Welcome everyone to Karnov Group's earnings conference, where we will present the outcome of the first quarter of twenty twenty five. Please go to slide two. I'm Pontus Bugelsen, president and CEO of the company. With me, I have our CFO, Magnus Hansson, our head of investor relations, Eric Baigen. Magnus and I will present the outcome of the quarter using a few slides. And then we'll open up for questions. With that said, let's get started with the presentation of the first quarter Please go to slide three. In Q1, we achieved solid growth strong cash flow, and improved margins. Customers are adopting our AI assistant. Usage of the AI assistant is increasing steadily and our customers become significantly more efficient. Net sales grew to 6,000,000 in the quarter. The organic growth was driven by strong online sales in Region North, including customer upgrades to our AI solutions, while offline sales in Region South were weak. The adjusted EBITA margin improved to 26% which is an improvement of more than three percentage points compared to Q1 previous year. A result of achieved synergies. Thanks to our strong operating cash flow in the quarter, leverage has improved to 2.4 times, well below our financial target.

Let's move over to Slide four. Our customers are typically renewing their annual online subscriptions primarily during the fourth and first quarter every year. Generating strong cash flow for Karnov Group. We are pleased with the strong cash flow in the first quarter. During Q4 to Q1, we have generated an adjusted free cash flow of SEK $455,000,000. Compared to SEK $265,000,000 during same quarter's previous year. Thanks to our synergy efforts, our margins are improving by quarter. In Q1, we reached 26 percentage, in adjusted EBITDA margin. Our acceleration initiative has now progressed into Region South, for additional synergy achievements and margin improvements. The legal market is progressing in the shift to AI supported solutions, And our AI assistant is the leading AI solution for legal research in our markets. Our customers become significantly more efficient and in the next slide, I provide a deep dive into the usage and sales. Next slide, please. Usage of our AI assistant increases steadily, thanks to significant efficiency gains for our customers. Once a customer has adopted the AI assistant, it becomes a daily collaborator for research. And usage is increasing every month. A charming story from real life is this. Thanks to our AI systems, a lawyer from a small law firm in Sweden could identify a highly relevant argument that made him win in court against a large law firm with significantly more resources.

Yeah. Our AI assistant attracts customers in all segments. In q one, Deloitte's Swedish branch adopted our AI assistant. They have since adopting it, increased the number of licenses and expanded usage to additional departments thanks to significant efficiency gains. In May, we launched a major to our AI assistant, providing additional customer value. The assistant now has an agentic workflow, with, for example, multistep questioning, refined searches, and targeted answers. We have also developed the follow-up prompt suggestion feature and users can preview our sources directly for higher efficiency. Our AI roadmap is ambitious. We will launch additional customer value in 2025. Including a specific solution for caseworkers in municipalities. Next slide, please. Are pleased to progress ahead of plan with the Region South synergies. The annual run rate synergies amounted to €9,000,000 at the end of Q1 as we have continued to deliver on all work streams. We reiterate our ambition to achieve annual run rate synergies of €10,000,000 by the end of twenty twenty six. Next slide, please. In parallel, we also progressed ahead of plan with our group wide acceleration initiative, We have now initiated synergy harvesting in Regent South. At the end of Q1, the annual run rate synergies amounted to €8,000,000.

Our ambition is to generate cost efficiencies of 10,000,000 Euro with full effect. On run rate basis, the end of twenty twenty six. Next slide, please. In this slide, you can see our two cost efficiency initiatives running until the end of twenty twenty six. With the ambition of harvesting efficiencies of €20,000,000 in total. At the end of Q1, we have achieved annual run rate synergies, of €17,000,000. Next, slide, please. I will now comment a little on our segment performance, starting with Region North. Region North continues to perform excellent. Both in terms of growth and profitability. We delivered strong growth, thanks to increased subscription based online sales including AI uplifts. Moreover, our EHS businesses continue to expand the customer bases attracting new customers. Margins continue to improve. Mostly thanks to achieved synergies from our acceleration initiative. But also operational leverage from the increased net sales and product mix. The integration of the acquired carve out Schulz Legal Information business progresses according to plan. Next slide, please. We progress with our business cases in France and Spain. Our French business generated solid growth in the quarter as we are attracting new customers. Our Spanish business has declined in the quarter as offline sales were weak.

I am taking the necessary actions in Spain to address the weak offline The Spanish merger is complicated, and we can reap the full benefits, of our strong local proprietary content. The merger is completed, and during q one launched the Infinita product, which contains all content from the merged business as well as AI functionality. We are pleased with the market response so far. The Spanish merger is completed. In France, the new versions of our three flagship products all with AI, have generated strong interest from the market. Our efforts generate the expected returns, and we are attracting new customers in France and expanding our customer base. In May, Guillaume Der Roubaix is leaving Karnov Group. He has played an important role as entrepreneurial integration lead Region South, successfully merging the two Spanish businesses and relaunching the flagship products in France. We are now in a new phase, and moving forward, our country managers in Spain and France will re report directly. To me. Next slide, please. With that said, I will now hand over the floor to our CFO, Magnus Hansson. He will tell us more about the financial results. Magnus? The floor is yours. Thank you, Pontus.

So let's start with an overview, switching to Slide 12. In Q1, we achieved net sales of