Thank you very much. Good morning, everyone, and welcome to the first quarter presentation for Loomis. My name is Aritz Larrea, and I'm the CEO of Loomis. With me here today, I have our CFO, Johan Wilsby, and Jenny Boström, our head of Sustainability and Investor Relations. I will begin by giving a brief review of our Q1 business performance and an overview of our results before taking questions. Let's start the presentation by turning to slide three. Starting with an overview of the market development and how the trends relate to our business, we had a solid performance during the quarter. We continue to see high demand for cash handling automated solutions, and we have a strong growth within SafePoint in both the U.S. and Europe. This is our second quarter with Cima in the group, and I'm pleased to see how well they have integrated. Cima had a strong performance in the quarter with positive sales synergies. While many of our business lines had revenue growth in the quarter, we did see a cyclical volume decline in the international and the FX businesses. As we have communicated since the third quarter last year, we have seen that the higher interest rate environment and metal pricing impacted demand for storage and transportation of cash and valuables, which has a negative impact on the international business line. Similarly, the high metal prices impacted the gold trading within our FX business. We are witnessing an increase in global conversations around the significance of having access to cash due to the present geopolitical environment and growing cybersecurity risks. I would like to highlight that in the Global Payments Report for 2024, it was called out that cash remains relevant amid economic uncertainty. We will continue to support society with providing efficient and sustainable payment flows. We're also pleased to see an increasing interest from many stakeholders when it comes to our work within sustainability. I'm pleased to see that our sustainability metrics are trending in the right direction, and we are exceeding the targets set out for the strategic period ending this year. I will share some more details of our progress later in the presentation. Let's move on to the next page, where we have the highlights for the quarter. We had a strong, solid revenue growth in the quarter and achieved a revenue above SEK 7.2 billion, with growth for all three segments. Including the currency impact and acquisitions, revenues increased 6.5% in the quarter compared to prior year, and the organic growth was 6.3%. Cima contributed to the group's revenues with close to 3%. Changes in currency rates had a negative impact on revenue. We recorded double-digit growth for our automated solutions, even when excluding Cima. Our commitment to growing and developing our offer of automated solutions is an important part of our strategy. Our operating margin was 10.4% in the quarter, and the performance across the business was mixed. The U.S. segment had a great performance with volume growth and also successfully continued to implement operational efficiencies. Europe and Latin America had a more challenging start to the year, and actions are on the way for margin recovery. The calendar effect, with less days in March due to the timing of Easter, had a negative impact of close to 1% in operating margin for Europe and Latin. Allow me to further address these drivers in more detail later when we run through the segments. The operating cash flow for the quarter was impacted by a temporary buildup of stock on foreign currency, which will be reversed in the next quarter. If we exclude the temporary buildup, the cash conversion ratio would have been 78%. Due to timing between the quarters, it is more relevant to look at this metric over a 12-month basis, and then the cash conversion was a strong 89%. We have repurchased 700,000 shares in the share repurchase program, as we announced yesterday. The board of directors has resolved to repurchase shares for an amount of up to SEK 200 million in the second quarter. The Annual General Meeting yesterday resolved on the cancellation of close to 4.3 million treasury shares that are held by Loomis. Following completion of the transaction, the total number of outstanding shares in Loomis will amount to 71 million shares. In April, we obtained a BBB investment grade rating, credit rating with stable outlook from S&P Global Ratings. I'm proud that our fundamentally strong cash flow generation and financial position have been recognized with this rating. This rating provides us with additional flexibility in the financial markets going forward. Let's then turn to the next page and address our reporting segments, beginning with Europe and Latin. The positive trend in revenue growth in Europe and Latin continued, where we did have a solid quarter. Price increases, as well as growth from emerging markets, were the main contributors to the organic growth. I would like to highlight that while we have been raising prices, they have not yet been fully implemented in the quarter. The annual price negotiations are ongoing, although not as expected. Cima had a strong performance in the quarter, and I'm pleased to see that they are integrated well in the group with positive sales synergies. Also, our Automated Solutions with SafePoint and Recyclers had a double-digit growth on a standalone basis as well. The present macro climate, with high pricing on precious metals, especially gold, as well as interest rates, have negatively impacted our FX and international businesses. It is too early to say when this cyclical impact will trend back. However, we hope to see it reverse during the second half of the year. Our primary goal for 2024 is to improve and increase our profit margins. Recovering our margin in the Europe and Latin segment will require both efficiency gains and also restructuring strategies.... Let's turn to the next page over to the U.S. The U.S. business is more than 50% of our business, and we keep delivering strong performance in this market. The cash handling business in the U.S. is a growing market, and we are well positioned as the outsourcing of cash continues. Revenue and operating income were record high in local currency. While there was a slight negative impact from changes in the U.S. dollar against the Swedish krona, revenue reached SEK 3.8 billion, with a continued increase in recurring revenues. Our organic growth was above 6% and includes a significant volume growth. I want to highlight that the automated solutions business with SafePoint achieved double-digit growth for yet another quarter in a row, and we see a strong pipeline ahead. Our revenue related to automated solutions and ATMs increased to 45% of our U.S. revenue, which is margin accretive. We reported a strong operating margin of 15.1%, thanks to our volume growth and our work on operational efficiency. The labor market trends have also been beneficial compared to prior year. Let's turn to the next page and talk about Loomis Pay. Also, for Loomis Pay, we had a strong revenue growth in all markets compared to the previous year, and revenues amounted to SEK 16 million. The sequential decline compared to the fourth quarter follows the normal seasonality pattern in the food and beverage market. Transaction volumes increased compared to the same quarter last year and the fourth quarter and reached SEK 1.3 billion. During the quarter, we acquired a Spanish POS provider with a broad distribution network across Spain, which will accelerate our growth journey in Spain. Let's turn to the next slide, where I will share a couple of highlights on our progress on our sustainability initiatives. We can see that our sustainability-related projects are moving forward, and we are clearly on track towards reaching our sustainability targets for the strategic period. Keeping our employees safe and minimizing the risk of injuries is one of our most important responsibilities. Therefore, I'm pleased to share that we have succeeded in further reducing the injury frequency rate during the year, and we've continued to strengthen our proactive measures for our employees' well-being. Even with our strong organic growth, we have successfully decreased our carbon emissions from fuel consumption and energy use in absolute terms. On a rolling twelve-month basis, we have, by the end of Q1 2024, reduced our emissions by close to 19% compared to our 2019 baseline. This should be put into context that we have had an organic growth of 16% during this period. Our investment in a lighter and electrified fleet, smarter route planning systems and technology, will contribute to further emission reductions going forward as well. Although the implementation of the Corporate Sustainability Reporting Directive may be delayed in Sweden, we are continuing with our efforts to set our ambition, ambitions and targets for the next strategic period. Let's turn to the income statement slide, where I will start by highlighting the strong growth, where our real growth, excluding currency, is above 9%. We also have some costs associated with the restructuring plan in Europe and Latin America. In general, we continue to be delayed with the restructuring, and you can anticipate the remaining portion of the restructuring plan to be recorded in our income statement during the second half of the year. I would also like to highlight that the increase in net financial items is largely a result of increased interest rates. We see the entire impact of the prior interest rate rises in our financial net for the quarter, since, as you are aware, the majority of our borrowing has variable rates. Moving on to the next slide to summarize our performance. We continue to see a solid organic growth for the group. It is important to remember that when we announced our growth target for the strategic period, we always stated that growth would be higher at the beginning of the period with the COVID recovery. Thanks to growing revenues and structured work on improving our operational efficiency, our margin increased in the U.S. As I touched upon earlier, there is more to do in terms of margin recovery within Europe and Latin, and this is a high priority for the year. In terms of Loomis Pay, both transaction volumes and revenues ramped up this year, and I'm positive that our efforts and investments in Loomis Pay will continue to generate results. While we did have some timing effects in the quarterly cash flow, the cash conversion ratio on a rolling 12-month basis was strong, and we have the capacity to continue to make both strategic and value-creating acquisitions and distribute returns to our shareholders. Our capital allocation priorities remain, and we aim to use our capital in the best way to generate returns and create value for our shareholders. The board of directors has decided to continue with share repurchases in the second quarter, in addition to the dividend of SEK 12.5 per share that will be paid out later in May. The annual general meeting has decided to cancel about four point three million treasury shares as well. Lastly, we're making progress within our climate-related sustainability initiatives, and in 2023, we further decreased our absolute emissions from transportation by close to 4% compared to the level of last year. As we get more and more electric vehicles on the road and further work on optimizing our routes, we are decreasing our emissions for transportation despite growing our business volumes. As I mentioned before, keeping our employees safe and minimizing the risk of injuries is one of our most important responsibilities... While we're seeing our efforts having the desired effect, we can never be done here, and we will continue to strengthen our proactive measures for our employees' safety. Our investment in a lighter vehicle fleet is thus twofold. With new innovations and higher security features, we can both further improve the safety of our coworkers while also reducing emissions. But before opening up for the Q&A session, I wanted to share that we will be hosting a Capital Markets Day on November thirteenth. We will share the details at a later point in time, but for now, save the date. With that, I'm done with my summary of the first quarter of 2024. So let's turn to Q&A. Operator, we are now open to questions, please. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only headsets while asking a question. Anyone who has a question may press star and one at this time. Our first question comes from Victor Lindeberg with Carnegie. Please go ahead. Good morning, and thank you for taking my question. I have a couple of questions from my side, maybe some more detailed ones starting on FX in Europe, where you give us a number of the FX being a -5% year-over-year. And just to try to understand here, given your bulk of your business being euro-denominated, and adding to that some Swiss as well as sterling pound exposure, all these currencies are actually plus when looking year-over-year. So there must be a very meaningful impact coming from other markets such as Argentina and Turkey then. But you also give us the impact from Argentina. So I'm just trying to understand, and maybe you can share some more details on the segment split here, because I seem to be quite off when trying to model the effects on Europe and how the countries tie together here. Or if you have changed your definition on FX as of recently. So maybe I have missed that as well. But starting on that, then if you agree to one. Hi, Victor, Johan here. Sure. We have not changed any classification, so that we can start with that. I mean, the impact that you see is largely to do with the devaluation of the Argentine peso that happened in December. If you disregard that, the currency impact, you know, would be, you know, a lot flatter, as you indicate. Besides that, you also have some depreciation in, in, in emerging markets like Turkey, Europe, et cetera, contributing to that negative number. And in terms of your modeling, these two countries represent, you know, less than 2.5% group revenues, just to, you know, give you an indication. Yeah. I think that's what I have in my model as well. So maybe we can take something of that offline later then. But then I understand there's no changes. Relating to that, is there a meaningful mix effect when you look at different profitability in different countries where some countries may have grown or shrunk year- over- year? So looking beyond the effects and the international businesses that you highlighted being headwinds here, are there any meaningful mix changes where high-margin countries have derailed or vice versa? No, no. I mean, the normal suspects are the ones that we always talk about. We've got Germany as loss-making, of course, but there's no other big changes there. I mean, the biggest effect is the international business. That is big in Switzerland, it's important also in UK, and it's important in Germany, and that's where it's impacting most. Yeah. And maybe to add what Aritz was saying in his summary, that the sort of margin impact of the less working days as well, you know, if you didn't test that. Yeah. And I suspect that one we should just reverse for Q2, the margin impact on calendar. No, that's, that's not the case. I mean, we don't have more working days in Q2 compared to prior year. So in Q1- But did you have? Did you have, because you had an extra day in February this year as well, but I thought it was more the timing effect of Easter that was negative for you, but you have less working days in absolute terms in Europe, you mean? Yes. Okay. Got it. Looking at your European SafePoint rollout, and I try to strip out how much is organic, trying to strip out Cima, and it looks to me that you're growing very nicely organically in SafePoint Europe. I'm looking at somewhere in the range of 25% year-over-year, accelerating from the levels you were at back in Q3, further accelerating Q4. Or is that maybe a bit off, or is it ballpark where you see your numbers organically for SafePoint Europe? I think you're correct. I think now all the efforts that we've been doing for a while, and we've been receiving questions about, hey, when would this look like in the U.S.? And we've always explained that that's impossible. Nevertheless, we have been making a lot of efforts in previous quarters, and now that's paying off. So we are seeing a big uptick in SafePoint in Europe. So I think you're just spot on. Hmm. Okay, good. Very good. That's very comforting to see. Can you give us some more details on countries or parts of Europe where you've been more successful or where you see the growth taking off now? Is it many, many customers or few large ones? Just to get some more color on the success of the rollout. It's not large customers, as it could be in the U.S. We've got many customers in different countries. We don't have a specific country. Obviously, the bigger ones have a bigger business and a bigger increase. But it's just spread all over the European countries. Okay. And I guess the million-dollar question here is also now, when you have a positive mix change when looking at the business, it should actually suggest margins coming up, not the least year-over-year. But you seem to be obviously hampered by the international segment and also effects being cyclically under pressure. But do you agree with the thesis that you should be seeing a good margin expansion underlying if you were to exclude the cyclically soft factors? Or is the margin in Automated Solutions and these adjacent business not as good as it has been in the U.S.? No, no, no, no, no. I think you're spot on. It's as good. I think the only thing that you were missing, the only thing that I would add to your summary is that the price increases where we were expecting to catch up from the delay that we have since inflation was too high in 2022, it's not being as we expected, the price increase this year. And I'm saying we're covering the cost that we're having, but we're not catching up in that sense. So that's the only part of all the activities we had to recover margins that is not covering our expectations, the price increase. The rest is what it is. We're expecting, as you say, international and FX business to turn around and come back in the second half of the year. We have the restructuring plans and programs ongoing as well. Team has been margin accretive, as we explained in the past. All that is helping. But price-wise, we still have some work to do. Got it. That's clear. I'll get back in line, for now. Thank you. Thank you, Victor. As a reminder, if you wish to register for a question, you may press star and one. Our next question comes from Karl-Johan Bonnevier with DNB. Please go ahead. Yes, good morning, Aritz and Johan. Morning. Looking at the development and maybe the lagging effects that you now see in Europe, do you still feel good about the target 14% margin range for this year? We said 12%-14% at the end of the year. As I said now to Victor, I think the only part that we are a bit behind is that the price increase is not fully in our expectations. But, we're still working hard. It's gonna be difficult, but we're still working hard to reach that 12% at the end of the year. Excellent. And when you talk about the strong pipeline for SafePoint in the U.S., the U.S. operation obviously looks exceptionally good. Are there any big clients still that are looking for this on a rollout basis, or is it more SME kind of clients that are the ones driving the business at this stage? No, you got very, very big clients looking at these solutions as well. I mean, you still have the SMEs as well, but you got big clients at the same time. Excellent. And, just on, I noticed in the annual report that the cost of risk went up quite a lot during last year. And obviously, you had your situation in Montreal, and we saw Garda having problems in their California operation. Is there a risk that cost of risk will remain on an elevated level over the next kind of years, looking at the new kind of environment out there? No, I would say, I mean, the only thing we could highlight here is that the trend of the thefts that we've had in the U.S. has been very high in the past year. And the first quarter, at least the beginning of the quarter, it didn't start well either. It's easing down. I think it will get better, but we don't see a forecast of the cost of incidence of risk increasing in the future. Good to hear. And Johan, congratulations to the BBB rating. How I saw that your credit, say, spreads shrank quite dramatically on it. How much do you see your financial cost can come down on this improved rating? Honestly, KJ, I haven't made an estimate of that right now. Obviously, it's very beneficial with just some short-term sort of benefits of this, but it's mainly going to impact our refinancing activities when we get into H2, I would say. How do you see your... Well, maybe update me on how you see the spreads for the moment and where that might go? Yeah. I don't have that right in front of me, KJ, so let's follow up that one up separately so you get a correct answer, okay? No probs, no probs. Thank you very much, and all the best out there. Thank you. Ladies and gentlemen, this was our last question. Thank you very much, for listening in. Please reach out if you have any follow-up questions. Thank you. Bye-bye. Excuse me, gentlemen. We have a last-minute registration from the line of Viktor Lindeberg. A follow-up? Victor. Thank you. Yep. Thank you. Just following up on the FX business, if you could maybe help us a bit more with some color on the impact of the cycle, and if there is any inventory revaluation or mark-to-market changes that sort of hurt the profitability now, or if this is more operational in the sense, if you understand my question? It's completely operational. Okay. So there should not be an imminent removal of something in that sense, then I understand. And how, looking at your, you know, your crystal ball on this, obviously macro being a bit slow, but your predictability or visibility in this business in the coming weeks, months, and quarters, how can, if you can, plan for this business to maybe improve margin levels from here? You're focusing on the FX business. Sorry, Victor, right? Yes, yes. Yes, the FX business. You know, you know that we were, we have a, a restructuring ongoing, that we talked about in the previous quarter. And as you say, I don't have a crystal ball. I don't know when the, gold price and the precious metals price is gonna go down, so it's very difficult to predict. We do expect things to ease down a little bit in the second half of the year, and that's when we expect that to come back. Because, as you know, I mean, those type of activities are very margin-critical for us. Yeah. But when you look at it over time, this is maybe more a high-level question on strategic, you know, initiatives being a core part of Loomis or not. Given the volatility, and now being a bit under pressure and also the difficulty in planning from your side, do you consider this to be a core asset of Loomis, and that it has synergies with the rest of the business that is tangible? Yes, with no doubt. Okay. Maybe a final one, looking at Loomis Pay, it's a small business, but looking at your transaction volumes and your revenues, it seems to be that your conversion rates are coming down a bit sequentially. There should not be too much seasonality, I guess, in conversion rates, how much revenue comes to your PNL versus the transaction. Is there a mix change here, or that there is a bit of a pricing pressure, or how should we read that number? Not that I know of. We have no pricing pressure there. I would have to look into that, but I think the main effect was the seasonality. That's how I view it. Let us take a look, and we can come back to you on that one. Okay. Yeah. No, I, I just... I noticed it was up in Q1 last year versus Q4. That's why I, I- I don't- Struggle to see the seasonality effect. It could be the Q1 last year. We could have a one-off, but let us check that and come back to you. Yep. Yes, that's great. And just a final maybe send from me when... Just be mindful of maybe how you phrase your wording on structural challenges. That can be misinterpreted quite a lot in the market, given that cash is the bulk of your business. I think at least I received a number of inbounds yesterday on what that actually meant, given that you mean Germany and some of the other structural measures taken, rather than you're facing headwinds from a more end market perspective. Being a bit mindful and maybe helping each other here on that. Yeah, thanks for the input, and thank you very much. We'll take that into account. Thanks, guys. Ladies and gentlemen, this was our last question. Thank you again very much for listening in, and again, reach out if there are any follow-up questions. Thank you very much. Bye-bye. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.