is, of course, a good development in itself, but I would still like to highlight two important items that have a significant negative impact when comparing the year-over-year margin development. First, as you can see on this slide, Gränges Konin has a below average operating profit per ton of SEK 2,000 in Q1. This is a good representation of the performance that can currently be expected from Konin operating in a Gränges context. As you may recall, we have previously guided for a full-year operating profit per ton of SEK 1,900 for Gränges Konin. If we exclude Gränges Konin, the adjusted operating profit per ton was SEK 2,900 for the group in Q1. Second, as we also mentioned in our guidance for the first quarter, we have a large negative impact on operating profit from unfavorable currency development if we compare with Q1 last year. In total, the net impact on changes in foreign exchange rates was SEK -62 million in the quarter. This corresponds to SEK 600 per ton on the margin. If we exclude the impact of Konin and of currency to get a better understanding of the underlying performance of the business, the adjusted operating profit per ton would have been SEK 3,500 in Q1. That's an improvement by more than 50% from the situation a year ago. I think that's quite an achievement by the Gränges team. If we look at the first quarter in more detail, we can see that the sales volume increased by 41% to 126,700 tons, and that the net sales increased by 32% to SEK 4 billion. As Johan mentioned earlier, this is a new record level for Gränges. Excluding acquisitions, the sales volume increased by 14% and the net sales by 10%. The main reason for the net sales increased less than the sales volume is FX translation. The net impact of changes in foreign exchange rates was SEK -449 million on the net sales compared with the first quarter last year. Looking at the earnings, the adjusted operating profit increased to SEK 342 million in Q1, an increase of SEK 132 million or 63% on prior year. Of this, the acquired Konin business contributes with an operating profit of SEK 49 million. Drivers of this positive development are the increased sales volume and capacity utilization, slightly higher average conversion price, improved metal management, and continued good cost performance. Depreciation increased within total SEK 22 million, primarily related to Konin. As I mentioned earlier, net changes in foreign exchange rates was SEK - 62 million in the quarter. Items affecting comparability amounted to, in total, SEK 16 million in the quarter, and this is fully related to the realization of the fair value step-up of the remaining part of the inventory that was acquired as a part of the Konin transaction. Including the items affecting comparability, the reported operating profit for the first quarter increased to SEK 326 million. The profit for the period increased to SEK 239 million, corresponds to earnings per share of SEK 2.24 in the first quarter. During the first quarter, the net debt increased by close to SEK 400 million to SEK 3.7 billion. In terms of net debt to adjusted EBITDA, this corresponds to an increase from 2.2 x- 2.4x. Starting from the left, we can see that the cash flow before financing activities adjusted for the expansion investments and acquisitions was SEK -55 million in the first quarter. This is primarily driven by the increase in working capital of SEK 471 million. Of this, about SEK 300 million is a consequence of the sequentially increased business activity that we experienced in the first quarter, and the remaining SEK 170 million is driven by the higher aluminum price that increases the value of our working capital. That said, we are continuing to focus on working capital management, and we ended the quarter with nine days less working capital than what we carried a year ago. We've also continued to invest in total SEK 195 million in the expansion of the Gränges business. Of this, SEK 64 million refers to the final payment of the purchase price for the GETEK and Dispal acquisitions made in 2020. SEK 14 million is related to the final purchase price adjustment for Konin, and SEK 117 million refers to the ongoing expansion programs in Konin, Finspång, and Newport. Before leaving this page, I would just briefly like to touch upon how we currently view the capital expenditure for 2021. Those of you who listened at our year-end presentation may recall that we, at that time, guided for a full-year CapEx of around SEK 800 million. With the recent decision then to invest $33 million over two years in expanding the casting capacity in Huntingdon, we have to add about SEK 100 million to the 2021 figure, and the new CapEx guidance for full year 2021 is consequently about SEK 900 million at the current FX rates. If we look at the Gränges Americas business area, Johan has already given us some of the most important highlights for the quarter. What we can add here is some more detailed comments on the earnings development. First, the comment I made earlier on the net impact on FX being negative for the group is true for the Americas business as well. SEK 31 million or half of the total FX impact is related to Gränges Americas. With the same FX rates as last year, the Americas operating profit would have been SEK 222 million or SEK 3,500 per ton. Worth to mention here also that the favorable market conditions in especially the U.S. continues to have a positive impact on the pricing side, and we see a slightly higher average conversion price in the first quarter. In Eurasia, we saw the largest organic sales increase, 27% year-over-year in the first quarter. This is driven by two things. First, this is the part of our business with the largest sales to automotive applications, and the automotive industry was one of the industries that was most impacted by COVID-19 in 2020. Second, China was impacted earlier than most other markets by COVID-19, and this is also where we've seen the most rapid recovery in the first quarter. When we add the 24,000 tons delivered by Konin, we get a total growth for Gränges Eurasia of 89% over prior year. Similar to Americas, we have the same SEK -31 million FX impact in Eurasia. With the same FX rate as last year, the Eurasia adjusted operating profit would have been SEK 224 million or SEK 3,100 per ton. A very strong underlying improvement in the Eurasia business as well in the first quarter. With that, I hand over to Johan that will provide an outlook for the second quarter and the summary of the first quarter. Thank you, Oskar. Although the COVID-19 pandemic continues, some of the uncertainty has cleared, and the market demand is currently expected to remain on a healthy level in the coming quarter. For the second quarter of 2021, we currently expect a similar sales volume for Gränges products as in the first quarter, and this goes for all businesses. Gränges Konin is expected to contribute with a sales volume of about 24,000 tons in the second quarter. As I mentioned earlier, we did not experience any material negative impact on our automotive sales in quarter one from the current semiconductor shortage. We do, however, expect this to a larger extent in the second quarter, and this has been considered in this guidance. That said, a potentially larger impact from the semiconductor shortage poses a downside risk to this outlook. Moreover, the development of foreign exchange rate is expected to have a negative net impact on profitability when comparing the second quarter to the first quarter this year. Looking further ahead, I strongly believe that we will be able to capitalize on the strong platform we have established for Gränges. With a strong commitment to sustainability, innovation, digitalization, and continuous improvement, Gränges is well-positioned to deliver sustainable and profitable growth for the coming years. To conclude the 2021 first quarter report, the first quarter was a record quarter for Gränges with a strong market and the all-time high sales volume and operating profit. In total, we delivered a total year-over-year growth of 44%, of which 14% was organic. During the quarter, we have also continued to execute on our growth strategy. We have finalized the upgrade of our Newport facility in America. We are taking a decision to expand our casting capacity in Huntingdon. The integration of Gränges Konin progresses according to plan. Sustainability is a strong driver and an enabler of our long-term competitiveness and value creation. We have now upgraded several of our sustainability targets and raised our ambition levels further. Following the recent years' successful growth initiatives that have resulted in a larger production footprint and a more diversified product portfolio, we have now divided Gränges into two business areas that we will follow separately going forward. Looking into the second quarter this year, we expect a healthy market conditions and currently anticipate that the sales volume in the second quarter will be similar to the one in the first quarter. Thank you. Now we open up for questions. Thank you. Ladies and gentlemen, if you do have a question, please press zero one on your telephone keypad to register. Our first question comes from the line of Gustaf Schwerin from Handelsbanken. Please go ahead. Your line is open. Hello, Johan and Oskar. Congratulations on a strong quarter. I have two questions. I'll take them one by one. First, on your guidance for Q2 and the potential downside risk you're mentioning on the semiconductor situation. Right now, what is your feeling regarding how big that risk actually is? We're hearing from some other suppliers that the auto industry is not really cutting back too much on purchasing after already so much disruptions in the value chain, and that they want to be fully ready when these sort of issues are solved. Your visibility right now, and when you say that you expect this to be more of a significant negative impact in Q2, how much is that actually taking down your volume guidance sequentially? That's my first question. Thanks. Yeah. Gustaf, it's Oskar here. I think if we break down our guidance a little bit there for the second quarter, what we're saying is, the current market sentiment is really that Q2 is going to look very similar to Q1. Of course, things can change, but that's at least how it feels right now. If you differentiate a little bit between the different market segments, the market segment with a slightly softer outlook then is really the automotive part, and that's completely true and connected to the semiconductor shortage here. That said, I think we do see exactly as you say here, that many of our customers has not really cut back orders at this point in time due to this. It looks quite healthy, but a little bit of a softer spot on the automotive part, I would say, but it's very difficult to quantify this at this point. I would say a couple of thousand tons maybe is the quarter-to-quarter impact on automotive from this. Okay. Basically, just to be very clear, when you say that you expect similar volumes sequentially, we should still expect to see a slight decrease on the auto side, which is then offset by the rest of the volumes? I think that's a fair view at this point. Yes. Okay. Yeah. Fair enough. Secondly, on the EBITDA development, which of course, was very strong both year-on-year and sequentially. We know some of the reasons why it is improving, but can you give us a bit of a feeling for the size of these different in a bridge, like how much is volumes helping? How much is better mix? How much is a lower problem for metal management, et cetera? Either if you want to give that year-on-year or sequentially. I can give you an indication of what the most important parts are without giving any exact numbers. If we look year-over-year, of course, the absolutely most important thing for us here is really the increased volume that helps the capacity utilization of our plants, of course. I would say that's the single most important factor. The second most important factor is our continued good cost performance. The higher volume leading to the larger fixed cost absorption. Also our variable production cost, that's an area where we perform very well year-over-year. After that, I would say, the price component, and after that, the metal management component. There you have the ranking of the top four ones. Of course, the largest negative driver, if you look year-over-year, is really the currency part where we say that that's SEK -62 million than year-over-year. Volume is most important here. Yeah. Okay, great. That's helpful. Then just a last question for now. On the $33 million investment in the U.S., do you want to say anything on profitability improvements for this? I assume it should be at least in the upper range of your return on capital employed target. Yeah. Obviously, everything we do has to fulfill our at least 15% on return on capital employed, of course. It's two things to this. It's really about cutting down the cost for our value chain. It's a cost improvement. The second part is, of course, that when we now complete the Newport expansion, we don't have any capacity investments in rolling mill capacity planned for the coming years. We do expect to increase capacity by process improvements and running our mills more efficiently. In order to match that with casting capacity, we have to invest in casting capacity. That's really the two drivers, and I would say it's fair to assume that the return on this investment is going to be fairly good. Perfect. Thank you very much. Thank you. Our next question comes from the line of Oskar Lindström from Danske Bank. Please go ahead. Your line is now open. Hi, Johan and Oskar. It's Oskar here from Danske Bank. Two questions on my side. You mentioned that in Americas, the pricing momentum was positive during Q1. Have you seen that momentum continue into Q2 as well? What's the magnitude of this momentum? That's my first question. Yeah. It's Oskar here. We have a quite favorable market situation in general in the U.S., I think we've said it before, and I think it still stands true that for 2021, we expect a price increase in the Americas region by low single-digit percentage. That's what we saw in the first quarter, and that was what we expect to see in the coming quarters as well. All right. Super. Then on Asia, you mentioned inventory restocking among clients. How large was this impact and how long will it last? Was Q1 the peak of restocking in the automotive sector and then it's going to go down Q2, Q3, Q4? What's the profile here? It's really difficult to say exactly how large the restocking effect was. One thing to try to get a little bit of a grip on this is to say that you can always compare, of course, our sales to the light vehicle production. The discrepancy there is what happens in between Gränges and the automaker, and that's typically then the destocking or restocking effects. I think the latest IHS number for Asia is 33% growth in Q1 for auto production, and we grew by 38% in automotive in Asia in the quarter. Of course, that means then that there is a 5% or so, or percentage points of the growth is restocking and 33% is underlying auto production. That's probably ballpark at least what it's about. Given your guidance, we should assume that to continue, stay at that level also in Q2. I would say that we probably expect a little bit less of restocking in Asia going into the second quarter because we have had quite some effects of that already. Some is likely to continue in the second quarter, yes. All right. Thank you. Those were the two questions I had. Thank you. Once again, it's zero one on your telephone keypad if you would like to register for any questions. Our next question comes from the line of Mats Liss from Kepler Cheuvreux. Please go ahead. Your line is open. Yeah. Hi, thank you, and congratulations from me as well for the very solid numbers. I just wanted to welcome back to the profit per ton there. I guess you indicate volumes still be similar in the second quarter, and then again, automotive volumes may be a bit softer. Meaning a softer mix as well. Do you still expect the profit per ton to be sustainable into the second quarter as well? I think it's a good question. Thereabouts. I think if you look at the outlook here, we say, okay, little bit softer automotive, and we know that automotive then is quite large part of the business in the Eurasia region. If we look at the margins then that we have in Q1, Eurasia, excluding Konin and Gränges Americas, which is then less of automotive, is fairly similar. It's not given that you will have necessarily a large negative mix effect on that. What we can say, however, on the profit per ton and what Johan also mentioned in the outlook here is that even though currencies are relatively stable, I would say, at this point in time compared to what we've seen before, we do still expect negative quarter-to-quarter FX effects here. That's due to that we, in the first quarter, had the benefit of realized hedges that was taken at more favorable currency levels than the hedges that we will realize in the second quarter. Of course, everything else the same, this will have a slight negative impact on the profit per ton in the second quarter compared to the first quarter. Okay. It sounds quite stable anyway. Again, I guess in automotive as well, you see this changeover to more electrified vehicles. Do you see any impact of that already, or is it more from low levels? Johan here. we have been extremely active, and there is more activities from our customers and also from the OEM when it comes to validating suppliers for the new platforms, the MEB or PPE or Daimler's MMA. we are already in, we have been awarded some business, but I think it's also important to say that most of the starter production for the majority of the volumes will be in 2022 or later, actually. we will see that impact coming later. I think we have a very good position here to actually to take part of this growth. not at least what I also mentioned before when it comes to the sustainability targets here. We have, as we presented this morning here, upgrade our targets. I would say that Gränges is quite of a leader here when it comes to in our industry to basically have very high ambition and also high transparency, which is, of course, a great value. Because if you see like BMW are requiring now indirectly that the supplier and the supplier's suppliers needs to report the footprint, and the same goes for Audi and Daimler. You really see this kind of a request now coming from the OEMs. There Gränges has worked quite a long time to establish a good framework to respond to these questions and requests. This is mainly in the battery production phase. You will supply the battery producer, which also supply BMW, Volkswagen. This goes for the new platform. If you see a car, the second largest CO2 footprint from a production footprint is actually aluminum after steel. This goes not only to the battery, it goes to the whole car, of course. It will be important across all parts of the product that we are producing, even for combustion engines, of course. Because in the Konin operation, we can now also start to deliver structural parts for cars. Sure. Yeah. could you give some sort of outlook there, how it will look in five years' time? How much more volumes do you expect to see in these segments? Yeah, just looking into our two main markets then, or segments for the automotive industry. One is the heat exchange material for the combustion engines and also the EVs. We see that there will be an increase, and today the market is around 800,000 tons, and it's expected to be around 1,100,000 tons going forward. If you look into the battery producers, in addition to this, it's also expected to, in a five years' time, be a similar size market, around 1,000,000 ton, actually. That consists of four main product groups, battery foil, casing, cooling plates. These are all product group that we see, of course, a potential future for Gränges. In a way, we have a very large upcoming new market segment for Gränges to work on. I think just find that the early part of Johan's comments then that we say that the potential for the heat exchanger material to the automotive industry is around 1,000,000 tons. That's also the 2025 perspective that you mentioned there. Yeah. It's almost a doubling of the market size, then? Yeah. If you include the battery producers and the potential for us to be part of that as well. That's correct. Yeah. Okay. Finally, aluminum prices have come up quite a bit, and do you see any sort of impact on demand there that customers tend to be a bit more cautious at these levels or try to use other materials or something like that? We don't see that, and the price increase is the same for other materials as well, and even higher for some other materials. A lot of this, the advantage to use aluminum in terms of light weight. No, we don't see an actual risk for substitutes here into other materials. Okay. Thank you very much. Thank you. We have a follow-up question from the line of Gustaf Schwerin. Please go ahead. Your line is now open. Thank you. Yeah, just a follow-up on the electric vehicles. I know you said previously that you expect to keep your market share for heat exchangers following the increased penetration rates we will see. So far, when you say you're gaining some contracts on new platforms, how is that looking so far between OEMs? Can you see that you are protecting your market share, or is that very dependent on where we are in terms of model launches from the different OEMs? It's quite early days to give an exact figure on if we're following the 20% market share, but we have reason to believe that we can, of course, have the same kind of market share for this vehicle type as we have for the combustion engine types. As I said, we've been awarded some programs, and we are in a discussion with others. Of course, once again, just to say that we will see the volume effect, the main volume effect coming in 2022 and later. Okay, thank you. Thank you. As we have no more questions registered, I now hand back to our speakers for any closing comments. Okay. There's no more question then. I would like to conclude this session. Thank you, everyone, for participating on today's call. As usual, we received good and interesting questions, and we look forward to our next call on 16th of July when we'll present our second quarter report for 2021. Thank you and goodbye, everyone.