Good morning everyone, and welcome to Europris' presentation of results for the third quarter. My name is Espen Eldal. I am CEO of the company. Joining me on stage today, you will see CFO Stina Byre, who will present the financial details. After the presentation, we will host a Q&A session, and that will be managed by IR officer Trine Engløkken. We will start with questions from the live audience here in Oslo today, then we will take questions from the web. Those of you who are online, please feel free to type in your questions as we speak. Before we get started, I would like to thank Nordea for hosting today's presentation, and also for arranging the investor meetings we have later today. Europris is a discount retailer operating the Europris store concept in Norway and ÖoB in Sweden. In addition, we have the online companies, Lekekassen and Strikkemekka, mainly operating in Norway, but also into all the Scandinavian countries. Both Europris and ÖoB operate a seasonal concept. In the third quarter, the summer season has been challenging, which resulted in the third quarter that was below our own expectations. In addition, we had some issues with our campaign program, which fell short of the expectations we had. When we look at the numbers, total sales in the quarter ended at NOK 3.5 billion, which is a reduction of 1.6% from last year, but up 0.6% in constant currency. Despite an increased gross margin, the EBIT ended at NOK 244 million, which is a reduction of around 5% from last year. When we look at the first nine months, total sales was NOK 10.5 billion. That is an increase of 1.9% and 3.1% in constant currency. The gross margin has increased, and that resulted in an EBIT of NOK 710 million, which is an increase of 10% from last year. I started to talk about the season, and of course, timing of summer impacts a seasonal concept like Europris. This year we had an early start of the summer season compared to a late summer last year, and that impacts sales in the quarter. This year we had good sales for the summer seasonal goods in the second quarter while the sales was moved to the third quarter last year. Year to date, the figures are of course comparable, and overall, we are very satisfied with the summer season we have delivered. We met our sales targets, and we have a healthy inventory at the end of the season. The Norwegian consumers and also the Swedish ones, they remain very price conscious, and private labels and campaigns are key sales drivers in the quarter. Despite high campaign sales, the overall campaign program fell short of the expectations we had, and we have taken some corrective actions. The Europris concept is based on low prices, seasons, and campaigns. All these three elements are important drivers of traffic to our physical stores. The position we have on low prices is undisputed, and with this high sales of private labels, that demonstrates that we are very relevant for the consumers and drive traffic. When the season comes short, we should have had a stronger campaign program to compensate for the lost traffic due to a bad season. The campaign program was simply not robust enough to drive traffic during the season, and we should have had the broader range of traffic-driving initiatives to ensure that the customer footfall was still there despite a slower summer season. We were simply too dependent on the summer seasonal goods in our campaign program and should have had the broader program to attract more traffic and be relevant when the summer was difficult. The good thing is, of course, that Europris is a relevant concept for the price-conscious consumers. We offer value for money, and growth is driven by the campaigns and the private labels. Even though we see real wage growth in Norway this year, the consumers have become more price conscious, and you might say that perception beats reality because statistically, the consumers are better off than before, yet they feel that everything has become more expensive. We see that in the way they shop in our stores. They choose campaigns, they choose the low price points, and especially they choose the private label products. High share of private labels is not only driving sales, but it is also important for increasing the gross margin. If you go some years back and look back to 2020, the share of private label sales in Europris was 40%. Now in 2026, that has increased to 48%, and that is also a very significant key factor for the good increase we have seen in the gross margin for the company over this period. We are not only working with the products, we also work with the store portfolio, and we opened one new store in the quarter. We relocated and expanded three stores, but we also closed one store. The board has approved another eight openings for 2026 and beyond, of which four are subject to planning approvals locally. If we move to Sweden, the turnaround program continues at full speed, and one of the most important things is to harmonize the assortment and try to position ÖoB as a relevant destination for non-food products and also for the seasonal products. The Swedish consumers, they really welcome the upgraded non-food range we have introduced in the stores. That delivered 9% sales growth in the quarter, and 10% for the first nine months. The share of non-food is now increased by 2 percentage points, up to 28% so far this year. The stronger non-food offering in Sweden is crucial to attract new customer groups and increase longer term profitability. It is a key activity in the turnaround plan we have for Sweden. Despite the positive development we have seen on the non-food goods, we are not satisfied with the development in Sweden in the third quarter. The timing of summer and the campaign program, of course, also had negative effects in Sweden. I think that we actually got a larger hit in Sweden because we are not there in the robust market position as we are in Norway. In Norway, we are market leaders and we can live with a weak campaign. The customers know us and come anyway. But in Sweden, we have to fight harder for the consumers as we are in challenge in the market. I think that the hit was bigger in Sweden than in Norway on the campaign issues we had and also the seasonal issues. Another key element in the turnaround plan in Sweden is to remodel the stores and make it a more attractive and nicer shopping experience for the customers. During the third quarter, we have remodeled another 10 stores, bringing now the total of remodeled stores to 38 by the end of the quarter. We have planned to upgrade another 10 stores in the fourth quarter. Four of them are already done today, and we will then have 48 upgraded stores at the end of the year. The remaining store portfolio will be upgraded next year, with some exceptions. There will be around five to 10 stores that will not be remodeled due to the fact that they are potential relocation candidates, or we have issues with negotiations with the landlord. We are not investing if we are not going to stay. So basically, there will be a handful that is not remodeled at the end. Now we are approaching the fourth quarter, and honestly, that will be a test for ÖoB. This is the first time we have a fully harmonized assortment for important Christmas season across Norway and Sweden. We will do some extra marketing activities. We will go broader into the market and communicate that ÖoB has something new to offer for Christmas this year. We are expecting that this test must position ÖoB as a stronger seasonal destination in the markets. But of course, we have more Christmases to come. We have 2026. It is the first year we have the full line assortment. Then we will test more in 2027, and of course, we are up for exams in 2028. But it is going to be a test for ÖoB to really position themselves and deliver in the fourth quarter. We are raising the bar and saying that we have to do better seasonal performance in the fourth quarter than what we saw in the third. Regarding the store portfolio, we will do a broader full scale national marketing by the marketing activities next year when we have upgraded most of the store portfolio. The ÖoB turnaround plans stays firm. Our ambition is to lift sales to NOK 5 billion and also with an EBIT margin of 5% in 2028. It is built on these three key drivers we have been talking about all time, and they come also in a natural sequence. First, it is about harmonizing the categories and do joint sourcing. That is more or less done. Then it is about strengthening the execution across the value chain. Then we talk about doing the same campaign structure. That is almost done. It is about doing the same seasonal experience, and that we have the full scale test now in the fourth quarter. Lately, it is about improving the customer experience. That is remodeling the stores. There we are basically halfway into the project. We are making good progress despite that we see that the results we deliver now in the third quarter did not meet neither your expectations or our own expectations. With that, I will leave it to Stina to present the financial details. Thank you, Espen. Sales for segment Norway in the third quarter was NOK 2.5 billion, slightly above last year. Europris is a seasonal concept, meaning that good seasons attract more footfall to stores. While a seasonal need may trigger a store visit, customers also fill their basket with other items when they come to shop. This year, as summer came early, the corresponding footfall and sales fell in June, while last year, as summer came later, this fell in July. This was a timing effect. Looking at the first nine months, the summer season and overall sales performance was good, and the Europris chain showed growth higher than the broad variety retail index. We still see price conscious consumers, and private labels and campaigns had sales growth both in the third quarter and for the first nine months. That said, the campaigns drew less footfall than expected in the third quarter, and corrective measures have been initiated. The sales development for the pure play companies was impacted by lower sales outside of Norway. On 1 July, the EU introduced a customs duty on imports from non-EU countries, which negatively impacts profitability on these sales. Our pure players have done a tremendous job with mitigating measures. Strikkemekka has expanded its already existing warehouse operations in Sweden and expects to be fully stocked in the beginning of next year. For Lekekassen, it is more complicated, but measures on what products to offer, pricing, campaigns, freight terms, et cetera, have been implemented and will be further worked on. While the P&L impact for the group is more limited, this is a clear competitive disadvantage for our pure players, with a negative impact on sales and profit. The gross margin for the segment showed strong improvement in the quarter at 45.8%. This is an uplift of 1.5 percentage points, excluding unrealized currency. OpEx grew moderately and EBIT was NOK 294 million, just above last year. While EBIT was largely in line with last year, in the third quarter, the segment delivered an EBIT growth of close to 5% for the first nine months, following sales growth combined with improved gross margin. Sales increased by 4% to NOK 7.5 billion, with Europris demonstrating its relevance through higher footfall and a volume-driven uplift in the basket. The gross margin improved somewhat, while the OpEx was negatively impacted by the combined effect of volume-driven sales growth with high wage growth and increased distribution costs. All in all, this accumulated into an EBIT of NOK 867 million, an improvement of 4.7%. Sales for segment Sweden in the third quarter was NOK 1 billion, a reported decline of 6.1%, but an increase of 1.3% in local currency. 10 stores were under remodeling during parts of the quarter, negatively impacting footfall and sales in the period of temporary closure. An important part of the turnaround is succeeding with the harmonized non-food range. It is evident that customers appreciate the upgraded assortment, as these sales increased by 9%. The gross margin improved by 1.2 percentage points, excluding unrealized currency. In local currency, the OpEx increased by 9.7%, significantly impacted by the store remodelings. The EBIT loss grew to NOK 50 million. For the first nine months, sales were NOK 3 billion, down 3% on a reported basis, but up 0.9% in local currency. Remodeling and temporary closure of 34 stores had a negative impact on footfall and sales. We do see overall better performance on key KPIs for the remodeled stores. Non-food sales increased also for the first nine months, and the gross margin improved by 2.2 percentage points, excluding unrealized currency. OpEx was impacted by the store remodelings this year, and the segment had an EBIT loss of NOK 157 million, an improvement of NOK 29 million compared to last year's loss. Summing up the third quarter for the group, sales were NOK 3.5 billion, slightly up versus last year in constant currency. While the sales development was below expectations in the quarter, the gross margin showed significant improvement. Costs related to the remodeling program weighed on the results, and EBIT was NOK 12 million below last year. For the first nine months, sales reached NOK 10.5 billion, an increase of 3.1% in constant currency. The gross margin improved, and despite headwind on the OpEx, EBIT increased by 10.6% to NOK 710 million. Earnings per share were NOK 2.31, up 8.1%. Cash flow from operating activities for the first nine months was NOK 900 million, a significant improvement from last year. This was from year-on-year improvement in the change from inventory, as last year included a planned inventory buildup and from timing of accounts payable between the years. Higher CapEx was from the store remodeling program in Sweden, in addition to category upgrades and investments at the central logistics center in Norway. All in all, net cash increased by NOK 54 million, and the group has a solid financial position with cash and liquidity reserves of NOK 2.5 billion. Espen will take you through the outlook. Thank you, Stina. When we look at the market and especially the macroeconomics affecting our customers, we see that the interest rate hike we had in Norway in September was not expected a year ago, and we also see that the policy rate path has been revised upwards in both Norway and Sweden. How this will affect the consumers is a little bit difficult to say. I said earlier that perception beats reality. We see that they are acting more price conscious, which should be positive for a concept like Europris. We also know that it's expected to be real wage growth in both Norway and Sweden in 2026 and also 2027. Up until now, I think that the retail market is dealing with these issues quite well, and it seems like there are still growth in the overall retail markets. We believe that the consumers will remain price conscious and that concepts with clear priorities on price will be among the winners, and I think that we are well-positioned in this market. More importantly, on short term, we are well stocked and prepared for the important Christmas season. We have received all the goods, and now it's just to do Halloween this weekend, and then it will be Christmas in all stores from next week. Then we are having the Black Weeks or Black Month, and then, of course, the important Christmas sale season in December. The biggest sales days are ahead of us, and we are looking forward, and we are well prepared for the final sale seasons of the year. With that, I will actually invite Stina back on stage, and we will do the Q&A. Trine, we will start with questions from the live audience. Brage from Nordea. Regarding the campaign issues, could you go a bit further into detail what happened and what measures you are taking in order to correct them in the future? Also regarding private label developments, what particular categories do you see positive developments in? Yeah. On the campaign program, we fell short, basically, of having a broad enough offering. We were too dependent on seasonal goods to drive traffic to stores. When the season was not there, we should have had a broader campaign offering in the weekly marketing leaflet to ensure that we had other offers that were attractive for the customers, so they came to our stores. It was basically that we were too dependent on the summer issues. We should have had the broader offering. I think that we should work to have that regardless of the season so we are pulling all these strings to drive traffic. The low prices we have with the private labels, the season will always be there. If it comes late or early, it doesn't really matter, but we should have campaign program that supports sales regardless of how the season develops. That is basically, it was not broad enough to attract the customers. Regarding the private labels, that is basically across more or less all categories that we see positive development. We see that the consumers are tending more and more to test the private labels and think that it's value for money, and that they shouldn't pay more than they have to for a product. I think it's the smart consumers that are really trying to test our private labels, but I don't think it's only about Europris. I think you see the same development in all the store concepts as well. Let me go to questions on the web. Douglas Enocsson, how much higher are the gross margins on private label products in Sweden against food and consumables? We have never disclosed the exact difference. I do not think we will do that today either, but it is a significant difference. On consumables, you have the lower margins. On non-food, you have, on average, a higher margin. Non-food is, of course, dominated by the private label products. So you have a significant higher percentage of gross margin on the private label products. How are the stores remodeled in 2026 performing compared with the non-remodeled stores? Are they reproducing the sales and gross profit improvements seen in the four pilot stores? The remodeled stores are performing better than the stores that are not remodeled, and that is on both sales and on margins. But we see a better performance on the margin than we do on the sales side. We still see that remodeling the stores drive sales. We see a slight increase both in traffic, but a bigger increase in the basket. But we still need the big marketing push to attract new customers also into these stores. Remodeling itself is not enough to reach our targets. We still need to do marketing and attract new customers into the stores. They are performing better, but our performance is more significant on the gross margin due to a different basket in the stores than it is on sales itself. The last question from Douglas Enocsson. For ÖoB, how much of the remaining improvement towards your 2028 profitability ambition depends on gross margin gains from assortment and sourcing versus operating leverage, and the end of refurbishment-related costs? The biggest part of the improvement should come from increased gross profit. The operating leverage is not that much. The OpEx cost in Sweden are quite trimmed, so it is not there we should make the savings. This is about changing the sales mix, but also about attracting new customers and driving the sales upwards. So it should be an uplift in sales at a higher gross margin. Håkon Fuglu, thank you for taking my questions. Can you break down the gross margin development by FX, campaign share, and product mix, both in Norway and Sweden? Well, the unrealized impact from currency changes that we have disclosed in the report. Apart from that, we do not give a granular split on how the gross margin develops. But obviously, it helps with a good product mix from private labels, and we are also working smart to increase the margin where we see potential for that. Do you restate Q2 comment on that ÖoB will deliver slightly better EBIT for the second half 2026 year-on-year? I have to admit that I was negatively surprised by the result we saw in ÖoB in the third quarter. I will repeat it, and I raised the bar for the fourth quarter saying that it is important to make a seasonal position in Sweden, and that we have to demonstrate in the fourth quarter. We are starting off on the wrong foot with the third quarter we delivered in Sweden, which was a miss, not only compared to what was expected in the market, but also compared to the expectations we had ourselves. How did the market perform in October, both in Norway and Sweden? We are not going to comment on the fourth quarter results. That will come later on. As I said, the big seasons are still ahead of us, and the most important sales days of the fourth quarter are all still ahead of us. Let us wait and see until we have the numbers reported in January. Ole Martin Westgaard, Norway first. What was the mix on like-for-like between volume and price? We have in the quarter, the like-for-like traffic was slightly negative, and there was compensated by an uplift in the basket. Looking at the figures for the first nine months as this was also timing impact, as we have said, the seasons and the campaigns attract footfall. Looking at the first or the first nine months, then the growth is driven by traffic and also a volume driven lift in the basket. What are the private label share and the consumable shares of sales in Norway in Q3 compared with Q3 last year? It has increased. It is around 48%, both for the third quarter and for the first nine months, up around 2 percentage points compared to last year. It is a good development for our private labels. How are purchasing prices developing, including currency and freight, and what do you expect for the gross margin going forward? I think that's a good question. I have recently been to China, and what I expect there is, what we can see is that it's the same thing as our customers are telling us. Everything has become more expensive, and especially oil related products, which is used as a raw material in many products, also affects the distribution costs we have to our stores. It's a mix. I do not think things are going to be less expensive. The currency is, of course, moving in the right direction, based on that we are buying in U.S. dollars and selling in NOK. That has been a positive development. That is not a competitive advantage. That is the same thing for all retailers, and it's basically taken out in the price competition. We see that there's also a price competition in the market and that currency is not really impacting that. For Sweden, what drove the 2.1% like-for-like growth at ÖoB? Footfall versus basket and non-food versus consumables? Well, we have a decline in footfall in Sweden, so it is all basket driven. In the basket, it is the mix of the products with a higher share of non-food, which also has a higher share of private label in it. So it is a basket mix game. What was the consumable share at ÖoB in Q3 compared with last year, and how much lower is it in the upgraded stores than in the legacy stores? The consumable share is 72% in Sweden, and it has been an increase, as we commented in the report, of 2 percentage points. Sorry, the latter part of the question. How much lower is it in the upgraded stores than in the legacy stores? It's not significantly changed. It is somewhat changed. We see that the basket growth is better, so they take more of the higher valued items with them. It's not a significant difference in the share. He asks, how are the upgraded stores performing against the legacy stores on like-for-like growth, gross margin, and consumables shares of sales? I think we have broadly covered it, but they are performing better. We would like to see that they perform also even better, as Espen has commented on. That is issues we are addressing and working on how we can attract traffic in an even better way than we have demonstrated in the third quarter. The last one from Ole Martin Westgaard here. Are the upgrade costs per store in line with your earlier guidance on about SEK 2.1 million EBITDA impact and SEK 2.5 million CapEx per store? I think what we guided on in the OpEx was around NOK 1.1 million per store, and then the CapEx over NOK 2.5 million per store. We are roughly in line with those figures. There can be some timing differences between the quarters, but overall, roughly in line. Petter Nystrøm, ABGSC. Norway delivers a strong gross margin at 45.8% in Q3, up 1.2 percentage point. Have you been too focused on improving margins at the expense of sales growth? How do you balance the two going forward? We have not been too focused on increasing margin compared to driving sales. It was basically the miss on sales was that the campaign program didn't cover the goods that should support when the summer was not there. I think we have done deliberate and good work on the gross margin during the quarter. We have balanced the campaigns. We have tried to position goods in the stores to upsell on the right products that gives you margin, and we have also increased the sales of private label. It has been a good retail craftsmanship to drive the margin up, and not that it has come on the expense of the sales. If you ask us every day, seven days a week, we would always say that we want to have higher sales. That is the driver in retail, and that is what we live for in the stores. There was also a volume-driven uplift in the basket. It shows that customers still picked more items when they came. You mentioned increased marketing activity in Sweden during Christmas. Should we expect higher OpEx growth in Q4 compared to the year-to-date trend? Yeah. Stina, I am not sure if I can really answer that. I think we will have higher OpEx. We have 10 remodelings also in the fourth quarter, and there will be some higher marketing, but exactly the figure that we will come back to. But higher OpEx than last year, that is for sure. And another question from Douglas Enocsson. Tokmanni is also improving Dollarstore through assortment changes, joint sourcing, and store development. What will differentiate ÖoB as both programs progress, and could stronger competition force you to reinvest purchasing savings into lower prices rather than higher margins? I think it is a very good and valid question. I think it is the same thing that we see here in ÖoB. It is a lot of various variety retailers concept in the market, and everyone has their own specialty. Europris and ÖoB are positioning ourselves with the low prices and a unique mix of consumables and non-food, while other concepts are focusing more on handyman concepts, more gardening products, or more a treasure hunt philosophy. I think all these concepts have found their own pace. Europris and ÖoB will be this unique mixture of campaigns, seasons, and the mix of consumables and non-food. Regarding purchase power, of course, consolidating volumes between Europris and ÖoB is a key factor of getting better purchase prices. We are also consolidating volumes into trying to make big items bigger. I do not mean that we should make the bottles or something like that bigger, but it is for getting more volume on the same SKUs that is also driving efficiency in the stores and also driving leverage when we do negotiations with the buyers. We want to have good quality on what we sell. It should be value for money, and if that means we have to reinvest some of the purchasing savings we make into an increased product quality, we will do that. But if it is not necessary, we will use that saving to increase the margin. It is a tactical game, and I think that everyone in the market needs to play it the way they want. Another question from Håkon Fuglu. Did the 15-store refurbishment in Q2 impact the Q3 results in some way for ÖoB? Well, I am not sure if I completely understand the question, but if you are talking about OPEX, that can have some timing differences. But also, the upgraded stores do perform a bit better than the non-upgraded. So overall, that also impacts positively into the quarter. But then the stores that you do close also have a negative drag. So it is a bit difficult question, and I am not sure I got it, but feel free to ask us again. Email Trine, and we will try again. That was the last question. Thank you, Espen and Stina. Thank you.