Good morning, everyone, and a very warm welcome to the presentation of Bonava's Q2 report. An eventful quarter with improved profitability, and we did a refinancing in the beginning of July. My name is Anna Falck Fyhrlund, and I'm Head of Investor Relations here at Bonava. With me here today, we have our CEO, Peter Wallin, and our CFO, Jon Johnsson. They will take you through the highlight of this report, and we will end with a Q&A session. You can start already now to type in your questions, and I will read them out at the end. With that, I leave the word over to you, Peter. Thank you very much, Anna. Good morning on this fantastic, beautiful summer day. We also have a very beautiful project in front of you, which is Klockaren in Uppsala, which we started in the second quarter. Let me start by walking you through the market development. We have the quite boring title, perhaps stable market development as a headline here. But underneath that is a treasure hidden in terms of a continued strong market in the Baltics and an improved market in Sweden, where we see both increases in activity levels as well as prices. Overall, in all our markets, this is of course, thanks to the support that we get from high disposable income and a pent-up demand for housing. In Germany, we have a little bit of hard to analyze the market right now, and it's partially because it's impacted by higher long-term interest rates. This is because the inflationary impulses has increased the long-term interest rates in the wake of the Iran conflict. For the German investors, which are our consumers, which are normally they are borrowing less money, and they are borrowing much longer durations than what is typically done in the Nordic markets. That means that the long-term interest rate is very important for the consumers when they buy and invest in new homes. So it's been weeks with strong sales and weeks with softer sales. So all in all, it's a little bit of a mixed picture. As before, Berlin market and the North Rhine-Westphalia with Dortmund, Düsseldorf, and Cologne are the strongest market in our German portfolio. After the close of the second quarter, the German government also presented a stimulus package for the market. Over time, this will support the segment that we are active in. Finally, also the Finnish market is continued, with quite slow development of the market, with softer prices and not so much activity level. One underscoring thing in a very important segment for Bonava is the investor market, the rental projects, and we are seeing an increased activity in all the markets we are active in this segment in. You also saw us publish a bigger deal in the period, but we have not started that project yet, but it's 500 B2B projects in Stockholm. If we take a look at the construction cost, it remains to be stable at a high level, of course, it doesn't grow as much despite that we have the Iran conflict. We are keeping a close check on that. Leaving the market and moving over to Bonava. As Anna said, we have an improved profitability, this is because the controlled growth part that we are into now. We more than doubled the EBIT to SEK 166 million. You can clearly see the turnaround of the business in Sweden. This will be more profound as we go along in the quarters in this year. We posted an EBIT margin of 7.9% in the quarter and 7.6% for the rolling 12 months. This should be compared to the guidance we are given of 8%-9%. We grew the net sales by 14%, we now have 4,455 homes under production, an increase there as well. This portfolio is sold by 59%. In addition to that, we also have the bookings and reservations. As Anna also said, we finally closed the refinancing in the beginning of July, and Jon will walk us through all the nitty-gritty details of that. That is really important for us. We have more and more great projects to show you, let us walk you through four of those projects. We started up a consumer project in Helsinki, in Finland, Isla, in a very interesting area. Also we are saying that the market in Sweden is developing very favorably right now. Of course, the bigger cities have been the engine. Talking about the engine, we also have a project called Motorn, engine in Swedish, in Umeå. Also the regional cities are starting to pick up now. When we talked about the Baltic market, which is really strong, where the Riga market is really, really strong. We could have started up even more projects here. There is a huge demand and growth in that market. With that as a background, Jon, please. Thank you, Peter, good morning, everyone. We start as usual with a slide showing ongoing production and sales rate. What we can conclude is that the ongoing production is continuing to increase. Now it is +35% versus the same quarter last year. Notable is also that the B2B deals, which Peter talked about, the investor deals, are still on a relatively low level, due to the activity, we see that portion increase in the next coming quarters. We have a lot of interesting projects waiting to be signed on that. If we talk a little bit about the sales rate, it is 59%, that is excluding reservations. Including reservations, that would be around 63%. Worth to point out is also that Germany and Sweden remain well above 60% on this metric, while Baltics, as I've mentioned before, are tracking around 40%-45%, which is more due to the consumer pattern than anything else. Strong sales rate and growing ongoing production. We can also mention that the completed unsold is now down to 189, so it's a further reduction of that one. We have gradually decreased that over many quarters now, and we expect that to continue. If we look at the P&L, the income statement the most important trend line, which we highlight all the time is the rolling 12 EBIT which is now, as Peter mentioned, up on 7.6%. That should then be where you are following us in our guidance, 8%-9% for the full- year. We have improved gross margin, 15.5% in the quarter. As Peter mentioned, we had 14% organic growth in the quarter. Costs are kept under control and margins are developing favorably. Good result, good quarter. If we jump into the different segments, we can conclude that Germany, Sweden, and the Baltics are all above 10% EBIT in the quarter. We still have Finland on a lower level, and I will come back to our expectations for Finland as well. It's cost and cash neutral in a tougher market situation. The other three segments are then on strong levels and contributing well to the group profitability and EBIT on that side. Deep dive to Germany. Germany is flat compared to the full- year 2025 in almost all in both absolute and relative metrics, as you can see on this picture. We have some hesitation on the markets, some weeks with very strong reservation and some weeks with lower, depending on what happens in the external environment. I think that our outlook is still growth for Germany definitely, given not the least, the investor deals which we aim to close in the second half of this year. Worth to point out is also that this quarter in specific was impacted by a price reduction in the Baltic Sea vacation homes. It's homes with a low turnover, and we took the chance to allocate capital elsewhere where we need it and had a price reduction. They are still sold with profit in the quarter. The impact on the gross profit specifically was SEK 42 million. We have also somewhat lower sold than started in the first, which has to do with the reservations I talked about. A more positive outlook for the second half still from Bonava side. If we move over to Sweden, I think that's a super good development. We see a lot of interest on the market for new homes. We have improved our margins and of course, very high sales rate as I talked about, well above 60%. The 10% EBIT was supported by a sale of land of SEK 36 million. Even without that, we see a very strong development, not only in the quarter, but also in the coming quarter. It's a lot of positive energy in the market right now, and that's what we can expect. I think that also this sale of land has a strategic value for us, moving different pieces of the land bank to earlier production time. It's a lot of ongoing business which is happening. Finland, I talked about, and we keep it on a low level and profit neutral. We have small negative EBIT but we do still expect to close a year on breakeven in EBIT, and we have it very capital efficient. We started one consumer project, as Peter mentioned, in Helsinki called Isla. We hardly have any completed unsold left. It's around 10 units in total. Very low numbers and cost and capital efficient. Baltics continue to grow fantastic, and it's driven by Riga and Vilnius. Whereas Tallinn is a little bit more flat in the market development. We still have a good occupancy rate in the B2M projects, and we have increased sold and started units in the quarter and continue good development If we look at the land bank, we talk a lot about resilience in Bonava in the controlled growth phase. With resilience, we mean how we can act in both in a good business cycle and in a good environment and in a tougher market climate. One important piece of this is our land bank and the building rights portfolio to have both on-balance and off-balance and optionality in our land bank in terms of timing, when they should be produced, and when we can wait with a specific project until the market is there. We have in the quarter added a lot of off-balance units, and that's a deliberate strategy for us to have a more balanced portfolio in building rights with good optionality in development times. I think that between the markets it's quite consistent. We had one bigger in Sweden, but again, in Sweden we work more with the potential start period where we need more units earlier in the start period and less so later on to balance the growth we have also in Sweden. Super important from a resilience point of view. The next very important part was the refinancing of Bonava also for the resilience to have a much more flexible financing closer to the active project assets and working with banks, which really want to support us in this growth journey we are on. We managed to successfully close that refinancing 2nd of July. We initiated it in Q2, and that's why we talk about it now. It will give us much more agility in the local markets and with the different project types we are aiming to achieve, not the least, the growth in Germany expected in the next couple of years. The financing consists of a new green bond of SEK 1.5 billion, and that has a tenor of 3.5 years. That is then linked together with a syndicated loan facility of EUR 200 million with a tenor of two years, but with optionality to increase that, given the discussions with the banks. We should also mention that this new financing have reduced cost, increased flexibility, and also the restrictions on dividends has been removed, meaning that we are much more normalized as a business, and we have the optionality also there. Of course, it's pending a board decision, but still, if the financials are showing what we plan, then we have a big chance to give out dividends in years to come. Net financial items is in the quarter temporarily increased with non-recurring items related to the refinancing of SEK 38.5 million. Without that, we are lower than last year despite that we have a higher net debt. The reason for that is that the interest rates are lower than last year. We expect that with the refinancing to reduce even further with around 1%, you could say, for the coming 12 months. We have an improved net profit in the quarter and also on the rolling 12. We continue again the journey we are on and expect to have a strong development on this metric, not only from improved EBIT but also from lower net financial items after these non-recurring items are out. Net debt, that has increased in the quarter, and that is very logical because we have grown our ongoing production, as you saw on the first slide, significantly. We have a lot of active project assets which needs funding. Parts of that is in Germany, where advanced payments, but the massive growth in Sweden we have in ongoing production requires project financing, and project financing is a light green part, which we expect to grow further. Will peak now in Q2, Q3, until the units are handed over in the late part of this year from the start one and a half, two years ago. We expect a little bit peak now, it will be reduced further until year-end when we have the recognized units. Available liquidity close to SEK 1 billion. Very strong financial position we are in, and that is very good for the coming quarters. Cash flow is, of course, related to the same topic. We have a lot of ongoing production, which requires a lot of working capital in the buildup phase until we have reached the level 3,500, 4,000, our designated area, and that will require continuous investments in working capital. It is super important that that is done in conjunction with the project and not as a separate part. Debt is closely following the projects. On that note, if we look at the balance sheet, we have that metric in the lower bottom right corner, net project asset value, net debt, and we are well above the financial framework, 1.4 on the quarter, and expect this to continue to be stable and even growing that metric somewhat further. Equity ratio is temporarily down on 38% because we had a cut over of the refinancing and the bond where we had an amount in an escrow account over the month end. That resulted in a slightly lower equity ratio in Q2 specifically, but it's already up on 40% again as per July. That is the levels you can expect. Another comment on the balance sheet is that we continue to have equity well above the properties held for future development, the land bank, and that is also part of our strategy to match these ones and to make sure that we have solid, healthy financing for our projects from advance payments and from external debt than as previously mentioned. All in all, a very strong quarter, and we expect more. Thank you very much, Jon. Excellent. Let me summarize the second quarter for Bonava. We have a very strong product pipeline ahead, and we're looking into a very active second half of 2026 as well. This will be supported, of course, by all the work we have done and the attractive building rights that we have in the portfolio. We are growing net sales on the back of the controlled growth strategy that we have right now, which also means making sure that we have the sales intact. Maintaining a prudent view on the risk level and then also combined with what Jon has talked about as a prudent indebtedness for the company. We're continuously improving the operating performance, and this is something which will be even more clear when we are growing the business volume, the net sales, because that means also that we will cover cost in a better way, which will improve profitability. The turnaround in Sweden is visible in the second quarter, and the turnaround will be building even more momentum as we go along in the year. I'm really happy to see that. There's a lot of hard work going in, and I'm really pleased with the development here. A shout-out to the Swedish operations. The new financing is in place. This will support us. Jon has spoken very clearly about it, and we feel that we mean that we can focus 100% of the business. All in all, with an increased volume and ongoing production and a very strong pipeline, we repeat our outlook for 2026 in terms of growth and in terms of margin. With that, Anna? Thank you. Thank you both. Very good presentation and interesting to dig in. We have a few questions. We will start with Fredrik Reuterhäll from SEB who has a couple of questions. In Q2 2025, you said Bonava would reach 3,500-4,0 00 production start, but aim to get there in 2026. On a rolling 12 basis, you are now at 2,734 starts. With the second half coming in and the 500 units Swedish investor deals signed post a quarter and the growing B2B pipeline, do you expect to enter that range on a run rate basis before year-end? It's a long question. As a short answer, yes. If I, going to paint a little bit more meat to the bone there, it's of course a combination of the fact that one part of improving the operating performance is the fact that we have really worked with de-risking the way we start projects. Getting the sales right, getting the cost right, and having the right team in place, and that's super important for us as well. Much better have quality in the starts than just hitting the 3,500 mark. Again, I think the way that our pipeline looks like, and given that we can achieve the sales we're looking for- Yeah it's clearly within the realistic expectations. To nuance it even further, it really depends on the exact timing of the investor deals. Yeah. That was his follow-up. Yeah. If we have no recorded investor deals in Q2, how dependent are you on those transactions to hit? For the total volume. No above 3,500? Yes, we are depending on them. That also adds to the whole turnover of Bonava. It's somewhat lower gross margins, but contributing to EBIT margin and EBIT and covering our overhead costs, and that is what we are aiming for. Absolutely. Which means it's an important part of the business. Yeah. Of course, we depend on them. Yeah. Of course. The consumer sales fell by 33%, and production start dropped by 63% year-on-year in Germany. How much of that is macro sentiment versus project timing? When do you expect starts to recover toward historical levels? I think it's a really good question. That's a question we are struggling actually to answer, because that is why we are saying that sometimes it's really strong sales, and sometimes it is a little bit weaker. We did not anticipate to start a lot of new projects in the second quarter. I would say we have also seen that we don't start until we see really clear on the sales side. Yeah. It's a combination of both, actually. The started and the sold. I believe that Germany always, of traditional reason, have had a very much stronger second half of the year. I was just going to comment. Again, I think you will see us sort of improving again on that level. When we stood here and talked about the first quarter, we all talked about the cold winter, which feels strange now with the weather outside, but that impacted the production. Yeah. The second quarter has seen us pick up the volume in terms of that production slack that was left predominantly. Some part of it will leak into the third quarter. On the sales side, the sales was in the beginning of the second quarter much weaker, which then produced a lower sales situation for the quarter as such. When we look at Germany, it's very clear that the reservation balance is at a decent level, we know that with a very limited cancellation rate, with the normal process of signing those and legalize those contract, it's a very clear view on the sales situation, it seems like it's picking up now in the third quarter. Yes. Sweden's 10.1% EBIT margin was partly supported by the SEK 36 million in land sales. Stripping that out, underlying EBIT was roughly SEK 9 million. How should we think about the normalized Swedish margin in the second half? Is the turnaround self-sustaining on consumer projects alone without investor transactions? I think that without investor transactions and without the sale of land, we have a fundamental improvement also in the B2C deals for Sweden. It won't go as fast as it will with the critical volume to reach the levels of a full absorption in Sweden. Investor deals, again, is a super important complement to the consumer- Yeah business. Together, they will bring Sweden faster back on above 10%, also excluding sale of land and those items. Again, the B2B deals make sense from a business point- Yeah in all senses. Yeah. That's also why we have sort of had turned into the strategy of growing more in that segment as well. It's an important part of our business. Yeah. Again, having the combination of a strong market based B2B market, combined with a good commercial one, makes perfect sense. Yeah. Yeah. According to plan. Yeah. That was all from Fredrik, but we have a few questions from Mathias Carlson at DNB Carnegie. Your rolling 12 months EBIT margin is now at 7.6%. What are the most important operational drivers required to reach the 8%-9% full year margin guidance? Volume. Short. No, really, it is the kicker we will get from net sales. As you can conclude yourself, we have a guidance of 20%-25% net sales in the year, and we have 14% year- to- date. Of course, we do expect the net sales to pick up even further in the second half. Yeah. That will be the kicker on the EBIT. What proportion of the expected second half earnings improvement is already secured in the ongoing production? How much depends on the new starts and investor transactions? That's a really good question. I would say that the growth in the ongoing portfolio that we have stands for the biggest part. If you then come back to Jon's answer on the previous question, to spice it up with a higher volume and growth in net sales of the new projects that we intend to start in the second half of the year, then it depends on when we start within that second half of the year, and the type of revenue that you get. We talk about the margin, which means that the marginal impact of the new volume is very important to reach that still. The major part, if you look on the absolute part of the profit that we will report in the second, most of it is already projects that we have ongoing. Yeah. As you explained in the presentation, we have a SEK 36 million of Swedish land sale gains, but we also have the SEK 42 million of German price adjustments. What would we consider the clean underlying gross margin in the quarter? Yeah. The easy task would be to have the net of those ones, then just calculate it out. We decide not to book these as items affecting comparability, because in essence, this is part of a normal business- Yeah Both sale and purchase of land and also sometimes price increases, which is the general trend right now in all markets, and sometimes price reductions when it's a specific micro locations with no interest. That's a little bit vague answer, but you can calculate. I completely agree with your answer there. The sale of land is a normal part of business, which we do from time to time, and unfortunately, sometimes we also need to do price adjustments. We have not talked about all the price adjustments upwards either. That's also part of the 15.5% in gross margin that we have in the quarter. Peter, you already alluded to this. Germany remains your largest earning contribution, but demand come down during Q2. Have the sales condition weakened further? Have this affected your planned production starts? Not really. I would say that we are looking at an improvement towards the back end of the second quarter and into the third quarter. No, not really, but what will be really the dependent part on the volume in Germany will be the investor sales. That's going to be a pretty sizable chunk this year as well. We already have agreed some letters of intent on those sales, and are talking with investors. I feel that we have a good chance of starting a lot of very interesting projects in the second half. Yeah. A follow-up question here on Sweden from Mathias. Sweden delivered EBIT of SEK 55 million versus SEK -24 million last year. How much of this improvement is structural, and what margin level should investor view as sustainable as volume increase? This is also dependent on the B2B, right? Yeah, the long-term target is definitely that all our segments should be well above 10% in EBIT. What will change in Sweden is that in the B2C projects are all above 17% in project margin. If you add that you are growing as a company and also the investor deals, that will be diluted somewhat for Sweden. On the other hand, the volume will contribute a lot to EBIT. I think that kind of answers. The exact level of gross margin is difficult because it depends on mix and timing. Yeah. Yeah. I think what we alluded to also in the presentation is that momentum will build as we go along in the year as a combination of building an invoicing volume from the ongoing projects, and also starting more projects. In combination with having done the homework when it comes to the cost. The costs are fully under control. Yeah. A similar question Mathias has here to Fredrik about the starts. We have 636 in the quarter and the ongoing of 4,455. What is realistic start range for the second half? I think we've talked about that. We have defined the optimum of 3,500- 4,000. I think it's realistic to hit it, but again, we'll only start project under the right circumstances. The refinancing question for you then. What is the expected quarterly run rate for the financial expenses, excluding the remaining SEK 29 million that will come in Q3 as one-offs? In essence, I think that we can expect 1% lower interest cost. When you say 1%, you say 100 basis points. Exactly. 1 percentage point. Yes. Yes. 1 percentage point. Roughly on that level in reduced cost in general, because it goes for both the bond and with the new financing. We see new project financing is much easier to get now for projects. Yeah. There's much more competition and favorable interest rates. Yeah. We see positive. For those who have looked very closely at our net debt, we have some NOK loans in the quarter. How will that develop, and have we seen anything during July that has impacted that? No NOK loans anymore in Q3. That was closed with the refinancing, and the small part we have with the divestment of the Norwegian business is handled not through debt. It's only Euro, SEK, which reflects- Yeah our current portfolio and markets we are in. Yes. Yeah. A final question here from Mathias. The refinancing removed the dividend restriction. What profitability, leverage, and cash flow conditions would need to be met before the board consider reinstating a dividend? Ultimately, this is a board decision of course. Yeah. I think that it has to do with how we develop as a company, and also what investments we need to do, and so on and so forth. There's a lot of different parameters. Generally, financial health is of course a precondition, and we won't give out dividends unless that is fulfilled. Well. Still, this is a major milestone that we have taken out the restrictions. Yeah. I think that was all the questions we had. Very good questions and a very good presentation from you guys. With that, we would like to wish you all a good summer.