Hello, everybody. Peter Nilsson. Welcome to the Trelleborg Q1 2023 Report Presentation. For the first part of the presentation, participants will be in listen only mode. During the questions and answers session, participants are able to ask questions by dialing star five on their telephone keypad. I will hand the conference over to CEO Peter Nilsson and CFO Fredrik Nilsson. Please go ahead. Thank you. Welcome to all of you to this presentation of the Trelleborg Interim Report for the First Quarter of 2023. Peter Nilsson speaking, President and CEO of Trelleborg, and also joining me on the call here is Fredrik Nilsson, CFO, and also on the call in case we need his skills, Christofer Sjögren, our Head of Investor Relations at Trelleborg. Turning to page two, the agenda for the call. As usual for us, we start off with some highlights, where I do some comments on that and also commenting on our business areas. I hand over to Fredrik to guide us through the financials, and then we sum up the call with some summary and some comments on the outlook for the running quarter, and then finishing off the call with a Q&A session. Moving to page three, let's say, comments for the quarter. Heading on the call and also quarterly report, a good start to the year. We feel that the start, 2023 has started in a good way for us. Sales is up by 23%, roughly equally split on organic sales, currency and M&A. EBIT growing slightly less, 15%, up to a little bit north of SEK 1.4 billion, corresponding to a margin of 16.2%, and this then due to the continuing operations, the highest quarterly sales and the highest EBIT to date. We have items affecting comparability linked to ongoing restructuring of some SEK 50 million. Strong cash flow in the quarter to be a first quarter for us. I mean, we always have or usually we have, let's say, a very good ending of the year and actually a capital build-up, let's say, working capital build-up in the first quarter. It's naturally that the cash flow for the first quarter is slightly lower. I mean, this is strong cash flow for us for a first quarter in comparison to normally. In the quarter, of course, a very important step for us. We did get the final merger clearances for disposal of Wheel Systems then. We're waiting long for this, but in the quarter, we got this from the U.K. authorities and also from EU. We are getting ready to close this deal. We also announced a minor acquisition for us in U.S., focused in aerospace. Although small, but a very nice add-on to us for aerospace components and coming into Sealing Solutions, which is a company based out in Washington State, very close to the headquarters of Boeing, which is then creating opportunities for us to sell more based on the long-term connections into Boeing in Seattle for us. Headlines. Turning over to page four, a little bit comments on the organic sales. I mean, still solid organic growth in Europe, although lower than last year. Also solid organic sales in Americas, but also there lower than last year. We note that in Asia, we have been hurt in the quarter by lower sales, especially in China for well-known reasons. All to comment on that, we see a strong ending of the quarter, and we do expect that to pick up substantially throughout the year now as China is up and running again. Overall, already commented on that in the beginning, overall organic sales 7%, majority being price, but also a smallish volume in the quarter. Slightly as a downtick in compared to last year, but still a solid growth in the quarter. Turning to the agenda slide again and moving on to the business areas. Page six, to comment on Industrial Solutions. Good development continues. We have had a very solid development in Industrial Solutions for quite some time, and it continues in this quarter. No step changes, but say a solid uptick again. Organic sales strong at 8%, especially strong then on LNG and marine solutions to niches, which is where we have good global market positions and we are, let's say, growing with a very strong underlying market. We also note in some areas, aerospace especially, continuing very strong, which also later on we comment on Sealing Solutions. Automotive, also kind of well known for everybody, is also picking up in the quarter. We will note especially in Europe doing good. We also have in the quarter good railway sales. This is a little bit, let's say a little bit bumpy sales as is project related, but we note in the quarter that we have a strong order intake and as well as good sales in this railway segment. Slightly weaker, also well known, commenting before, European residential construction, where we are hurt by this downturn in this industry. We also want to highlight certain industrial segments. I mean, just to comment further on that, the industrial segments which is being hurt here is mainly the industrial segments where we do not sell directly, where we sell through distributors or dealers, where we note that this is down. This is probably, or we know is a kind of a double, a slightly weakened outlook for those guys, and which means that they're also cutting down inventory, which is then hitting us in kind of a double way for these segments. A minor part of Industrial Solutions, but nevertheless noticeable in the quarter. This development overall, although was a good development, and as I said, the sales is up in reported currencies, SEK is by 16%, and we see profit is up by 20, which means a slight uptick also in margin running at 38, which we are satisfied with. We also note that in the quarter, inflation is well offset by pricing and efficiency, we don't see anything that we are not behind in any way to, let's say, to compensate ourselves for this slide in costing. We note that it's going to continue throughout the year. We still see valid for all of Trelleborg, we still see some inflation kicking in for certain raw materials, we're also of course watching carefully what is happening with the salary inflation. Overall, we continue to feel confident that we're gonna be able to continuously act against this when it's hitting us. That is for Industrial Solutions. Then moving to page six and Sealing Solutions, heading higher sales than EBIT today, although margin is a little bit down, but we still for known reasons, and I'm going back and then comment on that one. Nevertheless, we note that sales is the highest so far, and also EBIT is the highest so far for Sealing Solutions. Organic sales up by 5%, M&A up by 17%, which is then of course majority of that linked to Minnesota Rubber & Plastics. We note satisfactory sales growth in Europe and Americas, and already commented on Asia is weaker on specifically on lower China sales. Also Asia, there is a minor part there also linked to semiconductors, which is also notably down in the quarter. This is just to comment on that in China sales as well as semiconductor sales. Semiconductor seals that we sell in into the semiconductor industry is influencing also the margin because it's creating a negative mix. We have a few tens of percentage points that is kind of hitting us due to this kind of change mix in lower sales in China and lower sales linked to the semiconductors. We note also that the sales to aerospace and healthcare, and medical is notably up, let's say substantially stronger in organic sales compared to the overall average. We also note that automotive developed favorably, which is also kind of here in this area. We note also satisfactory sales also in North America as well as in Europe. We have some industrial demand where we are a little bit uncertain. I mean, it's not any kind of strange things, and there's no drama in this, but we do note that it's a little bit flattish in a few industrial segments, especially linked to construction equipment, but also in some areas, which is still a strong order book for us. Nevertheless, we do note that there is some kind of carefulness kicking in a few areas. Also, margin is impacted, well known as well, that we had the MRP acquisition kicking in, which is a major PPA effect as well. That's of course explaining kind of half the EBIT change compared to last year. We also note that last year was a very good quarter with 24%. We do note that there is a slight kind of downtick also in Sealing Solutions overall, which is then soft China sales, but also commenting on these kind of mix effects, which is also hitting us somewhat, but overall satisfactory development in the quarter. Turning to page eight, let's say hopefully or likely, very likely the last comment for us on Wheel Systems, which is reported as an asset for sale. It is a solid quarter for Wheel Systems. Organic sales flattish, but favorable sales in especially North America and also globally on the original equipment, agricultural tire business, while we know that Europe is impacted, let's say, sizably by a lower aftermarket sales. EBIT is although up, although margin is slightly down, but we are keeping this in a good way, although we have kind of a negative gross margin mix, seeing to OE sales growing and aftermarket sales going down, but nevertheless well managed by our colleagues in Wheel Systems in the quarter. Turning to page 10 to comment a little bit further on the divestments. I mean, as you know, we have two pending divestments, Trelleborg Wheel Systems, but also this Trelleborg Printing Solutions, which is a business unit that we have been kind of signed an agreement to sell to Continental. To comment on this, we are, as I already commented, the final merger clearances for Wheel Systems happening in the quarter, and there's nothing now left really to solve. It's more to some formalities that need to get in place. We do expect closing of the Wheel Systems to happen in Q2. The same actually applies also to Printing Solutions, where we also have the final kind of outstanding points agreed, and we are also in the fine-tuning of this acquisition. We do expect that to also to close here in the next month or two. Also, in commenting earlier, I mean, these two acquisition. These two divestments will create a cash inflow for us that will make a solid into a net cash position here for the group here at in quarter two. Also, just to confirm earlier comments, capital gain from the divestment will amount to approximately SEK 6 billion, and that will also be expected to be reported as a non-recurring income in Q2. We will get back, of course, when these two deals finally are closed, we will get back with more comments on that, and we will send out the press release for each of them to give you detailed figures for this. Okay. Turning to page 11, some comments on sustainability. We're focusing basically on two areas, carbon emissions and then a little bit more electricity supply and lost work cases. You note that we are kind of in a continuous operation, kind of flattish compared to a year ago in absolute terms, but that's of course also linked that we have acquired companies here. If you look at the tons intensity, then we have actually improved 28% year-on-year, quarter-on-quarter. Here, of course, you need to compare quarter-on-quarter since the temperatures are different, and you cannot really compare quarter-on-quarter, so we have to do an as an annual comparison. This is kind of well managed, and it continue to run in a good way, down 28% year-on-year. Turning to page 12, and the next page, we talk about share of renewable and fossil-free electricity and lost work cases. On this one, you note that it's 44%, only, if I may say, only increasing the share of renewable and fossil-free electricity by 2 percentage points. Also here, we need to note that Minnesota Rubber coming in with virtually no renewable electricity in their portfolio, and that is of course something that we expect to improve considerably going forward. We do expect that also to go up, and you know that we have a long-term target here of getting above 80%, and we feel very comfortable that we're gonna get there in the kind of foreseeable future, put it like that. We are not that far away from that goal, even though it looks like that at the moment. Lost work cases is another important task for us to keep our employees safe. You see also we are, let's say, all-time quarterly low here on 27. It's still not good enough. We're gonna improve that as well. Nevertheless, we also do see a positive movement in this area. We are quite satisfied overall with the development of this sustainability. Of course, there is several other KPIs also in this area, but we have decided to highlight this in a quarterly report. We're gonna get back and look into this. Of course, we're gonna continue to focus on this area and also improve both in terms of performance as well as in terms of reporting. Turning to page 13, again, financials. Quickly turning over to Fredrik, starting at page 14. Please, Fredrik. Thank you, Peter. Strong sales increase in the first quarter of 23%, 7% organic growth in the quarter with organic growth of both Industrial Solutions and Sealing Solutions in the quarter. We have acquisition adding 9% to the sales, currency added another 7%, and it totaled up to the 23% improvement year-over-year. Moving to page 15, looking at the strong sales trend. That continues. I mean, we had a strong first quarter again, we have now nine quarter in a row where we have been on or above our sales growth target. Moving on to page 16, showing the quarterly sales on a rolling 12 months for continuing operations. We have SEK 8.711 billion sales, was the highest to date for a quarter. If you look at the rolling 12 months, we reached SEK 31.7 billion. Moving to page 17. EBIT, it was the highest to date with SEK 1,411 million, a 15% increase with profit growth in both Industrial Solutions and Sealing Solutions. I would also like to highlight that in the result, there was a translation of foreign subsidiaries that has a positive impact in the result of SEK 67 million compared to the corresponding quarter last year. EBIT margin reached 16.2%, which was impacted with acquisition with lower margin, and we also have the PPA amortization that Peter mentioned earlier. Moving on to page 18, looking at EBIT and EBIT margin rolling 12 months. The positive trend with increased EBIT continued, while the margin declined in the quarter impacted by the recent acquisitions. If we look at rolling 12 months, EBIT amounted to a little bit more than SEK 5.2 billion with a margin of 16.5%. Moving on to page 19, looking at some further details in the income statement. We have items affecting comparability of minus SEK 49 million in the quarter, which was entirely related to restructuring costs. Financial net increased from SEK 45 million to SEK 165 million in the quarter. It was impacted by higher interest expenses linked to acquisition of Minnesota Rubber & Plastics. We have in general higher interest rates. We have also continued to buy back own shares in the quarter. Tax rate for the quarter amounted to 25%. The underlying tax rate still remains at 26% for the full year. The earlier guidance is still the same, despite we have 1 percentage point lower in the first quarter. Net profit for discontinued operations improved due to the continued profit growth for Wheel Systems. Moving on, page 20. Earnings per share for continued operations up 13%. If you look at the total group, earnings per share increased by 11% in the quarter. Moving on, page 21. We have a strong cash flow improvement compared to first quarter last year. Good improvement from EBITDA of SEK 308 million in the quarter, and then you can see slightly higher CapEx compared to prior year. Moving on, page 22. Cash flow conversion. We have an cash flow conversion ratio of 75% during the first quarter of 2023 versus 76 last year. Moving on to page 23. Looking at the debt/equity ratio, we have 56% end of the quarter. The increase was entirely related to the Minnesota acquisition that we closed during the fourth quarter last year. Net debt was also impacted by the ongoing share buyback program. We have bought back shares for SEK 654 million during the first quarter. Net debt in relation to EBITDA ended at 2.4, which is unchanged versus year-end. Moving on to page 24. Looking at return on capital employed at 14.9% end of the quarter versus 15.7% end of first quarter 2022. The capital employed has been impacted by higher working capital as a consequence of the higher sales and also the acquisitions that we have made during last year. Also there is an FX impact linked to the return on capital employed. I will finish off this section by some guidelines for 2023. They are unchanged compared to what we presented a quarter ago. CapEx, we estimate to be around SEK 1.5 billion for the year. Restructuring costs around SEK 250 million. Amortization intangibles, we expect to amount to around SEK 500 million for the full year, and underlying tax rate to 26%. By that, I would like to hand back the microphone to Peter. Good. Page 26, agenda. We're finishing off with the summary and some comments on the running quarter and then finishing off with the Q&A. Page 27. Good start to the year. Sales increase of 23% with organic up by a solid 7%, currency supporting us with 7%, and then M&A adding another almost 10%. EBIT up by 15%, margin 16.2%, slightly down compared to a year ago, but that is linked primarily to an effect from this acquisition of Minnesota. Nevertheless, giving us the highest quarterly sales and highest EBIT to date. Some anomaly as well, SEK 50 million on items affecting comparability. Solid cash flow in the quarter. Important of course for us also merger clearances for the disposal of Trelleborg Wheel Systems has been received, and we are now kind of wrapping up that to finally execute the sale and get the money on our accounts. Also note in the quarter continue to do smaller bolt-ons, strategically important, but nevertheless not sizable in that way, but I mean, important for us to grow our sales and our get closer in this case, especially to one of our key customers, Boeing. That is, let's say the overall summary of the quarter. Turning to page 28 to comment a little bit on the running quarter. Our statement here is that we expect it to be in line or somewhat lower than in the first quarter. Still solid demand overall, but it is a kind of a little bit mixed bag where we have a smaller part of the group where we see a downturn. I mean, we comment on residential construction in a way in Europe impacting us, but also in North America, somewhat slow. We also note that a few other businesses which is linked specifically to distributor dealer sales, small part of Trelleborg, but nevertheless, that is also where we see a downturn. Then we have, let's say, also a chunk of the business where we feel a little bit uncertain where it's heading. It's still solid order intake, but we see some increased uncertainty. We have also some major parts of the group where we continue to see a solid demand, a solid growth with aerospace, automotive still looking good, healthcare and medical, and also especially LNG, oil and gas, and big kind of infrastructure construction. A major part of the group still expect solid growth. Overall, little bit cautious maybe, but I mean, that is something the way we look at it, that we do expect this running quarter to be in line with this quarter or maybe somewhat lower in certain areas. Of course, as usual, there is this add-on for us, as for everybody else. We still see the geopolitical situation. Being uncertain that there could be things impacting us a quarter, we continue to stay very close to the operations, we continue to adjust, and we continue to improve Trelleborg, whatever happens. That was kind of finishing off and also before handing on to Q&A, just adding on page 29, just a reminder, we have a Capital Markets Day coming up here, where of course, all of you are invited, running May 23rd in Stockholm. If you do intend to participate, which we definitely want you to participate, please register no later than this date here, let's say May 10th. Please note also if you know we move these dates, so if you have, let's say, registered for the previous CMD, you have to re-register here to make sure that you are attending this one as well. There is a link on this slide as also where you wanna do that. If you have any questions on that, Christopher is here to support you. Make contact with Christopher if you have any questions or want some support to be able to join us on this event. With this, turning to page 30, Q&A, then quickly to page 31 and opening up for questions. Please go ahead. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Karl Bokvist from ABG Sundal Collier. Please go ahead. Thank you. Good afternoon. On a question where on the demand outlook or the comments where you say that you see a bit of a more normalized demand scenario, you highlight some areas that are weak. I was just wondering if you've seen any areas that were previously quite strong, where you see that they are leveling off, when it comes to this normalization comment? Oh, no, not really. I mean, the normalization is because if you go a year back, there was kind of a lack of components, there was a lack of input material, lack of capacity in certain areas. I mean, we see, and that is where honestly, Karl, to be a little, yeah, as usual, be very open. I mean, the length of the order book is shrinking because people are not pre-ordering that much as they did a year ago. That is where the reading of the order intake for us is somewhat difficult in certain areas, and it primarily linked to this kind of hydraulic pneumatic segment, which is a very wide segment in terms of application and end markets. That is where we see some uncertainty. I mean, we have to be open. We are analyzing it, we're reading it. We see, I mean, overall the order book is shrinking, but it's not really shrinking short term. It's more shrinking long term, which was kind of very strong or too strong a year ago, and that is where we have a kind of little bit difficulty analyzing it. We don't really see a big difference in between quarter four and quarter one in that respect. We do see, let's say a shortening of the order book continues in a way. I mean, once again, that is normalized where we are kind of running at very high percentage of kind of orders for the next quarter. I mean, still in the current situation, we are kind of running higher than we did a few years ago, put it like that. It is kind of challenging to read into it, but nothing really specific. I mean, the only we're highlighting is two segments where we feel it's down, and that is kind of residential construction, which there is a few construction equipment going into that segment also where we see a kind of a downturn. We also this small sales of Trelleborg, we still sell to dealer and distributors where we see that that is where those customers are being a bit more careful. If you say, I mean, we still have, I don't know, round it up. We not use it against it in the future, but we say 40% of the group is still very good and solid, 20% is a little bit weak, and 40% that where we see some kind of uncertainty. That is kind of the way we look at it. Understood. On Sealing and the comments regarding a bit weaker Asia, is that related to the entire Sealing business, or was it mainly related to Minnesota? No, no, that is linked to both. Minnesota is dependent on it and also sealing in total. I mean, China for sealing is an important market, and it's also good margins in China. It's a positive add-on from the margin point of view. All of China, I trust you're aware that we had this close down pandemic still in running in the quarter, and that impacted us. The sales was a little bit lower in the quarter, but we wanna also highlight that we do expect that to pick up for the remainder of the year. We don't see an overall bad demand in China, but we do see it as a worse challenges in getting the deliveries out of the door in this quarter. That has been impacting us in certain areas. In most majority of China. Understood. My final one is a bit a technical one to you, Fredrik. The SEK 6 billion items affecting comparability expected to be reported in Q2, I guess since you have the profit contribution already in the discontinued line, the item affecting comparability, will that also be below the net profit line then, and therefore not affect EBIT? That's correct. It will be a one-off in discontinued operations. Okay. Thank you. It will be below the line. One comment here, because Christofer hit me on the side. Just to clarify on the order book. The order book is actually up in the quarter, but is, let's say, order intake is somewhat shrinking. We still have a very good order book compared to a year ago, but the order intake is shrinking compared to a year ago. Just to clarify that. Understood. That's all for me. Thanks. The next question comes from Hampus Engellau from Handelsbanken. Please go ahead. Thank you very much. Two questions for me. I wonder if you could maybe talk a little bit about dynamics on pricing here. How should we look at price increases, prices in January compared to average prices last year? When do you start to see, like, you know, your comps getting tougher? From new discussions with new contracts, from the price levels we've seen today, are you still seeing some momentum in re-raising prices further or customers more aware of India cost and supply chain cost, et cetera, coming down? How should you think about that? Thanks. We feel that overall we are balanced, Hampus. I mean, we think we are in line and if anything, slightly positive. No, not any major things, but we are not behind. If we are something, we are slightly ahead. We continue to adjust pricing. We continue to see some raw materials going up. We have freight, for instance, you know, long distance freight is down, but we still have challenges in short distance freight, let's say in Europe and North America, getting trucks and all of that. There is still where we see price increases, and we don't really have a problem getting fair adjustments. We're gonna continue to stay close, and we are very quick in kind of adjusting pricing. We don't see any kind of... It's always a fight, it always takes time to agree, but we do believe that our customers recognize this, and they are kind of, as long as we are fair, they will accept the price increases. Also, if you look at Trelleborg, you need to also be aware that the vast majority of our sales is kind of, single source, let's say specific applications. It's not that we're gonna be kicked out because the switching cost is very high. As long as we are fair in our price increases, which we would like to be, and get compensated for our cost increases, we are not in any way. Not in any way. That we are not concerned about that development. We feel that it's gonna continue to be price adjustments, and we continue to be firm in getting them implemented. We don't see that as an issue, if I want to give a blunt on that one. On this speedboat areas, is it fair to assume that it's a better, pricing power for you guys in those segments? Or is it just simply that those end markets are just growing faster? I think they're growing faster. I don't think we are kind of having a better position in that respect, in a way. That may be also, I didn't comment on that is also partly the explanation also in TSS, that we've been adding. On Sealing Solutions, we've been adding some costs. I mean, talk about EUR 1 billion or something, but nevertheless, there is EUR 1 million in extra costs in the quarter for these kind of efforts. It's not really any difference in the kind of business logics in that areas compared to the overall business. It's simply that speedboats is more higher growth areas. Fair enough. Thank you. The next question comes from Klas Bergelind from Citi. Please go ahead. Thank you. Hi, Peter and Fredrik. My first one is on the China impact coming back there to Sealing Solutions. You talked about semi, but then you also said the overall China business is a higher margin. That business is now coming back, as you alluded to in March, and we heard that from others. What was the impact, Peter, in terms of the margin? Where would the underlying margin if China would have been flat? I'm curious about Minnesota. Did you say what the dilution impact was and also including PPA? Thank you. Yeah. I mean, the China, we talk a few tens of percentage points in the margin overall. I don't want to comment more than that, Klas, it's not that it's 1 percentage point. It's less than 1 percentage point. This is a few tens of a percentage point impact on the overall margin. That is, I mean, that's I guess what you can see about that. The second question was that about? The MRP impact and dilution. It's, for Sealing Solutions, it's around 2% impact if you include both the underlying business and the PPA amortization. Mm-hmm. Not only Minnesota, of course. There is some other small acquisitions as well. Yeah, yeah. Yeah, and PPA, how much was it? Sorry, I was late on the call. It's been a busy day. We have increased PPA in the quarter, in total by SEK 66 million. I don't know what that means for the margin. TSS, it's. That I can work out myself. All good. Yeah. And- Compared to a year ago. Year ago. Where we didn't have these MRP and Minnesota. If you compare to the Q4, it's slightly higher simply because it's been consolidated for 1 month longer than we had it in. That's in the report, Klas. The detailed figures are in the report. All good. Yep. We have SEK 118 million in PPA amortization in the quarter, and the 66 was the increase versus a year ago. Yep. Clear. My second one is, I'm sure you're gonna touch on this during the CMD. I'm just still a little bit curious on the speedboat segment, Peter, and how these end markets are geared to decarbonization. Of course, you have wind in there. You also have semi, obviously, on the digitalization side. Is there any content story? Do we need more seals? Do we need more hoses and so forth? I'm curious in the mix impact, because that obviously can be material to both the growth and to the margin. That is a very comprehensive question, and it kind of varies between the different segments. I mean, it's of course, we need to... As we are approaching aerospace, we are approaching healthcare and medical, we're growing into robotization or electrical equipment and stuff like that. There is, of course, some gaps in our portfolio, and that is something that we would like to either acquire or potentially work together with somebody. I mean, we are lacking, I shouldn't say. We need to address and get more complete. I'm not saying that... How should I say? That we are... it's gonna be more solution selling, but that is kind of also a general comment. I mean, that has always been a way for us, like in Sealing Solutions, that we manufacture 75% ourselves, we trade-in 25% in order to get the complete solution. Of course, since now we are addressing a few segments more focused, these areas are being more also focused to solve in these areas. That is a difficult question, Klas. No, I appreciate. ... in a session like this. But for sure, it will be part of our story, when we meet at the Capital Markets Day. Looking forward to it. Thank you. The next question comes from Agnieszka Vilela from Nordea. Please go ahead. Thank you, and hi, guys. Yeah, my first question is on the weakness that you start to see more in the, in some of the industrial segments. Peter, if you could comment more about that, where do you see it? What's driving that? I think you mentioned the industrial distribution. Is it due to the fact that the distributors need to take down the stock? What's your opinion about the stock level today? I mean, to start the final question, we don't expect the stock levels to be high. I mean, or rather on the opposite, we still see the majority of our customers being rather lean in this one. So we believe, let's say. We've seen that especially now we're exiting the I mean, we see it even more with we didn't comment on the, let's say, agricultural aftermarket sales. There is this kind of a combination, a slightly weaker demand, speculation from the distributors. These distributor always wanna speculate on being, if they do expect pricing to go down a little bit, that they don't wanna buy too much. That the supply is loosening up. It's getting a little bit easier to supply. The distributor side is like that. There's always gonna be a little bit more ups and downs because there is more drivers than the kind of end demand, and it's kind of difficult for us to read into that situation, especially, let's say, exactly. We do know that there's more impact than the underlying demand. If they do believe that if there is a small, let's say, demand downtick, and they see on top of that speculating with lower raw material costs and more availability, it's natural because one of the key drivers for them is, of course, to keep the working capital low and then to get returns on that. We are not too concerned about it, to be honest, but we know that sales into that segment is likely lower. Let's say on the other kind of industrial market, it's very wide. I mean, it's more a feeling that we know that our order intake is shrinking. Order book is still on a very solid level on historical comparisons. We wanted to comment on that we do see that the order intake is somewhat down. I don't really wanna pinpoint. I'm looking at Fredrik. I don't wanna pinpoint any specific segments in that way. It's kind of more a general feeling, maybe a little bit cautious, but I mean, we always want to be transparent, and we want to be very open. We say that, I mean, those areas we have already started to adjust. Exactly. Peter, if I read you correctly, from the report, you do allude to some proactive, probably cost measures. How should we read that? That is, I mean, in this kind of residential construction site, we have already adjusted because, you know, we are kind of, for instance, the global leader in the seals for windows and doors. In that segment, we have already immediately kind of adjusted because that we saw coming, and we've done that. We also did use this occasion, of course, also to do on this kind of industrial house sales, for instance. We're also addressing that and bringing down. What we wanna say that we are not waiting. We are acting, and we are acting up and down. Then we're still lacking people in a few areas, so it's also a little bit balanced. What I wanna. With that comment, I wanted to say that we are kind of addressing this, we are ready, we have already started to adjust in the areas where we do see, let's say this, let's say several 10 percentage points down or whatever it is. Make sure that we continue to adjust to keep the margin up. Perfect. Thank you. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. Thank you. Thanks to all of you for listening in, and especially thank you also. We know this is a very busy day for all of you, and we appreciate that you continue to show interest in Trelleborg, and we hope also that we're gonna see you at our Capital Markets Day here end of May, where I promise you that we're gonna be telling you a little bit more about Trelleborg and also. No telling stories, but we're gonna tell you about the future of Trelleborg and what we're aiming for here. I mean, we have a few exciting months ahead of us, where we're gonna get a lot of money. Of course, this is a new Trelleborg in development, and it's creating a lot of opportunities for us, which of course, we're gonna manage these opportunities in a good way in order to continue to create share, to create shareholder value for all of us. Thanks again. If any follow-up questions, of course, as usual, Christofer is available, so don't hesitate to give him a call if you feel that you have any specific questions that you did not get answered on this call. Thanks again. Speak to you and see several of you soon as well. Thank you.