Very good. Welcome to the Enity Q3 2026 report presentation. For the first part of the conference call, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing #5 on their telephone keypad. Now I will hand the conference over to CEO Björn Lander. and CFO Pontus Sardal. Please go ahead. Good morning, everyone. Thank you for joining the call today. I will start with a few key highlights for the quarter. Overall, I'm very pleased with the performance in the 3rd quarter. Following a very strong 2nd quarter, we delivered again another solid operating performance supported by continued growth in net interest income and disciplined execution across the board. Net interest income increased by 11% year-on-year, reaching a record high of €342 million for the quarter. Net interest margin remained stable at around 4.2%, demonstrating the ability to balance growth and profitability through disciplined pricing and the benefits of our diversified portfolio. funding platform. Profitability continued to strengthen with higher adjusted operating profit and a return on tangible equity of 25% in the quarter and 20% over the last 12 months. In line with our financial targets. And this reflects the resilience of our business model despite a market environment that remains relatively subdued. Credit quality also improved during the quarter. While reported credit losses were impacted by write-offs related to property sales, the underlying performance of the loan portfolio continued to develop positively. Last but not least, it's very nice to see that CET1 ratio returned to target levels during the quarter, and combined with the successful bond issuance during the period, this provides a strong capital and funding position that supports our growth ambitions going forward. To turn to the market growth development, following a somewhat softer portfolio growth in the first half of the year, lending growth accelerated during the third quarter. The loan book grew by 11% over the last 12 months, with growth driven by all 3 markets. A stronger Norwegian krona also supported the higher volumes. Housing market conditions remained mixed across the Nordics during the quarter. In Sweden, the market showed signs of gradual improvement, supported by rising house prices and higher transaction activity. Our Swedish business turned into growth in the third quarter, coming from an almost flat development during the first half year. Looking at Finland, market conditions remained challenging, although our Finnish business delivered strong growth despite the weak macroeconomic backdrop. Over to Norway, growth also improved compared to the previous quarter, although dampened by elevated interest rates, which slowed the market activity. During the quarter, lending growth corresponded to an annualized growth rate of 7%. It's a good improvement compared with the first half of half of the year. At the same time, we remain disciplined. I mean, our ambition, as we have stated previously, is not to grow at any cost, but to maintain a balanced approach where lending growth risk-adjusted returns and capital efficiency go hand in hand. And this discipline remains central to maximize long-term shareholder value for, for Enity. Looking ahead, the improvement in Q3 gives us confidence in continued lending growth in Q4. Although market activity remains a bit subdued, our through-the-cycle growth target of 8 to 10% remains unchanged. And our ambition next year is to move closer to the range in local currencies. The timing of a broader recovery remains still uncertain, and the pace of improvement will depend in part on increased market activity. Last thing, I just want to mention that we are very encouraged by the initial performance of Home Loan Plus. Since the launch, the product has enabled close to 150 million SEK of mortgage lending. Validating customer demand and representing an important step in, in how we can broaden our product offering. Today, 15% of all remortgage loans in Sweden include Home Loan Plus. So by that, I hand over to Pontus. Yeah, thank you, Björn. I'll talk you through the financials for the 3rd quarter. So we posted an adjusted operating profit of 170 million for the 3rd quarter, which is up 4% year on year. And broadly on the same level as the 2nd quarter. Net interest income continued to improve due to loan book growth across all 3 markets, as well as a further strengthening of the Norwegian krona, where we saw an increase of 11%, i.e., in line with the loan book growth, which in turn means that the net interest margin remained also broadly stable at 4.2% comparing to the, the 2nd quarter this year. Compared to 2nd quarter, net commission income was lower, and we also had impacts from Net financial transactions, mark-to-market impacts from net financial transactions, where we posted a 3 million negative in the 3rd quarter compared to a positive 8 million. in the 2nd quarter. Operating expenses increased year over year due to the consolidation of Uno Finance from March this year. And if we adjust out that, then they remain broadly flat. year over year. In the quarter or the quarter-on-quarter comparison, they came down, which reflects seasonally lower personnel costs in the 3rd quarter. And we expect those to revert back to the levels of operating expenses that we saw in the 2nd quarter. quarter this year. The cost-income ratio, if we adjust for brokers, improved to 42% for the 3rd quarter. And then credit losses increased somewhat to 26 million, representing a credit loss ratio of last 12 months of 31 basis points. We are still expecting credit loss ratio to trend down over time, reflecting continuous loan growth as well as positive trends for stage 3. and stage 2 loans. So if we go and dive into the net interest income, so net interest income improved to 342 million. Which is due to lending growth, again, across all the 3 jurisdictions, where Q3 was now the strongest quarter so far this year, with all markets demonstrating growth. And in addition to that, we also benefited further on the strengthening of the Norwegian kroner. And then we saw a small contraction of the net interest margin, 6 basis points down compared to 2nd quarter. Which is in line with what we expected in terms of the positive timing effects that we saw in the 2nd quarter stemming from the higher interest rate environment. So if we go to the markets, we start with Sweden. So after a weak first half of the year, where we actually saw a contracting loan book. We returned to growth, loan growth, in the 3rd quarter. And we had a closing balance of 12.8 billion SEK. Operating and profit increased quarter on quarter to 63 million, but declined somewhat year over year, which is due to higher costs. And higher credit losses. Net interest income improved due to loan growth, and the net interest margin was stable at 3.9%. Operating expenses increased year over year, reflecting higher marketing costs, but decreased quarter on quarter, again due to seasonally lower personnel costs in the quarter. Credit losses were up year over year and improved quarter on quarter. We are still seeing the share of stage 3 and stage 2 loans decreasing year over year. Even if stage 2 loans came up slightly in the 3rd quarter compared to a seasonally strong or seasonally low point in the 2nd quarter. The credit loss ratio last 12 months was 28 basis points in Sweden. Let's move to Norway. So loan growth in the 3rd quarter, which was further fueled with— fueled by a stronger Norwegian kroner, taking the loan book to 18.6 billion. billion SEK. And the operating profit increased year over year to 109 million in the 3rd quarter and decreased quarter on quarter due to higher costs. Net interest income improved both year over year and declined due to loan growth and the stronger Norwegian kroner. Whereas the net interest margin improved slightly year over year and declined slightly quarter over quarter. Operating expenses increased in the 3rd quarter, which is also seasonally driven, as we saw lower seasonally lower cost due to personnel in the 2nd quarter. this year. And then year over year, the stronger Norwegian kroner obviously also contributes to higher costs. The cost-income ratio for the quarter was 32%. Credit losses were higher, reflecting a weakened property market and higher interest rates. The share of Stage 2 loans are coming down, whereas the share of Stage 3 loans rose somewhat. The credit loss ratio last 12 months was 29 basis points. So then let's move to Finland. So continuous strong growth in Finland. The loan book grew 8% during the quarter compared to the 2nd quarter. Taking the loan book to 2.4 billion SEK. Operating profit for the 3rd quarter, 6.8 million SEK, and for the first 9 months, 18 million, which should be compared with a negative 6.5 million. million for the same period last year. Net interest income increased both year-over-year and quarter-over-quarter due to strong, strong, continuous strong loan growth, and the net interest margin improved to 5.2%. Operating expenses increased year over year, reflecting business growth, where both personnel costs and marketing costs are up. Credit losses are up, which reflects higher write-offs, whereas the share of stage 2 and stage 3 loans are trending down. And the credit loss ratio last 12 months was 32 basis points. So let's move to loan brokers. The operating profit for loan brokers was higher year over year due to the full consolidation of Unifinans. From March this year, whereas commission income for the 3rd quarter was disappointing and reflects subdued market conditions and constrained lending volumes from banks in Norway. Also, the Finnish market conditions remain challenging. Operating expenses were stable quarter on quarter, where— and the margin thus came down to 7% for the 3rd quarter. For the 4th quarter, we expect cost reductions to support a recovery in margin and also improve operating profit and return to levels that we saw during the 2nd quarter of this year, and then with further improvements into 2027. So let's go to credit losses. Credit quality, we continue to see that improve, and we are seeing a declining trend in both Stage 2 and Stage 3. Although the credit loss ratio increased to 31 basis points as the outcome from property sales continued to weigh on write-offs. We expect credit losses to remain on this level in the near term. Over time, though, we expect the ratio to come down, gradually decrease. But the pace in recovery remains uncertain due to conditions on the property markets. On the funding side, we have, during the quarter, issued further $550 million of senior unsecured bonds in both SEB and NOK. at good spreads. Also, we have issued a covered bond of $1.25 billion and with a corresponding $1 billion repurchase. These will settle early October, and beyond that point, we have another $1 billion of remaining bond maturities. for the year. Deposit financing have increased during the quarter, and we have built— also built liquidity ahead of the remaining bond maturity. The regulatory ratios, LCR and NSSR, they are— they remain very comfortable above requirement levels. And then finally, to the capital position. So as mentioned, the CET1 ratio strengthened. to 14.2%, and it's thus back on targeted levels. Following the low point of 13% in the first quarter after having required remaining shares in Puno Finance. This is in line with our expectations, and it's also due to the earnings capacity of the business, where we're generating good profits to support and strengthen the capital base. And in addition to this, we are now also in a position where any surplus capital above the lower band of the target range is deducted from the capital base as an expected dividend. I think also important to highlight with respect of the stronger Norwegian kroner and the impact that might have on capital ratios. is that we operate with a strategic FX position that offsets impacts of currency movements in both directions. So, the RIA expansion, or risk exposure expansion, that we see from stronger Norwegian kroner, is offset by a corresponding strengthening of the capital base. So, it is not in itself any growth restriction or any capital constraint. And for this also, we do have an exemption where we don't need to hold capital against that FX position as it's as it is of strategic nature. And then we are, on that note, we're also, as announced today, we're evaluating the ownership in our broker businesses, as that is capital-consuming in the sense that a big part of these investments needs to be deducted from the capital base. Which obviously was the main reason for the low point on the CET1 ratio following the Uni acquisition. And we will review this, whether this is the best way to allocate capital going forward, and assess whether there are other ways where we can create greater value out of the capital. And also on that note, as mentioned previously, we have and are evaluating geographic expansion, which could be one source of utilizing capital more efficiently. And that, of course, will be assessed in combination with our return targets and our dividend policy as the guiding principle. And with that, I hand back the word to Björn. Thank you, Pontus. So to conclude then, so the 3rd quarter was another quarter that demonstrated the strength and resilience of Enity's business model. We delivered a very solid operating performance. Portfolio growth picked up nicely in the 3rd quarter following a bit softer development the first half year. We saw continued earnings growth, also strong credit quality, and a further strengthened capital position, as Pontus just went through. We should keep in mind that market activity remains somewhat subdued, and we have during this quarter continued to be very disciplined in how we deploy capital and manage growth. We are prioritizing profitability and returns over volumes. Net interest margin remained stable at 4.2%, while portfolio growth accelerated during the quarter compared to the first half year, as I said. As Pontus just mentioned, we are currently reviewing our broker holdings. We have been shareholders in Umo Finance since 2020, so, so for about 6 years. And Eigendomsfinans, we have been shareholders since 2023, and we feel this is a natural step now for us to evaluate the next phase of ownership. It is important to highlight that customer acquisitions remains strategically important for, for the bank, and the broker channel continues to be an important distribution channel for Enity. However, ownership is not necessarily a prerequisite for maintaining strong commercial partnerships. The focus is on capital allocation and long-term value creation, so we are assessing whether shareholder value is best created through continued ownership of these businesses or by deploying capital into either organic growth through our Nordic markets or potentially then including an expansion into new markets beyond the Nordics. And this review may lead to different outcomes for the 2 holdings, ranging from continued ownership to a partial or full divestment. And we have not reached any conclusion and are keeping all options open at this stage. I think regardless of outcome of the review, the priorities for us remain unchanged: maintaining disciplined underwriting, driving operational efficiency, and allocating capital where we see the highest potential for long-term shareholder value creation. So by that, we would like to thank you all for listening in to this call today, and we open up the line for questions. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Emre Unlu Prinzell from Nordea. Please go ahead. Hi. Good morning. Thanks for taking my question. I have 2 questions. So what can you do more to get the loan growth going? I mean, with 5% year-on-year loan growth, adjusted for FX, you're below your own target. below target and what is required to accelerate that? It can't only be the market, right, given peer performance. Thanks. Meanwhile, a peer to you grew 12% FX-adjusted year-on-year. So that's more than 2x. So can you help us understand what are we missing? Why is the growth not there? Hi, Emre. So, I think, as I said, I think we keep a very disciplined approach. We have a growth target, 8% to 10% over an economic cycle. With that said, I think we are very keen prioritising profitable growth. We will not just grow for the sake of it. We continue to keep a healthy margin of 4.2%. And I think that also then generates good net interest income. We were up 11% year on year. So, for us, this is the main focus. I think that that is how we can best utilise the capital and create long-term shareholder value. Thanks. And secondly, can you explain the strategic overview behind the brokers a bit more? I mean, you just recently, as in Q1, finished the most recent acquisition, and it was my impression that with the regulatory change in Sweden among brokers, there's a good opportunity for acquisitions. And now suddenly, these acquisitions are not as good an idea as it seemed. further acquisitions likely or not either. And I mean, the impact on capital— wasn't this known beforehand? I mean, can you help us understand why we, 2 quarters ago, saw an acquisition, and now we should see a strategic overview? Thanks. Yeah. No, no, it's a valid point. Good question. I think one should keep in mind that we have been a shareholder to our broker businesses, so it dates back to 2020. So we invested in, in Uno first time in 2020, that's 6 years ago. So this is no new investment to Enity. So we have been following Uno, they have been very supportive to the group. First in Norway the first couple of years and now also including Finland the last couple of years. Egnos Finans, we have been shareholders since 2023. We acquired the remaining shares in Uno in the beginning of this year, as you said, and that was a commitment. We, we had dates back several years. And as I said, we will always try to use the capital in the most effective way. And that's what we are saying now. We will review, strategic review, and see if we can allocate the capital more efficient through either organic growth or expansion into new markets. It could be both organic or inorganic growth into new markets. So that's part of the kind of combined review that that we are now assessing. All right, thank you. I will leave the other questions for my colleagues here. The next question comes from Björn Olsson from Skandinavissa & Skilda Banken (SEB). Please go ahead. Thank you. I mean, just follow up then. You're already building capital at quite a rapid pace. So, and as, you know, my colleague was alluding to as well, I mean, you're not growing that much that you need more capital. The way I interpret this is that Are you sort of not seeing enough growth potential in your existing markets motivating you to rather look at additional geographies? Do you even have a target in mind since you're actively mentioning inorganic opportunities as well? Well, I think, as I said, we have been assessing whether the kind of Enity's specialized mortgage offering could be launched in other markets beyond the Nordics, and that is work that is still ongoing. We're not going to speculate what markets that could be, but I think if we find a kind of a possibility to to return higher within these kind of investments rather than what we can return from broker businesses, that's valid and something we would look at. And as I said, I think the review may lead to different outcomes for the 2 holdings. So it's ranged from continued ownership to partial or full divestment. So there hasn't been any decision made. With regards to that. Okay, thank you. And you're saying that you're planning to take action to move closer to the target ROE range of 8 to 10? I mean, you've already hiked marketing costs in Sweden. Should we interpret this that you will raise marketing costs even more, or are there any other tools in the toolbox? No, I mean, we're not going to kind of hike marketing costs right now. I think, as I said, we saw a kind of an annualized kind of growth run rate of 7% in the 3rd quarter. I think that gives perhaps a good proxy for what we expect now moving forward. One should keep in mind that the 8% to 10% target is over kind of a business cycle. I mean, and again, I think for us it is important to deliver profitable growth. You can easily grow by just dropping margins. That's one thing to do. Or you can, of course, then grow by taking on more risk. I think we stick to our plan. We think we delivered a very healthy and actually good net interest income this quarter, actually the record high. So we should keep that in mind when looking at the P&L. So as I said, we expect to move closer in local currency towards the target next year. But that's also dependent on kind of a further recovery in the housing market across the Nordics. Okay, thank you. Thank you. The next question comes from Patrik Brattelius from ABG. Please go ahead. Thank you. Yeah, my first question will be on a similar topic that my 2 colleagues have already a little bit touched upon. Regarding these brokers. So should we understand that when you acquired the last stake here in Unu Finance in beginning of this year and you also increased your ownership in Endum Finance last year, that this was not really by your choice? Or what has happened with the investment thesis that hasn't played out as you imagine, as you're now potentially thinking about divesting it? Yeah, but that's correct. So I think the remaining shares in Unu was already committed, so we didn't really have any choice, as you said. I think, I mean, as I said, both Unu and Einums Land has been very supportive to the bank over the last couple of years. And I mean, customer acquisition remains strategically important to us. And as I said, especially also the broker channel. I mean, I think the key question here is that, is the ownership necessarily a prerequisite for maintaining strong commercial partnerships, or can we utilize the capital that is tied up in those businesses, can we utilize that more effectively in other areas across the group? So that's what we are looking at. Thank you. And in your base case, what would be a rough approximation of how much capital could potentially be released in a divestment? So, I think on the— I mean, the deduction from— I mean, as these are mostly intangible assets, they need to be deducted from the capital base, and that number is around $600 million. That, that is the current capital consumption, which obviously is the, the one that had the, the great impact on the, on the CET1 ratio as post-closing the transaction. And then additionally to that, there are elements that are risk-weighted as well, but $600 million is deducted from the capital base. Thank you. And then moving over a little bit to cost, I got the impression on the call that since costs are seasonally low in Q3, they should bounce back. And should we think about the cost base more in Q4 in line with the one we saw in Q2, or are there drivers? And in addition, what are the main cost drivers and how should we think about the cost base for 2027, please? No, it's— you're right on the first comment there. I think you should think of the Q4 bouncing back to levels seen in the second quarter. And then we had seasonally support of lower personnel costs now in the third quarter. And moving forward, I mean, inflationary drivers will be the one that obviously has some uptick on the cost kind of run rate going forward. And then on the longer run, we're still kind of targeting the 40% to 42% cost-income ratio over the midterm. Over the midterm, yeah, and that is more towards 2028, so we should expect just above it for 2027, excluding the broker business. Is that a fair assumption? Yeah, I think it's a fair assumption to assume that it will trend down over the next 2 to 3 years towards the lower band. Thank you. And then the Home Loan Plus product, can you talk about a little bit what the expected interest rate on average will be to the customers. It seems when I look at it that it's above your mortgage offering. So can you talk a little bit how you think this will affect your net interest margin on a group level, the loan loss ratio, and risk-adjusted margins ahead? Should all these come up as this product grows, or what are your expectations here? No, I don't. I mean, I know you shouldn't expect margins to come up with the product. I think, as Björn mentioned initially, I think the product was put in place and designed in a way to support kind of, you know, certain of the kind of remortgage business where the product can be used for converting these businesses following the kind of the lower lower LTV cap on refinancing. So I think it should be seen, and numbers mentioned, it should be seen in that context, not as a product in itself. It's kind of fully bundled and combined with the with the mortgage product. Okay, fair enough. Thank you. And my last question, if I may, is on capital repatriation. I know, of course, it's a board question, but the board usually discuss with management and your management team. So from your point of view, what are your thoughts about using buybacks instead of dividends as a capital repatriation tool the coming years? I mean, this is nothing that we have— I mean, we have discussed. So, I mean, we don't really have any comment to that. Okay. Thank you. There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions or closing comments. Okay, so again, thank you everyone for dialing in today, and we see you again next quarter. Have a good day.