Welcome. Today we are here to present our first quarter result for this year. With me, I have Klas Forsström, our CEO, and Katharina Fischer, our CFO. So welcome to those of you who are listening in on the conference call and for those of you who are on the webcast. Please feel free to pose your questions throughout the whole session if you're viewing on the webcast. We'll pick them up after the presentation in the Q&A session. Then we will also open up for those of you who are on the conference call. So with that, I hand over to you, Klas. Thank you, Ann-Sofi. And once again, very, very welcome to this Q1 report. Before I and Katharina start to go into the details around the quarter, let me summarize it in a few sentences. A very strong quarter. Stable growth, strong operational deliveries, that paired with stepwise accelerated investments for future sustainable growth. All this combined resulting in margin improvements and a good cash flow generation. Our strategic review of food tech is progressing well and our decision will be communicated at the end or by the end of H1. So with that, let's dig into the quarter. As I said, it summarizes with high demand and profitable growth. And if I take it then from the continued high demand that drives stable net sales and enhanced profitability and start with the order side then. 32% order intake of that, 29% organic. Quite strong in all business areas. Very good to see that AirTech demand, especially in battery, is increasing in EMEA. Data Center Technologies, a solid development in Americas but also in Europe. And as you know, I mean, some quarters very strong order intake and some others a little bit weaker due to customer setup then. FoodTech, super pleasing to see. Continued positive development mainly in Americas and EMEA. And we increased the order backlog with about 10% then. Moving over to net sales. All in all, 11% growth of that, 7% organic. DCT, the star in this quarter. Very good deliveries. FoodTech Climate Solutions, Americas continue to be strong and very strong digital solutions in US as well. AirTech decreased somewhat. Growth continued to be on the invoicing in Americas and that was offset by a weaker APAC and EMEA. Adjusted EBITDA margin then, reaching for the second quarter in a 12-month period about 14%. Solid growth, net price increases and strong operational deliveries. On the plus side, drives up the margin. Accelerated investments to create future sustainable growth, of course, is taking it down somewhat, but all in all resulting in a margin improvement and a good cash flow then. Going into the details then. Americas and EMEA being the main growth drivers then. The share in between the different ones are order intake 42%, 41%, and 17% in between the three regions. Net sales being stronger in Americas, about 60% and then 20%, 14%. But you can see the shift and EMEA starting to pick up on order intake. AirTech in Americas, components and services, good growth. Battery somewhat weaker. The shifted order pattern that I've talked about for a couple of quarters. DCT, a continued very strong underlying demand both from colocators and hyperscalers. FoodTech then. Super pleased to see that they are continuing to deliver strong growth in all different segments then. EMEA order intake, as I mentioned earlier, a pickup in battery after somewhat weaker two quarters. DCT continued to deliver good activities in the quarter. FoodTech, super pleasing to see, a good recovery across all segments, especially within broiler and greenhouse. Then APAC, not very much change here. I mean, it's a continued fairly weak development in APAC. As I talked about, the battery market being then a little bit cramped in China. FoodTech continued to be weak, but I sense a slight recovery and we have bottomed out there. The solid order backlog, 10% larger than one year ago. All in all, large order supportive all the way into 2025. Something to highlight here, the very first order at the top there, that is completed now and we are eating ourselves into the orders then as per laid out pattern here. If I go into AirTech then and start on the right side with the different arrows. As you can see, in some areas, slightly less green but still very stable. In others, continued to be pointing upwards. All in all, a quite solid market. Coming in then to the order intake, as I said, EMEA and Americas strong, APAC quite somewhat lower. And without going into the different details, what you can see there is we continue to have a strong service outlook. Components being a little bit weakened due to the aftermarket in Asia and the others being pretty much in balance with the last couple of quarters. If we then go over to net sales, a decrease of about 1% then. Here it's sort of the reverse. It's Americas that is growing and it's a weaker EMEA than. So you can see order pattern and invoicing is a little bit reversed. All in all then, a lowered margin that decreased to 14.9%. But with that said, you have heard me say when AirTech is in between 13%-16% or slightly over, I think they are delivering a strong and good operational outcome. I think this picture is a quite interesting picture to talk about. You know, a couple of a year, a year and a half ago, two years, we received some very, very large battery orders that we are eating ourselves into now. But if I exclude those, this quarter is one of the strongest quarters than in the last couple of years for AirTech. It's a quite well-balanced quarter as well. You can see batteries, smaller orders, especially in Europe, are coming back and picking up, but all the other areas are also slightly growing or being stable then. We continue to adjust and invest into areas that we believe will generate long-term future growth. A couple of years ago, we started with electrification, the batteries. We put in focus into delivering new products into the market when it came to data center. And now we are searching for new areas. And two areas of importance, that is, of course, for the long run, carbon capture and VOC, i.e., to clean out dangerous or volatile organic compounds from different areas. Here we are investing in a company called Airprotech. It has net sales of about SEK 300 million for last year. This gives us a very, very strong base to move into certain areas when it comes to purification. It's abatement. It is a very good base, customer base, where we can deliver service. It's also then creating a more stable platform also for other areas within clean technologies. Moving over to data center. You know, on and off, we have talked about what is the transactional sales to different segments: hyperscalers, colocators, and telecoms and enterprises. In general, and this is important to realize, hyperscalers are sourced through colocators or directly in direct business. In this quarter, we didn't take any direct hyperscaler sales, but we know for sure that some of our colocators are really sourcing the hyperscalers. So from that perspective, it is interesting to see more from a transactional sales where we are delivering. And hyperscalers are behind a lot of the growth anyhow. Order intake, 17%. We didn't receive any larger orders, but we have to remember that last quarter we had a super strong. I'm very convinced for the coming two, three years, the foreseeable future, data center market will continue to grow. Some quarters it will be up in order intake, in some other quarters it will be weaker. I see a very, very strong market here. Then when we take orders, when we put it into our system, I'm very, very pleased to see what was generated towards the bottom line, reaching a 90% EBITDA. I have to say that I'm happily surprised to some extent, but it just shows what we can do when we have an operational flow and a good order intake that can fill up the factories. What is important to say? Why did we deliver this then? I mean, of course, strong volume increase, net price increases, high utilization rate in the production paired with operational efficiency improvements. What we have to remember, we will continue to invest for the future in this, and that will, of course, have somewhat of an effect on our margin moving forward. With that then, I'm super happy to say that now we are repeating the pattern that we did in North America. We are investing and building more manufacturing capabilities. And yes, we are in the midst of the construction of a new expansion in Cork, 11,000 sq m of production and office spaces. It is about one third of the size of what we have in North America. But what we have also learned from North America is that if needed, we can add shifts, etc. So I think that this will create a very, very good platform for continued growth in Europe. And when we do this, also important to say, I mean, our purpose for customer success and a healthy planet, we are also living that when we build our own factories. It is LEED Silver sustainability certification. That is quite high level and it generates a lot of energy efficiency also when we operate the building. FoodTech. Perhaps this is the area that I'm most pleased of. I mean, AirTech and DCT has spoiled us to some extent the last couple of quarters. It's so great to see the comeback that is happening in both that the market is improving in EMEA, but even more so that the operational measurements that we have taken is also generating a very, very good bottom line. You can see on the different arrows here that they are pointing more and more towards the green and upwards. Digital Solutions continues to be a very strong market moving forward and happy to see that the order backlog increased. I mean, the order backlog is one of the strongest in quite a few quarters then. And this drives enhanced profitability and net sales. 11.7%. I think it's a good base and I'm super pleased that we have moved from a little bit shy of 5%. And why have we done that? I mean, the increased net sales in both Climate Solutions and Digital Solutions, efficiency measurements, and on top of that also continued net price increases. I love to talk about customers. Here we have one, I think, very good example of a customer in the more Climate Solutions equipment-driven area. It's CELdek. It is our wet pads that drive high energy-efficient cooling. And it's our fans that circulate it and keep a good climate for, in this case, then the vegetables or the plants that are being brought in here. This was towards an EMEA contractor targeted for the Middle East area. Middle East being a market that is investing more and more of this type of equipment for the future. Super good to see. Also very promising. I mean, yet another quarter with significant software as a service growth. I mean, 68%. We have now been in between 30%-70% quarter-over-quarter, so to speak. I continue to say like this, we are on our way to reach a SEK 400 million ARR. Step by step, we will take it quarter by quarter. We are not yet there, but we will continue that journey. This case, a large US turkey company, and not one of the largest, but still, we are upgrading their system with our modern Amino software, and that generates a good operational efficiency for them. Something to remind ourselves of, that is, our software generates on and about 85% gross margin, but we will continue to invest in order to drive growth in this area. If that is what we do for our customers, let's lean back a little bit and take a look upon what we're doing when it comes to our sustainability goals then. Those numbers here, they are including also our newly bought companies as well. All in all, we continue to progress well. We have renewable electricity in the factories, about 80%. Energy efficiency, a little bit less this quarter than four quarters ago, but still on a high level. The recycling rate, close to 50%. Something that is super pleasing to see, that is our health and safety measurements and our target to reach zero accident, the vision here. We are now down to 1.4 from a fairly good number of 2.0. I mean, this is industry leading, and I'm very pleased to see, especially a week like this when we have a safety week across the globe then. Diversity, an area to continue to improve on. We are in our industry quite good, but we would like to continue to be leading and standard also across industries. We are about 20%+ in this region then. So with that fairly quick walkthrough, I hand over to you, Katharina, and take us through the numbers a little bit more. Yep. Thank you, Klas. So I'm very happy to present this quarterly results where we again saw a strengthening order backlog, good growth, and also improved profitability. All business areas increased their order intake with strong growth in AirTech and FoodTech. Our net sales also increased. We grew organically 7% in the quarter. And including the recent acquisitions, we grew 13% excluding currency impacts. And this strong net sales growth was driven mainly then by the data center, the high pace of deliveries within data center, and also strong growth in FoodTech, both in Climate Solutions and Digital Solutions. Our adjusted EBITDA margin improved significantly, and I will come back to that a little bit later. In the fourth quarter, Data Center won some large orders, as you know. As we alluded to then, we have during the first quarter received some customer advances, partly parts of those customer advances in the first quarter. That has then been the main driver for the improved operating working capital and good cash generation in the quarter. Our net debt increased slightly due to the partly debt-financed acquisitions that we have made in the last 12 months. However, our leverage decreased due to the improved profitability. Our leverage ratio is now at 2.0. In the quarter, we recorded items affecting comparability relating to the strategic review of FoodTech equipment, also for M&A activities, and some relating to the repositioning of the CleanTech technologies where we are exiting the marine business. T his, in combination with a higher tax rate and higher interest rate expenses, led to net income increasing 6% compared to the organic EBITDA margin increasing 25%. We had an impressive margin in the first quarter, 14.1%. The main factors driving that was, of course, the strong volume increase in data center and food tech and also the high factory utilization. We also had the strong growth in software as a service within digital solutions in food tech. We continued to increase prices in the quarter, mainly in data center and food tech. All business areas executed really well on operational excellence initiatives. In this strong margin, it's also included continued investments in the strategic initiatives for scalability and future growth. This includes investments in digital competences, systems, and new ways of working. Here we can look at the cash flow that has improved in the quarter, as you can see in the slide. We see a positive impact from the operating working capital. This stems from many different initiatives that we are driving across the business, across the different components. But the main driver is the customer advances received in the data center. And that has really improved the working capital in the quarter. And as we have mentioned before, these large orders can create some volatility in our cash flow during the project lifetime. In terms of investments in the quarter, we have invested in one new minority company. And then we have also done two capital increases during the quarter. In terms of finance activities, we repaid some part of our loans. And we also paid the first dividend installment in the quarter. As we saw in the prior slide, we invested some SEK 230 million in the quarter. Out of that, SEK 175 million relates to property, plant, and equipment, and intangible assets. So we continue to invest in our business to support the future growth. And it's across the business where we are strengthening competence, we are upgrading our facilities, and we are digitalizing and automating. In the first quarter, we started to roll out our main system support in the company. And that implementation will now continue over the next coming years. So that will require some investments. We are also investments are also required for our net zero journey where we have a target to reach net zero emissions for Scope 1 and 2 by 2030. Our investment in the Amesbury factory in Massachusetts in the U.S. is developing according to plan. And as you know, that is a major plant that we have. As Klas talked about, we are also investing in Ireland, in Cork, a new plant for data center to support their expansion in Europe. Looking at operating working capital, as I have already commented, we now have a lower level thanks to the advances in data center. That is the main driver. Looking at leverage then, we are very pleased that we have managed to decrease leverage now for three quarters in a row. Our net debt has been stable if you compare also to the fourth quarter. Important to remember here is that the finalization of the Airprotech acquisition will happen in Q2. Then I just want to conclude by saying I'm very proud that we have been able to grow profitably in the quarter and also to lower leverage. With that, I would like to hand it back to you, Klas. Thank you, Katharina. Let's move into a summary and then open up for Q&As. All in all, you have heard me say many times, I mean, it's a step-by-step journey that we are on to. Very pleased to see improved EBITDA margin, slightly below our organic growth target for net sales. Then also improved the operating working capital as such. This we will continue to work with step by step. I think it is a promising start of this year. More than a promising start, a very strong start of the year. High demands continue to drive our continued momentum. A little bit shift in between the regions. Super pleasing to see what is happening in food tech coming back from very low levels in some regions. All this drives a good profitability and an improved leverage. We continue to invest ahead of the curve where we see sustainable growth moving into the future. With that, let's open up for Q&A. Welcome, Ann-Sofi. Thank you, Klas. We open up for questions on the conference call as a start. Thank you. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Adela Dashian from Jefferies. Please go ahead. Yes. Good morning. My first question relates to data centers. I guess the timeline as we're moving into 2024, we didn't see any larger orders, as you mentioned, during the quarter, but you still have a pretty good order intake. I guess with the visibility that you have and the communications that you're having with existing customers and potential new customers, what is their timeline for the remainder of the year? And how should we, I guess, how should we position the growth or the order intake that you're expecting into the different quarters going forward? That's my first question. Adela, thank you very much. And as I think we all are aware of now, that I constantly come back to, I mean, we have a volatile order pattern depending on what type of customers we have. Some are bundling together many orders and put one larger order in. And others, they are coming with smaller orders. You know, we are trying to not go into clear forecasting moving forward. I can only say like this, I know that we have very good talks with already existing customers and other customers. And I'm confident for the year that we will continue to deliver a very good order intake. And I can say like this, when it comes to data center, I foresee a strong market in the coming years. But predicting one quarter to another, if that would be unfair for me to say. But I'm very confident for the year. It could be smaller orders or bundle orders coming forward. Okay. That makes sense. And then maybe also if you could provide some update on the battery subsegment in air tech, especially in APAC. Are we reaching bottoming out there or is it going to be a couple of more quarters of a weak development? Very often, the pattern is in China. Because we talk predominantly about China here, that is that you have an expansion. And then for a couple of quarters, sometimes up to a year and a half, I mean, you have a little bit of more contraction then or a similar pattern. I have said earlier that perhaps at the end of this year, we can start to see an uptick. But what is good to see, we are not seeing it trending down anymore in Asia, especially in China. With that, if I turn it around then, and let's point out then to Europe and EMEA, I mean, there we had quite the weak quarters, the last two quarters. And now that has started to pick up. So I think this will move in across the different regions then. But on a direct question, yes, I think it has bottomed out in China. By the end of the year, it can start to pick up. Interesting. Then just lastly on FoodTech, are you still should we still expect an announcement to be made on the strategic review in the first half of this year? And then secondly, on the margins, you mentioned that the margins that you achieved during the quarter is a good base. How sustainable is that going forward? And what kind of room for improvement is there if the FoodTech division is continuing to improve its momentum topline-wise? Adela, first of all, I'm super pleased to see that all our efforts and the great work by our people in FoodTech is starting to pay off in all the different segments. The market is improving in EMEA when it comes to the more equipment-driven segment. And it's still continued strong in North America then. Then coming back to the first question, yes. Before the end of this quarter, this half year, or at latest in conjunction with the quarter report, I mean, we will come with a very clear conclusion on this. And you see room for margin improvement if you have better volumes coming through. So this is the 12% is sustainable. What we can see that is, of course, if we have more volumes into very lean and good factory output, I mean, that gives a positive effect on the bottom line. But I'm not predicting anything for the future. This quarter was a very good work by everyone involved. Thank you. Okay. We take another question from the conference call. The next question comes from Karl Bokvist from ABG Sundal Collier. Please go ahead. Thank you. And good morning. My first question is on the profitability in data centers. Many plus signs working in your favor this quarter. I was just a bit curious, thinking further ahead, both into the next quarter but also perhaps, let's say, a year from now, how much this quarter was supported by end of deliveries or finalization of particular projects that could have benefited as well. I can start. And And Katharina, I mean, you follow this in details as well. Please pitch in. But I mean, first of all, I mean, it is a quarter where we've had very, very good efficiency and good leverage in our factories. I think that sends one signal, that our lean work and the way we operate our factories is really on the right move then. Then when it comes to, I mean, a 19% record margin in data center, I think it is a record margin in the industry across. I mean, super pleased about that. I'm confident that they will keep a good underlying margin. But I don't foresee that they will deliver a 19% each and every quarter. Anything to add on how we work there? I can just add that they also had a strong product mix. But no big one-time completion effects, I would say. And then we should also remember that going forward, we will continue to invest in data centers. So that they will continue to build their support structure going forward. Understood. And about this mix aspect, this is something that you have flagged historically in both low margin and high margin quarters. So when you talk about mix in data centers, what should we usually think about then? I think you can have a few triangulation points. First of all, we have become much better in what I call the modularization of the products, especially when it comes to SyCool. That is one example. SyCool is driving up margin. With that said, I mean, we are working with lean across all the different products. So I see that the margin, call it difference in between the product lines, has slightly decreased. So I expect all product lines to deliver a good margin. But SyCool has the highest margin. Understood. And then on the progress you are making in Europe, with you now investing in the factory, and you talked a bit about it during your latest webinar, but when should we start to think about commercial orders from Europe? I mean, first of all, we have to say that, I mean, on the invoicing, I mean, Europe is progressing very well. I mean, I think you have heard me say something like this. I mean, first we double Europe and then we will double it again. And we are on invoicing close to double it already now then. So that's the reason why we're building the factories. What we need to do now, and bear in mind then how it started in North America, we built the factories, we started to take medium-sized order, and then we moved into the very large orders. I mean, step by step, it will come into larger and larger orders here as well. But I mean, I'm super confident. We have doubled it and we will double it again. And that I think we should remember. We are just in the beginning in Europe when it comes to how we can impact the market. Understood. That's all from me. Thank you. Okay. We take another question from the conference call. The next question comes from Julia Utbult from SEB. Please go ahead. Hello. Thank you very much. Julia is with SEB. I have three quick questions. The first one is on service. We see that service is picking up again in AirTech. Can you give us some background to that? Julia, it was a very service in AirTech. Tech Tech is picking up. If you could give some background. Abba, absolutely. As you know, I mean, service as such is a core area for where we focus efforts. We would like to have recurring revenue as such. I mean, part of the service pickup is, of course, we have a large installed base then. And then some of our product lines need to be replaced. It's super nice to see that we have progressed very well in Europe and continue to progress very well in North America. And then, to some extent, a little bit weaker service region in APAC this. But all in all, it's about how we work and how we attract customers, if I summarize it. So would you say that there was anything specific that was different between Q4 2023 and this quarter? I mean, sometimes we do receive more bundle service projects. And that can have a certain effect this quarter as such. But I mean, generally speaking, there we receive year after year, so to speak. So to some extent, a little bit positive on larger bundle orders. But in general, it's the good underlying work. Okay. Great. Thank you very much. And then a question on the SaaS development in food tech. We see good growth there. Is it mainly driven by new customers or is it add-on revenue from existing customers? Can you give us some color there, please? It is a combination. I mean, a large part is coming from the earlier announced larger customer contracts that we announced a couple of quarters ago, up to a year plus. That is then advancements in those projects. I think you all remember that I said when it comes to one contract, it will generate a recurring revenue of about SEK 50 million on a yearly basis. But then we are adding, and I gave a small example of that in this quarter report, we're adding more customers as well. So you can say like this, I think it is without giving an exact number, but you can put it in two buckets. And they are at current then, more coming from already taken orders. But it's increasingly coming from new customers that we roll in. Okay. Thank you. And my final question is on clean tech. You mentioned that you are exiting marine. Can you explain more about the background around that and if you see any more potential for exiting other segments or how you're working with this area? A couple of years ago, we called clean technology a misnomer. At that time then, the marine segment was a fairly large sector. And as we all know, I mean, that has been affected, that it is different regulations. And the sulfur, the more dirty oil, is not used there anymore. So we took a decision a couple of quarters ago to reposition ourselves. Then we started two quarters ago. And then we reallocate the focus and the resources using similar technology into other areas. And then we talk about VOC and we talk about carbon capture as an example. So I think it is just to be described as the never-ending story. We need to be focusing our efforts on the markets that we see are generating results for the future, so to speak. Thank you very much. Okay. We'll take another question from the conference call. The next question comes from Mats Liss from Kepler. Please go ahead. Yeah. Hi. Thank you. Couple of questions. First, I mean, we're talking about the European potential in data center and so on. And could you just sort of give some flavor about I mean, you mentioned you doubled the size in Europe already. And what do you see in profitability in Europe compared to the Americas, I guess is the question. Katharina, I can start then. Then I also hand over to Katharina to give a couple of examples. But if I go back then, when we decided that we should put focus into Europe again, I mean, we evaluated the market. We came to the conclusion that the profit pool, the possibilities to generate profit in Europe is as good as in North America. So that is sort of the base then, so to speak. And then what we learned from, I mean, before my arrival to the company, that is the famous strategy, think big, think ahead, start small, and take it step by step. And that is what we're doing right now then. And the market share in Europe, we say that it's below 5%. And then we also count in the market that we had generated several years ago until we sort of departed from Europe. So from that perspective, we have a similar profit pool. And then we have a larger market or untapped potential in the market. So I expect that step by step, I mean, the growth in Europe will accelerate and have a growth pattern that is similar to North America. But that will not come in 1 or 2 quarters. That is a journey for a couple of years. Anything, Katharina, I mean, you have looked into I mean, you don't have the background on data center, but any reflections on the investments that we're doing in Ireland and so on? Yeah. No. They are, of course, progressing very well. And I think in terms of margin going forward, I mean, we say the 13%-16% also for data centers. So I think that is what you can have in mind. Okay. Great. And secondly, I mean, you talked about financial targets there. And you're a bit below the sales organic targets and a bit above on the EBITDA margin target. Should we sort of see this as, well, you're focusing more on profitability than on sales? A bit provocative, I guess, given the outlook here for opportunities. But could you say something there? No, but if I start with the growth then, I reiterate myself then, if I go back three years, we have on a CAGR delivered well above the 10%. If I would take away one year of that and add another year, I'm very confident that we will deliver a CAGR that is about that. And that I can repeat. And if I look three years ahead, I think that we will be on or very, very close to the organic growth also for the coming three years. The reason for that is we are into transformative segments where we see strong underlying growth, being batteries, being carbon capture more and more, being data center. And with that then, I mean, then one or another quarter could be lower and one or another quarter will, of course, be higher. So I'm confident in that. And then what is very encouraging to see that is that when we are aligning the stars, then we can reach the 14%. The main focus is not reaching that. The main focus is doing it in a sustainable way. So one quarter is not a target reach. This we need to continue to develop. Great. Then I guess you have this new business segment that you're addressing, carbon capture and VOC. Could you use the existing technology to grow in these areas or should we expect a lot of cost to, well, development cost to be implemented in the years to come? If I divide it into two different sectors here, you can say the carbon capture, we have in our hand, and I mean, now we are not talking about that we will deliver large, super large systems for carbon capture. We are delivering critical components and subsystems. We have in our hands then two of the main type of solutions that is. I mean, either it's a different version of the wheel type of technology or it's abatement. So those technologies we have at hand then. And they are already being used in existing installations. So there we will invest based on our new own technology. Then we will cherry-pick certain smaller companies where we see that they can add to our portfolio. If I move into VOC then, we have the majority of the technology in hand here. And then what we need to complement it with, that could be footprint, it could be sales force, it could be very much what we did recently with the acquisition in Italy then to add on to this. So it is not overly substantial investments, but it's cherry-picking in some areas. And we have quite a lot of the technology at hand. Okay. Great. Thank you. And finally, just about a bookkeeping question there. I mean, you had some one-off there in items affecting comparability in FoodTech. Should we expect a similar level in the coming quarters? Yeah. We will continue to have expenses for the strategic review of FoodTech equipment. We are also continuing on our M&A agenda. The clean tech technologist exit of the marine business will continue through the year. The good part then, we can talk about different one-offs. Now I say this with a smile. But when you conclude a strategic review, I mean, then the one-offs from that perspective will, of course, not be repeated. Great. Thank you very much. Okay. We continue with the questions from the conference call. The next question comes from Carl Deijenberg from Carnegie. Please go ahead. Thank you very much. Good morning. I just had a follow-up on the margin development in the data center division. Just a little bit curious about sort of the mentioning of price effects having a positive effect here in Q1 because I remember just scrolling through your Q4 presentation deck and there were no mentioning of pricing previously, at least from what I've seen. So I'm just curious, what are the sort of variable pricing components here in the data center backlog and what have been the effect here in Q1 that makes you do that sort of mentioning? Thank you. A very good question. As you know, we have in some, or I should say most, of the larger contracts worked in a one-directional price clause that if the basket of certain components are above a certain level, we are entitled to increase the price and we are not forced to lower the price if it's reversed. In this case, I would say it is not very much connected to this. It is more the smaller projects that we have been taking on and off, so to speak. And there we have been able to drive price increases into the market. So we have not effectuated a large part of the price clauses. It's more the general work in price and profitability management that has paid off. Okay. Very well. Thank you. And just a follow-up on that also on sort of FX developments here, I guess, is it fair to assume also that the strong U.S. dollar appreciation has a quite tangible positive margin effect in the data center division given that it's a lot of North American exposure as it sits today? Has that also had an effect here in Q1? Yeah. But it was not a major effect in Q1. It was a couple of percentage. And I think you can see it's well described then on the order intake, on the invoicing, and in general terms. It's not a large effect. No. No. Okay. Very well. Thank you very much. Thank you. So we take another question from the conference call. The next question comes from Karl Oskar from Berenberg. Please go ahead. Yes. Good Good morning. Hi, everyone. Just one quick one follow-up from my end also on data center margin. Thanks for clearing up that pricing impact and so forth. But I'm just wondering, you're mentioning sort of we shouldn't extrapolate this 19% as you quite clearly state and you say we expect it. I think you said something like a good, stable underlying margin. I'm just thinking, what does that really mean? I mean, do you see it as more kind of the margin level we've seen over the last, let's say, three quarters? Is that kind of what we should expect or are you now established at sort of a higher level than that? How should we think about sort of the margin here going forward? All right. I can start and elaborate and then I expect that most probably Katharina will pitch in and correct me perhaps. It is a little bit like this. If I take three triangulation points, I mean, one point that I'm super pleased in, that is that we've proven over and over again that we are driving efficiency into the system. And I mean that we will continue to drive. In order to drive efficiency, I mean, we need to lower the factories. Then you have the bottom line effect that we did very much in this quarter. The second part is, of course, are we selling the right products? And here you can hear me say that, I mean, the SyCool are the highest margin, but we are also driving up the margins in the other areas. The third combination is, okay, some quarters, I mean, those are lined up and we have not been able to push out the increasing cost, etc., when it comes to certain advancements in Salesforce, advancements in different, call it, support functions. But what I think you should take with you there is that when the system is working very well, I mean, then we have a fantastic margin opportunity in a data center. But don't expect that the stars will all be aligned each and every quarter. I cannot give a better description than that. But Katharina, maybe. I think you described it very well. I would only add that remember that we will still continue to invest in the support structures. Yeah. No. Fair enough. All right. No. Thanks. That's all from me. Thank you. Okay. Thank you. I think we have a follow-up question from a listener on the conference call. We will take that as well. The next question comes from Karl Bokvist from ABG Sundal Collier. Please go ahead. Thank you. Yes. Just a quick follow-up and that was on what you communicated as Q4 regarding planned maintenance shutdowns and so on. Have these all now been completed and we should not expect anything in future quarters? I think that refers to that we were pushing the factories extremely hard and we prolonged in some factories the, call it, Christmas break, if I use that expression. So, I mean, Christmas is when Christmas is. And then, of course, if we come into the normal summer routines in some factories, I mean, then we will do it like that. But we are not foreseeing any larger maintenance work taking place in the coming quarters more than the seasonal ones. Understood. Thank you. Okay. So with that, we have covered all the questions. And I would like to thank everyone that has been viewing us and listening into us. We will be back on the 21st of May when we have our Capital Market Day here in Stockholm. You can attend physically or through our webcast. So don't forget to tune in then. With that, I would like to, well, thank you for today. Have a good day. Thank you very much. Thank you.