Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Hi, and very welcome to Catena's presentation for the Q2 report. The agenda is, as always, first a summary, then a business overview, some updates from the business, some sustainability numbers, the financial update, a takeaway from today, and then we end up with some Q&A, hopefully. First of all, a summary of the Q2 report. We report a 17% increase in rental income ended up at SEK 1,510,000,000, driven mostly by acquisitions, but also by our CPI-linked contracts. Profit from property management increased by 14% in total, and per share it was up 5.2%. Isolated for the second quarter, the increase per share was up 10.9%. Our NRV came in at SEK 461.28. The balance sheet is still solid with an LTV at 44.5%, and the 1st of July we disposed the portfolio to MSC, which leads to 43.9% in LTV as we speak. The occupancy rate has dropped to 94.6%. Even though we have some tenants moving out during the quarter, we are positive to come back to the levels at 95% or above in the coming quarters. Our WALE is now at 7.1 years, which means that we have a very strong cash flow secure for many years ahead. After closing the deal with Urban Partners at the 1st of April, we can confirm that we have established a Nordic platform with the strong offering to the market. Next slide, please. The business overview. Next slide. The market update. Preliminary figures shows that the transaction volume in the industrial segment amounted to SEK 23.5 billion during the first half of the year. This indicates strong interest in the segment, and the high volume is preliminary attributable to the major transaction that Catena carried out with Urban Partners. We have a sense that there will continue to be more transactions opportunities in the second half of the year based on what brokers are currently working on. Regarding e-commerce, there was a clear growth in the first quarter of 2026, up 7%, which speaks in favor for our segment and for more demand in the future. We sense a slightly more positive atmosphere regarding discussions with potential customers and existing customers to start new projects. That said, we still see it as a bonus if we can sign any new contracts in the near future regarding our land bank. Next slide, please. Regarding our customer portfolio, we can see some clear changes after the 1st of April. DSV has moved from 18% to 15%, and Dahl Sverige has entered the list with a 2% share. Next slide. The total value of the portfolio is SEK 55.8 billion. This is the first quarter where we have Finland as a new region. The value there is SEK 3.6 billion, and we see more opportunities to grow there going forward. The average lettable square meter has a value of SEK 13,559. The total value will decline with SEK 600 million at the 1st of July due to the divestment to MSC that I mentioned before. Next slide. A business update. As I said before, now we are in Finland. Except from the portfolio we acquired from Urban Partners, we have made two additional acquisitions recently. More about them later on. Henrik Eskolin is appointed as a Regional Manager and commenced in August after the summer. We are, as we speak, looking into more opportunities in Finland and are overall optimistic to grow more there going forward. Next slide, please. At the end of May, we have acquired a modern logistic property in direct proximity to Helsinki Airport in Aviapolis, Vantaa. The property serves the Cramo Finland's headquarters as well as the company's main logistic and service hub in the region, and the investment amounts to approximately SEK 575 million with an initial yield estimated to 6%. Next slide, please. At the same week, actually, we also acquired a strategically located logistic property in Vantaa, adjacent to the Helsinki Airport. The property serves as DHL's principal logistic hub in Finland, and the estimate yield is also here around 6%. Next slide, please. As we mentioned before, we have closed the deal with MSC at the 1st of July, bringing down the LTV to 43.9%. The agreed price was 8% above our booked values. The properties Valla 6:15 in Kungsbacka and Glasblåsan 14 in Linköping have also been sold during the period, comprising a total lettable area of approximately 35,000 sq m, and the two properties have been divested at the combined property value of approximately SEK 430 million. Annual rental value amounts to approximately SEK 33 million, and the agreed purchase price was 9% above booked value. Next slide, please. This table presents Catena earnings capacity on a 12-month basis. Note that the increase in earnings capacity per share at almost SEK 29 per share compared to SEK 26.25 one year ago, an increase with more than 10%. Next slide, please. Our ongoing project portfolio totals to around SEK 359 million, where SEK 125 million is remaining investments. When all is completed, we will add 18,000 sq m to the portfolio. Next slide, please. Regarding our land bank, we are still waiting for decision from the Land and Environment Court regarding the plan outside Ängelholm. In Örebro, the municipality decided on the zoning plan during Q2, and the decision was positive, but the minority had the right to postpone the decision for another month or so. We have to be patient and wait again. In Järna, we have found a lot of challenges regarding nature values, and we expect a delay of two to three years before we can intensify the zoning job. Next slide, please. Looking at our leasing operations, our net leasing in terms of net moving in and moving out during the quarter came in negative with SEK 42 million. Our WALE has increased to 7.1 years, and the letting ratio is at 94.6%. As I just said, we have had a negative quarter in terms of tenants that moved out, that had led to a lower letting ratio. This is now dramatic, we have already signed some new contracts on the vacancies, and we believe that we soon can come up to at least 95% again. The overall feeling is that there is a higher activity in the letting market as we speak, with more ongoing discussions compared to last year. Next slide. Some sustainability. Scope 3 is continuing to decrease on a 12-month rolling basis due to less projects. We continue to maintain a high level of EU taxonomy alignment. For example, our turnover came in at 79%. Total installed solar panels output on our roofs is now above 89 MWh. Now over to Magnus for some financial update. Next slide, please. Thank you, Jörgen. This slide shows the strength in our underlying earnings with solid year-on-year growth across all key metrics. Rental income is up 17%, mainly driven by acquisitions. Net Operating Surplus increased by 17%, and profit from property management rose by 14%. Profit from property management per share is up 5.2% to SEK 13.96 per share, underlining our ability to translate top-line growth into shareholder value. The Catena model continues to deliver predictable, resilient earnings with strong profitability. Next slide, please. This slide highlights the composition of our rental income growth in Q2 2026. As just mentioned, total rental income increased by 17% year-over-year. The largest contributor was acquisitions, accounting for 13.2 percentage points of the growth. Our completed development projects added 2.5 percentage points, consisting mainly of new facilities in Ramlösa, Helsingborg, Malmö, and Gothenburg, all leased to strong and well-known tenants. Like-for-like rental income rose by 2.1%, built up by CPI-linked indexation, renegotiated rental agreements, as well as increased property tax and media costs, which are reinvoiced to our tenants. All in all, this underlines our ability to grow through multiple channels, strategic acquisitions, value-adding development, and strong day-to-day operations. Next slide, please. Let's turn to our capital structure. The second quarter of 2026 has been characterized by geopolitical uncertainty that has increased the volatility on the financial markets. Despite this, there has been a pickup in real estate transactions and increased activity in the credit markets that are now back at levels seen before the outbreak of the war in Iran. Global long-term structural uncertainties still remain to some extent, and it's important that we keep being prepared in case of increased volatility. At the end of Q2, our equity ratio stood at 47%, a balanced level that we consider supports our strategic flexibility. EPRA NAV per share increased to SEK 461, excluding dividends, an increase of 7.7% compared to a year ago. This shows our ability to create shareholder value over time, even as shareholder returns are being realized. Passing on to next slide. Let's move on to our financial position. We continue to demonstrate strong financial control with all key metrics within policy levels, even immediately after the large acquisition. This is a sign that we continue to maintain a prudent leverage profile. Net debt to EBITDA came in at 8.9x, interest coverage at 3.7x, and loan to value at 44.5%. These figures reflect both a solid capital structure and strong underlying cash flows that ensures continued access to capital on competitive terms, if needed, when opportunities arise. Next slide, please. Let's have a look at our debt and liquidity management. We continue to remain focused on maintaining and securing funding on competitive terms. In connection with the acquisition on April 1st, we drew down a 12+ six months term loan bridge facility that, in combination with the proceeds from the directed equity raise we did in January, was utilized for the short-term funding of the acquisition. We immediately started the process of replacing the bridge facility with long-term funding, and the first takeout was done via the issuance of SEK 3.25 billion in unsecured green bonds. The takeout for the remaining part will be done via the bank market. The process is well progressed, and we aim to have the bridge facility closed in the coming days. Our average debt maturity is 3.5 years, currently compressed by the short-term bridge facility. Liquidity is strong, the liquidity ratio above one, excluding the effect of the short-term bridge facility. Next slide, please. Let's move on to our interest rate management. I said the first half of the year has been characterized by geopolitical uncertainty, which has led to volatile energy prices and disturbances in the energy distribution system. This has had an effect on the concerns for increased inflation and interest rates initially rose, particularly at the short end of the curve, but have since then gradually normalized. Today, short-term rates are largely in line with the levels seen at the start of the year, while longer-term rates are slightly lower. Catena closely monitor the rate volatility and continue to navigate in line with the framework set out in our finance policy. As of the balance date, 51% of the outstanding debt carried fixed interest. Our current average interest cost is at 3.3%. Next slide, handing over to you, Jörgen. Thank you, Magnus. Our capital deployment is for the period divided into acquisitions SEK 10 billion, SEK 175 million, development SEK 698 million, and divestments of SEK 403 million. Next slide, please. Property values stayed stable and ended up the period with a positive value change of SEK 612 million, which correlates to 1.1% of the total portfolio before adjustments. The average weighted valuation yield, so-called exit yield for the portfolio, is at 5.8% by the end of the period. The EPRA net initial yield came in to 5.4%. Next slide, then we have some takeaways from today, they can be summed up into three points. For the first, Catena has now established a Nordic platform. Secondly, we have a positive view on the second half of 2026, where we hope to sign some new leases to increase the letting ratio and also good opportunities, especially in the Finnish market, to keep up growing. The third, with a WALE of more than seven years, the long-term financing in place, as Magnus said, we expect to have it in a couple of days at very attractive conditions. We have absolutely the fundamentals to deliver strong earnings going forward and to keep up the growth journey. With that said, we will open up for Q&A. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Oscar Lindquist from ABG Sundal Collier. Please go ahead. Good morning. Just if you could go into some more detail on the increased vacancy in the quarter. Is it linked to anything specific or is it just smaller general terminations? You also mention on move-ins that you think you can reach 95% or above in the short term and that you have signed leases. Could you give us an indication of timing on those move-ins, please? Yeah. Hi, Oscar. First of all, there were some terminated lease agreements which led to the tenants moving out on the 1st of April, and that was on various places in Sweden. There is no structural pattern, I would say. We had, during the notice period, been successful to find new tenants, but the net moving out, as I said, was SEK 42 million. Of course, that has an impact in the earnings for the Q2, which we had included in the earnings capacity in the last report. Now we have signed some lease agreements that will kick in during Q3 and Q4, and that's included in the earnings capacity that we report today. We cannot be more detailed than that. We can also add and just confirm once again that we sense more activity. We have more positive discussions ongoing, hopefully what we hear within the teams, hopefully we sign some more square meters before we go for the summer break. All in all, we are positive to report higher numbers going forward than we have in this report. Okay. Thank you. Then on Køge completed last quarter. We haven't heard anything on letting there. Can you give us any indication of how discussions are going? Yeah. We can sense that's also one of the buildings that we have positive discussions. Hopefully, we can sign something in this quarter or the latest in Q4 we hope to sign. We'll have to come back with that one once it's done. Positive on that one. Perfect. Then you mentioned a slight improvement in tenant discussions. Is that mainly for sort of existing properties, or do you see increased propensity to sign leases for new space as well? I think first of all, mostly the positive discussions has been to find new tenants on the vacated premises, also a bit more positive on looking into new projects as well. That takes more time than to achieve some new signed square meters on the existing vacancies. Still a bonus if we can sign a new project in near time. Okay. Thank you. That's all from me. Thank you. The next question comes from Keivan Shirvanpour from SEB. Please go ahead. Good morning. I could maybe start with a follow-up question on the leasing figures. You had SEK -42 million in the quarter, also you mentioned that you have signed some new agreements since. Could you maybe give some type of indication of how much of this SEK 42 million has already been relet? Well, no specific details. As I said before, we are positive, and some of the square meters will kick in during the second half year. We will not guide specifically on how many of the millions or square meters, but more on the positive note. Okay. My second question is related to the central administration. In the earnings capacity, you have SEK 56 million, then annualized based on Q2 is about SEK 60 million. You also hired a new Regional Manager in Finland since then. What would you say that sort of annualized run rate in central administration would be onwards given that? Well, I think that what we guide in the earnings capacity is most likely we have had some quarters with some higher costs that is due to some structural changes and also some higher costs related to the huge transaction we have made. We have also had some IT costs and investments. Our goal is absolutely to come back to what we say in the earnings capacity going forward. Okay, good. Also just a final question. That is related to the transactions you have made. Quite a few divestments recently. Would you say that there is anything that remains to be divested in the current portfolio? It's not planned. On the same way as we have made during the two first quarters, there are peers in the market that are very eager to acquire and to grow. They have identified some assets. Perhaps there could be something like that going forward to do a bit of recycling. Nothing that is planned. We'll see what's happened. With that said, if there were some more divestments, it's likely that we take that money, the proceeds, and find new investments, especially in Finland, to build a bigger portfolio over there. Okay. Thank you. Those were all my questions. Thank you. The next question comes from Erik Granström from DNB Carnegie. Please go ahead. Thank you. I had a few questions regarding the transactions market. You mentioned that you're looking into additional acquisitions in Finland. What kind of yield levels are you looking for now that you are expanding into Finland? That's the first part of the question. The second part is, what's the critical size that you're looking for in Finland in terms of actually having an organization there in place now? Morning, Erik. Very relevant questions. We have presented two deals in May. They were both around 6% in that initial yield. It's likely to think that it's around those levels as we are looking into going forward. About the critical mass, absolutely more than we have today. To compare with Denmark, we are about SEK 8 billion. I think that could be a very rough number to motivate to build up an organization. That also, as you know, depends on what kind of opportunities that will arise going forward. We cannot say whether it takes one year or three years. That we don't know. Okay. Could you say something about the situation for transactions in Finland? What's the competition like? Because if you look at your exit yield of the portfolio now, it's quite close to 6%. Usually Finland carries higher yields than Sweden, which is the majority of your portfolio. What's the reasoning for not getting higher yields on your acquisitions in Finland? Is it competition or is it quality of the assets? If you could just talk a little bit about that. Yeah. Those two we acquired at six were around the airport, and we think we did very good deals, actually. We have seen lower yields as well. Perhaps there could be a bit above 6% as well. It's also important to make the difference between the exit yield we have in the valuation. You cannot compare that with the net initial yield. Look at our portfolio net initial yield, EPRA is 5.4. There is also a delta there. Of course- Understood There is higher yields in Finland compared to Sweden. Okay, good. Finally, you mentioned that you're in discussions with finalizing long-term financing for the large portfolio you acquired. I believe you said in a few days. Could you say something about the terms of the bank financing, and how many banks have you been talking to in terms of finalizing that financing? Yes. We have been discussing with three different banks in that. The terms, we see that, on average, we probably will land at around our average cost in total when all of the hedging is done and the entire package is put into place. We should expect then that by the time we're moving in now in Q3 and Q4, that will be taken care of, and the overall effect is fairly close to what you are having right now. That is correct, yes. Okay, good. Those were my questions. Thank you. Thank you. The next question comes from Pierre- Emmanuel Clouard. Please go ahead. Yes. Thank you. Thank you for taking my question. Actually, I have a quick follow-up question on the upcoming vacancy. I understand that you are planning to improve vacancy towards the end of the year, but how should we think the occupancy over the next 12 months as you will have a 14% of your rent roll to renegotiate in 2027? Did you already receive some reports coming from a tenant that will vacate some assets. How do we see 2027 going forward? Hello, Pierre. Good question. Overall goal for us is to be around 95% at least in the letting ratio. As we said before, we think we will be around 95 or a bit above in six to 12 months' time. I think on the daily business, some tenants move out and some other moves in. There could be some lagging in between. We haven't seen any dramatic things regarding terminations from tenants going forward. Best guess, around 95%. Okay. No dramatic change expect in 2027. No dramatic. Okay. Perfect. A quick also follow-up question on the lease that you are currently renegotiating. What is the level of reversion that you are achieving on those re-lettings? You could expect that it's more aligned with the existing rents there. We have said before to the market that in this environment, there is no potential upside. It's flat-ish. In some case, we have received a bit higher rent. In some cases, a bit lower. In some case, we have to do some CapEx. Overall, in our portfolio, we are on the market rent level. Okay. That's clear. That's all for me. Thank you very much. Thank you very much. With that said, I think that was the last question. We want to wish you all a great summer, and thank you for listening, and see you after the summer. Take care. Thanks a lot. Thank you