Good morning. Good morning, everybody. Thank you for joining our interim report. It is an intensive reporting day, so I'm really glad that you are all listening to us and Nilörn. To hear today is Maria Fogelström, the CFO of Nilörngruppen, and myself, Krister Magnusson, the CEO. For your information, we will record this presentation so we can present that later on on our website for them who have not the possibility to listen at this moment. I will start by sharing my presentation. I will start off with the financial performance. Q1 for 2025. The order income was quite strong, 15% up. Looking into the numbers and the different segments and so on, this is not a specific client or not a specific segment, so it's quite general all over the client side where we see this increase of order income. If you look at the sales, it is up 7%. Actually, this quarter was not any major currency effect in the sales numbers. I will come back later on to the currency effect because, as you know, Nilörn is a super international company relative to our size. The currency will have an impact, especially on the balance sheet, and it will most likely also come later on in the year. That is the way it is calculated. It is calculated average currency effect in the profit and loss accounts. The impact in the first quarter was relatively low. On the top line, it was actually no impact at all. Looking at the sales increase, it was also still a bounce back on the outdoor segment. You remember we had in 2023 a very weak outdoor segment that bounced back in 2024. In Q1 here, we still see an increase, a big increase in the outdoor segment specifically. Operating profit of SEK 23 million, slightly more than last year, and the net cash position of SEK 40 million. A strong cash position for Nilörn. Also taking into consideration the investment that we will do here in Bangladesh, especially. I will also come back to that later on in the presentation. A strong gross margin that is reflected by a lower purchasing price. Our sourcing organization has done a good job, but also that the packaging is relatively lower versus Q1 last year, where packaging is a lower margin product that we have. Other thing I want to point out, if you take other operating revenue and other operating cost, these two, if you take them together, that's SEK 3 million lower. These 3 million lower is related to the currency effect. It has an impact. The currency has an impact on this level here. It was that last year we had a small currency gain, and this year we have a currency loss. The difference between the two quarters related to the currency is SEK 3 million. Also, the currency has an effect in the net financial items here. The increase here is also related to currency. The SEK 1 million difference between these two here is related to currency. As I mentioned, Nilörn is a very international company. We are in 20 countries. We are 667 employees, whereas only 50 are in Sweden. What we invoice in Swedish krona is almost nothing compared to what we do in other currencies. It has an impact, especially now when the Swedish krona is getting stronger. Tax 24%, and we think that will remain that during the rest of the year. The tax is very dependent on what country we make the revenue in. We are in all different countries from low tax to high tax countries. Depending on where we make the profit, the tax rate will vary over the year and between the years. I may also mention that the profit and loss when we calculated the currency or converted that into Swedish krona, that is made on an average Swedish krona rate during the first quarter. The balance sheet, it is as per end balance sheet date, the end of the date last, end of the date last month. It is the end of March. The currency has a big impact on the balance sheet that can be seen if you're looking into the equity, where the translation of the difference during the period has been SEK 22 million, almost SEK 23 million, affecting only the equity. That comes from when we convert equity we have around in the group in the different countries, all from Bangladesh, India, Pakistan, Hong Kong, etc. That has a negative impact. Last year, it had a positive impact in the equity of SEK 10 million. Split per product group. The main difference here we can see is in packaging now, where we had decreased from 23%- 19%. That is mainly in the luxury segments. We have some clients in the luxury segment that has been slow in the quarter, and that has especially been on the packaging side. It's not that we lost them. It's not that they are doing something else. They will come back. It's just that they have too much of stock at the moment. They are working on that. Expect that to come back later on. Packaging is also an area where we spend the resources. We have invested, as I mentioned last time, in a technical packaging manager for the group. We see already his contribution to the group and our knowledge in the group for new clients, but also especially for existing clients where we have labeling and so on, where we can add on more sales now, adding on the other product group like packaging. Getting this knowledge into the group is super important. It is an investment in the beginning, but I'm sure it will pay off. Quarterly profit and loss. We had an operating margin of 8.9%. The goal is on the group level to have this between 10-12%. If you adjust for these SEK 3 million in currency effect, you are up to 10% here. You can also see here, like in year 2022 and 2021, we had an operating margin of 16%, 17%. If you look into historical numbers, this operating margin has been between 10-12%, and that is also our long-term goal to be there. Look at the quarter comparison in the sales numbers here. Q1 here is the best quarter one ever we have done, sales-wise. There was a relatively strong ordering come in Q1. We will see what happens. Yeah, and the profit here, quarter-wise. As I mentioned, as you saw earlier, these two in 2021 and 2022 were extremely strong operating margins, like 17%, 16%, which was extraordinary, I would say. The goal is to come back to the 10-12%. Strong balance sheet. That is also to make further steps, the investments we are doing now, both in Bangladesh. Just to mention a few words about Bangladesh. We are still in the negotiating of the land. We expect to close that within the coming weeks. From there on, really start the project. The goal is to be ready within Q3-Q4 2026 with a factory in Bangladesh, a new factory. From there on, we will have two factories in Bangladesh. One is the existing one, which we will keep, which is in two different areas. That is why we want to keep two factories. One is inside an economical zone, and one is outside, which gives us more flexibility. Other investments we are doing is in Portugal, where we'll invest in more looms, and we will set up a lean production, change the existing one to lean production. We have employed a new production manager in Portugal, which has started off really well. Other investments we have done is in Vietnam. Production now is up and running, so it's more to come there. We will also invest now in a small setup. It will not be big money, but we will start also in Sri Lanka. The reason why we're doing this investment is because we are following our clients around in the world. It's not us who decides if we should go into a country or not. It's our client. We follow our clients, and our clients, they are the brand owners. If they decided, and we have a big demand, for example, for Sri Lanka, we want to be there to serve our clients, to be close to them. We follow clients around the world. Our own production is approximately 20% of our total sales, which gives us flexibility as we are not stuck with big productions around in different countries. Here, I will not go through all these in detail, but I want to mention this average number of employees. We are now up to 667 employees, which you can see we increased quite a lot. The number of employees where we increased in, it has been in Vietnam, where we set up a completely new production facility. It has been in Bangladesh, where we increased a lot. It has been in Portugal. Portugal, we are now 94 employees, and a few years ago, we were only 45. We almost doubled the size in Portugal, which is great. We see more and more demand for European production, following also, as I mentioned, our clients to be close to their production. They are moving their production. China is still the biggest production country, and I think it will remain, but it's enough that if just a few% moves out of China, then it has a big impact on the other countries. Also, India is a country where we have employed, and we also set up an IT support for Nilörn here in India. The advantage with that is that, of course, good knowledge about IT, but also time-wise, they are in a different time zone versus we are here in Sweden. Otherwise, the IT central is here in Sweden. As you all know, it's very with all these customs duties going on with the U.S. I got used to get those questions, and our sales into the U.S., direct sales into the U.S., is very, very limited. It's not much. We're having some sales to U.S. clients, but those clients we don't supply in the U.S. We supply them where they produce the garment, which can be like in China, Bangladesh, etc. Of course, we have what we call indirect effects. It is if we have European clients selling into the U.S., and that is for us almost impossible to predict how much that would be. I would guess that it's not big, not huge at least. What I mentioned here also with the indirect effect, which I think could be some effect coming on, we do not see that effect at the moment, as you can see in the ordering come, but it might come. That is more on the economical environment side. If we see a downturn on the consumer side in Europe and so on, for example, if the U.S. buys fewer German cars and the German consumer feels that and starts to buy less garment in Germany, that, of course, will have an impact on us, as it will have for the whole economy. The direct effect is very limited for Nilörn, which is good. Of course, indirect effect might have some impact. That might come later on. We will see. You know that probably better than I do what happens here in the financial environment coming months. Outdoor segment I mentioned in the Q1, we still see an improvement in the outdoor segment if you compare Q1 with Q1 last year. Outdoor luxury segment has been slow in the quarter, especially affecting the packaging. Not any major things. It's just too much of stock that they are reducing. We expect that to come back again. Mentioned last quarter proposed dividend, SEK 1.5 per share remains. That is what the board will propose to the annual shareholders meeting. Bangladesh factory. We are very, very close now to sign the deal for land. It's not a purchase of land. It's a long-term 50 years lease of the land, which is paid upfront, and then we will build a factory on that land. Portugal factory I mentioned. We now will change the structure in Portugal. We will invest in more looms. We have a new production manager, which we feel very comfortable with. Vietnam, we have done investment. It's now up and running. Before all the clients and so on is fully up and running, it will take some time and also for them to trim in to be really efficient. Sri Lanka, it's on its way. It will be a very small operation, no own production. It will just be a logistics center where we'll be buy locally and sell locally with a warehouse. Nilörn: CONNECT, we talked about that in the past. That was a digital solution. I will present that again here today so you have an understanding. That has been for us, for Nilörn, a door opener for our salespeople when they are out visiting clients and so on. That is a door opener for them. In the past, we used to sell labels only. Now, with design, that has been and still is our strength is design. Now we see more and more interest of this Nilörn:CONNECT and the digital product passport. Packaging technical manager in an area with packaging where we see big potential in and that will come. We will not focusing on all different kinds of packaging. Here, I think we can be really good in also matching the outdoor segment of all the underwear packaging and so on. Here, I think we can do really well in here. With the strong balance sheet we have and with these investments we're doing, I think we are really well equipped for the future. Just a few words about the Nilörn:CONNECT. The Nilörn:CONNECT is the data carrier where we provide information to the end consumer and back to the brand owners. In the garment, if you have a QR code or an NFC chip or an RFID, RFID is mainly for logistics for the brand owners to know and handling the logistics side, and they will know exactly how much of different garments they have in stock. That is more logistics. This is more to the consumers where they can communicate with the end consumers, with the owner of the jacket, etc. The QR code is the most common one. NFC chip is slightly more expensive. QR code is the most common. Everyone who owns a jacket with a QR code and so on knows how to scan that. NFC chip is not that well known. People sometimes do not know how to handle that. That is why I think a QR code is the one to be. Why Nilörn:CONNECT? There are three things. The first and the bottom has been the most recent to discuss with the client is the compliance side. This is what the clients now are stressed over. It is the digital product passport that is coming here in Europe that we need to provide information, legislations about where the garment contends and where it's produced, etc. We also see an increasing demand of repair, resell, and recycle of the garment where the QR code will be really good to provide information how to repair, how you can use that for reselling and recycle the garment, what it contains of. The third point is consumer engagement. They can drive sales. They can communicate with the owner of the garment through this QR code. They can change. When you scan the QR code, they can change. They can provide information directly to the end consumers and interact with them and create creative loyalty and acquire new customers. It can also be that we are looking into that they can talk to the consumers or the garment can talk to you, the owner of the jacket, or through AI where you can see where you need to wash it and so on, how to wash if you have got some spot on the jacket. You can talk to them through this. Financial target. The goal is to grow by more than 7%, have an operating margin of at least 10%, and a healthy balance sheet. This is our goal, and this is what we have achieved in the coming years. The goal is that all our customers are satisfied with our creativity, product, and service. We do everything we can here to make Nilörn a strong and interesting investment for the future. That was my presentation. I will just stop sharing here. I will ask Maria if we have any questions. Yes, we do. We are running out of time, but I think we have time for two questions that are quite interesting. The first one is, could you please elaborate on how you think about investments in OpEx going forward? Yes. It is mainly Bangladesh that is the biggest one. We said earlier there will be like $11 million investments, where I would say Bangladesh is $10 million of them. Portugal is one, slightly more, yeah, $1.5 million maybe. That is to come here, what I said now, we are now negotiating the land. My expectation is that this negotiation will be ready and we here in Q2 will pay up for the land, which is around $1 million. The rest will take some time to do the design on the factory and so on. The investment will be proportioned over the next 1.5 years, I would say. It is to come, but not over the time. The investment is split in Bangladesh. The big investment is split 50%, I would say, is the factory and land, and 50% is in production facilities, machines, and so on. Those machineries, we will not invest in one shot. We will invest then once we get the demand for that. Also, you got the question on what margin we are calculating on an investment like in Bangladesh. We have not disclosed that. The reason for going into Bangladesh even more now is that Bangladesh is one of the most profitable companies we have in the group. We see still demand, big demand there, and that we could fulfill. I'm not so afraid of investment in Bangladesh. There are clients that we can take on board for big retailers that we can fill a factory. There is a demand for this factory will be state-of-the-art factory. There is demand in Bangladesh to have good factories with good compliance and so on. Thank you. We also had one question, and I think it's more about understanding the business. Hi, could you elaborate on the tariffs? It is related to the U.S. Are your products being shipped to the U.S. through your customers? Yeah, that was what I tried to explain earlier there, that we almost have no sales at all directly to the U.S. We don't invoice any clients in the U.S. directly. We have clients in the U.S., not many, but the clients we have, we deliver to their vendors, which can be like in China, India, Bangladesh, etc. They import their garment into the U.S. We also have European clients that are selling into the U.S. for sure, but we don't know how much. We don't have a direct impact. It's more indirect impact. What we have seen so far, we have not seen an effect of that, not yet at least. I think if it will be a slowdown in the economy in Europe, that will have a bigger impact on us due to the tariffs, but not more. It is more the risk on the downside is more on the indirect effects than the direct effect, I would say. Thank you. Very good. Thank you very much, everyone, for listening. Do not hesitate to come back if any questions at all. Thank you very much. Thank you. Thank you.