Good morning, everyone. This is André Löfgren, Senior Vice President, Investor Relations of Skanska speaking, and welcome to the presentation of Skanska's three-month report for 2021. The presentation will be held by CEO Anders Danielsson, and also our CFO, Magnus Persson. After the presentation, you will be able to ask questions. With that, I hand over to you, Anders. Thank you, André. Before we jump into the figures, I want you to look at the picture here on the screen. It's our project Epic in Malmö, south of Sweden. It's our own development, project development, completed, fully let, and very green and healthy building. A success. Let's go into the figures and the highlights here. We have a three-month report. We have had a very strong start of the year. All our operations deliver. We can see that construction's steadily improving. We have a very strong performance on residential developments. Both volumes and profitability are strong. A good quarter in commercial property development. Very attractive levels of the divestment we have made in the quarter. Operating margin in construction improves to 2.5% in the single quarter, compared to last year, 1.6%. The return on capital employed in project development are above our target of 10% on a rolling 12 months basis. Return on equity, rolling 12, 24%, and we continue to have a very strong financial position. We're coming back to that, of course. Let's go into each stream, starting with construction. The revenue decreased with 12% in local currencies. What we can see here is mainly driven by the COVID-19 impact for the last year here. We also see decision by clients. They postpone the ramp-up of new projects. Also, we see some remaining impact of the strategic action we have had for a couple of years now to focus operations and be more selective in order to improve profitability. Order bookings, SEK 35 billion. We have a book-to-build on a rolling 12 months basis of 107. The order backlog is on a healthy level, SEK 193 billion. Operating income, SEK 722 million, corresponding to 2.5% margin, which is strong. Very good performance there all over. all business units improve the profitability if you look at the margin. the strategic focus remains here in the construction to, we're going for project where we can see that we have a competitive advantage, we have the right team in place, and we have a good history and track record of similar projects in order to reduce the risk in the portfolio and improve the profitability going forward. residential development. We have a very strong quarter. We improved or increased the number of sold homes. We also increased the number of started homes. We have operating income of SEK 669 million, corresponding to operating margin of 14.8%, well above our target of 10%. We also have a very strong return on the capital employed of 14.3% on a rolling 12 months basis. Very high activity, and profitability improving from already strong levels. We have a solid land bank in our market to meet the demand. We can see that the demand for larger apartments or larger homes has been a very strong trend during the pandemic, since people are working from home and need more spaces. On the longer term, we believe on a stable market, more normalized market. The concern is, of course, what will happen with the economy, what will happen with the unemployment rate. The structural shortage of homes in our markets is still there, and we also have low interest rates. We believe in a stable market going forward. Commercial property development. Good quarter. Gain on sale of SEK 1.2 billion, and quite tough comparison, though, if you recall, we divested Solna United, the very strong profit last year in Q1. We have made some very good divestments during the quarter. Very high profitability percentage-wise in those projects. The investor market is still very strong. Return on capital employed, 9%, rolling 12, slightly below our target of 10%. We have 33 ongoing projects corresponding to close to SEK 18 billion upon completion. The occupancy rate and completion rate are well in line. I would say 44 versus 48%. We started seven new projects during the first quarter. The challenge here is still the leasing activities which has been slow during the pandemic, and so was the first quarter as well. I expect that to continue during the pandemic. On the other hand, we can see strong, good dialogue with potential tenants. I strongly believe in this market. We can also see, especially in U.S., also in U.K., where the vaccination has come much further than in the rest of Europe, that we can see that more and more companies prepare to get people back to work and get people back to the office, and the employees also want to get back. Divestment at very attractive levels during the first quarter. Uncertainty, as I said, in the leasing market, but a solid property investor appetite. They really want to go for quality building, environmental friendly, healthy building in a good location. If I go back to construction stream and look at the order situation, as I said, we have a book to build of 107%. You can see how that has developed over the years. You can also see the revenue, the light blue line here on a rolling 12 months basis. Going down, but as I said, they're mainly driven by COVID, but also some strategic action. If I look at the order backlog, 193, I think that's a comfortable level. We're in a good position. We can go into each market and look at the order bookings. The order bookings on a rolling 12 months basis, book to build, were quite strong in the Nordics. A bit lower than 100% in Sweden and U.S., but the book to build in the first quarter was really strong. I think I'm confident with the level we have. We have 17 months of production, and that's historically on a healthy level. The overall 107% good book to build is also on a good level. With that, I leave it to Magnus to go through the figures more in detail. Thank you, Anders. We go to the next page with the construction income statement. What you can see is that revenue-wise, we declined revenue with 18%, but volumes, as Anders pointed out, is down 12%. Fairly significant effects there in the numbers. We've had, of course, especially January and February were slower months. We can see at the end of the quarter that the activity is picking up a bit there. That's positive. The biggest decline in revenue in the quarter to the comparison quarter we could see in the U.S. As we have said before, it's mainly projects that have been slipping in time. The game here, so to speak, is to get the ramp-up of the projects that we have in our backlog to get them into production. We have a very good backlog, as already said there. The backlog have in fact been growing in all our markets if we compare it to year-end. We think we have a good and sort of solid base to work from, but it's about getting the work into the ground. If you look at gross margin, you can see it comes up to 7.2%. That's a very good number for us. Comparison quarter, it's a full% higher than the comparison quarter and also better than the full year of 2020. S&A, we continue to improve S&A, SEK 1.4 billion in the quarter, down from SEK 1.6 billion. On a percentage basis, S&A is a bit up than the -4.8%. Q1 is a low volume quarter, and of course, we have seen this revenue decline, so that drives up the S&A%. Coming down then to a very good margin, operating margin for construction in Q1 of 2.5%. It's actually the strongest Q1 margin we have had for 10 years in the group. It's a very solid result. It's a result of a few years of hard work with the portfolio. We've also, as you know, reduced our exposure to Central European markets where we historically have had a more higher base of fixed costs that have been sort of hurting the profitability in the first quarter. If we move to the different geographies on the next slide, we can see that the margins are improving to the comparison quarters in all different geographies. Sweden had a good quarter, 2.3%, up from 2.0. We do notice here and can clearly see that profitability in Sweden, the couple of issues that we've had there, they are stabilized, and we see the performance is gradually improving there. Also note Europe, not negative in the first quarter. The U.S. margin is also improving. We're still, of course, working to complete the couple of difficult projects we've had there and that we have been talking about for quite a few times, the old legacy jobs. The portfolio that is newer and that we have been taking in over the last, say, three years is really performing at a very good level. If we move on to residential development, we can see that revenues are up 30%, driven mainly by the Swedish residential business and not at least the sale of one rental property that we did in the Swedish business for SEK 700 million at the end of February, as that was a very good addition here. Very strong margins in the first quarter. If you look at the gross margin of 18.6%, that is a very solid level, up a full 2% from the comparison quarter. Of course, it is a good market throughout the first full quarter. We've also been very successful in our project-level risk management activities. Been able to deal with the production and market risks in a very good way that contributes to the profitability. S&A over revenue is down, as you can see, 3.7%. Very low number, of course, driven down by the high revenue here. If you look at the nominal levels, we have roughly the same cost base, you can say, on the overhead in the organization as we did in the comparison quarter. If we look at the different geographies, also here, all different geographies show strong margins. Nordics with 14.2%, Sweden 15.3%, and then our European residential business, close to 21% margin. This is what I alluded to before. We have been very successful in dealing with both market and operational risks in a number of projects. During the quarter, we have closed out a few of those projects in our Central European residential development business. When you do that in a portfolio that is not so big, this has a very positive impact on the margin. It is not a one-off, nor is it a non-operational item. This is true profitability of the project, but it is sometimes a bit lumpy when it comes out in the P&L. If we move to the next slide, you can see homes that are or have been started and have been sold during the quarter. We increased both the number of homes started and the number of homes sold. Very strong sales, as you can see, with 1,362 units sold, of which 220 pertains to the rental project in the Swedish business here. Even if we were to exclude from that and only look at co-ops, we are still increasing the sales at a very good pace here. We are also happy to be able to deliver higher number of homes started with the high sales pace that we have. It is important that we can start and ramp up new project to backfill the portfolio here. We do have a good investment pace in residential development at the moment. It is roughly at the same pace as in the comparable quarter. If you go to the next slide, you can see the number of homes we have in production. At the end of Q1, we had 7,100 units that we had in production. We had a sales rate of 77%, which is at a very high level. You can say from a commercial perspective, it's almost too high. 60%-70% is sort of a better level. You don't want to run out of units to sell to the consumers, of course, to our customers here. It is important that we can start, and we are starting more projects to backfill the portfolio. Unsold completed homes, 186, still at a very low and comfortable level. We have a good churn in the unsold completed. There are no concentrations to any specific sub-markets or projects in this, so it's not of any concern to us. If we go to commercial property development then, we sold during the quarter four projects, and the biggest one was an office building in Copenhagen, which we sold for SEK 1.3 billion with a very, very healthy profit. Total gain on sale, SEK 1.2 billion in the quarter, representing a development margin of 50%, which is the same level as we had in Q1 last year. As Anders already pointed out, it's a very, very tough comparison quarter here, of course, where we divested the Solna United property last year in the first quarter. As you know, every quarter starts from zero, so this is a very good commercial development quarter. If you go to the next slide, then we show you here the unrealized gains that we have in our portfolio and how that tracks with our realization of gains over the P&L. End of quarter, we had SEK 6.3 billion in estimated unrealized gains that we have in the portfolio. 3.7 of those were related to the ongoing projects and two to the completed projects we have. Essentially no change here since the fourth quarter, despite the fact that we realized SEK 1.2 billion in value in Q1. That gives you a fairly solid indication of the current pace we have in value creation in commercial development. If you go to the next slide, you can see our total portfolio of the ongoing and unsold projects in commercial development. The bars here, they represent the total investment at completion for the projects, and the date represent the date when we estimate that the projects will be completed from a production perspective. The greenish line represents the current leasing rate of those projects. If we look it over here, we can say we have a solid leasing rate in the projects that completed in Q1 and Q2 this year. In Q3, we don't expect to complete anything, very little in Q4. We have a little bit more than in the first part and also the third quarter of 2022 with the two projects that are to be completed Q1 2022, a very good leasing rate. Q2 next year, it comes down a bit and so on, but it's very far out in time. Overall, I say we have a good profile here of the ongoing unsold projects right now. We've also started seven projects during the quarter with a total investment value of SEK 3.1 billion. If you look at the far left of the chart, you can see the orange bar that represents the projects that are completed and unsold with then the leasing rate and average leasing rate of 63%. Of course, many of these projects have a very good leasing rate. We have a couple of them that we are sort of struggling a little bit more with, which we have reported also before. Essentially a couple of projects that are underperforming from a leasing perspective. Generally speaking, the leasing has been very challenging as you are very well aware of over the last year or so. We also have here, of course, as we have pointed out, the very strong ambition to continue to start new projects and backfill this portfolio with new starts. If we go to the next slide, you can see leasing, obviously a weak leasing year, and the Q1 was not a strong quarter in terms of leasing either. We've been very successful, I'd say, in controlling our exposure to the situation, though. We always aim to have a completion rate in the portfolio, roughly in line with the leasing rate of the portfolio represented by the two lines in the chart. As you can see, they do track each other very well. Despite the fact that Q1 was a slow leasing quarter, we do see an increased sort of activity in the market. There are more discussions going on with tenants, and overall, I say we feel that the market is moving in the right direction, at least. That's quite positive. I also want to comment on this, that it's still too early for us to say, to give you a firm indication on how we see the future office market, how that will look. There's really no strong consensus among tenants or prospective tenants on changes in demand here. Of course, we have a lot of these discussions ongoing. We pick up signals very early, but we do not get a uniform picture on that. What we do expect is a flight to quality in terms of property. Properties that are well-located, have low costs for sort of maintaining and operating them, have a high sustainability standard, and generally good installation and a good indoors environment. That is what we think is what will be in demand going into the future. If we go to next slide, we have the group income statement. Obviously, the operating income from all our different business streams, central costs down somewhat from the comparable quarter, taking us down to an operating income then of SEK 2.3 billion. Net financials, no change since the comparable quarter. We have a tax rate of 17% in the quarter and a profit for the period of SEK 1.9 billion. If you go to the next slide, we see cash flow. The cash flow in the quarter was quite normal for a Q1, I would say. The numbers in this chart look sort of a bit high. It looks very positive, but that is the effect of booking the dividend in the first quarter after the decision from the general meeting. Booking it before the payout because the payout happened in the second quarter which creates then a positive impact in net working capital in the central stream. The cash flow needs to be read from that point of view. Of course, last year we did not have this effect, so that's why the comparison to last quarter, to the comparable quarter might be a bit. You need to take that into account. If we go to next slide, you can see the free working capital in the construction business then, and remains at a very high level in terms of revenue. We had 19% of free working capital over revenue, which is in a very high level. From a volume perspective, of course, as the volume has declined a bit in construction, we do have a negative cash flow contribution from a working capital in the quarter of a little bit more than SEK 1 billion. That's entirely volume driven, and we still have a strong focus on capital management and the sort of payment terms in our construction operations, and we continue to deliver on this in a very successful way from our projects. If we move to next slide, you can see our investments, divestments, and the capital employed over time. It's quite clear here that we're still in this net divestment territory if you look at the green line on the chart on top. We do now start to see an increase in our invested capital again. If you look in the table at the bottom, you can see here that both for residential development and for commercial development, while we have seen capital employed go down a little bit, it's now starting to increase again, very much in line with our intentions and as previously also announced here. If you move to the next slide, you can get an overview of the available funds and our central funding that we have in the group. Total end of quarter, we had SEK 23 billion available, of which SEK 6.5 billion were constituted by credit facilities that were not drawn upon. We had two credit commitments that matured during the first quarter. As you can see in the bar chart here, we have one loan that matures this year. That is in the second quarter. We have nothing that matures up until 2023, giving a very solid funding position for the group. If you could then go to the next slide, which is an overview of our total financial position. We had total assets, SEK 129 billion. An equity position of SEK 38.5 billion. This is, of course, the equity is shown here, with the dividend that has already been separated from the equity. The dividend had not been separated from the cash position at the end of the quarter. Equity to assets ratio of 30%, so very solid balance sheet overall. This is an important enabler for many good and opportunistic deals for Skanska. It's very important to keep this strong financial position going forward. With that, Anders, I hand over to you. Yes. I will address the market outlook now, starting with the construction. We can see a continued weak demand in commercial office building in the construction. However, we can see improvement for other non-residential building. We can see that some private clients, their uncertainty has decreased. We can also see improvement in the outlook for residential construction in all markets, which is encouraging. The non-residential construction, especially improvements in the United Kingdom and the U.S.A. and also in Sweden. As I said, we can see clear trends, especially in U.S. and U.K., where the vaccination is going on a faster pace. The ambitious infrastructure investment plans that we can see in all markets, it's very encouraging, of course, in the longer term. Having said that, we expect quite some lead time before the project hits the market. In the U.S., for example, we can see these federal programs with thousands of billions of dollars. It's, in the longer term, very good for the market and for us. We still expect that in the more short-term, that the infrastructure investment will still be funded by the different states. Residential development, limited number of new developments overall in the market. We can see also that the activities is increasing. We believe in a continued stable market. We can see one concern is, of course, what will happen with the economy? What will happen with the unemployment rate? That's in the downside. In the positive side here is, of course, we can see low interest rate policies, and we also have, in all markets, an underlying shortage of homes, which will contribute to stronger market going forward. On the commercial property development, investor market is solid. We have low interest rates, stable credit markets, where we can prove it with a very attractive divestment during this quarter as well. As said, tenants are still hesitant, and I expect that to continue during the pandemic. To summarize this before I open up for Q&A. Strong performance across our operations, strong financial positions. We continue to see improvements in the construction market outlook, which is good. We can see also improvement in profitability, going as planned. Strong quarter there. Our long-term focus remains to grow the project development. We should be the leading residential developer in our markets. We also want to grow the commercial property development operations in a responsible way, in line with the market development. We continue to focus on health and safety. First priority for us. We also have good development when it comes to carbon emissions. Last year, when we summarize it, we have reduced the carbon emission by 34% compared to our baseline in 2015. With that, I'll leave it to André Löfgren to open up the Q&A. Perfect. Thank you very much, Anders and Magnus. As Anders said, it's time for the Q&A, so please listen and follow the instructions from the operator. Thank you. Thank you. If you wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Simen Mortensen from DNB Markets. Please go ahead. Your line is open. Thank you so much. I have a few questions. I was thinking about starting off with actually one on each segment, especially when it comes to the margins in the construction this quarter. It is, as you said, very strong. You also gave some comments that you haven't been able to start so many projects, and there has been some delays in the order book. From what I hear and understand from this sector before is that the maturity profile of projects could significantly impact the profitability you have in margins. My question is, are those delays now impacting the margins you're now reporting in Q1, given the very strong margins we're now seeing here in construction? I can comment on that, Anders here. No, not really. It's impacting the order booking somewhat in markets. We can see COVID, the impact, especially in U.S. and Europe. The impact, the order booking is impacting the revenue. We have been able, and the organization has worked really good with the cost control. We have been able to reduce the cost in line with the revenue decrease. The margin is holding up. it has nothing to do with the profile. It's actually through cost savings, and that's quite good actually. My other question goes to the residential development segment, and of course, you had a huge sale here of SEK 720 million of rental apartments. How much are the margins in that deal impacting the figures we see this quarter? Because we see the margins in residential development is very high, and also how is the pricing in the market going? what's driving these margins? Is it that transaction, or is it the pricing of homes for sale? The margin we see in the first quarter, there's basically due to that we have been very successful in controlling the risk in ongoing project and project that we are completing now, have completed now in the first quarter. We have been taking provisions earlier for market risk and so on, but it has not materialized. We get it to the bottom line instead. That's very encouraging and a proof that we have the operations under control. The risk management works as we expect. When it comes to pricing, of course, we adjust the prices in all projects in line with what people are willing to pay for it. We do very careful market analysis before we have a commercial launch and start to sell projects. We also try to have a step phases. We divide the projects in different phases to be able to adjust the prices in line with the market development. I also have the question on commercial development. I've just dug into the footnotes, and into the footnotes you can see how much of your revenues and EBIT is made from divestments. Especially when I look into the Nordics, it's almost SEK 1.7 billion with a divestment profit of SEK 963, which means that in the Nordics you have had EBIT margins on those divestments of almost 57%. Could you please tell us how you have achieved that and how representative that is, and what kind of projects? Is it the Copenhagen project? Is it the Stockholm project? What has actually made this 57% EBIT margin in the Nordic divestments? Hi, Simen. Magnus here. It's essentially super good projects. That's the basis of this. Projects that we started some time back, and then with the sort of recent years development in terms of investor appetite for these projects, fully let, as we've said many times, with exactly the right micro locations, good facilities in the projects, and high up in terms of sustainability and the facilities internally as well. Investors want to pay a lot. We make these super profits in certain projects then. That is essentially what is behind it. There's nothing else there really. Yeah. It was very good. Congratulations. The other one is on the valuation. You showed us the commercial property development and the completion pipeline of unsold projects, et cetera. Just in terms of the SEK 8 billion you have completed, and it seems to be the book value here. How are you in the report? You also gave some market value estimates of those which, if my calculation here should be close to SEK 10 billion. How are you evaluating the market valuation based on your rental assumptions? Because you stated that you had had some delays and some issues with the rental apartment, rental of commercial assets, and second of all, are those still in Houston? Simen, this is Magnus here. Correct. It's the total investment that you can see in those bars, and that's essentially the book value for those projects because they are completed. The market values that we show in the quarterly report that you can then connect with the charts here. That is the market value when these properties are leased. The issues in the rental markets, how much of that is Houston and what do you see elsewhere also? I'm sorry, could you repeat that? Yeah. Some of these assets are in Houston in the Energy Corridor with completed assets. Yeah That's still the most difficult market, if I'm correct. Yeah, the Energy Corridor in Houston is one of these sub-markets that is really challenging at the moment. It has been so for a while. That's correct. Thank you. I should let the other guys in. Thank you for taking my questions. Thank you. Thank you. Our next question comes from the line of Anastasia Solonitsyna from UBS. Please go ahead. Your line is open. Hello. Thanks for presentation. I've got a few questions just to follow up on residential. One of your peers reported results this week with operating margins below last year, and you have a very solid improvement this quarter on an already strong basis. Could you please maybe somehow break down what is due to the favorable mix, geography and what's due to reversal of provisions? Do you expect moderating margins from here? Basically, whether you see a return on equity on capital employed leading this year and development from here. Thank you. Hi, Anastasia. This is Magnus. I'll try to answer your questions in order. Remind me if I miss some of it. In terms of what our competitors are reporting, we're not going to comment on that. Our profitability improvement is very solid, and it comes from betterments in our underlying operations. There's very, very little, if anything material at all in terms of sort of non-operational items or release of risk reserves that comes straight out and impacts the result as such. As you can see also when we go through this, we'll have betterments in all different geographies, both in the construction business and in the residential development business. In the commercial development business, we had a very strong quarter, even if the comparable quarter is better for obvious reasons here. I think that was part one of your question, and then you had a question on capital employed. If you may repeat that. Yeah, I just wonder how your outlook for returns on capital employed develops from here, considering that you're already far ahead of your targets. do you see some moderation from this level? you think that we can even sustain higher returns for mid-term? Yeah. In terms of the return on capital employed, we don't sort of provide any forecast where we think that will go. We have a solid target of where we should be, which is above 10% ROCE for both residential and development business. As we have said on many occasions, we have the ambition to grow our project development operation. Of course, when you do that, the first thing you need to do is to invest in land, and you need to develop the land, you need to start a project, and all of this, of course, before you make the divestment. We do expect it in terms of capital employed, that we can continue to grow that business, and that would lead to an increase in capital employed. Okay. Thank you. My question is on commercial margins. You've had very strong margins on divestments and you alluded to that there were some high-quality projects. My question is, have you sort of sold the high-quality projects, or you see still some investor appetite and some good projects to sell during the next quarters or so? Do you see margins normalizing from this level and returning back to historical, let's say, averages, or you think that you can sustain higher margin performance compared to previous periods? Thank you. Anders here. Yeah. What I can say, we don't give any forecast for when we will divest or comment on the margins going forward. We have our targets. I'm comfortable that we will be able to deliver in the future as well. We also have a good pipeline. We have high-quality offices in different markets, both completed one, but we also have a good pipeline in the ongoing. For the future, we have during the last year made some really good investments in building rights. One example, so we bought just before year-end, building rights in the center of Back Bay over in Boston. Really interesting area. Very few competing projects in that area. I'm confident that we will be able to contribute to the profitability in the future as well. Okay, great. Thank you. Our next question comes from the line of Stefan Andersson from SEB. Please go ahead. Your line is open. Thank you. Two questions from me, and sorry if I missed if you already touched it. First on the [SIBS and the stars]. Your balance sheet is very, very strong. You have the ambition to increase your portfolio. It's been shrinking here for a while. I'm a little bit curious on how forward-leaning you could be. Are you willing to start without pre-leasing, or should we monitor the market when it comes to the leasing side to understand how quickly you can ramp up that side of the business? Hi, Stefan. This is Magnus here. That's almost impossible to give you a general answer to that, because every property and every project opportunity is unique. We do make that assessment on a project-by-project basis. We have some sub-markets that are really good today. We have some sub-markets that are sort of weaker in terms of leasing. Those are things that we need to take into account when we make that assessment on a project-by-project basis. Of course, a slower leasing overall, that's not necessarily something that makes you accelerate a project start. We do have the balance sheet for it, and we do have the risk appetite to believe that we can handle a slightly weaker leasing market as we have as well. Our ambition to grow the investment in commercial development, that is definitely still here. We have to recall also that we started seven projects in the first quarter. We're definitely not inactive in this. We do see quite a lot of opportunities, and we act on them. These seven projects then contribute with around SEK 3 billion in total investment that we add to our portfolio. Yeah. also connected to that on the land side, how do you see opportunities there price-wise, both residential and CD? Residential, I guess, hasn't eased given the demand. On the commercial side, do you see great opportunities to find new plots? You mentioned the one you did just before year-end, but how does the market look right now? I think the market is not bad for that. Of course, land prices has gone up, has been a trend over quite a few years, which is why it is so important to have the stable financial situation that we have as a group with our balance sheet and the strong funding that is secured to the group because that gives us the ability to really take opportunities that seldom come out on the market. When they do, we can be there, and we can be a serious player, and sellers can trust us that we have the capacity to fulfill the deals. I think this situation here has created a few opportunities for us that we have acted on. That, of course, doesn't show in the P&L today, but I'm very convinced it will show in the P&L out in the future. Okay, great. Thank you. The second part of the question, or the second question. Looking more to the Nordic market, I guess, but just trying to get some sense of your competitive situation. When we're looking at the bigger players in the Nordics, Peab, NCC, you, Veidekke, YIT, I guess if we should include Serneke here, I don't know. Seeing that on the construction side, you all been moving in the same direction in the last few years saying, "Okay, we should avoid the big, complicated projects, guard our margins, stay away." I guess we've seen some low media announcements in Sweden where there's been some road projects where there weren't even tenders handed in. My question is, and this is for Nordic primarily, has this dynamic changed the pricing in any way? Have you seen that pricing is becoming better in the tenders? The second part of this question is, of course, has the international players instead taken that gap and therefore the situation has not improved? I would say that the competition is still fierce, especially on the civil side where we see more international competition. We also see fierce competition on the building side. I think that has been for a while. It's quite many years. That's nothing new. If I talk about our strategy, we're not afraid of large, complex projects. That's not it. It has to be the right risk balance in the project, the risk balance between us as a contractor and the client. We're working with that, and we're prioritizing project where we can see the right risk balance. We're not afraid. That's our conclusion. We're going for quite large project in the Nordic as well. That's both in civil and building. The key for success here is to prioritize project where we can see that we have a competitive advantage. It could be that we have a strong team, we have a good track record in that type of project, and that's the number one key for success. that you, of course, have the right contract and the right client as well. Okay. It's my understanding of your answer is that no real change in price really. Still competitive. Yeah. And then a follow-up, sorry, on that as well. on the raw material side, the input side, we see some movements here on the raw material side, as you know. Is that something that could have an impact, or are you handling that in a good way? Yeah, I think we're handling that in a good way. We have seen price increases on steel and timber, for example. We are mitigating that in the ongoing project, of course, that we secure the prices as early as possible in the project. Now we are also very careful when we bid for new ones, that we secure the prices before we even bid for the project. I think so far we have been able to mitigate that in a good way. Thank you. All for me. Thank you. Thank you. I remind you that if you do wish to ask a question, please press zero one on your telephone keypad. If you then wish to withdraw your question, you may do so by pressing zero two to cancel. There will now be a brief pause while questions are being registered. There are no further questions, I'll hand back to the speakers. All right. Great. We wrap it up. Thank you very much for your attention, and enjoy the rest of the day. Thank you.