Good morning and welcome to Profoto Q1 report. Good morning and welcome to Profoto's Q1 Report. My name is Amanda Åström, and today I have with me our CEO Anders Hedebark and our Acting CFO Linus Marmstedt. I will now hand over to Anders, who will start off by giving you a summary for the quarter. Good morning, everyone. Sorry that we are late, but now we're on, so I'm very happy to speak to you all, and I hope that you can hear good the voice of me. Otherwise, please send a in the group chat. Anyway, welcome. First, the summary of the first quarter 2025 is we displayed the report April 15, and the Q1 results are in accordance with the preliminary figures that we published in April. Net sales decreased by 4% to SEK 164 million. That is a negative organic growth with 5%. We see a significant decline in U.S. demand and U.S. sales, and that is the most important explanation of the decrease in sales. Consequently, EBIT was SEK 17 million. That is comparatively SEK 34 million last year and an EBIT margin of 10%. This is not a satisfying effect of the sales, but it's also affected by the negative currency effects. Linus will explain more to that. We will spend quite a lot of time on explaining the report, and that's why Linus will take the next slides. What is really happy for us is that we started our market entry into the product segment LED. We start shipping of our L1600D both into the cinema industry and into the existing distribution channel. We're very happy for that, and it has been received very well. We are shipping the first product to the large production of cinema and/or production for the TV series. This is happening in the U.K. As a consequence of the challenging situation, especially in the U.S. demand, the board of directors has withdrawn the dividend proposal, and we will instead focus on share buyback during the year. That remains as earlier proposed. With that, I will leave to you, Linus, to explain the figures in a much deeper sense, and I will come back in the end of the presentation for questions. Thank you very much. Linus, please. Okay, thank you. As Anders started to mention, we had a negative organic growth of approximately 5%, which is a reflection of the fairly slow market that we have seen during the quarter. More importantly, the EBIT development was on the negative side with an EBIT margin of 10%, which is partly explained by two things. One is that the cost base is higher than what we want to have in relation to the anticipated sales. Actually, we foresee a slightly higher sales, and given the current sales development, the cost base is actually too high. I will revert to that a little bit later. Also, it is a reflection of the currency translation effect that we saw in the end of the quarter, which is due to some internal asset-related factors. Adjusted for that, the underlying EBIT was around 15%. If we look for a slightly longer perspective, we see a flat development for the last, more or less flat for the last 12 months, which is also a reflection of that we see a slow market. We see no big changes compared to what we have seen during the last year. Also, the LTM is reflected by the weak first quarter of the year. What we need to solve is actually start to increase the growth in terms of product launches, but also cost reduction. That's how we attack these two issues. If we look at the geographical differences, what we presented in the preliminary numbers is that we had an okay start of the year, but from mid of February, we saw a fairly sharp decline in the U.S. sales, which is a reflection of the uncertainties that we see in North America. If we look at Europe and Asia, I mean, it's still a cautious market, but it's stable. Europe and Asia is holding up pretty well. We see that that has continued also during the second quarter. That's a clear pattern. If we then look, okay, what are we doing? We see that we have a clear plan for two things. One is to increase the profitability, and one is to increase the top line. As we communicated in the press release, we said that we will reduce the underlying cost base by approximately 20%. That corresponds, given the current cost base, to approximately SEK 60 million-SEK 80 million on an annual basis. That is the cash flow, underlying cash flow effect. As you know, I mean, we capitalize parts of the R&D. That means that the estimated annual effect on EBIT is approximately SEK 30 million. That is a very important initiative and step that we take on the cost base. Also, I will come back to the tariffs a little bit later, but we see that we have effects from the tariffs, and we take clear actions starting from mid-May to mitigate the negative effects of the tariffs. More importantly, on the top line is that we really now are entering the lead market. The clear internal focus is on sales and marketing. This is really, really important to keep that focus internally. If we look at the R&D spend, that will be affected in relation to the cost reduction, but it will be optimized and focused on the LED product. As I said, we will come back to tariffs. Just to start off to see where do we actually have the production. As you know, we do not have production in the U.S. at the moment, but we have it in Thailand and in Poland. I mean, we are not directly affected by Europe's tariffs in terms of manufacturing, but we also see that we have approximately 10% of our production in China, which is, as the world looks today, clearly affected by tariffs into the U.S. What kind of actions do we actually take then? From May 15, we will increase our prices on the U.S. markets with approximately 10%-15% to reflect the tariffs that have been put on our direct products. That accounts for approximately 60% of the total assortment. Let's see what's happening. We will, of course, have a daily monitoring on this issue so that we really have the right market approach and also to really adjust for any other and potential future changes in tariffs. The last point on this one is, of course, I mean, we are living in a dynamic market. Let's see how this plays out because, as you know, several of our key competitors are actually Chinese. That might change the overall play field. This slide you have seen before, but I think it's really important to have this on top of your heads because, I mean, we have, as you know, invested heavily during the three, four years to really have a full product range in the flash and also on the LED side. What we feel now is that we have a clear and competitive product range within flash. It's more or less complete. We will see maybe or likely new product launches that will come here during the second quarter, but then we will have a complete product range on the flash side. That means that we can focus not solely, but mainly on LEDs. If we shift to the next slide, this is how we foresee the R&D spend for the coming months and quarters. This is what, as you can see, we have spent heavily, and approximately 20% of the total sales has been derived to R&D. We will see now. We have the potential to reduce this quite substantially as we now have full product range in flash, but also that we are about to launch several new products within LEDs, which means that we can optimize and reduce the total R&D spend to reflect the slow market. The underlying objective is actually to be back on historical level of around 10% of sales. As Anders mentioned, the board has decided to withdraw their proposal regarding dividends. This is, of course, just a matter of caution in terms of reflection of the uncertainties in the market. Still, we have a very solid and healthy balance sheet. This is more to keep up the flexibility and inflexibility in terms of both operational, but also financial that we can, if we want and the board decides so, do buybacks. Now we have full flexibility to really drive the company forward. Just to summarize, I mean, we are acting in a world with great uncertainties, but we are really fighting and have a clear plan how to really manage these times. We have a clear focus internally, both in terms of how to grow the company, but also how to really reduce the cost base so we can increase profitability. Short-term focus is on product launches and sales and marketing to really drive top line. As I mentioned, the R&D strategy is now optimized to really produce good product launches going forward, but in a more efficient way after a number of years with high investment levels. We are really proud of what we have in terms of R&D team and what we have achieved and what we will achieve going forward. That is more or less in brief the first quarter and where we are and where we're heading. Now we open up for questions. 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 Jacob Söderblom from Carnegie Investment Bank. Please go ahead. Hello and good morning. Can you hear me? Yes. Perfect. I only have, I think, one short question regarding this. Aim then to get back to around 10% of R&D then compared to sales. How do you see this, what do you call it, path towards that? Do you see it as kind of a straight line downwards for each quarter of 2025? Or can you give a bit more perhaps info around this development? I think we can be even faster than so, but of course, it takes some time actually to do the reduction in a very smart and, yeah, balanced way because we do not want to end up in a situation where we create too much of a turbulence internally and so on because there will be some people affected. It is important to keep a good pace internally because we have several important, really important product launches coming up. We will do it in a smart way, in a balanced way, but of course, I mean, we need to act. It will take a couple of quarters. It will be not a straight line. It will be, I mean, more or less everything should be done during this year. Perfect. Thank you on that. I think that this time was my only question. Perhaps if you could say something, do you feel any worries around the move you made into cinema lighting in recent time? Do you feel what's going on right now? Do you see any worries around that this could be postponed? Do you still feel confident that we will see a tangible effect from this coming the end of the year, also for 2025? I mean, as I said, we have launched and started to ship the L1600D. We are working very hard in the market now to actually ensure that it is available in rental and driving the demand from gaffers and from director of photographers so that they are demanded for the large set. We are focusing a lot on cinema, the high-end part of the LED market. At the same time, we see a big potential for LED sales into the existing channel that we are distributing our still flash products through. In addition to this, we have earlier communicated, and that is in the plan, launch more products during the year. There should be an effect towards the end of the year in sales figures of those kinds of products. Perfect. Thank you for those answers. I wish you a great day. Thank you, Jakob. Question comes from Marcela Klang from Handelsbanken. Please go ahead. Good morning. Couple of questions from me as well. You mentioned the price increases by 10%-15% to offset the U.S. tariffs. What effect on the volume do you expect from this? How confident are you that your customers will accept these price increases? Accept it. Of course, they will accept it because we are setting the prices to our dealers. The dealers will implement that accordingly. This will take place the 15th of May. We will see some sort of effect of people buying or dealers buying more prior to the price increase. I'm not sure you will see that in the figures, but we will see that in our operations. After that, the problem is the general thing in the American market that prices not only of Profoto products are going up. We know for a fact that most of the European players anyway are increasing their prices in the U.S. Some have already done it. Some are going to do it. This will, of course, have an effect on the possibility for investments in our target customer group. The fact is we do not know. On the other hand, this is the way it is. We do not have a choice. We have to move the cost all the way to the end users, and that is what we are doing. We believe that we will have slightly lower sales in the U.S. compared to if we had not increased the prices. However, to compare that with historical quarters is very hard because we are also launching new products. The market is changing. I cannot give you any forecast, of course, Marcella, on what this will mean in detail for this quarter, the second quarter, and the coming quarters during the year. Thank you. You mentioned possible pre-buying ahead of now, basically mid-May. Can you give any other signals that you are seeing from your customers in the U.S. now in terms of second quarter trends compared to first quarter? Has the uncertainty decreased any in the U.S. compared to? I think that you guys know this. You speak to many companies. You see the market uncertainty based on what's happening with the ever-changing tariff announcement of different sorts and also other worries that are happening around the world. Obviously, that is putting a wet blanket over the market. However, in talking to customers, we do not see a market that is neither better nor worse, I would say. It has been gloomy, and it is in the same state as it has been during the year, I would say. Are you able to move, focus more on Europe and Asia now that the U.S. is more hesitant, or are you doing the best you can in the other markets anyway? No, but we are continuing our efforts to market our brand and our products in the American market as well as in Europe and in Asia. There is no real major change in the focus since we are having focus on all regions. Can you talk a little bit about the other launches that you made during 2024, the ProB3, ProD3, D30? How have these developed? It's been around a year now. Have they developed as planned? How big share of your total revenue do they represent? I can't give you details on the figures since we're not talking about details on each product. Some of them have been really on top of our expectations. Some have been on expectation. We are very happy with all the launches. However, the total demand is lower, and we have seen a decline in other products that we have not launched during the time. It is not based, I think, on the products being either older or younger. It's just based on people love to buy new stuff, new products. That is really driving the focus of the customers, is really on new stuff. That's why we need to continue to activate and ensure that the market knows about this. I'm very hard, Marcella. I cannot disclose anything about details on different products, as you know. I understand. Regarding the cost cuts, you mentioned that it's a delicate balance since we have important product launches coming up, and still you plan to cut 20% of your cost base. You mentioned also previously effect towards the end of 2025. Will we see any cost cuts in the second and third quarter? Yes. I mean, during the second quarter, you shouldn't expect to see any major cost reductions. From the second half of the year, there will be effects. Of course, a little bit hard to see the net effect as we're doing capitalizations. As I mentioned, the SEK 30 million on an annual basis, that will be achieved by the end of the year. You will start to see effects after the summer. Thank you. Then a final question from me. Given uncertain markets and so on, what is your best guess about competitors? Is anybody else taking market shares in these markets, or is it the same pain for everyone? No, it is not the same pain for everyone because most of our competitors in flash and our future competitors in LED, they are either Chinese companies or they are foreign entities manufacturing in China. The market dynamics has the potential to change slightly depending on American decisions on tariffs from China. Depending on the Chinese company's actions, how they import the goods to China, if they bypass the toll fees or not. We are looking at this. We are following this, and we are doing everything we can to sell our products. We are focusing on marketing and ensuring that our dealers know what we do and that they are able to sell our products. The market dynamics are tough, but I do not see them on the negative side, actually. Sounds good. Maybe another final question. The 10% production in China, is it components, or is it 10% of your products that you produce in China? No, we buy some accessory products from Chinese manufacturers that we sell to the U.S. I do not know if we disclose the figures. It has very limited effect on the cost of goods sold level in the U.S. because we are also adjusting our way of importing. We are following the situation. We are adapting to the situation. We try to be very fast and both steering away from the problems, but also taking advantage of the new situation. It is a changing environment, but we are slightly hurt because of the overall demand in the U.S. that are affected by the hopefully one-time inflation due to the tariffs. However, we also try to take it. We look at it in a very positive way. We are just not negative nor positive. We are just adapting and trying to embrace what is happening. Long-term better positions than competitors. Thank you so much. That was all from me. Okay. Thank you. Thank you. If you wish to ask a question, please dial pound key five on your telephone keypad. It seems to be no more questions at this time. I hand the conference back to the speakers for any closing comments. Thank you. We have not received any written questions per email today. I just wanted to say thank you for joining us today and a gentle reminder about our second quarter report, which will be published on July 18th. Thank you.