Thank you. Peter speaking. Welcome all of you for joining our call here for results of the first quarter for us in 2021. Turning to page two in the presentation, which I assume all of you have in front of you, which has been shared on our webpage for those of you not having it in front of you. Turning to page two in this presentation pack, talk about the agenda. As usual, we start off by giving some general highlights by myself and then also some comments on the three business areas. Then followed up with Fredrik, then he's giving his input on the financial slides and then summing up with a brief summary and some comments on the outlook for the running quarter. Then as usual, also, we're finishing off with the Q&A session. Turning to page three, we have a heading for this report, Strong Start of the Year. We have to say that we've been kind of surprised throughout the quarter for the strong demand, which accelerated throughout the quarter with a stronger ending than finish in the quarter. Sales for the full quarter, though, ended up, let's say a little bit north of SEK 8 billion, which is in comparison to a year ago, a decrease with 3%. Of course, we have a substantial negative ForEx on the figures of 8%, which is Once again summing up to the actual numbers being 3% down year-on-year. EBIT, strong, SEK 1.35 billion, corresponding to a margin of 16.4%, which is both in absolute number and in terms of margin, our best ever quarter or best quarter so far in the history of Trelleborg. Items affecting comparability this quarter is actually positive, coming from, let's say, restructuring expenses linked to previous announced restructurings of some SEK 45 million. We also have a capital gain related to some sale of real estate in the quarter, which gave us a net profit of SEK 144 million in the quarter, which was booked in the quarter, which is turning up to a positive items affecting comparability of just shy of SEK 100 million. Cash flow, actually quite strong. Even though we were, of course, building working capital throughout the quarter, the cash flow nevertheless ended up stronger than last year at SEK 962. It's always the case, of course, that we're building working capital in Q1 compared to ending of the year. Once again, we are happy with the cash flow coming from a well-managed working capital and also which continued broader low CapEx in the quarter, which means that the cash conversion for the last 12 months is at 128%, which we then see very strong, of course, impossible to keep very long term, but nevertheless, a good result for the ending of this quarter. This was the overall, let's say, highlights. Turning to page four, a few more comments on the sales development that you see very strong sales in Asia and other markets as we define it, 30% up. Of course, good organic growth and good underlying market, but of course, also quite impacted by the pandemic last year, which then started in China, which closed down China. Also in this, even considering that, a very strong development, especially in China, but also throughout Asia and Europe came in at 4%+, which is then a solid improvement compared to a year ago, but also generally good. We are a little bit behind in North America, even though we see it's getting better in North America, but in the quarter, we were down by 10% and then also having a very strong development in South and other Americas, which is although all of you probably is aware, it's a small market for us, but nevertheless, a very good development. It's in total then ending up to 5% organically on the totality. This is the sales development in the quarter. Turning to page five and the agenda, business areas, and quickly then turning to page number six, a few more comments on Industrial Solutions. A solid quarter for Trelleborg Industrial Solutions. Organic growth is back, with a good cost control and good overall price discipline is turning into a strong increase in the margins. Organic sales in figures up by 3%. Strong growth in Europe and Asia, the declining sales in North America in the quarter. Most segments actually developed well. We still have the negative impact, of course, year-on-year on aerospace, we also note a fairly low sales into train manufacturers in the quarter. This, of course, especially the train business, is a project-related business, that could vary in between the quarters, nevertheless, in this quarter, it was a firm negative for us. All in all, of course, EBIT is up substantially, margin is up substantially, well managed on the higher volumes, a good drop through on the higher volumes that are based on continued good overall cost control. Turning to page seven, Trelleborg Sealing Solutions. Higher volumes and margin recovery is the heading. Strong organic sales at 6%. Good industrial growth in Europe and Asia, also here, a declining organic development in North America. Light vehicles, very strong. Healthcare and medical also strong both in Europe and Asia. Aerospace, of course, still pushing down this dramatically with some 50% down year-on-year comparison. Expected to improve is the comment. We see here, even though from a lower level, we do expect it to improve year-on-year in the next quarters throughout 2021. Overall, strong development. Higher volumes kicking in, pushing up the EBIT and pushing up the margin to very good levels also in a historic comparison. Turning to page eight and Wheel Systems. We have a heading here, strong increase in demand for agri tires. For those of you following us, or let's say following the market segment in total, know that agri is kicking back, and we see that also in our figures. Overall organic sales for the full business area are 6%, behind that is a strong mix difference between agriculture and material handling construction. Very rapid increase in demand for agri tires, we have been struggling to keep up with this demand. We are still, in a few of our entities, impacted by COVID, giving us both a high staff absenteeism and some difficulties in actually recruiting new people. Also on top of this, we have also been faced with some freight challenges, especially on incoming materials. It is not unmanageable. It is actually quite manageable, but nevertheless, it has created an extra burden on our production units as we are trying to gear up. Also noted in this, I know there has been a lot of focus, let us say naturally, on the agriculture development, but also have to note that material handling construction, although let us say a firm improvement quarter-on-quarter is still very much negative year-on-year comparison. We do expect it to get better going forward. In this quarter, that was a strong negative. A strong positive in agriculture and a fairly strong negative on material handling construction created all though this mix of +6%. Also here, we see a strong improvement in EBIT and margin. Volume, of course, kicking in, assisting us, but continued good cost control and also price discipline. Also worthwhile mentioning, also we see continued improvements coming from earlier investments in the structural improvements in this business area. This, I guess, was my comments on the business areas. Turning to page nine, next agenda point, financial, and then quickly turning to page 10 and ask Fredrik to guide us through the next few pages here. Thank you, Peter. Let's go to page 10 and look at the sales development. We have organic sales increase of 5% in the quarter. We have organic growth in all three business areas, and the reported net sales declined by 3% due to negative translation effects. Sequentially, we have strong growth in both Sealing Solutions and Wheel Systems. Moving to page 11, showing the historical organic growth. The first quarter was a good quarter in a historical context. Moving to page 12, showing the quarterly sales rolling 12 months. Continuing to page 13, we have a strong EBIT and EBIT margin improvement in the quarter. EBIT in the quarter increased by 15% to SEK 1,350 million. In the result, there was a negative FX effect from translation of foreign subsidiaries by SEK 100 million compared to the corresponding quarter last year. EBIT margin, as Peter said, improved from 13.8%- 16.4%. As we said, this was the best quarter to date for both EBIT and EBIT margin. Going to page 14, looking at EBIT and EBIT margin on a rolling 12 months basis, we see a positive trend, increased margin is also confirming our good cost control in all three business areas. Moving to page 15, profit and loss statement. Looking into items affecting comparability for the quarter, it was plus SEK 99 million in the quarter. We have restructuring costs of SEK 45 million and a capital gain linked to sales of property of SEK 144 million, so net plus SEK 99. Financial net declined from SEK 56 million- SEK 32 million in the quarter. The lower financial expenses are due to reduced net debt and some non-recurring costs related to strengthen the group's liquidity last year. Tax rate for the quarter was down to 22%, which was favorable due to limited withholding taxes on internal dividends from subsidiaries. Our earlier guidance of 75% in tax rates for the full year still stands. Moving to page 16, earnings per share. We have a really strong improvement year-over-year, up 24% to 3.77 SEK per share, excluding items affecting comparability. Moving to page 17, cash flow. As Peter said, we have a strong operating cash flow amounting to SEK 962 million, which was positively impacted by the higher earnings generation, lower investments than last year. This was partly offset by increased working capital due to the higher sales. Going into next page 18, cash flow conversion. We managed to keep the cash conversion ratio on a rolling 12 months basis at 128%, which is strong due to the higher activity level. Going to page 19, gearing and leverage development. The debt equity ratio continued down during the quarter and ended at 32%. Net debt in relation to EBITDA was 1.6. Finish off this section by page 20, which is our financial guidelines for 2021. We estimate our CapEx to be around SEK 1.4 billion. Restructuring costs of around SEK 500 million. We have the real estate gain of SEK 144. Net, we estimate it to be around SEK 350 million. Underlying tax rate, as I said earlier, 25% still stands. Finally, amortization of intangible assets, around SEK 400 million. By that, I would like to hand back the microphone to Peter. Great, Fredrik. Thanks. Turning to page 21. Next agenda point and summary and some comments on the outlook for the running quarter. Turning quickly to page 22. Strong start of the year. Let's say good, as you saw in Fredrik's slides, good organic sales, 5%, which is on, let's say the best we have had for a long time. Negative Forex kicking in, which is then resulting in 3% net on the sales. EBIT and EBIT margin highest so far in the history of Trelleborg. Items impacting comparability as a +SEK 100 or +SEK 99 in this quarter, where, let's say, earlier restructuring costs is kicking in by SEK 45. We have a real estate gain turning it positive. Cash flow strong, well-managed working capital, low CapEx, and better earnings create excellent cash conversion. I say more than good, actually an excellent cash conversion at 128% for the last 12 months. Page 23 are some comments on the overall priorities. We have a heading here, balancing challenges and opportunities. We're going in with a strong order book and a good momentum. We also recognize that COVID and the pandemic still impacting us. This kind of strong uptick in demand, strong uptick in sales will of course push our supply chain and well now and also logistic challenges. We do expect also inflation to kick in here more, especially raw materials, although we are not that concerned about this higher raw material. We feel that we have a good position in the market and a good opportunity to actually push this forward to the market. Of course, there could be some time lag in it, but we feel we are on top of that and we are already working a lot with getting this compensation done. COVID-19 is still going to have, still of course, a lot of uncertainties. We cannot rule out that there will be new lockdowns and new regulations and guidelines impacting us. We have some challenges in some areas to recruit people. I don't know whether it's directly linked to the COVID, but COVID is definitely not making it easier. Overall on the strategy, of course, we will continue to work on our portfolio. We didn't comment that much about it here in the call, but of course, we still have this business under development to manage, and we have some processes there where we do expect that to be concluded here within this year. It needs to be executed, although I feel confident that that's going to be done as we are guided for already before. Continued focus, of course, on excellence and making sure that we continue to get more efficient and to work on our footprint. Also to invest more in innovation and also this customer integration, which has been the way we call it, a lot of digital tools and a lot of ways of making it easier for the customers to do business with us is still very high on the agenda. We also continue to scout and integrate acquisitions, which is also still going to be kind of an important tool in building a better Trelleborg going forward. Turning to page 24, outlook for the running quarter. Slight uptick in our guidance. We feel confident throughout the quarter that the underlying kind of environment has been improving, and we are here guiding that we believe that the demand in this quarter will be slightly better or better even than the first quarter of 2021. Also this is said with some cautiousness linked to the pandemic impact. We cannot rule out that things are happening and there will be new things happening which might impact the operations in various ways and thereby also could impact the underlying demand and the sales that we're going to get in this quarter. Leaving this, turning to page 25, Q&A, and then quickly turning to page 26 and opening up for questions and answers. Please go ahead, those of you interested in asking a question or giving us some comments on the report. Please go ahead. Thank you. Ladies and gentlemen, if you do wish to ask a question, please press zero one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero two to cancel. That is zero one to register for a question. We have a question from the line of Klas Berglind from Citi. Please go ahead. Your line is open. Yes. Hi, Peter Nilsson and Fredrik. Klas a t Citi. A couple of questions, please. The first one is on Wheel Systems. When I look at March, it seems like a very good margin. I calculate this to around 16%-17%, considering that you had bottlenecks in the beginning of the quarter. You probably had it throughout. I am just interested in that March margin because it really feels like a reflection of the new higher level when demand is strong for Wheel Systems. If we can start in terms of the margin at exit, Peter? This is not a difficult question to tell you, but of course, to put it in relation to others, because March was a very long month with a lot of working days, and of course, it was better in March than the other months, but I cannot see that that is a guidance for going forward. We feel reasonably happy with 15, and we don't really want to comment on individual months because the individual month is impacted by the number of working days, and of course, March should be better than January. Otherwise, it's strange. Of course, it's better in March, but that is not really a guidance for going forward. The challenge going forward there on wheel is that the demand is good. If we had the capacity, we have it in stock, we could have sold more, but we still also know that we're going to be hit by higher raw materials and all of that. That is also something that's going to be manageable, but still something that needs to be managed. I trust you have to be happy with that reply, Klas. Yeah, no, sure. No, what I mean is I totally know that March is always a higher margin than beginning of the year, but you had bottlenecks from sick leave and so on. At the exit of the quarter, did the bottleneck sort of get better? Not really, to be honest. It's not changed in the COVID. We still had issues in Czech Republic. It's still difficulties in some parts of the U.S. to recruit, and it's not really any difference in that. Of course, we have been recruiting people, and we are getting more people on board, but I cannot see it's getting easier, really, in these aspects the end of the quarter compared to the beginning of the quarter. Of course, we were anticipating the uptick in agriculture already last year. Let's say from the beginning of even into Q3 last year and beginning into Q4. We were surprised, as you say, with the very strong uptick kicking in here in quarter one, in that we were not able to supply everything that the customer asked for. Which is not only the case for us, which is also the case for our competitors. It's not like we are feeling that we're losing market share in any way. It's more that this very strong uptick is a challenge for us and others in this industry, in the agriculture. Once again, looking at Wheel Systems, of course, following some other general comments, and I think sometimes it's forgotten that we still have this year-on-year strong negative for material handling and construction. Of course, it's a mix, which means that agriculture was up even more than this 6%. Yeah. No, very clear. Thank you. My second one is for you, Fredrik. At your previous job, you were involved in a lot of M&A, and Trelleborg's balance sheet is now solid, has delevered a lot of the TRS, and on slide 23, it says that you're scouting for M&A. How do you think, Fredrik, you can help drive the M&A agenda at Trelleborg going forward, both in terms of scope, complementary technologies and geography? Obviously not only your decision, but I'm just interested in how you look at things since you joined. For sure. It's a very good question, Klas. We have a strong team here centrally. We have a strong focus out in the business area, scouting for M&A opportunities. It's very high on our agenda, both out in the BAs and centrally. We clearly have the ambition here to continue the M&A journey with Trelleborg. Maybe just add on here, Klas, the challenge at the moment there is getting quite a lot of assets for sale at the moment, and we're looking into processes. The balancing, also the price expectations is very high. Yeah. That is also something that we need to be balancing, and we need to be clever what we buy and what we're looking for. There was a very big deal done, I don't know, in our kind of industry, Laird was sold by Advent to DuPont and of course, if you're looking at the multiples on that, I don't know. DuPont probably have their calculations. I know the synergies and everything of that, but nevertheless, it was a very high valuation, and we need to balance that as well and see that we really can make great long-term value for our shareholders by engaging into clever M&As. Okay. Thank you. Our next question comes from the line of Hampus Engellau from Handelsbanken. Thank you very much. Two questions from me. I'm sorry for going back on the March issue, would it be possible maybe to discuss how March developed in terms of how much it weighed in the quarter compared to average? We're picking up from different places that things have been generally acceleration in March. I guess that has probably been based for upping your outlook guidance. That's my first question. Of course, we saw it was an acceleration in demand throughout the quarter. Once again, I think everybody should have had a strong March because March was, I think if I remember correctly, two more working days than a year ago. All of that is kind of impacting, so some 10% extra working time in March. If you have good sales on this, then of course it's a good leverage. We were building order book in March. It was a good order intake, and that is why we are more confident going into the running quarter. To give you some further guidance on that, then we have to normalize the working days and all of that. We don't see March as kind of an overall guideline for the performance going forward. It was strong, as you said, like everybody else is telling, it was a long month with a lot of working days. Once again, we don't want to comment any more on that than it was strong. Easy calls in March. Yeah. Also then, of course, when you're looking at March isolated, that is also when the comps started to get a little bit easier, because that's when we saw the first impact from the pandemic a year ago. That is also why, of course, we are happy for it, but we shouldn't put too much into that on a year-on-year comparisons. In terms of upping your outlook, is that kind of more of what we saw in Q4 in terms of how the end markets are performing or are there any new end market that has suddenly come to life? I know you have commented on aerospace bottoming out and maybe gradually improving from very low levels. How should we think about that? It's all over. As you say, we are going into, let's say Q2 with a better order book than we went into Q1, also from kind of bench of compared to earlier years. That's the difficulty here is that is this due to there being some lack of supply or people pre-ordering, or they pre-buying in order to safeguard themselves? We also know cost inflation is coming. We are seeing steel is going up, polymers is going up, and that is also pushing sales a little bit forward. Putting everything in one bag and trying to judge and interpret, we still feel more confident going into Q2 than we were going into Q1. Finally from me on the operating leverage in Trelleborg Sealing Solutions. You're back on 2019 levels in terms of profitability. Still, as you highlighted during the quarter, there are issues related to distancing and problems related to the pandemic. Should we think of seeing maybe slightly higher operating leverage in Trelleborg Sealing Solutions compared to 2019 going forward when we kind of have gone through these restrictions and when things are opening up in a normal way? It's not a different gross profit. There's not any changes in that. Also to note when commenting on this, of course, we do also believe that in Q1 and also going into Q2, there is some inventory buildup kicking in as well, which is, let's say, another positive in this one. I think we and others see a very strong uptick in automotive, for instance, which is, let's say, above the underlying production levels, which indicates there has to be some inventory built up. Once again, Hampus, we need to mix everything and make a judgment on everything, and that is why we're ending up and saying that we are more confident on the demand in Q2 when we're going into Q1. Of course, it's not a dramatic change. Once again, all in all, everything considered, we are slightly more positive going into Q2 than we were going into Q1. Fair enough. Thank you very much. Our next question comes from the line of Douglas Lindahl from Kepler Cheuvreux. Please go ahead. Your line is open. Hello, Peter and Fredrik. Two questions from my side. Coming back to the bottleneck in wheels there, I appreciate the comments so far. Just to understand, for how long do you expect these issues to remain? Will it basically entail that volumes will even out over the coming quarters rather than seeing a hockey stick, given that you say that your competitors are seeing a similar situation, or just a comment on that would be appreciated. Thanks. It's, I might say, a tricky question because we don't really know, Douglas. We feel that the underlying demand is good, and Wheels is asking for tires, after market is improving. We feel confident it's going to get better, but it's not really a hockey stick up. I don't see that. You also have to know it's quite, let's say, big CapEx in order to really dramatically change the output here, and we don't really feel confident that this is kind of a new level. We will see continued good, and we're working on the fine-tuning, adding extra shifts wherever we can, but then we need to recruit people, and we also have the cautiousness linked. Some of the, let's say, tractor original equipment manufacturers, of course, exposed to the CEMA. Here in Sweden, at least, we have said it's Volvo components and semiconductors and all of that, and they are exposed to the same kind of limitations. We have to also assume if there is some problems in manufacturing other kinds of big capital equipment, then, of course, they will also have some challenges. Once again, we need to make the judgment on everything, and we are slowly trying to gear up our pace and make a few extra tires in order to do with that then. On Wheel Systems, I think that the major potential improvements going forward is an uptick in material handling construction, which is still strong negative. I think we saw this morning Kion coming in with a very strong. Jungheinrich Jungheinrich it was. Jungheinrich coming in with a very strong order book, and of course, we see that, which is in conflict what we see in our sales. It will improve, and then, of course, we need to adapt, and we will definitely do our best to flex our capacity upwards without building too much fixed cost into the structure. No, I appreciate you can't comment on demand which is not seen yet, but I was more interested on your staffing issues and then how you address that. I guess you do that in the best way you can. No possibility to comment on when that can be addressed, I guess. No, we're working on it daily, of course. It's a daily challenge. You have customers asking for tires, and then, of course, you want to keep them happy. Of course, that is a daily struggle at the moment. Okay. My second question is for Fredrik. It's more on the restructuring cost. We have SEK 455 million left for the year. Is it possible to give some sort of visibility on when we can expect this, timing-wise? No, I think they will be quite linear over the remaining quarters for the year. That will not be like a hockey stick. That you should not expect for the coming three quarters. Okay. Thank you. That's it for me. Our next question comes from the line of Agnieszka Vilela from Nordea. Thank you. I wonder if you can share your opinion what will happen with the agricultural market in a bit longer term, say in the next one, two years. What do you think will happen with the demand for tires when you speak to your customers? Also, do you see the same or increased or a bit abated competition from the import tires in Europe? Thanks. Overall, we still believe that we have commented for many years that the industrialization and mechanization of the agriculture will continue. The need to get more efficient, let's say, farming is still there. You and I, we've been following it for some time, Agnieszka, you know that that is being subdued for quite some time. We see good prospects for that continuing on a good level, and even though with this strong increase in demand, we still see that these indexes, Gallup-Purdue Index and what you now call in Europe. CEMA CEMA, which is still very positive. Of course, that is expectation indexes, which is on the, I guess, the both of them on the highest level ever, more or less. Highest level for 10 years, Christofer says. They are still positive, and of course, that is not an immediate one for the next month. That is the overall sentiment in industry. We feel positive about that one. We believe it's been under-invested for the last few years. We think there is definitely room for this continuing for some time. Imports, yes. Imports is around, but they have also strong home markets and priorities on that one, and freight challenges also, they're exposed to that. We of course watching it varies between different segments, but we don't see it really as a head-on competition. Our head-on competitors is more the some other companies than the Indians and the Chinese. Of course, we were always, let's say, try to hit each other when we can, but it's not the main concern for us in these growing segments. On a group level, when I think about your profitability and kind of drivers for the future, could you just help us with understanding what both tailwinds and headwinds you see for the coming quarters? Thinking about obviously demand, which is improving. On the other hand, some raw material prices increasing, maybe hurting you a bit. What do you think about your discretionary spending, which was probably subdued during the COVID crisis? Will it come back or not? Just help us a bit with your thinking about what will happen with the profitability for Trelleborg. Yeah. Now, of course, you're touching on what I'm working on daily. That's always the balancing about the demand and sales and the raw materials for sure is up. I mean, as you're tight, we are pushing through price increases. We are doing whatever we can. We feel confident in our positions that we will be able to compensate ourselves. Might be a time lag in a few cases, we are not concerned on the kind of profitability impact from raw materials. Discretionary spendings, yes. It's been low. It still is low. We have no traveling, it's low activity level in general. We're learning from this new way of working, and of course, we are implementing new of interacting with our customers, we believe it's going to be lower than before the pandemic, but I think it's not going to be as low as it was in this quarter. We feel confident also as the volumes kick in, we get more efficiency into our operations, and we feel that we are moving on a good level. Our ambition is still to continue to improve our margin. Of course, we know the seasonality. We know that Q1 and Q2 usually is the stronger quarters. We feel that we're running on a good level at the moment, and our priority is to maintain on this and hopefully be able to absorb some more sales into this existing structure. That is the short-term priority. Longer term, of course, we're still working on our mix and our portfolio in order to drive sales in the more profitable segments and try to maintain and improve in the less profitable segments. That is the overall guidelines, the overall drivers going forward. I don't know. It's difficult to give you more detail also than this, Agnieszka Vilela. Understand. Thank you, Peter. Sure. Our next question comes from the line of Erik Golrang from SEB. Please go ahead. Your line is open. Thank you. I have three questions. First one on Trelleborg Wheel Systems. Could you indicate in any way how much demand you were not able to deliver on? What would organic growth have been without constraints? It's difficult to say, Erik. We could have sold more, of course, we're not talking about 10% more, we're talking about one or 2% points more that we should, let's say, been doing. Of course, if we would have had capacity, then maybe we could have sold even more. With the existing order book, we talk about two percentage points, something like that, give or take. It's a little bit theoretical question. For sure, the demand is higher than the output, not only from us, but also from others. Given how much you address this point, the constraints in the report and the presentation now, two percentage point doesn't seem like that's within the margin of error any quarter, right? Of course, if we would have had the capacity, that depends. If we would have had this capacity earlier, we could have more aggressive, then maybe it could have been even higher. The demand is higher, but it's a theoretical question, since nobody had the capacity to do it. Okay. Second question, if you could give some more guidance of better demand. Obviously, we have a comparison that is very different now for the second quarter versus Q1. You had a peer that related demand to the second quarter of 2019. Is that a comparison that would be relevant for you as well, you think, organic sales here in Q2, online with where it was Q2 2019? I wouldn't say. I don't really have the figures in front of me, and I don't want to comment on it. I cannot comment on it here, Erik, on the fly. I think we have to get back on that question, but I don't know. Christofer is assisting here. We had an organic growth in Q2 of 2019, we were flat-ish. Yeah, you are referring to absolute numbers, Erik. Yeah. To get some bearing on what better demand means here in terms of absolute sales. What you say is, let's say, a sequential growth, of course. That is what we're talking about. Yeah. We are not really referring the year. Year-on-year comparisons gets very strange here, especially in Q2. Yeah. We are more guiding on sequential. Okay. Final question on. You talked about M&A, scouting for targets and so on. We know that particularly within sealing, there has been a few large deals at very high multiples, which you likely have opted out on. What is the situation there, given that you have said you are gearing M&A towards Sealing Solutions? That typically means higher quality assets. Do you see plenty of opportunities even with those multiples? I think we need to go to slightly smaller targets. That is what we do more of them instead, where the synergies is. We are not going to be exposed to these very, very high multiples paid on these last bigger deals. Our, let's say, target there, which we think we have plenty of those, is more smaller targets where synergies is a bigger share of the valuation for us. Okay. Thank you. That's it from me. I remind you that if you want to ask a question, please press zero one on your telephone keypad now. Our next question comes from the line of Robert Davies from Morgan Stanley. Please go ahead. Hello. Thanks for taking my questions. My first question is just around some of the trends you're seeing in North America. I know you noticed that region was quite weak in the quarter. Just wondered across the different end markets, could you give us a little more color, I guess, what's going on in North America specifically? Thank you. Yeah. I say overall, medical healthcare is doing quite okay, if you say that it's doing good. More or less other, all industrial segments is a little bit down. Automotive is slightly better, but most of the core industrial segments is a little bit slow in Q1. I don't know if it's lagging Europe with a few months. That is our best guess at the moment. Yeah. We feel good order intake. We feel it's improving in North America. It's difficult really to point out that there is an extraordinary development anywhere. It's more that this is a few months behind automotive, little bit stronger, all the kind of core industrial segments, little bit slow. Aerospace, of course, is the same as in Europe. It was a very strong Q1 last year in North America for aerospace and a very strong drop in Q2. We feel also in aerospace that in the year-over-year in Q2, it's going to get better also in North America in aerospace, even though from very low levels. Thank you. Then the other two, or maybe I'll ask them at the same time. Just you mentioned on the inventory restock that's underway. I guess just historically when you look back, how long have you typically seen those inventory cycles persist for? Then my second question was around, or last question, I guess, was around material handling. How do you explain the disconnect that you highlighted between the pre-release from Jungheinrich, for example, today, and what you're hearing from your customers? What's your best guess and an explanation for that? Thank you. It's all on the Jungheinrich one is because orders. I mean, there's orders versus sales. I don't see the number. I don't have Jungheinrich numbers in front of me, but I saw that a very strong uptick was in order intake. Of course, that if they get the orders, it takes a few months or something before it really kicks into us. Okay. That is natural and that is always the way it is. We can say our orders is better as well. Yeah. Our orders is also getting better, that is why we are confident it's going to get improvements. We see it in the order books, it's getting better for us as well. We see it's getting better, but we have not yet, let's say, started to ship. Okay. Second question. Sorry, Robert, what's the second question was? The duration of the inventory restock cycle, just purchased. Yeah On average, how long do you typically see those go on for? It varies. Usually automotive is quick and then the industrial a bit longer. It's a few quarters impact on that one. Okay. Cannot give any more details on it. Generally, out of my experience then automotive is very quick in filling up while the industrials is a little bit slower. Thank you. That was all my questions. Thanks. Yeah. Our next question comes from the line of Karl Bokvist from ABG Sundal Collier. Please go ahead. Yes. Thank you. My first one is on margins and seasonality. Do you think that we are approaching a kind of market situation where we can start to talk about normal seasonality patterns for the divisions on margins, for example? In general, yes. Otherwise, once again, we are still into this uncertainty about the pandemic impact and all of that, but if nothing happens, then of course it will be similar, which means a little bit stronger beginning of the year ending. That is normal pattern if you go back and look on the more normal years for Trelleborg. I think, Karl, you can discuss it more in detail with Christofer if you want to, generally, yes on the question. All right. Thank you. If, maybe you disclosed it, but is there any way of sort of separating, rating out if you are still seeing tailwinds from any kind of temporary savings effects compared to the kind of more structural savings that programs that you have initiated? If you talk about, let's say, pandemic support or COVID support is negligible in the quarter. It's really nothing behind on that. Of course, we are in a mood now going from, call it dramatic downsizing a year ago and now it is the upsize. We don't see any, call it temporary effects on that. That is normal kind of adjustment to demand. All right. Thank you. I understand that this might be a difficult one to answer, but just looking at your SG&A development, we're going through a kind of close to 20% of sales levels in 2016, and then it's been steadily declining into the pandemic and now continue to decline in Q1 as well. Now we're below 17%. Just your view here, what do you think is a kind of, if possible, a more normalized long-term level where you would like to be? It's probably on a slightly lower level than it should be long term. Once again, we are not traveling. It's a lot of, let's say, projects being delayed at the moment. Of course, we are not getting back to 20 again. Of course, but probably on a slightly lower percentage points than normal. Of course, at the same time, we expect to sell a little bit more, which get good leverage on transformation cost and everything. It's not necessarily going to be nagging on the underlying EBIT margin, but it is on the low side. Okay. Thank you. Finally, we've been talking about M&A, maybe more about acquisitions, but could you please provide an update on where things are standing now with the remaining parts of what was formerly called BUD? Yeah. We have three units there, and all of them is engaged in what we call advanced pro stages. Of course, we need to be concluded, we need to agree on SPAs, but we have takers interested in all business, and we have ongoing discussions in all businesses which is in this division. We feel confident that that's going to be concluded and done, let's say, before year-end. That is what we said before, and we are sitting here today being kind of even more confident than we was when we commented on this a few months ago. Understood. Thank you. There are no further audio questions registered. I hand back to the speakers. Okay, great. Thanks to all of you for showing interest in quarter one for Trelleborg. As always, I'm available for follow-ups, and so are Christofer and Fredrik. Please reach out if you have any further questions or if you feel that we were unclear on anything, and then get back to primarily Christofer then, and then for sure, Christofer will involve me and Fredrik if there is any need for that. Thanks again for showing interest. Take care, and yeah, hope to see you sooner.