Good morning, everyone, and welcome to this Second Quarter Earnings Call for 4C Strategies. My name is Jonas Jonsson. I am joined here today by. Veronica Wallin. I am the CFO for 4C Strategies. Good morning. Great to have people joining. We will take you through the presentation of today's quarterly report. We are happy to take any questions. Please write them in the chat as you will, and then we will take them as we progress through the Q&A section at the end of the presentation. Just checking to see that everything is working. Right. Okay. In terms of a presentation of today's quarterly report. The second quarter for 4C Strategies is always a busy quarter. There is a lot of outreach activities going on, and we have also got quite a lot of delivery ongoing, which is a really positive thing for us, obviously. We have been working hard with our product optimization and innovation. We will come back to a little bit of that, and you read about it in the report as well. We have conducted numerous sort of outreach activities together with our customers at trade shows around Europe and around the world. We have also conducted our annual user forum with our Defence customers from around the world. A positive quarter. We have seen the training activities come back up to the volumes that we were expecting from a slightly slower start at the start of the year in Q1. Obviously, of course, we closed a slightly major deal at the end of the quarter, together with some customers in the United Kingdom. We will come back to that as well. Yeah, please type in any questions that you have, and we will take you through this presentation. Looking at the numbers then, we closed out the quarter at SEK 95.4 million net sales, which is with a software revenue of 67%. A strong uptake compared to last year's Q2. We had an EBIT of SEK 13.2 million and an EBIT margin of 14%. A recovery quarter, I would say. We're still trailing a little bit behind if you look at H1, compared to where we were expecting to be and where we were last year. All in all, I would say a solid quarter, obviously supported by revenue from the final closing deal back in June. Also, as I mentioned, exercise activities coming up, which has been supporting both software and our services revenue, our Expert Services delivering according to plan, and so on and so forth. A solid quarter, and a good change compared to where we were at the start of the year. You can also see that our costs are now at the levels that we were expecting them. Our cost-saving program has now come into effect, and we can obviously see that impacting our operating margin. Starting off with the contract that we announced on the 29th of June. We're still in a position where we need to be reasonably close-hold in terms of information around this, a significant win for 4C Strategies, something that we've been working on for a really long time, and we're obviously very proud about how this played out. Being able to sign a contract of this size and this duration is not something that happens to us every day. We're super proud to be able to enter into the delivery phase of something that, as I said, we've been working on for a really long time. It's approximately GBP 55 million spread out over a 15-year period. It's a fixed price contract that comes with indexation, though, we are expecting it to grow over time. There is significant opportunities within this contract as well to expand into wider opportunities, also then to see how the delivery of this can frame deliveries in other countries around Europe and the world to build additional new opportunities as well. The United Kingdom is one of our core markets. The U.K. MoD is now again and still is, and has been for a long time, our biggest customer. I think that the confidence to be able to win a contract like this from the customer side is something that we've built up over a really long time. We're super happy about that. We will be delivering this in parallel with our current and previous contract within this space over the next two or four years, depending a little bit on how it plays out. We are expecting this to be a significant positive contribution running over time, and give us that continued solid foundation to build on in the U.K. and Europe. Really positive contract. A long-term commitment solidifies our position within the training domain in the United Kingdom. Looking slightly wider at the Defence space, we can see, as I mentioned, that our software and supporting revenue have gone up to slightly more normal levels. We had a strong development in EMEA, obviously supported by this contract at the end of it. We do see a continued strengthening position across Europe, also that the market momentum is improving even though the execution is still uneven and there are a lot of bottlenecks in terms of procurement and in terms of the way that we're able to contract. I would say that we've finally seen the Defence investment plan in the U.K., which is basically the execution of their Defence budget. We are expecting increased momentum in the U.K. during the second half of the year, in addition to what I just mentioned. We are seeing that training investment budgets are now going up at a rate that they have not done before. If you look at both in the U.S. and in Europe, money allocated for the specific areas in which we operate are increasing in budgets both for 2026 and 2027. We are working on a number of deals which are to be closed in the near future, around basically all three of our areas, both in the U.S., in EMEA and in APAC. Positive momentum, I would say. Still a bit lumpy, we are expecting fluctuation between the quarters. A lot of focus now going into the third quarter to really progress our position in the U.S. as that is working towards the end of its budget year. A lot of exciting opportunities. I would say, given the discussions that we've had during the second quarter with all our customers and potential new customers, there is a lot in the pipeline. Positive from that perspective. Looking a little bit wider on our Resilience and Expert Services, as we've previously communicated, our Resilience software business is focusing in on our existing customers in our core market. We have now executed the cost program, that is in effect from Q2 and onwards. We are still targeting a positive cash flow for our Resilience software business for 2026. As I mentioned previously, the historic revenue recognition models means that we may still see, from a P&L perspective, that it is trailing a little bit, that's going to pick up as well. We have had a positive ongoing implementation within our newer customers that were announced back end of last year and earlier this year, both within NATO and in European defense organizations, where we are delivering our Resilience tools to help them become more resilient in the way that they operate. Tracking that closely, making sure that we invest the focus that we have left on Resilience in a structured and positive way, really keeping a close eye on operating margins and making sure that we focus that segment into the best possible outcome. Third but not least, looking at Expert Services. It has had a stable development during the second quarter. We closed out at just around SEK 17 million of top-line sales. We are seeing a healthy demand within especially the total Defence space, both here in the Nordics, also growing in the U.K., which are our two prioritized markets for our Expert Services business. That is developing well. We are looking at how we can increase sales during the second half of the year, really pushing ourselves out into the market because there is significant effort being put in place. We've also worked really hard to deliver on core projects during the quarter. One to just as mention, there's an election year here in Sweden this year. Our consultants have been working really hard during the quarter, working with the election agency, to make sure that we train them in preparation for the election, so that they are more resilient and more resistant when it comes to influence activities and other things in preparation for the election. Just one example of how 4C Strategies is working with government and government organizations to help create a more resilient society in the world that we're living in today. All in all, I would say that from a segments perspective and a sales perspective, we're still trailing a little bit in the second half, but obviously a really strong end to the quarter with the major deal in the U.K., which you're going to see in the order book and the order intake, which Veronica is going to mention. A lot of positive movement, still a lot of work to do, and we're pushing hard to continue to improve our position. I'll hand over to Veronica for a bit of more details around the numbers. Thank you, Jonas. Starting with the P&L, net sales increased by 26% to SEK 95.4 million, as Jonas mentioned, compared to SEK 75.6 million last year. That was driven primarily by a stronger software revenue following the new customer agreement signed by the end of the quarter. As expected, the second quarter showed an improvement compared to Q1. Revenue development benefited from a strong performance in EMEA, while some expected business in North America was again delayed due to timing effects. The improved revenue mix, together with the benefits from the organizational changes implemented last year, that resulted in a significant improvement in the profitability. EBIT reached SEK 13.2 million, and that was corresponding to a margin of 14%, compared with a - 16% the same quarter last year. If we look at the business mix, Defence represented around 77% of the total revenue in the quarter, and that is reflecting both the strong demand that we have in the Defence market and also our strategic focus in this segment. Yeah. No, absolutely. I think if you just look at the 77% coming out of the Defence, I think that's sort of where we will be expecting it to sort of be as we move forward. We are seeing strong demand signals and working really hard into converting those as well. Positive movement on that side, but also reasonably strong in the other ones. That's good. Yes. If we turn to our financial position, we ended the quarter with a cash of SEK 1.2 million. During the quarter, because of that, but also we announced a fully secured rights issue of approximately SEK 54 million, with an overallotment option of up to around SEK 20 million. The subscription period commenced today, the rights issue is intended to strengthen our financial position and also ensure that we have the resources to execute on the strong order book that we have built, but also continue to invest in our Defence sales capabilities. If we look at the contract assets, it increased by approximately SEK 33 million to SEK 318 million. That is mainly reflecting the major customer agreement that we signed towards the end of the quarter. We also continued, of course, to convert contracts assets into invoicing during the quarter, but it is worth noting that the increase would have been even larger without the updated assessment that we now do on the revenue and how we allocate across these contracts. It results in a more balanced buildup of the contract assets over the contract term. Going forward, our priority remains to be a disciplined execution and convert our growing order book and contract assets into revenue. Also of course, invoicing and make sure that we ultimately stronger cash, or make it stronger cash generation. Yeah. No, absolutely. I think the rights issue that we're executing now will give us a good position to move forward. We do need to invest a little bit into this new contract with some front loading of cost. We are expecting to be able to invoice a significant amount towards that contract within the next 12- 18 months. Then linearly executing on that over time. We are expecting to see contract assets go down as we progress into a new model where we look at how we recognize revenue or how we look at the delivery of our software in relation to how we then recognize that revenue. We are expecting this to start to go down, but it is going to take some time, and with contracts like this one especially, then that is a bit of an anomaly, I would say, in terms of how, because of the length and the size of the contract, that creates a bit of an anomaly. All in all, a very positive impact for us, of course. If we go into the order intake and order book, the order intake reached SEK 683 million in Q2, and that is making by far our strongest quarter to date. The increase was, as Jonas mentioned, of course, driven by the largest contract in the company's history, and that was signed in the U.K. Defence sector. As a result, our rolling 12 months order intake exceeded SEK 1 billion for the first time. This also lifted our order book to a new record of SEK 960 million up at 222% compared to Q2 2025. These are important milestones for the company and, of course, it strengthen our revenue visibility and demonstrates our ability to secure a large long-term contract that also support future growth. Looking at just the sales and the order intake, and now currently the order book as it stands, being able to secure this level of new contracts and then, obviously, of course now we're going into delivering on those, but to have, as Veronica mentioned, the rolling 12 months order intake exceeding SEK 1 billion for the first time is something that we're extremely proud of. To be able to get those commitments from our customers on firm fixed price contracts and actually important to mention as well that this is not framework agreements. These are actually contracted deliverables in the future. Really positive in terms of where we are. We now need to execute on our strategy and deliver on all of this. All in all, obviously the order book as it stands is something very, very positive for us. Looking forward then, in terms of where we are and what's going on, a busy period coming up. I think as I mentioned, the second quarter has been a positive step change for us. We worked really hard during the start of the year to make sure that we would be able to execute on a lot of these opportunities before the summer period. As we now move forward, we are very clear in our focus, and that is focusing in on our Defence business continuously, making sure that we take and we hold the position that we have, both here in Europe, growing in the U.S., securing and protecting our position in APAC, and really working hard to deliver on that order book and working with our customers. We are also, of course, continuing on looking at our cost optimization and cash conversion from our existing contracts. We are still trailing, compared to where we were expecting, and there are still delays in execution, especially in our North American projects. We are expecting that to pick up during the third quarter. We also had quite a significant pickup at the back end of the second quarter where we were able to invoice significant amounts at the back end of June. That's a continued really strong focus from us, of course, to make sure that we put ourselves in the best possible position for continued growth. Final point here is working really hard together with our engineering, product, and design teams to look at product innovation. We have released a major upgrade to update to our Defence Platform during the second quarter. We are releasing continuous development within our Resilience Platform to continue to stabilize that towards our customers. We are in a different position now, I would say, in terms of how we're able to deploy software and how we're able to work with our customers continuously, supported by AI enhancements in both code generation, but also testing, hardening, and really supporting that innovation. When we look forward, we're going to be focusing very much on execution within Defence. We are looking to strengthening our Defence team further with additional sales capacity around the world. We will deliver on our order book, look at continued cost optimization, and really focusing in on the cash conversion. In the same time, making sure that we're staying at the frontline in terms of what is required to continue to support the military buildup and the enhancement of readiness in Europe, in the U.S., and in APAC. Those are our key core focuses going into the summer period here in Europe, but at the same time, obviously, full speed ahead in North America and in APAC as well over the next quarter. That was today's presentation. Moving into Q&A. Let me just shift here and see what we have got. We have got, is Q2 the beginning of a sustained recovery, or was it primarily driven by one-off factors? Well, I think if you look at Q2 and the outcome of Q2 compared to the size of the contract that we've just signed, you can see that it's not a freak result or anything that is massively outstanding from where we normally are. The way I look at it is, I would say that Q2 was a return to a more normal level towards the trajectory of continuously increased stronger quarters. I would say that it's more in line with our expectations. At the same time, obviously, the business is continuously volatile. We are going to see ups and downs in the coming quarters as well. Working hard now to get a flying start into the third quarter. Some of the things that we were trying to close out in Q2 slipped out, and we're hoping to be able to execute on those in the very near future. Really working our way towards a strong end to the year. Q4 is usually a very good quarter for 4C as well, as you're aware, and the second half is a stronger half when it comes to cash conversion due to the timing effects of license periods and so on and so forth. When do you expect to be cash flow positive in a rolling 12 months? Well, we are working really hard, and we are expecting to be cash flow positive, I would say, by the end of the year. We are continuing to increase our cash conversion and looking towards going back to a positive organic cash generation. We have significant contract assets that we're working to convert. We are expecting to see an uptake on a lot of those project deliveries during the year. Full focus on that and expecting an increased cash position as we move forward through the remainder of the year. Order intake in the quarter amounted to SEK 686 million. Does that order intake relate solely to the large U.K. Defence contract, or does it also include others? Well, it is a combination of that contract and others. The reason the deviation between that order intake and what was communicated also in the press release and in other places is due to FX. That was one of the contracts, obviously, a large bulk of the numbers that you would've seen, but not the sole contract, in terms of closing out the quarter. As I said, we had some deals that we were working on, which has now slipped into the third quarter, so we're hoping to a good start in Q3 as well. All right. Any other comments from Veronica? No, we didn't get that many questions today. Okay. Maybe we have answered them in the report. Otherwise, you're more than welcome to contact us. Yeah. No. Let's see. You previously talked about updating the medium and long-term goals. When can we expect to see some guidance there? Well, we are working on that. We want to see the quarter stabilize a little bit. We want to see the purchasing cycles, both in the U.S. and in Europe, go back to what we think is a slightly more normal process. As we've mentioned, we are seeing quite a lot of bottlenecks, especially in the procurement agencies, where things are being held longer than what we're expecting. We've also changed, as we mentioned, the way we recognize or the way we look at our software delivery, which leads to the way we recognize some of that licensing revenue predominantly and also support. We are looking to update that. We can't give you a firm fixed timeline at the moment, but working on that towards the future, and hopefully, we'll be able to tell you more about that. Also, we'll be sharing more information about this new contract that we just signed and more details about what it is, just as soon as the rest of the parties involved have agreed and are sharing that information as well. We'll be getting back to you on that, and hopefully with additional new contracts as well, new product releases, new exciting projects that we're delivering. Thank you very much for listening into this call. Please reach out if you have additional questions or thoughts, and follow us in the different medias where we exist. Hopefully, we'll see you all around during and after the summer. Thank you very much for your attention, and have a great continued Thursday.