Welcome, everyone. It's David Rönnberg here, CEO, and with me I have Robert Berglund, CFO, presenting today's Q1 report.

Let's start off, Robert, in changing the slides for me. You can see here on the map that we have been growing quite rapidly and adding more stores and locations, vet clinics, and spas the last year and quarter.

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All right. You can see here that you have the number of stores in Finland has been expanding and in Baltics with Pet City and the latest acquisitions that was done in Portugal with Zu.

We have been expanding in Sweden and Norway quite a lot the last 12 months. Norway, I would say the shining star in the quarter, both from a growth perspective, but also from a profitability perspective.

Currently we are operating 513 locations, whereas 59 is vet clinics and 177 spas. If we continue and look at the highlights that we have in the quarter, you can see that sales was increasing with 15.6%, which is higher than last year, we ended up at €138.5 million.

Like-for-like was at a very good level, 3.9%, also stronger than last year. Own and exclusive brands came down a bit, but that's because we are adding now the Baltics and Portugal, which has a lower percentage share of sales of own and exclusive brands.

On the other geographical areas, we are on par or a bit higher. Operating cash flow, €10.6 million, lower than last year, but seasonality effect and net working capital impacts on that one, it swings over the year.

From an online like-for-like sales growth, it was quite slow, and that's related to the platform changes that we're doing. In our pure play verticals, Vetzoo, we did it first.

Second out is Peten in Finland, and then the third change that we will do is in our own banners, and that will be done a bit further on. During a period in these platform changes, we see slower sales, and then it comes back.

From a gross margin perspective, we are super happy, coming in at 44%, and that relates to a lot of long-term work that we've done with the own and exclusive, our own production facility that's producing more of our own brands, less campaigning or campaign pressure, and also selling more of our high gross margin products. Gross margin came in at a very good level, and that also then relates to the adjusted EBITDA, €14.2 million versus last year €12.7 million, very good level.

We can also say that the result has still been a bit burden of investment from the long-term perspective, which relates to platform, our logistics, and into SymphonyAI, which is an AI tool into our stores. That will give impacts from a positive perspective going forward.

We had bigger investments during Q4 than Q1, it's coming down. Overall, great performance on the top line, gross margin, and profitability.

When we look at the sales perspective, we see that 15.6% is a very strong number, high growth, also then including Baltics and Portugal. As I said earlier, you can see that we point out here, and Robert will go a bit through more in detail later on regarding Norway that has been performing extremely well.

When you look at the last 12 months net sales, €528 million, and now actually Finland and Sweden in a percentage share of sales is at the same level, where Finland has been higher until now, but now they are meeting up at the same level. New markets is now starting to be a bigger part of the pie, as you see, at 12 12%.

Happy to see that we are adding the new markets, and that is growing well. Regarding the gross margin, as I was speaking about earlier, we are very happy with the 44%, even though we're seeing that the share of sales own exclusive has been coming down, but as I said, it's mainly related to the new markets coming in.

Of course, in the strategy that we're having, our goal is to increase the own exclusive share of sales in the new markets, but it takes a bit of a time, but that's part of the strategy. We have seen that the gross margin, if we look the last 12 12 months backwards, from a trend perspective has been performing really well, we are quite comfortable that this will continue.

If you look at the adjusted EBITDA, increased by 11.8% to €14.2 million, as I said earlier. A good trend or a change in the trend that now happened in this quarter.

We've had the last couple of quarters has been quite slow in Q2 and Q3, and during Q4, we had a very very good performance versus last year. Now it continue that a over 10% growth, which is a good level.

We hope that the investments that we've done and also with the strategies that we're having, that this will then continue going forward. With that, I hand over to Robert that can go through the segments, starting off with Finland.

Yes, hello, everyone. Starting with Finland.

In Finland, sales increased by 3%, now to €48.9 million, and actually that was mainly driven by the like-for-like sales growth of 3.5%, so which is actually a quite good performance in in this kind of a more mature market. At the same time, also our adjusted EBITDA increased to €11 million from €10.7 million the last year's same quarter, and the percentage of as percentage of sales this was mainly on the same level, now 22.5% compared to 22.7% last year same quarter.

This has been driven by the increase in gross margin, as you've seen driven by what David says, however, also impacted with by increased cost relating to the growth initiatives that we have have ongoing. During the quarter, we actually opened one new store, own or directly operated store, no bigger changes in the store network.

Moving on to Sweden. Here net sales actually increased by €8.7 million.

Like-for-like was 1.3%. Out of this €8.7 million, we also had a positive FX impact of €1.9 million due to the SEK rate.

Sales now ended up at €48.7 million compared to €44.8 million last year. Also adjusted EBITDA increased by €1 million to €8.3 million, and at the same time also the margin from 16.3% to 17.1%.

Also here driven by the by the kind of a good performance or good development we have seen in gross margin, and and also here then slightly offset by by the kind of a growth initiatives that we have ongoing. Regarding the network, we opened three new stores, and actually one location was acquired, four new stores during the quarter.

Then coming to Norway. We actually had a fantastic sales increase of 25.5%, now up to €24 million.

Really strong strong growth. Really to a quite large extent now driven by a 12.6% like-for-like growth, which is actually very very very strong in in these markets.

Some positive impact from from FX, but only €0.8 million. A really strong momentum continue actually, and even got a bit stronger now in in Norway.

We are actually very happy with the development. Also this development then turned into a clear increase in adjusted EBITDA, landed now at €5.1 million or 21.4% of net sales compared to €3.3 million or 17.5% last year.

A a very strong strong kind of development, a very strong start in Norway of the year. During the quarter, we also had some changes.

We opened two in the network, we opened two own stores, but we also acquired actually three locations through acquisition of Petgo Retail AS. All in all, five more stores.

Then last, the new markets now amounting to a sales of €17 million, kind of a consisting of Portugal and Baltics, both still into the integration phase. Now integration of Zu in Portugal has started, and are are kind of developing a plan, and and the Baltics integration is actually now reached the last phase and is starting to kind of be be ready.

There we can then put full focus on on the development of the network and and and drive both sales growth and and profitability. Also good to know that that now compared to earlier quarters and and earlier years, Zu was acquired in December last year, only only now included for part of Q4 2025 and then in Q1 2026.

The new markets contributed with an adjusted EBITDA of €0.9 million compared to €0.5 million last year, and with the same EBITDA margin. Of course, here much is now of much focus is now on on the integration in order to get that that done as soon as possible.

In Pet City, we also had had we closed actually two stores, and in Zu we opened three stores, some some changes in the network at the same time. Then moving on to the financial position.

Operating cash flow, as David said, amounted to €10.6 million compared to €18.7 million last year, lower, mainly driven by changes in net working capital. There are swings between the quarters that are relating to timing and and timing of both the kind of a cycle of net working capital, but also timing of really really kind of a short-term short-term kind of a kind of a timing of when when invoices are paid, and when when stock is is actually entering our our warehouses.

Gearing ended up at 132.7% compared to 112.9% at the end of last year. Net debt now €219.1 million, consisting of a of a kind of interest-bearing loan and commercial papers of €135.9 million and lease liability of €98.7 million.

Net debt to LTM adjusted EBITDA landed at 3.4 times. End of the of the quarter, we had a cash cash equivalents balance of €15.9 million, more or less the same as as the end of the year, which is quite efficient for for our business.

Investments amounted to €7.1 million. A pretty good also capital situation, cash flow and and capital structure situation.

Now I hand over to David for summary.

As we gone through then, a good performance, especially on the top line growth, gross margin, and the profitability. Both from a top line growth and like-for-like performing really well.

Norway standing out, which is performing extremely well, and we are also opening more stores and acquiring more stores in Norway. Some of the markets where we will continue to push even harder will be Norway, Sweden, of course Baltics when time is right, when we have integrating it fully, and then Portugal, where we're seeing good growth opportunities with acquisitions and store openings.

Ahead of us, we see a lot of store openings, greenfields, and some acquisitions. It also shows that we have a lot more to do in the markets that we're operating in, but we're also reviewing new markets to enter.

Strong financial position, and we're gaining a lot of market share in our home markets, which is good, and it shows that the concept is really working. The next steps for us is to enter new geographical areas and continue growing.

With that, I will hand over to questions.