Good morning, everyone, and welcome to Ratos and the presentation for the first quarter 2025. The day will look like this, or the hour will look like this. We have with us in the studio, we have Jonas Wiström, our CEO, and our Finance Director, Mattias Junde, who is stepping in for our CFO, Jonas Ågrup, who can unfortunately not be with us today. First, we will do the presentation, and then we open up for questions. I should also like to add that the webcast will be available on our website after the presentation. I think with that, we should get started. Please, Jonas. Thank you, Katarina, and thank you all for joining this morning, where we will present a record quarter for Ratos. We had a strong start of the year. Adjusted EBITDA is up 32%. All business areas actually increased their EBITDA. ROCE is continuing to go up. We have divested airteam. I think we will close it in mid-May. We have completed the reconstruction of Plantasjen in February, and we're showing strong results already in the Q1 for that. Also, we have had strong order intake in construction and services, and we have a limited direct exposure to US. I will get back to that as well. Also gratifying is that our EBITDA margin continues to grow. If we first take a look at our EBITDA development, we actually have an EBITDA CAGR growth of 28%, and if we would continue like this, it's over 30%. Reported EBITDA was even higher, but we had one-time positive effects, mainly due to the fact that we paid the composition gains for the reconstruction in Q1. That also affected our cash flow, and the cash flow, if you take that into consideration, was stronger also. That was stronger than Q1 last year. Q1 is a weak cash flow quarter for the Ratos Group. Looking at net sales, the majority of the 4% is due to discontinued operations in Plantasjen with all the closed stores and also discontinued operations in Expin Group. We were also affected by a negative calendar effect for industrial services. We did, during one year ago, at the lowest once, we have SEK 150 million plus in sales because of add-on acquisition. Very gratifying also that net sales for product solutions are increasing with 9% despite a market that is not at full speed right now. I think for newcomers, maybe we could show the segment companies. I think you've seen them all: Aleido, Knightec Group, Speed, TFS and industrial services, and so on. Let's go to the next slide here. Here's a summary of both the business area and segments. Starting with industrial services, there is a negative calendar effect, which affected EBITDA with SEK 8 million because of one lost working day. We have challenging, continue to have challenging markets in clinical trials in TFS. Knightec Group are really creating significant synergies. I'm sure these will be over SEK 50 million, actually, in cost synergies. Things are going very well there right now. Product solutions, over 13% in EBITDA margin. EBITDA is growing, sales is growing, and actually all companies increased both their revenue and EBITDA. We also had an increased order intake for Diab, HL Display, and LEDil. Those three companies, by the way, are those who have exposure to the U.S. market, and I'm coming back to that. In construction and services, we continue to show construction, I should say. We continue to have good EBITDA margins, continue to have very strong order intake. It's plus 186%. The order books are record high. We have very strong order books in Sentia, but we also have strong order books in Aibel. Last but not least, we divested, or we signed a contract of divesting airteam. We will close that, I think, in mid-May this year. The airteam numbers are in the Q1. If we go to critical infrastructure, again, very strong order intake, and it was up 20%. Continued strong results in Presis Infra and Aibel. Expin Group continues to improve their EBITDA, but we are still showing negative numbers, but much smaller than last year. We will, during this year, make sure that we can have positive results there as well. Consumer reconstruction, I already mentioned it, shows very positive results, some SEK 60 million in this small quarter. We have saved OPEX of SEK 400 million plus. Our debts, our financial debts, are down SEK 1.5 billion. Also worth to mention is that KVD continues also this quarter to improve their EBITDA, like it was a good year for them also last year, but even better this year. I think I mentioned it all here, actually. Reduction of stores went down to 89 in Norway and Sweden, and we discontinued the operations in Finland. Eleven stores were closed there as well. Cost reductions I mentioned. We had, of course, a revenue decline in the quarter due to closed stores. EBITDA up SEK 60 million and decreased lease liabilities SEK 1.5 million. And do not miss out that Plantasjen remains to be the largest and best garden center in the Nordics. Visit them next time. Just a few words about the one-time effects we have in Ratos. It is totally positive because of Plantasjen. In Speed Group, we have taken costs to reduce the staff in the staffing business. There are new EU rules around that. Unfortunately, we need to reduce the staffing business in Speed Group. Knightec Group, all is related to the merger of Knightec and Semcon into the Knightec Group, and these SEK 6 million are directly affecting the cost synergies. TFS has still a weak market. We have changed CEO during the quarter, and we have taken SEK 6 million for cost and efficiency matters. I mentioned the positive one-time effects we had. We gained a lot of EBITDA as a one-time effect for the debts taken down from tax and suppliers. It's also gratifying to see, or should you take the cash flows maybe, Mattias? I just mentioned that it's over 100%. Exactly. Thank you, Jonas. Yeah, as you can see, the cash flow from operating activities was down with about SEK 150 million in the quarter. This is mainly due to changes in net working capital. The net working capital was affected by the composition dividend that was paid out during the quarter of about SEK 200 million. Adjusting for that, it was actually better than last year, and the quarterly cash flow. As Jonas mentioned, Q1 is normally our weakest cash flow quarter due to increased inventory buildup in consumer business and so forth. For the last 12 months, we have a cash flow amounting to SEK 3.3 billion and with a cash conversion of 135%. Still looking very good. If you go over to the bridges, Jonas has mentioned a little bit about it, but in total, the net sales were down 4%. We had an acquired growth of 1.9%, and this is related to add-on acquisitions in the business area industry. We have negative organic sales growth in the quarter of 2.4%. All business areas had negative organic sales growth. FX effects is primarily due to NOK/SEK in the quarter and amounted to negative 1.2%. The other column there is due to discontinued operations in Expin Group and Plantasjen. If we go over to EBITDA, we have an adjusted EBITDA, which was up 32%. Acquired EBITDA growth was 5%. As I mentioned, we posted in the business area industry. Organic increase was SEK 13 million, and it's mainly due to EBITDA improvements in consumer and also a larger share of associate company in the quarter. FX effects is negative in the quarter, 3.9%, and it's mainly due to a stronger SEK. Another is the discontinued operations in Expin Group and Plantasjen. If we go over to our financial targets, you can see that EBITDA is the goal to have SEK 3 billion during 2025, and the last 12 months we were up in SEK 2.4 billion. Leverage should be between 1.5-2.5 times, and we were at 1.5 times in the quarter. Since year-end, it has increased with 0.1 times. From last year, it has increased with 1.1 times. Net debt increased during the quarter with about SEK 800 million, and that's mainly due to a negative cash flow in Q1. Compared to last year, the net debt has increased with SEK 300 million. The dividend payout should be between 30%-50%, and the annual general meeting approved the board proposal for dividend of SEK 1.35, and the payment was done by April 2nd and amounted to SEK 442 million in total. With that, I think I leave it over to you again, Jonas, for final comments. Thank you. I think we have said it all already. A record quarter, actually. Again, EBITDA increased in all business areas. Divested airteam, completed restructuring in Plantasjen, and strong order intake, both in construction and infrastructure, actually. Also, we do not display these, Mattias, but the order intake in product solutions has also been good, actually, during the quarter. I forget to mention that. I think product solutions, we talked too little about them. A really strong quarter, I would say. Again, industrial services had one day week shorter, so it affects sales and EBITDA negatively. I think that was all, Katarina. No, it was not. Ratos going forward. Our focus is a group with fewer platforms, with higher operating margins, higher return on capital employed, and stable cash flow growth in what we see as attractive markets. We will continue to have focus on value creating add-on acquisitions. It's fantastic to see for HL Display and others are now also starting with the value they have been creating through synergistic add-on acquisitions. New financial targets will be released during the second half of 2025. 2025 is just eight months left of that or so, so it's about time that we've released new financial targets in the autumn. Thank you so much. Thank you, Jonas. Thank you, Mattias. With that, we open up for questions. We will do it like this. A number of the institutions have reported ahead of the meeting that they will be present, or you will be present. I will try to be fair here and call you in alphabetical order. With that, I start with ABG. Please go ahead. Hi, good morning. This is Henric Hintze here at ABG. First, just some questions on the one-off cost. Could you explain in a bit more detail what the situation in Speed Group was and what review to take these costs there? It is unfortunate that we need to reduce the staff. In Speed, it is not only third-party logistics. We are also helping clients through a manpower business and the manpower business. It does not affect our core business. The manpower business will be reduced, and it costs money, as you understand, for severance pay and so on. That is the whole thing about Speed. Speed is otherwise developed well, actually, but we have to reduce the cost in the manpower business. All right. TFS, the market there is a bit weak at the moment. What are you seeing there? Do you think it will get worse before it gets better, or has it sort of stabilized at a lower level? You know, TFS is to quite a substantial part of the market biotech companies, and there are the problems. Financing for biotech companies is still tough, even though interest rates are coming down. We have also a new CEO in place since two months, I think. As a new CEO, at least, it's my experience that you try to take away extra costs also when you have gone through the business. What about to forecast the market? It is an uncertain world now, but in general, this is something that will come back if it happens next quarter or next year. I'm sorry, I can't say that, but we are adjusting the costs now to make sure that we have a good profitability also in TFS in tough times. Yeah. Okay, very good. Finally from me, then I'll let the others go ahead. You've taken quite a few one-off costs now in this quarter and in previous quarters now in Plantasjen, Speed Group, TFS, and Knightec. Do you expect this will continue in the coming quarters, or are you mostly done with this now? Yeah, and the one-time costs in Plantasjens was positive. We have adjusted our reported EBITDA is better than the adjusted EBITDA. When it comes to what we can see, I think I wrote that the merger of Semcon and Knightec Group, there we are taking segment by segment. I think we will see some more costs in the Q2 to finalize the merger to really create hard cost synergies. Apart from that, I do not think we can see anything in the horizon for that, but it could be a small amount there in Q2, I believe. I hope. All right. Thank you very much. Thank you. Did we have more questions from ABG? If not, we move over to Danske Bank. Please go ahead. If not, we go to Handelsbanken. Then we have Nordea. Yes, hello, Albin here from Nordea. Just two questions from me. Just firstly, if you can comment on Plantasjen, they start now in April and yeah, maybe the beginning of May, but mainly, yeah, post Q1, how's the start have been? I'm not so sure. Sure, I wouldn't be allowed to do that, actually. I mean, it's not whole of Ratos, but I think Plantasjen is an important company and to disclose that in this, I feel nervous about that. What do you say, Katarina? Yeah, I think. I advise you to go down to Plantasjen and see. Count customers. You can both find out that and very good products. All right. We are quite positive to Plantasjen's development going forward. Yeah, thank you. I guess Q2 is an important quarter, so that's why I asked, but we can move on. Just another one, I guess you have had this question before, but given you have 1.5 now net debt EBITDA ex-leasing and also R team coming in here in middle May probably, and also your own stock is trading at six times EBITDA. It's like if you believe in that your current portfolio is worth more than that, it's quite hard to not see buybacks as a good way to allocate capital here. Any comments on that one? You are not the only one, and this is something we're, of course, discussing. We have actually done quite serious analysis. We have talked to experts, etc. Swedish Match was certainly a very good buyback program. We haven't seen anyone else, but you can we can have a talk about that. Our analyst says that it's not a good idea, especially for us. I mean, we think that the value creation we have seen in HL Display and start to see in other companies with synergistic add-on acquisitions are very value creating. The average, including arbitrage on the multiple, HL Display has an average EBITDA multiple of 5.4, I think, for all the acquisitions they've done. They include or they exclude real synergies. This is just without synergies is 5.4. We have had an enormous value creating there. All right. That's clear. Thank you. No further questions from Nordea. If not, we move on to SEB. Those were the ones who had reported presence, but I'm wondering if Pareto might have joined us. Yes, hello, George here from Pareto. I have a couple of questions. Firstly, on the critical infrastructure segment, it's down 15%, but with some effects from discontinued operations. What I'm wondering here is just what's the growth excluding those discontinued operations? Also in Expin Group, what's left here after discontinuing part of that business? Is it only what was previously Ratatec or anything else also still in the group? If I answer your second question, maybe you can check the first question. No, Expin Group is today, as you say, Ratatec, but also ES Infra and TKBM. ES Infra is a profitable business. I think we did a flash on the tunnels we're building in Stockholm. Correct. I think you were there, Katarina. These are the three companies to answer your questions. If you look on the net sales growth, we had a negative growth of Expin Group of 7%, minus 7%, but also Presis Infra was lower in the quarter. It is not just Expin Group on sales. No. Yeah. Okay. I'm wondering about the order backlog here. Very strong intake in this quarter, quite tilted to construction. Will these orders be delivered, a lot of them, in this year, or is this for 2026 and after that? Yeah, some of the orders go certainly into 2026 and maybe 2027. We are not uncertain about 2025 that we have orders enough. Construction services is about SEK 13 billion is within 12 months. At least that I don't know for nine months, but for 12 months, it's about SEK 13 billion. That's excluding airteam then. Yeah, exactly. It is basically. Both construction and critical have a large part in the coming 12 months. Yeah, that's very clear. Thank you. Just a final question again on Plantasjen. I know you can't comment on the start, but can you say anything about the weather here in April? Because it's been quite cold, so I guess that's not ideal for Plantasjen. The honest answer, I don't know. It was cold yesterday, for sure, and windy. I can't report that. I don't have the numbers for the weekend either. One thing is for sure, Plantasjen is very much stronger now than they were one year ago. Perfect. Good to hear. That's all I had. Thank you. Thank you so much. Thank you. Okay. With that, I don't think we have any more questions. Jonas, to you, do you have any final comment before we say goodbye to everyone and wish everyone a great day? No, thank you for joining. It was a good start of the year in many aspects, I would say in all aspects. Looking forward to see you soon again. Thank you so much.