Welcome to today's call where we will present the Q1 results for Norva24. We see a strong quarter for us. Strong total growth, strong organic currency adjusted organic growth and as well a margin improvement. We are again confirming that we are on the right track in regards to our midterm targets and our 2025 targets. With me today, I have Dean Zuzic, our CFO. As well I have Stein Yndestad, our Chief Corporate Development Officer, and as well Sture Stölen, Head of Investor Relations. Myself, I'm Henrik Damgaard, I'm the CEO of Norva24. As always, I would like to start by just spending 2 minutes with just explaining a little what it is Norva24 is working with. Often as modern citizens, we take for granted that when we enter a building, we have access to water and sewerage. There is a lot of work undergoing with the infrastructure under the ground that makes all that system work. What Norva24 is working with is what you can see in this picture is to maintain this infrastructure. We do the maintenance of the underground infrastructure that makes sure that there is access to water and sewerage in any building in society. Critical services for the functioning of society. Important to understand, we do the maintenance parts. There are other companies that does the construction and the project parts, that's different mechanisms, and they're good at that. What we do is that we do the running maintenance. There is a lot of running maintenance ongoing with this infrastructure. That is a little on our industry. A little around Norva24 and our journey. Actually this is a very old infrastructure. We consist today of some of our companies has more than 100 years of history. This infrastructure and the industry has been around for long. Our journey as a consolidator and a compounder in this industry started in 2015. In 2015, some Norwegian owners of companies in the industry started to discuss and around the possibilities of consolidating the industry. They engaged on this journey in 2015 today together with a private equity fund. Since then, it's really gone fast and we are today by far the biggest operator in the industry in Northern Europe. Have more than 1,600 employees and operations in Germany, Norway, Sweden and Denmark. That was a little on the industry. Going a little into then the Q1 results. As I said, it's a strong quarter for us. We see operating revenue going up by 34% to 705 million NOK. We also see a solid currency adjusted organic growth being at 8.5%. Good growth from acquisitions as well giving us 20%. It's a strong quarter on the revenue side, definitely. What's important to look into is that we have, as you may know, a 2025 target of reaching 4.5 billion NOK in revenue. Just as a rule of thumb, in order to achieve that, we need a total revenue increase of just around 22% year-on-year from now until 2025. I think we can all see that the revenue increase we saw in Q1 is well above that. That's also why I'm saying that we're definitely well on track in regards to achieving that. Looking a little into the profit. Profit increased a bit faster than the revenue, indicating also that margin went up. We have a 37% increase in the EBIT and an adjusted EBITDA margin going up by also 37% to NOK 59 million. The earnings per share up by 60% compared to last year. A few comments also on the results is that one always have to be aware that Q1 is a quarter where we see a winter effect. When you work with underground infrastructure, it just takes longer time to work when there is snow and winterly weather. Just finding the holes where you have to go into the underground can take more time when there is a half a meter of snow or similar conditions. It's very normal for our industry. Our EBITDA margin were 8.4%. That's up from 8.2% in the same quarter last year. That was 8.1% if we look two years back. A good improvement in the margins. One thing we also want to mention is that we have the taxonomy for the first time in our annual report from last year. We didn't mention that when we announced the Q4 because that's a part of our annual report that was announced in April. It's very good to see also that the green type of our services is also reflected in the way we come out with the, in within the EU taxonomy. Actually, we are having 44% of our services that are defined green services according to the EU taxonomy. Definitely a green service also underlining the importance of the services that Norva24 provide. I said we had acquisition growth of 20% in the quarter. It was actually driven by acquisitions in all markets. We said when we did the IPO in end 2021 that we expected to see acquisitions in all the four markets, and that's also what we have delivered on. We have actually done acquisitions in all four markets, and therefore, in all four markets, there is acquisition growth in the Q1 numbers. Net cash flow also going up. Be aware that net cash flow is always, cash flow is always a bit weaker in the first half of the year and stronger in the second half of the year. But well up from last year. From last year, it was NOK 34 million, and this year it's NOK 45 million on the cash flow for the quarter, so also a good improvement there. Looking a little into the countries, I'll come back with the more specific details on per country, but it's very good to see Norway and Denmark both with double-digit growth. Please be aware also that if you look into the Q1 report 2022, there was actually more than 20% currency-adjusted organic growth in Norway. We are here seeing Norway delivering double-digit growth on top of a growth last year of more than 20%. Very strong quarter there from the Norwegian organization. Well done. Germany also delivering close to double digit, about 9%, and Sweden at 6% currency-adjusted organic growth. We still see a significant M&A pipeline. We expect 2023 to be a strong acquisition year. Looking at the acquisitions during the last 12 months, they are adding NOK 440 million in revenue. We've done a significant amount of acquisitions, seven acquisitions since the start of Q1 last year. The start of Q2 last year, sorry. Yeah. Just showing a little sheet here on the on the EBITDA margin development. As you can see, the EBITDA margin development has improved from 8.1% to 8.2% in the Q1 last year, and this year we are then at 8.4%. A good improvement year on year during that period. And, yeah. I'll not go further into detail with that, but now also just commenting a little per country. As I said before, we saw in Norway a very good double-digit growth on top of the more than 20% organic growth that we saw last year. The... Just reminding everyone that what we saw in Q1 2022 was also impacted by postponed assignments from the COVID years, where we saw, particularly in Norway, that there was an uplift there in the market. That was also why Norway had such a high organic growth. It's very strong for us to see that we're actually able to go 10% above that level, this year in the Q1. It shows really also that almost the market we've been in the longest, it shows really that the strength of the Norva24 model, and that we can really also conquer market shares organically with the way that we operate as a large provider and a professional provider in this market. Yeah. Noticing also regarding Norway that we have index regulations coming in first of January 2023 on public contracts. As you may remember, we did actually index regulate and regulate prices in most contracts during the year 2022. On the most of the public contracts in Norway and some of the public contracts also in Sweden, we see it's being index regulated on an annual basis. For Norway, that index regulation is around 10% coming from first of January 2023. The public contracts in Norway are around 30% of the Norwegian revenue. Looking a little into Germany. It's actually quite interesting to see that Germany and Norway are now almost on the same size. We are actually seeing a little of an internal battle between Germany and Norway in terms of who first reaches the NOK 1 billion revenue annual LTM revenue target. Both are above NOK 900 million now in LTM revenue. Yeah. Both markets are actually in the quarter almost at the same level when looking on revenue. Yeah. We're seeing a somewhat slightly lower margin in Germany, and that's mainly because of acquisitions coming in with lower margins than what we have, but also a slightly weaker organic margin in Germany in the quarter. What we've seen during the last year as well in Germany is that we've really strengthened our position in the Berlin area. Berlin-Potsdam area is now the biggest metropolitan area in Norva24, and that's also really where we can see now that we are beginning to benefit from density and increased efficiency by operating smoother together as a large company. Sweden, margin up significantly in the quarter, so a strong improvement in the margin in Sweden. It's coming really from efficiencies and scale, but also actually improved margins in the acquisitions that we've done. Here in Germany, we saw that the acquisitions were reducing somewhat our margin, but in Sweden, we're seeing the opposite picture that actually there we have acquisitions increasing the margin as well. In combination with better efficiencies and then scale benefits and tighter density, we are seeing this improvement in the margin in the Swedish market. Denmark really can be said in one sentence. They're continuing to improve and have delivered a very good Q1. And we're really focusing on continuing what we've done regarding the Danish improvement plans. It's about terminating customer contracts with low margins or negative margins in some cases from the past. Most of them we have, we are out of now, winning new contracts and also working on the whole efficiencies. In our business, it's really a matter of having high utilization on the equipment and on the personnel. That's the areas we will continue working on. When it comes to the customer contracts, most of the jobs has been done. Now it's really a lot focusing on improving the efficiency and improving the utilizations of the equipment. With that said, I'll give the word to Dean. Wonderful. Thank you. Thank you, Henrik. Let me just run you through the numbers, putting a bit more flavor on what we achieved in Q1. As you've already heard, we deliver a strong organic growth in Q1 and increased margins. Important to mention, as we also have done before, that Q1 is seasonally our weakest quarter. That is due to weather conditions. This year's Q1 is a typical Q1 with the seasonal effect in line with what we have seen in previous years' Q1. As I mentioned, we deliver a strong growth. We have a organic growth of 8.5%, a acquired growth of 19.8%. And if... We also need to adjust for a currency effect, which was in the magnitude of 5.6% in Q1 of this year. We do report in NOK, and as I'm pretty sure everyone is aware that the NOK did weaken compared to the major other currencies, euro and Swedish krona and the Danish krona. This brings our total growth up to 34%, a growth that we are very satisfied with. This year's adjusted EBITA came in at NOK 59.4 million, which was up from last year's NOK 43.3 million, or an increase of 27%. Adjusted EBITA margins, up a little bit to 8.4%, from 8.2%. Also a movement in margins that we are very satisfied with, and it shows that we have been able to offset inflationary pressures that we have seen in the macro economy during Q1 by increasing prices. Even though cash flow is essentially weaker in the first half of the year, also something that we have, I mean, mentioned, it's stronger in the second half. We do have a increase in our cash flow in Q1 this year, which came in at the operating cash flow came in at NOK 45.1 million compared to last year's NOK 34.4 million. Also a development that we are very that we are very satisfied with. Can you take the next slide, Henrik? As you've already heard, as Henrik has mentioned, we have delivered a good quarter with significant improvements on all of our major metrics. Healthy revenue growth, healthy growth in EBIT, EBITA, and in EBITDA. Revenues, as we've said before, 34% up from NOK 526 million to NOK 705 million. Our total operating costs have increased by 36%, a bit more than our revenue increase, up to NOK 580 million from NOK 427 million. They do include NOK 2.4 million of non-recurring costs this year, composed of NOK 1.4 million in M&A costs in Norway and corporate costs related to recruitment of NOK 1 million. When we adjust for that, our operating costs are up 33%, which is slightly less at the increase in revenues in 34%, pushing our margins up to 8.4% from 8.2%. Another item that's worth mentioning or putting attention to in our P&L is the relatively favorable increase in our personnel expenses. They increased by 27%, again, compared to a revenue increase of 34%, showing that we have managed to increase efficiencies in the utilization of our own personnel. Which we, of course, are very satisfied with too. Net financials improved from NOK -12 to NOK -1. The whole increase is a function of net currency gains and a NOK 3 million gain on earn outs from our previous acquisitions. This brings our adjusted EBITDA up to NOK 59.0 million from NOK 45, increase of 37%. If you look at the last 12, I mean, months, they show a revenue increase of 23% and an adjusted EBITDA growth of 10%. Margins reduced somewhat from 12 to 11.1, but the reductions was explained thoroughly when we presented our Q4 figures last, I mean, year, which was a relatively weaker quarter than the Q4 in 2022. We have presented this thoroughly. This should not be a surprise to anyone. Next slide, Henrik. Our balance sheet. We have a strong balance sheet with significant headroom for continued growth. Net debt of NOK 1,303 million in Q1, representing a net debt EBITDA ratio of 2.2 x. We have said that we would target to keep our ratio on our net debt over adjusted EBITDA ratio around 2.5 x. We do have a significant headroom following the fact that our covenants on our bank debts allow us to go to 4 x, implying that there is significant headroom if the right acquisitions should turn up. We do have the financing strength to do even larger acquisitions. Goodwill, NOK was at 1,673, a slight increase from Q from Q four. We do impairment test our goodwill, and the impairment test shows significant headroom. We are comfortable with our with our goodwill level as shown in the balance sheet at the end of Q1. The right to use assets amount to NOK 830 million. They refer to financial leasing of our vehicles and of our property. We have also a PPE of NOK 523 million as of March the thirty-first. Refers to vehicles and equipment that have been used in everyday operations. Total lease liability, NOK 812 million. Just to mention some of the major, I mean, items, they refer to the, they are connected to the, I mean, right of use assets and non-current loans of NOK 628 million, primarily only bank loans that have been used in relation to our M&As. Take the next slide. We like to put attention on this when we talk about our net interest-bearing debt figures, that do amount to NOK 1,303 million. However, 70% of our net debt is related to the lease liabilities that we need to book on our balance sheet following the IFRS 16, the IFRS 16 standard. If we adjust for the leasing, our net debts, just showing bank loans minus cash, is no more than NOK 491 million. We are utilizing NOK 570 million of our total debt facility, implying that we do have NOK 530 million left for whatever we should need, primarily acquisitions. That was what I was thought about saying, Henrik. Thank you. The word to you, Stein. Thank you. Just a few words on our M&A. We have a continued strong M&A pipeline as our, as our funnel shows here. Companies moving in and out of that funnel, but the number seems fairly stable, but there are quite a few things happening behind the scenes here. We have done one transaction in Q1, adding close to NOK 100 million of revenues in Oslo. We also have, in the last 12 months, done seven transactions with a total revenue of NOK 440 million, so slightly more than NOK 60 million on average. We have followed, the strategy that we've mentioned earlier, and we've strengthened our position in some of the larger markets we're in, so strengthened our position in Berlin and Stockholm and Oslo, and they're increasing the density in those markets, which is just what we want to do. If we look at the next slide, we see, the markets where we are today and where we are planning on moving in into the future. I think it is very important to state that the four markets we're in are and will be our large markets going forward as well. Germany will take by far the lion's share of investment resources in the next coming year, years. We have started to look at some other markets in the adjacent geographies to where we are today. This is just along the line that we communicated in the IPO process and have stated since that. We have started to familiarize ourselves with some of the other markets. It is important to say, you know, Germany and the current markets will be our focus going forward as well. Thank you. Yeah. Just highlighting again, as I said initially in the beginning of the presentation, we are on the right track, in line with our midterm targets, and our 2025 revenue targets. I'm just highlighting here the targets. We are aiming for, 4.5 billion NOK in revenue by 2025. We have a target in midterm of an adjusted EBITDA margin in the range 14%-15%. That's the targets we're aiming for, and that's what we are well on track in order to achieve. What we really want to achieve with the whole Norva24 journey, also just highlighting that what we are building here is a European lighthouse in underground infrastructure maintenance. We want with that to signal two things. We want to be the largest player in the European market and European-wide. And the second thing we want to illustrate with that is to really say that we want to be that driver and that industry player that the rest of the industry looks upon to see the future direction of the industry. A bit like a lighthouse that you navigate from. That's our target and that's our vision on for the future. And as I said, we are, we're well on track and we're delivering in line with what we set in the IPO. With that said, we're now opening up for questions, and I leave it with Sture Stölen to take us through that. Yes. Thank you, Henrik. We will start with the questions from the phone lines, and then we also will take the questions from the chat. Operator, please, go ahead and ask questions on the phone line, please. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Dan Johansson from SEB. Please go ahead. Thank you so much for taking my questions, and good morning, everyone. Good morning. Good morning. I think I have four questions. I'll take them one by one if that's fine. First one, perhaps a bit on price increases and how much the contribution was in this quarter according to you. I think in Norway you specify that you have 10% increase on the index contracts. I guess that refers to the public part. I mean, could you say a bit on how much of that 9% organic growth in this quarter that was driven by prices or anything more on price increases that you could share here? Yeah. I think what we can say is that, we did in, 2022, we did price increases in the range 4%-11% on the customer side. What we, the customer groups that did not see those price increases during 2022 was mainly the public contracts in Norway and some also, public contracts in Sweden. Then there we have, indicated now that they have gotten 10%, approximately increase here on January 1, 2023. We are within that span, 4%-11%, impact in Q1 on the customer side. We've not announced an average, on that, so, but we are in that range, what we have done of adjustments last year. Okay. Perfect. Thank you so much. Bit on the margin side as well. Overall a very good margin development, year-over-year here, basically across the board. Apart from Germany, I would say, you mentioned that it's due in the report due to lower margin in acquired companies, but also slightly weak organic margins. Is it possible to say how much of that 2 percentage points dropped compared to last year that's driven by acquisition? Is that the main part of it or. Yeah. How, how do you think about that? Yeah, it's the main part that is that. We have, as we also wrote in the report, we have seen a slight reduction also in the organic margin in the German market. That's yeah. It is like that when we do the acquisitions. In Sweden, we saw the opposite effect there. The margins increased due to the acquisitions. It can go a little both ways. Yeah. Makes sense. A bit on Denmark as well. As well, it's continues to improve here. I'm just want to ask, what's sort of the next step here and the medium-term agenda? Is it sort of possible to reach the same profit level in a few years in, as in your other geographies? Or how do you think about Germany now or Denmark now when you have stabilized operation? Both seems to be growing quite nicely, but, and margins are at least at decent levels now compared to what it been a few years back. Yeah, you're right. We're very satisfied with seeing Denmark progressing so well. And the Danish team has worked, has done a good job in really improving the Danish operations. And we've not done a guidance in regards to where we see Denmark can... How large they can go on the margins. What we have, though, said, and then I can also say that today, is that when we analyze the Danish market, we cannot see any structures that should justify that the Danish operations should have a lower margin than the other countries. There's nothing structurally really that justifies that Denmark should have a lower margin. The difference that we see in Denmark when you look structurally on the market, is that the market growth is somewhat lower in Denmark compared to the other markets, simply because the pipes are somewhat newer in the Danish market and more has been outsourced of the services that we provide in the market. For these reasons, that's the only difference we see, but nothing that indicates the margin should be low in the Danish market structure. Okay. Sounds good. A last question from me, if I may. I think you previewed this slide that you expect 2023 to be a good acquisition year. Is it still the case? Or have things changed there? Also are you seeing any changes to the M&A market now due to higher interest rates and general uncertainty? Or are the valuation multiples comparable to what you paid here in the past on the pipeline? Yes. We don't really see any changes on that. As we've explained earlier, the most of the sellers that we are engaging with, are not really looking at comparable pricing, interest rates, et cetera. It's more a notion of what is this operation worth, and that's really a very important guide in the pricing that we are seeing. We don't see any big shifts in valuations or multiples that we are paying these days. Okay. Thank you for that, Stein. I think that was all for me for now. I'll jump back into the line for now. Thank you so much. Thank you. Thanks a lot. The next question comes from Karl- Johan Bonnevier from DNB Markets. Please go ahead. Yes. Good morning, Henrik, Dean, Stein, and Sture. Great start to the year. A couple of question from me as well. Looking at CapEx, it seems to be now running at a much higher level than historically. Is that you changing, say, your, the attraction of leasing compared to owning assets out front or is that just a temporary effect, affecting the last cap? Answer. I mean, there is no, there is no structural change in our CapEx. If you're looking at the absolute value of CapEx, there is an exchange rate effect in our asset values. I'm not sure if that maybe creates a impression that it has increased, but our CapEx level has not changed. Looking at the current interest rate environment, would it make sense for you to look more at owning assets than financing it or leasing? Is that still competitive? I don't know if you or if I should. I mean, from my standpoint, I would say, I mean, no. We have favorable, I mean, terms. Of course, we do our mathematics on, I mean, this also. If it should make sense to own, we might, I mean, consider that. From the offers that we have received until now, that has not been the case. Exactly. Yeah. When I for the moment look at your Cash EBITDA, it's running quite, it's about 200 basis points below the adjusted EBITDA. Is there any reason why that should continue, or is that also just a temporary effect? That I would say that that's a temporary effect. There are no, I mean, structural changes that would justify a long-term change. Given that, you would basically conclude that the NOK 530 million you have in non-utilized financial headroom for the moment. Yes ... that's it is no reason to believe that that's gonna be, say more directed into the current operation to say, refinance that from a financing model than. It's really assets that or resources that can be used for acquisitions. That is correct. Yeah. Yeah. Excellent. Thank you very much. All the best out there. Thank you. Okay, I think that sums up the questions from the phone line. There's no change, no more questions from there. Let me just check the chat. Seems to be no questions on the chat, so I'll hand over to Henrik for the closing remarks. Thanks a lot, Sture. Just concluding again that we are on the right track achieving our midterm targets and we are delivering in line with what we said in the IPO. We are... I'm getting signals that there is a question. Do we have a question? Okay, we'll take that. Please go ahead. The question, please. Please state your name and company. Please go ahead. Hi there. This is Avinash from Citi. Morning. I think there's some problem with the line. I raised my hand long back. Mm-hmm. I'm very sorry, if some of these, some of the questions were already answered. I just got disconnected for a moment. My first question is on Germany. Is it safe to assume that Germany is back to normalcy with the kind of organic growth reported in the quarter and all the disruptions you saw last year with that hurdles related to COVID? Again, on Germany margin is at its lowest since you entered the German market. Is the new acquisitions the only factor driving them down? Could you provide me a normalized range where they would stable going forward? Yeah. Thanks for the question. Looking a little on the general growth in Germany. It's correct that we saw a somewhat lower organic, currency-adjusted organic growth in second half year last year in the German market. Pay attention to that was on the back of a very strong organic growth in the second half of 2021. There we had around 20% in currency-adjusted organic growth in the German market. That was the reason why you saw somewhat weaker organic growth in the second half year in Germany. What we see is a good growth in the German market, 9% here in Q1. We see definitely a good start of the year in the German market on the organic growth. Look, so you're commenting then a little on the German margins. It's mainly impacted by margins in acquired companies. We see in the German market that it's impacting us negatively on the margins. While it in Sweden it's impacting us positively where the margins are higher in the acquired companies. Then we have correctly seen a slightly lower margin in the quarter also organically. That's a bit the situation in the German market. Uh- Okay. In terms of normalization, where do you see these would settle down, the margins, German margins? Well, we see a decent margin or... Can you repeat, Avinash? Okay. The line was a little weak on our side I think. Yeah, yeah, I know. Re- Yeah, next is on Denmark. Yeah, Denmark you reported a strong organic growth of 10%. Yeah. A double-digit organic growth almost, you are also saying that you are cutting down on your on your contracts which are below margins. Does that mean that you are able to penetrate the Danish market pretty well now versus before? We have definitely seen a strengthening in the our Danish performance both in terms of the growth as well as on the margins. I would say in regards to us having terminated the unprofitable contracts, that most of that job has been done. We are seeing now also growth in the light of that. But there is still good improvement areas in Denmark. They're continuing to improve and doing the plan that we've set for the Danish market. What will be the biggest focus areas will be increased efficiencies, increased utilization in order to improve the margin further. Okay. My last one is on the CEO transition. I'm sorry it is very disheartening to see Henrik leaving the firm. Could you also provide me an update on his transition, as to the CEO lookout, please? New CEO lookout. Yeah, yeah. I can say that as far as I understand, the process is progressing well, and it's the board running the process of recruiting a new CEO. The process is progressing well on the recruitment of a new CEO. Okay. Any estimated timeline when you think you'll be able to close that down and announce? Unfortunately, I'm not able to answer that. What I can say is that it has high attention, of course, from the board and there is good progress on that process. Yeah. I think that's what I can say today. Okay, no problem. All the best. thank you. That's it from my side. Thanks a lot. Thank you, Avinash. I think we have no more questions on the phone, and we had one questions on the chat that has already been answered. I think with that, we will conclude