Good morning, everyone. Jörgen Wigh speaking, CEO of Lagercrantz. We will start the presentation in just a minute. I'd just like to introduce myself and also Kristina Elfström Mackintosh, our CFO, is also with us on the line here. From Lagercrantz, we have released our numbers this morning, and we will try and run you through them, through the presentation that is available on our website. We will start by muting everyone, and we will open up for questions at the end of the session. Thank you. Welcome to everyone. Again, the presentation is available on our website, lagercrantz.com, and you can follow it through. I will try to highlight where we are on every page as we go through the presentation. Again, we will open up the questions at the end of the session, and hopefully we will try to keep it brief and be done in 45 minutes to an hour or so, with all the questions as well. We released our numbers for the Q1 here this morning. All of you that have been following us know that we have a year-ending the end of March. Our Q1 is the April through June then which we, again, released this morning. We feel as it was a very strong report. We've had a very strong quarter, and I think we also, compared to what the market expectations were, had a very strong quarter as well. Before we get to that, I have divided the presentation into three chapters. The first one is a short introduction to the group. Then we will look at the numbers. At the end, we have the chapter three, which is then going over some things that we feel are important to know about us as we go forward. We will then round up with the Q&A as well. Looking at page number two of the presentation, with a short introduction. Lagercrantz is, and has been for a while, a tech group. We work very distinctly in niches. We have a group of some slightly less than 60 companies, which are basically working in their separate niches, doing business-to-business technologies in different niches. Trying to do a lot of value creation for our customers primarily, also, of course, for the suppliers that we represent in some instances as well. Revenues in the group exceed some SEK 4 billion, and we have some 1,800 employees within the group. After our latest acquisitions, a few more joined us within the group. 1,800 is the current number. You can see where we're present over to the right on the slide there, where we have our pins, our needles, where we are located. As you can see, Sweden is our biggest market, but we also are strong all through the Nordics, but we also are strong in some Northern European countries with Germany and the U.K. and the Dutch region and also Poland. You can see all over to the right where we're also present because most of our companies are also going for exports and therefore we also have some footholds in other parts of the world, with especially U.S. and China and also India, as you can see there over to the right. As said already, we work in a very decentralized way, running it through decentralization and management by objectives. Each profit center have their own sort of profile. They work under their own brand name and own company name and are addressing a specific market with some specific technologies and some specific products. As of now then, as of the last quarter here, we are working in five divisions. It used to be four, and you can see the five divisions that we have up there. I will comment on that later, that reorganization that we made starting at 1st of April. Acquisitions is a very key thing in our DNA, and we try to make five to eight acquisitions per year, and in the last 12 months or so, we made 10 acquisitions. Acquisitions is a really important thing for us as a way of growing the business. We have been separately listed since 2001, and before that we were part of the Bergman & Beving Group, so we have been on the stock exchange since 1976, really, under another name up until 2001, but under our own name since then. That's an introduction to the group. Looking at our performance, you can see here on page number three. We started out in 2005 or so with some lower margins and have since then really been growing our profits. We had a downshift in the financial crisis of 2008, otherwise it's been growing nice and steadily. Now that we can conclude that we had an all-time high in our profits and a very strong quarter as you can see all over to the right there. You can also see that the scales here are proportionate from the left to the right, and you can see that the margins have been improving along the way, and we've been since quite some years now, above 10% in EBIT margins. That has also been enforced now by the strong last quarter we've had. You can also see over to the right there, we also have some significant sales growth here in the last quarter. We have been affected by the COVID-19, but since now three, four quarters, it's been improving again, and we're coming back, and now we're also growing the business on top of that, with both organically and through acquisitions, and then concluded a very strong quarter here with the SEK 589, I think is the moving 12 months figure for our profits at the moment, up quite significantly here in the last quarter. It's been a good performance for us. A few more comments on the Q1 report. You can see them on page four. As already pointed out, we have set up the new structure with the five divisions. Previously we were four, and before that we were even three, but since now 1st of April, we are five divisions. Our focus in doing that has been to clarify the attractiveness that we see in some of the segments that we are working. We have some companies that are really addressing the electrification of the whole society. We have a couple of other segments which I can come back to later. We would like to highlight that both internally, but also externally towards the stock market and the M&A market, we would like to highlight where we would like to be and what segments and what markets we'd like to address. In order to do that in a better fashion, we have now put together the new structure and reorganized the business. I will come back a little bit more to that later on. What was good with the quarter was really the strong organic sales growth with the 18% organically. We had just as much coming from acquisitions, and then we had an FX effect that was basically slightly negative. Underlying the sales growth was very strong, the 18%. That is a new, very strong number from us. We have been much lower than that before, but it was great to see that we managed to get the 18%. That came from both that we see some recoveries in some of the markets. We had some easy comparables to some extent, but on top of that, we also had significant growth coming from many of the companies broad-based in the group. Some companies in Germany and Denmark have been doing it quite much better with some stronger underlying markets, but also with some restructuring taking effect along the way and where some companies have come back to growth here after some restructuring in some instances. A general improvement recovery during the quarter in most markets. We concluded it was a strong market. We see moving forward and also in this quarter, we saw some effects from the component shortages. Many companies are now talking about the rising prices in raw materials and shipping costs as well, and that we saw some effects of. On a broad base, I think we've dealt with it very well in our companies. We are very niche-oriented, that means that we see some effect in some instances, but it's not very rarely sort of affecting us on a group level, but it might affect some specific profit centers within the group. We also feel that by being niche-oriented, we can also have some good pricing power because we are the specialists that basically are delivering some clear values to the customers, therefore, I think we've been pretty good at also raising our own prices to compensate for higher cost of goods sold really in our businesses. Nevertheless, that of course constitutes an uncertainty going forward. I think we see price changes quite a lot in a lot of markets right now, we are basically there to compensate and determine to compensate in most cases. Of course, it's a volatile market, and it might affect us here in the quarter to come or so. I think it's something to be aware of when we go forward. The new acquisitions during the quarter was also coming in very nicely. The CW Lundberg which is the CWL, and also Libra came in very nicely. They added to the numbers. Again, I think 60% of the profit growth came from organically and 40% from acquisitions, and while on the sales growth, it was 18 both from sales growth organically and 18% from acquisitions. That I think is the split. We can also see down to the bottom here in the charts on page four that we can also see nicely that we are really developing our group. We see some improvement when we're looking at the proprietary products. It came out to the 68% there. I'll have another slide of that later on. It's improving as we are aiming for the 75%, which is a key strategic target for us. We also see that we are also becoming more and more international with more and more sales coming as exports. We feel that we have very strong product companies within the group, and the aim is to go more for exports where we are really pushing some of the companies to go that route, and that is also affecting the growth and opportunities for the group in the long run, which we feel is important. You can see that over to the right there, that it's been slightly growing along the way. Looking at the Q1 report figures on page five, we had the net revenues that increased by 33%, and it reached SEK 1,031 million. That was a really strong number with the organic growth. Part of that was 18%. Again, the addition from M&A was 18%. We have a slightly negative FX effect in the split in the revenues, how that was developed. We had the EBITA then reached SEK 212 million, which is a very strong growth of some 70%. The EBITA margin was then 16.3% as opposed to 12.7% the same quarter last year. The profit after financial items then almost doubled at a 94% increase and amounted then to SEK 180 million for the quarter. You can see also the profit after tax amounted to SEK 139 million. As already highlighted, we made two significant acquisitions, really. Those are slightly bigger than we normally do, and therefore they are very important to us, both the CW Lundberg, which will be part of the TecSec division, and then the Libra that will be part of the International division. They are groups, really, so they have businesses in different parts of the world. You can see where they have subsidiaries here from with CW Lundberg having it in Sweden, Norway, and Poland, while Libra has it in Norway, Latvia, and Vietnam. That was also important for the quarter. The return on equity amounted then to 25%. That is meeting our financial target of 25%. We have been in that neighborhood for quite some years, but in the last year or so, we've been slightly below. The 21% was the number for last year or the same period last year. Now we reached the 25%, which is also, I think, is a positive sign from us. The operational net debt increased to SEK 1,293 as opposed to SEK 992, which was the end of last fiscal year. The sole thing there is really the acquisitions we made during the quarter, which affected that number. We have made some good acquisitions, of course, that also increases our gearing a little bit. As already communicated earlier, the board of directors will be proposing SEK 1 per share in dividend. The annual shareholders meeting will be here on August 24th. That is the proposal for that annual shareholders meeting. Looking at the Q1 report by division, we have that on page six. You can now see the five divisions as opposed to the four we used to communicate around. I think we have really five very strong divisions here. You can see that the EBITA increased in all divisions. Here we also have some good growth in basically all divisions as well. You can also see the EBITA margins down there, how that has evolved in the different divisions. Especially, I think you have been keeping your eyes on the International division, which was lower a year ago, and that we communicated quite a lot around, but they are now up to the 12.1% and have been doing it better now for a couple of quarters, which I think is very promising. We can also see the Niche Products division, where we have most of our product companies, the niche-oriented product companies, and they are slightly above 20%, which I think is a very strong sign as well. Also we see TecSec and Electrify being very strong as well with 19.4% and 17.8%. I think we have a very good portfolio of companies, and the quality of the companies are improving all along. We also see the share of proprietary products and the opportunities for exports being developed quite a lot along the way as well. I think we are really building the group in the right way here, and that I think is very promising for the future. A few comments by division, we also have on page seven and eight, and we can see that all divisions really grew their profits or the EBITA within the Electrify, many companies did very well. Our biggest company, Elpress, is within these divisions, and they did it very well again, I would say. We also have the Cue Dee company providing the brackets for the antenna systems also did it very well, but also had some more project-related transactions during the quarter. That also added to the number here in the Electrify division. We also concluded that the VP Metall and Esari, which was the acquisitions we made here this quarter also added a good quarter from the Electrify division. The Control division did it very well. Here we saw that the EBITA margin reached at 14.5%, and EBITA was SEK 22 million as opposed to SEK 15 million last year. Here we can see that many units showed a good earnings improvement, with especially Precimeter and GasiQ reported some particularly strong quarter. A very strong quarter there as well. They didn't have any acquisitions here in this period. It's added to the numbers, really. This is a pure organic change along the way. The TecSec division increased their EBITA by 100%. They doubled it really. That came from a lot of the companies doing better than last year. R-con, which is the biggest company within the division, but also ISG Nordic and Idesco did very well. Then we added this CW Lundberg new business that we acquired here in April, that also came very nicely and added to the very strong development of the TecSec division. To move on, the Niche Products division on page eight then, we can also see that increased their profits by 31%. Here we have some companies doing it very well, while others did it very well also last year. You can see the very strong EBITA margin, 20%. Here, we saw some acquisitions coming on board as well in a very nice fashion. We can also see that as the countries and markets open up after the closure due to the pandemic, for instance, the Asept business is coming back. That was more severely hit by the effects of the COVID-19, but they're doing it better again, and that looks very promising. On the other hand, the Tormek did it very well this quarter as well, but we also see that they were positively affected by the COVID-19 closures, and that effect is also declining a bit along the way. Last but not least is the International division then, increased their EBITDA by 125%. Here we see that both Germany and Denmark, which is the response within the International division improved, and we also see some good effects from the restructuring that we made a year ago coming into the numbers here. We see the Schmitztechnik, Unitronic, for instance, which is the German unit that did it very well, but also the Danish unit ACTE, ISIC and Skomø did well. Also the acquisition from Libra that came in very nicely here as we had planned. That's a few comments by division. That was basically the comments I would like to make around the report. Looking ahead, I think it's important to know about us is that, we have clearly communicated now that we are aiming for the SEK 1 billion in profits. We feel that we have a very strong business concept, and it has been successful for many years. We plan to sort of move along those lines and continue developing the group the same way we have been doing really. Also pushing for some focus, pushing for some greater ambitions along the way, and doing it even better in the coming years. Really to build the strong business-to-business tech group and reach the SEK 1 billion in profits. What are the key themes in this new strategic program then? It's the clarification of the strategies and financial goals. We have been doing the reorganization. I touched upon it already. I will give it a couple of more comments. Then we're also looking at M&A capacity that we have within the group. We plan to increase that and are about to do so already. We also have the focus on sustainability, where we have put some clear goals and targets around that to make it even more viable and even more sort of work into our processes and into our group and the way we work. It's a lot of good things I think we are pushing in order to escalate a little bit further and push for better growth along the way. Looking at those key themes, we plan then to work with our vision and financial goals. We have altered them a little bit and developed them a little bit here. For those of you that have been with us, you have seen this slide many times. We plan to be a very strong and sustainable supplier of value-adding technologies with market-leading positions in several expansive niches. That is our vision statement. We plan to build a very strong group with these sort of very sharp and specialized companies, very specialized and very sort of strong in their respective niches. Through that, we plan to grow our profits, the earnings before tax with more than 15% per year. We have clarified then that we feel that at least one third of that should come organically, but M&A will remain and be very strong, very important to us, and we are pushing the number of making a little bit more acquisitions than have been doing. five to eight is the current number, five to eight new companies coming into the group. By that, basically grow the business by some 10% per year through acquisitions. We would like to continue our good path of high returns and high return on equity. The return on equity is our financial goal, which should exceed the 25%. As pointed out already earlier, we are currently at the 25%, improving from last year. We are basically already there, would like to push it even further along the way. In doing this, we aim on page 11, you can see that we are aiming for the 75 proprietaries or proprietary products. We used to be very much more of a trading company, very much more of doing value-adding distribution. As you can see here, all the way since 2006, 2007, where we acquired the Elpress Group, we have been pushing for more proprietary products. That gave us better opportunities for those companies that have usually better margins, and they also have better opportunities for organic growth through especially exports. Therefore, we put it up as a strategic aim for us to move to 75% proprietaries. As you can see from the slide previously, that as we have been doing this, our margins have been pushing, and the performance of the group has improved as we have moved this way and that we will continue to do. That's important to us. The latest number there is the rolling 12 months, that is the 68%. It's been increasing again with the latest acquisitions we made here during the quarter and previously as well during the winter. We will, in this Lagercrantz towards SEK 1 billion also of course remain our focus on value add. Here you can see how that's evolved over time, and this has also been a very strong, important thing for us to basically be very focused on value add and push for higher gross margins. Early on in this time series, we did that through reorganizing and also some pruning and cutting out sort of businesses which we didn't feel was profitable enough. We have continued to push that, here in the latest years, it's also been pushed quite a lot with the improvement of more proprietary products within the group. That we would like to continue. Again, in Q1 here, we pushed the number a little bit further from the 38.6% we had moving 12 months from our older fiscal year 2021 to the 38.8%. It's definitely a step in the right direction here as well. The reorganization is another key thing in the strategic program. We have the five divisions here, as you can see from page 13. Here we have basically been moving around companies. We used to have four divisions, with some headlines that we felt that we needed to develop, that we felt that we should push for finding areas with more structural growth and highlight that to everyone. We have a lot of companies addressing these different segments and these different markets already, but we would like to also highlight which way we would like to go. In the Electrify division, we are pushing for products that sort of enable the electrification of the society. For instance, development of electricity infrastructure and components and network products and that type of thing. We have a number of companies within that area already, and we plan to grow that further, both organically but also through acquisitions. Here we are expecting some structural growth along the way. Within the Control division, we are basically looking at the same. That is an area of very high around sustainability. With measure and control, doing things remotely rather than to travel, using a lot of sensors and communication devices and solutions around that, lighting control is also an area within the Control division. The TecSec division is having solutions for increased security in society, such as passage control, surveillance system, fire security, et cetera. An area which has some underlying growth and that we also feel that we have some strong companies within that area. Now we added also this CW Lundberg here, which is, I will come back to that acquisition, that will be important also for the TecSec division. The Niche Products division is basically they have been very successful for many years, so we'll keep the sort of the recipe or the strategy that we have within Niche Products, and doing it very well. You can see they have been growing quite significantly, and they also have a very strong EBITDA margin here, doing it very well for it. Within the International division, we are taking the companies that we already have in, especially Denmark, in Germany, in Poland, in the U.K., and trying to build something more around proprietary products within that division as well. We're basically taking the concept that we have been doing in the Nordics and taking that abroad, really. That is a bit of a new thing, and we will push for that. The Libra acquisition was sort of the first thing going in that direction, where we already had some companies within the marine sector, but Libra is now adding to that cluster of companies as well. I think it's very promising to have this different reorganization and a new divisional structure here, which we feel is having a good effect already here, working with it only for some three, four months or so. That's good to see. Another thing within the Lagercrantz towards SEK 1 billion is the increased focus on sustainability. We are working both on a group level, which was illustrated here over to the right on page 14, where we're working with the three areas, the ESG goals and the UN-stipulated different types of goals that we're working with. You can find that in our sustainability report as well, which is very sort of extensive and put into our annual report, which was made public here just a week ago or so. You can read more about that. On top of that, we've also put in some 60-plus local initiatives. We are working very decentralized. They would like things to happen out in our companies. We have basically been working with this on all levels within the group, and are basically looking quite a lot on making this a thing for us when we offer new products and solutions for our customers, that they should be sustainable and that we are focusing on that in our offerings to our customers. Also, of course, taking care of our own and upstream as well with our suppliers and trying to doing it better. In order to do that in a very local way, we have put together some local initiatives in all of our companies, and we are highlighting that also in our sustainability report. This, I think is very promising for the future, and important as well. Last but not least is then the increased capacity within M&A, which is also part of the Lagercrantz towards SEK 1 billion. Here we have been working quite a lot within the Nordics and have been doing some M&A also lately in Germany and in the Dutch region, in Holland, but also in the U.K. Here we plan to do more of that. We are putting together the organization. We are stipulating putting together the International division as one thing, but we're also addressing with some new resources and doing it with this more broad-based than we have been doing, in order to increase the capacity with the M&A. We would like to have multiple acquisition processes going at the same time simultaneously. This is the way for us to do this. I think it's been very promising, and you can also see from our latest acquisitions, which we have here on page 16, that we have in 2021, basically made seven acquisitions, that add approximately SEK 580 million to our sales volume. You can see that's more than 10% in just here six months or so, seven months. That I think is very promising along the way. We also then conclude that I pointed out the CW Lundberg and the Libra, which I would like to comment here on page 17. The CW Lundberg will be very important for us. That is a clear market leader in the safety products for roofs and facades. They are very strong in Sweden, but also have some clear export ambitions in Norway and also step up a business from their own premises in Poland. You can see down to the right there, they have been growing and they're also producing some nice EBITA margins and profits along the way. This will be a very strong company for the buildup of the TecSec division along the way. They have been doing a very good first quarter here for us, and it came in very nicely. It feels very promising for the future with the CW Lundberg company. The other company we acquired here during the quarter is the Libra company. That is a Norwegian company producing or a leader within premium quality doors and hatches and storage units for the marine industry, with also some good numbers in terms of sales and profits. You can see that down to the right there. They are very strong in Norway especially, but also have a strong within their niche. They're also very strong in Europe and North America, and also with some sales in Asia as well. They have subsidiaries and production facilities in Norway and in Latvia, but also through a minority shareholding with the company in Vietnam. This just sort of came into the group here in, was it April or so? May even? Have been coming in very nicely within the group. The family in Lillebø here will remain as shareholders of 25%. They will be with us here for the future as well. That will be part or is part of the International division here as of last quarter. To round up, I think the financial overview says that this is really our long-term trajectory, and you can see how we have been growing on page 19. You can see how we've been growing. We haven't updated with the last quarter here, but this is the last fiscal year. You can see that we have a long history of improvements and growth, and also some strong margins and also some strong return on equities. That is basically what we have been doing and plan to do for the future as well. With that, I think we should open up for some Q&A. Kristina, would you like to add something before we open up or? If you would like to unmute yourself, please use star six and you can put out your questions. Can you hear me? Yes. Hi. This is Viktor Hansson from Nordea Aktieanalys and your research. You've completed two relatively large acquisitions recently in CW Lundberg and Libra, and you mentioned that they are slightly bigger than what you normally do, Jörgen. I'm wondering if you've shifted your focus somewhat towards larger platform acquisitions, and for the larger acquisitions to become more common in the future. Yes. I think the simple answer to that is yes, somewhat. I think we will try to do both. I think we will move up a little bit, but we will still make a lot of acquisitions. The five to eight is still the relevant number. To some extent, I think we will look for some bigger ones as well. Both CW Lundberg and Libra are a little bit bigger than we have been doing, it's not like it's a huge difference. We're moving up the scale to some extent, yes. Okay. Regarding your M&A pipeline, what does it look like now that society is reopening? Maybe are there negotiations that can now enter the next phase and due diligence that can start now the traveling becomes easier? Yeah, it is. I think it has been good for some time now. We feel as of last August or so last year, I think it's been picking up. I think it's a lot of deals being done, and we also see as markets open up, we have the opportunity to travel and visit the companies. That has been difficult for some time. I think that will also add to the sort of the speed of the market and that I think is promising. For instance, we have been now visiting a company in mid-Europe and another company in the U.K. and we've been able to do that as the societies have been opened up, and I think that will be happening more and more here in the fall as well. Okay. That's exciting. You mentioned planning on adding more M&A capacity, and I'm just wondering, do you refer to expanding your M&A team headcount or could you clarify that? Yeah. To put it simply, I think that's what it's about as well. We are adding people on the divisional level as we're putting together the new divisions. M&A focus will be very strong also on a divisional level. That has been so for some time, but it's being enforced here along the way. We're also putting up some resources and finding some key people to work with in markets like Germany and the U.K. It's been also expanding some resources and being able really to run more processes simultaneously. Okay. Regarding the business areas, if you could add some flavor to Control, would it be possible to give a guesstimate, or maybe you have the numbers on how much of the EBIT improvement comes from restructuring and good business momentum? I think most of it is better business momentum, but we also had some smaller units that were struggling last year. We had especially one in Sweden that turned a small loss into a good profit this year. Most of it was sort of a stronger market. Okay. My final question, for International, you mentioned the reopening of Germany and Denmark. Was the strong results and the strong margin due to temporary pent-up demand or is this more representative of the run rate going forward? I think it should be viewed as more representative of the margin going forward. We are aiming for the 12% or so. That's the level we feel that we are on at the moment. That we hope to be able to continue on. Okay. That's all from me. Thank you, Jörgen. Anyone else? Hi. Yeah. Hi, Marcus Almer. Can you hear me? Yeah. Yes. Hi. Starting out to ask you a little bit about underlying demand, because the feeling I get from reading the report and listening to you is that the market is actually quite strong, I'm talking the underlying market. It's stronger, it's not just pent-up demand, but it's actually underlying strength that is going on. Do I read you right? Could you talk a little bit about segments or industries which stick out here, which is driving this? It is a strong underlying market demand, I would say. In looking at Lagercrantz portfolio companies, we are working quite a lot in niches. That means that we see it on a broad front, and we see it a little bit here and a little bit there, but all in all, the conclusion is that it is a strong market. Within the more electronics-related sectors, we see some strong demand due also to the shortages that customers want to place extra orders and that type of thing. That is driving the demand there. What I think is more important to us going forward and now as well is also the electrification of society. I think we are seeing some good growth coming in from that. We are building networks. We are building more electricity infrastructure around the world in the markets we're present in. That's also driving it. I think it's really a broad-based strong demand that we see in many different parts of the business, and that's adding up for the whole Group. You would agree with me that it's a broad-based recovery. It's not just pent up. It's just the market is quite strong. Yes. That's also the kind of communication that you get when you talk to your customers and your subsidiaries. Yes. I would say so, yes. Okay. The second question is, the earnings growth was quite impressive, and the margin expansion was very good. You had obviously with 18% organic growth, you get quite good leverage. If I look at the drop-through rate or incremental margin, it is still just 30%. You still have the impact from the acquisitions, et cetera. What is the main driver, would you say on the margin side? What is driving the margin in the way it is right now, if you could just give a little bit of color about the components? The demand growth and the volume is, we have some share of fixed costs. Of course that's driving it as well. We also see the shortages and the freight prices is working the other way. I think also that we have been good and are good at pushing that over to our customers. Yeah. I think everyone is realizing that in this sort of situation, it's a bit extraordinary that we need to push prices as much as we do, and also what our suppliers do, that everyone does in the market. Prices are on the way up, and it's difficult also to judge what is what, because we might end up with having a price increase from our suppliers starting the 1st of May, and then we raise our own prices 1st of June. Therefore, it's a bit difficult to give an overall perspective on that. I think as we are getting more and more proprietary pricing into our group, I think we are definitely pushing for better both gross margins, but also operating margins in the group as we go forward. Mm-hmm. Okay. Thanks for that. Just a housekeeping question. Your acquisitions, when were they consolidated? The Libra-Plast and. The Libra-Plast, 1st of April, both of them. Okay. CW Lundberg? Yeah, 1st of April as well. Okay. Perfect. My final question is just on the, and maybe you've said this before, but the SEK 1 billion in profit, have you said or quantified in any way what part of that is margin expansion and what part is sales, or if you expect to, if most of it is going to be top line or if there will be a mix. Have you quantified that in any way? No, we haven't. Okay. I think we need to be opportunistic on that one because it depends on what type of acquisitions we find, and we would like to push a little bit of both. I also feel that it's important for us to not get so tied up with the margins that we only can acquire companies that have 25% margins. I think that the hunting grounds becomes too small. I think it is important for us to realize that we need to push for organic growth and through that also build profits, but not necessarily every time pushing for the better margins. Mm-hmm. Okay. It will be both. I think it's important to realize that we are planning to build earnings per share. That's the key thing. Okay. Well, excellent. Thank you very much. That was all for me. Thank you. Okay, someone else? You can press star four if you'd like to unmute yourself to put your questions. Okay. Maybe that was Oscar. You have to star four. Say star six for the participants. Yeah. Hi. Can you hear me? Yeah. Perfect. Thank you. Herman Eriksson here from DNB. I just have one question regarding the Control division. I can see that it's quite large fluctuation in the EBIT margin. I was just wondering if you can light some color on what is driving these large fluctuations in the margins for the Control division. Thank you. The improvement in margin, is that? I didn't hear you really. Yeah. No, looking at the previous quarter as well, it's quite large fluctuations in the margins. They jumped quite a lot from quarter-to-quarter. Yeah. I was just wondering if you can shine some color on that. Yeah. I think we have some seasonality here. For instance, one key profit center within that division, the Control division, is the Radonova business, and they have a very strong winter period, so they usually come in very strong. If you look back in our numbers two, three years back, you will see that especially the Q3 and Q4, our Q3, Q4 is usually very strong, while the summer quarters are less strong. What happens here now is the Precimeter business is coming in, and they have more of a project-related business, and they have been doing very well, both sales and order-wise here lately. I think that will sort of balance it a little bit. Especially the Control division will have a stronger winter season than the summer season. Again, also as pointed out, we have also made some other acquisitions within the Electrify division, which the seasonality is different. All in all, I think the seasonality has pushed us to having a very strong Q1, really, that will support it now. Perfect. Thank you very much. Also sees seasonality. Yeah. Great. Thank you. Good. What do you think? Should we leave it at that? You can still, if you unmute yourself at star six, there is room for another question maybe. Otherwise, I think both me and Kristina will be available here today. If you would like to call us, feel free to do so. Thank you all for listening in. Have a good day. Have a good summer. Hope for everyone to have some summer holidays as well. We plan to take a few weeks now. Thank you all for listening in, and have a good summer. Thank you.