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The picture continues to overall be positive, and we could see an organic growth of around 4% in the quarter because of continued increased demand and also growth in Asia. Improving demand in the life cycle management area in Europe was also supporting the growth. Fashion continued to see recovery in Europe. And compensated for lower demand in North America, which resulted in an organic growth in line with previous year. The trend we have seen in the last month in North America with lots of new requests, new customers, slowdown in the end of the quarter as the as a consequence of the ongoing trade disputes. Especially between U. S. And China. Despite the turmoil in the market, we continue to see a high volume of new request and we have also secured new customers that will be implemented in the second and fourth quarter. If we look at automotive, continued a negative trend from previous year, with negative organic growth of 12%. And for Print and Packaging, it was even worse with negative growth of 16%. Supply chain came in slightly better with a negative growth of 11%. Other was stable in the quarter with an organic growth in line with previous year.

And Industrial, that showed the stable demand last year turned to negative growth of 3% in the first quarter. When it comes to Healthcare, we could see negative growth of 5% but the segment continues to look positive going forward. With lots of new requests from both existing [indiscernible] new. Customers. If we then go to Slide 10, a look at how things will be going forward. So to meet the uncertainty in the market, continue to have a high focus on lowering the group's cost base. And to consolidate capacity when possible. In parallel with this, we have very high activity on the sales side to secure new customers. And we think that over time, can trade barriers create new opportunities for global logistics company as a land off by breaking up global logistics chains and replacing them with more regional and local logistics small logistics chains which will increase the need of warehousing. This will also increase the need for smart solutions that make it easier companies to quickly redirect their inventory volumes [indiscernible] Here, Elanders has an advantage with our own WMS system, CloudX, [indiscernible] which with just one integration makes it possible to utilize our global capacity.

And to support this even further, we will increase the tempo in developing more AI functionality in the system. We also continue to work with reducing our net debt by optimizing our working capital investments and cash flow And as a result, have we managed to reduce our working capital with $634,000,000 the loss. Two years. And that was everything for me. And now I hand over to the operator to handle questions. Please, operator, go on. [indiscernible] Today's first question is coming from Mr. Marcus Aderut of Carnegie. Go ahead. Your line is open, sir. Yeah. Hi. Hi. Marcus Amherst here at Carnegie.

My first question is is on the on the system change. That you have. Was that impact big? And then which end user segments did that affect?

The system change was affecting us in Europe. One of our absolute biggest warehouses, one of our biggest electronics customers. So So it meant that during the whole month, the customer lowered the volumes, and we need to have double personnel So I think it's affected our results in Supply Chain Solutions with our own 1,000,000 roughly. So it rather bottom line result effect rather than a top line effect?

Yes. It was mainly bottom line. Yes. On EBITDA level.

And then on Fashion And U. S, did I get you right that you've had good inquiries, a good amount of inquiries some time, and you saw a slowdown, but but there's still a good amount of inquiries. So we should we should all else equal, if these turn into into new orders, see new sales coming in, approximately when from these inquiries do you expect?

Yeah. You know, the the new customers we have have gotten there will some of them will start in Q2 and then in Q3. So that trend has continued, and we still have lots of requests. But the thing we could see now in especially in the end of the quarter is that our customers starts to getting worried how they should handle the high duties between between China and U. S. So there is, of course, a risk for us that, that will push down the volumes overall for our customers. We are a bit uncertain now when we can see the effect. And what we realized is that roughly of our fashion customers in U. S, 90% of their volumes are actually coming from China to U. S. Of course, it's a complicated thing for them. Mhmm.

And then, I mean, I I know you don't give give out any forecast or anything like that, but maybe you is it possible to say anything? Things are moving very, very fast. And, I mean, the the bunch or the bulk of the tariff discussions has been in April. But is it possible to say anything about the mood out there and what are your customers saying How did April start? Have you seen is it too early to say about any impact from this or anything about how the quarter has started?

It's a bit too early to say. I think everyone is very careful for the moment. So [indiscernible] even if there are some positive signals, we could see that some of our customers even stopped their export to U. S. Overall. We have to wait and see. So it's a bit too early to say. But it goes ups and down from day to day. But I think it's really hard for everyone to navigate. And a thing we discuss a lot with our customers in U. S. Is that we can offer them special we can offer them branded warehouses. So So we have the capability to take in their goods without paying any duty and then you pay duty at delivery for customers. So and there we see lots of requests. So there could be some temporary volume increases. But I must say, they have not decided yet. Everyone is asking for it, but there's lots of boats waiting outside the coast from U. S. With goods from China. They don't go into haul, but they wait outside. So it's I must say, it's really hard to see the effects But it's still soft, I think, And then maybe lastly, on the kroner effect. [indiscernible] on the debt.

Is that per March 31? Or how how does it work when this revaluation is made? And and yeah, I'll start there. Yeah.

The the on the on the dev side, the revaluation is made every month. End of month. Mhmm. So it's so so the Swedish crown became stronger compared to the dollar and euro.

So this is the take is from March 1, you can say? Yes.

Yeah. Exactly. Just so I know what what what I mean, it's difficult to say what it would have been using the current FX rates. But but if it's continued to weaken, then then it it's better if it was a March. That was basically my questions. Oh, okay. You very much. I'll get back in line. Thanks.

Thanks, Nicholas.

This is sorry, sir. Thank you for your question, sir. Ladies and gentlemen, once again, if you have any questions, Mr. Nielsen, we do not appear to have any further I can return the call back over to you for any additional oh, one second, please. Have Marcus coming back from Carnegie with a follow-up question. One moment, please. Yeah. Hi. I had a couple of more, but so so I'll I'll take the opportunity to ask him. Yeah. Maybe maybe the demand trend in in print, what are you seeing there? And and especially throughout the quarter, and then it seems to be mostly automotive? But then also if you can talk a little bit about online print and what you see there. You talked about this slowdown in growth but is it negative? What do you think is behind it, etcetera? Is it just general economy?

I think in print, we were, you know, sort of, you know, really bad surprise in Q1. It was absolutely automotive, like you say, They continue to go down. And you could see specialty coals exported to China start also continue to go down where we do lots of the manual. But also industrial clients was softening in Q1. So industrial clients, that has been pretty stable during 2024, was also getting softer. And then online print, we had growth, but not in the same size like last year. So I think overall, lots of our products we are doing in print are slowing down, even some of the packaging we do for for the candy industry and things like that was affected. So it was It was a tough quarter for print. That's why we took two really big actions immediately. To be prepared. Hopefully, it was a bit of a temporary thing and because it's very connected to products, I think customers are maybe waiting on what happens with this duty, the trade war, what will happen with their products, So it was a big slowdown everywhere.

And if you look throughout the quarter, did I mean, was this overall the entire quarter or was it accelerating throughout the quarter? Or how do you look?

No, it was pretty bad the whole quarter.

And and only industrial, is it any regions taking out Or maybe you said during the call, but was it mostly industrial in in print? Or was it industrial overall, which where you saw softening?

It was absolutely more in print. There were some in some in let's look here. There was some in industrial well. So I think no, I think it was both affecting both.

Okay.

Slightly more in in the supply chain, when I look here in our number. [indiscernible] Okay. And then finally, maybe you you talk about the need for consolidation in in print or or that may come in I mean, happen faster with what's going on in print and seeing the trends Is this something that you will that you might participate in? Or or or or were you just talking about consolidation of [indiscernible] No. We are of course, we consolidate our own capacity, but I think especially in the German market, where we are really strong, we are actually looking to do consolidation together with other print suppliers. So yes, it's something we are investigating. I think there will be because I think the whole print industry was feeling the lower volume. So for the German market, it could be interesting for us to find [indiscernible] to find ways to consolidate capacity.

Okay. Perfect. Thank you very much.

Thank you, Markus. You for your question, sir.

Mr. Nielsen, at this point, we have no further questions Turn I'll return the call back over to you, sir. Thank you.

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

Thank you.