Thank you very much. I will start with a brief introduction of Arise. We have three different business segments, starting with Production, our IPP business. We have some 170 MW installed, corresponding to some 430 GWh in annual production a normal year. Secondly, we have the Development business. Currently, we have some 9,000 MW in total in our product pipeline, and we have divested since inception some 1,600 MW. The third leg in our business segments is the Solutions business, our services business, including asset management, financial and technical management, and also construction management. We have today around 2,000 MW under management, and in construction, we have one project ongoing, 105 MW wind project under construction. With that, we can change slide. We are a growing company, and we have now operations in six different markets. Trying to give this some picture on current focus in different focus areas, biographies. Starting to the left with Sweden, where we have a full scope, you could say, operations including wind, solar, and battery storage. We do have our own production and development business. We do asset management, construction management, and we have focus on product sales as well. We also have operations in Finland since 2023, also full scope when it comes to technologies, including wind, solar, and PV. Focus on development, quite good progress in development and product sales. We already did the first transaction in Finland, and we have a focus to do more this year. We have a quite decent portfolio, wind portfolio for us under management as well, asset management. In the United Kingdom, we have a full scope also when it comes to technologies, wind, solar, and PV. Focus on development and product sales, and here also we expect to deliver more during the year, or hope at least. In Ukraine, we are focusing on wind and the greenfield activities, greenfield development of wind, building up our portfolio for the future. A bit the same in Norway, a low spend for development of wind power, and we have a quite big wind farm under management in Norway as well that we had in operation for a number of years. A new market for us is also Germany, where we are focusing on battery storages, development mainly. We also have quite ambitious targets I can mention as well to have first projects ready to build and transactions already next year as battery storage is quite a short development time for battery storages. With that said, I think I leave the stage to Markus to go through the results a bit more. Thanks a lot, Per-Erik. Yeah, net sales for the second quarter increased to SEK 164 million, and this is primarily driven by the battery project that we sold in May, Pysäysperä. This trickled down obviously to EBITDA, which increased to SEK 61 million, and EBIT, which increased to SEK 39 million. If you look at profit after tax, it came in at SEK 28 million. The majority of the profit in this quarter came from the not wholly owned Ojan Voima, which explains the decrease in earnings per share to SEK 0.11. Operating cash flow was SEK 80 million. Cash flow after investments minus SEK 13 million, bearing in mind that the investment activities in the quarter also included a first milestone payment to the sellers of Ojan Voima. If we look a bit into our segments, Development posted EBITDA of SEK 66 million. Very strong quarter, again driven by Pysäysperä, as mentioned previously. We also saw continued maturation of projects across all markets, and the late-stage portfolio increased by a full 400 MW, which I will get back to on the next slide. Production posted EBITDA of SEK 15 million in the quarter. We increased the production by 10 GWh compared to the same quarter in 2024. The realized price, however, decreased to SEK 352 per MWh, as the same quarter last year had favorable price hedges. During this quarter, we also entered into a new hedge position in the short term, which is for Q3 2025, about 8 GWh at the price of EUR 48 per MWh. The Solutions segment, pleased to see now that the Kölvallen has been taken over, and as of June, the OMA has come into force. For those who remember, last quarter was a full quarter where we didn't have any revenue from Kölvallen due to the CMA being kind of kept out, CMA being the construction management. Now when we enter into the operations management, we will see revenues from Kölvallen going forward. This is a segment where we are well positioned for new assignments as well. On the portfolio side, it was largely unchanged in size, despite the removal of the Pysäysperä 125 MW. 400 MW was advanced from early to late stage. Some 30 MW is solar and BESS in Leebo, where we are developing that park as a hybrid park. In the United Kingdom, we have another 100 MW or so wind project in Scotland, which has been advanced to late stage as well. Also, a solar and BESS portfolio of some 150 MW, which is new in late stage. Also, continued maturation of Finnish projects, both wind and solar as well. All in all, very exciting development, I would like to say, of the late-stage portfolio and the prospects to realize projects going forward. I'll hand back to you, Per-Erik, again. Thank you. Market developments, power markets. If you start with looking at the graphs to the upper left, you can see the spot prices in the Nordics. The blue line is the system price, the gray one is SC3, and the orange line is SC4. You can see a quite typical seasonal price profile over the year, with the peaks in the winter and the lows in the summertime. What could be highlighted here is that we have a quite big gap between summer lows and winter highs, which has been quite extreme, I would say, last year, and we had quite high prices during this winter. To the bottom left, you can see the forward prices. You can see the gray line is SC3, black line is the system price in the North Pole area, and the orange line is SC4 prices. Quite stable or sideways during the year until the end of June. You can see also the German prices, the blue line, which is a quite much higher price. Actually, if you compare system price, calendar year 2026, with the German pricing, it's more than double the price in Germany. Of course, that could be a driver in the long run for higher prices if the fundamentals in the Nordics would improve in terms of hydrology. Looking at the Nordics, we see now that the forward market is a bit better supported as the hydrological surplus decreased. We had quite dry weather, especially in the southern part of Norway that has been having an impact on the overall hydrological balance in the Nordics. We had, as you can see on the spot prices, quite fairly strong pricing in the southern part of the Nordics and very weak in the north, very much driven by big hydrological surplus in the northern Scandinavia, in the north of Norway and Sweden. We also experienced that the balancing markets still are quite volatile and costly, especially in the northern part of Sweden. We have seen quite high costs over time. Looking at continental Europe, power prices in general are quite stable, driven by fuel prices that have been quite stable despite the global economic turbulence. Gas prices have been supported by reinjection to storages, starting up during early summer. We see some quite year by year, we see more influence impact from the solar power surplus in continental Europe. One thing to highlight is the question marks when it comes to French nuclear. There are some question marks when it comes to corrosion problems in nuclear power plants. If we see another heat wave come to hitting continental Europe, there might be issues and production limitations due to cooling water as well. Some question marks on a dark horse, I would say, French nuclear that could have a quite big impact on continental Europe, prices in continental Europe, and that will have an impact in the Nordics as well, especially if the hydrological surplus in the market will continue to decrease. The current weather forecasts point in that direction. With that said, we can change slide. I would say the key event this quarter was the fact that we managed to complete the Kölvallen and achieve COD or commercial takeover. This is our largest project so far, 42 turbines, 277 MW installed, corresponding to some 950 GWh a year, almost 1 TWh a year in production. This is the best production asset we have seen so far in Sweden, I must say, an extremely good production resource. We had a sales price of EUR 75 million that we got paid upfront, and now we have managed to achieve an earnout of some EUR 30 million. It's a really profitable project for us as a company and really a milestone for Arise. On top of that, we have also a share now in the project of some 9%, corresponding to roughly 85 GWh a year. It should be mentioned that we had a quite challenging project when it comes to construction. We had a quite challenging overall time schedule, and on top of that, we have been doing a winter installation, and also we had quite challenging permit conditions. A quite challenging project, which we now managed to complete by having an excellent performance by our construction team. We had a very solution-oriented cooperation with suppliers and also, I must say, authorities as well, that have been quite pragmatic and solution-oriented when we had some issues during the winter. We also had quite a good contribution from our BESS project, our battery storage project by Kölvallen, which reduced the grid CapEx for Kölvallen, which also had a good impact on the sales price or the earnout. I also would like to mention, I think it's worth mentioning that we have developed three projects in this area, Skaftåsen and Kölvallen, wind projects, and also Pysäysperä and battery storage. These three projects have financed some SEK 500 million, half a billion SEK in new grid infrastructure, including a new 400 kV station into main grid called the Torpberget. I think this is a quite interesting side effect from the project as well. With that said, I think we move to the last slide. Looking at 2025, our expectations, we have a clear financial target which we expect to deliver on when it comes to project sales and portfolio growth. We have a 10 GW target on project portfolio by year end. We have growth in all markets, and we believe that this is a target that we will meet. On top of that, we have the 400 MW project sales in total for 2024 and 2025 together. We believe that is realistic to meet as well by harvesting on our diversification, meaning that we have projects maturing in the new markets. We see overall upside potential short term in the Nordic power market. We believe that it will benefit our own production for the second half of the year. If we see spot prices moving north, we also believe it will have a positive effect or a positive impact on project valuations as well. We are a bit bullish on the second half, but at the beginning, we are starting from a quite low level as well, we must say as well. We will continue to deliver profitable growth. We expect to have strong financial results at the end of this year, despite quite weak market conditions. We have an attractive late-stage portfolio, and we believe that will be a good foundation for the coming years. We have financial targets to have a divestment or have a FID for 500 MW per year from the years 2026 until 2028. We believe we are well positioned for that as well. With that, I think we are through the presentations and leave the floor for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Kaleb Solomon from SEB. Please go ahead. Hi guys. Just a few questions from my side. You mentioned that you're expecting to sell early-stage battery and solar projects in the United Kingdom. Is it fair to assume that's going to be a 50/50 mix? I think the majority will be PV. I would say perhaps a 70/30-ish. Okay. We previously talked about the kind of SEK 1 million per MW being some sort of blended average over time. Is it fair to say this means it's going to be quite a bit below that this year? As we are planning to divest our portfolio in a bit earlier stage than we normally do, we expect to have milestone payments as well. We haven't seen a transaction yet, but most likely it will be some kind of milestone payments, meaning that this year we will have revenues this year, but it will not be on the SEK 1 million level. As a follow-up to that, can you just comment a bit on the valuation of battery projects in the United Kingdom as opposed to the Nordics and how we should think pricing-wise? It's a quite tricky question as it's a bit of moving targets and it depends on investor appetite and a lot of things, I would say. In general, we have looking at the U.K. market, higher power prices, quite strong government ambitions. Valuations are in general on a higher level versus the Nordics, obviously, and also I would say versus continental Europe as well. It's difficult really to have a clear opinion at this stage where it will end. I think looking at battery storages, you have seen the transactions we've done just recently in Finland, EUR 6.7 million for 125 MW battery storage. It might be that it would be a bit above that in the U.K., but difficult to say when it comes to solar. Definitely, if you look at the Nordics, it's quite challenging to do transactions on solar PV in the current market. In the U.K., definitely, I would say, I don't dare to say actually that. I hope we will present some numbers from reality quite during the second half this year. Okay, that's clear. Just one question related to the Finnish battery project you closed this quarter. Did you receive the entire payment in Q2, or will there be some spillover in Q3? No, everything was received in Q2. Okay. You also mentioned you signed some hedges for Q3. Have you signed anything else for Q4 this year and Q1 next year? Nothing except what's stated in the report. We have some hedges for Q3, some for Q4, and some for Q1 2026, all at quite attractive levels as well. Okay. Just one last one from me. After this quarter, you have roughly 9,000 MW in the development portfolio, and you're maintaining the kind of 10,000 target by the end of this year. Can you achieve that organically, or does that sort of imply you're going to make some acquisitions during the second half this year? No, it's organic. Okay. That's all for me. Thank you. Thank you, Caleb. The next question comes from Örjan Röden from Carnegie Investment Bank. Please go ahead. Hello everyone. This is Örjan Röden from DNB Carnegie. First question, I realized your central costs were quite high in the quarter. Can you explain what is driving that? Hi Örjan. In Q2, we took some extraordinary costs, which is related to Kölvallen in general. It was some SEK 10 million for the sake of kind of accelerating the project and avoid delays over summer and way into the autumn. The benefit of that is obviously that we get the asset management agreement kicking in, and it also definitely optimized or maximized the earnout payment to avoid those kinds of delays. Okay. Now when Kölvallen is in production, how will you report the production revenues? Will that come as a full P&L or will you report it as associated income below the EBITDA level? It's not consolidated into the P&L. It would be a financial asset, which would be revaluated over time, and the kind of effect it might get on the P&L would be from dividends. Okay. It's only dividends. Thank you very much. Relative to the last quarter, how would you say that prices and timelines for your late-stage project on a like-for-like basis, how do you feel that this is going right now? Is it improving or deteriorating or staying the same? Do you mean how the portfolio has developed during this quarter? Yeah, not in megawatts, but rather in other terms. I think when it comes to we had a very good development in this quarter when it comes to progressing projects from early to late stage, which means that we are closer to transactions. As we have guided before, we are talking about two to three years when we have projects in late stage, two to three years, I think we have them ready to build. I think we are quite well positioned now to start delivering in 2026 on the targets, 2026 on project sales. When it comes to different markets, I think diversification has been the key word for us until now, and I think that has helped us very much. We are harvesting right now and expect to continue to do that for the coming years. More detailed question on Leebo, the project you have there for solar and battery. What is the best case timeline for finalizing this project? Yeah, I mean, we have an ambition to have the solar PV part ready to build, or sorry, have that permit in place. Basically ready to build during this autumn. I would say, let's say quarter four, beginning quarter four. We are quite well advanced in that development phase. The next question is if it's optimal to build it now or later, that that's a decision we take at that time. Looking at Leebo projects, if solar PV is not financially viable in Leebo, it's very difficult to see any projects that are feasible in the Nordic or in Sweden at the moment. It's a really good location for both solar and wind, and we can use the same grid connections. It's really favorable for that. We are talking about Leebo is 33 MW installed now, and we could add some 20 MW, 25 MW solar PV. The next question is if battery storage would add value as well. Thank you. Final question from me. There have been some talks about penalties for overproduction relative to the forecast on the new pricing and volume system from the TSO. Has that had an impact on your financial performance in Q2 and going forward? Do you expect this to be minor, or is it something that is a concern for you? Yeah, it has. I would say for the market overall in the Nordics, it had quite a great impact, and we had some extremes. Looking at Arise as we are in southern Sweden, the impact has been we didn't have the same level of events in southern Sweden as we had in northern Sweden. I would say that we had so far quite limited impact on Arise operations. Obviously, we will most likely see that the balancing cost will be higher in the future. We will not come back to the level we had the previous years. Looking in a bigger context, I would say that the market price development is more important than the increased balancing cost. Looking, some% of the total cost is balancing, but of course, the overall power prices are more important. It has a negative impact, definitely. We also see that all operators now are looking into or already implemented a new way of operating wind farms that you have the possibility to close down, and you do close down when you see negative prices. The market will adjust this as well. Obviously, having a change into changing the way they operate the grid with this new algorithm, it wasn't perfect to do it in a quite soft market. Okay, thank you very much. That was all for me. As a reminder, if you wish to ask a question, please dial the pound key five on your telephone keypad. There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions. Okay, I think we are through. Just to sum up, we had a very strong, I think we had a strong second quarter in quite challenging markets. Really happy to see that our diversification starts to pay off with the battery storage transaction in Finland. Of course, very satisfying that we managed to complete Kölvallen with a very good result. With that said, I would say all good for our coming summer break. Thank you very much.
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