Good morning, everyone. My name is Max Strandwitz, and I am the CEO of Mips. With me today, I also have Karin Rosenthal, who is our CFO. I will take you through the Q1 interim report, and if we start with the key highlights. We did see strong performance in the quarter with 48% net sales growth, 66% organic growth if we adjust for currency effects. We continue to see a very high demand for bicycle helmets, but there is positive outlook in all the three categories that we operate in. We saw a good development in EBIT and operating cash flow, and it is good to see, especially on the EBIT development. When I started in 2016, we never thought that we would make profit in the normally smaller first quarter, and showing a 47% EBIT margin is, of course, a great achievement, and also a very good testimony of the scalability of our model. There is challenges in supply chain. However, they have so far been manageable. Global logistic and helmet manufacturers' capacity is still challenged coming quarters. We do see high customer activities. We have more customers coming on board, and we are on track to deliver our 2025 plan. If we turn to next page, and I'm now on page number three, and if we start with the development in bike. There we see the strong demand continue. We see a demand increase for all type of helmets. There is a big trend in mountain bike, a lot of people mountain biking all over the world. E-bike, there is a new report out that most probably somewhere between 2025 and 2030, there will be more e-bikes sold than the traditional bikes. A good trend also there. We also see that commuting is increasing also all over the world. There is challenges for factories to produce all the bicycle helmets to meet the demand. There is not enough capacity in the industry to meet the current demand in bicycle helmets or for bicycle helmets, I might say. Our assumption is therefore that we do not see that the retail channel inventory levels will normalize during this season. Just for the record, previously, we assumed that by the end of Q2 that we would see restored inventory levels again. We don't see that happen. If we then turn to the next page and we look at the situation in snow. The situation is not as bad as we previously expected. At the release of the year-end report, we projected a soft ski season. The retail sell-out numbers around the world varies with low and very low sales number in South and Central Europe. In North America and Nordics, which are the bigger markets for Mips, sell-out numbers are better than we previously expected, and we do not see that stock levels will hamper sales for next season to the extent that we previously anticipated. If we turn to next page. In Moto, we do see a good consumer demand for Mips-equipped helmets. We did actually see declining numbers in the quarter, but that's fully explained by the phasing of helmet production in the factories. Momentum is still highest in motocross. However, we do see more brands signing up also in street. Initiatives to continue to strengthen the awareness of Mips in the category continues. We did sign up the Honda Racing Team, and we do expect good consumer demand also coming quarters. If we turn to next page. In Safety, our global expansion have started. We see good interest in the Safety category from both helmet manufacturers and construction companies. We have had several webinars and roundtable events during the quarter with great interest. We have just started our entry into the U.S. market, a lot of PR activities to educate the market to start with. We did launch our first helmet with Centurion in March, and those helmets are actually already available on the market. No change to previous communications. Volumes will start to ramp up at the end of 2021. If we go to next page, I'm now on page number seven. The topic for any company working with consumer products today is probably challenges in supply chain. Our ingredient brand business model has worked very well in the challenging environment around us. We do see the same issues in logistics and shortage of raw material as many other industries. Even though there is daily challenges, we have managed the situation very well. We do see an indication of cost increases. If those are material and long-term, we will pass those forward. You go to next page and the team Mips that is expanding, it is one of the most important areas for us to raise awareness and establish our Mips team is one of the more important tools. We have two more athletes and teams joining us. The first one is Tim Gajser and the Honda Racing Team. He is a great athlete and the first one that actually won all the different MX classes in the World Cup. The second one is Kate Courtney and the SCOTT-SRAM team. She is the Cross-Country World Champion of 2019 and also the UCI World Champion of 2019. She is also going for the Olympic Gold whenever the next Olympic competition will happen. The team also have the former gold medalist, Nino Schurter. All of these are extremely safety-conscious and great ambassadors for Mips. If we then go to the next page, another very key area for us is sustainability. We did launch our annual report a couple of weeks ago, and there, of course, you find our full sustainability report. We have decided to focus our work around four different pillars. The first one and the most important one is, of course, our employees. Second one is product that protect users. The third one, our impact on the environment, and then, of course, sustainability in supply chain. We have indicators and long-term ambitions for all our pillars, and you find them also in the annual report to structure and follow up our work around sustainability. If you go to next page. I'm now on page number 10, and we look at the development in our different categories. Sports, we did see strong growth with 55%, mainly driven by the demand for bike helmets. In Moto, we saw a decline in the quarter, fully explained by the phasing of production. Still a very strong outlook and growth for the year in Moto. In Safety, it's still early days, but now you see also that there is more brands coming on board. With that, I'm handing over to Karin. Good morning, everyone. I'm Karin Rosenthal, CFO of Mips. I will take you through the financial part of the presentation. Development in the first quarter, net sales increased by 48%. Organic growth was 66%, and the difference is fully explained by FX due to a strong SEK versus US dollar in the quarter. Gross profit up 51%. Gross margin was up 170 basis points to 72.5% due to sales mix. OPEX, we continue to invest behind our strategic priorities, R&D and marketing. A strong EBIT up 141% to SEK 39 million. EBIT margin of 47.4% up versus 29% last year. A strong increase of operating cash flow to SEK 69 million. If we look at the financial KPIs, organic growth 66%, EBIT margin above 47%, and operating cash flow of SEK 69 million. If we turn to next page, we are now on page 12, balance sheet and cash flow. We saw a strong improvement of cash flow from operating activities in Q1 of SEK 69 million, up versus SEK 15 million compared to last year. We have a strong cash position with cash and cash equivalents of SEK 341 million. Just to remind you, we don't hold any loans. The Board proposes a dividend of SEK 3.50 per share compared to SEK 3 per share last year. Equity ratio of 84%. Over to you, Max. Thank you, Karin. If we summarize the quarter. Strong start of the year, mainly from good demand in bicycle helmets. Snow, not as bad as we expected. We saw strong development in EBIT and also in operating cash flow. The strong consumer demand is expected to continue, assuming no dramatic change to the current situation. We continue with high project activity, strong momentum in all our three different categories. We continue our activities to drive awareness of the Mips brand. We have just finalized a recent market survey that shows that if the consumer knows about us, understand what we do, they will buy us, even if we are the more expensive alternative. We are on track to deliver according to our 2025 plan. With that, we open up for questions. Over to you, operator. Thank you. If you have a question for the speakers, please press zero one on your telephone keypad now. Our first question comes from Adela Dashian from Handelsbanken. Please go ahead. Sorry, operator. We did not hear any question. Yeah. I'm just going to put Adela back to see if we can hear her again. Adela, are you line open now? Can you hear me now? Yeah. Yes, we can hear you, Adela. Perfect. Let me restate the question. It was a question on the sales development in Q1. I noticed that there's a big deviation between the Q4 results, and the Q1 results, especially for the Sports category, down about 40%. Do you explain this due to Q1 being a small production quarter, or is there anything else underlying that explains this deviation? Yeah. Traditionally, and also if you look historically, Q1 has been a smaller quarter, and it will always be a smaller quarter. You have less production days, and you also have the Chinese New Year. Like I also explained in the beginning, just being able to show profit has been an historic achievement for us. Being able to show 47% EBIT like we did shows that we are getting enough scale also in Q1, but because of the limited amount of production days, it will never be, never is, of course, a big word, but it will probably not be as big as the other quarters during the year. Got it. Okay. Do you view it as a risk in the future that the market for bicycle helmets becomes maybe saturated because of the increased demand now, and that typically a helmet lasts for about five years, and that could potentially mean that growth could be hampered in the next three to four to five years because of this increased massive demand? Yeah. Of course, that was a risk that we reviewed and thought about quite a lot in the beginning of the pandemic situation, because like always with terrorist attacks or temporary changes in the environment around us, normally demand is not that sticky. Then you see a demand peak, and then it goes back to normal. We have had this discussion with a lot of our customers, if we look at their three-year plans, they don't see demand going down because there is a couple of structure changes around the world. First of all, there is a very big mountain bike trend. People want to spend time outside and so on, we see a good demand there. Commuting, that is something that we actually expect that will stay at least for the coming years. There we see quite a large amount of the projects that we are doing is in commuting helmets. We do project together with our partners that there will be strong demand also there. Probably the biggest trend that we are seeing is in e-bikes. E-bikes requires a slightly different certification because you travel with higher velocity. They are normally a bit thicker and so on. If you ride the e-bike, probably you should have a little bit thicker bicycle helmet, and that also drives the conversion rate in a different. I would say that at least from our side, we do see and expect that the strong demand in bike helmets will continue for at least a couple of quarters. All right. On the Moto category, also declined sales figures. This, if you compare it to last year, I understand that to be a function of bicycle helmets taking over production in factories, which leads to lower capacity for motorcycle helmet production. Is that correct? Yeah, it is correct. One single quarter will not change the picture for us. We do see good consumer demand. Last year, Moto was our fastest-growing category. There is no reason why it shouldn't be one of the faster-moving categories this year. We still have a very positive outlook. We have some more brands coming on board, and also with our existing brands, we are growing in their assortment. No, I'm not that worried about the trend in Q1 because, like I said, when we close the year, I'm truly convinced that we have strong growth also in Moto. At least in the near term, maybe for Q2, should we expect a similar development due to bicycle helmet demand still being extremely strong and low inventory levels for that subcategory? Yeah. We normally don't give any forward-looking statement, but you don't need to expect the same kind of development in Moto for Q2. Got it. Okay. Finally on the Safety category, very nice to see the start of sales figures here with the launch of the Centurion helmet. How should we think about growth in this category going forward? Do you expect- Yeah, I mean. Yeah. Continue. ... grow faster than it took you to gain momentum in Sports, or do you expect a slower penetration of this category? When we talk about 2021, for us, it's about onboarding new brands, and you will see them coming on board. Given that the route to market, and of course, given that we are a much more sizable company, hopefully we learned a lot during our journey. Also, I think that we found quite an effective business model where we try to educate both the construction companies and the helmet brands at the same time. I think that we can gain momentum a lot more efficient than we did in our more traditional category Sports. Of course, we have a completely also different set of resources. No, I don't believe that it will take the same amount of time. Perfect. Thank you very much. Thank you, Adela. Thank you. Our next question comes from Fredrik Moregård from Pareto Securities. Please go ahead. Your line is now open. Thank you, operator. Good morning, Max and Karin. First off, a question on the current very strong, obviously production demand in the bike helmet category, with inventory replenishment going on and perhaps being prolonged into the second half of the year. Retail sales clearly very strong. How are you and your brand partners thinking about the second half to be third, assuming that perhaps consumer demand should start to normalize, at least on a year-over-year basis? The second half clearly being the traditionally strong quarters for bike helmet production, and perhaps weighing those two aspects against each other. Thank you, Fredrik. It's a very good question, and of course we have continuous dialogues with brands. Like I also said during the last call, there is more capacity extension in the factory. There is not a like for like comparator if you compare versus last year. We do expect that factories will be extremely full for at least the end of this year, and that we will see that they will run on full capacity utilization. We are converting more brands and of course we also see a great interest for the market. We see also an increase of the penetration with Mips. Still good growth momentum expected for this year. All right. Thank you. When it comes to the snow helmets, clearly you're seeing a stronger consumer sell out in the categories, especially in the Nordics and in the U.S. Do you think there's potential for the snow category to spill over into the second half of the year as well? I'm assuming that helmet brands were not perhaps too agile to ramp up already in early Q1. Yeah. Given that bicycle helmet had a lot of priority in Q1, the helmets needs to produce or be produced during some part of the year. Yes, you can expect some of the snow helmets being produced also in Q3. All right. Just a final question on your marketing strategy and marketing expenses. I think over the past few years, you've been growing your marketing expense by 30% or so. Now you're increasing your direct consumer marketing, you're building the Mips teams, adding brand athletes and so on. Do you think that you're going to accelerate your marketing investments? If so, do you think you have the organizational bandwidth to get a good return on that investment? Yeah, I think, first of all, very good question. Historically, we said that we will spend somewhere around 5%-7% of net sales in marketing. If you look at this specific quarter, it's 8%. There is nothing that has happened other than it's a smaller quarter. We do not adjust our marketing spend depending on if it's a bigger or smaller quarter. We have a long-term plan that we are following. In terms of the 5%-7%, we don't see any reason to change that spend. Our marketing organization is growing. We are becoming stronger in terms of our execution. We have a lot of different initiatives that we are doing, of course, the bandwidth, I'm not that worried about. Like I said also in the call and presentation, we have just finalized a market survey to really understand is our marketing effective? Do we drive awareness like we said we are going to do? We see very promising numbers, especially on the U.S. market, but we also see a good pickup of awareness also for Europe, which is, of course, our next big growth geography. Sure. Any additional marketing tools that you're starting to work with in addition to the brand athletes and Mips team? There is a lot of different things. For the ones that follow us closely, you see that we have a brand new website that we launched a couple of weeks ago. Really looks fantastic, much more consumer-centric, really focusing on more like a buyer's guide for the consumer. If you haven't had the chance, please review it because it really looks good. We have also worked a lot on the in-store execution, Mips Academy, making sure that the retail staff understand and know how to sell Mips in store. What is also growing very fast is, of course, e-tail. We have a lot of e-tail campaigns and also ramping up our activities there. We have a great opportunity to drive sales on e-tail because, of course, all the e-tailers likes Mips quite a lot because it's a perfect opportunity for them to charge a little bit for every helmet that they sell. All right. Thank you very much, Max. Thank you, Fredrik. Thank you, and as another reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. Okay, there appears to be no further questions. I'll return the conference to you for any closing remarks. Yeah. Operator, sorry to interrupt. We saw that we got a question by email, and that was, what are the expectation about your market share and how is competition developing? Like we said, when we closed the year, of course we will only disclose those numbers annually. We had about 6% of our addressable market. Of course, we are growing faster than the market, so you can assume that we are gaining market share. When we look at competition, we do not really have any head-to-head competitors as such. In terms of that, we do not see anything at the moment which we are concerned about. There is a lot of discussions about WaveCel. Like I said also during last call, as long as we get more customers per month than they get per year, I will still think that we can have a nice head start. Then we got another question also, anything new on M&A? Like we said before, we are looking to see if there's anything that can complement our offering. We are scanning the market, but there is nothing big that we're looking at the moment. If no more questions, thank you for listening in, and speak to you again next quarter.