Welcome to Vattenfall and this Q1 reporting webcast. I'm Andreas Regnell. By my side, I have, as usual, our CEO, Anna Borg, and our CFO, Kerstin Ahlfont. We will today go through the main events and the financial performance of the last quarter. After the initial discussion, we will open up for questions on the phone and online. As usual, our customary financial reporting material is available on the web. Let's begin. Anna, I think it's fair to say that this quarter's been slightly less dramatic than the previous ones. Is that correct? Yeah, you are right. We see that the prices are a bit lower. We also see that the volatility is lower than it was last year. That's good. It sort of calms down the market a bit. Fundamentally, nothing has changed. I would say that the uncertainty is just as high as ever. What has it meant for us? Well, it has meant that we didn't have to spend as much time managing urgent market movements and situations, so we could fully focus on delivering our strategy, which means keep investing in new fossil-free electricity production but also in upgrading our grids and taking care of our customers. That's good. We can also see that we have a stable financial performance. That's also good because this high investment pace needs to be kept. It certainly needs to be. Kerstin, how would you summarize the financial performance this quarter? I would say it is a stable development with a bit of a mixed picture between the different operating segments. It's a good contribution from our heat operations, which is offset by a lower result from our wind business due to the lower prices on the continent we have seen. Understood. We will dig much deeper into that later on. Anna, you previously mentioned the continued high level of uncertainty. Can you expand a bit? Well, I think we still have a war in Europe. That is, of course, impacting. That has not changed, and we can see that that will have an impact on the European energy market for the foreseeable future, I would say. The customers are still struggling. We saw a decrease in demand during last year, but the prices are still high if you look at the sort of historic comparison. We had a mild winter, which eased the situation a bit. The weather is always uncertain, of course. It also means that the gas storages are relatively well filled in Europe, and that is also helping to ease the situation a bit. Again, the uncertainty is high, so it's not over from that perspective. There is a discussion around the market regulation on the EU level. That's good because there probably need to be some adjustments, but we also need to make sure that there is a stable long-term framework in order to make it attractive to invest in Europe. Yes, handling and living with uncertainty is clearly something we need to live with. On the subject of delivering our strategy, are there things to mention there? A couple of things happened during the first quarter. We made a decision to move on with the onshore wind farm Bruzaholm in Sweden. That's 139 MW. We have a project which is fairly large scale regarding solar in Germany, which is actually combined with sustainable agriculture, so it's a fairly interesting project from an innovation perspective. We also continue the strategic review regarding our heat business in Berlin. We see a very high interest in the business, which I understand. It is, it's a good business. As we said before, we are planning to make a decision on how to move forward there during the year. On the subject of district heating, we've also acquired a district heating network in Bristol, haven't we? That's correct. The city of Bristol actually have ambitious targets and have set out to be net zero by 2030. We are now gonna manage the district heating system, and we're gonna use a lot of residual heat, waste heat in order to be able to phase out the fossil fuels. I think another piece of positive news is that the Ringhals 4 is back and up and running fully again, and that's really good. I would like to come back to the topic of nuclear later. Yes, clearly some progress on the strategy front also this quarter. Yeah. Financial report, Kerstin Ahlfont. As I said earlier, we see a bit of a mixed picture between the different operating segments, which again then shows the benefit of being an integrated and diversified company. If you look at the combined financial development, that is stable, and the underlying operating profit is flat between the years. If you look at net profit, that is going up. We have SEK 5.8 billion, mainly due to a good contribution from the Nuclear Waste Fund where we saw a negative development last year, and we also have a positive outcome from the changes in fair values of energy derivatives and inventories. You might remember that we, in the fourth quarter last year, had a significant negative impact from fair values. This quarter, we're seeing now a positive impact as contracts go into realization. Large temporary effects as usual. It's something we've spent quite some time on the last quarter reports. Maybe you want to kind of mention a bit more on that. Yeah, sure. These are temporary accounting effects. They have been unusually large and visible these last 18 months due to this very volatile energy market that we have seen. It's important to say that it's not reflecting the performance of the business. It's rather sort of affected by the market development. Okay, thank you. What can you say about the financial targets? The balance sheet is strong. We have an FFO over adjusted net debt at 39.6%, and return on capital employed is at 5.4%. That is below our target of 8%, but that is also a rolling 12-month number. In that number, we have the significant negative impact from fair values in the fourth quarter last year. What you really need to pay attention to here is the underlying level, and here the ratio is at 12.5%. In the beginning, you mentioned that there were mixed contributions from our different operating segments. Tell us a bit more. I think most striking is the fluctuation we see in the Customers & Solutions segment. There we see a reduction in the number of gas customers, both in the Netherlands and in Germany, which in combination with the lower average gas consumption is impacting the results negatively. We have actually seen that the gas consumption from our customers on the continent has decreased with 9%, and the electricity consumption from our Nordic retail customers have come down with 13%. Our customers have really paid a lot of attention to and made a real effort to save energy, which has had a good contribution when it comes to this stabilization of the energy market and has lowered the prices, I would say. Thank you, a very interesting observation. Let's move to wind, another area that has been impacted by extraordinary effects. Anna, why don't you take that? Yes, here we see several impacts. First of all, the lower prices this quarter compared to the same period last year. As I said earlier, that's mainly due to the warmer weather. That has an impact on parts of our wind portfolio. We have also seen that wind speeds have been a bit lower this quarter compared to the same one last year, which means less volume in our wind production. On the other hand, we have more capacity up and running because we are building constantly. We now have part of Hollandse Kust South up and running, and the remaining part will be finalized during the year. When it's done, it will be the world's largest offshore wind farm. We of course see the impact of this new production in the numbers as well. Talking wind, I mean, the reporting is primarily the assets we have already spinning. Mm-hmm. We also have a significant portfolio that is before FID. I think it's important to observe that the investments in renewables has actually gone down in Europe, and particularly in the offshore segment, many actors along the supply chain are struggling. Turbine orders are actually steeply down. What's your take on that, Anna? That is true, and I think it's due to several things. First of all, we have the geopolitical situation that creates challenges when it comes to raw materials and components. We also see inflation and increased interest rates, this is sort of pressuring the profitability in all ends, you can say. You're right, we see a slowdown in investment decisions. During 2022, we saw slightly more than 12 GW of decided new capacity. It actually needs to be 30 GW a year in order to reach the target set out in EU. I think that it's really important what these market design proposals will look like, and how the market development is as well, but it's important to make Europe attractive for investments again. This is clearly something we'll probably come back to many times going forward, the difference between the actual speed of investment and the required speed of investments. Let's look at heat and distribution, Kerstin Ahlfont. The contribution from heat improved due to higher prices for heat, mainly in Berlin. We have had higher prices from the fuel gas last year, and that is compensated in the heat price, but that comes with a time delay, and that is what we see the impact from now. We have seen also, when it comes to heat, a slight decline in heat sales, so also the heat customers have made a great effort of actually saving energy this quarter. If you look at the distribution segment, there we see an improvement between the years, and that is mainly due to that we had extraordinary high costs for the transmission grid last year. That is costs that we as an operator need to pay to the TSO, the transmission system operator. Having a robust electricity grid is the prerequisite for this energy transition that you talked about, and we see lots of requests coming in when they want to connect to our electricity grids, not the least from customers who want to install solar panels. Yeah, tremendous growth in that area. We also have the Power Generation segment. Here we see an increased result, and it's a number of things that happened. We have a good trading result. We see less price area differences in Sweden, and we see a higher achieved price for the electricity that we sell, although the prices are lower compared to the same quarter last year. The reason for this is several. First of all is these price area differences that hit us really hard last year, since the prices were much lower in the Nordics, where we have a lot of hydropower, so now it's more equal. It's also because we are doing hedging, so we sell part of our production at forehand in order to even out these fluctuations. We have decreased our hedge ratio a bit, we have communicated that before, which is now impacting in a way that we have a lower hedge ratio where the price is set at forehand and slightly more volume that is exposed to the market prices. It's a combination that makes this achieved price higher. We've also had a lower availability in our nuclear this first quarter compared to the same last year. That is due to Ringhals 4 that was not up and running. It is now fully. Very happy for that. We have continued the feasibility study regarding small modular reactors at the Ringhals site. Right now we're working with some of the investigations needed in order to be able to submit an application at all. We're also talking to the suppliers to see what kind of technology they can offer when and at what cost. Then maybe say something about the happenings yesterday, where there was a disruption in the grid in Sweden, just north of Stockholm, which has had an impact on 2 of our nuclear plants. Forsmark 1 and Forsmark 2 went down immediately. They are supposed to, so everything worked the way it's supposed to. Now we're phasing up Forsmark 1 again today, and we're expecting to phase in Forsmark 2 again yesterday. I would like to say that even though this was a quite big disturbance in the grid, it could actually be felt in the area of Stockholm, where we could see the lights flickering, et cetera. Immediately, there was other power compensating in order to keep the stability in the grid. Here hydropower is one of the reasons why that was possible, which brings me to something that we announced after the end of the quarter, which is investments in upgrading our existing hydropower. We haven't made the investment decisions yet, but we see projects that could actually add up to 720 MW of capacity. Investing in our existing assets and upgrading them is also important in on top of growing. It certainly is. If we summarize across the operating segments, a bit of a mixed bag, but overall a stable development. Yesterday we had the annual general meeting. Any reflections from that? It was a good one. We received appreciation from the owner for a good result in 2022, despite the very volatile market. The board of directors had proposed a dividend of SEK 4 billion, which was also approved by the owner at the annual general meeting. That reflects the strong underlying performance in the business during last year, of course. Then there were three new directors elected to the board of directors, and we are very happy about that. We welcome them and look forward to work together. There's a lot of important things to do. Indeed, we do. This was the end of the initial discussion, now we open up for questions. Still waiting for questions. Maybe there is someone on the phone, so please raise your hand in that case so we clearly can. Raise your hand? Yeah. Make yourself known so that we notice you. No question yet. No one on the phone either. Crystal clear, apparently. Less dramatic quarter led to no questions. We give you another 10 seconds. Still no questions. I thank you for listening in on this Q1 reporting webcast and welcome you back to the Q2 report. Thank you.