Preceding the silent period of our first quarter 2026 results release. My name is Essi Nikkinen. I am heading the investor relations at YIT. Together with me today, I have our interim CFO, Markus Pietikäinen, and our CEO, Heikki Vuorenmaa, on the line. We will start with a recap to recent developments in the company presented by Markus, and after that, the participants will have an opportunity to ask questions from Markus and Heikki. As a reminder, this call will be recorded, and the recording will be published on our website after the call. At this point, I will hand over to Markus. Please go ahead. Thank you, Essi. Good morning to everyone. As usual, let's start with a short update on our businesses and markets, and let's start with Residential CEE business. As a recap, in 2025, our apartment sales increased by more than 30% in the Baltic and CEE countries. These regions have become the principal market for our residential development and construction. Demand remained healthy, particularly in Czech and Polish markets, where structural residential needs and urbanization trends continue to support activity. Project margins have remained at targeted levels and the market conditions continue to be favorable. We continue to allocate further capital and focus on these markets to secure future projects to our pipeline. Furthermore, despite increased investments in the new project starts and plots in 2025, capital employed remains well managed and under control. This morning, we announced our new project starts during the first quarter of the year in the Residential CEE segment. We started two projects in Riga and one project in Prague, Kaunas, and Vilnius during the first quarter, supporting our strategy. A short recap on Residential Finland. Apartment sales in Finland did not develop as expected in 2025, particularly in the second half of the year. This was partially driven by a geographical imbalance in our own inventory. However, the main driver was the prolonged weak market conditions. Consumer uncertainty continued to slow down demand and investor activity remained muted. In 2026, the Finnish residential market remains highly consumer-driven as investors remain cautious about launching new projects. As we communicate in accordance with the Q4 results, sales volumes in the primary residential market are not expected to increase in 2026. Our view of the market is in line with the latest economic outlook by the Confederation of Finnish Construction Industries, which was published last week. The market environment hasn't changed since Q4. Consumer confidence remains low and mortgage withdrawals do not show increase. We continue to adapt our operations to prevailing market conditions and launch self-developed consumer projects based on demand. In the first quarter of 2026, we announced new self-developed project starts in Oulu, Tampere, and Kaarina. In February, in accordance with our full year results release, we announced a plan to renew the operating model both in Residential Finland and Building Construction segments, with the aim to respond more effectively to changing customer demands. We are moving from a geographically operating regional organization to a function-based structure in which responsibilities and activities are clearly defined around core functions. With the new operating model, we plan to align our cost structure with current market conditions, streamline the organizational structure, and enhance operational efficiency. In the beginning of the first quarter, we are happy to announce the appointment of Mari Puoskari as EVP, Residential Finland segment, and a member of YIT's leadership team. She will start in her new position in early July at the latest. Let's then move on to our contracting segments, Infrastructure and Building Construction. The Infrastructure segment demonstrated strong momentum throughout the year 2025, with revenue increasing by more than 30% and all key performance indicators developing positively. This reflects the successful execution of our strategic initiatives. The industry investment pipeline began to materialize in Finland in 2025, with numerous projects still in the feasibility study phase. Development of the industrial construction and in particular data center construction has progressed faster than anticipated, and as a result, we announced that we will double the strategic growth target for the segment to 10% for the strategy period. In line with our strategy, we seek growth in rail infrastructure projects in Finland. To strengthen the railway construction expertise, we announced in January the acquisition of Electric Power Finland, its railway services business. This acquisition is a strategic investment for us in railway construction and maintenance expertise. We have collaborated with the Electric Power Finland team on several projects, and now we are joining forces to offer our customers comprehensive solutions that leverage the best expertise in the industry. Later during the first quarter, we announced that the Finnish Transport Infrastructure Agency had selected YIT to carry out area contract four of the Espoo Urban Railway project. Espoo Urban Railway project is one of the most significant Infrastructure projects in the Helsinki metropolitan area. Our strategic investments in the development of rail construction strengthens YIT's ability to deliver comprehensive rail Infrastructure solutions for even the most demanding projects. We are proud to take part in building this important connection for the future. All in all, the order book for the Infrastructure segment is strong, and the segment is well-positioned to pursue growth and further enhance operational efficiencies. In 2025, we made determined progress in the Building Construction segment, securing several contracts across both public and private sectors that reinforce our competencies and expertise. During Q1, we published three new projects. In January, we announced that YIT and Atria had signed an agreement on the construction of the convenience food production plant in Nurmo, Finland. In February, we announced that YIT and Helsinki City Housing Company had signed a comprehensive agreement on the renovation of the rental housing company located in Helsinki, continuing our long-term cooperation with Helsinki City Housing Company. In March, we announced that YIT and XTX Markets had signed an agreement for the interior finishing phase, building services engineering, and commissioning of the second data center building in Kajaani. The agreement follows the successful completion of the structure and envelope works for the facility. The fast development of the industrial construction and in particular data center construction is benefiting both the Infrastructure and Building Construction segments, and as a result, we have announced that we will double the strategic growth target also for the Building Construction segment to 4% for the strategy period. The previous growth target was 2%. During the first quarter, we have announced two significant changes to our external reporting that are worth mentioning here. In accordance with our full year results release in February, we announced that YIT had defined non-strategic items, namely assets that are not part of the company's strategic core operations according to the strategy for the years 2025 to 2029, and which we intend to dispose of during this strategy period. The book value of these non-strategic items at the end of 2025 was approximately EUR 340 million. Starting from Q1 2026, we will change the definition of operating profit adjusting items, so that going forward, the profit impacts related to non-strategic items will be included in the operating profit adjusting items. Capital employed of the businesses will be presented as operative capital employed, which includes items aligned with the company's strategy. Return on capital employed will be calculated based on the operative capital employed. As a result of the change, the reporting adjusting operating profit and operative capital employed will more clearly reflect the profitability, capital usage, and capital efficiency of the company's strategic business operations. As communicated, the change will impact Building Construction and Residential Finland. In early March, we announced that YIT had completed the plans related to the previously discussed change in the operating model, and as part of the new operating model, will adopt percentage of completion revenue recognition method for self-developed projects in its internal management and reporting. The change will be reflected also in the external segment reporting. Starting also from the first quarter of 2026, YIT will report all operations using the percentage of completion revenue recognition method in segment reporting. Adopting the percentage of completion revenue recognition method impacts the timing of the revenue recognition in segment reporting. Going forward, YIT publishes adjusted operating profit only in accordance with the segment reporting, which will also serve as basis for the guidance for 2026. We published comparison financial information for 2025 to reflect the announced change on the revenue recognition method in segment reporting, including also change in the definition of operating profit adjusting items for the market participants to use as a basis for the estimates of the company's development from Q1 2026 onwards. In this call and also afterwards, we are more than happy to answer your questions regarding the reporting changes that are effective from Q1 2026 onwards. We announced the 25th of February 2026 that we will redeem the remaining hybrid of the 31st of March 2021 hybrid. There is EUR 46 million outstanding, and this will naturally also have an impact on our end of Q1 gearing numbers. Last, two weeks ago, we announced that the appointment of Erkka Repo as Chief Financial Officer and a member of the group leadership team. Erkka will start in this role by September 2026 at the latest. We are happy to welcome Erkka as part of the YIT team. This is a recap of first quarter main events. Happy to take any questions you may have. Thank you, Markus. We are now ready for questions. If you have a question, please use the raise hand function. We have the first question from Atte Jortikka. Please go ahead, Atte. Thank you. Good day from me. This is Atte Jortikka from Inderes. First question on the current geopolitical instability. Have any of the projects that are in feasibility study phase, particularly in your contracting segments, been postponed or canceled due to the instability? Thank you, Atte, for the question. Of course, maybe a couple of words on the geopolitical instability and how we have been actually reacting to that. Already three and a half weeks ago, we decided to start to analyze the implication that what it would have in terms of our overall industry. As you know, the supply chains on the construction industry are also quite global and the material is traveling. We started to analyze through that on our whole procurement capabilities and the supply chain, what would be the implications if the kind of situation would continue for the longer period of time. Same goes to our sales contracts and already the contracts that are existing with our customers. We haven't seen immediate reaction from our customers, like contracting site customers on due to the crisis yet. Of course we are monitoring that situation. If you think about an element on the global scale, what we've seen, especially on the digital Infrastructure investment market. There has been quite a lot of focus also to invest that type of data centers to the Middle East. Of course, I think the whole industry is carefully monitoring that. Will this situation now shift some of the capital allocation on the global scale and more towards perhaps Europe. Okay. Thank you. Continuing on that, what kind of cost effects you expect to have from this, and is there any differences between your segments? At the moment, too early to conclude. Of course, where the material is more produced locally, there's less of a risk if there would be increases on the transportation costs and when there's the material then traveling for the longer distances, that could have a higher implication. Like I said, we've been on this case. We are looking, we are monitoring, understanding it, but it's too early still to conclude the kind of full impact, if any. Okay. Going to the Residential CEE segment. There was roughly 300 apartment starts or consumer apartment starts in Q1. What is the volume target for the segment for the whole year? We do not specifically set or communicate the volume targets for the full year for the segment. Like you rightly said, it was approximately 300 units that we started during the Q1. If we take a look our previous quarters, what we have been selling on that segment. I think the 300 units is actually slightly below the kind of historical sales. Good to keep in mind that we are looking for 15% growth in that segment, which is in terms of revenue, and that strategical target is still valid for us. Okay. Then finally, what kind of seasonality will you have in this residential starts in CEE this year? Can you comment on that? I think the starts are very much dependent on the consumer demand on the specific countries as well as the perfect conditions to start in terms of the construction cycle and the availability of the kind of the timing of the construction permits in case. That is the situation in CEE also for this year. Okay. Thank you. I'll hop back into line. Thank you, Atte. Thanks, Atte. Do we have more questions? Yes, Juho, please go ahead. Hi. Thank you for taking my question. Juho Tilli from Evli. About the Residential Finland, one question about the volume. Was the loss because of the low volume, or was it also because of the selling old inventory to make it smaller? Can you comment on that topic? Is my hypothesis right that you are talking about the loss in Q4? The whole year. The whole year. Okay. If you looked at 2025 full year numbers, I could argue that, of course, when we have been having a case where the overall production volume as well as the sales volume have been declining about 80% to 90% on the whole industry, of course, the overall structure and the operations that has been in place are or have been kind of created to larger volumes. I think that's the one element. Of course, as you are relying a lot on your Let's say, completed inventory. It's a question that are you capable to achieve the best or the predicted project margins as such on those when we look the 2025 performance. Those two combinations are, of course, then the element that are impacting the profitability for Residential Finland business on a historical basis. Thank you. Thank you. Thanks, Juho. Do we have more questions from anyone? Yes, Svante, please go ahead. Yes. Thank you, Heikki, Markus, and Essi for the comments so far. Perhaps a question about the interest rate spike that we have seen now. How do you think about the direct and indirect implications around that? Thank you, Svante. It's a great question, and I would say that still goes to the category of too early to conclude. We do know that the Finnish residential business, on a historical basis, has been quite sensitive for the interest rates fluctuation, what we saw in the years during 2022, 2023, and what was the implication to residential business at that time. Good to keep in mind, that wasn't the only factor. There were several elements that were impacting the overall, I would say, the demand supply picture, which was completely imbalanced for a couple of years on our industry. Now, when we then look what if we kind of rely on the data from the Confederation of Finnish Construction Industries RT. What we can see from the latest outlook is that there is a less of a completions now than there was in 1950. From that picture, the supply side is drastically declined on to the market. There is still, obviously, when we look the home buyer's perspective, there is on that equation, there is the structural need that we see definitely there is on the market. There is a question about the confidence and the affordability, and the affordability is I think the interest rate is one part of that equation, obviously on the affordability side. We do not yet have a full view or I think it's still too early to conclude that what will be even the midterm implications on this one. Thank you, Heikki. Then perhaps a question on data centers. Do you think you have gotten your fair share of the projects or do you think you will be able to further increase your win rate there? I'm very pleased where we are. There are, obviously as we have communicated, there are a lot of opportunities for the whole industry. I'm very pleased where we are with that respect. Okay. Thank you. That's all for me. Thank you, Svante. Thank you, Svante. Do we have more questions? Okay. It seems that there are no further questions. Thank you all for participating. We will publish our first quarter of 2026 results on Tuesday, 28th of April. Have a great rest of the day. Thank you. Thank you all. Thank you. Bye-bye. Thank you. Bye.