hello and good morning, everyone, and welcome to this Q1 call. And here in the room we have our CEO, Martin Olofsson, our CFO, Casper Tom and me, Magnus Boman, head of IR. With that being said, I hand over the word to Martin. So please go ahead. Thank you Magnus and good morning also from me to everyone. I am glad to present the Q1 results for PostNord Group today. So let's dive into the presentation. So first of all, we implemented a new organization here in Q1, moved to a more flat organization. and partly new group management team as well. And I'm pleased with the development so far with the organization in place and the new group management team. It's been well received throughout the organization. In the quarter we saw continued organic sales decline, roughly 10% down. and that was mainly due to the low new build activity we've seen in the market, pretty hesitant markets around new build activities still, and pretty early to tell here where the new build market is going. But in the quarter at least we saw still mutated activity. In Q1, we also achieved an adjusted EBIT of roughly 77 million compared to 20 million, the same period last year, meaning a margin of roughly 6.5% compared to 1.9% a year ago. It was a strong contribution from Clearline in the results. I will get back to that. In the important order backlog, we saw an organic growth by roughly 4%, mainly driven by the Swedish entities. And that was the first organic improvement in order backlog in the Swedish entities since 2022. So that's quite positive as we see it. Then for the first time we also present our new segments for transparency reasons mainly. And we've divided into three divisions, segments called Total Solutions. Total Solutions segment that's where we could say mainly have the full ownership of the project and we coordinate various services on the building envelope. That's the main focus for the total solution segments. Whereas in the specialist solution segment, we provide a niche service and mainly work as a subcontractor. In Clearline, quite obvious it's only clear line and we have it as our own segment due to large importance for PZU Group. And then looking at our net debt to adjusted EBITDA proforma, that came in at 3.25 times in the end of March. and that's down slightly from Q4, it's noteworthy. And still focus here on taking leverage back below 2.5 in acorns with our financial goals. So moving on to net sales, we saw a total increase of 12.2% and as I mentioned, it was down roughly 10% organically. and some more flavor to that. If we divide it into various geographies, in Sweden we saw double digits down. In Denmark it was slightly up, Norway and Finland slightly down. And in Sweden, as I mentioned, especially when we saw continued low activity in new build. Remember here that back in go back to 2023 at where as was an okay new build activity. There were some spillovers into Q1 2024. And that affects these numbers. Then if we move on to our segments, our new segments, total solutions segment was down roughly 10%, of which then 14% was organically and the specialist solutions was actually up 3.4% in total, but down 6% organically. Both of these segments were mainly affected by the lower activity in the UK. And then Clearline had sales of 174 million. We don't have a comparison number here since they were acquired in the last of October here last year. Yeah, move on. Then looking on the results on an adjusted EBITDA level, as I mentioned, the result was roughly 77%, margin of 6.5%. and all in all you could say, of course, ClearLine is performing according to plan, which is important for us, obviously. And they then of these 77 million stood for roughly 61 million of the adjusted EBITDA. Looking at the total solutions, we came in an adjusted EBITDA level of 23 million roughly, a margin of roughly 4%. compared to 5% a year ago on specialist solutions we saw an adjusted EBIT level of 13.5 million, a margin of 3.2% compared to 1.3% a year ago. Then looking at the total adjustments of the group, it was roughly 2.5 million, so nothing out of nothing special there really. And I'm pretty glad to see that the EBITDA, if you take a look at it on the last 12 months, have improved here. If you compare, take a look at the graph on the right hand side. the trend is going in the right way. And then moving on, take a look at order backlog. As I mentioned initially, we saw an organic increase in the order backlog of roughly 4%. And that was mainly driven by renovation demand. if we take a look once more at the various geographies, it was quite flat development in Denmark. Norway was actually down significantly compared to last year, and Finland significantly up. In Sweden, it was also a strong set of numbers compared to to last year. We should take a look at the organic order backlog. Then obviously the strong increase in the total order backlog was heavily affected by the Clearline acquisition, which was not part of the group a year ago. So now we reach an order backlog of roughly 4 billion here. And when we take a look at the order backlog margin, that was pretty stable compared to the Q4 numbers here. So nothing really dramatically in the order backlog margins since Q4. If we take a look at our various segments, In total solutions, we saw an organic decrease of roughly 2.2% in the order backlog, but up somewhat on the non-order backlog. Special solutions, we saw an organic increase actually by roughly 9% and also then up on the total set of level. Then clear lines, order backlog, came in at roughly 800 million Swedish somewhat affected by, by effects and what you could say in general by the clear for clear line, we've seen a very strong demand throughout the quarter and their kind of Niche Services is still very much in in need going forward as well. Some general comments as well are around the market. I would say we've seen obviously lower interest rates and all in all, that's net positive for us and our customers. And we've seen especially them in public temples and housing associations. positive development around the demand situation. Then moving on to cash flow, since we've seen now that the business is ramping up, that has had an effect on our cash flow. So we are because the net working capital is roughly minus 127 million. And that's an unusually, I could say, strong number in one way because it's a net positive for us that the business is ramping up. But of course, it negatively affects our cash flow in that instance. Then we also have a one-off that is then in conjunction with the Clearland acquisition of roughly 3 million pounds. that was paid out here in the quarter. It was a delayed payment in conjunction with the Clearland acquisition. Yes, moving on. Okay, we took a look at the financial capacity and our net debt. We saw the interest rate was pretty stable. continue with the interest period of one to three months. And as I mentioned initially, the net to adjusted EBITDA per share came in at 3.25, somewhat down compared to Q4. And this is obviously a focus area for us. We continue to monitor this going forward as well. Yes? Okay, then We wanted to give also a deep dive in historical cash flow for Clearline. It's so big a part of the group and we wanted to give some granularity and transparency for Clearline. All in all, Clearline delivers strong cash flow with low CapEx needs. and as you can see in the table on the right hand side, if we take a look on the three-year period that is closely similar to fiscal year, remember, Clearland had a fiscal year ending end of March, but then the three-year average of the cash conversion is roughly similar, as you can see. So ClearLine had roughly 87% cash conversion similar to what we, what Fossae Group had in roughly the same period. So we can expect similar pattern as Fossae Group in cash conversion wise going forward. Hopefully we can improve it somewhat. Then just to clarify, there is a line here called EOT contributions. in the Clearline statement that is then connected to when Clearline acquired, we could say that the employees and the management acquired the company from the entrepreneur and repaid throughout these EOT contributions to the entrepreneur. It's just important to note that was a big, you say, distortion into cash flow. If there were any questions about that, then we've shown this now what happens, so to speak. So nothing unusual there. And with that said, I want to reaffirm our priorities. Now and forward. So still focus on profitability and leverage. Obviously, this is the same as we mentioned in our capital markets day here last year. And of course, we want to ensure the continuous improvements in our subsidiaries. We want to still focus on efficiency within the group and the cooperation within the group. And as I mentioned initially, With the new organization in place, I see this as going according to plan, and I'm pleased with the development so far. Then on the leverage side, we've talked about that. Of course, it's a focus area to decrease leverage. Okay, and then some concluding remarks before we open up for questions. so we've seen a stronger order backlog and some positive signs in, in the market with that, especially then in the Swedish market, but, but also still a low, low activity within new build. So it's, it's not, it's too early to tell if it's, if it's how the year will pan out if we put it like that. Then if we look at what we've seen business-wise, it is really ramping up and that's having a negative effect on our cash flow here in Q1. I'm also pleased to say that Clearland is performing according to plan. And focus on forward going is still on profitability and our deleveraging as we've talked about. I think that sums it up pretty well. And with that, we open up for questions. To ask a question, please dial 5 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 Elvin RoldeR from Carnegie Investment Bank AB. Please go ahead. Good morning, Martin and team. I hope you can hear me well. Absolutely. And then good morning. Good morning. I just have a couple of questions here. If I begin maybe on the cash flow side, I can see that, I mean, the working capital is quite negative here in Q1. But then also we have higher adjustments for non-cash items, and you mentioned that there was £3 million there from Clearline affecting the working capital. Is that portion offset by the non-cash adjustment items, as that is not seemingly fully explained by DNA items and such? Or can you give a little bit of comment so we understand the dynamics of the working capital in Q1 and how we should think about that in Q2 and the coming quarters? Yeah, well, mainly you could say that working capital, that's such a big negative is, of course, in one way a positive, as I mentioned, since when you start a lot of new projects, there can be some initial purchasing around materials, as an example. And I would more put it like with this kind of networking capital situation, you could more expect an increase in the business. So the business is ramping up in that instance. And I think it's too early to tell whether how this will pan out for the rest of the year, if that's the question. I think in Q1, this has been a lot of project starts. And it's more like you can see that this is as a startup startup cost, you can initially say, but I don't know if that answers your questions, Alvin, if you had any. More thoughts about that? Well, yeah, partly, but just one question maybe so I understand because the adjustment for non-cash items is, let's say, 135 million here, whereas depreciation and amortization and such were 75, if I'm not remembering wrong here. Is the Is the difference there explained by this 3 million pounds related to the clear line? Or what explains that difference? Because it seems that it offset the negative. Okay. Sorry, yes, it's cash per share. No, no, I think when you look on the adjustments for non-cash items, the big difference there is the the exchange rate differences which we have had on the income statement. So that's the main reasoning because they are not cash flow driven, so to say. It's just recalculations, to say, of our loans and things like that. So that's the main reason why it's increased. seen here. Okay, perfect. Thank you. And then, I mean, you talk about a little bit, I would say more positive renovation side of the market, but where new build continues to be quite, quite, quite low. Is it possible to give any comments on, on, on the margin for the projects that you're taking in now on the renovation side? Is it a similar kind of pattern as we've seen the last couple of quarters here. We're still, I mean, lower prices than normal or have you seen any changes there? Q over Q or year over year that you can comment on? Yeah, so we mentioned regarding the order backlog margin was quite stable in Q1 compared to Q4. before, but it's, it is, I could say, a mix of new kind of new orders, I would say, in, of course, in some, some geographies, we put it like that, like Sweden, we've seen an increased demand and henceforth we've also managed to raise prices, but somewhat an offset in other markets. But as I usually say, remember that the order backlog margin is not the true answer to what it will be at the end. You can say this when you to write the contract is one thing with the customer, but that's That's when the project starts. And then you have a lot of work ahead of you, of course. And with that said, then the project will move forward in either a better situation than you thought initially or worse. And there are various things that affect projects along the way. So it's not like the initial price is everything, but in total then, as I mentioned, it is on a stable set of levels since Q4. But in various geographies, there are some positives, but also some negatives in other geographies. But at the end of the day, it does not give the full picture. because as you remember, Alvin, we talked about this before, but usually a project grows by roughly 20-30% along the way in various extra works, you could say. Yes, good. Then I just have one final comment here regarding, I mean, calendar, basically, in Q1, Has there been any help here in Q1 that we should take into account going into Q2 with the effects of Easter? Or how should one think about that? Yeah, thanks for coming into Q2. Good question, Elwina. Yes, of course, Easter was since Easter is in April this year. and last year was in March. So then March this year, of course, obviously was somewhat helped by that. And then it would be somewhat negative than for this year. Absolutely. But that's, I would say it's, it's hard to tell exactly how much it will affect. But since it was in another quarter last year, that's distorted the comparison figures, yes. Okay, perfect. Thank you. That was all for me. Thank you for taking my questions and have a good day. You too. Thanks. No more questions at this time. So I hand the conference back to the speakers for any written questions and closing comments. All right, so we have a few written questions here. The first one from Max here. If you could elaborate a little bit on the clear line for the book decline and also what clear line the comparable numbers to Q1 2024. Yeah. Yes, absolutely. So, yes, there was a decrease in Clearline order book and that was somewhat, you could say, distorted by FX since the British pound was weakened here compared to the Swedish krona. And then we also see that it's more of a seasonal pattern in in that instance. So it's nothing unusual that I'm worried about in the order backlog for Clearline. And regarding the comparison figures for Clearline, we write that in the report as well. But we say that for Q1 here in 25, the margin for Clearline was somewhat better than the average margin the same same period in the last couple of years here. So that's net positive on that side. Right, moving on. If you could elaborate on the, so to speak, old FG, the Nordic facade, which has margin in line with the comparison period. Do you see any improvement of profitability going forward? Oh yeah, the usual, let's say, outlook question. But I mean, obviously there are positive signs in the market, but also, I mean, some negatives. So it's actually too early to tell here. Max. It's, it's a mixed kind of set of numbers in that instance. And obviously, we've said it before that the, the, on the net side, 25 has the opportunities you could put like that. to be better than 24. And I think I can stand by that comment still. Thank you for that. And moving on, we have several questions, of course, related to our leverage. Could you elaborate a little bit on that part going forward to Q2 and Q3? Yes, so of course leverage, we spoke about that in the last quarter report as well regarding our covenant situation as well. So if you remember here towards our banks, we have an agreement in place that the cap on covenants should decrease during 2025. you say? And obviously, a key focus area to be within agreed levels. And there are various, let's say, solutions to that. And we want to optimize fossil in that way that we still run as efficiently and profitable as possible, but still have that, let's say, covenant level in regards to the situation. So of course, I'll put it like this, the net debt situation is is. Yeah, I've stressed it enough for the focus area. And of course, throughout the year, we usually, if we put it like this, usually the, uh, we have a large dividend or a dividend list, and that is due to be paid here. Q2. We don't have that this year, so that helps. We've taken a lot of various actions around cash flow and leverage, which we see as good measures in order to be within our agreement. Thank you for that. And speaking of cash flow, big increase in the working Capital. Yes. Do we see any credit loss risks here? Not really. Of course, we've. There were some bankruptcies in, especially in Sweden, on large construction companies, and we've talked about those before. we were affected back, back then. But, but we don't see any real great risks here at this moment, of course, continue to monitor that closely. And you can also be quite proactive in various projects, which we are. I see it's also focus area for us to don't not end up in a situation like that. And you, you can also ensure some credit, you could say some invoices in that instance. So that can also affect positively in, in such regard, if something like that would happen. Thank you. You mentioned that our orders typically grow at 20%. We see how was the sentiment among the extra work developing the quarter? Yeah. No, but this is also affected, you could say, by the competition. landscape, competitive landscape. So in, we take Sweden once more, which was affected, especially in 2024, where we had, because they have various competitors, that were into this kind of extra works. They, some of us actually went the bust, there's been a lot of bankruptcies within the construction sector in Sweden, which is ultimately positive for us. And we've also seen, I don't know if people have read that, but there's a new, it says government subsidy as well, meaning that it could be positively for these kind of smaller players to be more affected to, let's say, the smaller works side towards private individuals because they get a new kind of subsidy from the government. And that's also an indirect positive effect for us as they move towards those kind of projects instead. We are, as you remember, mainly a business-to-business company then, of course. and so, I mean, with that said, the, the buildings that we work on are still as in, still in the same bad shape, if you put it like that. And usually still the same amount of extra work that is needed on each of these kind of older buildings that we renovate, so. With that said, since Q1 is, remember here, the smallest quarter for us as well, so now that the business is ramping up, this is something that we will monitor, of course, closely and be as proactive as you can in that instance to take full full kind of advantage of the situation and hopefully we can see some dynamics going back to, let's say, the more normal pattern. Thank you. And another question, are you planning to buy any more companies in Denmark since it's going quite well? Denmark is going quite well. quite well, absolutely. And of course, we are looking into acquisitions in our various, let's say, geographies. But of course, as we mentioned, focus is now on profitability and leverage. Thank you for that. And if you could elaborate on the margin going forward, do you have any comments on that, Martin? Martin going forward, when not really. All right, we have another question here on the line. So, operator, if you could please connect us with Elvin. Question comes from Elvin RoldeR from Carnegie Investment Bank AB. Please go ahead. Hello again. Sorry, I just have one more question regarding the timing of earn-out payments. I see you have, is it 88 million here that is expected to be paid out within 12 months. Can you give some comments on the timing of those cash flow outflows, so to say? Yeah. Well, it's not been finalized yet, Elvin, so it's too early to tell actually. But within 12 months, but not really any more comment than that. Okay, thank you. I'll get back again. Yeah. All right, so no more questions for now. I'll hand over the word back to you Martin, if you have any concluding remarks. Yes, okay, thank you Magnus. Well, I'm pleased with the development for the organizational structure so far and we are poised to take full advantage of the market situation here for 2025 going forward. So I am excited for 2025 and hope that you are too. And next week we'll have an annual general meeting here. And if you have the possibility to attend, you're more than welcome. The last day to notify your attendance today. So I want to say you're more than welcome to attend as a shareholder. And with that, I'd like to wish you all a pleasant day and hope to see you again in the next quarter. We will present in August. Okay, thank you.