Welcome to BHG Q2 Report 2025. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing #KEY5 on their telephone keypad. Now, I will hand the conference over to CEO Gustaf Öhrn and CFO Jesper Flemme. Please go ahead. Hi and welcome. My name is Gustaf Öhrn, CEO of BHG. I'm here together with Jesper Flemme, CFO, to present our Q2 report. We will also be available after the presentation to do our best to answer your questions. Slide two, please. We are happy to present another solid and strong quarter for BHG. For the third consecutive quarter, we continue to show strong organic growth. For the second quarter of the year, we report 5% organic growth, bringing the year-to-date growth to approximately 7%. All three business units continue to show organic growth versus the previous year. Based on our available data points, we conclude that we have taken market share during the quarter. We also report significant improved profitability in the quarter, now with a seventh consecutive quarter of profitability improvements year on year. This quarter, reporting SEK 118 million in earnings, which corresponds to a 19% improvement versus the previous year. It should be noted that underlying profitability improvement is another SEK 9 million better if adjusted for the divested businesses of IP-Agency this year and Designkupp last year. The improvement in earnings comes primarily from top-line growth in combination with high efficiency in marketing cost and SG&A well in control, creating leverage from top-line and improving profitability and demonstrating the scalability of our model. We report a strong cash flow of SEK 363 million following the normal seasonal pattern and showing further improvement on last year's already strong cash flow. Slide three, please. A few words about market development. We have seen market turmoil in this quarter, but our assessment is unchanged that the market continues to improve compared to last year and that the market continues to grow in the second quarter of the year. The main driver of market improvements we assess comes from the disposable income on the rise as an effect of lower interest levels in a few of our main markets, including Sweden. We also see positive effects on our largest market of Sweden from government-supported tax reductions from the increased RUT or ROT. Most positive is, however, that the main long-term trends remain intact and the migration from the physical channel to the digital channel continues in our categories. We assess that the online market will grow faster than the total market. Slide four, please. We have now had three consecutive quarters of organic growth, and in the first half of this year, we delivered approximately 7% organic growth. As mentioned, we assess that we have grown more than the market and taken market share. This year, we had an early start of spring already in March, which had a positive effect on sales of spring products already in the first quarter. This was then followed by a second quarter with a relatively cold May, which is also our most important month in the quarter in terms of sales. In summary, this affected Q1 somewhat positively and Q2 somewhat negatively. On a general level, our view is unchanged that the market is continuing to recover, even if it is at a somewhat lower speed than earlier anticipated. Our assessment of the market outlook remains unchanged. We expect a continued market recovery during the year, driven primarily by improvements in disposable income. Sweden is leading the way, but with the same tendency, but from lower levels and with some time lag in most of our markets. Slide five, please. Continued growth also in the second quarter. Let me try to further clarify where this growth comes from. From a geo perspective, the main growth comes from Sweden being our largest market and continues to show growth. We also see strong sales development in the important markets of Norway and Germany, driven by successful geographic expansion. The most challenging of our key markets is currently Finland, which trails our other main markets in recovery. With that said, we achieved marginally positive sales growth in Finland, adjusted for the sale of IP-Agency. From a category perspective, the main growth comes from strong sales development in indoor furnishing, driven by successful assortment development in Value Home and continued recovery in capital-intensive categories such as bathrooms, windows, and doors, primarily in our Home Improvement segment. Following strong sales in Q1, we in the second quarter saw weaker demand in the garden and outdoor furnishing categories as a consequence of the relatively colder than usual weather in May. Slide six, please. Looking ahead, we are leaving the restructuring phase and now with full focus on the profitable growth phase. We operate in the home and household market, and we are the largest consumer-focused online company in the Nordics. Our goal is to grow more than the addressable market and targeting the 5% pre-pandemic profitability levels in the first phase and then further on to the 7% adjusted EBIT that we have in our financial goals. The categories that we focus on are still low in online penetration, and demand in the online channel is further driven by continued migration from the physical to the online channel. The main pillars of our strategy boil down to: we seek to grow by expanding our strong offering into adjacent product categories and by expanding into new geographies. Using and maintaining our leading positions in large categories such as Bathroom, Garden, etc., and benefiting from the combination of our multi-destination, multi-banner format and our business models ranging from dropship to inventory-based and private label to better than the competition target and serve multiple consumer segments with our combination of own and external brands. Being primarily online and using the advantage of the asset-light and scalable model enables our core focus on efficiency and cost control to provide the best offer to the consumer. Using our generated cash flow to reduce net debts and strategic growth initiatives, but also increase our focus on bolt-on acquisition to fuel growth in existing platforms. With this, I will leave it to Jesper to take us through the numbers. Thank you, Gustaf. Slide seven, please. All three segments drove solid organic growth in the second quarter of the year. Net sales increased by 1%, reaching SEK 2.7 billion, and organic growth was 5.4%. The Value Home segment had a strong quarter, nearly reaching double-digit organic growth, which clearly testifies that our efforts to improve both offering and product availability have paid off. Geographically, as Gustaf just said, we continue to experience growth in our largest market of Sweden. We note the strongest performance in Norway and Germany, and Finland remains challenged. Turning now to page eight and profitability. Profitability improved almost 20% compared to last year. Adjusted EBIT amounted to SEK 118 million in the quarter, corresponding to an EBIT margin of 4.3%. The strongest profitability was seen in the Value Home segment with an EBIT margin of 7.1%. Home Improvement had a solid quarter with an adjusted EBIT of SEK 77 million, corresponding to an EBIT margin of 5.2%. Premium Living managed to improve both profit and EBIT margin over last year. Moving on to slide nine and the EBIT bridge. Our EBIT margin improved by 0.7 percentage points in the quarter, primarily thanks to growth and effective cost control, which enable us to better leverage our fixed cost base. Organizational costs and D&A have decreased by SEK 10 million in total compared to the corresponding period last year. Also, marketing costs continue to be a positive driver this quarter for improvements in all segments. The lower product margin for the quarter compared with the year earlier period is almost entirely explained by the mixed effect from divesting IP-Agency, which affects the margin by 0.6 percentage points. All in all, our EBIT margin amounted to 4.3% in the quarter. Slide 10 and cash flow, please. Cash flow from operating activities amounted to SEK 363 million, corresponding to a robust cash conversion of 169%. Performance was driven equally by EBITDA and working capital gains, the latter thanks to inventory reduction. The positive development in working capital reflects both our targeted inventory optimization activities and the normal seasonal pattern. The right-hand graph showing the development in liquidity walks us through the starting period position of SEK 473 million, adding the cash flow from operations and the impact of investing activities, and finally deducting the financing activities, which are primarily related to utilization of our revolving credit facility and amortization of leasing liabilities, but also include interest payments. Bringing us to the period end, SEK 682 million of liquidity at the end. Slide 11, please. The group's net debt amounts to SEK 1.0 billion at the end of the quarter, and net debt in relation to LTM adjusted EBITDA ended at 3.0x. On top of our liquidity at hand, we had unutilized credit facilities at the end of the quarter of SEK 600 million. Acquisition-related liabilities amount to SEK 335 million at the end of the quarter. Cash flow-wise, SEK 110 million will be paid out this year and another SEK 100 million in 2026. With that, I will hand it back over to you, Gustaf, to summarize and conclude. Thank you very much, Jesper. Next slide, please. Let me try to summarize this. The year has started strong for BHG, and summarizing the first half of the year, we report 7% growth and a 42% earnings improvement. We report continued growth for the third consecutive quarter in growth in all three business units. Earnings continue to improve, and we report improvements in earnings for the seventh consecutive quarter. Our assessment of the market remains unchanged. We expect a continued market recovery during the year, driven primarily by improvements in disposable income. With full focus on the profitable growth phase, we remain humble but confident to continue our hard work towards the 7% EBIT margin we have in our financial goals. Thank you very much for listening, and now happy to do our very best to answer your questions. Thank you. If you wish to ask a question, please dial #KEY5 on your telephone keypad. To enter the queue, if you wish to withdraw your question, please dial #KEY6 on your telephone keypad. The next question comes from Daniel Schmidt from Danske Bank. Please go ahead. Yes, good morning, Gustaf and Jesper. A couple of questions from me. You were quite clear, I think, Gustaf, in your commentary for the remarks regarding sort of May and the very cold weather that we had in the Nordics, which impacted some of the categories quite a lot, I expect. What did you see at the end of the quarter? What was the exit rate, do you think, compared to the average for the full quarter? Thanks, Daniel. I'll do my best to elaborate a little bit on it. Just as you say, May was unusually cold. It affected the garden category and to some extent also the outdoor furniture category, which was strong in Q1 because we got the spring early. On a general level, I can say that the improvement we see in the market and that we saw through Q2 were stronger in April and June than the negative effect that we had in May. Okay. The weather conditions might be more important during the spring, of course, because that's really when the season shifts. Is there any reason to believe that weather has been unfavorable so far in Q3? It's only been two and a half weeks, but still. It's a very short time, as you say, but no, I wouldn't say that. I wouldn't say that we've seen any negative effects from the weather in the beginning of this quarter, no. As you say, the biggest weather effect we have in our seasonal pattern is actually when the spring starts and how warm the spring is. Okay. Good. Maybe a detailed question. I think you earlier guided for the HEMA earnout payment to be happening in Q2. Is that instead happening in Q3? Yes. Yeah, just also coming back to the entire sum. You said SEK 100 million, SEK 110 million for 2025, SEK 100 million for 2026. Is that remaining part, which is SEK 125 million, evenly divided between 2027 and 2028? Two-thirds in 2027 and one-third in 2028. Okay. Thank you. Maybe you had a very strong improvement trend in profitability over the past seven quarters. You have three quarters now in a row with organic growth. It sounds like you believe that will continue. I think you just did mention a couple of months or quarters ago that the 5% target is not going to be reached in 2025. Is there any sort of guidance you want to give on when it's reasonable to get to the 5%? Let's put it this way. We're very happy that we have improved our earnings for the last seven quarters. What we focus on doing is continue to do that until we reach the 5% in the first phase and then 7% in the second phase. When we achieve the 5%, we don't guide because we're very careful and don't want to give any forward-looking statements. We just continue the work on improving our earnings until we reach the 5% in the first phase, but have not given any guidance on when that will be. Okay. You've done a lot on the cost base. Let me put it this way then. Do you believe that going forward, as of Q3 and onwards, the margin improvement trajectory is going to be more dependent on seeing that organic growth coming through, or is there more savings coming through also in the second half of this year? I think we can say if last year was about bringing down the cost to improve profitability, this year is very much about maintaining cost levels and driving top-line to improve profitability. Looking back, I'm very proud of what we have achieved in the first two quarters of this year, where actually cost is down, SG&A is down, considering that we have still between 3% to 5% cost increase on labor and rents on a general level. I think my answer would be that primarily our focus this year is to maintain our cost levels. Yeah. Just looking at the support from the market, it does sound like if you adjust for weather conditions in May and March, your trend is about the same in terms of organic growth, around maybe 6% or 7% if you add the two quarters together and adjust for the weather. You also stated, I think in Q1, that you did see better support from other markets outside Sweden as well. Do you think or do you see that that trend, apart from Finland maybe, has picked up, or is it still sort of that they are lagging quite a bit, but you see the same tendencies? Any change to that, could you give any sort of nuance to what's happening outside the Swedish markets? I think, you know, both Sweden and internationally, we were very happy with the first quarter. We were somewhat worried going into the second quarter because of the geopolitical disturbance and how it would affect consumer sentiment. Looking back, I think it's very reassuring to see that the market has continued to improve with the geopolitical disturbance that we've had. I think that is valid for all markets. Apparently, we see no changes from what we've seen, is what we saw in the first quarter. Yeah. On top of that, you do have the ROT deduction increase in play now since mid-May. Of course, it's hard to say maybe how that is impacting your sales short term, but clearly a good indication for the second half at least. Yes. As we say in the report, we see positive effects. We have good development in the renovation-intensive categories. With that said, we had that before the reduced RUT/ROT also. We see positive effects, but it's somewhat hard to distinguish how much comes from underlying market improvement and how much comes from the RUT/ROT change. Still, still early to say. Okay. Good. Thank you, guys. Thank you. Thank you. The next question comes from Benjamin Wahlstedt from ABGSC. Please go ahead. Good morning, guys. I just have one follow-up, if I may. May was unusually cold. April was plagued by Easter, one could say maybe. My question is quite simple. I'm not sure if you'll answer it. Did June grow more than Q1 in organic terms? As you know, we don't disclose specific months. I think your conclusions are fairly right that April to some extent was affected by Easter. May was affected somewhat by the colder weather. Based on that, I think you can draw your own conclusions. Perfect. That's clear enough for me. Thank you. Thank you. As a reminder, if you wish to ask a question, please dial #KEY5 on your telephone keypad. Thank you very much for listening. If you have any questions, please don't hesitate to contact us. We're happy to do what we can to answer. If not, I wish you all a great summer, and thank you very much.