Hello, most welcome to Investor's Q1 presentation. We are very happy that today we are joined also by Mölnlycke's CEO, Zlatko Rihter, and Mölnlycke's CFO, Susanne Larsson. We will start out with a presentation of Investor results with our CEO, Johan Forssell, and CFO, Helena Saxon. Once Johan and Helena have presented the Investor results, we will ask Zlatko and Susanne to join us. After that, we will have a joint Q&A session with Johan Forssell and Zlatko Rihter. You will be able to ask your questions either over the phone, and we will be supported by an operator, or you can also ask your questions over the web. Now it's time for the Investor presentation. Johan, please go ahead. Thank you, Viveka. Also from me, welcome to this presentation. I'm also very glad that we have the CEO and the CFO from Mölnlycke, Zlatko and Susanne. They are, of course, the highlight of today. Let's start by digging into Investor's quarterly report. That was not the picture, right? No. Sorry about that. We are 15 pages ahead. We normally look forward, but this was a little bit too much. Let's go back here. All right. Let me now start by saying a few words about the macro situation. As we all know, the central banks around the world, they face a different dilemma. A very difficult dilemma, I should say. On the one hand, they need to reduce inflation. On the other hand, they need to do that without breaking the economy. In addition to that, the geopolitical tension continues to be high, not the least when it comes to the situation between the U.S. and China. It's fair to say that the challenges remain out there. Having said that, there are also positives, one being that we are seeing quite broadly now that the supply chain challenges are easing. In addition, as you have seen from our report, we are seeing a strong demand for most companies in our portfolio. Here and now it looks actually quite good. How the future will play out, we don't know, we and our companies are really prepared for different scenarios. I have talked about agility and flexibility before. Normally when we do that, we talk about it in relation to a potential weaker outlook. I think it's important to stress that flexibility is equally important in a strong demand situation. I'm very pleased to see in this quarter that our companies have been able to really grab the opportunities from the strong demand and deliver strong sales growth and also strong profitability. Overall, a very strong start for Investor in the beginning of this year. Moving over to the figures, you can see that our total shareholder return was up 9%, and our net asset value growth was up 7% in the quarter. If I start with a few comments on the listed companies, the total return was just behind the stock market at 8%. There were a number of important activities in the portfolio in the first quarter. ABB continued to adjust its portfolio by announcing the divestment of Power Conversion. As you know, they have done a number of divestments to basically focus their portfolio even stronger on the core segments within automation and electrification. Previously, they have, for example, done the spin-off of Accelleron and also the divestment of Dodge. I'm glad to say that Epiroc landed its largest ever automation order. It's a big order for autonomous trucks in Australia in an iron ore mine. It's a half a billion order. The software that has been developed by Epiroc here is actually used to convert more than 90 Caterpillar and Komatsu trucks to autonomous driving, building the biggest autonomous mine in the world. Finally, Wärtsilä, a good example of a company working on the climate footprint. In the quarter, they announced that they have now tested a commercial engine running with a 25% hydrogen blend at the U.S. power plant. That of course, leads to significant CO2 reduction. In addition, it was run with very good efficiency. The focus for Wärtsilä remains to really continue to develop the green fuel offering. Moving over to Patricia Industries, I have to say that in this quarter, this is a clear highlight. The value increase was 13%, driven by profit growth and multiple expansion. More importantly, the operational performance was very strong with the sales growth of 22% of which the organic growth was double digits at 11%. Also we saw very strong profit growth, as you have seen, up 35% in the quarter. Also here, we saw a number of important activities during the quarter. Permobil launched a new electronics platform on the power wheelchairs. I think this one has a number of very important caveats that you really wanna see in product innovation. First of all, it's better for the customer, the users of the wheelchair, because you can make it more personalized. Secondly, it's easier to produce, and actually the material cost is also lower to produce this. Finally, there is a reduced service time. Another good initiative in the quarter is that we or sorry, in, for the full year 2022, is that the CO2 emission within Patricia was down 24% compared to 2021. The reason why I bring it up is that we have seen a very strong and good development on the CO2 footprint in our overall portfolio. That has mainly so far been driven by the big listed companies that have been a little bit further ahead compared to our subsidiaries. In 2022, we saw a significant step change for our subsidiaries in improving the CO2 footprint, and I'm very glad to see that. Then, a couple of examples on add-on acquisition is Piab. They acquired the French company COVAL and also German company IB. Let me say a few words more about those because we injected a little bit less than a quarter of a billion to finance these acquisitions. COVAL is a company that have produced suction caps that are especially strong for plastics. They also have very good intelligent vacuum pumps. Especially these pumps are very compact, which is a very important purchasing criteria for the customers of vacuum pumps. This acquisition will clearly strengthen the position of Piab in automotive, food, and packaging, and also in the France and the U.S. market. As you can see, this is a well-run company with sales of EUR 23 million and a profit margin of some 22%. A smaller acquisition, but still very important, is the acquisition of the German Company IB. It complements the portfolio within additive manufacturing. Piab has a cooperation here with Höganäs since earlier, so this is a complement further strengthening position in this area. This is clearly a strategic focus for the business unit vacuum conveying within Piab. Looking at Piab from a little bit longer perspective, we acquired this company in 2018. At that time, the company had revenues of about SEK 1.2 billion-SEK 1.3 billion. With these acquisitions, on a pro forma basis, you can see that we are getting close to SEK 3 billion. This has been driven by both organic growth, especially during the last couple of years. The first years, of course, we integrated it and also a number of acquisitions, and then we have the pandemic. Now we are seeing good organic growth combined with the acquisitions. I should stress that we have done this journey with a lot of acquisitions with remained high profitability. In the first quarter, the underlying profit margin in the company was around 27%. Very good development in this company. It's not only acquisitions, of course, it's also lot of innovation, lot of focus on geographical expansion. To give one example, the exposure to China has more or less doubled since we acquired the company, some five years back. Moving down to the little bit more on the figures here you can see the figures for the whole of Patricia Industries. We are now running at the level of, on a 12-month rolling basis of revenues of about SEK 57 billion and profit of about SEK 13 billion. We now have six companies generating more than SEK 1 billion in profit. You can see from the blue bars here that the performance in the first quarter was actually a record high profit. We generated SEK 3.5 billion in profit compared to SEK 2.7 billion last year. Moving over to the different companies. As you see, Mölnlycke delivered very strong performance. I will not say more about that since we have the true professionals here with Zlatko and Susanne. If you look on the overall picture here, you can see that eight out of nine of the subsidiaries all grew organically between 7%-13%. For these companies, they did that with improved or unchanged profit margin. This shows that there is a very broad improvement in the portfolio. Actually for all these companies, it's probably something like 35 business units. If you look on the different business units in the companies, also different geographies, in the quarter, we saw a very broad-based strong demand. There is one exception, as you can see, with Advanced Instruments, where the Organic Sales was -9%. The reason here is that we continue to see in the quarter weak demand when it comes to instruments being sold to the biopharma sector. I should stress a couple of things, though. First, if you look on the pure consumable business and the service in Advanced Instruments, we actually saw good growth in the quarter. Secondly, the segments that Advanced Instruments are exposed to, whether it's biopharma, clinical, or food, actually have very strong secular growth for the long term. We are very optimistic about the long-term growth for these companies. Just a matter of when the short term will twist for the more positive. A few words about EQT. Total return was minus 4% in the quarter, and the cash flow was slightly negative after the record year of SEK 6 billion in cash flow last year. The reason in this quarter is just that the drawdowns were bigger than the exits. The listed company, EQT AB, was -5%, and the fund investments were down -2%, which is -4% in local currency. As you know, we report the fund investments with one quarter lag, so these figures are actually the fund investments valued as of 4Q 2022. Yesterday, EQT had a trading update. In that trading update they showed that in the first quarter, the value change in the larger funds in their portfolio was either unchanged or slightly up. That, of course, will be some guidance for our second quarter result. Saying a few words about the important topic of ESG. We have three priorities areas from Investor being an owner in the company's business, ethics, and governance. That's, of course, very close to us. The second one is the Climate area. The third one is Diversity and Inclusion. Let me say a few words on the climate part. We now have 100% of our companies that have set targets that are aligned with the Paris Agreement. We can now say that we have, compared to 2016, which is the base year, we can see that for the whole portfolio of listed companies and the companies within Patricia Industries, we now see a 57% CO2 reduction for Scope I and II compared to 2016. We have come a long way on our target to hit minus 70% in 2030, and I'm very glad to see that. Equally important or even more important is that almost two-thirds of our companies now have set targets related to Scope III. My final slide then before handing over to Helena. Priorities going forward. Of course, this was a very strong quarter. Let's see how 2023 play out. We continue together with our companies to stay close to the market, stay close to the customers, be able to manage whether it's really continued to be strong or if it becomes weaker. Here and now is always important. The second one is to continue to focus on investment in prioritized areas. The third one, we have a strong balance sheet, and when we find attractive opportunities, we will try to grab them. With that, I hand over to Helena. Thank you, Johan. let's move over then to the financials. I will start with a slide showing the actual net asset value. The adjusted net asset value has developed in the quarter. We can see at the end of the quarter, we reached SEK 724 billion, which is almost an all-time high. The average annual growth with dividend added back over the last five years was 16% compared to SIXRX 12%. We talked about the total return of 7%. Of course, all business areas contribute to this number, and we can see that in this quarter, Patricia Industries achieved a total return of 13%, while investments in EQT were down 4%, as Johan mentioned earlier. Listed companies developed in line with the stock market at 8%. Looking more closely at this part of the portfolio, 70% of our assets, it has a market value of more than SEK 500 billion. As I said, the TSR was more or less in line with SIXRX 9%. Within the portfolio, of course, performance was mixed, and we saw a significant contribution to net asset value from the larger companies. Looking at it from a total return perspective, we can see that in particular, Saab had a very, very strong return of more than 50% in the quarter. Moving over to Patricia Industries, a fifth of the portfolio with an adjusted market value of SEK 156 billion. I want to stress that the drivers of estimated market values in the quarter were earnings mostly, but also multiple expansion. The total return was 13%, as I said, and 12% including cash. Looking at the change in estimated market values by company in the Patricia portfolio, of course, we see a significant contribution from Mölnlycke, and we will hear more from them here today. We can also see that all companies contributed with increased values except for three, and here it was the multiples that contracted and impacted the value negatively. Our financial position remains strong, and our leverage is still at the lower end of the target range of 0%-10%, and we ended the quarter at 1% leverage. This is the slide where I usually end my presentation, and here we see the average annual total return for the Investor B share. We can see that over the longer term, we have significantly outperformed our internal return requirement of 8%-9%. We can see also that for all periods on this slide, we have outperformed the SIX RX index. On that happy note, I will hand over to today's main attraction, Zlatko Rihter, CEO of Mölnlycke, and Susanne Larsson, CFO of Mölnlycke. Welcome. This is for you. Thank you. A pleasure to be here for me and Susanne. We'll try to cover a little bit around Mölnlycke and deep dive into that. Of course, since we're a healthcare company, we'll focus very much on the development in our world and where we try to go. Of course, as you all know, we're a world-leading medical products and solutions company, just to be clear. Some short data about Mölnlycke for you to know is that we are a company that have our global headquarters in Gothenburg. We are globally present, have a long history. Last year, I think, we ended up almost above EUR 1.8 billion net sales with 8.4% growth. That was kind of just to set the stage a little bit. We'll go more into the, to the details later on. Close to 9,000 employees, and we are today organized into four business areas, which I will cover a little bit more. Our wound care is around 58% last year. Operating room solutions, 25%. Gloves, 14%. Antiseptics, 3%. That's kind of Mölnlycke in short. Good to know. Let's then move into macro and strategy. I think to start with, I think it's extremely important to understand the environmental context we are working in. We see a very, very clear global healthcare trend, especially now after the COVID. We have a situation where the systems around the world have an immense pressure, and we see that in our daily lives, that we try to monitor and manage in different ways. We see a situation where in many markets we have a lot of vacancies in the healthcare system. A few numbers. I think it's 150,000 vacancies in U.K. NHS right now. Sweden, around 20,000. I think Germany, not far away from 100,000 also. That's the same wherever you go. The consequences of that then, and I think that is important to understand because this is kind of where we have to find our way, is that we see that many tasks are pushed toward less skilled and experienced healthcare professional, and that will continue. That means that the non-professionals have a bigger and larger part of the healthcare given. We also see that care is pushed out closer to the patient. We are asking more of relatives and others to support patients and other in the daily life. Having less skilled healthcare professional, having more relatives involved in the healthcare delivery of patients also means that there are less skills. Do you need more intuitive products and solutions at the end of the day? That comes as a natural fact. And of course, if you want to be relevant in the future, you have to provide that. 1 way for the healthcare system in general to kind of address this and make sure that we can survive is that we see an immense investment into digital and connected health services. I think the organic growth there, I mean, if you look at digital, is around 20% per year right now, and that will continue. That's one way to mitigate the gigantic gap in staff lack of staff. I think this is a good starting picture. We've done a, I'll come back to that a little bit, a broad, what we call ethnographic study to come to this conclusion, and that kind of drives our strategy. When we did that, we have based the whole Mölnlycke strategy on what we call an ethnographic study. Basically what you do is that you go out and you study your customers' behavior in their daily life. If you want to study animals, you don't go to the zoo, you go to the jungle, basically. That's what we try to do. When you do that enough in enough places, and I'll show a little bit later on where we've been, you start to see patterns. For our four different business areas, this is the number one issue that we need to sort out, or at least help to sort out. I think we are ready to take on the challenge. If I just quickly take them one by one. Wound care. We know today that if you are a patient with a chronic wound, venous leg ulcer or a diabetic foot ulcer or a pressure ulcer, and you come to a hospital or primary care clinic, the likelihood that you get the right assessment and the right treatment for optimal healing is around 30%. That means that seven out of 10 patient that comes to a hospital globally today probably won't get the right assessment. The consequence of that is that the healing time will be much longer than it could have been. That's kind of the number one issue. The reason for that is that there is a lot of generalists meeting patients. We don't have enough wound care specialists. Today, in every given Western country at least, around 2% to 4% of the population have a chronic wound. Only in Sweden, that's a few hundred thousand, but you can do the math in each country. It's an immense burden. I think the challenge now is, of course, that how do you train all these healthcare professionals? There might be 10, 20, 30 million of those, and maybe face-to-face training is not the right way to go. You have to find other means. That is the challenge for our wound care team. If we don't take operating room solutions, we know today that one of the big challenges in operating room is lack of staff, but also that the flow or processes, the working flow is not optimal. As a part of the studies, we also discovered that in average there are around 1,200 hours of dead time, so to speak, in an OR room per year. If you convert that into money, EUR 40 per minute times whatever, it's around EUR 25 million cost per year in every OR room. Then, you know, many hospitals have a lot of OR rooms. Our role, of course, here is to see can we be part of making this flow more efficient by our product offering. If we-- I think we can. We can take out some of that burden. We can add value. We have our surgical gloves, the third BA. We have been very much historically focused on safety. You don't want the surgeon to be contaminated by blood or other things during surgery. Also, I think what we have discovered is that they want to have both safe but also tactile gloves. If you're do a 12-hour surgery, you're pretty numb in the fingers. Basically, the combination. That's, of course, a big challenge for an innovation team to address that because you have to have two features in the same glove. That's kind of what we try to figure out there. Then I think in antiseptics, and I think here we have a good example. We did a study in Germany where we saw that despite. This was May last year, one month or two months after Omicron. Only four out of 10 nurses followed the procedure when they went into the OR room of how to disinfect their hands, for example. The reason for that is not that the products are bad, it's that the protocols are not followed, and they are quite complex. Going back and find, you know, more intuitive solutions and workflows to make sure that when they go into the operating room, they definitely have followed the protocol and that we don't have the immense number of hospital-acquired infections that we have today. Today, one-third of all patients that go into hospital bring some kind of infection with them out that was not planned for. This is kind of the foundation for our strategy and where we try to figure out what is our next steps. I think if we as company want to be future-proofed, we have to address this. We have some other kind of macro things that affects us, and I will not go through the upper half here because you have all seen them. I think where we see opportunities and challenges is that, first of all, we see, despite the German case, an increased focus on infection prevention after COVID. We have several product areas or business areas that address that. I think one comment I have to make on elective surgery is that was a big backlog during COVID. It's true that it went back to normal pre-pandemic levels for a while, but we still struggle here because... It's not the COVID now, it's more the reason is the lack of staff. We see still markets where we're not fully back on 100% versus pre-pandemic. Another thing that we see is unfortunately, an increased number of chronic wounds. The reason for that is pretty simple. Patients were not treated the right way because you have to, in elderly homes and other places, you have to reposition and manage patients in a good way. During COVID, that was deprioritized, basically. Today we see a higher amount of chronic wounds. Short-term, that of course, also affect us. Of course, staff shortages. Whatever you can do as a healthcare provider to help them to become more efficient, not having to fill vacancies, helps out. I think that is a key focus for us as well. That was a little bit of setting the stage and what we have based our strategy on. To come to that, what we did is, as I said, we did is ethnographic studies. I think this is something that distinguishes Mölnlycke maybe from some other companies, where we really took the effort to go out for each of our four BAs and study our customers and how they behave in their daily life. You see a few numbers here. We did this during the pandemics with all the limitations. We went to many hospitals. We talked to many nurses, doctors to kind of get our foundation for our strategy going forward. I think this was a super important work to be done, which we now can benefit from. We did it at least globally. I think we were in all four continents in nine countries. To address this, what do we take as a next step, and I think this has been mentioned a few times during Link to Mölnlycke. One point five years ago, a little more than that, we decided to go to this kind of decentralized BA structure, basically. Where we have gone for our four key customer groups as we defined, and then organized according to that. Now we have four, I would say, end-to-end business areas, with that are empowered to drive their business with slightly different customer groups. We have kind of an operating model in Mölnlycke that is common, but then we drive the businesses. We have moved in all the key functions into the BAs, sales, marketing, business development, innovation and operations, basically. We have defined three major areas where we have said this is areas where we would like to be industry leaders over time. If you ask a customer which company is most customer-centric, they should say Mölnlycke, then we've been successful. We'll figure out if we're there. Maybe not yet, but we are heading towards that. That goes for sustainability and digitalization as well. We have really invested into teams to support that. That's kind of the three cross BA strategic initiatives that we are driving over time. As an example, how we just submitted our SBTi targets, for example. We've done many other things. I could give example in Schüco, and I think customer centricity is also what we're doing within already before. We have an operating model now that we believe that we can drive business within. To summarize a little bit from my perspective before I hand over to Susanne in a while to talk about numbers. This is kind of our kind of mission for each BA that we will, you know, be measured against over time. First of all, in wound care, to deliver innovative and intuitive solutions for prevention. I think the best wound is the wound that never occurs. Occurs. If you can do proper prevention, you can remove a lot of wounds from patients so that they never occur. I think we have very good solutions for that. Once the wound is there, of course, faster healing and better quality of life are two other important things that we should be part of addressing. When it comes to ORS, which is of course focusing on operating room, we are now on a mission to create an ecosystem of solutions and services that assures what we call a frictionless flow in the operating room. What we've done there is we mapped out all the steps you do pre, during, and post-operation, basically to understand where can we contribute to help out to reduce the 1,200 hours of dead time in the OR room every year. Gloves, going from safety more to tactility, talk about hand health. We've also moved the focus from gloves to a concept we call Hands Deserve Better. That's kind of our mission in that area that we try to drive. Also through innovation, but also to really focus on how can we help the surgeons and the nurses and the techs in the operating room to perform better because they have long hours in the operating room, and they need gloves. We have the antiseptics where we talk about prevent infection across the patient journey. Patients should not go home from hospitals with hospital-acquired infections. That's kind of the missions and what we are kind of driving now as a strategy globally. With that, over to you, Susanne. Thank you, Zlatko. Hello, everyone. Starting off with a little bit of longer history, I think what I would like to try to convey here is that we have been able to grow some EUR 400 million over the last two years, which represents in reported numbers 26%. In the top here, you see a percentage that is excluding the one-off PPE business that we happened to be able to successfully take and deliver during 2020 and 2021. If you put that aside, the message I would like to send here is that we have been in a growth situation all through COVID, in spite of both COVID and the following elective surgeries that Zlatko talked about. You can see that we managed then to have a strong growth of 8.4% last year. Throughout this journey, Wound Care has been able to contribute really strong all through the years. For the other business areas, they have had a little bit ups and downs then. I will come back to that now when we look at Q1. Profitability-wise, those of you who know Mölnlycke well can look back and see that we have been able to be around 28%, 29% for many, many years. During 2020, we managed to actually excel and get up to a 30% level. To be fair, I think we need to realize that a lot of OpEx were very, very suppressed at that point in time. We held back a lot of events and activities to kind of work with the COVID environment we all faced. Since then, we had 29% and ended last year with a full year EBITDA margin of 26%. Here I would just like to spell out that over the last two years, 2022 then compared to 2020, we have had material handling and sourcing costs, additionally EUR 130 million higher 2022 than what we had 2020. That in itself represents 7% margin points. In that, we have of course worked a lot to compensate with sales, price and mix management, and a general cost consciousness, somewhat fueled by positive FX. That's the history. More narrow history than quarter one, I think we're really, really happy to provide a 13% growth. What is super great is that we have that growth coming across from all 4 business areas. For the second quarter in a row, we have growth in all the four business areas, although fueled by Wound Care and Operating Room. One thing that has also eased is the supply chain situation and our manufacturing output, and that has also helped us to further fuel sales in this very quarter. Looking into our four business areas, we can see the very strong development in Wound Care, 14%. ORS, 16% growth quarter-over-quarter. Gloves, a 4% growth, and Antiseptics, a 6% growth. I think this picture also very well illustrates the dependence, how big Wound Care is, followed by ORS, Gloves, and Antiseptics. Again then, I think we have now for quite some time had a double-digit growth from Wound Care, and I think that tells us we have a very strong commercial execution. We are close to our customers. This quarter then we have even been able to have a backlog that we have been able to catch up on with the improved manufacturing and supply chain. ORS, on the other hand, we see strong growth in trays, but also in drapes. Here we can certainly see the trays is helping in the effectiveness of the operating room, despite the difficulties with the staff shortages coming through then. In Gloves, we're happy to say that we are in a balanced environment with supply and demand, the output is improved compared to the weaker quarter four of last year. Finally, Antiseptics, that has struggled for quite some time with supply chain difficulties, that started to ease for Americas last, end of last year. Now we see it continues to ease also for the European business. That is really how the sales development looks across our four businesses. What else? I think I probably said a lot about this already. Again, then Wound Care, just to stress out also that we have a growth all through our regions. We can see that very strong development coming through everywhere. On operating rooms, I think we have also here many markets where which is contributing with a really good momentum. I would just like to highlight the last bullet there that we have been, during the quarter, awarded a EUR 28 million business in Norway. Sustainability is certainly one of the key drivers for us to have been able to differentiate ourselves towards competition there. Result then. The EBITDA. Here we have improved from EUR 112 million last quarter one to EUR 136 million this year. That certainly is a leverage result because where the growth was 13% on the net sales, here we managed to deliver a 21% improvement compared to last year. What does that reside from then? First of all, of course, a lot of this comes from the strong organic sales growth, also with a positive sales mix. For the first quarter in quite some time, we have an improved material handling, so here we can actually see that we have a positive impact, and that was quite some time ago, +EUR 6 million. Increased cost of production we can see. There we have a slight negative impact, and we see that with the material being higher, but not the least also the energy and utility cost down. That is contributing negatively. For OpEx then, where we are investing, the quarter one last year, we have to recognize that that was still suppressed. Omicron was impacting us all. While this quarter is one of the normalized quarters again where we can invest both in sales force for current and future growth, but also for innovation, R&D, and digitalization. That's the explanation for that. The FX is completely negligible quarter-over-quarter. This is an illustration of how the profitability looks for our businesses. Wound Care then operates in the quarter here for more than 40% EBITDA margin. ORS have had a really difficult time with a lot of supply chain and material costs. That is now easing, we have a profitability of more than 5%. Gloves is operating more than 15%, while at this point, Antiseptics is still below 5%. That's how uneven our profitability is between the four business areas. I believe that's my last slide. Yes. Just to summarize and thank you, Susanne, summarize, is that I think, we show now that we have a pretty long track of profitable, solid organic growth. And we have to also understand that right now, at least for the last year, we have been outperforming competition in three out of our four business areas, not Antiseptics, but the other three. We have a strong strategy in place. It's truly based on ethnographic studies, which means that you capture the key issues of customers, or at least we believe that we've done. It's also based on a solid geographic expansion. We have invested into several Asian markets like China, LatAm, et cetera, the last during the last year. We have a customer insight strategy that is driven with customer centricity, sustainability, and digitalization at core, so that's where we invest. We have our four business areas, and then we also set up an operating model where we put what we believe serves the business best in corporate functions, and that we now execute. We're, like, in the execution phase of our strategy since some time, which is important to note. I think what we're looking into right now is how can we accelerate innovation even more, and also starting to look into business development. As you know, I mean, Mölnlycke has a long tradition of organic growth, and can we do something more to look into non-organic? That doesn't necessarily mean a big M&A. It could also mean collaborations, joint ventures, and try to find our ways into new channel segments into the market, because there are opportunities. We aim to become an industry leader within sustainability. I think that's super important for us, and we invest a lot into that, and we have a pretty good development the last two years. Also I think an important note, MDR, which is an important part of the kind of the quality and regulatory aspect of medtech companies. We are MDR ready by this year. That means that we have done our homework, and most companies still are not. That means that we can invest those resources into true innovation and not just compliance, because it's usually the similar type of resources at the end of the day. I think we are well positioned to capture long-term sustainable, profitable growth. Of course, we aim to continue to outperform market growth, and that's kind of our goal. Thank you so much. Thank you, Zlatko and Susanne, and we will now open up for a joint Q&A session. We will be joined again by Johan Forssell. We will start out by taking questions over the phone, and we have our operator, Sharon, with us. I hand over to you, Sharon, to facilitate the Qs over phone. Thank you very much. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. If you wish to ask a question via the webcast, please type it into the box and click submit. We will now go to your first question. One moment, please. Your first question comes from the line of Joachim Gunnel from DNB Markets. Please go ahead. Your line is open. Thank you very much, and good morning. Starting off with some questions for Mölnlycke. Having set this decentralized operating model now, can you just comment a bit on how you think your strategic priorities will be different over the, call it coming two years, and what will capture most of your focus? No, I mean, we've been in this model now for soon two years. The organization became effective July of 2021, since then we tried, of course, to tweak it and optimize it. We set the new strategy. I think it's not only the operating model, it's also kind of the, as I said, the customer insight-based ethnographic strategy that is in place. We clearly have 4 different kind of customer groups, and we have organized ourselves against the customers. In that sense it's not super complicated. That also means that you get more focus and you can drive business and specialize for each BA. I think, as always, when you start on a journey, you find new opportunities as you go. We spend a lot of time right now on the commercial business model, for example, to fully understand where are the more opportunities can we go even further and more in-depth in different markets. That's kind of the next step for us. We're becoming more and more, I would say, granular in our journey. Then we also kind of spend some time to figure out, you know, how can the corporate functions like finance, people, or the HR organizations, et cetera, support in the best way? I think we landed that quite well now, so we are really focusing on execution right now. Great. Also you mentioned a bit here on the inorganic strategy you have, but can you just elaborate a bit more on whether you think M&A is more about broadening the market presence, technological depth, or what have you? Also if there are any, like, differences in that strategy, depending on what the operating segment or business area you think about? Yeah, I think, to answer that question, I think it's all. I mean, in my world at least, you have, like, the three pillars of it. First you set the strategy, then the structure, and then the people at the end of the day. I think our focus has been setting the strategy. Then you can use different tools. I mean, you have organic growth, you have, of course, collaborations, joint ventures, and M&A. That's all tools for me. We have defined, you know, the segments we would like to grow in and develop and be successful in. Then M&A could be one of the tools to support that, if we find the right match. In most cases, it will be organic business development. We'll find collaborations, and we have a few examples of that, where we brought in partners and we do things together. There are many different tools, and I think M&A is one of those. That is always hard to plan for, of course, if that happens. We are very active in the market, try to understand, you know, the segment we address and how to do that in the best possible way. M&A is one component in that. Organic growth is a key- Sure. Key, key part. That's very clear. Thank you, Zlatko. Then just finally, to what extent, I mean, giving the quite stellar results here in Q1, to what extent have you seen a normalization of the challenges you saw in Q4 for the production supply chain staffing challenges? Yeah. How do you expect those headwinds to weigh on profitability into 2023? Where have you seen the full normalization, and how do you expect that trajectory to play out into the next year? I think if you take a close look at me, you see I have a lot of gray hairs. I joined Mölnlycke end of 2020. It's been two years of, you know, supply no disruptances all over the place, basically, trying to survive. I think now we had a, I have to knock on wood here, we had a first normal quarter in Q1 this year where we really could, you know, focus more on constructive things than trying to, you know, close fires. That's kind of the positive part. We still have a few elements of that. I think we still have a little bit higher inventories to secure us since past. We've seen that a lot of the cost has gone down. Still it's longer lead times on the sea. It's not back to the four, five weeks between Asia and Europe as it was pre-pandemic. It's still eight, nine weeks. There are certain elements left, but I think it's without doubt, very close to normal situation. We also see that in the back order situations, et cetera, that we clear that out to the most basically. I think some final elements in Q1. We're really from that perspective, quite optimistic now moving into Q2, that we're out of that. Great. Thank you very much. Thank you. We will now go to our next question. The next question comes from the line of Derek Laliberté from ABG Sundal Collier. Please go ahead. Your line is open. Okay. Thank you very much. I have some questions for you, Zlatko. I first off wanted to ask you on pricing. We have seen public spenders for once here accepting higher prices in certain areas. I was just wondering how this is looking from your perspective, and if you could perhaps give some flavor with regards to your different segments as well. Thank you. Yeah. No, I think it's a good question. I think, you know, also there is inflation and it's been supply disturbances and many other things. I think we call it price management. It's maybe a better term. We have a very active price management, especially in the ORS part. It's been a lot of activities around that. What we see, if nothing else, is that the price erosion that we had at first, that we had, the a few years back is less now, basically. We are like, there is a price increase in all BAs. I think the challenge for us is that we're a little bit, you know, we're in a healthcare environment, so we're stuck in tenders. Sometimes you have a four-year tender, and even if you do active pricing, it takes a few years before it's fully kind of coming through. You kind of get the fourth per year or third per year because normally it's three to four-year deals, but where you cannot affect. I think it's much easier for a kind of B2C company to be active on that and get immediate impact than if you're in our environment. Yes, we are active. We also see that the customers are asking more for, if you take the ORS business, for example, even if the elective surgeries are going down, they ask for help in efficiencies. The trace business, which is helping them to reduce their kind of logistics efforts in the hospital, is extremely attractive at this stage. There we have value, and they're of course, prepared to pay more at the end of the day. That's kind of the thing we have to do. Over time, of course, we need to make sure that we have good innovation in the pipeline that addresses their key needs. Short term has of course been a little bit ease in burden there. Great. That's really interesting to hear. On the margin or rather cost side, you mentioned some very positive developments and easing here. I mean, how would you say the margin outlook looks for the overall business? It seems like raw materials, input, cost must have increased as well, right? There are many factors here. You know, there is also high inflation right now. There are a lot of, you know, things moving around here. It's hard to kind of give a prediction. I mean, we're working really hard to, you know, to commit and deliver, you know, sustainable growth, both top line and bottom line. That's kind of our commitment over time. I think despite, you know, the turbulence the last two years, we had a lot of activities to keep, you know, mitigate cost. I think Susanne showed that we had EUR 130 million extra cost, 2022 versus 2020. We didn't have the same amount of loss on the bottom line. We've done a lot of activities to ensure efficiency in the business and operations, and hopefully that will pay out. To give any numbers, I won't do. I understand. Sounds very good. I also wanted to ask you on this Chinese reopening and how that is looking for the hospitals and what type of effect this potentially could have for yourself. Yeah. We've been doing quite well in China during the pandemic, even despite the lockdown. I think the reason for that is we talked about one of our kind of key strategies, and that's digital. We went digital. We used e-commerce channels like WeChat and Alibaba much more than our competitors, and we found a kind of a digital channel to the market. Despite, you know, since you couldn't visit hospitals and other institutions during the pandemic due to the lockdown, we managed to have a consistent double-digit growth, organic growth in China during the whole pandemic, basically. There we have a very, I would say, strong business model that has been working in our way during the pandemic. Of course now when things go back to normal, I mean, we can still utilize that going further, but maybe we don't have the same upsides maybe as we had the last two years, but continuously strong performance there. We have invested a lot in China into these type of tools. Okay. Finally, wanted to ask you on, I think you launched a new version of this battery-powered Avance Solo negative pressure system. Just wondering how that's been received so far. Yeah, that's one of our kind of organic growth initiatives, basically, where we now have a solution, I mean, in one of the key segments in the wound care business. It's launched, it's now commercialized, and we're ramping up. In our world, when you do a launch, you know, you need to get all the regulatory approvals and really kind of build the business. It takes quite a long time to get traction here. So far okay, but we have a long way to go. We have a solid product that is competitive, so now we have to kind of e-execute the commercialization, basically. That's the focus. We're behind the innovation to a large degree. All right. Sounds promising. Thank you. Those were all my questions. Thank you. We will now move to the next question. One moment, please. Your next question comes to the line of David Johansson from Nordea. Please go ahead. Your line is open. Thank you, and hello, everyone. Starting off with a question for Zlatko and Susanne on Mölnlycke maybe. Looking at your wound care segment, I guess in particular the U.S. manufacturing plant, how much impact do you still see from staffing shortages and supply constraint for this business? Can you say anything about what the situation looked like exiting Q1 compared to Q4 last year? Thank you. I can comment like, we had what we discovered in mid last year was that we had quite large staffing issues there, basically. I mean, our factories are based in Maine, which is not the most, kind of the most, attractive place to be in from that perspective, but that's where we are. What we did then during the second half of last year is that we really put efforts into it and really focused on being much more active in recruiting staff. It always takes some time to get staff up and going, but I would say as of now, as of Q1, at least end of Q1, we are in a stable position here. Now the challenge is, of course, we have growth ambitions. That means that now if you grow double digit, you need more staff. We have a very proactive approach there right now, and currently it's under control. Yeah, and to build on what you say, Zlatko, so I think we do not have any major issues any longer. What we have been able to do during the quarter is to ramp up to a third shift, and that is also why we managed to get further output compared to what we have been facing previously. I think we are in a good situation currently from a U.S. manufacturing perspective. Okay. That's sounds great. My other question was in regards to the operating room solutions business. Both growth and margins looked quite muted during last year. Now seems to have improved a lot from strong demand in, I guess, in several European markets. Maybe you can give some more flavor what's the potential for margins for this business? Maybe you could also comment what you expect in terms of elective surgery levels throughout the year. Thank you. Yeah. If we start from the customer perspective and elective surgeries, it's extremely hard to plan for. I think, the sad news is that I think if you look out in the healthcare environment, the staff shortage is a chronic problem, and it will not be fixed in three months. It will take years, I think. We and other providers and also the healthcare system have to find new ways to sort out. I mean, at the end of the day, we'll all be patients in different ways and ways over time. That is a challenge. We still see that, you know, below the pre-pandemic levels, even if it's closing up. I think that being said, I mean, profitability-wise, of course we're not satisfied long term with where we are today, you know, not even in Q1, which is much better than it was last year. You have to remember that the majority of the EUR 130 million, we took that as a total number. That hit ORS. That's where the biggest issue has been. The majority of that increased cost hit them. That's of course now step by step going back. You know, spot prices is one thing, and before you have all the contracts, et cetera, converting into the new numbers, it takes some time. That's kind of where we are. We should see and we expect higher margins, but to give a specific number it's too early I think. I think the growth we see there is a lot around price management and that we are converting the business into more kind of high value. The trays are more high value than, if I may call it, the single pack, which is you sell the components one by one. That's where we see now a clear trend, and that's kind of driven our performance there the last part. It's not the market that is growing. That also means that we are gaining market shares in Europe, especially where we're strong. All right. That was all my questions. Thank you very much. Thank you. As a reminder, if you'd like to ask a question, please press star one one on your telephone and limit yourselves to short questions due to the interest of time. I will now go to the next question. One moment, please. Your next question comes from the line of Johan Sjöberg from Kepler. Please go ahead. Your line is open. Thank you very much. I continue to ask you, Zlatko. Sorry about that, Johan. Yes, on looking at your Q1 results here and looking especially at the impressive 30% organic growth, how what was the impact, would you say, from the order backlog in that number? Yeah. I'll allow Susanne to take that. I think that we have been able, if we, if we talk about home care, where I commented that specifically then with the manufacturing and supply chain improvements we have been able to do. I think we have been able to prove now for many consecutive quarters that we have a double-digit growth. It was somewhat additionally fueled then. I think the 14% where we see that the organic growth is certainly sitting on a double-digit part, while a little bit of the extra that came over is actually because of our ease now in the manufacturing and supply chain. Just to comment, I think that is where the back was. That's where the backlogged, yeah. The other three BAS are not affected in Q1. Exactly. If I were to push you for a number here, would you say that you still would report like 10% plus? Is that what you're saying? I would say that we will try to have a lot of activities to make sure that we have a good growth. Mm-hmm. Okay. All right. Just also, now after you've been here for a couple of quarters here, what would you say for going forward here, how do you estimate the underlying market growth for Mölnlycke if we were to take all the four divisions as one? I think there are fantastic opportunities everywhere. As long as you move up to the kind of the value. I think that is the strength of Mölnlycke historically. We are a premium company, so if the customer looks for a total value. If you want the cheap products, you know, we're not the right partner. If you look for total value beyond the product only, where we can save money and get better outcome, we are a perfect partner in these areas in all four areas where we are participating. I think with the staff shortage and all the issues they have, I think that's playing in our way, and we have to continue to do that because we have, you know, one of our strengths versus competition in all areas is that we usually have more clinical outcome data. We've done more clinical studies. We can support our products and solutions more with outcome data. That's one. We also have a pretty good case in most areas on health economics, basically. If you really take an end-to-end look, take the trays as example versus single packs where we reduce the amount of logistics in the hospital. You can really even remove it if they go full on trays. That's where we can contribute, and we have to continue on that path, you know. We are an attractive partner. For those customers that really are squeezed now on staff, we can deliver a lot of value or be part of at least solving their problem. And I think- I think we need to stay there. Yeah. Sorry? Just to try to push you for a number also. How would you say that, you know, when we are, we love to live in our Excel models here, we analysts? If we want to get some guidance upon the underlying market growth for Mölnlycke, if you could give some sort of growth guidance for us, please. As I say, you know, I won't give you a specific number, but I think what we've done the last years, I mean, we would like to continue to do. We have gone from being a business that's grown around five percentage points, 5% per year now. Last year we ended up 8.4%. Now we're the first quarter of +10%. Of course, I mean, our ambition is to ensure that we have a sustainable growth that is in this region basically over time. Then, you know, it's extremely hard to say exact numbers. Isn't it fair to say also that we intend to continue to outperform market. Absolutely ... as we are currently doing. Yeah, yeah. That's as close as you get with a number. That's clear. Yeah. Exactly. Okay. All right. Perfect. Thanks a lot for your transparency also. I really appreciate all the details on the EBITDA margins in all, in all business areas. It was super good. It's not many companies do that. It was very good. Thank you. Thanks. Thank you. Thank you. I don't think we have any more questions over the phone. We have some questions on the web. Several of them have been covered already. In the interest of time, as we have passed the hour now, we would like to thank you all for joining us today, and especially thanks to Zlatko and Susanne. Yes. We will be back mid-July with our Q2 numbers. Thank you. Thank you. Thank you.