Go ahead. Thank you and good morning to all and welcome to the presentation of our Q1 results. Let's turn to the first slide. The operating environment remained challenging in the quarter, with consumer confidence in the Nordics declining even further, most likely fueled by the increasingly uncertain geopolitical situation. In terms of top line, we increased revenue with 2% in the quarter or three in local currency growth was primarily driven by boosted.com which saw a strong 18% increase. As we did during the second half of last year, we have used boostled.com to clear inventory in the quarter. Our price initiatives on Boosted help keeping our inventory fresh while contributing to building Boosted value brand franchise. Revenue from boost.com declined slightly in the quarter by 1% but remained flat in local currency. This, we believe, reflects both the current cautious consumer environment as well as the fact that we deliberately are less aggressive on pricing on boost.com while this impacts short term sales, we we do this To Preserve Preserve Boost.com's more premium brand value, a strategy that is supported by BoostLare's ability to clear old inventory. Our customer base continued to expand in the quarter, reaching 3.8 million active customers across both platforms and growing 7%. Furthermore, 52% of Boost.com's customers now purchase from more than one product category, illustrating the continued success of our department store strategy. In the quarter, we maintained our high levels of customer satisfaction. Our Trustpilot score was 4.2 and our Net Promoter score was 74, indicating continued strong customer loyalty. In terms of profitability, our adjusted EBIT margin improved to 2.3% compared to 1.2% in the first quarter last year. The positive development was largely driven by by the efficiency gains in fulfillment and distribution as well as the exemption from customs in Norway. Our cash position remains solid even after buying back shares worth 134 million this past quarter, finalizing our 200 billion SEK buyback program for the year. With the current program finalized, our board now intends to launch a new program, likely at a level comparable with the previous program. Finally, this quarter we took a significant step to strengthen our position for the future. In February, as previously announced, we streamlined our organization reflecting the growing impact of technology and the wider adoption of AI driven tools across our value chain. This included a 10% reduction in our total workforce or about 20% of our white collar staff. Turning to Outlook, we have revised our guidance to reflect the increased market uncertainty and the unfavorable currency movements observed since our previous report. We now anticipate revenue growth in the range of 0 to 6% adjusted from the prior expectations of 4 to 9%, our EBIT margin is now projected to be between 4.5 and 5.5% compared to the initial guidance of 5.8 to 6.5%. I will elaborate on the updated guidance in more detail later in the presentation. So now let's turn to the next slide. Despite the difficult environment, we successfully attracted a significant number of new buying customers to our platforms in the quarter. Our active customer base on Boost.com grew by 2% at at the same time as Boothlit saw a strong 22% increase in the quarter. This means that a total of around 270,000 new customers shopped in the two shops during the quarter. While our focus remains on increasing the category awareness, expanding our active customer base is a continued priority. In a market with muted consumer sentiment. Attracting nearly 300,000 new customers I believe is a testament to our underlying strength. The increase was broad based across both platforms and regions. Active customers in our main region, the Nordics grew by around 6% primarily driven by growth in Boostlet supported by the current price initiatives as well as price sensitive consumers which is benefiting our outlet boostlet.com, active customers in the Baltics continued to increase significantly and we were up about around 28% on Boost.com and 84% on Boosted compared with last year. This continues to be from low levels but with a continued high average order value on par with the group, we see decent profitability as well as a strong growth opportunities in the Baltics. Finally, active customers increased by around 10% in rest of Europe driven by positive development in both Boost and Booster. But also please bear in mind that for this metric we are looking at the last 12 months. Look at let's go to the next slide in the quarter. We continue to see an increase in the number of customers shopping across multiple product categories. On boost.com, driving multi category purchases remains a key strategic goal of our department store model with a direct impact on our financial performance. In the current macro environment where consumers are cautious and holding back on renewing the wardrobe, the ability to offer other categories helps us absorb the negative effects of the lower fashion demand. Over the past 12 months. As we've shown on the slide, we observed an increase of between 2% and 8% across all customer groups shopping from two to six categories on boost.com this means that 52% of our boost.com customers now purchase from more than one category. While this is a modest increase from 51% last year, it's important to consider that this Metric is consistently influenced by the fact that new customers typically begin by shopping within a single category, and with around 170,000 new customers joining Boost.com this quarter, the result is quite encouraging. Despite our focus on encouraging multi category purchases, growing our overall customer base remains a key objective as we have a strong track record of both retaining customers and successfully introducing them to new categories. Looking at total active customers over the last 12 months, we are now above 2.7 million on boost.com corresponding to an increase of 2% versus last year. We would have liked to see our customer base increase faster, but growing the base has been challenging given the current market environment. If you turn to the next slide turning to multi category buyers and Boostlet, which we have not shown before, we also see a gradual increase. 42% of Boostlet customers shopped from more than one category in the last 12 months compared to 41% the previous year. This was supported by around 80,000 new customers making multi category purchases in Q1. Like it is with boost.com, this year over year comparison is influenced by by the substantial number of new customers acquired by Boostled over the last 12 months. We are gradually expanding BoostLED's product assortment beyond its traditional focus on fashion and it is quite encouraging for us to see customers buying into the new categories. This diversification also mitigates the potential stock risk within kids, sports, beauty and home as Boosted now provides a clearing channel for all categories. So with this I will hand it over to you Sandra. Thank you Herman. So please turn to the next slide. Revenue increased 2% in the quarter as Herman mentioned, or 3% in local currency with growth being relatively stable throughout the quarter. Once again, growth was mainly driven by a continued good development in Sweden as well as Norway where we saw revenue growth around 10% for the quarter. Our performance in Denmark continued to be soft, impacted by the continuous decline in consumer confidence. Revenue in Denmark declined 3% in the quarter. Looking outside of the Nordics, revenue was down slightly by 1% while the Baltics are still performing well for us, Germany and the Netherlands saw a decline. This is mainly because we're holding back on marketing here as we remain focused on on being profitable on every order in these countries. Additionally, Q1 last year was a very strong quarter for Germany and the Netherlands. Looking at categories, the non fashion categories continue to show good progress while revenue for men's and women's fashion declined in the quarter. However, while women are holding back on fashion, they're increasing their spend, particularly in the kids category which together with the home category were the best performing categories in the quarter. Quarter the Gross margin was 38% in the quarter and down 0.9 percentage points compared to last year. This was mainly driven by a lower gross margin on Boostlet where we are clearing inventory at higher discounts. Additionally, the gross margin was impacted by timing effects related to other revenue. However, these timing effects will revert in the second quarter. The adjusted EBIT margin was 2.3% up from 1.2%. This was driven by a good progress in fulfillment cost as well as the administrative costs which I will come back to in a minute, so let's change to the next slide. So if we look at the two platforms, Boost.com saw a slight revenue decline of 1% for the quarter, which translates to flat growth in local currency. The performance was significantly affected by the overall market sentiment. In terms of shoppers, we continue to see an increase in active customers. Around 170,000 new customers bought on Boost.com during the quarter. However, as consumers remain very hesitant to spend, we also see that they on average by less frequently number of active customers in the last 12 months increased by 2%. The average order value declined 1% to 957 kronor, which was to a large degree driven by currency. In the Nordics, revenue on boost.com was flat. However, Norway outperformed with more than 10% growth. Sweden also did relatively well, growing 2% in the quarter. This is supported by a strengthening market fueled by lower mortgage rates and tax cuts. Revenue from Denmark was however down 5% in the quarter. Consumer confidence in Denmark continues to decline, which has a significant impact on the fashion demand in the country. Sales outside of the Nordics declined 6%. As mentioned earlier, this was impacted by lower sales mainly in Germany and the Netherlands. The adjusted ebit margin for Booth.com increased 2 percentage points to 3%. The margin improvement was mainly driven by increased efficiency and fulfillment and distribution supported by the transfer sales introduced in 24. Furthermore, margins were positively impacted by Boost no longer being subject to customs payments in Norway, as well as a slightly higher product margin due to the lower markdowns on boost.com but if we look at Boost led, we see a revenue increase of 18% which was supported by the price initiative that we introduced last year. In the quarter, we successfully continued to clear out older products from prior seasons to keep our inventory fresh. This has been well received by customers, in particular in Sweden where sales increased almost 40%. Active customers during the last 12 months were just over a million, which corresponds to an increase of 22% versus the same period last year, the average order value was slightly up compared to last year at 982 kronor. Despite the lower prices offered on Boostlet, this was due to a slight increase in number of items per order. The adjusted EBIT margin for the quarter was a -0.2% compared to a positive 2.6% last year. The decline was mainly due to the temporarily lower prices on the site. If we move to the next page here we see the development of the cost ratios in the quarter. And if we start with the fulfillment cost, we saw good improvement in this quarter, down to 10.8% from 11.6% last year. So now part of this is thanks to better deals that we negotiated with our distribution partners. But importantly, we're also starting to see the real benefit of the transfer cells that we installed at the fulfillment center last year. They are now fully up and running in Engenholm and they're making a significant difference in how efficiently and how quickly we can process orders. On the marketing cost, our costs stayed relatively the same at 10.1% compared to 10% last year. We're still seeing the benefit of having more returning customers and a growing number of Club Boost members, which naturally, naturally reduces how much we need to spend on marketing. However, as planned, we increased our spending on offline marketing this quarter. This is a deliberate effort to increase awareness in the Nordics for our non fashion categories which include sports, kids, beauty and home. Looking at our adjusted admin and other costs, the ratio decreased by 1.1 percentage points to 10.7%. The main reason for the improvement is that we're no longer paying customs in Norway. The non adjusted ratio improved a bit less to 12.7% from 13.3% last year. And that is due to the severance costs of 27 million related to the reorganization which was booked in this quarter. The depreciation cost ratio for the quarter was 4.1% and unchanged compared to last year. So my final slide here is the cash development and we ended the quarter with a working capital of 1.4 million kroner corresponding to 16.9% of revenue. This is to be compared to 12.7% at the end of Q1 last year. The increase was due to higher inventory position due to a lower sell through than expected coming into the autumn winter season. While this has an impact on inventory, we still believe our inventory is in good shape and up to date, supported by our ability to clear older stock through boost.com Capex was down to 42 million in the quarter versus 97 million last year. Last year we were starting to invest in the transfer sales that we mentioned earlier, which explains most of the decline. Free cash flow in the quarter was a negative 619 million compared to a negative 685 million last year. Year. This improved cash flow was mainly due to the lower CAPEX. It is worth noting that a cash flow in Q1 is typically low, largely due to the relatively high inventory at the end of the quarter in preparation for the spring summer season. Our net cash position was 8 million at the end of the quarter, down 228 million compared to last year. Our cash position continues to be impacted by our share buyback profit program. In the last 12 months we have repurchased own shares for 134 million. Finally, I'd like to mention that we have now, as expected, received a cash payment of approximately 100 million from the Norwegian tax authorities regarding the wrongfully paid customs in Norway, providing a further boost to our cash position. This will however, impact the cash flow statement in the second quarter. This ends the financial overview and back to you, Herman. Thank you, Sandra. And before we move to guidance, I would like to take a moment to address our position in the current market environment. As previously mentioned, the operating conditions have remained quite challenging throughout the quarter. After a couple of years of muted consumer sentiment following the COVID pandemic, we had expected consumers to start being more optimistic, and what we have seen is actually the opposite. Consumer confidence has declined across the Nordics, driven by increasing geopolitical uncertainty, basically a growing certainty about where the world is heading. As a result, we have observed more cautious consumer spending, particularly in the fashion sector. That said, we are constantly managing the business to navigate these challenges, effectively, ensuring that we stay well prepared for what lies ahead. As part of this, we streamlined the organization during the quarter, with a key focus on leveraging AI and technology to enhance efficiency. This process included a 10% reduction in our workforce, and we expect these efforts to deliver a net improvement of around 0.3 percentage points to our adjusted EBIT margin in 2025. With these actions alongside the steps we've already taken, we are reinforcing our foundation and further strengthening the resilience of our organization. For one, we maintain tight control over our costs and our cash position remains solid. Secondly, the growing diversification of our product portfolio is helping reduce our reliance on the more volatile fashion sector. And third, our efficient and adaptable supply chain ensures that we're well equipped to handle the ongoing market challenges. So while we acknowledge the challenging environment we are confident in the steps that we've taken and the strength of our business. We believe that we are well prepared to navigate these rough waters, and we are positioned to capitalize on improvements when market conditions become more favorable. So now let's move to the next page and our Guidance as mentioned earlier, we've updated our financial outlook to reflect the increased market uncertainty we've seen since our Q4 report. Specifically, we now anticipate net revenue growth to be in the range of 0 to 6% compared to our previous expectations of 4 to 9%, and our adjusted EBITDA margin is is now expected to land between 4.5 and 5.5% compared with the 5.8 to 6.5% we have stated before. The revision of our guidance is primarily driven by two key factors. First and most important, our initial outlook assumed a continued challenging but also stable market. However, the Nordic retail environment has become increasingly uncertain, mainly driven by the geopolitical unrest we're currently seeing. This volatility is evident in our performance so far in April, which has been extremely volatile following the increased trade tensions. While we hope for stabilization, we anticipate that any substantial improvements is unlikely before the second half of the year. Adding to this, the the Swedish Krone has strengthened since February when we gave the guidance. Assuming exchange rates remain at current levels for the remainder of 2025, this strengthening is expected to negatively impact our net revenue by approximately 3 percentage points. In addition, given that the majority of our costs are denominated in Swedish Kronos, we're also projecting a negative impact on our adjusted EBIT margin of around 1 percentage point, assuming no change in these currency rates. Finally, regarding our capital expenditure, the CapEx forecast for 2025 is now expected to be in the range of 150 to 170 million SEK, a decrease from our previous range of 170 to 200 million SE. As we announced last year, our plans to invest approximately 500 million sec in capacity expansion between 2025 and 2027 remains in place. Of this total, approximately 65 million sec is now planned for investment in 2025, which is reduction from the previously communicated figure of around 75 million seg. The remaining difference is primarily due to slightly lower expected capex related to it development. This concludes our presentation so operator will please open up for questions. To ask a question, please dial on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial 6 on your telephone keypad. The next question comes from Benjamin Walstedt from abgsc. Please Go ahead. Good morning, guys. As far as I understand it, the lower guidance is primarily a reflection of adverse FX movements. And while I see your point, mathematically it seems you've applied sort of the FX sensitivity assumptions from the annual report, where the implicit assumption is that your actions during the past year are unchanged, basically. And I would like to ask you this, I've spoken to some of your suppliers, I've spoken to your customers and I've spoken to competitors of yours. They are all of the impression that products sold on Boost are very attractively priced. This should mean, I think, that you should be able to offset some of this negative FX impact through pricing. What are we missing or what am I missing when I'm making this assumption, please? I think in general we are not assuming it affects all of it. It's a combination of. It's mainly the, the lower demand and the pricing pressure that we are expecting. FX of course, plays a role. It has done so basically throughout our lifetime and we've always been able to navigate it. But just acknowledge that it has an effect, of course long term that will be mitigated, but it has some short term effects. But our guidance is a reflection of mainly the uncertain consumer or trading environment and then also partly the effects. So I think it's difficult to do an exact mathematical explanation because of course, when we do our forecast for, you know, different effects scenarios or included in the forecast, so I think you cannot directly say that it's only FX effects that is influencing the all kinds. All right, thank you. And then speaking of these heavy fluctuations in demand, then, is this the same across all markets you're operating in? First question. And then second, are there any product categories that are impacted more than others or is it this broad based? As you will see, Sweden has been performing quite well in the quarter. Norway has also been performing well, partly due to the fact that we're able to invest a bit more in Norway since we're not paying customs. Denmark has been hardly his. And as someone who is living in Denmark and experiencing the rhetoric about the crisis we're in, that's not a surprise. And Finland has also been quite affected. If you look at the categories, it's mainly fashion that is heavily affected by this. The other categories are probably more muted than we would have liked them to be, but don't seem to be as affected as fashion. All right, thank you. Final one from me then. Winter never really arrived in Stockholm and I would assume the same for Copenhagen. I know your inventories are quite a bit higher in Q1 than in Q4. I realize that parts of this buildup is preparation for spring, but I would like to ask about your view of the quality of the current stock. Should we expect more sort of discounting of autumn Winter products in Q2 or what's your view of the current inventory? You should definitely expect more discounting on inventory in Q in Q2 because as you see, the inventory levels were elevated compared to what we've liked them to be. And again, this is also you can see directly by how much we are using Boostlet to clear inventory because we think it's better to do a kind of a gradual write down than taking one a big write off. So that's why, you know, we are actually using boosted to clear Uselet is actually not profitable in the quarter because we want to keep the boost.com site clean as a premium site and using Boost to avoid having any overstock. And in general, not only auto winter, but I also believe that the SS25 stock in the market in general will be quite elevated. So I think you will expect that consumers will be able to do very good bargains over the next next month. All right, thank you very much. That's all for me for now. The next question comes from Nicholas Ekman from Carnegie. Please go ahead. Thank you. Yes, can I ask when you talk about a very challenging market, I mean we've had a challenging market for quite a few years now and I'm thinking in particular of 20, 20, 23 when you delivered tremendous growth despite a weak market. Can you tell us what is different now besides that you obviously have tougher comparisons than some of your peers, but is there anything materially different in the consumer behavior now compared to the past two, three years? Well, you have a new president in the US who is relatively aggressive in his trade agreements and you have have talks about increasing war, increasing military spending, war taxes across the region. So consumers are being told that they should stash for make preps in the basement, have cash in hand. So there's not a lot of talk about kind of a positive outlook for both world economy or personal commerce. So I think it's kind of obvious when you look at development consumer sentiment that, that, that the consumers are not getting happier than they were before. So, so, and I think it's kind of your, you're fooling yourself if you believe that it's happy days ahead. It's not. We, we, we are working with the assumption that we're going into recession. We are quite well, well prepared. And, and even though we are lowering our our EBIT guidance, we are still the most profitable E Commerce company in. In Europe. So. So, so we're just saying that there will be a bit more headwind than before, but definitely the world has not improved since 23. And personally I believe it's actually probably at a slightly worse state than it was in 2023. Yeah, that's very clear. Thank you. Can I ask for the margins as well? And in this new margin guidance, I'm a little puzzled why the margin was so strong in Q1 and still you're so cautious on the full year. And I realized that you had the absence of the Norwegian taxes, but. Or the Norwegian in Portuguese. But I think even adjusting for that, your underlying margins were up some 40 basis points in Q1. Is that correct? Yeah, but it's actually a very good question, Niklas, because, you know, our margin Q1 was strong and I think it reflects the investments we've made. It reflects that we are becoming much more efficient. What we saw is that the market actually got worse during the quarter. And it is just, I think that kind of a reality check for ourselves saying that there will be headwinds and gross margin will go down because it's obvious that there is overstock in the market. And as you know, we are allergic to having too much stock and we act quite fast. So when we see that there's a potential overstock issue, we use price to mitigate it and we use boosted. So it's just that being prudent and not fooling ourselves that we can save stock for later. So our experience is that it's probably cheaper to have a discount now than have a sellout in June. So this is because you're right, Q1 was actually quite strong. Profit was strong, and all our investments in technology and efficiencies actually kind of proved to be in place. But we're just cautious and mindful that it's probably going to be quite challenging over the next three to six months. Great. And can I follow up on that? When you say that Q1 year was that it was becoming increasingly challenging during the quarter, was that mainly because I think you faced very tough comparisons in the start of Q4 or, sorry, in the start of 2024 because of the strong sellout in late 23 that the comps then made sales basically slow this year, or do you think that there's an underlying trend to deterioration and has that also, given the renewed guidance here or the lower guidance, has that trend also continued into April? I think there's no doubt that there was an underlying trend in the revenue during the quarter and March was worse than we expected. You even had Easter in March, which you didn't have. We had Easter March last year, which didn't have this year. So I think that kind of the underlying trend was bad. And you've seen that, you know, with the consumer confidence in general that you know, as. Yeah, the conflict in Ukraine has not been solved and as trade tensions increased, consumers are getting more nervous. And literally when the tariff were announced in the US with what they call the liberation day, we could see that on sales immediately. So that's why, you know, consumers are nervous. And especially within fashion, and especially within mid to premium fashion, you're probably quite cautious and wear your dress or your coat a bit more than if you were optimistic and willing to spend. Very clear. And can I also just follow up on what you said about the expansion plans for your fulfillment center? Given that your growth rate now has been a lot lower in 24 and slowing further in 25 based on your guidance, have you considered delaying the expansion of your fulfillment center? Will you still be needing that to be fully in place by 26, 27? It's a good question and the answer is probably that it will be delayed because it's not only the slowing sales, but it's also that we are actually getting much better output from the, from the current warehouse. And we've talked about it before, but our DC in Engelholm is increasingly becoming a kind of an output hub. So that kind of the needed automation infrastructure Per Kroner is actually going down. So we haven't kind of, we haven't updated the capex plans for the expansion but we can see that the need to expand and our ability to utilize the current setup further is actually, you know, less need and more output. So that's why kind of campus will continue to be delayed and then the low end. And it's also why we expect quite, quite a strong cash conversion this year. Very clear, very clear. Thank you very much. That's all my questions. Okay, thanks Nicholas. The next question comes from Daniel Schmidt from Dansky. Please go ahead. Yes, good morning guys. Couple of questions for me, Herman. Maybe just starting with, with the guidance, it is quite drastic change to the outlook and you started referring to April. That's only been three and a half weeks, but I guess you include what happened in March as well when I listened to you. But don't you still think that it's a fairly short evaluation period to be taking quite big sort of change in outlook? That's a very difficult question, Daniel. Yes and no. As I said, you know, we saw the weakness starting already in March, you know, in January, February were quite good. At March it was weak and February actually, you know, and it's important to say that we don't talk about, you know, we don't provide current trading, but I will do a slight exception this time. You know, April started quite strong, but then, you know, with the trade wars kind of breaking out, it literally kind of stalled. And I'm not the right one to tell you when the conflict in Ukraine ends or when if we go back to normal trading conditions. But I think it's kind of for us, our biggest risk is stock. And if we fool ourselves in believing that it will better in two weeks, four weeks, six weeks and delay taking actions on our stock, then we will have a much bigger problems in six months. So we might overreact and we might kind of over clear stock. But I'd rather do that than having a stock problem in six months. And as I said again, if we have sold out too much stock now, there's no doubt that there would be a lot of campaign stock to buy next month or in two months time. So I think it's better to be prudent. And yes, I know that it sounds dramatic with the margin, but we're talking about going from 6.2% to 5% EBITDA margin in a market that is very volatile. And I think it's more prudent for Amersey to be be mindful and careful. Yeah, I think it's just sort of the combination of you doing a lot of stuff on the cost side and still there's quite a big shift in terms of outlook. And it does sound like it is a bit company specific or maybe industry specific when it comes to the stock levels in the market and your stock level. That plays into how you view the outlook that you now give. Because when you listen to others that have reported in the last few days or today, they're not really saying the same thing when it comes to the shift in consumer sentiment, at least not what I've heard yet. But do you think it's specific for fashion or what's your view on that? Yes, I know it's within fashion that there is a very elevated stock level in the market and the best indicator is that that we are getting calls regarding campaign buyers already. So there's no doubt that there is very elevated stock levels in the market in fashion. Okay. And just a detailed question on fx. I do understand that you get negative translation effects and all that. But when it comes to transaction you do buy your goods in euro and dollar, right? No, we mainly buy in sec. We try to hedge kind of. So it's reflecting our sales. But of course we have a substantial amount in Swedish krona. Around half is in Swedish kroner, around half. But those suppliers, we're not buying in dollars. It's either it's secular or euros at. I'm just saying that those suppliers are themselves buying in euro and dollar and then you're buying from them. And so indirectly I guess you're exposed to the movements in the dollar and the euro. Yeah, but the price has been fixed six months in advance, so so. Or even longer. So that's. So short term is not affecting the price we are paying the supplies about six months out. It is, yeah. So that's why I'm not really sort of understanding why the impact is so big on fx. I completely understand that this Danish and Norwegian krona and sort of the Finnish euro is weaker but on the purchase side I don't really get it. I understand what you're saying now, but couple of months out it will be different. Well, if we look at the calculation we made with expecting like 1 percentage point effect on the EBIT, around half of that is related to the inventory buys. But then the half is on the other cost structure due to the cost structure in OPEX and others. But we can give you a detailed tour at some other time. Okay, thank you. You're welcome. The next question comes from Eric Sandstet. From Kepler Shuvreu. Please go ahead. Thanks. Just a few follow ups here. I mean, I guess you were alluding to the fact here in the quarter primarily relates to the challenging market. Right. And the hesitant consumers. But have you also seen any changes in the competitive landscape? Yes, it's mainly the market. I was saying we actually don't see any real changes in the competitive landscape. It's not that we see more investments in marketing or anything like so kind of the competitive side is relatively stable and so nothing. If anything the Chinese seem to be backing a bit off and. But. But we're not seeing kind of increased or decreased competition in the market. Is that Tim, you and Sheen you're referring to? Yeah, yeah, yeah, yeah. But it also seems you're doing much better in Sweden than in Denmark. Is that primarily then relating to different consumer confidence levels? So I'm a bit curious if you have seen sort of more competition in the Danish market. Firstly, currency effects didn't apply for very much in the first quarter. So that was not the fact. We believe it's the consumer sentiment because we haven't seen any increased competition on the Danish market within our categories. So our view is that it is the. It is the consumer sentiment. What we are seeing is that the cohorts, they are spending less, meaning that we can see that they are still coming back, but they seem to be coming back a bit less than they have normally done. I think this is an indicator that we still have the customers, but they are more mindful of how much they're spending. I mean, more of a general question. Do you think they are spending their money elsewhere or are they not spending it at all? I have no idea. I know my own household. I know in my own household I'm telling my kids to save money, but it's like, I wouldn't know if I believe that the spending saving rate in Denmark is very high at the moment, but I would know if they're spending it on travel or lipsticks. Yeah, yeah. Then just want to come back also to the inventory position. I know you've spoken about it already here, but it obviously remains pretty big despite the clearance sales that you've done at Boost left in the quarter. So just, just comment again, please, on, you know, how do you feel about the inventory level of position and also how we should think a little bit about it going forward. Yeah, the inventory position is on the high end and this is also why we have provided a adjusted ebitda bottom at 4.5% because we know that if you have too much stock, the only thing you can do about that is to use price to clear that and use Boostless. So we are actively looking at inventory. It's still fresh. It's not more concerned, that is normally, but we're very mindful of that. We need to keep an eye on it and we need to clear inventory. But fortunately now with boosted having 1 million customers and growing, we can use that without compromising the boost.com brand franchise. Okay, thanks. That's all I had. Welcome. If you wish to ask a question, please dial key 5 on your telephone keypad. More questions at this time. So I hand the conference back to the speakers for any closing comments. Okay, thank you for listening and for some very good questions. I. Yeah, I. This concludes the call and I wish you all a good day. Thank you.