Welcome to the Permascand Top Holding Q1 2023 presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. I will hand the conference over to the speakers, CEO Peter Lundström and CFO Linda Ekman. Please go ahead. Thank you very much, and welcome to our first earnings release for 2023. We are now on page two, so we'll move to page three. Page three. Permascand is a profitable industrial company investing into the future green transition where hydrogen is the biggest growth potential, together with metal purification and power transmission. As well in the old world, the new world needs to have proven technology, efficiency and circularity, something Permascand has been proving since 1971. Fully commercialized electrification and renewable will be a new Industrial Solutions with new build and attractive aftermarket and service business, recurring year-over-year, decade after decade. Our products, electrodes, electrochemical cells, has a 50-year track record serving large-scale industrial chemical companies. It is all about lowering energy consumption, improving lifespan, process stability, higher reliability, circularity of material, and lifetime cost, including not only the new build, but also the aftermarket and service business over the lifetime. Now we move to four, page four. To be able to offer this quality and the large number of products that Permascand is providing to the customers, you need to be able to manufacture it in a quality way. Permascand have invested in the latest technology since 2017, 2018 to be able to offer a quality product and also a large scale and number of products. You need to be able to manufacture this over and over again. It's not only the first time, but you also need to be able to do it after five years and after ten years when the aftermarket and service business is coming. We have been doing this by investing into automatization, robotization, we have scalable technique to secure our offering to the customers. We have today invested, and we have a proven manufacturing site with volume capacity. We have shortening the lead time, and we have a flexibility to a variety of products, and we can bring values from prototyping to fully commercialization. We focus on the customer needs, and we supply customer unique products and manufacturing possibilities that makes our customers better. If you move into page number five, we're coming into the quarter and the quarter performance, and I think we start to say that quarter one is definitely a bump in the protocol and a bad quarter, primarily from order intake perspective and comparing to last year. Water Treatment is our problem child, and it's shadowing the performance in Industrial Solutions and Electrification & Renewables, where good progress are made operationally and from product development side. If you take into consideration that we do see a good growth in Industrial Solutions and electrification, we are from a sales and revenue perspective, 20% down, but the really headache that we are facing in quarter one is the order intake, no matter how we are comparing it to the quarter or to the past. We are project business, so it's not that we are not used to ups and downs in our order intake. For sure, the first quarter in 2023 is not a good quarter from the perspective of orders. We can see that there is a turbulent environment that we are in. We see that customers have been postponing within the quarter investment decisions. They have been discussions for financing of projects, and we see a clear stock build-up in the Water Treatment business. All this in summary makes that the quarter is low on order intake, and we are on SEK 31 million. We have been continuing investing into the future, which is Electrification & Renewables. We have strengthening our research and development. We are strengthening our sales ability and the sales team. We do see when we're looking into the future that there is definitely growth potentials for the coming quarters and the coming years, in particular in Electrification & Renewables. I will now hand over to Linda, and she will take you through the financials and the numbers, and then I will come back. Thank you, Peter. Good day, everyone. Let's look into some of the details for the financials in the first quarter. As Peter already mentioned, order intake is down, it's lower, it's SEK 31 million compared to SEK 191 million last year. It's worth mentioning that last year in the first quarter, we had two press releases of large orders within the Industrial Solutions segment, of new build of capacity in the market. However, we were expecting a higher order intake. Revenues in the quarter down 20% to SEK 111 million. If you look at the revenue split or the share per business segment for the revenue, we can clearly see that there is a shift. For this quarter, Industrial Solutions stands for 61% of the revenue. We look at the full year 2022, Industrial Solutions stood for 34%. That's a big increase. The Water Treatment segment in this quarter stands for 28% of the sales. You look at the full year 2022, it had 5% to 56%. That's decreasing. The smaller segment, Electrification & Renewables is at 10%, 11% both last year and this quarter. Looking at gross profit, we have SEK 32 million. That's corresponding to a gross margin of 29%. Also compared to first quarter last year, we had 37%. Of course that's lower. That is a mix of reasons why we have a lower gross margin. It's both the product mix and also the price. Also we have invested a lot in the future growth and then the future sales, which has an effect both on gross margin but also when we go down to the operating margin. For this quarter, we have an operating margin of 8%, and we had 22% last quarter. If we look at the order intake SEK 31 million, that's lower. That also affects the order book value. When we go out to the first quarter, we have SEK 276 million in the order back value. As Peter Lundström mentioned, customers are cautious now in their investment decisions. We can see that there are longer time for internal review at the customer side, before they actually place the order. Also worth mentioning cash flow, minus SEK 37 million in the quarter. That's due to change in working capital, and we will look into that a little more later. Let's move to the next page six. We will look at some details for our three different business segments. The first segment I will talk about is the Electrification & Renewables, and that's where Permascand delivers products for renewable energy storage, fossil-free fuels, and also extraction of metals. All of those in this segment is a growing market, a green technology. We have mentioned it many times that it is our smallest segment at the moment, when it comes to order backlog and revenue. We expect that this will be by far the largest segment, if we look a couple of years forward. For this quarter, order intake in Electrification & Renewables was SEK 22 million. That's growth compared to last year's quarter, that was SEK 17. We delivered and have sales for SEK 12 million compared to SEK 5. And we deliver a gross margin in this segment of 19% compared to 38 last year. However, the gross margin for the full year 2022 was 18%. In that perspective, 19 is okay. It's not what we expect it to be a long time. It's worth to remember this is a project driven segment where we have a development project, we have tests, and we have customers on a small scale. We believe that once this segment also has more of a commercialization and large scale orders, more like the industrialization, this will also be much more cost efficient. Also, since it's a project driven business, it varies a lot, both in order intake between the months and the quarters, also in sales between the quarters, and also gross margin. It all depends on what type of products and orders that we deliver on for this specific quarter. For our segment Industrial Solutions, that's our customers primarily in the chemical industry. This is our background and what we have been professional in for over 50 years. For this quarter, we had an order intake of SEK 8 million compared to SEK 138 million. As I mentioned, we had two orders for over SEK 100 million last quarter, the quarter last year. We had delivered sales of SEK 68 million in Industrial Solutions. That's part of it is deliveries on these SEK 100 million orders that we received last year. We made a gross margin of 36% compared to 40%. One explanation that it is a bit lower gross margin is the price, when you want to get the new builds and the green, the new build, we have to make a little bit of price reduction. That's because we want to get the aftermarket and the continued business for years and years, that will be favorable for a long time. When we go out of March, we have an order backlog of SEK 122 million in Industrial Solutions. That indicates a strong continuing business. In our third segment, Water Treatment, Peter also mentioned that this is a little bit of a low bump or a decreasing market right now. Maybe we have seen the peak for Water Treatment. It has been really our golden star for 2022. In this segment, however, the ballast water treatment has been the largest part of it, we also have disinfection of water for industry and public water purification, in these areas, we see a growing demand. Order intake in first quarter, SEK 1 million. Sales, SEK 31 million compared to SEK 99 million, and a gross margin of 15% compared to 36%. The gross margin of 15%, that's low. That's a bit of a disappointment for us, but there are a couple of reasons. It's both the volume, of course, that's the product mix, and also the price pressure in ballast water treatment, where everyone is wanting the aftermarket. The order backlog in Water Treatment is SEK 68 million. Let's move to the next page seven. We want to look at the results for Permascand in a longer perspective. Permascand is a growth company. We have strong results and good development. As I said, parts of it is product driven, and it is a business that is not monthly or quarterly at the same levels all the time. It varies. It's due to the fact that we have large projects and different products. Both order intake, sales, and margin can vary between the quarters, and this quarter was an example of that. If we look at the revenue development since 2018, we have grown from a SEK 324 million level for revenue, and now we are above SEK 500 million. The rolling twelve months, we are now at SEK 541 million. The revenue shift, where we can see Industrial Solutions and Electrification & Renewables are growing, but it's still not compensate fully for the slowdown in Water Treatment. The order backlog development is now decreasing. That's one part of it is I believe maybe an effect of the post-COVID, where all businesses and also the global markets are a little bit more precautious. You don't want to place these really huge orders. You want to maybe split them up in several smaller parts to lower the risk. That's what we see from our customers, too. They place fewer and smaller orders, still, in Q1 2023, we would have expected a larger order intake, then we will also have a larger order backlog. The gross profit development, we have had successful integration of automatization in the product processes. This has shown clearly from a gross margin perspective around 25%, where we are now above 30%. Overall, we have managed to get a more efficient operation. Still, we can see that in the first quarter now, we have a little bit lower, that's due to smaller production series and the price pressure within Water Treatment, and also the price effect on the greenfield orders in Industrial Solutions. The lower gross profit also affect the EBIT development, but it's worth mentioning in this longer perspective that even here, Permascand has proven to be a profitable company over the years going forward. In this quarter, we kind of have a negative trend. One reason is the lower gross profit, but also we should be aware that the Permascand is investing both CapEx and OpEx in the future segment of Electrification & Renewables and the green transition. We are investing in this, investing in resources and competencies, so that we will be ready for the future and also be meeting the customer's demand for the new commercial orders in the new segment. In this quarter, we believe that about SEK 9 million is costs that are OpEx for our R&D and sales within the new segment. Let's move to page number eight. I should just mention a little bit about the cash flow. We have a negative cash flow in the quarter. It's primarily driven by the change in working capital, minus SEK 37 due to the change in working capital. It is the prepayments from customers, it is also an inventory buildup. The higher inventory value is preparing for the deliveries in Q2. It's mainly raw material and work in progress. The cash flow also affected by investments in CapEx. That's mainly in coating and R&D. And then we have a positive effect of the use of credit facility, where we can handle this cash flow. We started off the quarter with cash of SEK 71 million, and we go out of the quarter with SEK 28. However, we have available liquidity that's higher than what we see here since we are not using all of the credit facilities. Let's move on to page nine. A little bit on the balance sheet and the financial position. We have continued to invest in tangible assets in our coating facilities, as I said. You can see that the total current assets are decreasing. That's due to lower customer receivables and less cash in bank. However, the inventories are increasing. That's what I said before, that we are prepared for delivery. Equity is increasing as we do a positive result, and we have current liabilities that are decreasing. The majority in here is the prepayments from our customers. If we look at net debt, Permascand has been able to finance growth and investments in technology and optimization with cash flow. We have low levels of borrowings in bank, that makes we have a net debt below zero. We have a positive net debt. Total bank loans is SEK 17 million. It's worth remembering that Permascand has really low debt and strong position for growth and low risk when it comes to the financial position. With that said, I will leave the word back to Peter. Thank you very much, Linda. We move into page number 10. I will go over a little bit of the highlights and our focus areas within the three different markets. I will start with Electrification & Renewables. We like to stress, and we like to emphasize, and we like to communicate that we have progress in all our existing and in all our current and new partnerships. We have more new projects, after quarter one than we had when we started quarter one. There is a high activity and there is kind of a constantly increasing customer interest for our products and of course, our ability to deliver capacity and also to deliver after-market and service offering in the future because that's something you need to think about when you do the new installations. This is the area where we are investing, and we are investing both CapEx, and we're also investing OpEx, so costs. We are investing in people, resources, competencies, and we also are investing into the organization, the new facility for our research and development and innovation center. This is the kind of first step in improving the Permascand way of doing research and innovations. In the second phase, we have announced that it will be a commercial test lab in combination with risk groups manufacturing or building a hydrogen plant just next door to where our manufacturing facility in Ljungaverk is established today. We don't have great gross margins in our product business because it is the prototype stage, it's the testing and demonstration. We have over time seen when Permascand is commercializing and we are manufacturing larger areas, we normally get kind of the margins up and to be more stable and also to be more in a relationship to our historical performance in Industrial Solutions. If we move to page number 11, Industrial Solutions, I mean, that's where it all started. This is the 50 plus years of history. When we went public, we kind of announced that this is a stable business, it's an aftermarket service business, and it kind of grows by the GDP. Today, we are expecting this business to grow faster than GDP. We see that there are more initiatives, more investments, and more projects for increasing capacity, both on existing manufacturing sites at the customers. It's also, which we won last year, at this time in quarter one, a greenfield project in Brazil, where we're adding new capacity to the market within the chlorate business. This is by far a much more growing market than we thought two years ago. We can also see that there is new customers coming into the field. There are new products that are developed, a new technique that we will hopefully launching in not too far time into it. We know also that this business is starting to see some end-of-life equipment, so there will be new opportunities to offering new equipment to them, but also to make sure that you are there with your offerings and your proposals and your solutions when they will renew the equipment in some of the existing manufacturing. We are strengthening that. We see the largest potential for us to grow within the Industrial Solutions sector is in North America. We are working every day in increasing our presence in North America and increase our ability to manufacturing and to be more local and have Permascand made in USA. If you go to page number 12, as I said, when we were on page 5, I mean, this is today, our problem child. It has served us well. This is where we have received quite good growth over the past years, good profitability, good cash flow that has been generated, and we have used this cash flow to invest into Electrification & Renewables. Now we need to realize the fact it's a stock build-up, it's a price pressure. There is around 5,000 vessels still to be contracted, we will see good business coming, but it will not be as we have seen in the past, and it will probably not be as profitable as we've seen in the past. We are continuing to strengthen kind of our relationships with the customers, and we are offering better solutions and cheaper products, but we need to realize the facts. It's not going to be the growth crane going forward. We're using all our experience from the Water Treatment business, and we are using this in offering products into the industrial Water Treatment, which we see is a potential for growth. It's for sure a good aftermarket and service business coming. Right now, it is difficult to compensate the big swing in change of the performance in this area. We just want to strengthen that it is a new build market in the ballast water treatment. In the industrial sector, it's a mix of aftermarket and new build. This together will still bring profitable business to Permascand, even though it will be on a lower level than we have seen in the past. Also that just to stress that the new installations will have to be refurbished and it will be an aftermarket and service business, recurring year over year. We expect that the volumes will start to be meaningful after 2026. This was a update on our free markets. I'd like to move to page 13 and make a short summary. I mean, the bump is primarily the problem child is Water Treatment. We see stable and profitable growth in Industrial Solutions. We see good progress, good performance within Electrification & Renewables, both from an operational side, but also from a product development side. This is very, very important to stress that we have operational progresses, and we have continuing to invest into our future markets that will turn into a very Industrial Solutions like model that we have seen in the past, which all it means. We need to face the fact that the world is in a different shape with kind of a different visibility. Right now, we do have a fairly low visibility, but we see that the second quarter is going to be stronger than the first quarter. We have our backlog, we have our kind of our customer dialogues, and we know that there are good progress in many of these projects. Some of them have been announced to be financed, then some of them are half-financed and some of them are having positive news in going to be financed. We saw the slowness in Industrial Solutions. We see that it has picked up with more activity and more quotations and so on and so forth. It's not the question about if, it's more a question about when. Permascand has faced these differences in ups and downs historically, and we have always come back stronger after a period of more slowness and silentness, and we expect that history will repeat itself. We kind of rephrase our statement and our expectation on this first commercial hydrogen order. We expect it to come during 2023, and we also expect that 2025 will be the kind of breakthrough year, where we will start to see some more stable volumes and more commercialized performance in this sector. The last bullet, I think it's important to remind ourselves, but also to remind everyone, when you have a bumpy quarter and a bad quarter like quarter one, that we are a stable and profitable company. We have good cash flow, and we generate this in the business of all Industrial Solutions and in Water Treatment. We are using this earnings and this cash flow in generating this into the future growth markets like the Electrification & Renewables. We don't have to go to the bank, we don't have to go to our shareholders, to perform our growth plans. We are actually self-generating this, and we have been doing that in the past. We will get less investment money from from our markets from Water Treatment. We of course need to adjust and adapt our ability. We have loan facilities ready at the bank if we need to accelerate more than the cash generation. We are in a good situation. We have a good and strong balance sheet. We're not really sleeping badly despite the fact that Q1 is definitely something that is concerning us, and we don't want to repeat that going forward. We normally, as I stated, we are going stronger after a weak period of time, and we are expecting to do that. We work very hard every day to keep our expectations and to keep our promises and to be a growth companies over our midterm life cycle. This was the last sentence for me, and I think we can open up for questions and answers. 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 Karl Bokvist from ABG Sundal Collier. Please go ahead. Thank you, and good morning. My first question is on Industrial Solutions. The hesitant order intake that you mentioned, how we should think about this in comparison to this outside of a greenfield orders being, you know, aftermarket driven, how long can they really postpone these orders given the aftermarket intense nature of it all? I'll start there. I mean, if you take Industrial Solutions, it's normally starting in the beginning of the year. We see that there is some hesitance and some delays in decision-making that we maybe haven't seen in the past, and particularly not from when we have been public. Historically, it has been sometimes in quarter one and sometimes in quarter two. We are expecting that quarter two is going to be stronger in Industrial Solutions order intake versus the first quarter. There are lead times, even though we have shortened them quite dramatically over these periods, we are more flexible and faster once we receive the orders until we can deliver. There's no cries for the first quarter poor order intake. Of course, it needs to be improved in quarter two to be able to deliver in the second half. That is for sure. We normally state that as long as the order intake gets before end of August, we are normally able, in most situations in the aftermarket and service field, to deliver before year-end. Understood. We, we comment on, the next quarter, the second quarter, a stronger quarter as you write or as you, as you reference it. Should we mainly compare it to the first quarter of 2023? Is there any way we can kind of put it in context to the second quarter of 2022? I mean, we had the best quarter in company history with a very strong Water Treatment business in quarter two last year. At the same time, we had in all means, since we were writing off an order in lithium and an extremely poor order intake, I think it was $4 million net and $67 million gross. From the comparison of order intake, I mean, I can assure you we have already passed the comparison for quarter two. When it comes to the deliveries and the sales performance, we are not expecting the all-time high sales in comparison to last year because of the Water Treatment, but we have a much stronger Industrial Solutions and Electrification & Renewables that will compensate the lack of volumes within Water Treatment, but we will not fulfill last year's performance. All right, understood. Just kind of based on... I understand the comment on lower visibility, but based on your kind of indications of delivery schedules and also, where the backlog currently is, looking at perhaps mainly Industrial Solutions, how do you foresee the rest of the year for that business? It's definitely quarter two is an important quarter for us to set the expectation on the second quarter or the second half year. There is no doubt about it. If we're not performing or receiving the orders that we are expecting in quarter two and that we will need for filling up our manufacturing plant for the second half, I mean, that is for sure that we need to write down some of the expectations that we have. If you remember, when we have a bump, it's not like it going from good to catastrophe. I mean, it goes from good to less good. It could be a decline in the revenue for the full year if we're not kind of making the order intake for quarter two. I mean, it is for sure quite important that we get the indications and that we can kind of start to plan and get ready in time to be able to deliver. We are still able to deliver on the Industrial Solutions performance until end of August when it comes to most of the aftermarket and service part of the business. It is the new build that is in many ways a little bit more challenging from the time perspective. Right. My final question is just to kind of help us understand the deceleration in Water Treatment. I believe in Q3 you said that there were 10,000-12,000 vessels out there still to be installed. Now you say 5, so still seems to be quite a lot of vessels with systems being installed since then. Now the backlog is that for you has gone from SEK 140 million to SEK 70 million, and the order intake was low. Just how should we think about the deceleration in Water Treatment? I understand the comment you say about the aftermarket when in time that should pick up. Just, you know, to understand how quickly it's decelerating and when the low point could be. I think it's clearly stated from our side that we are very disappointing in the development of this ballast water treatment and how it has quickly changed from what we kind of know 6 months ago and where we are today. I mean, there is one reason is the stock buildup in the supply chain, causing less deliveries and less order intake for our sake. It's also the price pressure and it's also the number of cells delivered to each vessel. So these are, I mean, from our perspective, I mean, It's always very easy to say that we should have known, but we were acting on the information we received, and we were acting on the information we believed in. We expect this market now to be quite flat for a while. We like to get off the heat for the Water Treatment performance and kind of restructure and recover the performance and start to kind of build it up again. I mean, we have good progress in industrial waters, and we're also bringing some new products that are looking promising. Of course, it is difficult to compensate fully when you have a good commercialized product that also are running on a very high kind of demand, with many products delivered and supplied to the customers. If I just may then, sorry, a follow-up there on the kind of the information point there. Has the information received perhaps also changed on just how many number of vessels there actually were? Is it kind of the implicit assumption that your customers that you deliver to also lost market share during this time? I mean, we will see that because that is, that is public information in the Clarksons report. We can see that we were on the summertime, we were talking about 10,000-12,000. In the end of the year, we were talking about 8,000 to be contracted. Now, the information we have received, there are 5,000 contracts still to be chasing. That is the latest information we have. That is all for me. Thank you. Thank you. The next question comes from Gustav Österberg from Carnegie. Please go ahead. Thank you, operator. Good morning, Linda and Peter. Firstly, just to dive into this hesitancy that you see from customers that I think is critical to understand in more detail. Could you give us some more color on where it stems from? Is it related to raw material price volatility, or is it related to financing aspects or what? How should we think about this, and when can we get more visibility on when they are ready to make these decisions? I would say it's more from the financing perspective, both in Industrial Solutions and in some of these custom projects that we're doing in the Electrification & Renewables. It's also the fact that there are a lot of testing and prototyping and demonstration. There's a lot of end customer more discussions and so on and so forth. We can just now, I mean, just take the consequences of that some of these discussions are taking longer time. It's not like we have lost anything, but it's definitely not that it has been a speedy process from that perspective. We know that some of these projects have now been announced, and they are financed. We are expecting, of course, that we can kind of recatch up the discussions and start to finalize the contracts and agreements and to get the orders in for these projects to be delivered for later. When it comes to Industrial Solutions, and also for the Electrification & Renewables, the material prices has been quite stable lately. They have been going downwards in last year. They went up a little bit, but they have been quite stable for a while now. Do we expect them to keep stable? Do we expect them to go up or to go down? I think it's very difficult to say. We are normally working on back-to-back agreements. We are signing up the order to the material prices and to the customer pricing and kind of hedge in that way. We also try to stay out in dollars, buying and selling in dollars, and then also buying and selling in euros and not kind of influence so much with the Swedish crowns. But I would say it's more the financing than material prices or lead times for materials at the moment. We have also worked, which I think you know, that we have worked a lot of with our internal processes to use more and more standard materials, which both is cheaper from pricing, but in particular when it comes to lead time. We have done our homework to be ready, when customers are coming, and we can for sure, deliver faster, than we could, historically. Perfect. Thank you very much. Moving on to ballast water, where I just wanted to clarify two things. I mean, the market outlook, as you say, have gone from 10- 12,000 vessels to eight and now five. I mean, how confident are you sort of in the remaining retrofit potential here? Keep in the five that you have, is that 100% retrofit, or is that also includes new build? That's the retrofit market. All right. That's including build. I mean, we expect the information we have is that the market shares are intact, and of course we expect orders and revenue to come from this channel. Right now, we want to get off the heat from Water Treatment and keep it in a good position, making sure it's profitable, making sure that we're making money and that we're adding value to Permascand, that we can invest the money into Electrification & Renewables, which we think is our growth area. In combination with Industrial Solutions, I mean, I mean, we do have a profitable growth foreseen future coming. Okay. A follow-up on profitability in here in the quarter, I mean, the gross margin has gone from 30% plus down to a little bit over 15%. How much of that is related to volumes, and how much of that is related to net pricing? You're still talking about price pressures. Yes. I would say we have new products in the field. I would say around 20-25% is coming from new products. I would say it's 50/50 between price and volume. Okay. If we think about the remaining 5,000 vessels, for the retrofit potential, I mean, the 30% gross margins plus that you posted a couple of quarters ago, that's not likely to be repeated, if I read you correctly. I mean, to kind of restate, the margins that we have seen, I mean, it is a volume part, in that we can run our automated and robotized manufacturing methods. It's also that it cannot be higher prices for materials. I mean, we would need, I would say, some relief on the materials, both in maybe in the pricing, but also in the way how we're handling and manage it to kind of restore some of the margins. Then of course, I mean, the price pressure is tough, and if it continues, it will definitely be difficult to compensate internally from the way how we operate, the fact. It looks like it's more stable pricing to customers at the moment as well. I think we will protect our market shares in as much as we can because we know there's a very attractive aftermarket and service business in the future. But on the other hand, if the market is the market, I mean, they decide the pricing there. We can only work with our internal performance to compensate as much as possible. Perfect. Just following up on that as well. I mean, it seems like the retrofit market and installed base has turned out to be a lot lower than what many market participants expected a couple of years ago. How does that affect the sort of profitability potential for the retrofit, sorry, the aftermarket in the coming five years? It doesn't impact so much in the short run if you take the five -year period. Of course, if you take the 10-year period or the 15-year period, if the market is in total smaller, that will impact the total aftermarket, the service business potential long term, beyond 10 years on one hand. On the other hand, there is always possibilities later in these cycles, to kind of sell your technology and to kind of replace other players as it has been done in Industrial Solutions, over time. Shortly, it doesn't impact, but for sure, 10-15 years ahead, it will for sure be a smaller market for all players. Perfect. My final question. I appreciate you mentioned that a lot of the inventory build up here is for Q2 deliveries. Also thinking from a broader perspective in terms of if you get the larger hydrogen order, the commercial one that you're talking about in this commentary. I mean, is the current financing situation there to support an order of larger size or how is your general thinking here? I mean, I think you remember that we are working with the prepayments normally, for material ordering. There are also milestone steps, for how we are financing, kind of our deliveries and commitment to the customers. That is the primarily the source of cash, in this business and has been like that historically. You also saw that last year when we brought in, this plus SEK 100 million order, for Industrial Solutions. It is connected to prepayments and other things. We're not expecting to end up in a financial difficult situation, so we cannot deliver in accordance to our agreement to the customers. We also have loan facilities available with our bank, if something needs to be sped up and we need more cash than we can generate. All right. Perfect. Those were all questions from my end. Thank you very much. Thank you, Gustav. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. I think we come to the end to this presentation. We thank you so much for being listening and for the questions asked. We will redo this in August next time when we have the quarter two financials in place. I can assure you we work every day very hard to improve from this bump, this bad quarter that we have. We have done it in the past, and we will do it again. We're looking forward to present quarter two in August. Thank you very much, and have a good day. Thank you. Bye-bye.