Good morning, and welcome to the second quarter twenty twenty five presentation for Borregard. My name is Piers I'm the CEO of the company, and I'll be joined during this presentation by PeerBjorn Lindsda, our CFO, and we will take you through this agenda. I'll talk about the highlights in the quarter, the market situation for the business segments, the and environmental investment that we have just passed at the Board level and also the outlook for the remainder of the year. And then Pebjorn will come back and talk about the financial performance in more detail. First, with the highlights for the second quarter. EBITDA came in at $522,000,000, up from SEK $510,000,000 in the same quarter last year. We saw strong performance in BioSolutions, where the growth again was driven by increased sales to agriculture. We also saw a very good result in biomaterials, where higher sales prices, improved product mix and increased sales volume contributed positively, but this was partly offset by increased wood costs. In Fine Chemicals, the result came down, and this was driven by lower sales prices for bioethanol. Altogether, we had positive net currency effects across all business areas. Then on to the market situation, first with BioSolutions. The sales volume came in 2% higher than the same quarter last year. And again, this was driven by a broad portfolio of agriculture. So there's no single product group that stands out. It's we have a broad offering to agriculture. The average price in sales currency is in line with the same quarter last year. However, we have guided for a seasonally lower product mix in less favorable product mix in the second quarter compared to the first quarter. So indicating that prices per product line is stable. However, there is a mix change that takes the price down somewhat compared to the first quarter. The Vanillin products, it continues to be a positive impact from U. S. Antidumping duties on Vanlin from China. However, this is again a limited impact in the quarter. So it is not really a deciding factor for explaining the increased result. Positive net FX impact in the quarter as well. Then on to biomaterials. Strong performance in the quarter. The average price in sales currency is 10% above the same quarter last year, and this is primarily driven by price increases. However, the sales volume is also 4% higher than in the same quarter last year. And more importantly, the share of highly specialized grades has increased compared to the same quarter in 2024. So this is also a factor in the average sales price. However, the primary driver is the price increases. Also in this business area, a positive FX impact. Then on to fine chemicals. We have seen continued lower sales prices for bioethanol. And as we have explained before, EU incentives have increased the supply of bio advanced bioethanol into the market. So there is a supply demand imbalance that is driving prices down at the moment. In Fine Chemical Intermediates, we have a slightly weaker product mix compared to the same quarter last year and a positive net FX impact here as well. Then we just want to inform the market that we have the Board has approved an environmental investment during the second quarter at the Saisbah biorefinery. This is an investment of NOK 138,000,000, and it's regarding a 30 megawatt electric boiler. This is part of the transition plan to meet the 2030 climate targets, and it will reduce CO2 emissions and increase the renewable energy share in our total portfolio. We have talked in the past that environmental medicines are a hybrid in the sense that they are somewhere in between maintenance CapEx and expansion CapEx. Environmental investments usually have a cost savings side, but they don't usually meet the full internal rate of return requirement of a minimum 15%. However, we believe that this could be a financially sound investment. It will lead to lower energy cost and reduced exposure to CO2 quotas in the European Union. So it's a good chance that this investment will meet our hurdle rate of 15% return on capital. The expected reduction in CO2 emissions is up to 18,000 tonnes, which will actually move the needle at the Saasborbio refinery. And the first phase is operational from 2027 with full effect from 02/1930. So we feel that we are comfortably on our way to deliver on our 2030 targets. Then finally, I'll talk about the outlook, which is quite in line with what we said after the first quarter. In BioSolutions, the sales volume in 2025 is forecast to be approximately 330,000 tonnes. The sales volume in the third quarter is expected to be largely in line with what we delivered in the third quarter in 2024. And the antidumping duties on Vanlin from China are still expected to have a positive, but again, a limited impact on the result. In biomaterials, the sales volume in 2025 is forecast to be approximately 150,000 tonnes. However, the share of highly specialized grades are expected to be higher than in 2024, which is positive for the mix. In the second half twenty twenty five, the average price in sales currency is expected to be largely in line with what we had in the first half of twenty twenty five, so more or less unchanged pricing going into the second half. The sales volume in the third quarter is expected to be in the range of 35 to 38,000 tonnes. In Fine Chemicals, the sales prices in the second half for advanced bioethanol and the volume are expected to be largely in line with what we saw in the first half in twenty twenty five. On the other hand, the sales volume for Fine Chemical Intermediates is expected to increase in the second half or increase versus what we had in the second half last year. On the cost side, the wood cost in the second half twenty twenty five will be approximately 5% lower than what we had in the first half of twenty twenty five. Again, I should explain that when we talk about wood costs, those costs are delivered at our biorefinery in Norway, which means that there is a transportation component of twenty five percent to 30% in the wood cost, and the wood cost itself is 7065% to 7070% to 75% of the overall wood cost. Again, looking at price developments in wood cost and also the delivery patterns and also the inventory levels going in and out of the second half, our expectation is that the product cost will come down roughly 5%. There will also be a positive contribution from the investments that we have completed within environmental issues to reduce energy costs and CO2 emissions. That will also have a positive impact on costs. Again, we have the uncertainty related to tariffs and conflicts and war that may impact Borgosh markets and costs, but we don't have any particular news to report at this point. So that completes my outlook for the remainder of the year. I will now hand over to Pebe Arne for the financial performance and the figures. Thank you, Pierre, and good morning, everyone. Borregards operating revenues increased by 5% in the second quarter compared with the second quarter of twenty twenty four, mainly as a result of higher sales prices and volume in biomaterials. EBITDA increased by NOK 12,000,000 to NOK $522,000,000. The result in BioSolutions and Biomaterials increased, while Fine Chemicals had a lower result. Net currency effects were positive by about NOK 35,000,000 compared with the second quarter last year. The EBITDA margin ended at 25.5%, close to the margin in the same quarter in 2024 and in the first quarter this year. Earnings per share increased to NOK2.56 compared with NOK2.45 in the second quarter last year. The increase in earnings per share was mainly due to the improved EBITDA adjusted for tax. In BioSolutions, continued growth in sales to agriculture were the main reason, both for the increase in operating revenues and for the improvement in EBITDA compared with the second quarter last year. Operating revenues increased by 3% and EBITDA reached $338,000,000, NOK 20,000,000 above the second quarter last year. Antidumping duties on vanillin from China into The U. S. Had a positive but limited impact for Borgard's van den products. The net currency impact was positive in the quarter. And we had a strong 28.5% EBITDA margin in the second quarter, close to the level we achieved in the second quarter last year and in the first quarter this year. Biomaterials operating revenues in the second quarter were 19% higher than in the second quarter last year, mainly as a result of higher sales prices and volume. EBITDA was NOK143 million, NOK53 million higher than in the same quarter last year. The improved result was due to higher sales prices and improved product mix and increased sales volume, partly offset by higher wood costs. Net currency effects were positive also for biomaterials. EBITDA margin increased to 19.3% in the second quarter, close to five percentage points higher than in the same quarter last year. Operating revenues in fine chemicals were 25% below the second quarter of twenty twenty four, mainly due to lower sales prices for bioethanol. Lower sales prices for bioethanol were also the main reason for a lower EBITDA in fine chemicals. EBITDA ended at NOK 41,000,000 compared with NOK 102,000,000 in the second quarter last year. For Fine Chemical Intermediates, the result was impacted by a slightly weaker product mix compared with the second quarter last year. Net currency effects were positive for Fine Chemicals also in the quarter. The EBITDA margin was 24.4%, 21 percentage points below the same quarter last year. The net currency impact on EBITDA was, as I said, positive by about NOK 35,000,000 compared with the second quarter last year. The positive impact was mainly a result of reduced losses on currency hedging. The positive impact from reduced hedging losses were partly offset by the impact from a stronger Norwegian kroner, especially compared with the U. S. Dollar. Using Borregoire's currency basket, the Norwegian kroner was about 2.5% stronger than in the second quarter last year. Using currency rates as of yesterday, the net currency impact for the full year of 2025 is now estimated to be about NOK105 million compared with the full year of 2024. The corresponding impact for the third quarter is estimated to be positive by about NOK 20,000,000 compared with the third quarter of last year. BorreGard had a cash flow from operating activities of $385,000,000 in the second quarter. In the quarter, the cash effects from EBITDA and a moderate reduction in net working capital were partly offset by tax payments. Investments were $239,000,000 in the quarter. The largest expenditures were related to the Sarzburg site and ongoing environmental investments, the debottlenecking of the site and specialization projects in BioSolutions. In addition, Borregoard participated in a capital raise with NOK 55,000,000 commitment in a repair offering to the capital raise in Alginor resulted in an additional investment of 23,000,000. Net interest bearing debt increased by NOK $229,000,000 in the quarter. The net interest bearing debt was impacted by the dividend payment of NOK $424,000,000 in April. At the end of the second quarter, Boragard is well capitalized with an equity ratio of 57% and a leverage ratio, which is net interest bearing debt over EBITDA of 1.2. And that concludes today's presentation. And I will now be ready to answer any questions from those who follow the webcast. Our Director of Investor Relations, Gnut Harald Bachke will moderate webcast questions. Thank you. First question from Markus Govelli of Pareto Securities regarding wood costs. Is there a significant discrepancy between what you're seeing in the Nordic pulp market compared to the rest of Europe? Just asking because we've seen other Nordic peers guiding for larger drops. I'm not sure exactly how these are presented. That's why I made the point that we present these costs landed costs at our site in Norway, which means that there is a significant transportation component, which means that when we say 5%, the price reduction on wood cost is higher. The wood itself is higher than the total cost for us. So I don't know how other people present the same number, but it is well known that the wood cost level in the Nordic region is much higher than in Europe and other parts of the world. Second question from Magnus Rasmussen of SEB regarding bioethanol and fine chemicals. What can you say about volumes in bioethanol sales over the past three quarters? Fine chemicals EBITDA has been very stable for three quarters, while it historically has varied with the number of bioethanol shipments from Sarpsborg. Should we at current bioethanol price levels expect a more stable EBITDA level around what we have seen for the past three quarters? One thing you should remember is that we had a slightly weaker product mix in fine chemical intermediates in the second quarter this year. So that will probably give us slight lift in the two remaining quarters for the full year. But the run rate is not far from what we've seen so far, at least in the two last quarters or three last quarters. So it's close to that level, but maybe a little bit better in the second half, but not much. I would like to add that to just remind that bioethanol advanced even though it's an advanced bioethanol, this is not a typical Borgard specialized product. So it's really the market balance that sets the price, which is not normal for the types of markets that we are active in. So it's hard for us to exactly predict what the market price will be. This is really dependent on the development in supply of advanced bioethanol, which is driven by the incentives. But I can also remind the market that there is a case going in the EU that there has been some fraud issues connected to what has been approved as advanced bioethanol, and we don't know how that will play out and how that will influence the market balance going forward. So a follow-up question on bioethanol and fine chemicals from Markus Gavalli of Pareto Securities then. Assuming bioethanol prices remain stable, is there any other reason to expect Fine Chemical margins to improve from current levels over the next year or so? I think it goes back to what I just said that out of the markets where Borgard is active, this is the most commodity like market. So it's really all down to how the market balance will play out going forward. Next question from Elliot Jones of Danske Bank regarding agriculture. Can we expect the dynamic of continued sales into agriculture to remain for the second half of twenty twenty five and into 2026? Or do you expect this to tail off at some point? Well, it's it has been going on not only for the first half, it has been going on for several quarters now. And we think that we are well positioned to benefit from, let's say, green trends in the agricultural markets. And we are also seeing that this is across the whole portfolio. So it's not just one single product line that is really benefiting from this trend. So yes, we think that we will still be it will still be a very attractive market for Borgard going forward. Next question from Andres Costanos Moeller of Berenberg related to Specialty Cellulose. Can you please elaborate on the mix improvements in cellulose products? Which end markets are doing well? Are you seeing normal demand from The U. S. For your cellulose products after April 1? Well, first the latter part first. I mean, historically, Borrevagard has not really sold any volumes into The U. S. As we reported after the first quarter, we said that last year was an exception because we sold a certain volume into The U. S. Last year, which was driven directly by the closures in The U. S. And Canada by GP Foley and Temiscaming facility at Raya. This year, we expect to sell a lower volume again to The U. S, so it will not be a significant volume going into The U. S. And but the demand increase is driven by the partly by the closures. The two closures of capacity that happened over the last two years has had an impact on the overall market balance. So this will means that Borgard has openings in certain areas like casings, for instance, high quality casings, where GP used to be a player in the past. Then a question from Niklas Kehin of DNB Carnegie regarding the environmental investment. What energy source is the new electric boiler meant to replace? Is this electric boiler meant to be used when electricity prices are low or more on a continuous basis? Can you say how much CO2 emissions is coming from the current energy source today? Well, this is primarily a replacement for LNG. And if you look at historical price levels there, Borgard has let's say Borgard has we have a very flexible energy system where we can use electricity, LNG and fuel oil at certain and we can switch within an hour, if you like. So we can optimize our energy consumption. But the endgame, of course, is to reduce the CO2 emissions. So use this this is the main source of CO2 emissions for Borgard, and we want to reduce that. So but and this will primarily the target here is to reduce the LNG consumption and replace it with electricity. I would also add that when you compare LNG prices and electricity prices, the electricity with spot price in Norway is really what our landed cost, while LNG price, the one you see on the Dutch TTF, there we have higher landed cost than what you see there due to among other things, transportation. So you can't really compare the spot prices. You have to add something on the LNG price. Next question from Andres Costanos Moller from Berenberg regarding the Alginor investment. Can you please describe where Alginor is in its journey and what milestones are ahead? What stake do you control pro form a for the confirmed investments? Well, Olginor is in the middle of a project to complete their first factory, which will be something between a demonstration scale unit and a commercial scale unit. And that will go online middle of twenty twenty six. So roughly close to one year from now, that will be ready to go online, and that will sell food grade alginate and hopefully also a few other more advanced products that can be made from the same raw material source. So that is really the first and important step to prove the concept that it will actually work. So we are we have to wait until a year or two from now to see how that plays out in the marketplace. And our stake in Alginor is now after the repair emission 41%. Next question from Martin Melby of ABG regarding lignin. What is your outlook for linen prices into the second half and 2026? Well, I mean, generally speaking, we practice value based pricing if we can. And right now we have been in a period where we have had fairly flat pricing. So it's I don't have any more exact answer on where we go from now. It depends on how we see demand across. Remember that we have 600 plus products in this area. So if there is a strong demand across all those across the portfolio, you are in a better position to adjust pricing than if you have a more normal demand development. And for the last six to nine months, we have had fairly flattish pricing in sales currency. And I think this will be the final question from Martin Melby and ABG regarding Specialty Cellulose. Please elaborate on the Specialty Cellulose market balance going forward versus the last ten years. Well, we have said this several times. We started saying this three years ago at our Capital Markets Day that by the end 02/1930, we expect with normal growth rates, we expect to be a very tight market balance in specialty cellulose. After we communicated this, there have been a significant change in the market balance with the closure of GP, Foley and Temiscaming. But at the same time, there has also been a slowdown in construction. So which that's the cyclical part of the specialty cellulose market. So if you have a normalization of the construction market and if you continue with the expected growth rates, we will be tight sooner rather than later. That's our message. The barriers to entry are very high going into these segments. Thank you. And that concludes the Q and A session for the second quarter twenty twenty five. Thank you. So before we close today's webcast, I would like to say a few words. Some of you may know, I will resign as CEO of Borgard on the August 1 this year. And today has been my fifty second consecutive quarterly report since the listing of Borgard in October 2012. I would like to thank the Board of Directors for their support to the Borgard management team through my twenty six years as CEO of the company. And I'm also pleased that the Board of Directors has appointed an internal candidate as my replacement successor, Tom Erik Fossiagobsen. This is very much in line with the Borgard tradition over more than one hundred and thirty years. So after thirty five years in the Borregard management team, it's time for me to say thank you for your trust and goodbye.