Good morning, Welcome to this Presentation of our Q1 Results of 2022. It's really a pleasure for us presenting the results. It's a strong quarter as we will present also during the presentation. Before going into the details of the quarter, I would like to just present ourselves. I have with on my side our CFO, Stein Yndestad. We have also in the room our Head of IR, Sture Stölen, and myself, Henrik Damgaard, the CEO. Also just before we go into the Q1 results, I would also like to just present shortly a little on what is it Norva24 is doing. The two-minute version. What we basically are doing is we are maintaining a very important part of the infrastructure in a society. I often say that if you stood up in the morning and this piece of infrastructure that we are working with were not working as it should, you would see that as a big problem within a very few minutes. What would happen if this infrastructure is not working is that you would not be able to go to the toilet, you couldn't shower, you couldn't brush your teeth. If you looked out the window and it had been raining a lot during the night, that rain was just flooding around in the streets. It's those kind of situations that would occur if this infrastructure were not working as it should. It's the underground infrastructure basically that makes sure that you have access to water and sewerage in any building in society. It's also this infrastructure that makes sure that when it rains, that rain is transported away. We have divided on this sheet our services into three categories. It's important to understand that these are not divisions. It's more to give an idea of what it is we do. Emptying services is the first one where we work with, for instance, traps and separators that prevents wrong materials from floating into the underground. Those are, t here are thousands and really tens of thousands of such traps and separators in a city like Stockholm, where I'm standing right now. Maintaining those, emptying those, working with those are part of what we call emptying services. Pressure washing is the second category. That's when we're using pressure washing technology for instance for cleaning a tank underground. The third one is pipe services. That's where we when we work with the pipes, we do inspection of the pipes, we do flushing of the pipes, and we do also a lot of other jobs on the pipes. A lot of maintenance is needed on this infrastructure and that's what we do. We do not do projects or large construction jobs. Others are good at doing that. No, what we focus on is the running maintenance of this very important infrastructure. Our journey has its origins all back to 1919. Our oldest entity originates from then. Our journey as a consolidator and as a compounder started in 2015. At that time, we were 10 branches and had a revenue of NOK 146 million. Today, through a successful compounder strategy and a growth strategy, we have developed into a clear Northern European leader in our market. We have actually just reached 70 branches in total and we are represented, as you can see today, in Norway, Germany, Sweden and Denmark as our markets. That was a bit on Norva24 and our journey. Looking a little into the Q1, that is the main topic of today, what we see is a strong quarter. We have seen in Q1 a total operating revenue up by 29%, and Adjusted EBITDA is up a bit more by 30%. Particularly also strong to see the organic growth currency adjusted at just above 13%. Remember, for those of you who remember the Q4, we had an organic growth in Q4, a currency adjusted of 9.4%. Continuing the high growth on the organic growth. We're very satisfied with Q1. That also needs to be looked in the perspective that Q1 is seasonally the weakest in this industry. That's also a perspective that needs to be having in mind when looking at our Q1 figures. Looking a little on the different markets, what we have seen is a strong margin development and organic growth in Norway. Actually, the margin for Q1 is record high in Norway. It's the highest we have seen in our Norwegian market. What is particularly also good to see is that the improvements in Denmark is continuing. As we said also during 2021, we see the improvements in Denmark, and we see them continuing, and we see them also materializing in better results in Denmark, which we will come back to. A thing we also have to notice is that in Q1, we have been impacted by extraordinary high sickness leaves in the German operation. Actually, our German operation experienced almost a doubling in the sickness leaves coming out of the tough German COVID-19 restrictions on quarantines. We will come a bit back on that later as well. We still have a significant and good strong M&A pipeline, and we expect 2022 to be a strong acquisition year. What we also see in the quarter is that price adjustments offset higher transportation costs. The very high diesel costs that we saw in Q1 are offset in the results and we are seeing also that we are able to take that forward in price adjustments towards our customers. Yeah. Looking into the numbers on this page, we see, as again, we have a total growth of 28.7% in the quarter against the same quarter last year. We have a currency-adjusted organic growth of 13.1%. The Adjusted EBITDA margin is increasing as well from 8.1%- 8.2% in the quarter. Taking us through each of our four segments, starting out with our largest market, Norway. We have 40% of our revenue in Norway, and you can actually see all the dots in the picture here. That's all our branches in Norway. A really good Q1 in Norway. We have a very strong organic growth of 20.9% in our biggest market. We actually have also a record high margin in the quarter as well. Very good development both on the growth and on the Adjusted EBITDA as well. A very promising development in our largest segment. It's also promising from the perspective that we have been doing this journey the longest in Norway, and seeing these kind of results in Norway, where we have also developed the organization and built our business the longest, is of course very promising for us because it's really an evidence on that, you know, the 24 model and our compounder model is really long-term strong. This is a good evidence of us being on the right track. The Q1 also has some impact from some of the postponed maintenance assignments that we saw during the COVID year. We had COVID years, we saw some assignments being postponed. Those we have seen coming back in Q1. That's also to be seen in these figures. There's no doubt that when we see these kind of growth figures, we are winning market shares. This is a very good quarter for Norway. Looking into Germany, we are continuing to build up our presence in Germany. We also show a high and a good strong growth in the quarter in the German market. We added the first operation during the quarter in the Ruhrgebiet, the area around Düsseldorf, where you see the dot on the left side here. That's actually the most densely populated area in Germany. It was good for us to get our first footprint in that region. What is important to understand also regarding Germany is that the German operation was impacted by the significantly tougher COVID quarantine restrictions that we saw in the German market. This resulted in actually our sickness leaves in the German operation doubling. It was up by five percentage points in the quarter. When we benchmark Scandinavia and Germany, what we saw in Scandinavia was an intense period with high sickness leaves coming from the Omicron, basically in January and February. What we have seen in Germany, where the restrictions and the quarantine and the lockdown approach is different, is that the sickness leaves has been on a higher level for longer. We still see some effects of that actually in April. Everything in Scandinavia is now normalized and has been since the end of Q1. Here we have a clear difference between Germany and Scandinavia in Q1. Generally, a good effort by the organization and improved or a growth of 1.8%, so positive organic growth, but be aware that we had some capacity that was not available because of Omicron. Sweden. We're growing rapidly in Sweden, and it's both on the top line that increased the total growth with 65% in the quarter, but also specifically on the organic growth, we saw 12.1% there in the quarter. Really a rapid and a strong growth in Sweden. In such a situation with such a strong growth, it's of course where we take in a lot of companies that are acquired. The EBITDA margins of those acquired companies are of course a big part of the margin as well here. We did an acquisition in the quarter around Göteborg, just south of Göteborg, of IRG, that I will come back to. IRG is a bit special for us because they actually have a very interesting technology that we can use wider in the Norva24 organization. We will come back to that under the M&A slides later in the presentation. Last market that I will comment on is our fourth market, that is Denmark. As we have said also during last year, Denmark is improving the performance. We are seeing that definitely also in the quarter. We are seeing a big improvement on the Adjusted EBITDA of almost NOK 5 million and also a good strong organic growth. Actually, what you will see here is that all the three Scandinavian markets have a double-digit organic growth, currency adjusted. A very strong organic growth in all the three markets in Scandinavia. And also very promising to see, of course, Denmark continuing to improve their performance. Stein. Thank you, Henrik. As you already mentioned, this is a very strong quarter for Norva24. We've seen revenues up by more than SEK 120 million in the quarter, or a 28.7% growth. In that there is also a 13.1% organic growth, with a margin improvement. We have been able to compensate the cost increases that we've seen in some parts of our cost base. Our Adjusted EBITDA margin is up 30%, so there is a slight margin improvement. If we move to the next slide. As we already mentioned, we have a 28.7% revenue growth, and we now have a Q1 with more than SEK 500 million of revenues. We're very happy with such an outcome given that Q1 is the seasonally weaker quarter in our industry. As shown by the quarterly bars, the activity is somewhat lower in Q1, and this also then impacts our EBITDA margin. Margin this year was 8.2%, slightly up from last year, but it is important to note that the composition of the group has changed. If you look at a like-for-like basis, our margin improvement is larger than the 0.1% in the numbers. Where is that? Our balance sheet. I think the most important comment relating to our balance sheet is that we still have a very strong balance sheet, pretty similar to what we had at year-end. We're well positioned to deliver on our financial targets when it comes to revenues and profitability. We have the capacity that is needed to do the M&A we're planning to do. At the end of the quarter, we have a leverage or a net interest-bearing debt over Adjusted EBITDA of 6.1x. Our target is to stay below 2.5x, so we're well below that level currently. A bit on the acquisitions and the market size. Just remember that, looking on the EU level, this is a very big market. It's a NOK 140 billion market. Looking on the addressable market, the market we are in, today, the four markets, Sweden and Germany and Norway and Denmark, those markets are having a size of NOK 36 billion. By far the biggest market is, not surprisingly, the German market, but it's NOK 26 billion, so, more than double the size of the Scandinavian markets. Naturally, the German market will also play an important role on the further growth of Norva24. German market will become our biggest market in the future, as we have said before. No change there at all. We have done two acquisitions in the quarter. The first one is Zimmerbeutel, which is in the Ruhrgebiet in Wuppertal. It's our first acquisition in this area, as I said. It's the most densely populated area in Germany. From that perspective, it's also very important for us to get our first presence in that area. Second one is IRG, which is a Swedish company, very successful one, working out of Kungsbacka, south of Göteborg. They are running a strong UIM company in that area. What is a bit special about them besides from running a generally very good business in UIM is that they have actually over the recent years developed a special method where they install under a city flow sensors in the underground. What those flow sensors does is that they measure how the water flows when it rains over a city. By doing that, they are forecasting where can there be challenges when we get these heavy rainfalls that we see more and more coming down over the different cities, and that we have also seen in Germany and in Sweden and in different parts of Scandinavia over the recent years. When it's really raining over a city, where is it that we see the problems in the underground? Based on that, we can forecast better where to do the maintenance job, so that the city is more prepared for when these heavy rainfalls comes. This is an example of what we have also said in the IPO process, that what we expect in the future is that those kind of solutions will come, and that they will be driving the innovation in the industry. We want to be on the forefront of that development. This acquisition is a good example on that. With the acquisition, we get a strong solution with sensors that makes it possible for us to work with predicting where under a city is it that there can be challenges when there is a heavy rainfalls coming. This is a very interesting acquisition for us in the Swedish market. I mean, on the pipeline, strong pipeline, we have 26 opportunities engaged and in discussions, and 22 opportunities under advanced discussions. We expect a strong acquisition year here in 2022. On the ESG, we have also announced our ESG report from 2021, and I want also to take the opportunity to just comment a bit on that because the ESG agenda is really at the heart of this industry. If we look at these United Nations sustainability goals, it's really rare to see an industry that almost has its own United Nations sustainability goal. If you read the number six, it's almost all about the UIM and the underground infrastructure sector. It's a good illustration of how important this sector is. Looking on the CSR report, I also want to point to that we have two special KPIs that we strategically look upon and where we have extra focus on. The first one is that we measure the share of our revenue coming from green services where the footprint is better than the standard solution in the market. That share, we have the full year measuring and baseline from 2021 for Norway and Denmark. In Norway it's 20%, in Denmark it's 13.9%. We will have the base ready for the two other markets in 2022. The second one is relative energy consumption, which is where we take all the energy consumption that we use in our fleet and in our operation in total and convert that into a kilowatt hour, no matter whether it's fuel or it's heating or whether it's electricity. We see that in relation to the operating revenue, and that KPI is something that we are measuring, and we have the base for Norway and Denmark for last year, which for Norway was 4.9, and Denmark 6.22. This is one that we are following in the coming years and that we want to see improvements on as well. Yes. Just to recap our financial targets, we stated these in relation to the IPO and we're fully committed on delivering on these targets. I mean, we have a revenue target of NOK 4.5 billion in 2025. We're well on track to achieve that. Our profitability target is 14%-15% margin, and that's also a target that we're planning on delivering on. We're moving in the right direction. Our capital structure says that we should have a maximum 2.5x net interest-bearing debt over Adjusted EBITDA. We're currently at 1.6x. We have the ability to exceed that 2.5x limit, but we need to get back to below 2.5x within four quarters. Finally, we've stated that we will not pay dividends medium term, due to the fact that we have such good investment opportunities and the funds are better spent within our group than as dividends. Yeah. Just wrapping up with the vision, because, as said, we have a strong Q1, and we are well on track delivering on our medium-term targets, as Stein says. Our journey is really clear. We want to build a European lighthouse in underground infrastructure maintenance. It's a very important industry. As I said before, it's NOK 140 billion industry in Europe. Just looking on the four markets we are in today, it's NOK 36 billion. It's a very fragmented market as well. We have 1,900 players in our four markets today, alone. We are the clear market leader in Northern Europe. What we want to build, as said, is a lighthouse, a European lighthouse. What we like about the picture of a lighthouse is two things. It symbolizes, first of all, we want to be the biggest player in the European market, and we want to build this strong European player in the industry. Secondly, it's a lighthouse also illustrates something that you navigate from, and we want to be that player that the rest of the industry looks upon to see the future direction of the industry. As we really want to be the driver of innovation and development in the industry. That's a bit why we like this picture a lot. That's the journey we are on with Norva24, and we are seeing in Q1 a strong quarter that shows that we are well on track to deliver on that. I think that was the presentation from our side, and we will now open up for Q&A and questions. Yeah. All right. Thanks so much, Henrik and Stein. My name's Robert Redin. I'm with Carnegie. I'll be moderating the Q&A session. We'll structure it a bit like this. I have some questions to start off with. After that, we'll take questions from the teleconference, and then we'll finish off with questions from the room here and any questions on the webcast. If you're on the webcast, there's a box where you can type in your question, please do, and we'll make sure to pose your question at the end. Yeah, so I have a few questions starting on Norway. Here, you had a really strong margin of 14% up from 8% and 21% organic growth, a really strong quarter. You said there was some bounce back in demand from previously deferred work, and you're taking market share. How sustainable was that demand and that market share gain in the quarter, would you say? Yeah, you're right that it's a combination of generally high performance in the Norwegian organization and also some effects from maintenance jobs that we have reported also was put on hold during 2020 and 2021. That has now come back. We will also see effects of this during coming quarters in Norway, so that these jobs are. We are seeing them coming back now, those postponed jobs. It's clearly that it's a very strong quarter, and we see a good performance from the Norwegian organization. Yeah. It's very promising for the coming quarters as well. I think that's what we can say. Perfect. On the price hikes, I mean, in the Q4 report, we talked about price hikes coming through on the first of January. So I guess those did take effect on first of January. How do you see that net between price hikes and inflation for the coming quarter? It's an important focus area for us, and I think for everyone in business life nowadays, that we have to work with inflation. We are in a situation where we expect and we confirm what we have said early on that we expect the price increases that we will see on some of the commodities and some of the things that we buy, that those we are able to forward in prices towards our customers. Our customers shows a good understanding of that. We expect that those increases that will come in 2022 on prices, we will be able to forward to the customers. It's important also to understand, I think, that looking on for instance, fuel, that has been getting a lot of attention generally in the world over the recent months. It's actually only 5%, 6% of our revenue base. 5%-6% of our revenue goes to fuel. What we expect is definitely that those inflations we will see coming on our cost, we can forward those to the prices towards the customers. Perfect. Switching to Germany. So here you had 2% organic sales growth, but margins were down from 22% last year to 12%. 22% was of course a very high level, but how do you feel about the level for full year 2021 in Germany? Was it 18%? Was that more a level you think you can keep? Was it just that the Q1 comparables were high, and the COVID impact, or do you think that there's a change there? No. We saw actually as we remember back just three months ago, we saw when we announced the Q4 a very, very high organic growth in the German market. As I said, we do not see any changes there. What has really challenged the German organization is the sick leave. In Germany, the quarantines are very different and has been very different than what we've seen in Scandinavia. There has been quarantine on near contact, meaning that people who has been near contact had to be out for several days where they could not operate. When you had the COVID, you had to be out for much longer periods than you had in Scandinavia. The whole development of Omicron has also been very different in Germany. It has impacted our sickness leaves very differently than what we see in Scandinavia. That's really what we see in Q1 and what the German organization has been fighting with. I want to also thank the German organization for really having done a very good and strong effort on compensating for this, because it's clear that when you meet in the morning and you have these sickness leaves, it takes a lot of flexibility in the whole organization to get gathered around and get the jobs done. It's those challenges that we mainly see in the German figures. Right. You said that this COVID impact could have lingered into April. Should we still expect a good sort of bounce back in Germany in Q2, or is it something that's still impacting you? What we see is that Omicron has normalized in Scandinavia. We don't see any extraordinary high sickness leaves in Q2 in Scandinavia. We still see some impacts in Germany, but on a lower level than what we saw in Q1. There are still expected some impacts in Germany for Q2. All right. The margin was up organically in this quarter. It was flat overall. I mean, the addition from acquisitions this year had then a lower margin than last year. Are the acquisitions you've done performing as you expected? Is it just a mix effect that the acquisitions you did last year was higher margin, or is there something going on there? I think it's important to understand that the companies we acquired last year are not included in sort of the numbers last year, of course. What we see is that those companies, they had a lower margin last year, but they have increased more than the rest of the portfolio. That's the reason you're seeing this modest increase. Standing alone or like for like, as I said in the presentation, we see a larger margin increase than the 0.1%. They are not underperforming, they're actually performing quite well. Yeah. You're happy with the acquisitions. The more recent acquisitions, the performance of them so far? Yeah. Perfect. On acquisitions, I mean, you have this pipeline and the acquisitions are of course part of the NOK 4.5 billion revenue target. I wanted to ask you, in the sort of market situation we're in right now, maybe not necessarily in your market, but in the economy overall and in the stock market, we're seeing a lot of uncertainty, so how do you feel about your M&A strategy? Are you looking to speed up, take advantage of any uncertainty in the market, or slow down and go slow and see where this ends up or are there no changes to your M&A agenda? Yeah, it's a good question. What we expect is actually that we will do acquisitions in line with our strategy. We're seeing some targets maybe being more interested in selling in such a situation. Generally I would say that overall it doesn't impact our M&A strategy. It's we are this kind of industry that is not really impacted off of what happens in the world. What this is type of jobs that just needs to be done. Whether it's COVID or whether it's a crisis in Ukraine or what happens, these kind of infrastructures needs to be done. It doesn't really change the dynamics in the industry or on our acquisitions that the world is in the state that it is now. This is really the type of industry that, yeah, you need to get it done. We all need, as human beings, access to water and sewerage for being able to function and therefore, the dynamics in our strategy and in our daily business and on our M&A remains the same. All right. Perfect. Maybe we'll try and see if there are any questions on the telephone conference. Operator, if you have questions in the queue, please start the Q&A from the telephone conference. Thank you. Our first question registered comes from the line of Avinash Mundhra from Citi. Please go ahead, your line is open. Yeah. Hi, guys. Thank you for taking my questions. I have three please. The first one is, we have witnessed a weak quarter in Germany, obviously impacted by one-off impact of COVID. What is the situation currently, and do you expect a gradual recovery over the quarters or normalcy from this quarter, adjusted for April as you have highlighted? The second one is on the Swedish acquisition. We recently witnessed a big acquisition in Sweden by a Swedish competitor, the TBD30 aggregator, TBD30. The company had FY21 pro forma revenues of over NOK 500 million, if I'm right. Does that implies higher competition on both organic and inorganic front? And does that lead to any change in your strategy in the region? The third one would be on the M&A. Can you please confirm the number that you are in advanced discussion with 22 companies, please? Which 22 companies that are included in our organic growth figures or? Could you repeat the last question? The last question is on the M&A pipeline. Did you say 22 companies are the ones you are in advanced discussion with? Yeah. Yeah. All right. Good questions. Thanks for the questions. First one is you're asking a little into how does Q2 look on the COVID impacts in Germany. First thing I have to say is that we do not see any COVID impacts in Scandinavia from sickness leaves in Q2. What we've seen in April, where we have the recent figures, and here is data point, that our sickness leaves in Germany are 2.3 percentage points higher than April last year. What we saw in Q1 was five percentage points higher sickness leaves than Q1 last year. Clear improvement on the impact from Omicron coming from Q1 into April. That's a data point that I think is answering your question. We do expect normalization here during Q2. Second one is a bit on this acquisition in Sweden. Well, overall, it's important to understand that in these four markets we are in, we have 1,900 players. The interesting part is that we have not made a bid on any of the companies that currently are part of Spolargruppen, so that you're talking about. No, we do not expect that to change the overall dynamics on the acquisitions in the market. Might be that we will run into them from time to time in the Swedish market. On looking on the overall markets, it's so big that and there are so much to work on consolidating that we welcome them on the UIM sector. The third question was linked with the companies we have under advanced discussions. Yes, those are companies that we have met and are in an advanced dialogue with. Those are, we have 22 companies that we are in advanced discussions with. Also, on some of them, we are in the advanced stages as well of this. It's close dialogues with them on different stages, but where we are in close dialogue with them. Did that answer your questions? Yes, it did. Thank you. Thanks for the question. Thank you. We've got one more question on the phone line, which comes from Karl-Johan Bonnevier from DNB Markets. Please go ahead. Your line is open. Yes. Good morning, Henrik and Stein. Impressive growth in Q1, and you elaborated on the Adjusted EBITDA being up 30% year-over-year. I noticed that cash EBITDA is up 45%. Is that some sort of timing difference between the two, or is it something that we should expect being a recurring effect? I think it's more of a timing effect. You see timing effect both on that measure, but also on our operational cash flow. I don't think you should expect to see that continuing at such a strong level. Thank you. Looking at, say, the ongoing price inflation we see out there, I've noticed in a couple of other service segments that tender activity has been delayed, as has been spoken to by the players in those sectors. Have you seen the same thing that the tender activity remains good, but maybe there is a, say, later signing of new contracts or something like that? No, we have not really seen any impacts in that way. We still see a good activity in the market. Actually, this is also an illustration with our organic growth that actually, the market has been very strong on the growth both in Q4 last year and in Q1 this year. Contract wins and the tenders and the whole dialogues with the customers are on a very good level. There is a good speed on the market currently, as can also be seen on the organic growth. What we do see also is that these, as I mentioned also, these maintenance assignments are really coming back that has been postponed, and that's also contributing to this effect. You don't see any reluctance from clients on the back of the inflation that you try to play through? No, we have not seen any such reactions. It is. We are in a sort of business that you just need to get done. This is a kind of industry that you just need to maintain this infrastructure. Therefore, it's not something that impacts the demand. Excellent. Good to hear. On the M&A pipeline, if you step back a little and looking at obviously the size and the width of it has been. You continue to indicate that it's increasing all the time. Today, if you compare it to how it looked pre-IPO, if you take several months back or something like that. Has the composition of all these targets that you're now talking to and looking at? Has it changed in any way? Are you looking at bigger companies? Are you looking more at bolt-on smaller ones? Or how does it look when you digest that pipeline? Well, I would say on an overall level, the pipeline is looking more or less as strong as it did also during the IPO and. What we see is that we see a bit more acquisitions in the final stages. We see also now, as we said in the IPO also that we expect to do acquisitions also in Denmark and Norway in the following the IPO. Therefore, we're also building up a stronger pipeline in those two countries. We were up until the last year and a half, up until the IPO, focused a bit more on Germany and Sweden. Now we're also building up a pipeline in Sweden and Norway. That's probably the difference that you will see looking back over the last half year, is that we are building up also pipeline in Denmark and Norway, so that we expect to do strong acquisitions in all the four markets over the years to come. In the current acquisition pipeline, there is no intention to go outside the four current markets? No, currently, I think I'll just confirm what we said in the IPO also, that during the first year or two after the IPO, we expect to focus on the current markets. After that, we expect to start looking outside the current market. There is a bit more work to be done on the current markets before we take the next one. Good. One final from me. I noticed the change in the ownership structure with Nordstjernan coming in and flagging. Have there been any discussions with you on their intentions and maybe board representation or similar things? I've not had such dialogues with Nordstjernan, and I'm not aware of such dialogue. Yes, it's true, we are welcoming Nordstjernan as a new large shareholder in the company. We of course are very happy to welcome them as a strong Swedish player in the investment market. Very proud to have them on board as a shareholder. Totally agree. Thank you. Good luck out there. Thanks a lot. All right. Thank you. We have no more questions from the phone lines. All right. Perfect. Thanks. If there are no more questions on the phone lines, maybe there are questions in the room. Yeah, sure. The microphone? Yeah. No. I have a micro. Well, if we don't need a microphone. [crosstalk] That's good then. My name is John Warmark, representing myself. Could you tell us a little bit more about the three business areas that you described? That is in relation to customers, groups of customers. How many are governmental, local and private? Then roughly how much of the business do you have to bid for? Something structural, the contracts that you have, how much, I mean, are they recurring? How long are they committed? Just to give a sense of the dynamics in the sales work. Yeah. What's driving basically the organic growth? That's a good question. I will just rephrase it, so that everyone can hear it. The question is a bit on, first, if I can mention a little on, what kind of customer groups we see across these three segments of jobs. Well, I think it's important to understand that actually the customer profile is a bit the same, so across these service lines. Often actually also different parts. Often to fulfill a complete job, you need to actually use services from different of these three service lines. I can't point to a specific different structure in emptying services compared to pipe services. There is no difference as such there. Looking on our customer profile, which was your second question, how it looks generally. We have around 30% of our revenue coming from municipalities. That's our biggest segment. It is in itself very fragmented. There are a lot of municipalities and municipality-owned utility companies. 65% of our customers are corporates, which is B2B customers that we work for. Actually our largest customer group is corporate. You have private households, that's around 5%. Our customer profile is very fragmented. Basically anyone who owns a house or a building that has access to water and sewerage is a potential customer of ours. Looking at last year, we had more than 50,000 customers. A very fragmented customer picture, generally. What's driving the organic growth, I think I'll point that, which was your third question. I think I'll point a little to what is actually driving the market growth, because what is driving the market growth is a few trends. First of all, it's global warming, which I mentioned a little too early on, because we see that more and more of these situations where there is heavy rainfall over a city. We saw that in Germany last year, but also in different parts of Scandinavia, where all of a sudden it's just pouring down with rain. Then you see the underground infrastructure needs to handle all that rain. When it cannot handle that, it just flows around in the streets. That's of course creating a lot of damages. The municipalities and the customers, of course, want to prevent that from happening. That puts a lot of requirements on the maintenance jobs. Global warming and these heavy rainfall situations that we see more and more is one driver of growth in the industry. A second driver of growth in the industry is that this is old infrastructure. It's not here that the politicians invest all the money. There is a lot of reports showing how many billions of NOK and SEK and euro that needs to be invested in order to just get it renewed. The fact is just that only 1% of the infrastructure is renewed per year. This is an old infrastructure that is getting older and older. It is a bit like with an old car, that the older the car, the more the maintenance. That's what we see as well. There is a third growth driver, which is regulation. We see that regulation is used more and more as a way to make sure that the maintenance is done as it should. We see regulation being used as a tool of making sure that the maintenance's job is done correctly. That's a general driver of growth, since these regulations are putting extra restrictions on how often you need to maintain it, what standards you need to meet, and, well, how you document that the maintenance job is done. These are the three key growth drivers of the industry. That is also why the industry is growing more than the GDP. We saw over the period up until COVID started that the annual growth rate in the market was 5.5% on average. Well above the gross domestic product. Those three drivers are the reason for that. How do you follow the businesses when you buy business or the existing companies that you have? How do you follow them? Do you follow them in business areas or do you follow them just by different numbers you have or how do you follow, how do you measure the performance? I mean, internally. The question is a bit linked to how we measure the performance of the companies that we acquire after the acquisition. We have in all the four markets, we have a strong country organization. That country organization is in close contact with the acquired company. We have just as an example on how we measure it. I will now after we have done the announcement of the Q1 result, I will announce internally to the organization an EBITDA list. We rank all the branches based on the EBITDA percentage over the last three months. There you can see who are the best, all the way down to who is in the bottom of that list. That is a way that we create a little competition between the branches as well on the performance. We measure them as well in the same way on growth. They rank on EBITDA margin and then on the growth for the last three months. That's an example on how we measure it. There are a lot of course, contact between the country organization and the acquired company, and there is a whole onboarding plan on what happens when you acquire it. A lot of it is run by the country organization. Another question. Of the increase in organic growth in Q1, how much roughly would you say of that is a catch up from COVID businesses that were postponed? In other words, how much of the increase, organic increase, is not recurring next year because it was just a catch up? I would say, we mainly see that in Norway. This effect is mainly in Norway. You will have some impact in the numbers. It can be difficult to say exactly how much of the assignments done were postponed and how much is just the daily business. There is some part of it in the Norwegian figures. There is also, as you can see, if you compare, for instance, with the growth rates in Denmark and Sweden, where we don't have this significant impact from these maintenance assignments that there is a good growth in the business right now in Scandinavia. I cannot point to a specific number on this amount in Norway's postponed maintenance assignment. There is no doubt that the growth was good also without that impact in Norway. Just out of curiosity. In Germany, you had a less good margin because of the Omicron. You had an increase in sales. I'm interested in the mechanics on how you can have an increase in sales but a reduction of margin when you have absenteeism, people who are not turning up for work. Yeah. The question is a little linked with how we can have a growth, I think it was 1.8% in organic growth in German market and have a reduction in the margin. It is simply because we had a very high margin also last year in Q1 when you compare over the years with the margin development over the year in Germany. It is also simply because it has a cost of not having 5% of your capacity available. That's a cost that we had to compensate for by working overtime and finding flexible solutions on how to get the jobs done. As I said during the presentation, it did really the remaining part of the organization that was on job every day. They had to really work hard to get everything done and get the jobs done in a situation where there were these kind of sickness leave. That impacts the whole cost structure. Yeah. Thank you. Thanks. That's good questions. Thanks. All right. Let's see. Were there any questions from the webcast as well? There's one question from Lars Ladefoged from Danske, and that's on the EBITDA margin development like for like, if you can give some more flavor on that. I don't think we will give much more flavor than we have in the report. The point is that there is a margin increase in the organic business. If you look at numbers, which we don't really do in a public setting like this, comparing the numbers of the assets we acquired during 2022, which were not part of Norva24 in 2021. We don't wanna comment too much on it, but when we do look at the like for like, there is a fairly decent margin increase in those operations as well. I'm not. We're not able to go into details. Sorry. All right. Perfect. I think that wraps up the Q&A session then. Thank you, Henrik and Stein, and I hand over to you for final remarks. Thanks a lot, Robert, and thanks a lot for helping us on this Q&A session. Yeah, as just wrapping it up, Q1 for us confirms that we are on the right track on our journey. We want to build this, and we're on a good path of building this European lighthouse in underground infrastructure maintenance. It's really promising to see that our journey is progressing according to plan. Thanks a lot everyone for attending this presentation, and thanks a lot for asking the questions. Have a good day.