Thank you, George. Welcome, everyone, to Elanders phone conference.

Together with me here is also our CFO, Elsa Wilson. I will now go directly to slide number 5 and talk about our first quarter.

We could see that the positive trend with improved demand continued from the fourth quarter. We also had an organic growth in the quarter of 1%, and adjusted for air and sea, it was actually 2% organic growth.

The organic growth came mainly from Asia, but also North America could show growth. Europe had a negative growth, but if we adjust for air and sea, they were in line with last year.

Also, our adjusted EBITA result continues to improve, and despite negative currency exchange rates, which affected results negatively with 17 million crowns, it increased to 172 million crowns compared to 133 the year before. This was an improvement with 29%.

Our adjusted EBITA margin improved to 6.2% compared to 4.1 the year before. If we then go to slide number 6 and look at our cash conversion, we show a weaker conversion than last year, but this was a consequence of the increased sales in the end of the quarter, which tied up working capital.

In January and February, the demand was pretty soft for us, but there was a really strong demand in March, so that was the reason for the a bit softer cash conversion. If we then go to slide number 7 to look at Supply Chain Solutions, our organic growth was positive with 2%, and if we adjust for air and sea, we actually had an organic growth of 3% in Supply Chain Solutions.

Asia was the main driver and came in with an organic growth of 8%. If we look at result, we can show a very positive development with both improved EBITA margin and EBITA result.

Our adjusted EBITA margin came in at 7.3% compared to 4.8% last year, and our adjusted EBITA result was 162 million crowns compared to 126 last year. This also was an improvement with 29%.

If we then go to slide number 8 to look at Print & Packaging Solutions, there you can see we had a more challenging quarter, especially in print, we had a very soft demand in January, February. It was recovering in March, but it couldn't compensate for the weak start, which resulted in a negative organic growth of 2%.

Despite the lower sales was our adjusted EBITA result in line with last year, and our adjusted EBITA margin improved. In the end of the quarter, we signed a five-year agreement with one of our online print customers, which has a potential to reach a total sales of 140 million years the coming 140 million euro euros per year the coming five years.

If we then go to slide number 9 to look at the development of our different customer segments in the quarter, I will comment the organic growth per customer segment excluding air and sea. If we start to look at Electronics, the picture continues overall to be very positive, and in the quarter, we could see an organic growth of 8% because of strong demand in Asia and stable demand in Europe.

Fashion was stable in the quarter and came in with an organic growth of 1% because of growth in North America, and Europe was in line with last year. If we look at Other, that is mainly online print and FMCG, had a sales in line with last year.

If we look at Automotive, the negative trend from last year stopped in Q1, and sales was actually in line with last year. Industrial show a negative growth of 4%, and here EU was in line with last year, but UK had a negative growth in the quarter.

When it comes to Healthcare, we could see a good demand and an organic growth of 2.5%. If we then go to slide number 10 and looks how things will be going forward, I must say that the positive start of the year makes us feel more optimistic for the rest of the year, even if the world around us continues to be challenging for both us and our customers.

We could see in the quarter a stabilization in demand and also improved sales in Germany, which is the group's largest market. This, combined with our strong organic growth in Asia, makes us more confident, even if it still is a bit challenging times.

When it comes to Asia, and especially Southeast Asia, we can see lots of opportunities for growth. We are now planning for adding capacity in Thailand, but also expansion into Malaysia and Vietnam.

As maybe everyone knows that Southeast Asia has a predicted yearly growth of around 4 to 6%, and this creates lots of opportunities for us which we want to fetch. In US and UK, which continue to have overcapacity, and we are pushing hard for new sales to fill it up, but also we are subleasing, and in the beginning of 2027, we can exit two major contracts in UK, which will be very helpful for us when it comes to next year.

That was everything for me. Thank you for listening.

Now we open up for questions.

Hi, can you hear me?

Hi, Markus, we hear you.

Hi. Number of questions.

Maybe starting with the new contract that you're referring to that you took during the quarter, can you talk a little bit more about those contracts and maybe in which areas? Just elaborate about those new contracts.

You mean contracts in general, or you mean this Germany contract, or Sorry?

No, you mentioned in your prepared remarks that you have won several important contracts during the quarter which drive sales. Just a bit curious what you're referring to.

No, but it's now that it's pretty interesting. We can see now that, for example, in Automotive, which might have been very challenging for us, especially last year and challenging for our customers, we can also see now that our customers realized that they need to have good suppliers, we have managed to secure and renewed several important contracts on that side, and also get some additional contracts.

Also on the Fashion side, we had some new important contracts. Start to be some more growth in US, even if it goes back and forth all the time.

Overall, very very positive. Also in the Industrial side.

Especially in Germany, we can see that even if the market there is still a bit soft, we can see that we are gaining customers, we are renewing existing agreements, which is very important for us.

This contract that you were talking a little bit about, the €140 million, just to make sure, is it total over the 5 years or per year?

No, it's total over 5 years. It's still big when it comes to print, and this customer are planning a huge expansion to expand in Europe.

They are mainly now in Germany, but we will expand to Poland, production in Poland, Scandinavia, they have a good growth plan, and we have had them as customer for several years, and they have had a good growth from 20% per year, but now they will go even more aggressive in their growth path. In total over 5 years, yeah.

Is it a new customer? It's incremental, or is it the entire €140 million?

No, that will be mainly new sales actually,

because,

yeah.

Yeah. Okay.

Because of their expansion, yeah. Sorry.

Then

on your comments about the improved demand towards the end of the quarter, was that in both business areas? You point out to print in particular, but do you see the same thing in supply chain?

Also that you see the improved situation towards the end of the quarter?

It was. It was much more in print because print was really bad January and February, and strong in March.

Supply chain was more soft in January, start recovering in February, but they also ended strong in March. I must say March was a very positive surprise for us.

Underlying demand was very strong, lots of customers, so that was good. All right.

It feels like that trend has continued?

Hard to say, but hard to say, but I think it's will continue better because normally January, February are is our weakest months, especially January every year. I I think it I think it was a good platform to the coming quarters.

Overall, I I now I I think picture is pretty good for the moment, yeah. Then

I would assume that the working capital that you built on back, as you say, because of higher sales in March will also reverse in coming quarters? It will normalize?

Yeah. We should see a reverse in Q2.

That was mainly driven by March that was so strong, yeah. Then

finally maybe a deeper question, but on Electronics grows quite nicely with 8% organic growth, do you see any impact in your sales or in orders from the memory shortage?

From the?

Memory shortage in terms of smartphones and

We see it, actually, because I think our customers in Electronics side, they could sell even more. For the moment, they can balance the shortage of memory.

We think that it will be pretty stable. They will be a bit up and down, but the signals we get is they think it will be stable, they can manage.

It's more that they had the possibility to grow more, but they cannot grow more because of this shortage. It doesn't feel like the problem we had in Automotive some years ago when everything stopped.

I think they will be able to manage, and so we expect the volumes to be pretty solid, but a bit of a fluctuation from month to month.

Perfect. I'll get back in line.

Thank you, Marcus.

Thank you very much.

Thank you.

Hi, can you hear me?

We hear you.

Hi. Starting off here, you talked about you implemented price hikes here during the quarter.

If we look at Supply Chain Solutions, of the 3% here, how much is driven by price hikes, and how much is volume growth in the organic print here?

The majority is still growth, organic growth. Because especially in organic growth, I think the price increases has more helped us on the margin side, because there were some contracts with low earnings.

If you look at the growth, that's more driven by organic growth and not price hikes.

Okay. Looking forward here, the same kind of dynamics, the growth should be mainly from volumes rather than price hikes here for the coming quarters as well?

That's correct, yeah.

Perfect. On the end markets here and the pickup in demand as you alluded to here at the end of the quarter, is there any specific end market that sticks out here, maybe on the positive and negative side?

No, I think the really strong end market for us is Southeast Asia. We had 3% growth there in Q4, and now in Q1, we have even 8% growth.

Southeast Asia, for us, strong growth, North America, some growth, a bit reluctant, it's up and down, and Europe is for the moment more flat. It's more flat in Europe.

To manage growth in Europe, we need to gain new customers, new volumes, because our existing ones, the demand is still, yeah, still pretty soft.

Yeah. Perfect.

Then the overcapacity which we've seen here for a while, are you happy with the current situation, now when you see volume slowly pick up again, or is it more like volume decrease to do here on the overcapacity side?

I think we are coming a good way with overcapacity, because in Germany, where we had overcapacity, there's almost no overcapacity left because of gaining new customers. That is absolutely under control.

We still have capacity for growth in Germany, that is our biggest market. Now our challenges is especially in US and UK, because especially UK is really slow market still.

There we have a great opportunity to exit two huge buildings in the beginning of 2027. We are not so stressed about that one, because that will give us a good push.

In US, it's more where we work really hard to find new volumes. We have some subleases on its way, and if we need more capacity to growth, it's easy to find on the market for the moment.

It's very easy, so,

yeah. Perfect.

Then going back here a bit to the working capital question, as you said before, it's an effect from the pickup at the end of the quarter, but is it any other more structural effect here or to consider?

No. No.

No, it was the acceleration in March, yeah.

This should reverse.

It should come back. It should come back, yeah.

It should come back.

Yep. Perfect.

That's all for me for now. Thanks.

Thank you.

Thank you. Thank you.

Thank you, everyone, for listening to our conference call. Thanks.

Bye-bye.