Good morning, and welcome to our Q2 2026 earnings call. As just announced, I'm Rikke Lykke, Group CEO of Catella, and I'm joined by our CFO, Gustav Jansson. Let me start with a brief introduction to Catella. We're a leading European real estate investment and advisory firm. What sets us apart is our combination of local market insight, long-standing strong client relationships, and our cross-border execution power. Today, we manage SEK 161 billion of assets, have just under 500 employees across 12 countries, and we generated SEK 1.7 billion in revenues over the past 12 months. Since we announced our strategic priorities, sorry, in May, our focus has been clear. We want to improve quality of earnings, we want to strengthen operational excellence, and we want to invest in capabilities that make Catella more competitive over time. A stronger base of recurring, predictable revenue gives us a greater resilience and a better platform for profitable long-term growth. We're also simplifying the group. We want to reduce complexity, increase our accountability, and improve our execution speed. As you may have noticed, we have, in Sweden this quarter, discontinued our previous Investment Management setup and returned the AFM license. With this, we reduce our complexity, and we release approximately SEK 20 million in cash. In Corporate Finance, we have optimized our French operations through a new office and a more integrated structure. These actions alone in Sweden and France are expected to generate annual savings of around SEK 6 million. At the same time, we continue to invest selectively in capabilities that strengthen competitiveness and support long-term growth. The appointment of Nils Sommersel as Chief Digital Officer is to reinforce our capabilities and improve how we operate. We're also investing into our European platform to create a more consistent client offering and scale our earnings base over time. In Investment Management, we have strengthened our capital-raising capabilities through a new group capital-raising strategy and partnerships role. Recently, we've seen a stronger market momentum during the quarter, particularly in Sweden, Denmark, and Spain. Examples in Corporate Finance is our involvement in a major office transaction in Sweden and one of the largest residential land transactions, one of the largest of the year in Spain. Just this morning in Investment Management, we announced the joint venture deal that we entered into in Denmark. We continue to align our European Investment Management platform, and that includes the phased rebranding of our Investment Management team and business in France. This is to reinforce and emphasize a more consistent market position across Europe. Across both business areas, closer collaboration is strengthening our client offering and our ability to capture opportunities across Europe. Capital allocation remains a key priority. We're progressing existing projects, we're handling legacy investments, and we are selectively deploying capital where we see attractive long-term opportunities. Finally, during the same quarter, we also initiated a SEK 100 million share repurchase program. With that, I'm going to hand over to you, Gustav, and I know that you will address the share repurchase program. Thank you, Rikke, and good morning, everyone. Looking at key highlights for the second quarter. For the group in total, the reported revenues fell significantly compared to the previous year. From SEK 754 million- SEK 400 million. This is driven primarily by the sales of Kaktus Towers and CatWave. In the 2025 numbers, disposals represent revenues of almost SEK 360 million. Adjusted for this, gross profit on an underlying basis is an improvement of 5%, with second quarter 2026 net revenue of SEK 310 million compared to an adjusted 2025 number of SEK 294 million. In the quarterly results, Corporate Finance is up SEK 28 million year over year, Investment Management is down SEK 21 million, and the balancing figure is spread across multiple other movements. I will discuss these results in more detail later on in the presentation. Other highlights, earlier this morning, we announced the sale of the development project, GreenPoint, in Copenhagen as part of a strategic asset swap with Ikano Bolig. As part of this transaction, Catella, our partners Nordkranen and an international investor, acquires an adjacent development site with the ambition to develop a new residential project. Rikke mentioned as well the share buyback progress. In the second quarter, we launched a share buyback program. To date, more than 250,000 shares have been repurchased at an average share price of SEK 20.5. In aggregate, circa SEK 52 million has been used of the SEK 100 million mandate that was approved at the AGM in May. Further highlights. We believe that supporting our view of the market, transaction volumes data show that activities are starting to pick up. As mentioned, our Corporate Finance team have been well-positioned to benefit from this, and we are carefully optimistic about the near-term future. Going a little bit more into the details and turning our attention on the business areas, starting with Investment Management. In the quarter, asset under management is helped by currency movements, but otherwise, the trend of net outflow and downward valuations continue. This is true also for the last 12 months basis, where reported growth is supported only by an accounting change that now includes asset under development in the AUM number. In terms of revenue, that translates to our management fees falling in the quarter. Variable fees are also down as limited dispositions in the funds happened in the 2026 number, where we saw more activity in 2025. The low activity in 2026 is partially related to timing, and we expect to see some more activity in the funds going forward. The EBIT is down 7% as the revenue shortfalls are offset by lower costs. In particular, personnel costs have been managed effectively. Moving on to Corporate Finance. Revenues are flat on a reported basis, but up if adjusting the previous year numbers for fees related to the Kaktus Towers disposal. The strong result on an adjusted basis is a reflection of the increased number of transactions completed in the quarter, and we saw that on the market activity chart earlier. EBIT is largely flat compared to last year. This is a reflection that we invested in the business last year, despite the slower markets, to be positioned to succeed as the markets picked up again. Hence, costs are largely flat. Moving on to the balance sheet investments and our legacy there. Again, the key variance in the numbers is driven by Kaktus Towers disposal. Adjusting for that, the net revenue number is SEK 12 million better than previous year. This includes a positive impact of the Metz Eurolog project worth SEK 5 million. Moving on to looking at the financials on a consolidated basis. I think we have explained the net revenue performance in the business area sections. I will therefore now focus on a few items further down the income statement. Operating expenses are SEK 20 million lower, a decrease of 6%. This is mainly driven by lower variable salary cost and expenses no longer incurred following the Kaktus Towers and Catella Valuation disposals. Offsetting those positive movements are negative movements in fair value adjustment, which creates a negative impact of SEK 8 million between 2025 and 2026. On an underlying basis, the result in EBIT is therefore largely a flat year-over-year performance. Looking below the EBIT line, the largest impact come from FX, which in Q2 2026 had a positive impact of SEK 50 million, while the impact in Q2 2025 was a positive SEK 40 million. There were also some costs incurred related to the bond repurchase made in April this year. At the end, this results in a net loss for the quarter of SEK 12 million, which excluding FX impacts, would have been a negative SEK 27 million. Clearly not the result we would have liked, but we also see some positive signs in market recovery and opportunity for further actions. Having said that, I'm handing it back to Rikke, and thank you. Thank you. Before we open for Q&A, I would like to return to the bigger picture. Our priority is to sharpen Catella's strategic focus and concentrate our resources behind a clear, scalable growth path. The European real estate market is gradually recovering, and whilst uncertainty does remain, the opportunities are emerging. The actions we're taking now are designed to strengthen Catella beyond the current cycle. By improving earnings quality and simplifying the organization, strengthening our European platform, and allocating capital with discipline, we're building a more resilient Catella and a stronger foundation for sustainable value creation. We're not waiting for the market to improve before we act. We're making Catella sharper, more scalable, and better positioned to lead as markets recover. Thank you. We will now open 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 Gustaf Jörgensen from ABG Sundal Collier. Please go ahead. Yes. Thank you, and good morning. I have a couple of questions. Morning. I can start with this one regarding Investment Management. We saw lower variable fees in Q2 despite improving transaction activity in the broader market. What needs to happen for that improvement to translate into higher transaction and performance-based fees? Should we expect any meaningful catch-up in H2? Well, what needs to happen is that some of our funds are ready again to invest or to divest, because our variable fees in Investment Management are coming from transactions. We manage on behalf of third party, and it is the third party who, and us, that are discussing whether we are to sell or acquire. So what needs to happen is that there is a confidence in the market that it is the right time to divest or the right time to sell. Will we see a take-up here? I do believe so. I also will have to say that, as we said here earlier, is that we see a really strong momentum in Sweden, Denmark, and Spain, but our main AUM is in Germany. Currently Germany is still Let us put it this way, they are observing the market. Unfortunately, I would love to tell you that we are definitely going to see a lot more transactions, but I cannot promise that. Adding on your question regarding performance fees, Gustaf. This is a general answer, so it does not apply to every fund. But given high watermark clauses and so on in the bigger funds and where the trend has been, I would not expect any performance fees or major performance fees in the second half of this year. Variable fees come from transaction and performance fees. Yeah. Okay. Thank you. Then I have a question regarding- Advisory transaction volumes increased from SEK 8.7 billion, but the Corporate Finance EBIT remained at SEK 6 million. How should we think about the lag between improving transaction volumes and the earnings conversion, and when would you expect to see more meaningful operating leverage? The EBIT on the- Just to think about the cost of our Corporate Finance business, we believe that it is important to maintain a team in place also through the slower market turns, ready to capitalize when the markets become active again. I think that is true. With more transactions, I would not expect the cost base to increase either. If activities continues in the second half, and we are confident about our position in the markets and we are optimistic about our pipeline, you should see an improving profitability in the Corporate Finance segment. Yes. Fair enough. I have a last question also. You mentioned that simplification in Q2, including the around SEK 6 million of annual savings in the French Corporate Finance and the wind down of Catella Property Investment Management in Sweden. Should we expect further structural cost measures, or is the cost base now broadly where you want it to be? I have only acted now as a CEO for a year. I spent the first half year, nine months to understand, listen and learn and analyze. First of all, the bonds buyback that we have not noticed before that we have said that we might want to do is definitely going to give us further cost savings. But also, I am of the conviction that you should always look at your cost side. That said, we will continue to optimize the cost side. Okay. Thank you. That was all of my questions. Thanks. You are welcome. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Rasmus Jacobsson from Redeye. Please go ahead. Good morning. Morning. Excluding the development reclassification in the Investment Management, the net flows for the AUM has been negative for three quarters or so. Is that due to a rate environment, or is there anything specific related to your funds that is resulting in a net outflow? Thank you. Good morning, Rasmus. Just to make clear, the AUM under development is roughly worth SEK 5.3 billion. The reason for the outflow are largely driven by redemptions rather than valuations, but valuations as well have trended down. Does that answer your question? Partly. I was curious about if I just look at the inflows and the outflows, the outflows have been slightly larger than the inflows, and I'm just curious if you are signing if there's an issue with signing new mandates to offset the outflows, so to speak. Well, we are listed, so we can't say too much about that. But I can say that in the market, it has, for everybody in the Investment Management world in Europe, been a few tough years in terms of capital raising for new funds. I think that is something that we all know in this market. It has been a challenging situation. We are seeing the signs of early spring. Currently, I would say that we're working on it, but it's not something that's coming tomorrow. We are like everybody else. Here we're not setting ourselves apart from the market. We are very much in line with our competitors and colleagues. All right. Thank you very much. Could you just clarify, you mentioned the SEK 6 million cost savings with the French division. Could you clarify if that is both France and the discontinued Catella Property Investment Management in Sweden, or is it just for the French division? No, it was those two actions in itself together that has improved our bottom line as of next year with approximately SEK 6 million. All right. Those two initiatives on its own. Yeah. All right, perfect. My last question- As I mentioned to. Sorry. As I mentioned, Rasmus, as I mentioned to Gustaf, we are continuing to evaluate our cost base. Right. All right. Perfect. Just a final question on my end. Has there been any accrued releases or so relating to bonuses in the quarter, or no such in the quarter? No, it is not. No releases that will create a positive impact. We accrue according to our budget for the year. All right, perfect. Thank you. Releases will be end of the year, if any. Any further questions, Rasmus? That is all on my end. Thank you very much. Thank you so much. Appreciate your questions. There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Well, thank you so much for listening in. Thank you to Gustaf and Rasmus for the interesting questions. We will take it with us and see if we can address some of this a little bit more in detail next time. I wish you all a great day, and thank you here from Catella Group.