Good morning, and welcome to this presentation of Castellum's Q2 Report. My name is Christoph Streinbeck, Head of Investor Relations. There will be a Q and A session in the end of the webcast. Let's start. Please go ahead, Joachim. Thank you, Christoph. And I say also good morning, and welcome to this presentation of Castellum's Q2 results. In June, we announced our first larger acquisition for quite some time. We got the opportunity to acquire a high quality portfolio of assets in Uppsala, Orebro and Linkoping with a total property value of approximately 1,700,000,000.0. We will look into this acquisition in more detail later on in the presentation, of course. In addition to the acquisition, we have continued to invest in our existing properties and have started a few more projects as well as continued to increase our stake in Entre. We have a strong financial position and have capacity to continue to invest in attractive opportunities. During the quarter, we have refinanced bank loans of 10,000,000,000, continuing to increase our debt maturity and at the same time achieving a cost reduction through lower credit margins. On Friday, this week, the July 18, we will hold an extra general meeting of shareholders in Stockholm where our shareholders will decide upon a new board of directors. As usual, we have this short overview for those of you that do not know us that well. We're one of the largest listed property companies in The Nordic Region with a property value of approximately 159,000,000,000, including our share in associated companies, which are Entra and Harborsen. The focus on we focus on three segments, office, which is our largest segment, logistics, which include warehouses and light industry, and public sector properties. The property portfolio is located in attractive growth regions in The Nordics, and we have a yearly contract value of approximately 9 and a half billion SEK. Castellum is a fully integrated company with local hands on presence where our assets are located. In all of our markets, we have boots on the ground, and customer activities such as leasing, tenant improvement, relationships, etcetera, are all done locally. As can be seen from this slide, our property portfolio is located in Nordic growth regions. 74% is located in Nordic metropolitan areas. That means urban areas with at least 1,000,000 people, and the remaining 26% is in growing regional cities in Sweden. The largest market measured by property value is Stockholm, followed by Gothenburg and Malmo. In addition, we have a decent portfolio in Copenhagen and Helsinki as well as well positioned and profitable portfolios in a number of large of of Swedish regional cities. These regional markets have proven strong resilience and even rental growth during the last times downturn. We have a solid market position in our regional markets where we are number one, two, or three in each of them. That makes us relevant for tenants and the city's councils. This is our this is our fully owned and consolidated portfolio. And as mentioned, we have also a 37 stake percent stake in Norwegian Entra, and our share of Entra's portfolio is approximately 23,000,000,000 in value. Turning over to the most important part of our business, our tenants. The tenants represent the cross section of Nordic business and authorities, and our exposure to individual tenants is low. Our 10 largest tenants represent less than 15% of our total contract value, and no tenant generate more than 2.8. We have a strong tenant base with many of our larger tenants being publicly funded operations. 26% of Castello's total contract value stems from public sector tenants. The largest tenant is the Swedish police authority with a contract value of 2.8% of our total. The remaining average length of our contract is three point six years. I first like to apologize for a slide full of text, but we wanted to give you a short update on certain larger tenants that that has caused some some media attention. First, we have ABB. It's an important tenant to us, Investo Horse. Two years ago. They announced that they will build a new campus for their robotics business that is industrial areas. We have, during the quarter, prolonged the not just the robotics rental agreement to the end of twenty twenty seven and to mid twenty twenty eight. But ABB has also given us a waiver of possession protection. The yearly rent for that part of the contract stock is approximately 0.6% of our turnover. Then unfortunately, they have announced that they will be moving to another property. The yearly rent for that is less than 1% of our turnover, and the contract ends in September 2028. So it gives us plenty of time to work on that vacancy. And finally, Northvolt. As you know, the bankruptcy hurt our net leasing in q one. For clarity, we reported 100% as negative net leasing in q one, but we have been paid for part of the premises also for q two. More importantly, we are optimistic about finding customers for the premises, and one way it it could be solved is if the bankruptcy administrator finds a buyer for the entire Northvolt operation. So summarizing the first half year, results compared to the last to the same period last year is negatively affected by the fact that we have sold standing and yielding assets during last year as well as being hurt by higher vacancies. In addition, income from property management is negatively affected by slightly higher financial costs. We will look into these figures in more detail in the presentation. The net leasing for the quarter for the second quarter of this year is plus 2,000,000 after a first quarter with a disappointing net leasing figure. So for the whole period, this year is minus 182 as stated in report. The occupancy rate stands as 90.3%. Our net investments of 2,800,000,000.0 back on track, and we will, of course, continue to generate income from those investments going forward. The acquisition of 1,700,000,000.0 was finalized in the June, and hence, it will start to contribute the next quarter. Short term, the timing of our asset rotation has been punishing our income growth. But long term, we are convinced that this asset rotation into more high quality properties will be very positive for Castello. Just a quick overfly over the p and l. As mentioned, total income decreases and divestments has affected income negatively. Good cost control with a reduced property cost. We got a good contribution from Entra this quarter, up more than SEK 1,000,000,000 compared to last year. And summing up the report, we have property income of minus 8.7%. Jens will cover all this in greater detail. Over to you, Jens. Good morning, everyone, and thanks to Joakim. Looking at development of income, the like for like portfolio income increased by SEK 5,000,000, equivalent to o point 1%. The change in the like for like portfolio is mainly driven by indexation but offset by higher vacancies. The direct property cost for the like for like portfolio increased by SEK 14,000,000, equivalent to 1.2%. Direct property costs decreased at the beginning of the year due to the warm winter, but increased in the second quarter, primarily due to the higher rental losses, which increased by SEK 17,000,000 from SEK 8,000,000 to SEK 25,000,000. However, overdue receivables still on low levels. Central administrative and property administrative costs increased by SEK 3,000,000 equivalent to 1%. However, the increase in administrative costs are lower than salary indexation due to our ongoing cost review. On an aggregate level, NOI decreased by SEK 185,000,000 with divestments, increasing vacancies and one off insurance claims recorded during second quarter previous year as key drivers. Please note that current portfolio is still not in the income numbers. Looking at renegotiations, prolongations and net leasing. Renegotiation corresponding to an annual rent of SEK 135,000,000 were conducted during the period with an average positive change in rent of 1%, limited investments on average to secure the renegotiated leases. Additionally, contracts with an annual rent of SEK $8.00 1,000,000 extended during the period with no change in terms, equivalent to 53% of total lease stock up for renegotiation. We are, of course, not satisfied with the net leasing in the first quarter, Several larger terminations and the single large bankruptcy led to a net leasing result of minus 184,000,000 for the first quarter. In the second quarter, net leasing has stabilized and amounts to SEK 2,000,000. We have signed several large leases in our projects, and our gross leasing is at a high level, however, suffers from a large portion terminations and more bankruptcies than average. The economic occupancy rate amounts to 90.3%, a decline of 1%. The decline is attributable to increasing vacancies corresponding to 0.6% and a general review of vacancy rents, which contributed in additional 0.4%. Several large leases has been signed during the second quarter. One of them in Gothenburg, Munich, have leased out an entire building for 500 coworkers to solve on a long lease. The building will be adapted for solve needs and completed in June 2026. The existing tenant will move to a smaller building also owned by Castellum, and the total deal generates 17,000,000 in positive net leasing. We also have some positive development in Copenhagen, existing tenant Clever that had a running twelve month running lease was renegotiated to a six year contract with an increase of 500 square meters, total lease of 6,600 square meters, unchanged rent per square meter. In Joonshopping, now Varkat is fully leased out. The Swedish police authority expands and leases an additional 7,700 square meters on a six year lease. Build start in fourth quarter twenty five and move in start of 2027. Yearly rent value, 23,000,000. Also in Gothenburg, our tenant, Nitek, after merger with Semcom, leases the entire building. Total area, 9,288 square meters. That will host 500 coworkers with a rental value of 27,000,000 per year. The deal proves that we succeed when we stick to our clients and support them in their development and offer modern office in attractive locations. Moving over to rental income and net leasing. As mentioned, a slight positive net leasing during the quarter. Income continues being more stable over time, however, affected negatively by two years of divestments and the general slowdown in the economy. Acquisitions, ongoing and new projects will together grow rental income over time. Looking at property values. During the period, Castellan has written down property values with approximately 1,150,000,000.00 equivalent to minus 0.8%. The value change is partly driven by the default Northvolt, the fact that Ofri will leave approximately 24,000 square meters in Solna and generally lower cash flow expectations in our evaluations due to a downward pressure on rental levels and or increased TIs to uphold these levels in some of our markets. The valuation yield is in all essence the same as the first quarter twenty twenty five at 5.62%. Our projects continue to show positive value add. The acquisitions of five properties in Uppsala, Erdbrun and Linkoping from Khorum during the period was concluded at the discount to market values, which has been taken into account in the second quarter valuation. The investment volume in the Swedish real estate sector ended up to approximately SEK 36,000,000,000 in the second quarter twenty five compared with 31,000,000,000 in 2024 according to Kaustmann and Wakefield. Segueing into the financial side of the business. As Joakim mentioned, we have refinanced approximately 10,000,000,000 of secured debt during the quarter with an annual cost saving of around SEK 20,000,000,000 million. The strict majority of the refinancing was on a five or ten year tenure. Spreads on new bank loans are in the range between 120 to 140 bps. Financial market is very good right now. Current spreads in the domestic market for a three year bond is at around 95 bps and for a five year bond around 130 bps. European market indicates 10 bps wider. Spreads on the banking system generally somewhat lower than in the bond market, especially in the longer end. We received a Ba2 rating with stable outlook for Moody's during the quarter, and we also carry a BBB stable rating from S and P. We have increased the use of commercial papers during the quarter to reach almost 3,000,000,000, up from around zero not too long ago. Current credit spreads of commercial papers is only 45 bps on a three month tenor, relatively cheap money and good for our cash management. Average interest rate currently at 3.2%, down from 3.3% during the first quarter. We see a potential to further reduce the average interest rate in our debt portfolio in 2025 by refinancing loans and bonds on better terms. However, somewhat mitigated by by some really, really well priced swaps that will expire during the end of twenty five and throughout '26. Loan to value now at 36.7%, somewhat increasing during the quarter due to acquisitions of the Quorn portfolio and Enfra shares acquisitions. ICR currently stable at 3.3, point two times, comfortable headroom against policy levels of three times. Average debt maturity currently at four point six years, including refinancing that was closed in the July. The average debt maturity is close to five years. Average fixed interest term is stable at three point six years. We have entered new interest rate swaps during the quarter totaling 1,900,000,000.0 During the quarter, costs related to FX fixing of Entre have impacted financial net by approximately SEK 27,000,000, a direct effect of historically high interest rate differential between Norway and Sweden. Over to you, Joakim. Thank you, Jens. Well, Castellan works towards clear sustainability targets in the short and the long term to contribute to a sustainable development. Energy efficiency was minus 6% in the like for like rolling twelve months normalized portfolio. I'm very proud of the organization. We are actively engaged in reducing our climate impact through enhancing energy efficiency, which is the most effective way to conduct sustainability work. 68% of the property value is sustainability certified, and 23% of our total electricity consumption is self generated. Investments and transactions during the first half year. Quality is one of the most important drivers, and rotation of our portfolio is an integral part of our value creation. Last year, we sold assets, and as Jens mentioned before, that has significantly affected our income. And we have since reallocated funds to projects, but now also to acquisitions. The net investments of 2,800,000,000.0 is in our fully owned portfolio. That does not include the investments we've done in Anta. We've invested 300,000,000.0, almost everything in projects, including new construction as well as extensions and renovations. And we have acquired for, as Jens mentioned, 1,700,000,000.0. And then in addition to this, we have also acquired shares in Entra, a total of SEK383 million in Q1 and SEK400 million in Q2, which translates into an indirect property acquisition of more than SEK2 billion. This way, we are heading towards a full year of 2025 that may be close to a record year, save for the acquisition of Kronos Lioden. We firmly believe that being countercyclical is the right thing to do in this market. We have the financial strength, and we have the internal drive in the management to make the best of all opportunities. We have, of course, ongoing projects, six of the largest ongoing projects and five to be started. Larger project means investments larger than 15,000,000 SEK. It's a mix of metropolitan areas and regional cities. The average occupancy rate for the ongoing project with a total the the average occupancy rate is 93% for the ongoing projects, and we have a total rental value of 171,000,000. Total investment volume is 3,800,000.0, of which 2,500,000.0 remains to be invested. During Q2, we have decided to start new construction of 22,000 square meters of logistics in Vorlev in Malne. The investment volume is $291,000,000 in total, of which $238,000,000 remains to be invested. That represents 0.18% of our asset value. We have a positive view on the microlocations in the local markets for both logistics and warehouses. As mentioned in Q2, we have continued to acquire shares in Entra and currently hold 37%. In total, this year, we have acquired for $783,000,000 at an average share price of NOK 118.72 or approximately 330% discount to Entrest's net asset value. We think acquiring shares at these levels is a good long term investment for us. And also, Entrest's last report last week also showed strength again. As mentioned several times before in this presentation, in June, we acquired a high quality portfolio of assets in Uppsala, Odeblu and in Serpeng. The total property value is EUR 1,700,000,000.0. And as you know, we have a very strong market position in each of these three markets. And with this acquisition, it strengthens even further. We can add these properties without any new employees, which makes great economics. It's a good mix of strong cash flow and a few opportunities in terms of some vacant space for our local staff to work with. The location of all the properties is great. This it's right in the city center, very close to the train station, and as can be seen from from these maps, very near the properties that we already own. The leasable area is 56 office and 35% hotel. The largest tenant is Elite Hotels, and the second largest is the county administrative board, I. It's a seven point one year vault, and the the rental value is 127,000,000, and the initial NOI is 93. There's here's some pictures of the properties in, and they're actually situated right next to our existing building, forming a very handsome cluster of of asset right by the central station in the group. And then some pictures from the properties in Uppsala. And just to mention that the notice from to move into another of our assets in Uppsala has been factored in into the acquisition price because that was already known to us, at least. So key takeaways. There's plenty of global uncertainty, and the Nordic markets are not really accelerating as we want. There's still fundamentals for the Nordic economy to pick up, but but there's it it's more difficult to predict the development. The month rental market is still stable in our regional cities. However, more challenging in, the metropolitan areas and especially for office in Stockholm. After a disappointing q one negative net leasing figure, at least we are back on positive territory for this quarter, which we are very happy about. Our rock solid financial position gives us ample of room to maneuver, and it's still very good and even improving financing options. We are happy for the SEK 10,000,000,000 refinancing of bank debt in this quarter with improved credit margins. Finally, we are so satisfied being able to close the 1,700,000,000.0 acquisition and adding these high quality properties to our portfolio. As mentioned before, we have an extra general meeting on the July 18, and our interim report will be for the third quarter will be on the October 23. Thank you. Thank you, Joachim and Jens. Now it's time for questions. The first question comes from Lars Nobbe, SEB. Go ahead. Well, good morning. Good morning. Starting off with value changes. Obviously, you had significantly higher negative value changes in the second quarter than in the first quarter. I think I've heard some explanations here, AFRID being one of them. But Northvolt, you mean you took the full hit to the net letting or net leasing number in Q1, but did still Northvolt have a negative effect on values in the second quarter? And what else is there out there explaining the higher level in Q2? Lars, Jans here. Full effect on the valuation was taken during the first quarter. So so the majority of of the value change is is located in in the Stockholm region. Some 200,000,000 relates to to Ofri, and eight out of the 10 largest negative value changes has been seen in in in the stock market. And there's also a 0.4% change, which is related to the fact that we have done an overview of of our vacancy rents. Very good. Thank you for that. Turning to net leasing. Obviously, it returned into black figures in the second quarter. You mentioned a number of new leases, the Swedish police force, sobs, Gundig, Nitek. So what's on the negative side? Was it the renegotiation or with ABB Robotics? Or what's the explanation for that it still comes in close to zero? There's there's some significant terminations that happened during the quarter. But but, I mean, it's it's it's there's there's there's quite a few of them. No specific ones that that that should be be mentioned. However, Stockholm region and Odessund has been more severely hit than other regions. Okay. And then just a final question. You mentioned that Aphria is moving, but there's still a tenant, hasn't affected your net leasing figures yet? No. We have not received the termination for that premises. And they're still bound by the contract to last of September 2028. So best guess, when will that termination come and hit the numbers? We actually don't know. But but, I mean, in all fairness, we know that they're moving. So from a from a management point of view, we are already working on how to fill that fantastic building right next to to to the highway with a very good location. So so from a practical point of view, I I realize you need to put that into your Excel sheet loss. But from a practical point of view, we're already working as if it was terminated. And final one then, just in terms of contract value, how much is it? You mentioned it's a share of total turnover, but what is it in million roughly? Can you give a range? I mean, it's the annual rent is 93 gross, and then you can multiply that until the December 2028. Got it. Thank you. Thanks. Thanks. As we take one question from the chat function from Martin Cartman. Are there any upcoming nearby lease maturities where you believe the risk of the tenant vacating is higher? You have negotiated two leases with ABB Robotics. Are there more with a specific tenant that will need to be renegotiated? Not that we have received notice of, but in the portfolio, the size of ours, there's always both big and small, business discussions going on. So there will be there will be renegotiations and and terminations, but there will also be new new leases signed. The market is improving, but but but discussions still take very long time, and and we don't foresee that to change anytime soon. Next question from Jonathan, Goldman Sachs. It's still a bit early on the hybrid, but just wanted to ask about your thinking there as to whether you refinance that early or you're planning to let it run until the five year period? Thanks. Good question. Of course, we are we are looking into to to the hybrid. We we we are in the with our financial advisers how to handle it. And currently, the pricing is at around 5.75% higher than than what it's running at today. So so in all fairness, to to to keep it till the first call date could could make some sense if you only look at it from a cash flow perspective. Looking at it from from from from also a risk angle, it it could be a good idea to to actually proactively handle it beforehand considering the EGM and and the the situation. Any proactive move haven't been possible during the last few months. Let's see how how things turn out after the summer. Maybe we will come back and and try to to to refinance it, but nothing has been decided yet. Okay. Thanks. And that was actually the last question for today. So thank you all for listening.