Hello, and welcome to the Jetpak Top Holding first quarter 2022 earnings call. My name's Reyan, and I'll be your coordinator for today's event. Please note for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad. If you require assistance at any point, please press star zero, and you'll be connected to an operator. On today's call, we have Kenneth Marx, CEO, and Håkan Mattisson, CFO. I'll now hand you over to your host, Kenneth Marx, to begin today's conference. Thank you. Yes. Thank you, and good morning to all of you, and welcome to the presentation of the Q1 report in Jetpak Top Holding. The presentation will be made as usual by Håkan Mattisson, our CFO, and then Kenneth Marx, who is me and CEO of the company. We will be covering the following topics. First thing is Jetpak business highlights during the first quarter, and then Håkan, he will follow with the financial highlights and developments during the quarter. We will dig into our expectations for the coming quarters, and we will end up this conference with a Q&A session. First of all, coming to the business highlights, I think it's fair to say that the management of Jetpak is very satisfied about the first quarter. We had a very strong growth. We had a revenue increase of 19.4%, which included the acquisition of the Danish express company, CTS Express. Looking at it from a purely organic point of view, we had a 10.2% organic growth. What was really satisfactory about the quarter also was that we saw a strong growth on the operating profit, 38%+. The operating profit equals SEK 30.2 million. Furthermore, we managed to increase the margin to 10.1%, which is like providing a good direction in terms of our long-term targets, which is 12%. Promising start of the year. We were in a situation where we saw, like, continued supply chain disruption, and that is both good and bad. Looking at from our perspective, focusing on the ad hoc and express business, that really fueled the growth on the air segment and also at the ad hoc road business. Especially I like looking into the improved mix, we saw a gross margin improvement of +1.6%, very much due to the need for both air solutions and also more ad hoc road. We saw an air segment revenue growth of strong 37%. We had, of course, more capacity during the quarter compared to last year. We also saw a gross margin improvement from 39.5% - 40.5%, especially driven by our premium product, the Jetpak Direct same-day product and also the next-day product, which are high margin products, but also at the same time, revenue-wise, driven by customer specific. We saw lots of uptrading, especially in the European sales area, but also Finland and Denmark. Partly it was uptrading among existing customers and also some new accounts. We also gained the benefit of improved network and also the acquisition of CTS, which is focusing on the air segment. There was limited growth in Norway and Sweden. Norway was like had the growth halted a little bit due to stable vaccine-based distribution volumes. We didn't see, like, the ramp up as we saw last year on the distribution side in Norway. Looking into Sweden and the air segment growth of Sweden is still pretty restrained by the fact that we do not have, like, sufficient air capacity on the most important routes during the quarter. If we look into the Express Road segment, we saw like a more conservative growth of 6.2% and a minor gross margin improvement of 0.6% coming from 19% - 19.6%. One important remark is that now we hopefully are in the end of the most significant COVID-19 infection rates. We also see that the customers demand for home deliveries has changed. We see like less home deliveries in Sweden. That is a part of the normalization. We also saw that in Norway, we had this flat curve on the vaccine distribution. On the other hand, we achieved quite a good growth within Denmark on uptrading of existing accounts and also new accounts. Looking into the domestic air capacity of the quarter, we realized that based on discussions with our main suppliers, that looking at capacity in terms of available cargo ton capacity, especially on the domestic routes, which is like our core markets, we are still like 25%-30% below the 2019 level. We still have quite a huge gap. The situation at least improved significantly compared with a difficult Q1 last year. Talk about effects that's impacting our business. When we did the Q4 presentation, that was the same day as Russia went into Ukraine. Of course, we have been like very concerned about how would that impact the business in the meantime. Looking at the last three months, we have had some indirect impact due to the war. That has especially been increased fuel cost on the air, on the road suppliers, which is also having an impact on the impact due to subcontracting that we have in place. What we have done actually is that we have installed pricing and surcharges initiatives, and we have successfully managed to neutralize the impact from the fuel cost increases. We continue to focus on the sustainability issues and very much on utilizing even the biofuels to a larger extent. Also, looking more into, like, utilizing our vehicles on the road transport in a more efficient way, doing optimization on supply chains. Electric vehicles is something that we're taking more and more into based on the increased range and also based on customer requirements. We still have, like, the eternal ongoing discussions with the customers on compensation of less cost-efficient distribution setups due to utilization of electric vehicles with a less range than our conventional vehicles. We are also, like, focusing and following the development within the drone technology. We are, like, in a position based on our asset-light model so that we can easily swap first mile, last mile business to other kinds of technologies than the present. The overhead cost ratio of the quarter was satisfactory as it balanced the increased activity level. We have done some investments and then also staffed up a little bit within the certain important areas. On the other hand, I mean, that is also driving for a lot further growth in the coming quarters. The newly acquired CTS, both in terms of development and integration was satisfactory. As we also stated when we had the last quarterly presentation, we are focusing more on M&A. We are in both, like, the phase where we have been more specific on the criteria, but also in the phase where we are, like, reaching out in a polite way to potential targets. For the time being, nothing specific and nothing more to comment on that issue. I think, Håkan, with these starting business highlights, I will hand the word over to you, and you can go through the financial highlights. Thank you, Kenneth. As Kenneth mentioned, I will take you through and try to put some color to the financial highlights from Jetpak's first quarter of 2022 as they are presented in the interim report. To start off, the consolidated total revenue for the quarter amounted to just below SEK 300 million or precisely SEK 299.107 million. This represented an increase in absolute numbers by SEK 48.7 million compared with the same quarter last year. The reported total revenue growth amounted to 19.4%, while the underlying organic growth amounted to 10.2%, as the group during the quarter benefited from an FX tailwind amounting to SEK 8.9 million. That came from a strength in Norwegian and Danish krona as well as Euro versus the last year and versus the Swedish, our Swedish reporting currency. Talking about currencies, please keep in mind that Jetpak countries have a good level of what we call a natural or Operational FX hedging, meaning that revenue in one currency to a large extent is being met by OpEx in the same currency for each Jetpak country. On top of the currency effects, we also had an M&A adjustment effect coming from this quarter, as Kenneth mentioned, in the form of the addition of the acquired Danish company, CTS Express. They contributed with SEK 14 million of revenue during this quarter. Looking at the total gross margin for the quarter, which came in at 31.2%. This was slightly above last year's 29.6%, thanks to a changed product mix between and within the segments. The segment Express Air's gross margin amounted 40.5% compared to last year's 39.5%. At the same time as the Air segment's relative size grew by 6% up to 53.1% out of the total, and that's based on a total net revenue of SEK 291.7 million Swedish. Moving further down into the income statement, the operating profit for the period amounted to SEK 30.2 million Swedish krona. That was SEK 8.4 million higher than last year's operating profit of SEK 21.8 million. This improvement was achieved despite that last year's Q1 included directly recognizable state support due to COVID-19, which then amounted to SEK 318 thousand compared to nothing this quarter. On the other hand, this year's quarter instead carried cost provisions for the long-term incentive program, which for the quarter amounted to SEK 2.2 million. Additionally, worthwhile remembering is that this quarter was also burdened by M&A-related transaction costs, which amounted to SEK 0.4 million, of course, related to the acquisition of CTS Express. The operating margin then amounted to 10.1% versus last year's reported operating margin of 8.7%. Going further down, the net income for the quarter amounted to SEK 21.6 million, which was 7.2 million or 50% higher net income versus last year, which then amounted to SEK 14.4 million. The difference between operating profit and the net profit amounts to SEK 8.7 million, that's mainly attributable to paid interests, which amounted to SEK 2.8 million on three external loans, which totally amounted to SEK 159.4 million by the end of the quarter. The second impact comes from calculated corporate taxes with an average effective tax rate of 21.5%. Earnings per share for the quarter was 1.8 SEK, and that's based on the 12 million currently outstanding shares. Note that Jetpak has one outstanding warrant program with a subscription period next month in June 2022. This program is currently deep in the money and a total of 188,000 warrants was subscribed for back in 2019. A final remark on Jetpak's cash position, which increased by SEK 47 million between the years, up to SEK 127.2 million by the end of this quarter. Given the buy and build path that has been announced for Jetpak, the board of directors have not proposed any dividend at the upcoming AGM on the ninth of June. I think that concludes the financial highlights walkthrough, and without further ado, I'll hand the word back to Kenneth for a further glimpse into 2022. Yes, that is like what we have also done in the previous quarters. I mean, looking into what is the expectations, how do we see the capacity, what kind of external effects could impact Jetpak and so on. First of all, I think what we are all concerned about is the fact that we are seeing like now an increasing inflation, and we also see an interest level which is increasing. We have a concern regarding that in terms of how would that potentially impact the overall growth rate during the second half of the year. On the other hand, we also know that we expect to see a continuous or continued domestic air capacity to ramp up during the next quarters, but we still believe that this air capacity on domestic will be 15%-20% below the 2019 level. It will support the business, and it will also like partly neutralize the impact from you could say the macroeconomic impact from both inflation and increased interest level. In addition to that, we also see that it has been announced from some airlines that we could expect air capacity reductions within the coming months due to lack of staff. We do see that this impact should be pretty limited. The road logistic growth will potentially slow down during the coming quarters, as we see some movement from among key customers, the integrators, where they are considering like some structural changes which could have an impact on our distribution network. On the other hand, that is a relatively low-margin business, so we expect that impact to be limited profitability-wise, but it could like reduce the growth within this segment. We do also expect that we will see like a continued supply shortage during the coming quarters and disruption will continue, which is from our side, of course, beneficial from business point of view, as it's also neutralizing the potential macroeconomic risk that we're facing. We will have a strong focus on M&A, as announced previously. We are also running a performance improvement program on commercial and sales staff. We are looking a lot into improving our pricing with fidelity and work continuously with cost efficiency programs. That is among the key priorities for the coming quarters. We expect an organic revenue growth in the coming quarters around 8%-10%, which is also reflecting the macroeconomic uncertainty. We also have to say that in addition to this organic revenue growth, we do expect a solid organic EBITDA growth in the remainder of 2022 without putting any kind of specific figures on that. I'm pretty sure that our asset-light business model will support us and also ensure that we have the navigation ability within the coming quarters as we are facing a somehow volatile market. All in all, I think it's fair to say that our long-term targets are still in sight. As I have said many times before, we are focusing on the bottom line and not only the percentages. That was the end of the presentation from the Jetpak management team, Håkan and myself. Now we are ready to answer any questions. Thank you. If you would like to ask a question on today's call, please press star one on your telephone keypad. As a reminder, that's star one on your telephone keypad. Our first question comes from the line of Anders Rislund. You're now unmuted. Please go ahead. Yes. Good morning. I would just like to ask about the outlook. I was not carefully listening here. Did you say 8%-10% for the remainder of the year, or is it the full year growth rate you are talking about? I'm- That's my first question. Yeah. I'm talking about the remainder of the year. You know, it could be on a higher level, but we prefer to be somehow conservative, taking the uncertainty into consideration. I think it's for the coming quarters, that would be like the expectations. Okay. Regarding the margin, the 12% target, is that you will reach that during the year, or is it that you will reach that for the full year? I think it's we are not in a position yet where we'll say that we will reach the 12% during this year. I'm saying that we are like on a journey where we are like narrowing the gap to this 12%. Exactly. How will the initiated price increases change your margin? Is it neutral to margins or is it I think it's- How does that? I think the expectation is that we will potentially have a slight increase of the margins based on the successful outcome on further pricing efforts. Okay. Also on the other cost level, you are doing a lot of initiatives now. You expect to raise cost levels in line with higher sales. You were saying something in that report that you move up costs in line with your present development. Yeah. It's, you know, during the toughest months of COVID-19, we were quite eager to cut costs, and we didn't have these large investments in staff. You know, with the initiatives that we have in place, Anders. Mm. We are pretty lean organization, and we are more or less the same people doing everything in the company. I think if we want to continue being successful in building the company larger and even more profitable in the future, then we also need to have not many resources, but some resources. Having the right competence and motivation to drive Jetpak to the next level together with the management team. That will somehow be an investment. You know. Mm. On the other hand, as long as we are having the development that we're having currently, I mean, then I think it's a good way of spending some more overhead costs as long as we keep the ratio. Yeah. You had an impressive growth for organic growth in the air freight business. Do you expect that this higher level now will be maintained, or will you even grow it from the present level now? I expect that part of the growing Express Air business is depending on the European business you have increased significantly. Yeah. I think that without like committing myself too much, I think we have positive indicators in terms of capacity for the next quarters. I expect capacity to ramp up a bit during coming quarters, so that would be positive for the air business. You know, also at the same time, as I said, we're working like constantly with pricing issues and trying to leverage the margin based on that. I think it's looking into the air business. Worst case from my perspective would be that it stabilize at the current level growth level that we had during Q1. What I wouldn't see be that surprised if we see like slightly further growth in coming quarters. Excellent. Thank you very much. Thank you, Anders. I stand back. Yeah, thanks. We currently have no further questions. As a final reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your keypads. That's star one on your telephone keypad. It seems we have no further questions, so I'll hand you back over to your hosts for any closing remarks. Okay. I would like to thank all of you for listening in to this Q1 presentation. As I think it was pretty clear during the presentation, I mean, we are pretty satisfied about the performance of the first quarter. Despite the many uncertainties, we have some pretty strong expectations about the coming quarters. I hope that we will be able to announce like a continued positive journey when we're having the next quarterly presentation. Thank you to all of you and have a good day. Thank you for joining today's call. You may now disconnect your lines. Hosts, please stay on the line and await further instruction.