Thank you and good morning everyone. We can move directly into page number two in our investor presentation where we look at the group's overall financial performance in the first quarter. And it was overall on the group level, a mixed quarter with mixed outcome in various parts of Lifco. But overall on the high level, solid performance for the group. We had a 15% growth in sales driven by around 8% organic growth, particularly strong growth in sales In SYS solutions which we'll come back to in the next slide. We had also strong growth in acquisitions of 8% in sales. If we go further down and look at the EBITDA, we grew that with 17% and we had slightly higher EBITDA margin compared to the previous year. And this EBITDA margin is driven by very strong performance in demolition tools and offset by slightly lower margin in system solutions. And the profit before tax grew by around 20%. Cash flow only grew 3% in the quarter. Cash flow obviously is more volatile between quarters. And this first quarter we had slightly higher tax payment than compared to last year and also some working capital build up. We can then go into more details in page number three in the presentation. If we go down into the different areas in dental, it was quite normal quarter low single digit growth both in terms of sales and profit. We had here some positive effects on a later Easter in this year compared to last year which had some impact on the growth. If we then go further to demolition tools, we grew sales with 10% which was a combination of organic growth and some acquisition growth. We had a very strong margin of 25% in the quarter which is basically due to organic profit improvements in several parts of this business area. And EBITDA overall then grew with 37% in the quarter. And just to continue commenting on demolition tools, we actually saw after a quite long period of time of what I've called weak market conditions. Now we saw some first indications of slightly improving market conditions in this first quarter of 2025. Having said that, we have to keep in mind that the first quarter took place before the most recent turbulence relating to tariff etc. So we just have to wait and see how this plays out going forward. We don't have more visibility around that than anyone else, but at least good. So far so good. You can say in terms of. And I'm talking about slight improvement. You know, we're not in a. In the situation we saw in 2122 where the markets were very strong, but improvements from the quite low level we had in 23 and 24 institute solutions we had A very mixed performance in the first quarter if you go further down in that segment. Overall the business area grow with 24% but EBITDA only grew with 15% just due to some mix effects of growing stronger in slightly lower margin areas and also some weaker profit levels. In three of our subdivisions, Environment, Technology, Transportation Products and Special Products actually had a little bit lower organic profit development compared to last year. If we then also make specific comment around contract manufacturing, we have now during the second half of 2024 we had very strong deliveries coming out from contract manufacturing that also continued in the first quarter. And we have however now in early April some indication that this is now turning back to more normal levels again. But visibility is very low so we cannot say more than that. We have not a long order book in this business area, so it's really related to what happens 24 but we see some indication of going back to lower normal levels in this quarter. And once again the lower margin then of 21.6% in this solution is then a mixed effect of lower margin in contract manufacturing and some weaker organic profit development. If we then go into page number six and look a little bit at Teflo, I just want to highlight that we have updated page number six with some updated data. It's measuring the free cash flow per share after capex and before dividend acquisitions and they still do that, but we have also now deducted in all time in every year here in this graph we deduct also dividends to minorities. We have in our companies, some minorities and when we pay out the dividend to them, that should of course be deducted in this graph and that has now been updated. The cash flow per share must obviously be measured over long time periods. As you know, cash flow can vary between quarters and even years. It has been on a little bit stagnation level the last two years and the main reason for this low growth is of course that we did experience quite weak market conditions and demolition tools in 23 and 24. If we then go further into page number seven and just quickly look at our debt position, we are staying now at 1.1 times interest bearing net debt to EBITDA, which is a very healthy level. And we stay there despite quite a large number of acquisitions in the last 12 months. Obviously we still have plenty of room to continue making acquisitions when we find the right opportunities. And I repeat myself from previous calls, we remain very disciplined in terms of quality of the business we decide to acquire and also the valuation and as always the exact timing on when different deals materialize is always difficult to forecast. But we continue to work very hard and actually expand our search for great companies all around Europe. And then we can go into page number eight and just take another step back and look at the long term historical performance of lisco. And once again we can conclude that we are coming out of, you know, two years of quite difficult market conditions for demolition tools which has led to lower than, I would say, historical growth in 23, 24 and so forth. And we saw some indications of some improvement market conditions for demolition tools in the first quarter. But once again, the situation, the global economy now is of course very difficult to forecast going forward. But I think you can also conclude from this graph that despite this situation, we've been able to grow our profits also in 23 and 24, which is a strong indication of, you know, we have a great diversification in the group. And we also have maybe even more importantly, very strong management throughout the liftcosystem that is steering the companies and the portfolio in the right direction. And if we then go to page number 13, I just like to also a little bit take a, you know, take take a look at what we actually doing with our portfolio. Just want to remind everyone that we have been since the end of 1990s developing a very strong operating model on how we steer companies in LyftCo. It all starts with having hundreds of motivated and very action oriented result oriented managers in all our companies. And equally important, we also have a quite large team nowadays of very experienced former managing directors that are now taking the ownership representative roles in all these portfolio companies that govern this process going forward. That's extremely important and something that takes many, many years to develop. And I just would like to mention the great work that takes place throughout the liftcosystem and how crucial that is for our performance. The other points on slide 13 is just also a reminder for everyone. We continue and we have always done focus on, you know, going up in margin, becoming more differentiated and not focusing on the volume segment. We do that in all our businesses across Lyftco and we've done it for many years and we continue to do that. That's also one reason why we've been able to expand our margins over the last decade. We continue to run LYFCO in a very simple way despite being a quite large company. We keep the entrepreneurial spirit in all our companies and we make sure that the most important people in the subsidiaries can shine in such a model. We are focused on outsourcing wherever it's possible. So basically only doing what's necessary in house and have the focus on the typically the product development and the sales and then sometimes we have to do a little bit of production because of the situation in that specific niche. But in general it's important and then cash flow is a strong focus in all our companies. Also when we acquire companies it's a very important part of our screening to ensure that we can own the company for a very long period of time with strong cash flow generation. And we do this, all of this with a very long term perspective and try to do things a little bit better every year. So with that sort of overall comment, I'd like to open up for any questions. To ask a question, please dial on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial key 6 on your telephone keypad. Can you hear me? Hello, who's this? Hi, can you hear me? It's calling from Rhodea. Hi, call. Hi Carl. Yeah, hello. Okay, great, good. I didn't get to get an operator voice. Sorry. So just a couple of questions here. Firstly on system solutions, I mean a bit of a quite unusual margin drop from historical perspective. You mentioned product mix. So I mean is it purely contract manufacturing you're referring to? I mean obviously you mentioned also environmental tech and transportation having a sort of a negative trend. So both of those questions I would like to well into a bit. And also when you talk about the negative trend, are you talking to short term negative trend or a negative trend that you've noticed for a while and also what is behind it? It's a good question Colin and I think the answer is as always, Elifko, there's many things coming into this. One number one reason is obviously that when we grow a lot in contract manufacturing we have slightly lower margin there. So that has a mix effect. But that's not the whole explanation of the margin drop in this quarter. There's also some companies that you know, had you know, I would say a little bit bad luck quarter. So maybe the margins were a little bit lower, which is normal. You have, you know, quarter quarterly profitability can vary of different subsidiaries up and down. But we had a little bit of that and then we had a few other companies that maybe had a little bit, you know, also weaker market conditions coming into play and hence lower margins coming in. So and this is all playing together into this quarter. So it's a combination of, I would say bad luck. Luck is the wrong word but you know, a little bit more, you know, one time Effect that probably will not be the next quarter. Some companies that are, you know, experience weaker development and then you have this mix effect where we grow, you know, much stronger in a relatively lower margin segment. So to say these are the three areas playing together. Okay, yes, that's very fair. And you mentioned contract manufacturing perhaps here in April, coming down to more normal levels. The problem to me at least is that I don't know what the normal level really is. Maybe you don't either, I'm not sure. But what is the normal level? Is it sequentially flat this year? Is it back to pre contract? And also on that, how fast are you able to take out costs if volumes would come down? So it's, you know, I normally would not comment on what's happening in early April, but since we had these extraordinary good deliveries now three quarters in a row and we have seen a little bit, you know, weaker start in April, we have to mention something now, but we don't know what that means for May and June to be quite frank. So it's very difficult to forecast because the visibility is quite low and work with OEM customer. We don't have the full visibility on what's happening further down the value chain in this situation. So we don't know. And the second question is, of course if volumes is going to go down then it would be some time to sort of adjust going back to normal. But we are historically being quite fast on that. But it will take some months to get to get things back to normalized level if that continues. But right now we don't have visibility to draw any major conclusion around that. It was more a highlight given that we had now three quarters in a row and we saw a little bit weaker start in April. But I guess in order to be able to take out costs, you must have some kind of view what the normalized level really is. Is it sort of half of the contract uptick that you've seen or do you think that the contract. Will it go down to pre contract you think? Or is it a long term contract that will continue for many years or how do you view the contract overall? No, but it's not that we. It's volatility on the customer side. It's not that we have lost any customers or anything has changed in that trip overall. So it's unclear around this field. So I think we cannot go into further details here. Colton, just, you know, we have to address it. It's very early indication and it might also come back later on. So we just saw that it was slightly weaker in April than it was in the first quarter and therefore we had to highlight. And I think we have to leave it like that for now and then we have to follow this going forward. But yeah, so it's unfortunately a bit more volatile the last year in this area than we normally see. But this is life sometimes. Sure. Okay, thank you. And the final one from my side is a bit. You touched upon it. I know the visibility is low. I also know that you don't want to comment on things happening post March in this case here. But looking at the tariff, the US trade war, have you noticed any sort of impact on demand in recent times here? I guess it's mostly in capex driven companies. I guess from might be hesitancy from consumers to push the button to invest or start a project. Have you seen any of that yet or. I think it's too early to say. Colin, this turbulence, the major part of this turbulence started was it two or three weeks ago? I think so. It's a very short term and we did close orders in the last few weeks as well. But does that mean that things will be, you know, continue to be great in May, June? We don't know. So it's, it's. It's too quick to say but, but yeah, you can say that we, we have still seen order coming in in April. I don't have the full visibility if it's, you know, on what level is. Compared to people. It's not like, it's not like a Lehman Brother situation that we're experiencing. Things are moving around and things are materializing also now. But does that mean that May and June and the rest of the year will be great? No, we don't know. So it's too early to say. Okay, thank you so much. Thank you. The next question comes from Zeno Engdalen Ricciuti from Handelspanken. Please go ahead. Yes, good morning, Per. Thanks for taking our questions. Starting out in demolition and tools, of course, as you said, a very strong quarter. Could you maybe elaborate a bit on the segment that when we're looking at the earnings growth, you didn't mention that there were any special orders and said that it's organic growth behind it. But can you elaborate a bit more on the performance there? No. And the reason we didn't mention that because there was not one specific order or any project that drove the profit levels in this quarter, it was more strong performance in quite a large number of areas in this and I think parts of this has to do that volumes were A little bit better. And then we've done a little bit of cleaning up, reducing, getting the organization a bit more streamlined and being ready for this. And then you have this quarter and then we had, coming back to quarterly variations. There was no negative impact in this quarter which I mentioned. Just, you know, previously on Solutions we had some companies where maybe the profits were a bit, you know, lower than we would expect in one given quarter. So this can also vary in this quarter. In demolition tools we didn't have that effect. You can say so. So it plays together and then therefore the margins are very strong. So it's not one specific delivery that is. And it's actually good performance in different parts of the mission, tools playing together, but not, you know, once we're not seeing crazy good markets. We're just saying that we saw an improvement from the levels we had last year. Yeah, that was my follow up. If there is any or several particular end markets that showed particularly strong performance, if it was more construction or demolition related or forestry, those are actually in all areas a little bit better. Having said that, we also have some specific, you know, sub. Now we go into very details. We still have some areas where they are now maybe suffering a little bit for some reason later, later problems, you can say. So it was not, it was not a perfect quarter in that sense. But so we will probably have some, some areas here that we still have weaker conditions also, also going forward. But, but the major part of this area did quite well across the board. Yeah. And was it so say great across the board through the whole quarter? Did you see an improvement towards the end on a relative perspective? No, it was quite spread out throughout the quarter. Okay, very, very good. I'll get back in line. Okay, thank you. Question comes from Carl Bokevist from abg Sundal Collier. Please go ahead. Thank you. Good morning. My question or some of those that I wanted to ask have already been answered. So the one I'm curious about is when we look at Systems Solutions right now, it's been an upward trajectory in margins over a long time. We started reaching roughly 20% margins in 2021. Then it's been 22, 24, 24. And yeah, now we're back here. But based on the current company compositions in Systems, is there any way of kind of saying what the normal margin interval should be for this division? It's always very difficult to say what is the normal margin in an area where you have, you know, different market exposure and some, you know, some cyclical volatility in areas, some very Stable areas. But I think, you know, the module levels we have had in the last, you know, years is a good indication for a normalized. But then once again, what is a normal market? That's maybe the most difficult question to answer. But I don't think that coming back to our portfolio of companies, we have very strong market positions. There's a reason why we can have high margins in these businesses. They are very niche and they add a lot of value to their customers and they are very specialized in their segment. So we of course see potential for long term continued margin expansion in all our areas, including solutions. Short term it can obviously be volatile and this quarter was of course also partly impacted by, you know, when you grow more in the lower margin part of this area than it impacts this area. But overall we are not, you know, we're not worried about the long term margin development of the area as a whole. Short term we can also have volatility, obviously understood. And then we follow up. Just in general, but perhaps mainly focused on demolition and systems. But a bit technical. But when it comes to volume sensitivity, let's say that we do now get a situation over the next 12 to 24 months at least of improving volumes. How sensitive or how positively affected do you think the margins could be from a volume improvement compared to what you have disclosed on several occasions regarding volume? Well, continuous pricing, but also mix on many occasions helping you. So just to understand the question. So you're assuming that volumes will be good in the next 12 months, is that what you're assuming in the question? Well, if we get an upturn. So for example, I mean, I'm not pointing out that, you know, you said things are looking up now in demolition and that this should be extrapolated. I'm not saying that. But if we say that volumes start to improve on a kind of more longer term level, it's not just one quarter here and there, but volumes actually begin to improve. How positively affected could we be from that kind of just volume uptick? I think the quick answer to that question, of course if the volume goes up, then you have some positive operational leverage effect of that. But on the other hand, if you look at how we manage to keep margins very strong in the, in the quite weaker market condition, that maybe is also an indication that we are quite good in handling variations around that. But obviously the theoretical answer would be that if we get more volume, we should get some benefit out of that. But we'll see. We don't know if we'll get more volume in the next 12 months. That's big. Yeah, yeah. And it wouldn't be a kind of adverse effect that the most volume sensitive parts have a negative mix associated with them. For example. You mean a mix of. To be honest, the last. Okay, now I understand the question, Col. The last two years it's been a little bit weak across the board. You know, in demolition tools you can always have that impact obviously that, you know, let's say we start growing a little bit more in the, in the, in the slightly lower margin part that could have an impact, but we have not. Yeah, maybe it could be some effect around that. Maybe that also a little bit what helped us the last few years that we had a little bit, you know, more stability in the high morning. So that's a good point. That can also come into play. But I was more referring to volume across the board. If you get operational leverage effect, that of course will help us. But you know. Yeah, sure, can of course be some factor around that, but it's very difficult to know. I think in general, you know, all areas in the mission tools saw a weaker market condition in the last two years. Then it can be slight variation between timing effects of different quarters, etc. But if you measure it over two year period, it's been pretty much across the board. All right, thank you for that. Of course we have. If you take it take part, if you take maybe the attachment tool business, they are more only exposed to infrastructure demolition and construction related, whereas some of our machinery products are of course exposed also to that, but maybe also to some industrial sectors and other sectors which maybe didn't fall as much. So. Yeah, fair point. You could make some theoretical analysis around it. It's very difficult to know exactly how the market conditions play out at any given point of time. Yeah, understandable. Thank you for that. Okay, thanks. More questions at this time. So I hand the conference back to the speakers for any closing comments. Okay, thank you very much for listening and for the questions and I wish everyone a good Friday. Thank you.