NOTE AB (publ) (NOTE) Q1 2025 Earnings Call

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WEBVTT 00:00:01.516 -- 00:00:06.000 Welcome to note to Q1 presentation. How 00:00:06.000 -- 00:00:07.662 do we? 00:00:07.662 -- 00:00:11.865 How do we see upon the quarter that passed and that is, I think it's a what do you call 00:00:11.865 -- 00:00:16.870 it to two sided quarter we we when we went into this quarter we had a feeling that 00:00:16.870 -- 00:00:20.333 there were quite positive. 00:00:20.333 -- 00:00:25.498 Views on the on this year we we were expecting a quite good recovery 00:00:25.498 -- 00:00:29.862 gradually during the year. We saw that 2024 00:00:29.862 -- 00:00:35.268 was the so-called stock adjustment year and where we saw big 00:00:35.268 -- 00:00:40.554 decreases on some of the customer side due to destocking and so on. 00:00:40.554 -- 00:00:46.061 Then gradually when I think that everyone knows that the politics 00:00:46.061 -- 00:00:49.565 in the US has affected our 00:00:49.565 -- 00:00:55.809 market quite significantly. How it affects us is 00:00:55.809 -- 00:01:00.958 not really clear, but if we look at the facts, we can say that, 00:01:00.958 -- 00:01:06.528 okay, we have, I joke about it a little bit, we have one of the less important 00:01:06.528 -- 00:01:11.497 numbers in our annual report until this year has been our direct sales to US. 00:01:11.497 -- 00:01:17.142 That is about 5% of our sales. I think it corresponded to 198 million in 2024. 00:01:17.142 -- 00:01:19.084 For 00:01:19.084 -- 00:01:23.489 some reason, that has become very important this year to talk about. 00:01:23.489 -- 00:01:28.714 So if we start within this area, we can say that about 5% of our sales go directly 00:01:28.714 -- 00:01:33.779 to US, 10% of additional goes what I call indirectly to 00:01:33.779 -- 00:01:38.743 US. That means that we sell this to cust...